As of March 31, 2026 and December 31, 2025, the Company owned a 10.50% and 9.48% equity interest in the Donald Project JV, respectively.

As of March 31, 2026 and December 31, 2025, the Company owned a 27.73% interest in Tate Transition Metals Limited (“Tate”). On April 1, 2025, the Company invested an additional AUD$1.75 million ($1.11 million) in Tate, which increased its ownership from 19.90% to 27.73% as of April 1, 2025. As a result, the Company exercises significant influence, but not control, over Tate and beginning April 1, 2025, accounts for its investment in Tate using the equity method of accounting.

The Company uses the equity method of accounting to account for its investments in the Donald Project JV and Tate because it exercises significant influence, but not control, over the entities. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as its ownership interest, representation on the applicable Board of Directors and participation in policy-making decisions.


	Donald				Total
	Project JV		Tate		Investments









Balance as of December 31, 2025	$	25,181	$	2,344	$	27,525
Contributions	3,036		—		3,036
Loss in unconsolidated affiliates	(20)		(42)		(62)
Other comprehensive income	270		18		288

Balance as of March 31, 2026	$	28,467	$	2,320	$	30,787