Equity Method Investment in Smackover Lithium (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investment in Smackover Lithium

Schedule of Information about Smackover Lithium

Changes in the Company's investment in Smackover Lithium for the six months ended June 30, 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		15,125			12,100			27,225
Loss from investment in Smackover Lithium		(2,533	)		(447	)		(2,980	)
Balance at June 30, 2026	$	117,757		$	75,356		$	193,113

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 June 30, 2026 are (in thousands):


	SWA Lithium		Texas Lithium		Total
Net loss	$	2,243	$	442	$	2,685
Company’s share of net loss	$	1,234	$	244	$	1,478

Summarized financial information for the Company's interest in the Smackover Lithium entities on a 100% basis for the six months ended June 30, 2026 are (in thousands):


	SWA Lithium		Texas Lithium		Total
Net loss	$	4,606	$	812	$	5,418
Company’s share of net loss	$	2,533	$	447	$	2,980

Summarized financial information for the Company's interest in the Smackover Lithium entities on a 100% basis for the three months ended June 30, 2025 are (in thousands):


	SWA Lithium		Texas Lithium		Total
Net loss	$	1,855	$	435	$	2,290
Company’s share of net loss	$	1,020	$	240	$	1,260

Summarized financial information for the Company's interest in the Smackover Lithium entities on a 100% basis for the six months ended June 30, 2025 are (in thousands):


	SWA Lithium		Texas Lithium		Total
Net loss	$	3,362	$	718	$	4,080
Company’s share of net loss	$	1,849	$	395	$	2,244

The carrying amount of the Company's investment in the Smackover Lithium entities on a 100% basis as of June 30, 2026 is as follows (in thousands):


	SWA Lithium		Texas Lithium		Total
Current assets	$	21,120	$	15,346	$	36,466
Non-current assets		96,525		82,084		178,609
Total assets		117,645		97,430		215,075
Current liabilities		6,155		5,518		11,673
Total liabilities		6,155		5,518		11,673
Net assets	$	111,490	$	91,912	$	203,402
Company’s share of Smackover Lithium		61,320		50,552		111,872
Adjustments to the Company’s share of net assets(1)		56,437		24,804		81,241
Carrying amount of investment in Smackover Lithium	$	117,757	$	75,356	$	193,113

(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)