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Fair Value Measurements (Tables)
6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Liabilities Measured at Fair Value on Recurring Basis

The following tables presents the fair value of liabilities measured at fair value on a recurring basis:

 

Balance at December 31, 2025

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

Reclamation and environmental obligation

 

 

 

 

 

2,347,589

 

$

2,347,589

 

Royalty conversion feature

 

 

 

 

 

7,017,699

 

$

7,017,699

 

Warrant liability

 

 

 

 

 

3,307,499

 

 

3,307,499

 

Total

 

 

 

 

 

12,672,787

 

$

12,672,787

 

 

 

Balance at June 30,
2025

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

Reclamation and environmental obligation

 

 

 

 

 

2,293,765

 

$

2,293,765

 

Royalty conversion feature

 

 

 

 

 

4,077,929

 

$

4,077,929

 

Total

 

 

 

 

 

6,371,694

 

$

6,371,694

 

Summary of Key Assumptions in Valuing the Royalty Conversion Option Derivative The key assumptions in valuing the royalty conversion option derivative include:



December 31, 2025

 

 

At June 30, 2025

 

Cumulative present value of royalty stream

$

20,356,125

 

 

$

16,758,545

 

Conversion threshold is set as the value of the Debenture

$

15,000,000

 

 

$

15,000,000

 

Term in years

2.99

 

 

3.49

 

Volatility (A five year portfolio volatility of gold and silver, weighted by relative value in the project, is used as the historical volatility for the royalty stream)

 

16.89

%

 

 

15.93

%

Risk-Free Rate (Derived from a term-matched coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve)

 

3.49

%

 

 

3.64

%

Dividend yield1

 

0

%

 

 

0

%

 

1.
Dividend yield is set to 0% as no value of the royalty is lost given that production is assumed to begin in year 5