Changes in the Company's investment in Smackover Lithium for the periods indicated are summarized as follows (in thousands):


	SWA Lithium			Texas Lithium			Total
Balance, June 30, 2024	$	94,919		$	51,946		$	146,865
Loss from investment in Smackover Lithium		(655	)		(52	)		(707	)
Balance at December 31, 2024	$	94,264		$	51,894		$	146,158
Capital contributions		16,143			12,925			29,068
Loss from investment in Smackover Lithium		(5,242	)		(1,116	)		(6,358	)
Balance at December 31, 2025	$	105,165		$	63,703		$	168,868

Summarized financial information for the Company's interest in Smackover Lithium on a 100% basis for the year ended December 31, 2025 are:


	SWA Lithium		Texas Lithium		Total
Net loss	$	9,530	$	2,030	$	11,560
Company’s share of net loss	$	5,242	$	1,116	$	6,358

Summarized financial information for the Company's interest in Smackover Lithium on a 100% basis for the six month fiscal period ended December 31, 2024:


	SWA Lithium		Texas Lithium		Total
Net loss	$	1,191	$	95	$	1,286
Company’s share of net loss	$	655	$	52	$	707

The carrying amount of the Company's investment in Smackover Lithium on a 100% basis as of December 31, 2025 is as follows (in thousands):


	SWA Lithium		Texas Lithium		Total
Current assets	$	12,741	$	10,989	$	23,730
Non-current assets		82,994		64,392		147,386
Total assets		95,735		75,381		171,116
Current liabilities		7,139		4,656		11,795
Total liabilities		7,139		4,656		11,795
Net assets	$	88,596	$	70,725	$	159,321
Company’s share of Smackover Lithium		48,728		38,899		87,627
Adjustments to the Company’s share of net assets(1)		56,437		24,804		81,241
Carrying amount of investment in Smackover Lithium	$	105,165	$	63,703	$	168,868

(1) Adjustments to the Company's share of net assets include the impact of the initial fair value measurement on May 7, 2024 and the impact of Equinor solely funding $40.0 million and $20.0 million of capital contributions in SWA Lithium and Texas Lithium, respectively, through December 31, 2025.

The carrying amount of the Company's investment in joint ventures on a 100% basis as of December 31, 2024 was as follows (in thousands):


	SWA Lithium		Texas Lithium		Total
Current assets	$	20,221	$	14,208	$	34,429
Non-current assets		54,351		38,030		92,381
Total assets		74,572		52,238		126,810
Current liabilities		5,788		2,984		8,772
Non-current liabilities		8		—		8
Total liabilities		5,796		2,984		8,780
Net assets	$	68,776	$	49,254	$	118,030
Company’s share of Smackover Lithium		37,827		27,090		64,917
Adjustments to the Company’s share of net assets(1)		56,437		24,804		81,241
Carrying amount of investment in Smackover Lithium	$	94,264	$	51,894	$	146,158

The South West Arkansas Project is maintained pursuant to an option agreement dated December 29, 2017, between TETRA Technologies Inc. ("TETRA") and the Company (the "TETRA Option Agreement"). Pursuant to the TETRA Option Agreement, the Company acquired certain rights to conduct brine exploration and production and for lithium extraction activities in Arkansas.

On October 31, 2023, the aforementioned option was exercised to acquire brine production rights for the exploration and production of lithium, for the South West Arkansas Project, subject to a 2.5% royalty of gross revenue following the commencement of commercial production.

In October 2025, a front-end engineering study ("FEED") and Definitely Feasibility Study ("DFS") were completed for the South West Arkansas Project.

The East Texas Properties include lease and option rights for certain properties in East Texas that are prospective for lithium brine development.

On September 24, 2025, Smackover Lithium, the Company's joint venture with Equinor, reported a maiden inferred mineral resource estimate for the Franklin Project located within the East Texas Properties (the "Franklin Project"). The Franklin Project represents the initial project of Smackover Lithium's broader East Texas development strategy.

The Company continues to evaluate additional mineral leasehold acquisitions and to advance exploration and development activities within the East Texas Properties through its joint venture arrangements.