NOTE 13 — SUBSEQUENT EVENTS

The Company has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date these condensed consolidated financial statements were issued, and has determined that the following subsequent events exist:

At-the-Market Sales Agreement

Effective July 4, 2026, the Company terminated the Sales Agreement. No termination penalties were incurred, and no shares remain available for sale under the Sales Agreement.

SK-1300 Technical Summary Report

SLR Consulting (Canada) Ltd. completed and issued its Technical Report Summary (“TRS”), prepared in accordance with S-K 1300, for the Skaergaard precious and critical metals project in southeast Greenland, with an effective date of July 3, 2026.

Stockholder Rights Agreement

On July 21, 2026, the Company’s Board of Directors adopted a Stockholder Rights Agreement, dated July 22, 2026, between the Company and Continental Stock Transfer & Trust Company, as rights agent, and declared a dividend of one right for each outstanding share of common stock, payable August 7, 2026 to stockholders of record as of that date. Each right, once exercisable, entitles the holder to purchase one common share from the Company at an exercise price of $0.75, subject to customary anti-dilution adjustments. The rights are not exercisable and will not separate from the common stock until the earlier of (i) ten business days following public announcement that a person or group has acquired beneficial ownership of 15% or more of the Company’s outstanding common stock, or (ii) ten business days following commencement (or announcement of an intention to commence) a tender or exchange offer that would result in such ownership threshold being met, subject to certain exceptions. If a person or group becomes an acquiring person, each right (other than rights held by the acquiring person) entitles the holder to purchase common shares with a fair market value approximately equal to two times the exercise price, and the rights may also entitle holders to receive shares of an acquirer in certain merger or asset-sale scenarios. The rights are redeemable by the Board at $0.0001 per right at any time before a person or group becomes an acquiring person, and will expire on the earliest of July 22, 2027, redemption or exchange by the Board, or the date of the Company’s 2027 annual meeting if stockholder approval of the agreement is not obtained.