Financial assets

3 Months Ended

Sep. 30, 2025

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Note 8. Financial assets

The following table presents the Group’s Condensed Consolidated Balance Sheets classification of financial assets carried at fair value:


(in USD thousands)
Financial assets	Balance Sheet Line	September 30, 2025		June 30, 2025
2030 Prepaid forward contract	Financial assets - Non current	$	267,600	$	83,117
2029 Prepaid forward contract	Financial assets - Non current	413,800		128,500

Total financial assets		$	681,400	$	211,617

The following table presents the effect of financial assets on the Group’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(in USD thousands)		Three Months Ended September 30,
Financial assets	Statement of Operations Line	2025		2024
2030 Prepaid forward contract	Unrealized gain (loss) on financial instruments	$	184,483	$	—
2029 Prepaid forward contract	Unrealized gain (loss) on financial instruments	285,300		—

Electricity financial asset	Realized (loss) on financial instruments	—		(4,215)
Total financial assets		$	469,783	$	(4,215)

The following tables show the valuation techniques used in measuring Level 2 fair values for the financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), as well as the significant unobservable inputs used as at September 30, 2025:


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Inputs
Level 2	2030 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	2029 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	Prepaid Electricity - Financial asset	Forward Price Approach	Forward Prices from OTC Global Holdings

Prepaid Forward Contracts

2030 Prepaid Forward Contract

On December 6, 2024, the Group issued $440,000,000 in aggregate principal amount of 3.25% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”). In conjunction with the offering of the 2030 Convertible Notes, the Group entered also into a prepaid forward share purchase contract (“2030 Prepaid Forward Contract”) transactions with a financial institution (“2030 Forward Counterparty”). The 2030 Prepaid Forward Contract is a separate transaction to the 2030 Convertible Notes entered into by the Group with the 2030 Forward Counterparty and is not part of the terms of the 2030 Convertible Notes and will not affect any holder’s rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the 2030 Prepaid Forward Contract.

2029 Prepaid Forward Contract

On June 13, 2025, the Group issued $550,000,000 in aggregate principal amount of 3.50% Convertible Senior Notes due 2029 (the “2029 Convertible Notes”). In conjunction with the offering of the 2029 Convertible Notes, the Group entered also into a prepaid forward share purchase contract (“2029 Prepaid Forward Contract”) transactions with a financial institution (“2029 Forward Counterparty”). The 2029 Prepaid Forward Contract is a separate transaction to the 2029 Convertible Notes entered into by the Group with the 2029 Forward Counterparty and is not part of the terms of the 2029 Convertible Notes and will not affect any holder’s rights under the 2029 Convertible Notes. Holders of the 2029 Convertible Notes will not have any rights with respect to the 2029 Prepaid Forward Contract.

The following table summarizes the key terms of the 2030 Prepaid Forward Contract and 2029 Prepaid Forward Contract (collectively, the “Prepaid Forward Transactions”):

2030 Prepaid Forward Contract

2029 Prepaid Forward Contract

Contractual expiration

August 15, 2030

February 15, 2030

Net proceeds used to purchase the contract (in thousands)

73,717

92,500

Aggregate number of ordinary shares underlying the contract

5,700,000

8,818,000

Pricing date of the ordinary shares underlying the contract

December 3, 2024

June 10, 2025

Electricity financial asset

A subsidiary of the Group previously entered into a Power Supply Agreement (“PSA”) for the procurement of electricity at the Childress site. An addendum to the PSA was signed on August 23, 2024, which allows for the purchase of electricity at spot price based on actual usage. The addendum resulted in the payment of a liquidation payment of $7,211,000 to exit positions previously entered into under the fixed quantity and price arrangements.

As a result, a realized loss of $4,215,000 was incurred during the three months ended September 30, 2024, comprising the liquidation payment of $7,211,000 and realized loss of $452,000 on fixed price contracts incurred in July 2024, partially offset by the reversal of the $3,448,000 unrealized loss recorded on fixed price contracted amounts outstanding at September 30, 2024.

The addendum to the PSA does not meet the definition of a financial instrument, accordingly there is no corresponding financial asset recognized as at September 30, 2025 and June 30, 2025, and no gain or loss was recorded during the three months ended September 30, 2025.