24. Segment reporting:
The Company’s President & Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM evaluates how the Company allocates resources, assesses performance and makes strategic and operational decisions. Based upon such evaluation, the Company has determined that it has four reportable segments.
The Company’s reportable segments are the Santa Cruz Copper Project, critical metals, data processing and energy storage.
The Santa Cruz Copper Project and critical metals segments are focused on mineral project exploration and development with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification. The Santa Cruz Copper Project is at a more advanced stage relative to most of the Company’s other mineral exploration projects and its discrete financial information and operating results are regularly reviewed by the CODM in order to make decisions about resource allocation and assess performance.
The data processing segment provides data analytics, geophysical modeling and artificial intelligence services for the mineral, oil & gas and water exploration industries. The energy storage segment develops, manufactures and installs vanadium flow batteries for grid-scale energy storage.
Segment information for the periods presented is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As at and for the year ended December 31, 2025 |
| Santa Cruz Copper Project | | Critical Metals | | Data Processing | | Energy Storage | | Total |
| Revenue | $ | — | | | $ | — | | | $ | 3,244 | | | $ | — | | | $ | 3,244 | |
| Intersegment revenues | — | | | — | | | 57 | | | — | | | 57 | |
| Loss (income) from operations | 23,998 | | | 77,413 | | | (1,239) | | | 13,399 | | | 113,571 | |
| Depreciation and amortization | 165 | | | 2,744 | | | 42 | | | — | | | 2,951 | |
| Segment assets | 187,851 | | | 239,684 | | | 2,856 | | | 52,882 | | | 483,273 | |
| Expenditures for segment assets | 730 | | | 1,574 | | | 5 | | | — | | | 2,309 | |
| Investments subject to significant influence | — | | | 10,416 | | | 827 | | | 47,156 | | | 58,399 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As at and for the year ended December 31, 2024 |
| Santa Cruz Copper Project | | Critical Metals | | Data Processing | | Energy Storage | | Total |
| Revenue | $ | — | | | $ | — | | | $ | 2,831 | | | $ | 70 | | | $ | 2,901 | |
| Intersegment revenues | — | | | — | | | 177 | | | — | | | 177 | |
| Loss from operations | 72,465 | | | 97,277 | | | (831) | | | 8,040 | | | 176,951 | |
| Depreciation and amortization | 153 | | | 1,983 | | | 57 | | | 510 | | | 2,703 | |
| Segment assets | 179,469 | | | 131,492 | | | 2,799 | | | 61,172 | | | 374,932 | |
| Expenditures for segment assets | 10,356 | | | 3,120 | | | — | | | 94 | | | 13,570 | |
| Investments subject to significant influence | — | | | 23,518 | | | 769 | | | 40,600 | | | 64,887 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended December 31, 2023 |
| Santa Cruz Copper Project | | Critical Metals | | Data Processing | | Energy Storage | | Total |
| Revenue | $ | — | | | $ | — | | | $ | 1,300 | | | $ | 2,603 | | | $ | 3,903 | |
| Intersegment revenues | — | | | — | | | 100 | | | — | | | 100 | |
| Loss from operations | 57,833 | | | 111,634 | | | 1,363 | | | 9,572 | | | 180,402 | |
| Depreciation and amortization | 87 | | | 975 | | | 995 | | | 583 | | | 2,640 | |
The following tables illustrate the geographic makeup of the Company’s revenues and long-lived assets.
| | | | | | | | | | | | | | | | | | | | |
| | Year ended December 31, |
| Revenue | | 2025 | | 2024 | | 2023 |
| Canada | | $ | 3,244 | | | $ | 2,831 | | | $ | 1,300 | |
| China | | — | | | 70 | | | 2,603 | |
| Total | | $ | 3,244 | | | $ | 2,901 | | | $ | 3,903 | |
Revenues are attributed to countries based on the location in which the sale originated.
| | | | | | | | | | | | | | |
| | As at December 31, |
| Long-lived assets | | 2025 | | 2024 |
| United States | | $ | 211,284 | | | $ | 210,337 | |
| Colombia | | 19,695 | | | 20,344 | |
| Peru | | — | | | 2,561 | |
| Other | | 748 | | | 595 | |
| Total | | $ | 231,727 | | | $ | 233,837 | |
Long-lived assets comprise the Company’s exploration mineral interests (excluding a mineral royalty) and property, plant and equipment.
Long-lived assets reconcile to segment assets and the balance sheet as follows:
| | | | | | | | | | | |
| As at December 31, |
| 2025 | | 2024 |
| Total long-lived assets | $ | 231,727 | | | $ | 233,837 | |
| Total current assets | 180,193 | | | 69,286 | |
| Mineral royalty | 1,707 | | | 1,707 | |
| Investments subject to significant influence | 58,399 | | | 64,887 | |
| Other investments | 1,221 | | | 1,745 | |
| Other non-current assets | 10,026 | | | 3,471 | |
| Total assets and segment assets | $ | 483,273 | | | $ | 374,932 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.