COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Offsetting Assets [Line Items] |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT |
The
following table sets forth the components of our property and equipment as of December 31, 2025, and 2024:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| | |
December
31, 2025 | | |
December
31, 2024 | |
| | |
| | |
Accumulated | | |
Net Book | | |
| | |
Accumulated | | |
Net Book | |
| | |
Cost | | |
Depreciation | | |
Value | | |
Cost | | |
Depreciation | | |
Value | |
| Capital assets subject to depreciation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Computers and office equipment | |
$ | 29,314 | | |
| (5,731 | ) | |
| 23,583 | | |
$ | 10,616 | | |
$ | (165 | ) | |
$ | 10,451 | |
| Machinery and equipment | |
| 202,051 | | |
| (24,931 | ) | |
| 177,120 | | |
| 184,824 | | |
| (4,024 | ) | |
| 180,800 | |
| Facilities | |
| 16,327 | | |
| (1,848 | ) | |
| 14,479 | | |
| 14,508 | | |
| (191 | ) | |
| 14,317 | |
| Land | |
| 4,346,554 | | |
| - | | |
| 4,346,554 | | |
| 4,144,470 | | |
| - | | |
| 4,144,470 | |
| Prepaid Assets (CIP) | |
| 29,124,356 | | |
| - | | |
| 29,124,356 | | |
| 23,449,896 | | |
| - | | |
| 23,449,896 | |
| Mining rights | |
| 6,921,197 | | |
| (748 | ) | |
| 6,920,449 | | |
| 6,558,161 | | |
| - | | |
| 6,558,161 | |
| Exploration costs | |
| 7,353,364 | | |
| - | | |
| 7,353,364 | | |
| 4,496,976 | | |
| - | | |
| 4,496,976 | |
| Total
fixed assets | |
$ | 47,993,163 | | |
| (33,258 | ) | |
| 47,959,905 | | |
$ | 38,859,451 | | |
$ | (4,381 | ) | |
$ | 38,855,071 | |
|
| SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Accounts
Payable and Accrued Liabilities
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| | |
December
31, 2025 | | |
December
31, 2024 | |
| | |
| | |
| |
| Trade payables | |
$ | 3,942,879 | | |
$ | 4,779,903 | |
| Payroll and social charges | |
| 355,750 | | |
| 157,191 | |
| Taxes payable | |
| 199,896 | | |
| 64,571 | |
| Total | |
$ | 4,498,525 | | |
$ | 5,001,664 | |
|
| SCHEDULE OF OPERATING LEASE LIABILITY |
SCHEDULE
OF OPERATING LEASE LIABILITY
| Lease liabilities on January 1,
2025 | |
$ | 447,217 | |
| Additions | |
$ | 306,310 | |
| Accretion | |
$ | 32,879 | |
| Lease payments | |
$ | (216,906 | ) |
| Foreign exchange | |
| 48,801 | |
| Lease liabilities on
December 31, 2025 | |
$ | 618,301 | |
| | |
| | |
| Current portion | |
$ | 286,876 | |
| Non-current portion | |
$ | 331,425 | |
|
| SCHEDULE OF MATURITY OF THE LEASE LIABILITIES |
The
maturity of the lease liabilities (contractual undiscounted cash flows) is presented in the table below:
SCHEDULE
OF MATURITY OF THE LEASE LIABILITIES
| | |
| | |
| Less than one year | |
$ | 317,713 | |
| Year 2 | |
$ | 212,758 | |
| Year 3 | |
$ | 92,765 | |
| Year 4 | |
$ | 46,382 | |
| Year 5 | |
$ | - | |
| Total
contractual undiscounted cash flows | |
$ | 669,618 | |
|
| SCHEDULE OF CONVERTIBLE DEBT |
SCHEDULE
OF CONVERTIBLE DEBT
| | |
December
31,
2025 | | |
December
31,
2024 | |
| Due to Nanyang Investment Management
Pte Ltd | |
| 5,996,205 | | |
| 5,933,866 | |
| Due to Jaeger Investments Pty Ltd | |
| 1,998,759 | | |
| 1,977,979 | |
| Due to Modha Reena Bhasker | |
| 999,368 | | |
| 988,978 | |
| Due to Clipper Group Limited | |
| 999,367 | | |
| 988,978 | |
| Total convertible debt | |
$ | 9,993,699 | | |
$ | 9,889,801 | |
| Current portion | |
$ | 9,993,699 | | |
$ | 81,918 | |
