Equity Method Investment in Smackover Lithium (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investment in Smackover Lithium

Schedule of information about Smackover Lithium

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

Disclosure of summarized financial information for interest in the Smackover Lithium

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

(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, 2024.