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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY
6.1COMMON STOCK
In connection with the IPO, the Company’s Third Amended and Restated Certificate of Incorporation became effective, which authorized capital stock consisting of 3,500,000,000 shares of common stock, par value $0.001 per share, and 250,000,000 shares of preferred stock, par value $0.001 per share. All outstanding shares of common stock are fully paid and non-assessable. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, except on matters relating solely to terms of preferred stock. We do not intend to pay any dividends in the foreseeable future and currently intend to retain all future earnings to finance our business. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our Board of Directors out of funds legally available therefor. In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. The holders of our common stock have no preemptive or conversion or exchange rights or other subscription rights. There are no redemption, retraction, purchase for cancellation, surrender or sinking or purchase fund provisions applicable to the common stock.

As of June 30, 2026 and December 31, 2025, the Company had reserved shares of common stock for future issuance, on an as-converted basis, as follows:

June 30, 2026December 31, 2025
##
Restricted Stock Units71,432 — 
Common Stock Warrants9,375,000 14,729,700 
Common Stock Options8,323,000 8,573,000 
Total17,769,432 23,302,700 

6.2WARRANTS
WarrantsWeighted-average Exercise Price per ShareWeighted-average Remaining Contractual Term
#$/shareYears
Balance - December 31, 20245,354,700$2.87 2.7
Balance - June 30, 20255,354,700$2.87 2.2
Balance - December 31, 202514,729,700$4.23 1.7
Automatic net exercise immediately prior to initial public offering(5,354,700)$2.87 
Balance - June 30, 20269,375,000$5.00 1.2
On April 29, 2026, the terms of the warrant held by Ospraie Real Assets Fund LP ("Ospraie") to acquire 2,615,060 shares of the Company’s common stock and the terms of the warrant held by Electrum Silver US LLC ("ESUS") to acquire 2,739,640 shares of the Company’s common stock, were amended. The warrants were amended to cause the automatic cashless exercise of the warrants upon an initial public offering of shares of the Company’s
common stock for all shares not previously exercised, if the fair market value per share exceeds the unmodified exercise price of $2.87 per share. Immediately prior to the completion of the IPO, the Company issued 2,157,618 shares of common stock to ESUS and 2,059,505 shares of common stock to Ospraie upon their automatic net exercises of these warrants. The automatic net exercise prices were paid by reductions of common shares issued.
See Note 10 to the consolidated financial statements for the year ended December 31, 2025 for information about the terms of warrants.