Warrants (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Warrants |
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| Schedule of changes in the fair value of warrant liabilities |
| | | | | | Private | | | Warrants | Warrants liability as at December 31, 2024 | | $ | 912 | Increase in fair value of warrants liability | | | 12,439 | Warrants liability as at December 31, 2025 | | $ | 13,351 |
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| Schedule summarizing the movement in class of warrants |
| | | | | | | | | | | | | | | Number of Options | | | | | | Weighted average | | Outstanding and | Expiry Date | | Exercise price | | life to expiry (years) | | Exercisable | June 1, 2028 | | $ | 1.73 | | 2.42 | | 750,000 | June 4, 2030 | | $ | 4.66 | | 4.43 | | 6,500,000 | April 9, 2031 | | $ | 1.71 | | 5.27 | | 3,440,000 | March 4, 2032 | | $ | 1.71 | | 6.18 | | 500,000 | | | | | | | | 11,190,000 |
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| Private Warrants |
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| Warrants |
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| Schedule of fair value measurement input |
| | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Exercise price | | $ | 11.50 | | $ | 11.50 | | Share price | | $ | 6.17 | | $ | 1.12 | | Volatility | | | 124.72 | % | | 108.97 | % | Term | | | 0.69 | years | | 1.69 | years | Risk-free rate | | | 3.49 | % | | 4.14 | % | Dividend yield | | | 0.0 | % | | 0.0 | % |
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| Class A Warrants |
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| Warrants |
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| Schedule summarizing the movement in class of warrants |
| | | | | Number of Class A | | | Warrants | Outstanding – December 31, 2023 | | 3,980,770 | Issued | | 2,250,000 | Outstanding – December 31, 2024 | | 6,230,770 | Exercised(1) | | (1,913,270) | Outstanding – December 31, 2025 | | 4,317,500 |
| (1) | During 2025, 1,913,270 Class A Warrants were exercised for which the Company received the exercise amount of $3.8 million. |
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| Class B Warrants |
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| Warrants |
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| Schedule of fair value measurement input |
| | | | | | | | | | | | | | | | | | | November 14, | | | January 29, | | | January 30, | | | February 6, | | | | 2024 | | | 2025 | | | 2025 | | | 2025 | | Units issued | | | 7,450,000 | | | | 900,000 | | | | 650,000 | | | | 950,000 | | Fair value per warrant | | $ | 0.60 | | | | 0.98 | | | | 1.11 | | | | 1.22 | | | | | | | | | | | | | | | | | | | Assumptions used: | | | | | | | | | | | | | | | | | Exercise price | | $ | 2.00 | | | | 2.00 | | | | 2.00 | | | | 2.00 | | Share price | | $ | 0.96 | | | | 1.48 | | | | 1.65 | | | | 1.82 | | Call price threshold | | $ | 5.00 | | | | 5.00 | | | | 5.00 | | | | 5.00 | | Volatility | | | 109.38 | % | | | 107.66 | % | | | 107.66 | % | | | 107.66 | % | Term (years) | | | 5.00 | | | | — | | | | — | | | | — | | Risk-free rate | | | 4.23 | % | | | 4.23 | % | | | 4.23 | % | | | 4.23 | % | Dividend yield | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % |
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| Schedule summarizing the movement in class of warrants |
| | | | | Number of Class B | | | Warrants | Outstanding – December 31, 2023 | | — | Issued | | 7,450,000 | Outstanding – December 31, 2024 | | 7,450,000 | Issued | | 2,500,000 | Exercised(1) | | (9,935,000) | Outstanding – December 31, 2025 | | 15,000 |
| (1) | During 2025, 9,935,000 Class B Warrants were exercised for which the Company received the exercise amount of $4.2 million. Out of the 9,935,000 Class B Warrants exercised during 2025, 5,035,000 Class B warrants were exercised by way of cashless exercises against which 3,533,096 common shares were issued. |
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| Class C Warrants |
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| Warrants |
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| Schedule of fair value measurement input |
| | | | | | | | | | | | | May 22, | | June 10, | | June 25, | | July 1, | | | | 2025 | | 2025 | | 2025 | | 2025 | | Units Issued | | | 2,333,333 | | 6,666,666 | | 1,003,334 | | 2,330,000 | | Fair value per warrant | | $ | 2.18 | | 2.15 | | 3.88 | | 3.01 | | | | | | | | | | | | | Exercise price | | $ | 4.50 | | 4.50 | | 4.50 | | 4.50 | | Share price | | $ | 4.30 | | 4.24 | | 7.49 | | 5.94 | | Volatility | | | 118.49 | % | 118.49 | % | 101.14 | % | 106.26 | % | Term | | | 2.92 years | | 2.92 years | | 2.88 years | | 2.88 years | | Risk-free rate | | | 3.87 | % | 3.87 | % | 3.67 | % | 3.68 | % | Dividend yield | | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
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| Schedule summarizing the movement in class of warrants |
| | | | | Number of Class C | | | Warrants | Outstanding – December 31, 2024 | | — | Issued | | 12,333,333 | Exercised (1) | | (2,330,000) | Outstanding – December 31, 2025 | | 10,003,333 |
(1)During 2025, 2,330,000 Class C Warrants were exercised for which the Company received the exercise amount of $10.5 million.
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| Korea Zinc Warrants |
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| Warrants |
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| Schedule of fair value measurement input |
| | | | | | | June 25, | | | | 2025 | | Exercise price | | $ | 7.00 | | Share price | | $ | 7.49 | | Volatility | | | 100.55 | % | Term | | | 3 years | | Risk-free rate | | | 3.67 | % | Dividend yield | | | 0.0 | % |
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| Schedule summarizing the movement in class of warrants |
| | | | | Number of Warrants | Outstanding – December 31, 2024 | | — | Issued | | 6,868,181 | Outstanding – December 31, 2025 | | 6,868,181 |
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| Nauru Warrants |
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| Warrants |
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| Schedule of fair value measurement input |
| | | | | | | May 30, | | | | 2025 | | Exercise price | | $ | 4.72 | | Share price | | $ | 4.47 | | Volatility | | | 114.71 | % | Term | | | 5 years | | Risk-free rate | | | 3.89 | % | Dividend yield | | | 0.0 | % |
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| Tonga Warrants |
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| Warrants |
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| Schedule of fair value measurement input |
| | | | | | | August 4, | | | | 2025 | | Exercise price | | $ | 5.87 | | Share price | | $ | 5.65 | | Volatility | | | 112.33 | % | Term | | | 8 years | | Risk-free rate | | | 4.00 | % | Dividend yield | | | 0.0 | % |
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