COMMITMENT AND CONTINGENCIES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENT AND CONTINGENCIES | NOTE 11 – COMMITMENT AND CONTINGENCIES
On December 29, 2025, the Company entered into a definitive investment agreement with American Renaissance Minerals LLC (“ARM”), a Delaware limited liability company that owns the Nkamouna Nickel-Cobalt Project in Cameroon. Pursuant to the agreement, the Company agreed to invest $10.0 million in ARM in exchange for a 50.1% fully diluted equity interest and controlling interest in ARM. Of the investment proceeds, $9.0 million is designated for development of the Nkamouna Project, including technical studies, test work, engineering and plant design, and $1.0 million is designated for reimbursement of historical project development costs.
The closing of the transaction is subject to various conditions, including obtaining a new mining permit from the Cameroonian authorities, evidence of potential U.S. government financing or support for the project, satisfactory completion of due diligence, receipt of certain legal opinions, and the absence of a material adverse change. Upon closing, the Company will have the right to appoint two of ARM’s three managers, including the Chair, thereby obtaining control of ARM. The agreement provides that either party may terminate the agreement if the transaction has not closed by December 31, 2026, subject to certain exceptions.
|