| Schedule of Deferred Tax Assets and Liabilities |
Significant components of deferred tax assets (liabilities) are as follows: | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | 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 | $ | — | | | $ | — | |
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| Schedule of Effective Income Tax Rate Reconciliation |
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, | | 2025 | | 2024 | 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 differences | 1,205,382 | | | 173,863 | | | Earnings in jurisdictions taxed at rates different from the statutory tax rate | (2,275,738) | | | (1,909,954) | | | Valuation allowance recognized | 9,391,223 | | | 6,744,752 | | Income tax expense | $ | — | | | $ | — | |
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