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INVESTMENTS

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

INVESTMENTS

Investment in Unconsolidated Affiliate

As of March 31, 2025, the Company has a 6.58% equity interest in the Donald Project JV to develop the Donald Project with Astron. See Note 3 – Transactions for more information.

The Company’s net loss includes its proportionate share of the net loss of the Donald Project JV. When the Company records its proportionate share of net loss, it increases equity loss of unconsolidated affiliates in the consolidated statements of operations and comprehensive income (loss) and reduces the carrying value of that investment on its balance sheet. The Company uses the equity method of accounting to account for its investments in the Donald Project JV because it exercises significant influence, but not control, over the entities. The Company’s judgement regarding the level of influence over its equity investments includes considering key factors such as its ownership interest, representation on the applicable Board of Directors and participation in policy-making decisions of the Donald Project JV. The Company’s proportionate share of net loss was $0.14 million for the three months ended March 31, 2025.

Investment without a Readily Determinable Fair Value

The Company’s investments without readily determinable fair value include its investments in Westland Mineral Sands Co Limited and Tate Transition Metals Limited. The Company does not have significant influence over these investments.

The following table is a summary of the Company’s investments:

			March 31, 2025						December 31, 2024
Investment in unconsolidated affiliate			$	17,984					$	12,921
Investments without readily determinable fair values			2,970						2,969
Total investments			$	20,954					$	15,890

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- References

No definition available.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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