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MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Mineral Properties and Property, Plant and Equipment | MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT Mineral Properties The following table is a summary of mineral properties:
| March 31, 2025 |  | December 31, 2024
Toliara Project | $ | 159,092 |  |  | $ | 153,510 |
Sheep Mountain | 34,183 |  |  | 34,183 |
Bahia Project | 32,613 |  |  | 32,613 |
Nichols Ranch ISR Project | 25,974 |  |  | 25,974 |
Roca Honda | 22,095 |  |  | 22,095 |
Pinyon Plain | 9,338 |  |  | 9,338 |
Other | 1,687 |  |  | 1,687 |
Total mineral properties | $ | 284,982 |  |  | $ | 279,400 |
Less: accumulated depletion | (1,607) |  |  | (1,070) |
Mineral properties, net | $ | 283,375 |  |  | $ | 278,330 |
No depreciation expense was capitalized to mineral properties for the three months ended March 31, 2025. For the three months ended March 31, 2024, the Company capitalized $0.23 million of depreciation expense related to the mineral properties on the Condensed Consolidated Balance Sheets. Property, Plant and Equipment The following table is a summary of property, plant and equipment, net:
| Estimated |  |  |  |
| Useful Lives |  | March 31, 2025 |  | December 31, 2024
Land | N/A |  | $ | 1,015 |  |  | $ | 1,015 |
Plant facilities | 12 - 15 years |  | 65,068 |  |  | 63,537 |
Mining equipment(1) | 5 - 10 years |  | 25,408 |  |  | 22,187 |
Light trucks and utility vehicles | 5 years |  | 4,025 |  |  | 4,081 |
Office furniture and equipment | 4 - 7 years |  | 1,936 |  |  | 1,918 |
Construction-in-progress | N/A |  | 1,961 |  |  | 3,187 |
Total property, plant and equipment |  |  | $ | 99,413 |  |  | $ | 95,925 |
Less: accumulated depreciation |  |  | (42,382) |  |  | (40,738) |
Property, plant and equipment, net |  |  | $ | 57,031 |  |  | $ | 55,187 |
(1) Costs incurred for commissioning activities for the Company’s Phase 1 REE separation circuit at the Mill were capitalized. The Company offsets these costs upon sale of separated NdPr that is produced during commissioning of the Phase 1 REE separation circuit. During the three months ended March 31, 2025, the Company offset $0.04 million related to the sale of NdPr. The Company recognized depreciation expense of $1.18 million and $0.67 million for the three months ended March 31, 2025 and 2024, respectively. Depreciation expense is included in Exploration, development and processing as well as Standby in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three months ended March 31, 2025 and 2024, the Company capitalized $0.46 million and $0.07 million, respectively, of depreciation expense to inventory related to the Mill on the Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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