| Performance of Segment |
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 |
|
|
|
|
|
|
|
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. |
|