Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Taxes |
|
| Schedule of income tax expense at statutory rates for the Company reconciled to the reported loss for the year |
| | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 (1) | | | | Amount | | Percent | | Amount | | Percent | | Net income (loss) before tax | | $ | (319,700) | | — | | $ | (81,895) | | — | | Canadian federal statutory tax rates | | $ | (79,925) | | 25.0 | % | | — | | — | | State and local income taxes, net of federal income tax effect | | | | | | | | | | | | Provincial and local rates (net of federal income tax effects) | | | (2,271) | | 0.7 | % | | — | | — | | Total federal, state and local income tax | | | (82,196) | | 25.7 | % | | (21,882) | | 26.7 | % | Foreign tax effects | | | | | | | | | | | | United States | | | | | | | | | | | | Statutory tax rate difference between United States and Canada | | $ | 1,232 | | (0.4) | % | | — | | — | | Other foreign jurisdictions | | | | | | | | | | | | Statutory tax rate difference between other jurisdictions and Canada | | | (22) | | — | | | — | | — | | Total foreign tax effects | | $ | 1,210 | | (0.4) | % | $ | 14,424 | | (17.6) | % | | | | | | | | | | | | | Effect of changes in tax laws or rates enacted in the current period | | | | | | | | | | | | | | | | | | | | | | | | Non-taxable or Non-deductible Items | | | | | | | | | | | | Stock based compensation | | $ | 21,819 | | (6.8) | % | | — | | — | | Change in fair value of warrant liability | | | 13,487 | | (4.2) | % | | — | | — | | Change in fair value of royalty liability | | | 32,750 | | (10.2) | % | | — | | — | | Other | | | 902 | | (0.3) | % | | — | | — | | Total Non-taxable or non-deductible items | | $ | 68,958 | | (21.6) | % | $ | 2,502 | | (3.1) | % | | | | | | | | | | | | | Prior year’s adjustments relating to tax provision and tax returns | | | 30 | | 0.0 | % | | — | | — | | Change in unrecognized deferred tax assets | | | 14,699 | | (4.6) | % | | 5,004 | | (6.2) | % | Other adjustments | | | (2,557) | | 0.8 | % | | — | | 0.0 | % | Income tax expense | | $ | 144 | | — | | $ | 48 | | (0.1) | % |
| (1) | The Company adopted ASU 2023-09 prospectively in 2025, as permitted by the standard. Accordingly, the prior period comparative information has not been recast to conform to the current presentation. |
| | | | Jurisdiction | | Statutory rate | | Canada | | 25.00 | % | United States | | 21.00 | % | NORI | | 25.00 | % |
|
| Schedule of deferred income tax assets (liabilities) |
| | | | | | | | | December 31, 2025 | | December 31, 2024 | Deferred Tax Assets | | | | | | | Non-capital losses | | $ | 38,685 | | $ | 24,270 | Investments | | | 169 | | | 111 | Equipment | | | 226 | | | 227 | Share issuance costs | | | 2,737 | | | 1,804 | Total deferred income tax assets | | $ | 41,817 | | $ | 26,412 | Valuation allowance | | | (41,111) | | | (26,412) | Deferred tax asset recognized | | $ | 706 | | $ | — | | | | | | | | Deferred Tax Liabilities | | | | | | | Difference between the book value and the tax basis of the TOML exploration contract (Note 11) | | $ | (10,675) | | $ | (10,675) | Investments | | | (706) | | | — | Deferred tax liabilities recognized | | $ | (11,381) | | $ | (10,675) | | | | | | | | Net deferred tax assets (liabilities) | | $ | (10,675) | | $ | (10,675) |
|
| Schedule of deductible temporary differences, unused tax losses and unused tax credits |
| | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Expiry Date Range | | | | | | | | | | Non-capital losses | | $ | 161,312 | | $ | 100,995 | | See below | Investments | | $ | 1,422 | | $ | 829 | | Not applicable | Equipment | | $ | 839 | | $ | 841 | | Not applicable | Share issuance costs and others | | $ | 7,369 | | $ | 3,649 | | 2026-2029 | Restricted interest and financing expenses | | $ | 2,797 | | $ | 3,102 | | Not applicable |
|
| Schedule of non-capital loss carry-forwards that may be used to offset future taxable income |
| | | | | | | | | | | | | | | | | | Canada | | Singapore | | United States | | Nauru | | Tonga | 2028 | | $ | — | | $ | — | | $ | 2 | | $ | 17,924 | | $ | — | 2035 | | | — | | | — | | | — | | | — | | | — | 2041 | | | 3,709 | | | — | | | — | | | — | | | — | 2042 | | | 13,227 | | | — | | | 1 | | | — | | | — | 2043 | | | 11,888 | | | — | | | 3 | | | — | | | — | 2044 | | | 10,642 | | | — | | | 179 | | | — | | | — | 2045 | | | 15,217 | | | — | | | 20,410 | | | — | | | | No expiry | | | — | | | 21,962 | | | — | | | — | | | 46,148 | Loss carry-forwards | | $ | 54,683 | | $ | 21,962 | | $ | 20,595 | | $ | 17,924 | | $ | 46,148 |
|