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INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
As of June 30, 2026 and December 31, 2025, the Company maintained a full valuation allowance against its net deferred tax assets. The Company continually reviews the adequacy of the valuation allowance and intends to continue maintaining a full valuation allowance on its net deferred tax assets until there is sufficient evidence to support the reversal of all or a portion of the allowance. Should the Company’s assessment change in a future period, it may release all or a portion of the valuation allowance, which would result in a deferred tax benefit in the period of adjustment.
For the three months ended June 30, 2026, the Company recorded income tax expense of $0.05 million on a loss before tax of $33.56 million, resulting in an effective tax rate of 0.13%. Income tax expense primarily relates to Brazil income taxes arising from transfer-pricing revenue recognized. For the three months ended June 30, 2025, the Company recorded income tax expense of $0.03 million on loss before tax of $21.81 million, resulting in an effective tax rate of 0.12%. The benefit was the result of a reversal of the tax liability for Base Titanium Limited (“Base Titanium”) that was recorded mostly prior to the acquisition of Base Resources Limited in 2024. As production of the Kwale mine has ceased at the end of 2024 and there is an expected tax loss for 2025, the liability has been reversed.
For the six months ended June 30, 2026, the Company recorded income tax expense of $0.09 million and on a loss before tax of $44.47 million, resulting in an effective tax rate of 0.21%. Income tax expense primarily relates to Brazil income taxes arising from transfer-pricing revenue recognized.