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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting  
Segment Reporting

8.Segment Reporting

Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the Chief Operating Decision Maker (the “CODM”), who is our Chief Executive Officer (“CEO”), for the purpose of allocating an enterprise’s resources and assessing its operating performance. The Company has determined that it operates as a single reportable segment, focused on the exploration of its mineral interests in the state of Idaho, United States. This determination is based on the financial information reviewed by the CODM, which is assessed at a consolidated level.

The CODM is responsible for evaluating performance, allocating resources, and making strategic decisions. The primary measure used to assess the Company’s profitability is consolidated net loss, which is used to compare budgeted versus actual results and informs operating cash flow decisions on a monthly basis. The financial position, results of operations, and cash flows of the Company’s single reportable segment align with the unaudited condensed consolidated financial statements presented herein. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The CEO primarily evaluates the Company’s performance based on consolidated net loss and reviews significant expenses, when applicable, on a consolidated basis, consistent with the presentation in the consolidated statements of operations. While the CEO’s primary focus is on overall consolidated results, he also reviews supplemental information on exploration costs by major category. The following table presents the Company’s exploration costs by major category:

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For the three months ended September 30, 

    

For the nine months ended September 30, 

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2025

    

2024

 

2025

    

2024

Consulting and labor cost

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$

3,922,799

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$

1,841,587

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$

9,251,511

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$

5,412,861

Engineering

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22,688,621

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8,531,804

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32,486,009

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16,778,292

Environmental and reclamation

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35,683

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112,037

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316,701

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282,360

Field operations and drilling support

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2,390,295

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1,140,253

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5,272,927

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2,495,489

Legal and sustainability

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542,098

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319,685

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1,467,479

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905,679

Permitting

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2,547,687

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2,565,487

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7,392,522

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5,642,569

TOTAL EXPLORATION

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$

32,127,183

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$

14,510,853

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$

56,187,149

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$

31,517,250

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