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MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
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, 2025December 31, 2024
Toliara Project$180,109 $153,510 
Sheep Mountain34,183 34,183 
Bahia Project32,613 32,613 
Nichols Ranch ISR Project25,974 25,974 
Roca Honda22,095 22,095 
Pinyon Plain9,338 9,338 
Other1,687 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 LivesSeptember 30, 2025December 31, 2024
LandN/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 vehicles5 years4,468 4,081 
Office furniture and equipment
4 - 7 years
1,965 1,918 
Construction-in-progressN/A5,259 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.