Investment in Cauchari-Olaroz Project (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure Of Investments Accounted For Using Equity Method [Line Items] |
|
| Schedule of Investment in Cauchari-Olaroz Project |
Changes in the Investment in Cauchari-Olaroz Project are summarized below:
|
|
|
|
|
|
|
$ |
|
Investment in Cauchari-Olaroz Project, as at December 31, 2023 |
|
|
59,581 |
|
Contribution to Investment in Cauchari-Olaroz Project |
|
|
1,570 |
|
Share of loss of Cauchari-Olaroz Project |
|
|
(17,374 |
) |
Elimination of the Company’s portion of capitalized intercompany interest |
|
|
(10,858 |
) |
Investment in Cauchari-Olaroz Project, as at December 31, 2024 |
|
|
32,919 |
|
Contribution to investment in Cauchari-Olaroz Project through capitalization of loans |
|
|
99,422 |
|
Reduction in investment arising from capital contribution allocated to JEMSE |
|
|
(8,668 |
) |
Shareholder's contribution from the restructuring of loans |
|
|
8,680 |
|
Gain on modification of Exar-PGCo loan amendment |
|
|
766 |
|
Recognition of previously unrecognized share of losses for year 2024 |
|
|
(26,043 |
) |
Share of loss of Cauchari-Olaroz Project for the current period |
|
|
(13,724 |
) |
Investment in Cauchari-Olaroz Project, as at December 31, 2025 |
|
|
93,352 |
|
|
| Schedule of Reconciliation of the Summarized Financial Information For Minera Exar and Exar Capital to Carrying Value |
The following provides a reconciliation of the summarized financial information for Minera Exar and Exar Capital to carrying value:
|
|
|
|
|
|
|
|
|
|
|
Minera Exar |
|
|
Exar Capital |
|
|
|
$ |
|
|
$ |
|
Net assets, December 31, 2025 |
|
|
402,310 |
|
|
|
66,266 |
|
Company's share of net assets |
|
|
180,235 |
|
|
|
32,470 |
|
Elimination of capitalized intercompany interest |
|
|
(133,512 |
) |
|
|
- |
|
Expenditures incurred by the Company in connection to the investee |
|
|
12,605 |
|
|
|
- |
|
Amortization expense of intangible assets triggered upon commencement of commercial production |
|
|
1,555 |
|
|
|
- |
|
Carrying value |
|
|
60,883 |
|
|
|
32,470 |
|
|
| Minera Exar S.A. |
|
| Disclosure Of Investments Accounted For Using Equity Method [Line Items] |
|
| Schedule of Amounts Presented in Financial Statements of Joint Venture |
The following is the condensed financial information of Minera Exar on a 100% basis, as amended to reflect the Company’s accounting policies.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
$ |
|
|
$ |
|
Total current assets |
|
|
431,365 |
|
|
|
312,354 |
|
Non-current assets |
|
|
1,409,357 |
|
|
|
1,479,969 |
|
Current liabilities: |
|
|
|
|
|
|
Third-party loans |
|
|
(242,910 |
) |
|
|
(161,059 |
) |
Loans from Exar Capital |
|
|
- |
|
|
|
(584,474 |
) |
Derivative liability on loans from Exar Capital |
|
|
- |
|
|
|
(53,211 |
) |
Other current liabilities |
|
|
(61,599 |
) |
|
|
(72,824 |
) |
Non-current liabilities: |
|
|
|
|
|
|
Third-party loans |
|
|
(49,781 |
) |
|
|
(49,315 |
) |
Loans from Exar Capital |
|
|
(911,338 |
) |
|
|
(455,821 |
) |
Loans from PGCo |
|
|
(71,537 |
) |
|
|
(67,355 |
) |
Derivative liability on loans from Exar Capital and PGCo |
|
|
(10,614 |
) |
|
|
(47,352 |
) |
Other non-current liabilities |
|
|
(90,633 |
) |
|
|
(88,997 |
) |
Net assets |
|
|
402,310 |
|
|
|
211,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
Sales |
|
|
271,467 |
|
|
|
197,685 |
|
|
|
34,521 |
|
Cost of sales |
|
|
(238,513 |
) |
|
|
(177,980 |
) |
|
|
(27,799 |
) |
Gross profit |
|
|
32,954 |
|
|
|
19,705 |
|
|
|
6,722 |
|
|
|
|
|
|
|
|
|
|
|
Selling and distribution expenses |
|
|
(20,575 |
) |
|
|
(13,500 |
) |
|
|
(1,773 |
) |
Administrative and other expenses |
|
|
(11,000 |
) |
|
|
(8,329 |
) |
|
|
(5,317 |
) |
Finance costs |
|
|
(138,595 |
) |
|
|
(36,189 |
) |
|
|
- |
|
Foreign exchange (loss)/gain |
|
|
(9,700 |
) |
|
|
85,889 |
|
|
|
- |
|
Derivative gain/(loss) |
|
|
89,949 |
|
|
|
(3,713 |
) |
|
|
254,498 |
|
Other income/(expense) |
|
|
3,592 |
|
|
|
(3,865 |
) |
|
|
- |
|
Deferred tax recovery/ (expense) |
|
|
14,614 |
|
|
|
(72,833 |
) |
|
|
(124,587 |
) |
Net (loss)/income |
|
|
(38,761 |
) |
|
|
(32,835 |
) |
|
|
129,543 |
|
Note: Minera Exar’s cost of sales for the year ended December 31, 2025, includes depreciation of $54,252 (2024 – $20,196).
|
| Exar Capital B.V. |
|
| Disclosure Of Investments Accounted For Using Equity Method [Line Items] |
|
| Schedule of Amounts Presented in Financial Statements of Joint Venture |
The following is the condensed financial information of Exar Capital on a 100% basis.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
$ |
|
|
$ |
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
16,823 |
|
|
|
14,103 |
|
Loans advanced to Minera Exar |
|
|
- |
|
|
|
584,474 |
|
Other receivables from Minera Exar |
|
|
26,789 |
|
|
|
32,122 |
|
Other current assets |
|
|
2,965 |
|
|
|
1,132 |
|
Total current assets |
|
|
46,577 |
|
|
|
631,831 |
|
Non-current assets |
|
|
|
|
|
|
Loans advanced to Minera Exar |
|
|
911,338 |
|
|
|
455,821 |
|
Current liabilities |
|
|
|
|
|
|
Loans from Lithium Argentina |
|
|
(308,333 |
) |
|
|
(380,415 |
) |
Loans from Ganfeng |
|
|
(544,779 |
) |
|
|
(602,006 |
) |
Other current liabilities |
|
|
(1,984 |
) |
|
|
(24,894 |
) |
Non-current liabilities |
|
|
(36,553 |
) |
|
|
(13,155 |
) |
Net assets |
|
|
66,266 |
|
|
|
67,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
Interest income on loans to Minera Exar |
|
|
115,232 |
|
|
|
113,364 |
|
|
|
83,357 |
|
Interest expense on loans from Lithium Argentina |
|
|
(39,939 |
) |
|
|
(44,043 |
) |
|
|
(33,067 |
) |
Interest expense on loans from Ganfeng |
|
|
(64,432 |
) |
|
|
(63,408 |
) |
|
|
(46,960 |
) |
Other losses |
|
|
(8,457 |
) |
|
|
(12,454 |
) |
|
|
(12,472 |
) |
Net income/(loss) |
|
|
2,404 |
|
|
|
(6,541 |
) |
|
|
(9,142 |
) |
|