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MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended
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Sep. 30, 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:
| September 30, 2025 |  | December 31, 2024
Toliara Project | $ | 180,109 |  |  | $ | 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 | $ | 305,999 |  |  | $ | 279,400 |
Less: accumulated depletion | (3,703) |  |  | (1,070) |
Mineral properties, net | $ | 302,296 |  |  | $ | 278,330 |
No depreciation expense was capitalized to mineral properties for the three and nine months ended September 30, 2025 or the three months ended September 30, 2024. The Company capitalized $0.23 million of depreciation expense to Mineral properties on the Condensed Consolidated Balance Sheets for the nine months ended September 30, 2024. Property, Plant and Equipment The following table is a summary of property, plant and equipment, net:
| Estimated |  |  |  |
| Useful Lives |  | September 30, 2025 |  | December 31, 2024
Land | N/A |  | $ | 1,015 |  |  | $ | 1,015 |
Plant facilities(1) | 12 - 15 years |  | 65,538 |  |  | 63,537 |
Mining equipment | 5 - 10 years |  | 29,884 |  |  | 22,187 |
Light trucks and utility vehicles | 5 years |  | 4,468 |  |  | 4,081 |
Office furniture and equipment | 4 - 7 years |  | 1,965 |  |  | 1,918 |
Construction-in-progress | N/A |  | 5,259 |  |  | 3,187 |
Total property, plant and equipment |  |  | $ | 108,129 |  |  | $ | 95,925 |
Less: accumulated depreciation |  |  | (46,037) |  |  | (40,738) |
Property, plant and equipment, net |  |  | $ | 62,092 |  |  | $ | 55,187 |
(1) The Company capitalized the costs incurred for commissioning activities related to its Phase 1 REE separation circuit at the Mill, which was placed into service on October 1, 2024. Upon the sale of separated NdPr produced during commissioning, the Company offsets the costs capitalized during commissioning activities. During the nine months ended September 30, 2025, the Company offset the Phase 1 REE separation circuit against sales of NdPr of $0.04 million, related to the sale of NdPr. There were no sales of NdPr during the three months ended September 30, 2025. The Company recognized depreciation expense of $1.30 million and $0.66 million for the three months ended September 30, 2025 and 2024, respectively, and $3.73 million and $1.95 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation expense is included in Exploration, development and processing as well as Standby on the Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended September 30, 2025 and 2024, the Company capitalized $0.57 million and $0.46 million, respectively, of depreciation expense to inventory related to the Mill on the Condensed Consolidated Balance Sheets. For the nine months ended September 30, 2025 and 2024, the Company capitalized $1.57 million and $0.94 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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