Related Party Activities |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2026 | |||||
| Related Party Transactions [Abstract] | |||||
| Related Party Activities |
The Company’s Chilean legal counsel, Quinzio Abogados SpA (“QA”) has power of attorney (“POA”) over and also provide legal counsel to Baltum. Baltum’s contracted general manager is Felipe Quinzio, the sole owner of NyD Mining SpA (“NyD”). Baltum paid NyD for accounting coverage and for the managerial services of Felipe Quinzio during the three and six-months ended June 30, 2026 and June 30, 2025. One of the law partners and owner of QA is Cristian Quinzio, who is the parent of Felipe Quinzio. Baltum pays QA for legal services provided, whether QA is engaged at the request of Baltum or the Company. There were bills for $-0- and $-0- outstanding with Baltum to NyD at June 30, 2026 and June 30, 2025, respectively. There were bills for $6,738 and $-0- outstanding with Baltum to QA at June 30, 2026 and June 30, 2025, respectively. In addition, Baltum accrued an estimate of legal services provided by QA along with VAT due on those services, but yet to be billed by QA in the amount of $31,743 and $3,535 at June 30, 2026 and June 30, 2025, respectively. Baltum incurred legal expenses provided by QA of $37,260 and $12,395 for the three and $43,330 and $26,955 for the six-months ended June 30, 2026 and June 30, 2025, respectively. Baltum incurred managerial and accounting expenses provided by NyD of $10,243 and $10,201 for the three and $20,435 and $20,454 for the six-months ended June 30, 2026 and June 30, 2025, respectively.
A Company director, Ash Lazenby, has an advisory agreement with the Company and stands to receive 500,000 RSU’s when they vest in July 2027, which have an intrinsic value of $ as of June 30, 2026. Also, Mr. Lazenby is a former employee of Glencore Ltd. Glencore Ltd a more than 5% beneficial owner of our capital stock and has a Deed of Undertaking with the Company giving it first and last right of refusal on cobalt and copper off-take from any future production at the Company’s La Cobaltera and El Cofre Projects for the life of the mine.
NeoRe SpA is majority-owned by Madesal Mineria SpA, which in turn is majority-owned by Madesal SpA a more than 5% beneficial owner of our capital stock. The Company and NeoRe SpA are parties to a binding Earn-in and Option Agreement that was signed on January 8, 2026, as further described along with the nature of the NeoRe Project business opportunity in Footnote 4. Other assets and Footnote 5. NSR Royalty Asset.
Subsequent to June 30, 2026, on August 7, 2026, the Company’s Board of Directors approved the future issuance of an aggregate of 340,000 stock options under the 2025 Plan. These stock options are earmarked for allocation to directors, officers, key independent contractors and advisory board members and are expected to vest over one- and two-year periods, depending on applicable role.
As of the date of these financial statements, the official awards have not yet been granted. Consequently, the definitive grant date has not occurred, and the fair value of these options will not be determined until the quarter-end for which the stock options are officially awarded. Therefore, the financial impact of these upcoming awards cannot be reasonably estimated at this time.
|