4 unchanged sentences
With the exception of the addition of the below, there have been no material changes to the risk factors set forth in our 2025 Form 10-K.
−Removed: Tariffs, trade restrictions and changes to tariffs, international trade policies and regulations may adversely impact the Company.
−Removed: Since February 2025, the United States and other countries have announced numerous new tariffs, trade restrictions and changes in tariffs, international trade policies and regulations.
−Removed: Imposed, announced or changes in tariffs, trading policies and restrictions, potential trade wars, or uncertainties in international trading policies and regulations may adversely impact our operations, financial performance and outlook.
−Removed: There is no assurance that Red Sun will satisfy its payment obligations to us in full or in a timely manner.
−Removed: Pursuant to the 2024 Red Sun transaction, we, through VRB Energy, are entitled to receive $20 million in cash from Red Sun payable in two equal tranches, which we plan to use for the growth and advancement of VRB USA.
−Removed: The first payment of $10 million was received in February 2025.
−Removed: Red Sun did not make the second payment of $10 million by its contractual due date of June 30, 2025.
−Removed: As of November 5, 2025, Red Sun has not made this payment.
−Removed: There can be no assurance that Red Sun will satisfy its remaining payment obligations to us in full or in a timely manner.
−Removed: Any delay, reduction or failure to make this payment would have an adverse impact on our plans for VRB USA.
−Removed: There is no guarantee that the proposed sale of Cordoba’s remaining interest in the Alacrán Copper Project will be successfully completed.
−Removed: Cordoba, our publicly listed and majority owned subsidiary, has entered into an agreement to sell Cordoba’s remaining 50% interest in the Alacrán Copper Project, related exploration properties, and certain intercompany receivables, for consideration of up to $128 million, consisting of $88 million in cash at closing, $12 million in deferred payment, and up to
−Removed: $28 million in contingent payments based on daily London Metal Exchange spot copper price during the first twelve months of commercial production.
−Removed: The sale is conditioned upon Cordoba receiving the EIA Approval.
−Removed: There can be no assurance that the EIA Approval will be received and no assurance that all other remaining closing conditions will be satisfied or that the transaction will close on the anticipated timeline, or at all.
−Removed: Failure to complete this transaction would adversely affect Cordoba’s financial condition and our investment in Cordoba.
−Removed: Additionally, even if the transaction closes, there is no guarantee that the deferred payment or any contingent payments will be received.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds.
−Removed: Unregistered Sales of Equity Securities for the Three Months Ended September 30, 2025
−Removed: There were no unregistered sales of equity securities during the three months ended September 30, 2025.
+Added: We may be adversely affected by current or future military conflicts in the Middle East, Ukraine/Russia or other jurisdictions
+Added: We operate a joint venture in Saudi Arabia.
+Added: Saudi Arabia has been impacted by the military action occurring in the region between the United States, Israel and Iran.
+Added: Such military action, and the responses to it, may result in our having to halt, suspend or cease exploration activities in Saudi Arabia altogether owing to the potential risks to our personnel and assets.
+Added: In addition, constraints on shipping routes such as through the Strait of Hormuz and the Bab el-Mandeb Strait may limit our ability to sea transport into Saudi Arabia the supplies and equipment necessary to continue mineral exploration activities.
+Added: Such hostilities may also restrict or halt air travel to airports frequented by our personnel to access Saudi Arabia which could limit the ability of our personnel to access the mineral exploration areas in Saudi Arabia.
+Added: As well, should an employee or contractor leave the joint venture, or should we seek to expand mineral exploration activities in Saudi Arabia, we may be unable to find the necessary qualified personnel who are willing to travel to Saudi Arabia during such military action.
+Added: These ongoing military actions (as well as rising geopolitical tensions more generally), may also adversely affect our financial condition and results of operations.
+Added: Heightened geopolitical instability in the Middle East has contributed to uncertainty in global economic and financial conditions, and increased volatility in energy, fuel, and transportation markets, as well as contributing to volatility in labor, financial, and commodity markets.
+Added: Disruptions to fuel and energy supply, including as a result of government-imposed restrictions, sanctions, export controls, or other regulatory actions, could materially increase our operating costs or require the temporary suspension or shutdown of certain mineral exploration activities where reliable access to fuel or power is essential to safe and continuous operations.
+Added: Heightened geopolitical tensions may also increase costs associated with insurance, air travel and shipping, thereby increasing our costs and adversely affecting our financial condition and results of operations.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.