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Subsequent Events
3 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

20. Subsequent Events

 

On October 9, 2025, the DOE notified the Company that the $57.7 million grant for the design, construction, commissioning, and operation of a commercial scale facility for the manufacturing of battery cathode grade lithium hydroxide was terminated, effective as of the end of the budget period ending August 31, 2025. On October 10, 2025, the Company submitted an appeal of the termination, and intends to pursue its dispute resolution remedies in connection with the termination of the grant.

 

On October 13, 2025, one of the Company’s institutional investors exercised 1,886,793 common stock warrants at an exercise price of $2.80 per share. The warrant exercise resulted in gross proceeds of approximately $5.3 million to the Company. The shares were issued in accordance with the original warrant terms.

 

On October 16, 2025, holders of warrants to purchase an aggregate of 2,923,360 shares of the Company’s common stock exercised their warrants on a cashless basis in accordance with the terms of the warrant agreements. In connection with the cashless exercises, the Company issued an aggregate of 2,634,984 shares of common stock and no cash proceeds were received.

 

On October 16, 2025, the Company announced the publication of the S-K 1300 Technical Report and PFS disclosing mineral reserves and mineral resources, including economic assessment, for its Tonopah Flats Lithium Project (“TFLP”) near Tonopah, Nevada. The PFS was completed by Daniel R. Palo, qualified person on behalf of Barr Engineering Co., Jeffrey Woods, qualified person on behalf of Woods Process Services, LLC, and Jacob Anderson, qualified person on behalf of Dahrouge Geologic Consulting Ltd., in compliance with Item 1300 of Regulation S-K and with an effective date of September 4, 2025.

 

Subsequent to September 30, 2025, the Company utilized its ATM offering program to raise additional capital. Through the issuance of common stock under the ATM, the Company received aggregate gross proceeds of approximately $23.6 million (before deducting commissions and other offering expenses). As a result, following the fiscal year ended, the Company’s net cash position has improved to $54.9 million as of November 3, 2025.