v3.26.1
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Common Shares
2025 Registered Direct Offering
Common Shares
2024 Registered Direct Offering
Common Shares
Class A Warrants
Common Shares
Class B Warrants
Common Shares
Additional Paid in Capital
2025 Registered Direct Offering
Additional Paid in Capital
2024 Registered Direct Offering
Additional Paid in Capital
Class A Warrants
Additional Paid in Capital
Class B Warrants
Additional Paid in Capital
Accumulated Other Comprehensive Loss
Deficit
2025 Registered Direct Offering
2024 Registered Direct Offering
Class A Warrants
Class B Warrants
Total
Balance at Dec. 31, 2024         $ 477,217         $ 138,303 $ (1,203) $ (631,435)         $ (17,118)
Balance (in shares) at Dec. 31, 2024         340,708,460                        
Issuance of shares and warrants to Korea Zinc, net of expenses         $ 71,686         13,432             85,118
Issuance of shares and warrants to Korea Zinc, net of expenses (in shares)         19,623,376                        
Exercise of stock options     $ 724 $ 6,451       $ 3,053 $ (3,801)           $ 3,777 $ 2,650  
Exercise of stock options (in shares)     250,000 4,833,096                          
Issuance of shares and warrants under Registered Direct Offering, net of expenses $ 17,640 $ 2,237       $ 12,087 $ 2,763           $ 29,727 $ 5,000      
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares) 9,000,000 5,000,000                              
Shares issued from ATM         $ 14,784                       14,784
Shares issued from ATM (in shares)         7,542,996                        
Exercise of warrants         $ 1,453         (991)             462
Exercise of warrants (in shares)         712,124                        
Conversion of restricted share units, net of shares withheld for taxes         $ 14,042         (14,042)              
Conversion of restricted share units, net of shares withheld for taxes (in shares)         9,472,733                        
Share purchase under Employee Share Purchase Plan         $ 12         (2)             $ 10
Share purchase under Employee Share Purchase Plan (in shares)         12,533                       12,533
Nauru Warrant Cost                   33,079             $ 33,079
Share-based compensation and Expenses settled with equity                   19,300             19,300
Loss for the period                       (94,929)         (94,929)
Balance at Jun. 30, 2025         $ 606,246         203,181 (1,203) (726,364)         81,860
Balance (in shares) at Jun. 30, 2025         397,155,318                        
Balance at Dec. 31, 2024         $ 477,217         138,303 (1,203) (631,435)         (17,118)
Balance (in shares) at Dec. 31, 2024         340,708,460                        
Balance at Dec. 31, 2025         $ 681,343         237,696 (1,203) (951,279)         (33,443)
Balance (in shares) at Dec. 31, 2025         422,966,333                        
Balance at Mar. 31, 2025         $ 495,804         140,656 (1,203) (652,023)         (16,766)
Balance (in shares) at Mar. 31, 2025         356,617,022                        
Issuance of shares and warrants to Korea Zinc, net of expenses         $ 71,686         13,432             85,118
Issuance of shares and warrants to Korea Zinc, net of expenses (in shares)         19,623,376                        
Exercise of stock options         $ 1,453         (991)             462
Exercise of stock options (in shares)         712,124                        
Issuance of shares and warrants under Registered Direct Offering, net of expenses         $ 17,640         12,087             29,727
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares)         9,000,000                        
Shares issued from ATM         $ 9,222                       9,222
Shares issued from ATM (in shares)         4,567,770                        
Exercise of warrants     $ 724 $ 6,451       $ 3,053 $ (3,801)           $ 3,777 $ 2,650  
Exercise of warrants (in shares)     250,000 4,833,096                          
Conversion of restricted share units, net of shares withheld for taxes         $ 3,254         (3,254)              
Conversion of restricted share units, net of shares withheld for taxes (in shares)         1,539,397                        
Share purchase under Employee Share Purchase Plan         $ 12         (2)             $ 10
Share purchase under Employee Share Purchase Plan (in shares)         12,533                       12,533
Nauru Warrant Cost                   33,079             $ 33,079
Share-based compensation and Expenses settled with equity                   8,922             8,922
Loss for the period                       (74,341)         (74,341)
Balance at Jun. 30, 2025         $ 606,246         203,181 (1,203) (726,364)         81,860
Balance (in shares) at Jun. 30, 2025         397,155,318                        
Balance at Dec. 31, 2025         $ 681,343         237,696 (1,203) (951,279)         (33,443)
Balance (in shares) at Dec. 31, 2025         422,966,333                        
Balance at Mar. 31, 2026         $ 705,287         240,446 (1,203) (971,878)         (27,348)
Balance (in shares) at Mar. 31, 2026         433,188,187                        
Balance at Dec. 31, 2025         $ 681,343         237,696 (1,203) (951,279)         (33,443)
Balance (in shares) at Dec. 31, 2025         422,966,333                        
Exercise of stock options         $ 10,248         (7,529)             2,719
Exercise of stock options (in shares)         2,045,126                        
Conversion of restricted share units, net of shares withheld for taxes         $ 15,688         (15,688)              
Conversion of restricted share units, net of shares withheld for taxes (in shares)         8,689,551                        
Share purchase under Employee Share Purchase Plan         $ 82         (26)             $ 56
Share purchase under Employee Share Purchase Plan (in shares)         25,191                       25,191
Nauru Warrant Cost                   43,176             $ 43,176
Share-based compensation and Expenses settled with equity                   40,777             40,777
Loss for the period                       (80,722)         (80,722)
Balance at Jun. 30, 2026         $ 707,361         298,406 (1,203) (1,032,001)         (27,437)
Balance (in shares) at Jun. 30, 2026         433,726,201                        
Balance at Mar. 31, 2026         $ 705,287         240,446 (1,203) (971,878)         (27,348)
Balance (in shares) at Mar. 31, 2026         433,188,187                        
Conversion of restricted share units, net of shares withheld for taxes         $ 1,992         (1,992)              
Conversion of restricted share units, net of shares withheld for taxes (in shares)         512,823                        
Share purchase under Employee Share Purchase Plan         $ 82         (26)             $ 56
Share purchase under Employee Share Purchase Plan (in shares)         25,191                       25,191
Allseas obligation settled with equity                   43,176             $ 43,176
Share-based compensation and Expenses settled with equity                   16,802             16,802
Loss for the period                       (60,123)         (60,123)
Balance at Jun. 30, 2026         $ 707,361         $ 298,406 $ (1,203) $ (1,032,001)         $ (27,437)
Balance (in shares) at Jun. 30, 2026         433,726,201