| INCOME AND EXPENSES |
INCOME AND EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notes | | 2026 | | 2025 | | 2024 | | | | | US$ | | US$ | | US$ | | Research & development costs | | | | | | | | | | Wages and benefits | | | | (9,235,933) | | | (5,519,763) | | | (3,232,758) | | | Payroll taxes on stock compensation benefits | | | | - | | | (183,373) | | | (49,118) | | | Depreciation of property, plant and equipment | | 9 | | (1,764,132) | | | (683,678) | | | (113,224) | | | Amortization of patents | | 10 | | (1,300,546) | | | (768,128) | | | - | | | Amortization of right-of-use assets | | 9 | | (621,874) | | | (710,678) | | | (427,666) | | Other operating expenses(1) | | | | (12,271,500) | | | (4,883,353) | | | (4,889,844) | | | | | | (25,193,985) | | | (12,748,973) | | | (8,712,610) | | | | | | | | | | | | Corporate and administrative expenses | | | | | | | | | | Wages and benefits | | | | (8,874,230) | | | (4,956,272) | | | (2,047,386) | | | Non-cash expenses settled with share issuance | | | | (5,230,000) | | | - | | | - | | | Professional fees and system implementation costs | | | | (5,115,183) | | | (2,456,898) | | | (1,044,377) | | | Legal expenses | | | | (1,432,661) | | | (246,546) | | | (237,891) | | | Payroll taxes on stock compensation benefits | | | | (218,105) | | | (994,640) | | | (160,058) | | Other operating expenses(2) | | | | (5,047,187) | | | (2,032,020) | | | (1,026,681) | | | | | | (25,917,366) | | | (10,686,376) | | | (4,516,393) | | | | | | | | | | | | Employee benefits expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Salaries, wages and benefits | | | | (21,501,910) | | | (14,578,178) | | | (8,650,534) | | | Post-employment benefits | | | | (411,210) | | | (252,005) | | | (180,661) | | | Share-based payment expenses | | 21 | | (9,166,334) | | | (9,568,191) | | | (3,791,541) | | | | | | (31,079,454) | | | (24,398,374) | | | (12,622,736) | | | | | | | | | | | | Finance income | | | | | | | | | | Interest income | | | | 1,871,307 | | | 2,203,220 | | | 546,029 | | | Net foreign exchange gain | | | | - | | | 1,347,413 | | | - | | | | | | 1,871,307 | | | 3,550,633 | | | 546,029 | | | | | | | | | | | | Finance costs | | | | | | | | | | Interest expense | | | | (311,744) | | | (279,541) | | | (122,736) | | | Net foreign exchange loss | | | | (3,153,479) | | | - | | | (48,588) | | | Other finance costs | | | | - | | | (26,709) | | | (15,795) | | | | | | (3,465,223) | | | (306,250) | | | (187,119) | | | | | | | | | | | | Other income and expenses | | | | | | | | | Other income(3) | | | | 4,584,952 | | | 939,412 | | | 629,815 | | | Impairment of property, plant and equipment | | | | - | | | - | | | (198,750) | | | Loss on disposal of property, plant and equipment | | | | (50,572) | | | (260,569) | | | (16,353) | | | | | | | | | | | | | | | 4,534,380 | | | 678,843 | | | 414,712 | | Notes:(1) R&D other operating expenses primarily includes expenses for R&D facilities, materials, consumables, and consulting fees for continuous technology research, including commercialization and scale-up activities, materials, development of the GenX™ next-generation continuous HAMR™ platform, expansion of manufacturing capabilities and advancement of customer qualification programs. (2) Corporate and administrative other operating expenses primarily includes insurance, software licenses, rents and other corporate fees related to operating a public company. (3) Other income includes $4,130,072 (2025: $869,928) for government grant income billed to the U.S. DoW under the IBAS program. See Note 1(aa) for additional details.
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