v3.25.2
Income Taxes
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 10 – Income Taxes
Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards.
In October 2021, more than 130 countries agreed to implement Pillar 2, a plan introduced by the Organization for Economic Co-operation and Development (“OECD”) providing for a global minimum tax rate of 15% (calculated on a country-by-country basis) for those companies having consolidated revenue of at least €750 million. The implementation of the Pillar 2 global minimum tax rules is intended to apply for tax years beginning in 2024. The main purpose of such rules is to minimize tax base erosion and profit shifting from higher tax jurisdictions to lower tax jurisdictions by multi-national companies. On February 1, 2023, the FASB indicated that they view the minimum tax (“Top-Up Tax”) imposed under Pillar 2 as an alternative minimum tax, and as such, it should be recognized in the period incurred versus recognizing or adjusting deferred tax assets and liabilities. On February 2, 2023, the OECD issued various administrative guidance including transitional safe harbor rules available in conjunction with the implementation of the Pillar 2 global minimum tax. Based upon the current OECD rules and administrative guidance, the Group does not anticipate being subject to material Top-Up Taxes as various tax jurisdictions begin enacting such legislation. The Group is continuing to monitor the potential impact of the Pillar 2 proposals and developments on the consolidated financial statements and related disclosures, including eligibility for any transitional safe harbor rules.
On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act (“OBBBA”) which includes, among other provisions, changes to the U.S. corporate income tax system such as allowing of immediate expensing of qualifying domestic research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs
Act. Certain provisions are effective for the Group beginning in fiscal year 2026. The Group is currently evaluating the future impact of these tax law changes on its consolidated financial statements.
Significant components of deferred tax assets (liabilities) are as follows:
June 30,
20252024
Deferred tax assets:
Asset retirement obligations
$315,330 $267,588 
Transaction costs arising on common stock issued
1,017,814 2,435,335 
Tax losses carried forward
115,668,981 81,982,925 
Leases
2,491,041 1,891,146 
Employee benefits
278,991 225,430 
Accrued expenses and liabilities
316,679 129,208 
Other
242,528 — 
Total deferred tax assets
120,331,364 86,931,633 
Deferred tax liabilities:
Leases
— — 
Exploration assets
(80,595,515)(59,761,789)
Other
(101,491)— 
Total deferred tax liabilities
(80,697,006)(59,761,789)
Total net deferred tax assets
39,634,358 27,169,843 
Less: Valuation allowance
(39,634,358)(27,169,843)
Net deferred tax assets
$— $— 
The Australian statutory tax rate is 30%. The income tax provision differs from the amount of income tax determined by applying U.S. income tax rate of 21% to pretax income as follows:
For the years ended June 30,
20252024
Loss before income tax expense
$(39,623,177)$(23,850,769)
Tax at the United States statutory rate of 21% (2024: 21%)
(8,320,867)(5,008,661)
Permanent differences1,205,382 173,863 
Earnings in jurisdictions taxed at rates different from the statutory tax rate(2,275,738)(1,909,954)
Valuation allowance recognized9,391,223 6,744,752 
Income tax expense
$— $— 
The Group has no income tax expense due to operating losses incurred for the years ended June 30, 2025 and 2024. The Group has provided a full valuation allowance on the net deferred tax asset because management has determined that it is more likely than not that the Group will not earn income sufficient to realize the deferred tax assets during a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets based upon income forecast data and the feasibility of future tax planning strategies and may record adjustments to the valuation allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the statement of operations.
As of June 30, 2025, the Group had accumulated tax losses relating to a foreign tax jurisdiction in Australia of $109,242,871 and US net operating loss carry-forwards of $6,426,110. The losses are reflected at the relevant countries statutory corporate rate of 30% (Australia) and 21% (USA). The foreign tax losses carried forward, which have a valuation allowance against them, can be carried forward indefinitely subject to satisfying certain Australian legislative requirements. The Company’s net operating loss carry-forwards in the USA can be carried forward indefinitely.