v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 8,119 $ 22,841
Short-term investments 60,192 0
Prepaid expenses 1,509 216
Other current assets 67 53
Total current assets 69,887 23,110
Non-current assets    
Property and equipment, net 1,194 390
Mineral interests (includes $0 and $2,275, respectively, related to consolidated VIEs) 23,615 23,327
Deferred offering costs 0 1,968
Other non-current assets 466 42
Total non-current assets 25,275 25,727
Total assets 95,162 48,837
Current liabilities    
Accounts payable (includes $429 and $362, respectively, related to consolidated VIEs) 1,986 1,486
Accrued expenses (includes $551 and $22, respectively, related to consolidated VIEs) 1,402 1,211
Convertible related party loan 0 1,123
Lease liabilities, current (includes $91 and $23, respectively, related to consolidated VIEs) 226 23
Other current liabilities (includes $55 and $11, respectively, related to consolidated VIEs) $ 200 $ 13
Other Liability, Current, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Total current liabilities $ 3,814 $ 3,856
Non-current liabilities    
SAFE liability 0 11,715
Warrant liability 7,238 4,433
Other non-current liabilities (includes $40 and $20, respectively, related to consolidated VIEs) $ 766 $ 370
Other Liability, Noncurrent, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Total non-current liabilities $ 8,004 $ 16,518
Total liabilities 11,818 20,374
Commitments and contingencies (Note 12)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 500,000,000 shares authorized, 20,512,381 and 14,965,987 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 2 1
Additional paid-in-capital 144,168 46,292
Accumulated other comprehensive loss (577) (267)
Accumulated deficit (60,249) (19,838)
Equity attributable to stockholders of the Company 83,344 26,188
Noncontrolling interest 0 2,275
Total stockholders' equity 83,344 28,463
Total liabilities and stockholders' equity $ 95,162 $ 48,837