v3.26.1
Segment reporting
 6 Months Ended
Jun. 30, 2026
Segment reporting [Abstract]  
Segment reporting
10.
Segment reporting
 
Management has determined that the Company operates and reports in a single operating segment, which currently focuses on the exploration of the mining properties for which the Company has either title to the concession or contractual exploration rights. Since the Company is in the exploration stage, it has not recognized any revenue.
The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Country Manager2. The CODM manages the exploration operations based on costs and expenses that are directly attributable to the mine exploration activity, and regularly reviews expenses not related with the exploration activity, such as corporate expenditures, with the purpose of assessing the Company’s performance and determining the needs for allocating resources.
 
The measure of profitability that the CODM considers for assessing the exploration segment performance is the net loss before income taxes.
 
The CODM evaluates the performance of the segment on a monthly basis by assessing the budget-to-actual and actual-to-prior period variances in operating expenses and administrative expenses. Additionally, the CODM reviews on a regular basis the execution of forecast capital expenditures and the evolution of total asset amounts in the segment to make decisions about operating and capital resource allocation.
 
   
Three Months
Ended June 30,
    
Three Months
Ended June 30,
    
Six Months
Ended June 30,
    
Six Months
Ended June 30,
  
   
2026
    
2025
    
2026
    
2025
  
   
Exploration
Segment
    
Exploration
Segment
    
Exploration
Segment
    
Exploration
Segment
  
Drilling and other exploration-related costs (1)
  
$
6,000,472
    
$
570,087
    
$
11,531,957
    
$
1,028,846
  
Machinery rental
    
1,648,045
      
123,520
      
2,754,174
      
220,853
  
Professional services (1)
    
2,526,255
      
727,735
      
3,839,404
      
1,478,817
  
Depreciation and amortization
    
107,025
      
81,251
      
210,606
      
164,551
  
Other administrative expenses (1) (2)
    
1,880,545
      
528,525
      
2,652,288
      
907,616
  
Share-based compensation expense
    
4,371,965
      
267,180
      
7,017,129
      
801,132
  
Allowance for the uncollectible VAT receivable
    
172,522
      
-
      
376,393
      
-
  
Interest expense with related parties
    
-
      
-
      
-
      
265,632
  
Other segment items (3)
    
(90,627
)
    
(137,575
)
    
(142,608
)
    
(103,758
)
Consolidated net loss before income taxes
  
$
16,616,202
    
$
2,160,723
    
$
28,239,343
    
$
4,763,689
  

  (1)
Drilling and other exploration-related costs, Professional services, and Other administrative expenses items exclude share-based compensation expense.

(2)
Other administrative expenses include administrative payroll, marketing expenses, travel expenses, bank fees, and office expenses.

(3)
Other segment items include foreign exchange gain (loss) and other income.

All of the Company’s operations take place in Mexico. Since the Company is in an exploration stage, it has no clients or major product lines or services.