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PROPERTY AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2025
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | NOTE 2 - PROPERTY AND EQUIPMENT As of September 30, 2025 and December 31, 2024, property and equipment were comprised of the following:
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Surface |  | $ | 2,583,400 |  |  | $ | 2,583,400 |
Underground |  |  | 8,625,574 |  |  |  | 8,625,574 |
Processing/Loadout |  |  | 12,114,676 |  |  |  | 12,081,045 |
Coal Refuse Storage |  |  | 12,134,192 |  |  |  | 12,134,192 |
Building |  |  | 54,202 |  |  |  | 54,202 |
Land |  |  | 1,617,435 |  |  |  | 1,617,435 |
Acquired Mining Rights |  |  | 484,907 |  |  |  | 484,907 |
Rare Earth Processing |  |  | 446,328 |  |  |  | 304,962 |
Leasehold improvements |  |  | 5,394 |  |  |  | - |
Resin |  |  | 2,800 |  |  |  | - |
General |  |  | 67,560 |  |  |  | - |
Lab Equipment |  |  | 709,536 |  |  |  |  |
Construction in Progress |  |  | 4,092,135 |  |  |  | 5,317,450 |
|  |  | 42,938,138 |  |  |  | 43,203,167 |
Less accumulated depreciation and amortization |  |  | (27,364,032 | ) |  |  | (24,906,690 | )
Property and equipment, net |  |  | 15,574,106 |  |  |  | 18,296,477 |
Depreciation expense amounted to $516,373 and $568,914 for three months ended September 30, 2025 and September 30, 2024, respectively. Depreciation expense amounted to $1,541,860 and $1,638,999 for nine months ended September 30, 2025 and September 30, 2024, respectively. Amortization of mining rights amounted to $303,917 and $307,970 for three months ending September 30, 2025 and 2024, respectively. Amortization of mining rights amounted to $911,753 and 926,949 for nine months ending September 30, 2025 and 2024, respectively. The estimated useful lives are as follows:
Surface equipment |  |  | 7 years |
Underground Equipment |  |  | 5 years |
Processing and rail facilities |  |  | 7-20 years |
Acquired mining rights |  |  | 10 years |
Building |  |  | 15 years |
Acquired mining rights |  |  | 5-10 years |
Rare earth processing equipment |  |  | 3-5 years |

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