NOTE 4 — PREPAID EXPENSES

Prepaid expenses consist of prepayment of the premium on Directors and Officers insurance, Nasdaq annual fees, association membership fees, fees related to chartered vessels and equipment for summer fieldwork at the Skaergaard Project, consulting, and Delaware franchise taxes. As of June 30, 2026 and December 31, 2025, prepaid expenses totaled $2,800,793 and $117,071, respectively, in the accompanying condensed consolidated balance sheets.