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Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting  
Segment Reporting

10.

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 and development 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 consolidated financial statements presented herein. The measure of segment assets is reported on the consolidated balance sheet as total assets.

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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 and pre-development costs by major category. The following table presents the Company’s exploration and pre-development costs by major category:

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Years ended December 31

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2025

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2024

Consulting and labor cost

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$

15,117

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$

8,731

Engineering

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71,495

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23,155

Environmental and reclamation

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359

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372

Field office and drilling support

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17,864

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3,630

Legal and sustainability

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6,475

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1,216

Permitting

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9,982

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8,187

Total Exploration and Pre-development

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$

121,292

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$

45,291

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