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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) and the product of accounting income before income tax, multiplied by the combined Canadian federal and provincial income tax rate (the rate applicable to the Canadian parent company) is as follows:

			Years Ended December 31,
			2024						2023						2022
Income (loss) before income taxes			$	(48,213)					$	100,032					$	(59,944)
Combined federal and provincial rate			26.50		%				26.50		%				26.50		%
Expected income tax (benefit)			(12,776)						26,508						(15,885)
Share-based compensation			225						(893)						572
Transaction costs			2,849						—						—
Other non-deductible/non-taxable items			2,553						2,015						3,977
Foreign tax rate differences			(418)						—						—
Unrecognized deferred tax assets			7,195						(27,354)						11,336
Income tax benefit (expense)			$	(372)					$	276					$	—

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax assets are as follows:

			Years Ended December 31,
			2024						2023
Operating loss carry forwards			$	117,493					$	93,241
Mineral properties and deferred costs, United States			13,990						16,872
Property, plant and equipment			8,907						986
Accruals & reserves			6,923						—
Deferred revenue and other			4,722						2,431
Mineral properties and deferred costs, Other			2,808						—
Asset retirement obligations			1,909						2,894
Mineral properties and deferred costs, Canada			1,724						1,726
Mineral properties and deferred costs, Madagascar			1,263						—
Capital loss carry forwards			837						849
Inventories			832						547
Short-term investments			209						209
Total deferred tax assets			161,617						119,755
Less: valuation allowance			(161,617)						(119,755)
Net deferred tax assets			$	—					$	—

Summary of Valuation Allowance

The following table summarizes the changes to the valuation allowance:

For the Years Ended						Balance																		Balance
December 31,						Beginning of Period						Additions (1)						Deductions (2)						End of Period
2024						$	119,755					$	45,743					$	(3,881)					$	161,617
2023						$	146,931					$	—					$	(27,176)					$	119,755

(1)The additions to the valuation allowance during the year ended December 31, 2024 result from the generation of additional tax losses and deferred tax assets acquired from Base Resources. For the year ended December 31, 2023, there were no additions to the valuation allowance.

(2)For the year ended December 31, 2024, the reductions to the valuation allowance result from the decrease to tax assets such as ARO and mineral properties in the U.S. For the year ended December 31, 2023, the reductions to the valuation allowance are primarily due to the decreases to other tax assets such as inventories.

Summary of Operating Loss Carryforwards

The following table summarizes the Company's capital losses and net operating losses as of December 31, 2024 that can be applied against future taxable income.

Country

Type

Amount

Expiry Date

Canada

Non-capital losses

$

55,970

2027 - 2039

Canada

Allowable capital losses

3,157

None

Canada

Investment tax credits

1,148

2024-2027

United States

Pre-2018 net operating losses

194,434

2026-2036

United States

Post-2017 net operating losses

122,005

None

Australia

Net operating losses

61,411

No expiration

Madagascar

Net operating losses

1,015

2025-2029

Other Jurisdictions

Net operating losses

899

Various

Total

$

440,039

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, income before taxes includes the following components:

			Years Ended December 31,
			2024						2023						2022
Canada			$	(24,213)					$	(5,229)					$	(23,964)
Foreign			(24,000)						105,261						(35,980)
Total			$	(48,213)					$	100,032					$	(59,944)

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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