PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following is a summary of property, plant and equipment, net:


	Estimated
	Useful Lives	June 30, 2024		December 31, 2023
Land	N/A	$	642	$	642
Plant facilities	12 - 15 years	30,195		29,750
Mining equipment	5 - 10 years	18,437		13,019
Light trucks and utility vehicles	5 years	3,880		3,256
Office furniture and equipment	4 - 7 years	1,888		1,754


Construction-in-progress(1)	N/A	23,236		13,627
Total property, plant and equipment		$	78,278	$	62,048
Less: accumulated depreciation		(37,922)		(35,925)
Property, plant and equipment, net		$	40,356	$	26,123

(1) Costs incurred for commissioning activities for the Company’s Phase 1 REE separation circuit at the Mill are capitalized. The Company will offset these costs upon sale of separated neodymium-praseodymium (“NdPr”) that is produced during commissioning of the Phase 1 REE separation circuit.

Schedule of Summary of Mineral Properties

The following is a summary of mineral properties:


	June 30, 2024		December 31, 2023
Sheep Mountain	$	34,183	$	34,183
Bahia Project	31,130		29,130
Nichols Ranch ISR Project	25,974		25,974
Roca Honda	22,095		22,095
Pinyon Plain	9,338		6,512
Other	1,687		1,687
Total mineral properties	$	124,407	$	119,581
Less: accumulated depletion	$	(567)	$	—
Mineral properties, net	$	123,840	$	119,581