$NEXM

North American Nickel Inc.

CIK:0000795800|SEC Filings

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - CAD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
EXPENSES
General exploration expenses	$ 9,592,513	$ 10,337,096	$ 17,312,908	$ 16,472,873
Depreciation and amortization	568,214	431,322	1,157,303	1,067,150
General and administrative expenses	1,420,958	1,915,022	3,399,369	3,575,404
Investor relations and communications	381,159	1,934,047	602,830	2,143,445
Director fees	226,751	248,116	352,885	248,116
Fair value movement of DSUs	(30,420)	379,759	(130,039)	368,935
Net foreign exchange (gain) loss	(196,299)	31,818	40,911	283,243
LOSS FOR THE PERIOD BEFORE OTHER ITEMS	11,962,876	15,277,180	22,736,167	24,159,166
OTHER ITEMS
Interest income, net	(99,579)	(188,434)	(249,433)	(252,895)
Interest expense and accretion on Term Loan				428,371
Loss on Term Loan extinguishment				5,982,434
NET LOSS FOR THE PERIOD	11,863,297	15,088,746	22,486,734	30,317,076
OTHER COMPREHENSIVE (INCOME) LOSS
Exchange differences on translation of foreign operations	(1,351,239)	870,068	158,971	390,320
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	$ 10,512,058	$ 15,958,814	$ 22,645,705	$ 30,707,396
Basic loss per share	$ 0.33	$ 0.70	$ 0.63	$ 1.86
Diluted loss per share	$ 0.33	$ 0.70	$ 0.63	$ 1.86
Weighted average number of Common Shares outstanding - basic	35,646,516	21,449,318	35,583,402	16,341,832
Weighted average number of common shares outstanding - diluted	35,646,516	21,449,318	35,583,402	16,341,832

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net loss for the period	$ (22,486,734)	$ (30,317,076)
Adjustments to reconcile net loss to net cash used in operating activities:
DSU expense amortization	166,316
Fair value movement of DSUs	(130,039)	368,935
Share-based compensation	1,450,461	1,956,164
Depreciation and amortization	1,157,303	1,067,150
Provision for leave and severance	148,794	179,113
Interest and accretion, net	103,685	36,464
Loss on Term Loan extinguishment		5,982,434
Unrealized foreign exchange loss	80,863
DSU redemption		(190,446)
Changes in non-cash working capital
Prepaid expenses and other receivables	4,878,307	(1,395,103)
Trade payables and accrued expenses	(6,453,834)	626,754
Net cash used in operating activities	(21,084,878)	(21,685,611)
INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(814,312)	(1,510,130)
Net cash used in investing activities	(814,312)	(1,510,130)
FINANCING ACTIVITIES
Proceeds from issuance of units		46,000,000
Share issue costs		(2,371,203)
Taxes paid related to net settlement of RSUs and DSUs	(130,073)
Vehicle loan financing, net of payments	(96,177)	86,349
Mortgage payments	(169,629)
Net cash (used in)/provided by financing activities	(395,879)	43,715,146
Effect of exchange rate changes on cash and cash equivalents	(528,751)	(161,381)
Change in cash and cash equivalents for the period	(22,823,820)	20,358,024
Cash and cash equivalents at the beginning of the period	39,780,384	6,105,933
Cash and cash equivalents at the end of the period	16,956,564	26,463,957
Non-cash financing activities:
Fair value of Common Shares issued for conversion of Term Loan		17,727,018
Fair value of Settlement Warrants issued for conversion of Term Loan		7,398,104
Fair value of Common Shares issued for finder’s fees and advisory services		5,179,586
Other cash flow information:
Income taxes paid
Interest paid	$ 63,739	$ 291,873

Condensed Interim Consolidated Balance Sheets (Unaudited) - CAD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 16,956,564	$ 39,780,384
Prepaid expenses	776,982	1,039,206
Other receivables	999,918	5,655,947
TOTAL CURRENT ASSETS	18,733,464	46,475,537
NON-CURRENT ASSETS
Exploration and evaluation assets	42,979,303	42,730,629
Property, plant and equipment	9,014,307	9,312,414
TOTAL NON-CURRENT ASSETS	51,993,610	52,043,043
TOTAL ASSETS	70,727,074	98,518,580
CURRENT LIABILITIES
Trade payables and accrued liabilities	3,006,137	9,459,971
Provision for severance – current	160,840
Vehicle financing – current	118,583	148,862
Mortgage payable – current	256,005	244,260
DSU liability – current	90,310	104,720
TOTAL CURRENT LIABILITIES	3,631,875	9,957,813
NON-CURRENT LIABILITIES
Provision for leave and severance	1,353,804	1,365,850
Vehicle financing – non-current	82,765	137,361
Mortgage payable – non-current	964,796	1,089,094
NSR option liability	2,750,000	2,750,000
DSU liability – non-current	204,677	268,672
TOTAL NON-CURRENT LIABILITIES	5,356,042	5,610,977
TOTAL LIABILITIES	8,987,917	15,568,790
SHAREHOLDERS’ EQUITY
Common Shares (no par value, unlimited Common Shares authorized) (issued and outstanding: June 30, 2026 – 35,648,164; December 31, 2025 – 35,502,754)
Preferred shares (no par value, 20,000,000 authorized) Series 1 Convertible Preferred Shares (no par value, 4,000,000 authorized) (issued and outstanding: June 30, 2026 – 118,186; December 31, 2025 – 118,186)	31,516	31,516
Additional paid-in capital	293,293,107	291,858,035
Deficit	(228,560,158)	(206,073,424)
Accumulated other comprehensive loss	(3,025,308)	(2,866,337)
TOTAL SHAREHOLDERS’ EQUITY	61,739,157	82,949,790
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 70,727,074	$ 98,518,580