Detailed financial statements for Nexmetals Mining Corp. (NEXM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NexMetals Mining Corp., a mineral exploration and evaluation company, focuses on the discovery and advancement of copper-nickel-cobalt-platinum group elements resources in Canada, Barbados, and Botswana. Its flagship are the Selebi and Selebi North copper-nickel-cobalt mines in Botswana and related infrastructure, as well as the Cu-Ni-Co-PGE Selkirk mine in Botswana, together with associated infrastructure and four surrounding prospecting licences.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.31, NEXM has negative trailing earnings (P/E not meaningful) and an ROE of -86.14%. Market capitalisation stands at $82M.
Balance sheet quality for NEXM: current ratio of 4.7, net cash position of $37.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $96543 | $744783 | $1.6M | $2.1M |
| Gross Profit | 0 | -$96543 | -$744783 | -$1.6M | -$2.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.2M | $15.7M | $6.4M | $9.0M | $12.7M |
| Operating Expenses | $3.0M | $15.7M | $29.3M | $38.7M | $48.8M |
| Operating Income | -$3.0M | -$15.8M | -$30.1M | -$40.2M | -$50.8M |
| EBITDA | -$9.4M | -$35.8M | -$29.6M | -$37.7M | -$56.6M |
| Interest Expense | $2511 | $510640 | $2.6M | $3.1M | $428371 |
| Pre-tax Income | -$9.4M | -$36.4M | -$32.9M | -$42.4M | -$59.1M |
| Income Tax | 0 | 0 | -$524531 | 0 | 0 |
| Net Income | -$9.4M | -$36.4M | -$32.4M | -$42.4M | -$59.1M |
| EPS | $-1.65 | $-6.80 | $-5.00 | $-5.00 | $-2.85 |
| EPS (Diluted) | $-1.65 | $-6.80 | $-5.00 | $-5.00 | $-2.85 |
| Shares Outstanding (Diluted) | $5.7M | $5.5M | $6.4M | $8.4M | $20.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$494321 | -$507350 | -$423507 | -$400022 |
| Operating Income | -$15.0M | -$12.3M | -$7.6M | -$8.6M |
| EBITDA | -$15.5M | -$12.3M | -$7.2M | -$8.2M |
| Net Income | -$16.0M | -$12.8M | -$7.6M | -$8.4M |
| EPS | $-0.75 | $-0.36 | $-0.31 | $-0.23 |
| EPS (Diluted) | $-0.75 | $-0.36 | $-0.31 | $-0.23 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.0M | $5.2M | $14.5M | $6.1M | $39.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $139630 | $804630 | $402024 | $972022 | $5.7M |
| Inventory | 0 | 0 | $160055 | 0 | 0 |
| Total Current Assets | $2.1M | $6.4M | $15.8M | $7.6M | $46.4M |
| Property, Plant & Equipment | $3.1M | $35.2M | $6.4M | $17.3M | $9.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.2M | $41.7M | $28.7M | $25.0M | $98.4M |
| Accounts Payable | $218456 | $3.7M | 0 | $2.5M | 0 |
| Short-term Debt | 0 | $7.1M | $1.2M | $136935 | $497435 |
| Total Current Liabilities | $580486 | $12.5M | $4.4M | $4.2M | $9.9M |
| Long-term Debt | 0 | $164644 | $13.5M | $19.1M | $1.4M |
| Total Liabilities | $9.6M | $14.5M | $21.3M | $28.4M | $15.6M |
| Retained Earnings | -$13.5M | -$78.1M | -$78.9M | -$147.0M | -$205.9M |
| Total Equity | -$4.3M | $27.2M | $7.4M | -$3.4M | $82.9M |
| Total Debt | 0 | $10.0M | $14.9M | $19.2M | $2.0M |
| Net Debt | -$2.0M | $4.8M | $421058 | $13.1M | -$37.8M |
| Working Capital | $1.6M | -$6.0M | $11.3M | $3.4M | $36.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.1M | $39.7M | $26.3M | $11.9M |
| Total Assets | $24.4M | $98.4M | $81.3M | $49.8M |
| Total Liabilities | $8.9M | $15.6M | $9.4M | $6.3M |
| Total Equity | $15.5M | $82.9M | $71.9M | $43.5M |
| Total Debt | $1.7M | $2.0M | $1.7M | $1.2M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$9.4M | -$36.4M | -$32.4M | -$42.4M | -$59.0M |
| Depreciation & Amortization | 0 | $96543 | $744783 | $1.6M | $2.1M |
| Stock-based Compensation | $1.3M | $8.0M | $1.5M | $3.0M | $3.4M |
| Change in Working Capital | $298085 | $2.3M | $13113 | -$151221 | -$124706 |
| Operating Cash Flow | -$1.5M | -$5.5M | -$29.5M | -$37.6M | -$47.5M |
| Capital Expenditure | -$3.1M | -$29.7M | -$4.8M | -$1.0M | -$2.8M |
| Acquisitions | 0 | $11.1M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.6M | -$35.2M | -$34.2M | -$38.6M | -$50.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$13.4M | -$12.5M | -$12.2M | -$6.3M |
| Capital Expenditure | -$170980 | -$1.1M | -$770479 | -$32257 |
| Free Cash Flow | -$13.6M | -$13.6M | -$13.0M | -$6.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $696409 | $788230 | $900056 | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -289.0% | +11.1% | -31.0% | -39.3% |
| EPS Growth (YoY) | | -312.1% | +26.5% | +0.0% | +43.0% |
| Shares Change (YoY) | | -3.1% | +17.2% | +31.5% | +144.5% |
| FCF Growth (YoY) | | -672.5% | +2.7% | -12.8% | -30.3% |
| Effective Tax Rate | -0.0% | -0.0% | 1.6% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.81 | $-6.42 | $-5.33 | $-4.57 | $-2.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.7M | $5.5M | $6.4M | $8.4M | $20.7M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | -86.14% |
| Return on Invested Capital | -74.99% |
| Return on Assets | -72.47% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 5.16 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -6.37 | -1.66 | -2.20 | -2.39 | -1.88 |
| P/B | -13.78 | 2.27 | 9.63 | -29.32 | 1.34 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |