6. LEASES

Effective September 21, 2021, the Company entered into a lease agreement (the “Property Lease”) for real property, including land and buildings in Upton, Wyoming for the Demonstration Plant. The Property Lease, which had an initial 12-month term, allows for annual renewals, which at the Company’s option can be renewed for as long as the facility is needed. In June 2025, the Property Lease was renewed, extending the termination date to September 30, 2026 and another 12-month extension is expected in June 2026 extending the lease through September 30, 2027.

The Property Lease, which is classified as an operating lease, generally provides for base rent, and requires the Company to pay all insurance, personal property taxes on any structure or improvements made by the Company and other maintenance costs. The Property Lease provides for an annual cost of living adjustment but contains no residual value guarantees or restrictive covenants. Pursuant to the Property Lease, the Company is obligated to remove certain Company completed property improvements, though those items requiring removal, if any, will be confirmed with the lessor prior to the termination of the Property Lease.

For purposes of the following table, payments under the Property Lease are assumed to run through September 30, 2027.  If the completion of the Demonstration Plant operations dictates further extensions beyond this date, the Company may extend the term of the Property Lease.  

Total future minimum lease payments under the Property Lease as of March 31, 2026, were as follows:

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⁽¹⁾ As of March 31, 2026, $149 was included in current liabilities and $37 was included in non-current liabilities.  

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For the three months ended March 31, 2026, $28 was included in operating cash flows for amounts paid for operating leases.

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For the three months ended March 31, 2026, the Company incurred interest expense on lease liabilities of $6 and right of use asset amortization expense of $28.

As of March 31, 2026, the weighted average lease term for the Company’s operating lease was 1.5 years (including expected renewal options) and the weighted average discount rate was estimated at 12%.