v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Loss for the year $ (319,844) $ (81,943)
Items not affecting cash:    
Nauru and Tonga warrant costs 38,056  
Amortization 252 362
Lease expense 1,907 1,907
Accrued interest on credit facilities   416
Share-based compensation and expenses settled with equity 96,672 25,313
Equity-accounted investment loss (287) 226
Gain on dilution of investment (5,649)  
Change in fair value of royalty liability 131,000  
Change in fair value of warrants liability 12,439 (1,057)
Loss on termination of contract   199
Unrealized foreign exchange 3,483 (1,222)
Interest paid on amounts drawn from credit facilities and short-term debt (823) (73)
Corporate income taxes paid during the year (93) (34)
Changes in working capital:    
Receivables and prepayments (1,198) 127
Accounts payable and accrued liabilities 1,234 12,311
Net cash used in operating activities (42,851) (43,468)
Investing activities    
Proceeds from investee distribution 692  
Acquisition of equipment and software (245) (515)
Net cash provided by (used in) investing activities 447 (515)
Financing activities    
Proceeds from Korea Zinc Private Placement 85,118  
Proceeds from Registered Direct Offerings 42,000 23,900
Expenses paid for Registered Direct Offerings (734) (357)
Proceeds from shares issued from At-the-Market Distribution Agreement 14,784 4,866
Proceeds from drawdown of Credit Facilities   4,275
Repayment of drawn amount on Credit Facilities (4,275)  
Proceeds from drawdown of Allseas Short-Term Debt   2,000
Repayment of Allseas Short-Term Debt   (2,000)
Proceeds from drawdown of Allseas Working Capital Loan Agreement   7,500
Repayment of Allseas Working Capital Loan (7,500)  
Proceeds from Employee Stock Purchase Plan 67 39
Proceeds from exercise of stock options 3,013 463
Net cash provided by financing activities 156,585 40,686
Increase/(Decrease) in cash 114,181 (3,297)
Impact of exchange rate changes on cash (28) (65)
Cash - beginning of year 3,480 6,842
Cash - end of year 117,633 $ 3,480
Class A Warrants    
Financing activities    
Proceeds from exercise 3,827  
Class B Warrants    
Financing activities    
Proceeds from exercise 9,800  
Class C Warrants    
Financing activities    
Proceeds from exercise $ 10,485