v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
(Loss)/income from continuing operations $ (76,880) $ (15,240) $ 17,581
Items not affecting cash and other items:      
Share based compensation 15,055 7,229 8,399
Depreciation 489 758 1,067
Current tax expense 48 0 0
Deferred tax expense/(recovery) 420 (10,659) 10,659
Foreign exchange loss/(gain) 693 (2,147) (13,774)
Share of loss of Cauchari-Olaroz Project 39,766 28,232 (16,211)
Loss on JEMSE receivable 9,261 0 0
Share of loss of Sal de la Puna 0 0 677
Share of loss of Sal de la Puna Project 256 176 866
Loss/(gain) on financial instruments measured at fair value 2,416 (12,530) (22,379)
Finance income (46,565) (46,470) (33,647)
Finance and other costs 30,884 25,134 25,362
Payment of interest on the convertible notes and debt facilities (4,529) (4,528) (4,528)
Changes in non-cash working capital items:      
Decrease in receivables, prepaids and deposits (2,938) (16,458) (1,018)
Increase in accounts payable and accrued liabilities 1,668 20,342 3,009
Decrease/(increase) in net prepayments made for lithium carbonate 0 4,351 (4,353)
Cash used in operating activities by continuing operations (29,956) (21,810) (28,290)
Cash used in operating activities by discontinued operations 0 0 (30,679)
Net cash used in operating activities (29,956) (21,810) (58,969)
INVESTING ACTIVITIES      
Proceeds from repayment of loans and interest by Exar Capital 3,920 26,476 0
Contribution to Investment in Cauchari-Olaroz project 0 (1,570) (1,863)
Contribution to Investment in Sal de la Puna Project (419) (2,113) 0
Proceeds from withdrawal of short-term bank deposits 0 0 155,000
Additions to exploration and evaluation assets (229) (702) (2,577)
Disposals of exploration and evaluation assets 3,009 0 0
Additions to property, plant and equipment 0 (971) (5,291)
Cash provided/(used) in investing activities of continuing operations 6,281 (85,858) 77,702
Cash used in investing activities by discontinued operations 0 0 (116,804)
Net cash provided/(used) in investing activities 6,281 (85,858) (39,102)
FINANCING ACTIVITIES      
Proceeds from equity awards exercises 0 0 172
Financing costs related to separation 0 0 (15,647)
Cash distributed upon separation 0 0 (275,499)
Proceeds from Pastos Grandes Transaction 0 70,000 0
Financing costs 0 (455) 0
Lease payments (332) (774) 338
Cash (used)/provided by financing activities of continuing operations (332) 68,771 (290,636)
Cash provided by financing activities of discontinued operations 0 0 302,755
Net cash (used)/provided by financing activities (332) 68,771 12,119
Effect of foreign exchange on cash (402) 2,147 13,774
CHANGE IN CASH AND CASH EQUIVALENTS (24,409) (36,750) (72,178)
CASH AND CASH EQUIVALENTS - BEGINNING OF THE PERIOD 85,543 122,293 194,471
CASH AND CASH EQUIVALENTS - END OF THE PERIOD 61,134 85,543 122,293
Arena Minerals      
INVESTING ACTIVITIES      
Change in cash 0 0 (2,887)
Exar Capital      
INVESTING ACTIVITIES      
Loans 0 (41,978) (64,680)
FINANCING ACTIVITIES      
CASH AND CASH EQUIVALENTS - BEGINNING OF THE PERIOD 14,103    
CASH AND CASH EQUIVALENTS - END OF THE PERIOD 16,823 14,103  
Minera Exar      
Items not affecting cash and other items:      
Deferred tax expense/(recovery) 14,614 (72,833) (124,587)
INVESTING ACTIVITIES      
Loans $ 0 $ (65,000) $ 0