COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Offsetting Assets [Line Items] |
|
| SCHEDULE OF INVENTORIES |
Inventories
as of June 30, 2026, and December 31, 2025, are comprised of the following:
SCHEDULE OF INVENTORIES
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Materials and supplies | |
| 482,413 | | |
| 468,815 | |
| Quartzite slabs | |
| 36,492 | | |
| 36,492 | |
| Total | |
$ | 518,905 | | |
$ | 505,307 | |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT |
The
following table sets forth the components of the Company’s property and equipment as of June 30, 2026 and December 31, 2025:
SCHEDULE OF PROPERTY AND EQUIPMENT
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
| | |
Accumulated | | |
Net Book | | |
| | |
Accumulated | | |
Net Book | |
| | |
Cost | | |
Depreciation | | |
Value | | |
Cost | | |
Depreciation | | |
Value | |
| Capital assets subject to depreciation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Computers and office equipment | |
| 31,063 | | |
| (7,828 | ) | |
| 23,235 | | |
| 29,314 | | |
| (5,731 | ) | |
| 23,583 | |
| Machinery and equipment | |
| 300,360 | | |
| (40,337 | ) | |
| 260,022 | | |
| 202,051 | | |
| (24,931 | ) | |
| 177,120 | |
| Facilities | |
| 16,327 | | |
| (2,665 | ) | |
| 13,662 | | |
| 16,327 | | |
| (1,848 | ) | |
| 14,479 | |
| Land | |
| 4,523,660 | | |
| - | | |
| 4,523,660 | | |
| 4,346,554 | | |
| - | | |
| 4,346,554 | |
| Prepaid assets (CIP) | |
| 30,359,452 | | |
| - | | |
| 30,359,452 | | |
| 29,124,356 | | |
| - | | |
| 29,124,356 | |
| Mining rights | |
| 7,223,203 | | |
| (2,946 | ) | |
| 7,220,257 | | |
| 6,921,197 | | |
| (748 | ) | |
| 6,920,449 | |
| Exploration/Development costs | |
| 7,584,811 | | |
| - | | |
| 7,584,811 | | |
| 7,353,364 | | |
| - | | |
| 7,353,364 | |
| Total fixed assets | |
$ | 50,038,876 | | |
$ | (53,777 | ) | |
$ | 49,985,099 | | |
$ | 47,993,163 | | |
$ | (33,258 | ) | |
$ | 47,959,905 | |
|
| SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Accounts
Payable and Accrued Expenses
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Trade payables | |
| 4,348,430 | | |
| 3,942,879 | |
| Payroll and social charges | |
| 507,762 | | |
| 355,750 | |
| Taxes payable | |
| 120,272 | | |
| 199,896 | |
| Total | |
$ | 4,976,464 | | |
$ | 4,498,525 | |
|
| SCHEDULE OF OPERATING LEASE LIABILITY |
SCHEDULE OF OPERATING LEASE LIABILITY
| | |
| | |
| Lease liabilities at December 31, 2025 | |
$ | 618,301 | |
| Increase/Decrease | |
$ | 76,037 | |
| Unwinding of lease liabilities | |
$ | 18,970 | |
| Lease payments | |
$ | (169,692 | ) |
| Foreign exchange | |
| 40,480 | |
| Lease liabilities at June 30, 2026 | |
$ | 584,096 | |
| | |
| | |
| Current portion | |
$ | 349,885 | |
| Non-current portion | |
$ | 234,211 | |
|
| 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 | |
$ | 361,570 | |
| Year 2 | |
$ | 164,846 | |
| Year 3 | |
$ | 98,603 | |
| Year 4 | |
$ | - | |
| Total contractual undiscounted cash flows | |
$ | 625,019 | |
|
| SCHEDULE OF CONVERTIBLE DEBT |
SCHEDULE OF CONVERTIBLE DEBT
| | |
June
30, 2026 | | |
December
31, 2025 | |
| Due to Nanyang
Investment Management Pte Ltd | |
