Exploration and Drilling Activities - PNRL commenced its Phase 2 drill program at the Selebi Mines, drilling a total of 35,246 meters in 92 drill holes as of May 16, 2024[171]. - Assay results included 30.45 meters of 2.88% NiEq and 102.80 meters of 2.23% NiEq reported in early 2024[171]. - The company plans to prepare current mineral resource estimates for the Selebi Mines expected in late Q2 or early Q3, 2024[167]. - The anticipated remaining costs for ongoing drilling and assays at the Selebi Mines are approximately C$1,140,000[173]. - The Selkirk Mine is located approximately 75 kilometers north of the Selebi Mines and is undergoing evaluation for redevelopment as an open pit mine[167]. - The company completed test work in 2023 to evaluate alternative ore processing and tailings management strategies for the Selkirk Mine[168]. - The Selebi Mines are permitted with 10-year mining licenses and benefit from significant local infrastructure[162]. - PNRL's global strategy focuses on acquiring high prospectivity Ni-Cu-Co-PGM projects in mining-friendly jurisdictions[161]. - The historical BCL operations at the Selebi Mines processed concentrates for over 40 years before being placed on care and maintenance in 2016[185]. Financial Performance - The company reported a net loss of $9,347,180 for Q1 2024, an increase of $2,979,408 compared to a net loss of $6,367,772 for Q1 2023[211]. - Total assets as of March 31, 2024, increased by $9,090,680 from Q1 2023, primarily due to increases in cash and property, plant, and equipment[212]. - Investment in exploration and evaluation assets totaled $54,536,402 as of March 31, 2024, compared to $36,332,411 in Q1 2023, reflecting increased exploration activities[213]. - Current liabilities decreased by $7,508,009 from Q1 2023, while non-current liabilities increased by $20,525,390 due to the Term Loan[214]. - General exploration expenses were $5,731,998 in Q1 2024, up by $1,716,157 from $4,015,841 in Q1 2023, driven by increased activities in Botswana[219]. - The company had working capital of $6,759,860 as of March 31, 2024, down from $14,999,619 in FY 2023[208]. - As of March 31, 2024, the company had $9,366,821 in available cash, a decrease from $19,245,628 in FY 2023, indicating a need for additional capital[209]. - The total comprehensive loss for the period was $9,484,417 in Q1 2024, compared to $6,640,109 in Q1 2023[218]. - Net cash used in operating activities increased to $9,522,455 in Q1 2024, up 60% from $5,961,148 in Q1 2023[222]. - Cash flows from financing activities were negative $316,120 in Q1 2024, compared to a positive cash flow of $7,238,615 in Q1 2023[225]. - The accumulated deficit increased to $113,913,996 as of March 31, 2024, compared to $104,566,816 at the end of 2023[231]. - Approximately $10.6 million of the net proceeds from the December Financing had been expended as of March 31, 2024[234]. - The company incurred a loss of $9,347,180 for the three months ended March 31, 2024[231]. Management and Compensation - Key management compensation for the three months ended March 31, 2024, totaled $888,209, compared to $861,256 for the same period in 2023[250]. - Deferred share unit (DSU) compensation was $54,647 in Q1 2024, down 65% from $157,292 in Q1 2023[220]. Assets and Liabilities - The company’s current assets totaled $11,836,415, a decrease from $20,890,908 as of December 31, 2023[253]. - The company’s exploration and evaluation assets in Botswana were valued at $8,495,730 as of March 31, 2024, down from $8,594,798 as of December 31, 2023[253]. - The fully diluted share capital of the Company is 242,997,724, including 185,708,588 common shares and 42,822,508 warrants[255]. - The Financing Parties acquired 16,037,800 common shares, representing approximately 10.7% of the Company’s issued shares, and 6,024,000 warrants with an exercise price of $1.4375[250]. - There are no off-balance sheet arrangements as of March 31, 2024[254]. - Management is not aware of any contingent liabilities that could impact the financial position related to exploration and evaluation assets as of March 31, 2024[251]. Other Financial Obligations - The company has a contingent payment obligation of US$56,750,000 for the Selebi Assets, payable in three instalments[238]. - The Company executed a sales agreement for the Syringa Lodge in Botswana with a total purchase price of $3,213,404, with a deposit of $482,011 paid and the first instalment of $1,365,697 made[245]. - A drilling equipment supply agreement was entered into with Forage Fusion Drilling Ltd. for a total purchase price of $2,942,000, with a deposit of $1,700,000 paid and monthly instalments of $103,500 for the balance[246]. - The Company has paid $10,000 annually on a net smelter return for both Post Creek and Halcyon projects during FY 2022 and FY 2023[247][248].

