v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Operating activities        
Net (loss) income $ (29,511) $ (48,398) $ (1,286) $ 105,801
Add items not affecting cash        
Share-based compensation 2,091 6,589   7,937
Deferred income tax (benefit) expense (981) (3,090)   25,870
Unrealized foreign exchange loss (gain) (316) 3,506   (890)
Impairment expense 19,676 26,468    
Gain on deconsolidation of subsidiaries       (164,099)
Investment loss from Smackover Lithium 707 6,358   158
Fair value gain on Investment in Aqualung   (2,742)    
Fair value gain on financial asset - FID (1,052) (4,161)   (391)
Amortization 603 922   1,142
Interest expense 10 33   62
Other 63 25    
Net changes in non-cash working capital items:        
Other current assets and receivables 895 (2,485)   (663)
Advances and deposits 21 6   1,934
Accounts payable and accrued liabilities (4,200) 4,323   5,059
Net cash used in operating activities (11,994) (12,646)   (18,080)
Investing activities        
Smackover Lithium capital contributions   (29,068)    
Exploration and evaluation assets (2,182) (22)   (31,596)
Proceeds received from Equinor       30,000
Purchase of property, plant and equipment (10)     (803)
Change in restricted cash (173) (631)   (349)
Patent (36) (42)    
Net cash used in investing activities (2,401) (29,763)   (2,748)
Financing activities        
Proceeds from equity offering 0 130,000    
Proceeds from at-the-market equity program 6,595 41,009   15,817
Exercise of options 466 2,892   581
Share issuance costs (203) (10,008)   (1,226)
Lease payments (256) (317)   (470)
Net cash provided by financing activities 6,602 163,576   14,702
Effect of exchange rates on cash 303 (30)   (182)
Net change in cash (7,490) 121,137   (6,308)
Cash, beginning of period 38,667 31,177 38,667 44,975
Cash, end of period 31,177 152,314 $ 31,177 38,667
Non-cash investing and financing        
Change in exploration and evaluation expenditures included in accounts payable $ 2,030 0   $ 4
Additions to right-of-use assets   134    
Change in share issuance costs included in accounts payable   36    
Change in proceeds from issuance of shares included in accounts receivable   $ 204