Subsequent Events |
9 Months Ended |
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Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 17. Subsequent Events In accordance with ASC 855, “Subsequent Events,” the Company has analyzed it operations subsequent to December 31, 2025 to the date these financial statements were issued and has determined the following subsequent events to disclose in these financial statements. On February 4, 2026 the Company granted, to members of management, 15,140,352 RSUs under the Omnibus Plan of which 2,087,683 vest on the first anniversary of the date of grant, and the remaining 13,052,669 are performance-based. The Company will evaluate both the probability of achieving each of the performance targets and the time required to determine the estimated vesting schedule and valuation of the RSUs, specifically: (i) 1,000,000 of the RSUs will vest in full 60 days following our successful listing on a major stock exchange; (ii) 7,963,371 RSUs are subject an annualized EBITDA target. with 50% vesting upon the Company achieving an annualized EBITDA of $25 million and the remaining 50% shall vest upon achieving an annualized EBITDA of $50 million; and (iii) the remaining 4,089,298 RSUs are subject to a market capitalization target, with 50% vesting upon the Company achieving a $750 million market capitalization over a 60 day volume weighted average trading price and the remaining 50% vesting upon achieving $1.5 billion market capitalization over a 60 day volume weighted average trading price. On February 23, 2026, the Company and EV Metals 9 LLC (“EV Metals 9”), a company controlled by Jacob Warnock, a director of the Company, in connection with the 2025 EV Metals Letter Agreement purchased 26,427,053 units priced at $0.08 per unit (CAD$0.104) for gross proceeds to the Company of $2.0 million. Each unit consists of one Common Share and one warrant to purchase a Common Share. Each Warrant, which expires four years from the date of issuance, entitles the holder to purchase one Common Share at a price of CAD$0.14 which expires four years from the date of issuance. As part of this offering, the Company paid Mr. Warnock a structuring fee of 5% of the gross proceeds or $0.1 million.
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