Management invests excess cash in U.S. government notes, U.S. government agencies and tradeable certificates of deposits. After consideration of the Company’s risk versus reward objectives and its liquidity requirements, the Company elected the fair value option for its marketable debt securities because the Company may sell them prior to their stated maturities. Under the fair value option, these instruments are recorded on the Consolidated Balance Sheet at their fair value including interest income. Changes in fair value and interest income are recorded in Other income (loss) in the Consolidated Statements of Operations and Comprehensive Loss. As of March 31, 2026 and December 31, 2025, the Company’s marketable debt securities are classified as current based on management’s intent to use the investments to manage excess cash and liquidity needs. While certain investments have stated contractual maturity dates greater than one year, including marketable debt securities invested in U.S. government notes, U.S. government agencies and tradeable certificates of deposits, the Company may sell investments prior to maturity or reinvest excess cash in accordance with its cash management policy.

On June 30, 2025, the Company entered into an amendment to the JV Agreements whereby the Company advanced AUD$13.00 million ($8.52 million) to the Donald Project JV for the acquisition of certain land and properties (the “First Advance”). In addition, pursuant to a subsequent amendment to the JV Agreements, the Company agreed to advance (the “Second Advance”, together with the First Advance, the “Advances”) additional cash to purchase mineral separation equipment, of which AUD$2.87 million ($1.91 million) had been advanced as of December 31, 2025, with an additional AUD$6.70 million ($4.60 million at March 31, 2026 exchange rates) to be advanced subject to the satisfaction of contractual conditions.

The First Advance is secured by the underlying land and properties acquired while the Second Advance is secured by the mineral separation equipment acquired by the Donald Project JV. The Advances do not bear interest unless in the case of default. If a positive final investment decision (“FID”) is made on the Donald Project, the outstanding Advances will be applied to the Company’s earn-in interest in the Donald Project JV. If a positive FID is not made, the Advances shall become due and payable subject to the terms of the JV Agreements, as amended. As the Advances are convertible into equity under specified circumstances, the Company accounts for the Advances as long-term marketable debt securities for which it has elected the fair value option, and changes in fair value are recorded in Other income (loss) in the Consolidated Statements of Operations and Comprehensive Loss. As of March 31, 2026, a FID has not been made on the Donald Project JV.


	Cost Basis		Gross Unrealized Losses		Gross Unrealized Gains		Fair Value
March 31, 2026
Current
Marketable debt securities(1)	$	773,180	$	—	$	4,969	$	778,149
Marketable equity securities	28,159		(4,069)		—		24,090
Total marketable securities	$	801,339	$	(4,069)	$	4,969	$	802,239

Non-current
Marketable debt securities	$	10,416	$	—	$	65	$	10,481

December 31, 2025
Current
Marketable debt securities(1)	$	771,505	$	—	$	4,827	$	776,332
Marketable equity securities	28,159		(7,385)		—		20,774
Total marketable securities	$	799,664	$	(7,385)	$	4,827	$	797,106

Non-current
Marketable debt securities	$	10,416	$	(175)	$	—	$	10,241