INVESTMENTS

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

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