Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity offering

On June 12, 2025, the Company announced the Offering of 12,500,000 Units of the Company at a public offering price of $3.50 per Unit. Each Unit consisted of one share of common stock of the Company and one-half of one common stock purchase warrant (each whole warrant, a 2025 3-Year Warrant). Each 2025 3-Year Warrant is exercisable to purchase one share of common stock of the Company at a price of $4.20 per share, exercisable for a period of 36 months. The shares of common stock and warrants were issued separately but could only be purchased together in the Offering. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 1,875,000 Units (comprised of 1,875,000 additional shares of common stock and 937,500 additional warrants), shares of common stock, warrants, or any combination thereof, at the underwriters’ discretion, so long as the aggregate number of shares of common stock and warrants that may be issued under the option does not exceed 1,875,000 shares of common stock and 937,500 warrants. On June 12, 2025, the underwriters exercised their over-allotment option to purchase 937,500 of the 2025 3-Year Warrants.

The Offering closed on June 13, 2025, and the Company received net proceeds of $40.7 million, after deducting underwriting discounts but before deducting estimated expenses payable by it in connection with the Offering which are estimated to be $0.4 million (of which $0.1 million was paid as of June 30, 2025). The Company intends to use the net proceeds for further exploration, working capital and general corporate purposes.

New ATM Program

•During the six months ended June 30, 2025, the Company sold 108,072 shares of common stock for gross proceeds of $0.3 million.

•As of June 30, 2025 and December 31, 2024, $97.5 million and $97.8 million, gross sales price of common stock was available for issuance under the New ATM Program, respectively.

Equity Classified Warrants

The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital (in thousands, except warrant amounts):

	Balance at December 31, 2024			Warrant Issuances			Expired 5-Year Private Warrants			Balance at June 30, 2025
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants (1)	33,619,298	$	29,554	—	$	—	(33,619,298)	$	(29,554)	—	$	—
Public Offering Warrants (5-Year)	9,583,334	12,938		—	—		—	—		9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604		—	—		—	—		46,816,480	25,604
Public Offering Warrants (3-Year)	—	$	—	7,187,500	$	6,294	—	—		7,187,500	6,294
Total	90,019,112	$	68,096	7,187,500	$	6,294	(33,619,298)	$	(29,554)	63,587,314	$	44,836

(1) During the six months ended June 30, 2025, 34,289,898 warrants expired unexercised on May 29, 2025. Of these expired warrants, 33,619,298 warrants were reported in the Company’s equity section.

	Balance at December 31, 2023			Transfers from 5-Year Private Warrants			Balance at June 30, 2024
	Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	33,424,476	$	29,539	194,822	$	5	33,619,298	$	29,544
Public Offering Warrants (5-Year)	9,583,334	12,938		—	—		9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604		—	—		46,816,480	25,604
Total	89,824,290	$	68,081	194,822	$	5	90,019,112	$	68,086

The following table summarizes additional information on the Company’s outstanding warrants as of June 30, 2025:

	Exercise price		Exercise period	Expiration date	Warrants outstanding
Public Offering Warrants (5-Year)	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480
Public Offering Warrants (3-Year)	$	4.200	3 years	June 13, 2028	7,187,500