Mineral Properties / Intangible Assets / Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Mineral Properties / Intangible Assets / Goodwill

(10) Mineral Properties / Intangible Assets / Goodwill

Accounting Policy

Mineral properties are classified as either tangible or intangible assets depending on the nature of the rights acquired:

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Mineral Rights (Intangible Assets): Rights to explore or extract minerals from specific properties.

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Mine Development and Infrastructure (Tangible Assets): Includes stripping, drilling, road access, tailings-related infrastructure, and other capitalized site-development activities.

The Company capitalizes acquisition costs, including legal and other directly attributable expenses, when control of a mineral interest is obtained.

Exploration and evaluation expenditures are capitalized when they relate to specific mineral properties and management concludes that future economic benefits are probable. Regional or preliminary exploration expenditures not directly attributable to a specific property are expensed as incurred.

Development expenditures are capitalized once technical feasibility and commercial viability are demonstrable.

All mineral properties currently held by the Company are not yet in commercial production. Accordingly, no depletion, depreciation, or amortization has been recorded. Once production begins, tangible mineral property costs will be depreciated using the units-of-production method, and intangible mineral rights will be amortized over the estimated reserve life or evaluated for impairment if not yet placed in service.

Carrying Value and Impairment

The Company evaluates its mineral properties for impairment indicators in accordance with ASC 360-10, Property, Plant, and Equipment. Assets are written down to fair value if events or changes in circumstances indicate that their carrying amount may not be recoverable. As of the reporting date, no such indicators have been identified.

Standalone mineral leases for which no separate consideration was paid and for which no independently measurable fair value is available are carried at a value of $0. These leases represent enabling legal rights associated with the underlying mineral assets and are evaluated as part of the related asset group for impairment purposes.

Asset Acquisitions and Cost Allocation

Mineral interests acquired in an asset acquisition are recorded based on the cost of the acquisition, measured as the fair value of the consideration transferred in accordance with ASC 805-50, Asset Acquisitions, and ASC 820, Fair Value Measurement.

On December 31, 2024, the Company acquired California Precious Metals LLC and Peeples Inc., which together held three mineral properties and previously processed mine tailings. The Peeples acquisition has been revised to be accounted for as an asset acquisition under ASC 805-50, Asset Acquisitions.

The acquired set included:

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Previously processed mine tailings;

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A mineral lease providing site access;

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A written mine development plan;

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Technical, metallurgical, and environmental datasets; and

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Associated project documentation and operational relationships.

These elements were considered in identifying the acquired asset group and allocating the cost of the asset acquisition under ASC 805-50, Asset Acquisitions, as described in the Company’s Form 10 and related correspondence with the SEC Staff.

Based on the cost of the asset acquisition, measured as the fair value of the consideration transferred, the Company recorded acquired mineral assets of approximately $246,000,000. No goodwill is recognized in asset acquisitions.

Net Assets Acquired

Assets and Liabilities Recognized	Gross Carrying Amount	Accumulated Depreciation	Amount
Peeples, Inc - Previously processed mine tailings, including associated mineral lease, mine plan, permitting, and technical documentation	$246,000,000	$0	$246,000,000
Peeples, Inc. – mineral lease (377.11 acres)	$0	$0	$0
California Precious Metals LLC – exploratory leases	$0	$0	$0
Goodwill	$0	$0	$0
Total	$246,000,000	$0	$246,000,000

The table above reflects the carrying value assigned to the mineral assets acquired based on the cost of the asset acquisition under ASC 805-50, Asset Acquisitions. The tailings asset is supported by historical engineering, metallurgical, and technical data.

During the current period, the Company engaged an independent Qualified Person to conduct a multi-phase technical evaluation of the Skull Valley tailings as an initial step toward potential future technical reporting under Regulation S-K Subpart 1300. The Company cannot predict the timing or outcome of this evaluation, and there is no assurance that any mineral resources or reserves will be established under S-K 1300 standards.

As of the reporting date, the properties remain under evaluation, and no indicators of impairment have been identified. No depletion or amortization has been recorded.

MINERALRITE Corp 10-K/A