COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Offsetting Assets [Line Items] |
|
| SCHEDULE OF INVENTORIES |
Inventories
as of June 30, 2025, and December 31, 2024, are comprised of the following:
SCHEDULE OF INVENTORIES
| | |
June
30, 2025 | | |
December
31, 2024 | |
| Materials
and supplies | |
| 395,445 | | |
| 321,085 | |
| Quartzite
blocks and slabs | |
| 49,805 | | |
| 171,727 | |
| Total | |
| 445,250 | | |
| 492,812 | |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT |
The
following table sets forth the components of the Company’s property and equipment as of June 30, 2025 and December 31, 2024:
SCHEDULE OF PROPERTY AND EQUIPMENT
| | |
June
30, 2025 | | |
December
31, 2024 | |
| | |
| | |
Accumulated | | |
Net
Book | | |
| | |
Accumulated | | |
Net
Book | |
| | |
Cost | | |
Depreciation | | |
Value | | |
Cost | | |
Depreciation | | |
Value | |
| Capital
assets subject to depreciation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Computers
and office equipment | |
| 29,368 | | |
| (2,803 | ) | |
| 26,565 | | |
$ | 10,616 | | |
$ | (165 | ) | |
$ | 10,451 | |
| Machinery
and equipment | |
| 202,501 | | |
| (14,542 | ) | |
| 187,959 | | |
| 184,824 | | |
| (4,024 | ) | |
| 180,800 | |
| Facilities | |
| 16,462 | | |
| (1,040 | ) | |
| 15,422 | | |
| 14,508 | | |
| (191 | ) | |
| 14,317 | |
| Land | |
| 4,341,445 | | |
| - | | |
| 4,341,445 | | |
| 4,144,470 | | |
| - | | |
| 4,144,470 | |
| Prepaid
Assets (CIP) | |
| 27,962,399 | | |
| - | | |
| 27,962,399 | | |
| 23,449,896 | | |
| - | | |
| 23,449,896 | |
| Mining
rights | |
| 6,726,289 | | |
| - | | |
| 6,726,289 | | |
| 6,558,161 | | |
| - | | |
| 6,558,161 | |
| Exploration
costs | |
| 6,059,893 | | |
| - | | |
| 6,059,893 | | |
| 4,496,976 | | |
| - | | |
| 4,496,976 | |
| Total
fixed assets | |
$ | 45,338,357 | | |
$ | (18,385 | ) | |
$ | 45,319,972 | | |
$ | 38,859,451 | | |
$ | (4,381 | ) | |
$ | 38,855,071 | |
|
| SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Accounts
Payable and Accrued Expenses
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| | |
June 30, 2025 | | |
December 31, 2024 | |
| Trade payables | |
$ | 6,317,257 | | |
| 4,779,903 | |
| Payroll and social charges | |
| 260,818 | | |
| 157,191 | |
| Taxes payable | |
| 25,578 | | |
| 64,571 | |
| Total | |
$ | 6,603,653 | | |
$ | 5,001,664 | |
|
| SCHEDULE OF OPERATING LEASE LIABILITY |
SCHEDULE OF OPERATING LEASE LIABILITY
| Lease liabilities at December 31, 2024 | |
$ | 447,218 | |
| Increase/Decrease | |
$ | 32,150 | |
| Unwinding of lease liabilities | |
$ | 15,136 | |
| Lease payments | |
$ | (84,034 | ) |
| Foreign exchange | |
| 58,648 | |
| Lease liabilities at June 30, 2025 | |
$ | 469,119 | |
| | |
| | |
| Current portion | |
$ | 168,667 | |
| Non-current portion | |
$ | 300,452 | |
|
| SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS |
The
maturity of the lease liabilities (contractual undiscounted cash flows) is presented in the table below:
SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS
| | |
| | |
| Less than one year | |
$ | 193,566 | |
| Year 2 | |
$ | 145,952 | |
| Year 3 | |
$ | 90,158 | |
| Year 4 | |
$ | 90,158 | |
| Total contractual undiscounted cash flows | |
$ | 519,834 | |
|
| SCHEDULE OF CONVERTIBLE DEBT |
SCHEDULE OF CONVERTIBLE DEBT
| | |
June 30, 2025 | | |
December 31, 2024 | |
| Due to Nanyang Investment Management Pte Ltd | |
| 5,964,780 | | |
| 5,933,866 | |
| Due to Jaeger Investments Pty Ltd | |
| 1,988,283 | | |
| 1,977,979 | |
| Due to Modha Reena Bhasker | |
| 994,130 | | |
| 988,978 | |
| Due to Clipper Group Limited | |
| 994,130 | | |
| 988,978 | |
| Total convertible debt | |
