INCOME TAXES |
3 Months Ended |
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Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES As of March 31, 2026, the Company maintained a full valuation allowance against its net deferred tax assets. The Company continually reviews the adequacy of the valuation allowance and intends to continue maintaining a full valuation allowance on its net deferred tax assets until there is sufficient evidence to support the reversal of all or a portion of the allowance. Should the Company’s assessment change in a future period, it may release all or a portion of the valuation allowance, which would result in a deferred tax benefit in the period of adjustment. For the three months ended March 31, 2026, the Company recorded an income tax expense of $0.05 million on loss before tax of $10.91 million with an effective tax rate of 0.4% in 2026. The tax expense consists primarily of Brazil income tax arising from the transfer pricing revenue recognized. For the three months ended March 31, 2025, the Company recorded an income tax benefit of $1.15 million on loss before tax of $27.47 million. The effective tax rate was 4% for the three months ended March 31, 2025, which was a result of the full valuation allowance on net deferred tax assets. The tax benefit consists of the reversal of the tax liability for Base Titanium Limited (“Base Titanium”) that was recorded primarily prior to the acquisition of Base Resources Limited (“Base Resources”) in 2024. As production of the Kwale mine has now ceased, a tax loss is expected for the year, and the liability has been reversed.
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