Premium Nickel Resources Ltd. Files Q1 2024 10-Q

TL;DR

PNRLF Q1 24 10-Q filed. Mining co. based in Toronto.

AI Summary

Premium Nickel Resources Ltd. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as North American Nickel Inc., is involved in metal mining. Its principal executive offices are located in Toronto, Ontario, Canada.

Why It Matters

This filing provides an update on the financial health and operational status of Premium Nickel Resources Ltd. for the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a mining company, Premium Nickel Resources Ltd. is subject to inherent risks associated with exploration, development, and commodity price fluctuations.

Key Numbers

• 149,300,920 — Shares Outstanding (approx) (Indicates the total number of shares available for trading.)
• 149,427,179 — Shares Outstanding (approx) (Indicates the total number of shares available for trading.)

Key Players & Entities

• Premium Nickel Resources Ltd. (company) — Filer
• North American Nickel Inc. (company) — Former company name
• 100 KING STREET WEST, SUITE 3400, TORONTO, A6, M5X1A4 (address) — Business Address
• 604-770-4334 (phone_number) — Business Phone
• 20240331 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $1.00 — as quoted by the Bank of Canada, was US$1.00 = C$1.3550 (or C$1.00 = US$0.7380), (ii
• $1.3550 — d by the Bank of Canada, was US$1.00 = C$1.3550 (or C$1.00 = US$0.7380), (ii) for one B
• $0.7380 — , was US$1.00 = C$1.3550 (or C$1.00 = US$0.7380), (ii) for one Botswanan Pula expressed
• $0.0987 — quoted by Bloomberg LP, was BWP 1.00 = C$0.0987 (or C$1.00 = BWP 10.1241), and (iii) fo
• $0.0730 — uoted by Bloomberg LP, was BWP 1.00 = US$0.0730 (or US$1.00 = BWP 13.7082). 3 Table o

Filing Documents

• pnrlf-20240331x10q.htm (10-Q) — 1938KB
• pnrlf-20240331xex31d1.htm (EX-31.1) — 12KB
• pnrlf-20240331xex31d2.htm (EX-31.2) — 10KB
• pnrlf-20240331xex32d1.htm (EX-32.1) — 5KB
• pnrlf-20240331xex32d2.htm (EX-32.2) — 5KB
• pnrlf-20240331x10q003.jpg (GRAPHIC) — 13KB
• pnrlf-20240331x10q006.jpg (GRAPHIC) — 12KB
• pnrlf-20240331x10q007.jpg (GRAPHIC) — 8KB
• pnrlf-20240331x10q009.jpg (GRAPHIC) — 32KB
• 0001104659-24-079535.txt ( ) — 10305KB
• pnrlf-20240331.xsd (EX-101.SCH) — 97KB
• pnrlf-20240331_def.xml (EX-101.DEF) — 277KB
• pnrlf-20240331_lab.xml (EX-101.LAB) — 642KB
• pnrlf-20240331_cal.xml (EX-101.CAL) — 51KB
• pnrlf-20240331_pre.xml (EX-101.PRE) — 473KB
• pnrlf-20240331x10q_htm.xml (XML) — 2111KB

Financial Statements

Item 1. Financial Statements 4 Unaudited Condensed Interim Consolidated Balance Sheets 5 Unaudited Condensed Interim Consolidated Statements of Operations and Comprehensive Loss 6 Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' (Deficit) Equity 7 Unaudited Condensed Interim Consolidated Statements of Cash Flows 8 Notes to the Unaudited Condensed Interim Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 46 Part II Other Information 47

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 49 Exhibit Index 49 Signature 50 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this " Report ") for Premium Nickel Resources Ltd. (the " Company " or " PNRL ") (as defined herein), contains forward-looking statements that relate to future events or our future financial performance. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. These risks and other factors include those listed under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 (the " 2023 Form 10-K ") as filed with the Securities and Exchange Commission on June 28, 2024 and elsewhere in this Report. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. We discuss many of these risks in greater detail under the heading "Risk Factors" of the Company's 2023 Form 10-K. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. You should read this Report and the documents that we have filed as exhibits to this Report completely and with the understanding that our actual future results may be materiall

Financial Statements

Item 1. Financial Statements UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2024 and 2023 In accordance with generally accepted accounting principles in the United States and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission and stated in Canadian dollars, unless otherwise indicated. INDEX Unaudited Condensed Interim Consolidated Financial Statements 4 Unaudited Condensed Interim Consolidated Balance Sheets 5 Unaudited Condensed Interim Consolidated Statements of Operations and Comprehensive Loss 6 Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' (Deficit) Equity 7 Unaudited Condensed Interim Consolidated Statements of Cash Flows 8 Notes to the Unaudited Condensed Interim Consolidated Financial Statements 9 4 Table of Contents Unaudited Condensed Interim Consolidated Balance Sheets (Expressed in Canadian dollars) As at March 31, 2024 As at December 31, 2023 Notes $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 9,366,821 19,245,628 Prepaid expenses 580,580 900,310 Other receivables 3 710,073 532,835 Spare parts 18 1,178,941 212,135 TOTAL CURRENT ASSETS 11,836,415 20,890,908 NON-CURRENT ASSETS Exploration and evaluation assets 4,10 8,495,730 8,594,798 Property, plant and equipment 5 8,126,334 8,488,499 TOTAL NON-CURRENT ASSETS 16,622,064 17,083,297 TOTAL ASSETS 28,458,479 37,974,205 LIABILITIES CURRENT LIABILITIES Trade payables and accrued liabilities 6 3,756,692 4,280,146 Lease liabilities 9 1,319,863 1,611,143 TOTAL CURRENT LIABILITIES 5,076,555 5,891,289 NON CURRENT LIABILITIES Vehicle financing 211,284 236,124 Provision for leave and severance 633,304 510,202 Term loan 7 18,197,327 17,956,423 Deferred share units liability 11 939,128 884,481 NSR Option liability 10 2,750,000 2,750,000 TOTAL NON

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View this 10-Q filing on SEC EDGAR