NexMetals Mining Corp. reported significant financial developments in its latest 10-Q filing for the second quarter of 2025, revealing a net loss of $15.1 million for the three months ending June 30, 2025, compared to a loss of $9.8 million in the same period last year. For the first half of 2025, the company’s net loss reached $30.3 million, up from $19.1 million in the prior year. The increase in losses is attributed primarily to heightened general exploration expenses, which rose by approximately $3.7 million in Q2 2025, as the company ramped up its drilling and evaluation activities at its Selebi and Selkirk mines.
Total assets for NexMetals increased to $47.1 million as of June 30, 2025, a substantial rise from $25.0 million at the end of 2024. This growth is largely due to a significant increase in cash and cash equivalents, which surged to $26.5 million from $6.1 million at the end of the previous year. The company successfully raised $46 million through a private placement in March 2025, which also included the conversion of a $20.9 million term loan into equity, effectively deleveraging its balance sheet.
Operationally, NexMetals has been focused on advancing its exploration projects in Botswana, particularly the Selebi and Selkirk mines. The company has initiated an aggressive drilling program aimed at demonstrating the size potential of these deposits. In addition, it has made strategic appointments to its board and management team, including the appointment of Morgan Lekstrom as CEO and the introduction of a new long-term incentive plan. The company also underwent a name change from Premium Resources Ltd. to NexMetals Mining Corp. in June 2025, reflecting its new strategic direction.
The company’s exploration and evaluation expenditures for the second quarter totaled $10.3 million, with a year-to-date total of $16.5 million. This reflects a commitment to advancing its projects, with ongoing drilling and metallurgical studies aimed at optimizing mineral processing methods. As of June 30, 2025, NexMetals had 21.4 million common shares outstanding, a significant increase from 9.3 million at the end of 2024, following the completion of the private placement.
Looking ahead, NexMetals is focused on continuing its exploration efforts, particularly at the Selebi North and Selebi Main deposits, with plans for further drilling and resource expansion. The company is also preparing for the second installment payment of $34.1 million due in January 2026 under the Selebi Asset Purchase Agreement, which may necessitate additional fundraising efforts. The outlook remains cautious, as the company has yet to achieve profitable operations and is dependent on external financing to support its ongoing activities.
About NexMetals Mining Corp.
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