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Warrants (Tables) | 6 Months Ended
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Jun. 30, 2025
Warrants |
Schedule of changes in the fair value of warrant liabilities | ​
​ | ​ | ​ | ​
​ |  | Private
​ | ​ | Warrants
Warrants liability as at December 31, 2024 | ​ | $ | 912
Increase in fair value of warrants liability | ​ |  | 16,670
Warrants liability as at June 30, 2025 | ​ | $ | 17,582
Private Warrants |
Warrants |
Schedule of fair value measurement input | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 | ​
Exercise price | ​ | $ | 11.50 | ​ | $ | 11.50 | ​
Share price | ​ | $ | 6.60 | ​ | $ | 1.12 | ​
Volatility | ​ | ​ | 101.71 | % |  | 108.97 | %
Term | ​ | ​ | 1.19 | years |  | 1.69 | years
Risk-free rate | ​ | ​ | 3.84 | % |  | 4.14 | %
Dividend yield | ​ | ​ | 0.0 | % |  | 0.0 | %
Class A Warrants |
Warrants |
Schedule summarizing the movement in class of warrants | ​
​ | ​ | ​
​ |  | Number of Class A
​ | ​ | Warrants
Outstanding – December 31, 2023 |  | 3,980,770
Issued |  | 2,250,000
Outstanding – December 31, 2024 |  | 6,230,770
Exercised (1) |  | (250,000)
Outstanding – June 30, 2025 |  | 5,980,770
| (1) | Does not include 1,638,270 Class A Warrants which were in the process of being exercised for which the Company received the exercise amount of $3.6 million in the second quarter of 2025. The exercise was completed, and the shares were issued on July 7, 2025. As of June 30, 2025, the exercise amount received pending share issuance was recorded in additional paid in capital.
Class B Warrants |
Warrants |
Schedule summarizing the movement in class of warrants | ​
​ | ​ | ​
​ |  | Number of Class B
​ | ​ | Warrants
Outstanding – December 31, 2024 |  | 7,450,000
Issued |  | 2,500,000
Exercised (1) |  | (6,335,000)
Outstanding – June 30, 2025 |  | 3,615,000
| (1) | Of the total 6,335,000 Class B Warrants exercised in the second quarter of 2025, 5,035,000 Class B warrants were exercised through a cashless exercise against which 3,533,096 common shares were issued.
Class C Warrants |
Warrants |
Schedule of fair value measurement input | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | May 22, |  | June 10, |  | June 25, |
​ | ​ | 2025 | ​ | 2025 | ​ | 2025 |
Units Issued |  | ​ | 2,333,333 |  | 6,666,666 |  | 1,003,334 | ​
Fair value per warrant | ​ | $ | 2.18 |  | 2.15 |  | 3.88 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assumptions used: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercise price | ​ | $ | 4.50 |  | 4.50 |  | 4.50 | ​
Share price | ​ | $ | 4.30 |  | 4.24 |  | 7.49 | ​
Volatility | ​ |  | 118.49 | % | 118.49 | % | 101.14 | %
Term | ​ |  | 2.92 | years | 2.92 | years | 2.88 | years
Risk-free rate | ​ |  | 3.87 | % | 3.87 | % | 3.67 | %
Dividend yield | ​ |  | 0.0 | % | 0.0 | % | 0.0 | %
Korea Zinc Warrants |
Warrants |
Schedule of fair value measurement input | ​
​ | ​ | ​ | ​ | ​
​ |  | June 25, | ​
​ | ​ | 2025 | ​
Exercise price | ​ | $ | 7.00 | ​
Share price | ​ | $ | 7.49 | ​
Volatility | ​ |  | 100.55 | %
Term | ​ |  | 3 | years
Risk-free rate | ​ |  | 3.67 | %
Dividend yield | ​ |  | 0.0 | %
Nauru Warrants |
Warrants |
Schedule of fair value measurement input | ​
​ | ​ | ​ | ​ | ​
​ |  | May 30, | ​
​ | ​ | 2025 | ​
Exercise price | ​ | $ | 4.72 | ​
Share price | ​ | $ | 4.47 | ​
Volatility | ​ |  | 114.71 | %
Term | ​ |  | 5 | years
Risk-free rate | ​ |  | 3.89 | %
Dividend yield | ​ |  | 0.0 | %

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of derivative liabilities at fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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