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INVESTMENTS | 6 Months Ended
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Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS Investments in Unconsolidated Affiliates As of June 30, 2026 and December 31, 2025, the Company owned a 12.7% and 9.5% equity interest in the Donald Project JV, respectively. As of June 30, 2026 and December 31, 2025, the Company owned a 27.1% and 27.7%, interest in Tate Transition Metals Limited (“Tate”), respectively. On April 1, 2025, the Company invested an additional AUD$1.75 million ($1.11 million) in Tate, which increased its ownership from 19.9% to 27.7% as of April 1, 2025. As a result, the Company exercises significant influence, but not control, over Tate and beginning April 1, 2025, accounts for its investment in Tate using the equity method of accounting. During the three and six months ended June 30, 2026, management has determined that it will not further pursue its investment in Tate and expensed its investment through Loss in unconsolidated affiliates on the Consolidated Statement of Comprehensive Loss. The Company uses the equity method of accounting to account for its investments in the Donald Project JV and Tate because it exercises significant influence, but not control, over the entities. The Company’s judgment 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. Summary of Investments The following table summarizes the Company’s investments:
| Donald |  |  |  |  |  | Total
| Project JV |  | Tate |  |  |  | Investments
Balance as of December 31, 2025 | $ | 25,181 |  |  | $ | 2,344 |  |  |  |  | $ | 27,525 |
Contributions | 9,698 |  |  | — |  |  |  |  | 9,698 |
Income (loss) in unconsolidated affiliates | (71) |  |  | (245) |  |  |  |  | (316) |
Other comprehensive income (loss) | 624 |  |  | (24) |  |  |  |  | 600 |
Exploration project abandonment charge | — |  |  | (2,075) |  |  |  |  | (2,075) |
Balance as of June 30, 2026 | $ | 35,432 |  |  | $ | — |  |  |  |  | $ | 35,432 |

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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 + Details
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