Income Taxes |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2026 | |||
| Income Taxes [Abstract] | |||
| Income Taxes |
Prior to the redomiciliation, the Company was incorporated in the Cayman Islands, where there are currently no taxes on income or gains, and its wholly owned U.S. subsidiary was treated as a disregarded entity with no
U.S. activities or tax liabilities. Following the redomiciliation to the State of Delaware on June 23, 2026, the Company is now a U.S. domestic corporation and is subject to U.S. federal, state, and local tax laws. The Company’s Mexican subsidiaries,
SNDA Holding, S. de R.L. de C.V., and SNDA Exploración, S. de R.L. de C.V. are required to file tax returns in Mexico.
The Company’s effective income tax rate was 0% for the three and six months ended June 30, 2026 and 2025. The effective income tax rate differs from the statutory income tax rate primarily due to a full valuation allowance recognized against deferred tax assets, as management concluded that it is more likely than not that such assets will not be realized because the Company has not generated taxable income and is in the exploration stage.
|