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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30,2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number:001-41973

(Exact name of Registrant as specified in its charter)

Not applicableBritish Virgin Islands
(Translation of Registrant’s name into English)(Jurisdiction of incorporation or organization)

c/o Maples Corporate Services (BVI) Limited

Kingston Chambers, PO Box 173, Road Town

Tortola, British Virgin Islands

(Address of principal executive offices)

Copy to:

Corporation Service Company

251 Little Falls Drive

Wilmington, Delaware 19808

Telephone:(302) 636-5400

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary shares, par value $0.001 per shareCRMLThe Nasdaq Stock Market LLC
Warrants, each exercisable to purchase one ordinary share at an exercise price of $11.50 per shareCRMLWThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

On June 30, 2026, the issuer had 146,993,753 ordinary shares, par value $0.001 per share, outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” and “emerging growth company” in Rule12b-2of the Exchange Act.

Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐
Emerging growth company☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐International Financial Reporting Standards as issued by the International Accounting Standards Board☒Other ☐

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

TABLE OF CONTENTS

INDUSTRY AND MARKET DATAiii
TRADEMARKS, TRADE NAMES AND SERVICE MARKSiii
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSiv
Item 1. Identity of Directors, Senior Management and Advisers1
Item 2. Offer Statistics and Expected Timetable1
Item 3. Key Information1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
RISK FACTORS3
Item 4. Information on the Company.31
A.History and Development of the Company31
B.Business Overview31
BUSINESS32
DESCRIPTION OF THE TANBREEZ PROJECT37
DESCRIPTION OF THE WOLFSBERG PROJECT47
C.Organizational Structure61
D.Property, Plant and Equipment61
Item 4A. Unresolved Staff Comments61
Item 5. Operating and Financial Review and Prospects61
A.Results of Operations72
B.Liquidity and Capital Resources76
C.Research and Development, Patents and Licenses, etc.80
D.Trend Information80
E.Critical Accounting Estimates81
Item 6. Directors, Senior Management and Employees84
A.Directors and Senior Management84
B.Compensation of Directors and Executive Officers86
C.Board Practices87
D.Employees89
E.Share Ownership89
F.Disclosure of a registrant’s action to recover erroneously awarded compensation.89
Item 7. Major Shareholders and Related Party Transactions90
A.Major Shareholders90
B.Related Party Transactions91
C.Interests of Experts and Counsel92
Item 8. Financial Information92
A.Consolidated Statements and Other Financial Information92
B.Significant Changes93
Item 9. The Offer and Listing93
A.Offer and Listing Details93
B.Plan of Distribution93
C.Markets93
D.Selling Shareholders93
E.Dilution93
F.Expenses of the Issue93
Item 10. Additional Information93
A.Share Capital93
B.Memorandum and Articles of Association93

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C.Material Contracts93
D.Exchange Controls93
E.Taxation93
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS94
MATERIAL BRITISH VIRGIN ISLANDS TAX CONSIDERATIONS101
F.Dividends and Paying Agents101
G.Statement by Experts101
H.Documents on Display101
I.Subsidiary Information102
Item 11. Quantitative and Qualitative Disclosures About Market Risk102
Item 12. Description of Securities Other than Equity Securities102
Item 13. Defaults, Dividend Arrearages and Delinquencies103
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds103
Item 15. Controls and Procedures103
Item 16. [Reserved]104
Item 16A. Audit Committee Financial Expert104
Item 16B. Code of Ethics104
Item. 16C. Principal Accounting Fees and Services105
Item 16D. Exemptions from the Listing Standards for Audit Committees105
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers105
Item 16F. Change in Registrant’s Certifying Accountant105
Item 16G. Corporate Governance105
Item 16H. Mine Safety Disclosure107
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.107
Item 16J. Insider Trading Policies107
Item 16K. Disclosure Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, Cybersecurity.107
Item 17. Financial Statements108
Item 18. Financial Statements108
Item 19. Exhibits109
SIGNATURES113
INDEX TO CONSOLIDATED FINANCIAL STATEMENTSF-1

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ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.