Going Concern |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2026 | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Going Concern |
The Company has not yet begun to generate revenue as of June 30, 2026, has incurred recurring losses since inception, and expects to continue to incur losses as a result of costs and expenses related to mining exploration and general and administrative expenses. For the three-month and six-month periods ended June 30, 2026, the Company reported a net loss of $401,809 and $730,176, respectively, and had an accumulated deficit of $37,376,128 as of June 30, 2026.
The ability of the Company to continue as a going concern over a longer term is dependent on the Company’s ability to raise the financing necessary to complete the exploration and development of cobalt and copper mines and bring mining operations into production and commercialization. Furthermore, the Company’s ability to achieve the milestones required to earn rare earth element mining concession royalties or ownership is also dependent on the Company’s ability to raise the necessary financing.
With a cash balance of $3,024,044 as of June 30, 2026, the Company is well positioned to further its strategic objectives, but depending on pace of project development and success in raising capital, may not have sufficient financial resources to continue its operations for the next 12 months, in spite of the existing cash balance and capital raised. Historically the Company has funded its operations with the private placement of equity, debt, and related party loans. However, raising sufficient capital to continue exploration and bring the Company into production and commercialization is dependent on continued discussions with potential off-take partners, debt providers, alternative lenders and investors and is a material uncertainty. There can be no assurance as to the availability or terms upon which such financing or capital might be available. As a result of these factors, there is substantial doubt about the Company’s ability to continue as a going concern.
|