Financial Performance - The net loss for FY 2023 was $32,376,069, an increase of $5,069,719 compared to a loss of $27,306,350 in FY 2022[185]. - The total comprehensive loss for FY 2023 was $32,964,540, compared to $28,484,550 in FY 2022[192]. - The Company reported a net loss of $32,376,069 for FY 2023, with an accumulated deficit of $104,566,816, compared to $72,190,747 in FY 2022[204]. Assets and Liabilities - Total assets increased by $16,812,562 to $35,224,205 as of December 31, 2023, primarily due to a cash increase of $14,082,637[186]. - Total liabilities increased by $13,759,865 to $25,478,519, mainly due to a $17,956,423 increase in Term Loan[188]. - Property, plant, and equipment increased by $4,177,162 to $8,488,499 as of December 31, 2023, due to additional purchases of exploration equipment and other assets[201]. - The Company's lease liability decreased to $1,611,143 as of December 31, 2023, down by $1,120,251 from $2,731,394 as of December 31, 2022[202]. - As of December 31, 2023, the total current assets increased to CAD 20,890,908 from CAD 6,438,346 in 2022, representing a growth of approximately 224%[228]. Cash Flow - Cash flows from financing activities amounted to $46,938,326 in FY 2023, compared to $28,773,774 in FY 2022, resulting in a cash balance of $19,245,628 at year-end[197]. - The company's cash balance increased by $14,082,637 from $5,162,991 at the end of FY 2022 to $19,245,628 at the end of FY 2023[199]. - Net cash used in operating activities was $30,891,318 in FY 2023, an increase from $25,588,522 in FY 2022, driven by higher operational costs in Botswana[195]. Investments and Commitments - Investment in exploration and evaluation assets rose to $48,120,084 in FY 2023 from $31,823,982 in FY 2022, driven by expenditures related to the acquisition and evaluation of the Selebi and Selkirk Mines[187]. - The Company has committed to an additional $5,000,000 in work commitments over the next four years for the acquisition of Phikwe South and the Southeast Extension[216]. - The Company has a purchase obligation of $56,750,000 for the Selebi Assets, payable in three instalments, with the first instalment of $1,750,000 already paid[212]. Management and Compensation - General and administrative expenses for FY 2023 were $8,674,041, up by $1,043,014 from $7,631,027 in FY 2022[193]. - Key management compensation increased to $4,247,464 in FY 2023 from $7,144,957 in FY 2022[223]. Financing Activities - The Company completed three financing transactions in FY 2023, raising a total of $32,128,615 from EdgePoint Financing after fees and expenses[206]. - The total estimated project costs for the EdgePoint Financing were $31,950,000, with $31,944,000 expended as of December 31, 2023[208]. - The Financing Parties acquired approximately 10.7% of the Company's issued and outstanding Common Shares as a result of the EdgePoint Transactions[223]. Financial Position and Contingencies - The Company has no off-balance sheet arrangements as of December 31, 2023, indicating a straightforward financial position[229]. - Management is not aware of any contingent liabilities that could impact the financial position related to exploration and evaluation assets as of December 31, 2023[225]. - The Company has determined that there are no restoration obligations as of December 31, 2023, reflecting a stable environmental liability position[241]. Geographic Segments - The Company operates in three geographic segments: Canada, Barbados, and Botswana, with Botswana showing a significant increase in current assets from CAD 2,746,450 in 2022 to CAD 4,892,707 in 2023[228].

Acquisition and Consolidation - NAN completed the 100% acquisition of PNRC on August 3, 2022, accounting for it as a reverse takeover, impacting the consolidated financial statements for the year ended December 31, 2022 [136]. - The consolidated financial statements reflect the results from PNRC's operations and cash flows combined with those of NAN from the acquisition date to December 31, 2022 [136]. - Consolidated financial statements are prepared on a going concern basis, requiring assessment of future cash flows and potential uncertainties impacting the Company's ability to continue operations [189]. Financial Reporting and Currency - The Company’s functional and presentation currency is the Canadian dollar, with foreign currency transactions translated at prevailing exchange rates [137]. - Financial assets and liabilities are classified into categories such as FVTPL, FVTOCI, and amortized cost, with cash classified as FVTPL [141]. - Deferred income taxes are recognized for future income tax using the asset and liability method, requiring interpretation of enacted legislation and economic conditions [192]. Impairment and Asset Valuation - The Company applies an 'expected credit loss' impairment model for financial assets at amortized cost, recognizing impairment losses based on estimated future cash flows [144]. - Exploration and evaluation assets are capitalized and assessed for impairment when sufficient data indicates technical feasibility and commercial viability [150]. - Management conducts periodic reviews for impairment indicators of exploration and evaluation assets, requiring significant estimates of discount rates, commodity prices, and future costs [187]. - The carrying value of exploration and evaluation assets is $31,823,982 as of December 31, 2022, dependent on the ability to obtain financing for profitable production or advantageous disposal [186]. - The Company has determined no restoration obligations exist as of December 31, 2022, based on current economic conditions [188]. Property, Plant, and Equipment - The Company’s property, plant, and equipment are stated at historical cost less accumulated depreciation, with specific estimated useful lives for different asset categories [159][161]. - Depreciation of property, plant, and equipment is based on estimates of useful lives, which are subject to judgment and market conditions [193]. Share-Based Compensation - The Company adopted a Deferred Share Unit (DSU) plan in 2022, recording the fair value of the liability at the date incurred and adjusting it at each reporting period [168]. - The DSU plan allows eligible non-management directors to redeem units for cash based on the volume-weighted average price of Common Shares [170]. - The fair value of share-based compensation is estimated using the Black-Scholes Option Pricing Model, which involves significant assumptions regarding expected term, volatility, and forfeiture rates [190]. Dilution and Earnings Per Share - The Company uses the treasury stock method to compute the dilutive effect of options and warrants on loss per share [171].