Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are described in the notes to the audited financial statements included in the Company’s Current Report on Form 8-K/A filed on May 12, 2026 (amending the Current Report on Form 8-K filed on February 25, 2026), and in Blackbox’s Annual Report on Form 10-K for the year ended December 31, 2025, which is incorporated by reference into such Current Reports. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2026, except as described below. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, accounting for the reverse recapitalization transaction, the valuation of equity instruments and stock-based compensation, the fair value of the retained interest in Blackbox.io on deconsolidation, the assessment of the recoverability of long-lived assets, including mineral properties, and the evaluation of the Company’s ability to continue as a going concern. The accounting for payments under the Saskatchewan Research Council (SRC) arrangements requires judgment in determining the nature of the underlying goods or services procured and received. Areas of judgment include the useful life of equipment, including equipment associated with our pilot project, whether such equipment or materials have alternative future use, and whether costs are directly attributable to preparing any long-lived asset for its intended use. See Note 5 – Prepaid Expenses and Project Deposits. Restricted Cash Restricted cash consists of cash deposits that are not available for general corporate purposes due to contractual or other restrictions. The Company presents restricted cash together with cash and cash equivalents in the statement of cash flows and includes such amounts within current or non‑current assets on the consolidated balance sheets based on the expected timing of release of the restrictions. As of March 31, 2026, restricted cash was $7.5 million and consisted of deposits received from prospective investors in connection with potential investment transactions. These deposits were subject to contractual conditions and were therefore not available for use in the Company’s operations. In April 2026, following a joint decision by the Company and the prospective investors not to proceed with the potential investments, the Company returned the full $7.5 million of restricted cash to the investors. There was no restricted cash balance as of June 30, 2026, or December 31, 2025. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, when control of goods or services is transferred to customers. PMTCM recognizes revenue from the sale of rare earth metals and magnet materials primarily under the output method or right-to-invoice practical expedient as production is completed and delivered to customers. Subscription revenue from the Blackbox trading analytics platform was recognized ratably over the subscription period on a straight-line basis through May 5, 2026, the date Blackbox.io was deconsolidated. See Note 4 - Blackbox Reverse Recapitalization and Deconsolidation of Blackbox.io, Inc.

The Company’s significant accounting policies are described in the notes to the audited financial statements included in the Company’s Current Report on Form 8-K/A filed on May 12, 2026 (amending the Current Report on Form 8-K filed on February 25, 2026), and in Blackbox’s Annual Report on Form 10-K for the year ended December 31, 2025, which is incorporated by reference into such Current Reports. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2026, except as described below.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, accounting for the reverse recapitalization transaction, the valuation of equity instruments and stock-based compensation, the fair value of the retained interest in Blackbox.io on deconsolidation, the assessment of the recoverability of long-lived assets, including mineral properties, and the evaluation of the Company’s ability to continue as a going concern.

The accounting for payments under the Saskatchewan Research Council (SRC) arrangements requires judgment in determining the nature of the underlying goods or services procured and received. Areas of judgment include the useful life of equipment, including equipment associated with our pilot project, whether such equipment or materials have alternative future use, and whether costs are directly attributable to preparing any long-lived asset for its intended use. See Note 5 – Prepaid Expenses and Project Deposits.

Restricted cash consists of cash deposits that are not available for general corporate purposes due to contractual or other restrictions. The Company presents restricted cash together with cash and cash equivalents in the statement of cash flows and includes such amounts within current or non‑current assets on the consolidated balance sheets based on the expected timing of release of the restrictions.

As of March 31, 2026, restricted cash was $7.5 million and consisted of deposits received from prospective investors in connection with potential investment transactions. These deposits were subject to contractual conditions and were therefore not available for use in the Company’s operations. In April 2026, following a joint decision by the Company and the prospective investors not to proceed with the potential investments, the Company returned the full $7.5 million of restricted cash to the investors. There was no restricted cash balance as of June 30, 2026, or December 31, 2025.

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, when control of goods or services is transferred to customers. PMTCM recognizes revenue from the sale of rare earth metals and magnet materials primarily under the output method or right-to-invoice practical expedient as production is completed and delivered to customers. Subscription revenue from the Blackbox trading analytics platform was recognized ratably over the subscription period on a straight-line basis through May 5, 2026, the date Blackbox.io was deconsolidated. See Note 4 - Blackbox Reverse Recapitalization and Deconsolidation of Blackbox.io, Inc.