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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax | Net loss before income taxes was generated as follows:
|  | As of December 31,
|  | 2025 |  | 2024
Domestic - Canada |  | $ | (28,587) |  |  | $ | (21,525) |
Foreign – outside of Canada |  | (34,924) |  |  | (52,397) |
|  | $ | (63,511) |  |  | $ | (73,922) |
Income tax expense (benefit) is comprised of the following:
|  | As of December 31,
|  | 2025 |  | 2024
Current tax expense |  |  |  |
Domestic – Canada |  | $ | - |  |  | $ | - |
Foreign – outside of Canada |  | 108 |  |  | 38 |
|  | $ | 108 |  |  | $ | 38 |
Deferred tax benefit |  |  |  |
Domestic – Canada |  | $ | - |  |  | $ | - |
Foreign – outside of Canada |  | (596) |  |  | (5,967) |
|  | $ | (596) |  |  | $ | (5,967) |
Income tax benefit |  | $ | (488) |  |  | $ | (5,929) |
Schedule of Income Taxes Paid, Net | Supplemental cash flow information related to leases was as follows:
| Years Ended December 31,
| 2025 | 2024
Cash paid for operating leases | $203 | $201
Supplemental disclosure of noncash leasing activities: |  |
Right-of-use-assets obtained in exchange for new operating lease liabilities | $3,006 | $67
The amounts of income tax paid, net of tax refunds received, are as follows:
|  | As of December 31,
|  | 2025 |  | 2024
Domestic – Canada |  | 0 |  | 0
Foreign – outside of Canada |  | 108 |  | 38
|  | 108 |  | 38
Schedule of Effective Income Tax Rate Reconciliation |
|  | As of December 31, |
|  | 2025 |  | 2024
Loss before tax |  | $ | (63,511) |  |  |  | $ | (73,922) |  |
Canadian Federal income tax |  | (9,527) |  | 15.00 | % |  | (11,088) |  | 15.00 | %
Nontaxable or nondeductible items |  |  |  |  |  |
Share-based payment awards |  | 630 |  | (0.99) | % |  | 729 |  | (0.99) | %
Non-taxable portion of capital gains |  | (1,562) |  | 2.46 | % |  | - |  | - | %
Other |  | 264 |  | (0.42) | % |  | 41 |  | (0.05) | %
Cross-border taxes |  | - |  | - | % |  | - |  | - | %
Changes in valuation allowances |  | 4,713 |  | (7.42) | % |  | 2,312 |  | (3.13) | %
Other |  | (112) |  | 0.18 | % |  | (14) |  | 0.02 | %
Foreign tax effects |  |  |  |  |  |
Statutory tax rate difference between United States and Canada |  | (2,426) |  | 3.82 | % |  | (3,678) |  | 4.98 | %
Nontaxable or nondeductible items |  | 240 |  | (0.38) | % |  | - |  | - | %
Tax rate differences and tax rate changes |  | - |  | - | % |  | 552 |  | (0.75) | %
Non-controlling interest |  | 1,091 |  | (1.72) | % |  | 1,345 |  | (1.82) | %
Changes in valuation allowances |  | 3,786 |  | (5.96) | % |  | 4,217 |  | (5.70) | %
Deferred only adjustment |  | 1,576 |  | (2.48) | % |  | - |  | - | %
Other |  | 484 |  | (0.76) | % |  | (507) |  | 0.68 | %
Tax rate differences and tax rate changes |  | 355 |  | (0.56) | % |  | 162 |  | (0.22) | %
Canadian provincial income tax |  | - |  | - | % |  |  | - | %
Income tax benefit |  | $ | (488) |  | 0.77 | % |  | $ | (5,929) |  | 8.02 | %
Schedule of Deferred Tax Assets and Liabilities | The table below summarizes the principal components of the deferred tax assets (liabilities) as follows:
|  | December 31,
|  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Loss carryforwards |  | $34,024 |  | $24,983
Mineral rights and properties |  | 3,363 |  |  | 4,952 |
Inventory |  | - |  |  | 1,489 |
Transaction and financing costs |  | 920 |  |  | 1,685 |
Lease liability |  | 881 |  |  | 97 |
Warranty liability |  | 815 |  |  | 815 |
Investment in partnership |  | 4,039 |  |  | 3,066 |
Investments in equity and securities |  | 2,880 |  |  | - |
Restricted interest and financing expenses |  | 1,608 |  |  | - |
Other |  | 2,282 |  |  | 197 |
Deferred tax assets |  | 50,812 |  |  | 37,284 |
Valuation allowance |  | (46,906) |  |  | (34,697) |
Net deferred tax asset |  | 3,906 |  |  | 2,587 |
Deferred tax liabilities: |  |  |  |
Investments in equity securities |  | - |  |  | (786) |
Intangible assets |  | (31) |  |  | (35) |
Right of use of assets |  | (828) |  |  | (86) |
Mineral rights and properties |  | (28,162) |  |  | (28,142) |
Property, plant and equipment |  | (1,030) |  |  | - |
Other |  | (239) |  |  | (518) |
Deferred tax liabilities |  | (30,290) |  |  | (29,567) |
Deferred tax assets |  | 3,906 |  |  | 2,587 |
Net deferred tax liability | $ | $(26,384) |  | $(26,980)
Summary of Valuation Allowance | The following table summarizes the changes to the valuation allowance:
For the Years Ended |  | Balance |  |  |  |  |  | Balance
December 31, |  | Beginning of Period |  | Additions (1) |  | Deductions (2) |  | End of Period
2025 |  | $ | 34,697 |  |  | $ | 19,065 |  |  | $ | (6,856) |  |  | $ | 46,906 |
2024 |  | $ | 24,819 |  |  | $ | 12,138 |  |  | $ | (2,260) |  |  | $ | 34,697 |
(1) The additions to the valuation allowance during the year ended December 31, 2025 result from the generation of additional tax losses as well as increases to tax assets such as mineral property and inventory. The additions to the valuation allowance during the year ended December 31, 2024 result from the generation of additional tax losses and deferred tax assets acquired from Base Resources. (2) The reductions to the valuation allowance during the year ended December 31, 2025 result from the decrease to tax assets such as debt issuance costs, property, plant and equipment and asset retirement obligations. For the year ended December 31, 2024, the reductions to the valuation allowance result from the decrease to tax assets such as ARO and mineral properties in the U.S.
Summary of Operating Loss Carryforwards | The following table summarizes the Company’s capital losses and net operating losses as of December 31, 2025 that can be applied against future taxable income:
Country |  | Type |  | Amount |  | Expiry Date
Canada |  | Non-capital losses |  | $ | 80,542 |  |  | Between 2028 and 2045
Canada |  | Investment tax credits |  | - |  |  |
United States |  | Expiring loss (Federal and state) |  | 32,291 |  |  | Between 2028 and 2044
United States |  | Non-Expiring loss (Federal and state) |  | 56,810 |  |  | No expiration
Total |  |  |  | $ | 169,643 |  |  |

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