INVENTORIES

12 Months Ended

Dec. 31, 2022

The Company’s inventories consisted of the following:


	December 31,
(in thousands)	2022		2021
Materials and supplies(1)	$	28,590	$	10,711
In-process	27,212		25,574
Finished goods	1,752		2,407
Total current inventories	57,554		38,692
Add: Non-current portion(2)	5,744		—
Total inventories	$	63,298	$	38,692

(1)Includes materials acquired during the third quarter of 2022 to support activities pertaining to the Company’s rare earth metal, alloy and magnet manufacturing facility as a part of Stage III.

(2)Represents stockpiled ore that is not expected to be processed within the next 12 months.

During the second quarter of 2021, the Company recognized a non-cash write-down of a portion of its legacy low-grade stockpile inventory of $1.8 million, after determining that it contained a significant amount of alluvial material that did not meet the Company’s requirement for mill feed and, as a result, was deemed unusable. The write-down is included in the Consolidated Statement of Operations for the year ended December 31, 2021, as “Write-down of inventories.” No write-down of inventories was recorded for the years ended December 31, 2022 or 2020.