v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (29,571) $ (902)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 59 3
Loss on foreign currency transaction 3 0
Stock-based compensation expense 7,086 0
Provision for labor claims 15 13
Allocated expenses from parent 0 63
Change in fair value of warrants 7,919 0
Change in fair value of SAFE 4,625 0
Exploration option purchased with shares 362 0
Noncash interest expense 58 0
Changes in operating assets and liabilities:    
Prepaid expenses (991) (126)
Other assets (181) 9
Accounts payable 442 (3)
Accrued expenses (240) 0
Accounts payable to related parties 0 1,219
Other liabilities 149 (20)
Net cash (used in) provided by operating activities (10,265) 256
Cash flows from investing activities:    
Purchases of short-term investments (74,871) 0
Proceeds from sales of short-term investments 8,231 0
Purchases of property and equipment (414) (2)
Investment in mineral interests (94) 0
Net cash used in investing activities (67,148) (2)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriting discounts and commissions ($4,832) 64,197 0
Payments for taxes related to net share settlement of equity awards (162) 0
Payments of deferred offering costs (2,858) (206)
Warrant exercises 214 0
SAFE proceeds 3,365 0
Net cash provided by (used in) financing activities 64,756 (206)
Effect of exchange rates on cash and cash equivalents (85) (43)
Net decrease in cash and cash equivalents (12,742) 5
Cash and cash equivalents at beginning of period 22,841 6
Cash and cash equivalents at end of period 10,099 11
Supplemental non-cash information:    
Non-cash contribution from REA Australia 0 63
Unpaid deferred offering costs 180 0
SAFE Liability conversion to common stock 19,705 0
Related party note conversion to common stock 1,322 0
Lease liabilities arising from obtaining right-of-use assets $ 134 $ 0