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].
NexMetals Mining Corp(NEXM) - 2023 Q4 - Annual Report