| Non-current portion | |
$ | - | | |
$ | 9,807,883 | |
|
| SCHEDULE OF DERIVATIVE LIABILITIES |
SCHEDULE OF DERIVATIVE LIABILITIES
| | |
December
31, 2025 | | |
December
31, 2024 | |
| Derivative assets | |
| | | |
| | |
| Derivative
assets - Non-Deliverable Forward | |
$ | 219,556 | | |
$ | - | |
| Total derivative assets | |
| 219,556 | | |
| - | |
| Derivative liabilities | |
| | | |
| | |
| Derivative liability – conversion feature
on the convertible debt | |
| 6,507 | | |
| 66,310 | |
| Derivative liability – restricted stock
awards | |
| 15,072 | | |
| 121,512 | |
| Derivative liability -
Non-Deliverable Forward | |
| - | | |
| 274,816 | |
| Total derivative liabilities | |
$ | 21,579 | | |
$ | 462,638 | |
|
| SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION |
SCHEDULE OF WARRANT ASSUMPTION
| |
|
December
31,
2025 | |
| Expected volatility |
|
| 85.43%
- 85.43 | % |
| Risk-free interest rate |
|
| 4.20%
- 4.20 | % |
| Stock price
on date of grant |
|
$ | 6.45
- 6.45 | |
| Dividend yield |
|
| 0%
- 0 | % |
| Expected term |
|
| 1.99
- 1.99 Years | |
|
| SCHEDULE OF NON DELIVERABLE FORWARD EXCHANGE CONTRACTS |
SCHEDULE
OF NON DELIVERABLE FORWARD EXCHANGE CONTRACTS
| Subsidiary | |
Dates
Entered
into | |
Derivative
Financial
Instrument | |
Total
Notional
Amounts
(USD) | | |
FX rate
(BRL/USD) | | |
Total
Notional
Amounts
(BRL) | | |
Settlement
Dates
(Range) |
| | |
| |
| |
| | |
| | |
| | |
|
| Atlas Litio Brasil
Ltda | |
April, 2025 | |
Forward
foreign exchange contracts (USD/BRL) | |
$ | 1,250,000 | | |
| 6.33 | | |
| 7,916,950 | | |
31-Jan-2026
- 15-Mar-2026 |
| | |
| |
| |
| | | |
| | | |
| | | |
|
| Atlas Litio Brasil Ltda | |
December, 2025 | |
Forward foreign exchange contracts
(USD/BRL) | |
$ | 4,750,000 | | |
| 5,84 | | |
| 27,726,625 | | |
31-Mar-2026 - 31-Dec-2026 |
|
| Embedded Derivative Financial Instruments [Member] |
|
| Offsetting Assets [Line Items] |
|
| SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION |
On
December 31, 2024, the fair value of the embedded conversion feature was determined to be $66,310 using a Black-Scholes collar option
pricing model with the following assumptions:
SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION
| | |
Value
cap | | |
Value
floor | |
| Measurement date | |
December 31,
2024 | | |
December 31,
2024 | |
| Number of options | |
| 354,297 | | |
| 354,297 | |
| Stock price at fair value measurement date | |
$ | 6.3300 | | |
$ | 6.3300 | |
| Exercise price | |
$ | 26.1101 | | |
$ | 32.6376 | |
| Expected volatility | |
| 115.64 | % | |
| 115.64 | % |
| Risk-free interest rate | |
| 4.25 | % | |
| 4.25 | % |
| Dividend yield | |
| 0.00 | % | |
| 0.00 | % |
| Expected term (years) | |
| 1.85 | | |
| 1.85 | |
At
December 31, 2025, the fair value of the embedded conversion feature was determined to be $6,507 using a Black-Scholes collar option
pricing model with the following assumptions:
| | |
Value
cap | | |
Value
floor | |
| Measurement date | |
December
31, 2025 | | |
December
31, 2025 | |
| Shares to be issued in case of
conversion | |
| 354,297 | | |
| 354,297 | |
| Stock price at fair value measurement date | |
$ | 4.230 | | |
| 4.230 | |
| Conversion price | |
$ | 28.225 | | |
| 35.281 | |
| Expected volatility | |
| 83.551 | % | |
| 83.551 | % |
| Risk-free interest rate | |
| 3.48 | % | |
| 3.48 | % |
| Dividend yield | |
| 0 | | |
| 0 | % |
| Expected term (years) | |
| 0.85 | | |
| 0.85 | |
|