Fair Values of Financial Instruments (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table identifies the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy.
1 A loss on change in fair value of $0.1 million (2025 - $0.2 million) and a loss on change in fair value of $0.2 million (2025 - $0.4 million) was recognized in the Condensed Consolidated Interim Statements of Income (Loss) for the three and six-month periods ended June 30, 2026, respectively. 2 At March 31, 2026, the Company determined the fair value of the investment was $nil based on a review of Ascend Elements’ public disclosures, which indicated there was significant uncertainty regarding the recovery of the Company’s investment. A loss on change in fair value of $nil (2025 - $0.1 million) and loss on change in fair value of $4.5 million (2025 - $1.8 million) was recognized in the Condensed Consolidated Interim Statements of Income (Loss) for the three and six-month periods ended June 30, 2026, respectively. 3 The fair value of the LAC Warrant, immediately prior to the issuance of the warrants on January 30, 2026, was $88.8 million, calculated using Level 3 inputs and represents the intrinsic value using a share price of $4.87 at January 30, 2026 and the assumed exercise price of $0.01 per share. For the six months ended June 30, 2026, a loss on change in fair value of $5.0 million was recognized in the Condensed Consolidated Interim Statements of Income (Loss). As described in Note 4, the LAC Warrant obligation was reclassified to equity on January 30, 2026. The fair value of the LAC Warrant at December 31, 2025 was calculated using Level 3 inputs and represents the intrinsic value using a share price of $4.36, assumed exercise price of $0.01 per share and estimates of the impact of increases to equity prior to the number of shares being fixed at the time of issuance of the warrant certificates. 4 The fair value of the JV Warrant, inclusive of the Put, Call and Exchange Agreement obligations, was calculated using Level 3 inputs, including the implied value of the underlying non-voting units, calculated by reference to the market capitalization of the Company’s common shares and the estimated fair value of assets and liabilities of the Company other than its interest in Lithium Nevada Ventures (at the valuation dates, as well as the estimate of time value based on the assumed exchange ratio of 7.82% at June 30, 2026 and at December 31, 2025 and the estimated impacts of anticipated future increases in net assets above the JV). For the three and six months ended June 30, 2026, a gain on change in fair value of $4.5 million and $9.9 million, respectively, was recognized in the Condensed Consolidated Interim Statements of Income (Loss). 5
The fair value of the conversion derivative was determined using a Partial Differential Equation method with the following inputs and assumptions at June 30, 2026: expected volatility of 46%, share price of $3.85, risk-free rate of 3.9% and no expected dividends. For the three and six months ended June 30, 2026, respectively, a gain on change in fair value of $5.7 million (2025 - $6.8 million) and a gain on change in fair value of $20.0 million (2025 - $6.8 million) were recognized in the Condensed Consolidated Interim Statements of Income (Loss). |
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| Summary of Carrying Amount and Fair Values | The Company has, where appropriate, estimated the fair value of financial instruments for which the amortized cost carrying value may be significantly different than the fair value. As of June 30, 2026 and December 31, 2025, this includes the following:
1 The estimated fair value involved Level 3 inputs and was determined using a discounted cash flow with a discount rate of 26.4% at June 30, 2026 (December 31, 2025 - 26.1%). 2 The estimated fair value involved Level 3 inputs and was determined using a discounted cash flow with a discount rate of 27.0% at June 30, 2026 (December 31, 2025 - 26.8%). 3 The estimated fair value involved Level 3 inputs and was determined using a discount rate of 26.4% at June 30, 2026 (December 31, 2025 - 26.1%). 4
The estimated fair value involved Level 3 inputs and was determined using a discount rate of 9.9% at June 30, 2026 (December 31, 2025 - 8.0%). |
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