NEXM maintains a conservative capital structure with a debt-to-equity ratio of 0.02 as of 2026Q1, though total assets have shown significant volatility, fluctuating from $25.0M in 2024Q4 to $98.4M in 2025Q4.
| Total Current Assets | 30.55M | 46.44M | 7.62M | 15.76M | 6.44M | 2.14M |
| Cash & Short-Term Investments | 26.29M | 39.75M | 6.11M | 14.52M | 5.16M | 1.99M |
| Cash Only | 26.29M | 39.75M | 6.11M | 14.52M | 5.16M | 1.99M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 982.03K | 5.65M | 972.02K | 402.02K | 804.63K | 139.63K |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 160.06K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 78.44 | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 50.75M | 52M | 17.34M | 12.89M | 35.22M | 3.1M |
| Property, Plant & Equipment | 9.24M | 9.3M | 17.34M | 6.4M | 35.22M | 3.1M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 321K |
| Other Non-Current Assets | 41.51M | 42.7M | 0 | 6.48M | 0 | -321K |
| Total Assets | 81.3M | 98.44M | 24.95M | 28.65M | 41.66M | 5.24M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 286.99% | 294.49% | -12.91% | -31.22% | 695.22% | - |
| Total Current Liabilities | 3.96M | 9.95M | 4.66M | 4.44M | 12.46M | 580.49K |
| Accounts Payable | 0 | 0 | 2.49M | 0 | 3.66M | 218.46K |
| Days Payables Outstanding | - | - | 575.52 | - | 13.84K | - |
| Short-Term Debt | 368.91K | 497.44K | 136.94K | 1.22M | 7.07M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.59M | 9.45M | 177.6K | 3.23M | 2.97M | 458.93K |
| Current Ratio | 7.72x | 4.67x | 1.64x | 3.55x | 0.52x | 3.68x |
| Quick Ratio | 7.72x | 4.67x | 1.64x | 3.51x | 0.52x | 3.68x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 5.45M | 5.61M | 23.75M | 16.85M | 2.01M | 8.97M |
| Long-Term Debt | 1.21M | 1.36M | 19.23M | 13.55M | 164.64K | 0 |
| Capital Lease Obligations | 456.48K | 137.25K | 0 | 178.16K | 1.37M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.14M | 4.11M | 4.52M | 2.46M | 475.94K | 8.97M |
| Total Liabilities | 9.41M | 15.56M | 28.4M | 21.3M | 14.47M | 9.56M |
| Total Debt | 1.69M | 1.99M | 19.23M | 14.94M | 9.97M | 0 |
| Net Debt | -24.6M | -37.76M | 13.12M | 421.06K | 4.8M | -1.99M |
| Debt / Equity | 0.02x | 0.02x | - | 2.03x | 0.37x | - |
| Debt / EBITDA | -0.04x | - | - | - | - | - |
| Net Debt / EBITDA | 0.51x | - | - | - | - | - |
| Interest Coverage | - | -136.93x | -12.64x | -11.75x | -70.30x | -2946.12x |
| Total Equity | 71.89M | 82.88M | -3.45M | 7.35M | 27.19M | -4.32M |
| Equity Growth % | 2741.89% | 2504.43% | -146.88% | -72.95% | 729.8% | - |
| Book Value per Share | 2.02 | 4.01 | -0.41 | 1.14 | 4.96 | -0.76 |
| Total Shareholders' Equity | 71.89M | 82.88M | -3.45M | 7.35M | 27.19M | -4.32M |
| Common Stock | 0 | 0 | 0 | 0 | 91.14M | 7.95M |
| Retained Earnings | -217.26M | -205.91M | -146.99M | -78.9M | -78.09M | -13.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.39M | -2.86M | -1.52M | -1.35M | 14.11M | 1.21M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-revenue development liquidity risk
As reported in financial statements, NEXM's total assets fluctuated from $25.0M in 2024Q4 to a peak of $98.4M in 2025Q4, illustrating the company's reliance on periodic equity-funded capital injections to sustain its exploration-heavy business model while it remains in a pre-revenue, development-stage status.
The significant swings in total assets suggest that the company's balance sheet strength is highly sensitive to the timing of external financing rounds rather than organic growth. Investors should monitor whether this volatility stabilizes as the company moves closer to a potential production decision, as the current pattern indicates a high dependency on capital markets.
Based on reported figures, NEXM maintains a conservative capital structure with a debt-to-equity ratio of 0.02 as of 2026Q1, suggesting that management has prioritized equity financing over debt to avoid interest obligations while the company lacks the operational cash flow to service traditional credit facilities.
The low debt load provides a degree of strategic optionality, as the company retains significant capacity to layer on project-level financing once feasibility studies are finalized. However, the absence of debt also highlights the high cost of equity dilution that shareholders have endured to fund the ongoing drilling and infrastructure rehabilitation programs.
According to recent SEC filings, the company's cash position declined from $39.7M in 2025Q4 to $26.3M in 2026Q1, reflecting a rapid consumption of liquidity that warrants close monitoring as the firm continues its intensive exploration and de-risking activities at the Selebi and Selkirk sites.
While the current ratio of 7.72 suggests a strong short-term liquidity position, this metric is somewhat misleading given the company's lack of revenue and high ongoing burn rate. The rapid depletion of cash reserves implies that the company may need to return to capital markets sooner than anticipated if drilling results do not accelerate the path to a production decision.
As indicated by the company's financial disclosures, the acquisition of legacy BCL Limited infrastructure introduces potential environmental and rehabilitation liabilities that are not fully captured in headline asset values, creating a risk that future remediation costs could exceed current estimates and pressure the balance sheet.
The reliance on 1970s-era infrastructure suggests that the net book value of PPE may not reflect the true capital expenditure required to bring these assets up to modern safety and environmental standards. Investors should be wary that these off-balance-sheet pressures could necessitate significant, unforeseen capital outlays that are not currently accounted for in the company's exploration-focused budget.
Quick answers to the most common questions about buying NEXM stock.
As of 2025, NexMetals Mining Corp. (NEXM) had total assets of $98.4M including $46.4M in current assets.
NexMetals Mining Corp. (NEXM) carries total debt of $2.0M, offset by $39.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NexMetals Mining Corp. (NEXM) has total shareholders' equity (book value) of $82.9M ($4.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NexMetals Mining Corp. (NEXM) reported a current ratio of 4.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.