MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

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.