MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Summary of 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

Schedule of 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.