Equity Method Investment in Smackover Lithium (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investment in Smackover Lithium

Schedule of Information about Smackover Lithium

Changes in the Company's investment in Smackover Lithium for the three months ended March 31, 2026 are summarized as follows (in thousands):


	SWA Lithium			Texas Lithium			Total
Balance at December 31, 2025	$	105,165		$	63,703		$	168,868
Capital contributions		9,625			8,250			17,875
Loss from investment in Smackover Lithium		(1,299	)		(203	)		(1,502	)
Balance at March 31, 2026	$	113,491		$	71,750		$	185,241

Disclosure of Summarized Financial Information for Interest in the Smackover Lithium

Summarized financial information for the Company's interest in the Smackover Lithium entities on a 100% basis for the three months ended March 31, 2026 are (in thousands):


	SWA Lithium		Texas Lithium		Total
Net loss	$	2,363	$	370	$	2,733
Company’s share of net loss	$	1,299	$	203	$	1,502

Summarized financial information for the Company's interest in the Smackover Lithium entities on a 100% basis for the three months ended March 31, 2025 are (in thousands):


	SWA Lithium		Texas Lithium		Total
Net loss	$	1,507	$	283	$	1,790
Company’s share of net loss	$	829	$	155	$	984

The carrying amount of the Company's investment in the Smackover Lithium entities on a 100% basis as of March 31, 2026 is as follows (in thousands):


	SWA Lithium		Texas Lithium		Total
Current assets	$	20,410	$	18,253	$	38,663
Non-current assets		89,189		71,960		161,149
Total assets		109,599		90,213		199,812
Current liabilities		5,865		4,857		10,722
Total liabilities		5,865		4,857		10,722
Net assets	$	103,734	$	85,356	$	189,090
Company’s share of Smackover Lithium		57,054		46,946		104,000
Adjustments to the Company’s share of net assets(1)		56,437		24,804		81,241
Carrying amount of investment in Smackover Lithium	$	113,491	$	71,750	$	185,241

(1)

Adjustments to the Company's share of net assets include the impact of the initial fair value measurement on May 7, 2024 and the impact of Equinor solely funding $40.0 million and $20.0 million of capital contributions in SWA Lithium and Texas Lithium, respectively.

The carrying amount of the Company's investment in the Smackover Lithium entities on a 100% basis as of December 31, 2025 is as follows (in thousands):


	SWA Lithium		Texas Lithium		Total
Current assets	$	12,741	$	10,989	$	23,730
Non-current assets		82,994		64,392		147,386
Total assets		95,735		75,381		171,116
Current liabilities		7,139		4,656		11,795
Total liabilities		7,139		4,656		11,795
Net assets	$	88,596	$	70,725	$	159,321
Company’s share of Smackover Lithium		48,728		38,899		87,627
Adjustments to the Company’s share of net assets(1)		56,437		24,804		81,241
Carrying amount of investment in Smackover Lithium	$	105,165	$	63,703	$	168,868

(1)