$ | 9,941,323 | | |
$ | 9,889,801 | |
| Current portion | |
$ | 81,918 | | |
$ | 81,918 | |
| Non-current portion | |
$ | 9,859,405 | | |
$ | 9,807,883 | |
|
| SCHEDULE OF DERIVATIVE LIABILITIES |
SCHEDULE OF DERIVATIVE LIABILITIES
| | |
June 30, 2025 | | |
December 31, 2024 | |
| Derivative assets | |
| | | |
| | |
| Derivative assets - Non-Deliverable Forward | |
| 427,222 | | |
| - | |
| Total derivative assets | |
| 427,222 | | |
| - | |
| Derivative liabilities | |
| | | |
| | |
| Derivative liability – conversion feature on the convertible debt | |
| 7,070 | | |
| 66,310 | |
| Derivative liability – restricted stock awards | |
| 11,350 | | |
| 121,512 | |
| Derivative liability - Non-Deliverable Forward | |
| - | | |
| 274,816 | |
| Total derivative liabilities | |
$ | 18,420 | | |
$ | 462,638 | |
|
| SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION |
SCHEDULE OF WARRANT ASSUMPTION
| |
|
June
30, 2025 |
|
| Expected volatility |
|
|
85.43% - 85.43% |
|
| Risk-free interest rate |
|
|
4.54%
- 4.54% |
|
| Stock price on date of grant |
|
$ |
6.45 - $6.45 |
|
| Dividend yield |
|
|
0.00% |
|
| Expected term |
|
|
2 years |
|
|
| SCHEDULE OF NON DELIVERABLE FORWARD EXCHANGE CONTRACTS |
The
following table summarizes the non-deliverable forward foreign exchange contracts that remain open as of June 30, 2025:
SCHEDULE OF NON DELIVERABLE FORWARD EXCHANGE CONTRACTS
| |
|
Dates |
|
Derivative
Financial |
|
Total
Notional |
|
|
FX
rate |
|
|
Total
Notional |
|
|
Settlement |
| Subsidiary |
|
Entered
Into |
|
Instrument |
|
Amounts
(USD) |
|
|
(BRL/USD) |
|
|
Amounts
(BRL) |
|
|
Dates
(Range) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Atlas Litio Brasil Ltda |
|
November, 2024 |
|
Forward foreign exchange contracts
(USD/BRL) |
|
$ |
1,250,000 |
|
|
|
6.02 |
|
|
|
7,518,850 |
|
|
15-Jul-2025
- 15-Sep-2025 |
| Atlas Litio Brasil Ltda |
|
April, 2025 |
|
Forward foreign exchange contracts (USD/BRL) |
|
$ |
3,000,000 |
|
|
|
6.26 |
|
|
|
18.783.050 |
|
|
30-Sep-2025 - 15-Mar-2026 |
|
| Embedded Derivative Financial Instruments [Member] |
|
| Offsetting Assets [Line Items] |
|
| SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION |
At
December 31, 2024, the fair value of the embedded conversion feature was determined to be $66,310 using a Black-Scholes collar option
pricing model with the following assumptions:
SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION
| | |
Value cap | | |
Value floor | |
| Measurement date | |
December 31, 2024 | | |
December 31, 2024 | |
| Shares to be issued in case of conversion | |
| 354,297 | | |
| 354,297 | |
| Stock price at fair value measurement date | |
$ | 6.3300 | | |
$ | 6.3300 | |
| Conversion price | |
$ | 28.2250 | | |
$ | 35.2813 | |
| Expected volatility | |
| 115.64 | % | |
| 115.64 | % |
| Risk-free interest rate | |
| 4.25 | % | |
| 4.25 | % |
| Dividend yield | |
| 0.00 | % | |
| 0.00 | % |
| Expected term (years) | |
| 1.85 | | |
| 1.85 | |
At
June 30, 2025, the fair value of the embedded conversion feature was determined to be $7,070 using a Black-Scholes collar option pricing
model with the following assumptions:
| | |
Value cap | | |
Value floor | |
| Measurement date | |
June 30, 2025 | | |
June 30, 2025 | |
| Shares to be issued in case of conversion | |
| 354,297 | | |
| 354,297 | |
| Stock price at fair value measurement date | |
$ | 3.7800 | | |
$ | 3.7800 | |
| Conversion price | |
$ | 28.2250 | | |
$ | 35.2813 | |
| Expected volatility | |
| 89.83 | % | |
| 89.83 | % |
| Risk-free interest rate | |
| 3.96 | % | |
| 3.96 | % |
| Dividend yield | |
| 0.00 | % | |
| 0.00 | % |
| Expected term (years) | |
| 1.36 | | |
| 1.36 | |
|