| 6,027,116 | | |
| 5,996,205 | |
| Due to Nicholas James Rowley | |
| 2,009,063 | | |
| 1,998,759 | |
| Due to Modha Reena Bhasker | |
| 1,004,520 | | |
| 999,368 | |
| Due to Clipper Group Limited | |
| 1,004,520 | | |
| 999,367 | |
| Total
convertible debt | |
$ | 10,045,219 | | |
$ | 9,993,699 | |
| Current portion | |
$ | 10,045,219 | | |
$ | 9,993,699 | |
| Non-current portion | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF DERIVATIVES |
SCHEDULE OF DERIVATIVES
| | |
June
30, 2026 | | |
December
31, 2025 | |
| Derivative
assets | |
| | | |
| | |
| Derivative
assets - non-deliverable forward | |
| 405,600 | | |
| 219,556 | |
| Total
derivative assets | |
$ | 405,600 | | |
$ | 219,556 | |
| Derivative
liabilities | |
| | | |
| | |
| Derivative liability –
conversion feature on the convertible debt | |
| 143 | | |
| 6,507 | |
| Derivative liability –
restricted stock awards | |
| 171 | | |
| 15,072 | |
| Total
derivative liabilities | |
$ | 314 | | |
$ | 21,579 | |
|
| SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION |
SCHEDULE OF WARRANT ASSUMPTION
| |
|
June
30, 2026 |
|
|
|
December
31, 2025 |
|
| Expected
volatility |
|
|
n/a |
|
|
|
85.43%
- 85.43 |
% |
| Risk-free
interest rate |
|
|
n/a |
|
|
|
4.20%
- 4.20 |
% |
| Stock
price on date of grant |
|
$ |
n/a |
|
|
$ |
6.45
- 6.45 |
|
| Dividend
yield |
|
|
n/a |
|
|
|
0%
- 0 |
% |
| Expected
term |
|
|
n/a |
|
|
|
1.99
- 1.99 Years |
|
|
| SCHEDULE OF NON DELIVERABLE FORWARD EXCHANGE CONTRACTS |
The
following table summarizes the non-deliverable forward foreign exchange contracts that remain open as of June 30, 2026:
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) |
| | |
| |
| |
| | |
| | |
| | |
|
| Mineração Apollo Ltda | |
March, 2026 | |
Forward foreign exchange contracts (USD/BRL) | |
$ | 1,500,000 | | |
| 5.50 | | |
| 8,243,875 | | |
31-Jul-2026 - 30-Dec-2026 |
| | |
| |
| |
| | | |
| | | |
| | | |
|
| Atlas Litio Brasil Ltda | |
December, 2025 | |
Forward foreign exchange contracts (USD/BRL) | |
$ | 3,000,000 | | |
| 5.91 | | |
| 17,720,225 | | |
15-Jul-2026 -
30-Dec-2026 |
|
| Embedded Derivative Financial Instruments [Member] |
|
| Offsetting Assets [Line Items] |
|
| SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION |
On
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:
SCHEDULE OF FAIR VALUE EMBEDDED CONVERSION PRICING MODEL ASSUMPTION
| | |
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 | |
On
June 30, 2026, the fair value of the embedded conversion feature was determined to be $143 using a Black-Scholes collar
option pricing model with the following assumptions:
| | |
Value
cap | | |
Value
floor | |
| Measurement
date | |
June
30, 2026 | | |
June
30, 2026 | |
| Shares to be issued
in case of conversion | |
| 354,297 | | |
| 354,297 | |
| Stock price at fair value
measurement date | |
$ | 3.76 | | |
$ | 3.76 | |
| Conversion price | |
$ | 28.225 | | |
$ | 35.281 | |
| Expected volatility | |
| 59.71 | % | |
| 59.71 | % |
| Risk-free interest rate | |
| 3.92 | % | |
| 3.92 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % |
| Expected
term (years) | |
| 0.36 | | |
| 0.36 | |
|