Related Party Activity |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Activity |
The Company’s Chilean legal counsel, Quinzio Abogados SpA (“QA”) have power of attorney (“POA”) over and also provide legal counsel to Baltum. Baltum’s contracted general manager is Felipe Quinzio, the sole owner of NyD Mining SpA (“NyD”). Baltum paid NyD for the services of Felipe Quinzio during the years ended December 31, 2025 and December 31, 2024 and for accounting services provided by NyD since July 2024. One of the law partners and owner of QA is Cristian Quinzio, who is the parent of Felipe Quinzio. Baltum pays QA for legal services provided, whether QA is engaged at the request of Baltum or the Company. There were no bills outstanding with Baltum to NyD at December 31, 2025 or December 31, 2024. There were bills for $1,401 and $-0- outstanding with Baltum to QA at December 31, 2025 and December 31, 2024, respectively. There were no amounts accrued for legal services or managerial and accounting services accrued for either QA or NyD at December 31, 2025 or December 31, 2024. Baltum incurred legal expenses provided by QA of $40,402 and $6,568 for the years ended December 31, 2025 and December 31, 2024, respectively. Baltum incurred managerial and accounting expenses provided by NyD of $40,784 and $35,098 for the years ended December 31, 2025 and December 31, 2024, respectively. In addition, Baltum made no direct reimbursements to Felipe Quinzio for business expenses paid by him in the years ended December 31, 2025 and December 31, 2024, respectively.
The Company’s director, Ash Lazenby, has an advisory agreement with the Company and stands to receive 500,000 RSU’s when they vest in July 2027, which have an intrinsic value of $ as of December 31, 2025. Also, Mr. Lazenby is a former employee of Glencore Ltd. Glencore Ltd is an investor in the Company and has a Deed of Undertaking with the Company giving it first and last right of refusal on cobalt and copper off-take from any future production at the Company’s La Cobaltera and El Cofre Projects for the life of mine.
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