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Warrants (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of changes in the fair value of warrant liabilities


	Private
	Warrants
Warrants liability as at December 31, 2024	$	912
Increase in fair value of warrants liability		16,670
Warrants liability as at June 30, 2025	$	17,582

Private Warrants

Warrants

Schedule of fair value measurement input


	June 30,			December 31,
	2025			2024
Exercise price	$	11.50		$	11.50
Share price	$	6.60		$	1.12
Volatility		101.71	%		108.97	%
Term		1.19	years		1.69	years
Risk-free rate		3.84	%		4.14	%
Dividend yield		0.0	%		0.0	%

Class A Warrants

Warrants

Schedule summarizing the movement in class of warrants


		Number of Class A
		Warrants
Outstanding – December 31, 2023		3,980,770
Issued		2,250,000
Outstanding – December 31, 2024		6,230,770
Exercised⁽¹⁾		(250,000)
Outstanding – June 30, 2025		5,980,770

⁽¹⁾

Does not include 1,638,270 Class A Warrants which were in the process of being exercised for which the Company received the exercise amount of $3.6 million in the second quarter of 2025. The exercise was completed, and the shares were issued on July 7, 2025. As of June 30, 2025, the exercise amount received pending share issuance was recorded in additional paid in capital.

Class B Warrants

Warrants

Schedule summarizing the movement in class of warrants


		Number of Class B
		Warrants
Outstanding – December 31, 2024		7,450,000
Issued		2,500,000
Exercised⁽¹⁾		(6,335,000)
Outstanding – June 30, 2025		3,615,000

(1)

Of the total 6,335,000 Class B Warrants exercised in the second quarter of 2025, 5,035,000 Class B warrants were exercised through a cashless exercise against which 3,533,096 common shares were issued.

Class C Warrants

Warrants

Schedule of fair value measurement input


	May 22,			June 10,		June 25,
	2025			2025		2025
Units Issued		2,333,333		6,666,666		1,003,334
Fair value per warrant	$	2.18		2.15		3.88

Assumptions used:
Exercise price	$	4.50		4.50		4.50
Share price	$	4.30		4.24		7.49
Volatility		118.49	%	118.49	%	101.14	%
Term		2.92	years	2.92	years	2.88	years
Risk-free rate		3.87	%	3.87	%	3.67	%
Dividend yield		0.0	%	0.0	%	0.0	%

Korea Zinc Warrants

Warrants

Schedule of fair value measurement input


	June 25,
	2025
Exercise price	$	7.00
Share price	$	7.49
Volatility		100.55	%
Term		3	years
Risk-free rate		3.67	%
Dividend yield		0.0	%

Nauru Warrants

Warrants

Schedule of fair value measurement input


	May 30,
	2025
Exercise price	$	4.72
Share price	$	4.47
Volatility		114.71	%
Term		5	years
Risk-free rate		3.89	%
Dividend yield		0.0	%