8. EQUIPMENT, BUILDINGS AND LAND

Equipment and Buildings

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At December 31, 2025 and 2024, equipment and buildings consisted of the following:

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Depreciation expense for the years ended December 31, 2025 and 2024 was $33 and $13, respectively. The Company evaluates the recoverability of the carrying value of equipment and buildings when events and circumstances indicate that

such assets might be impaired. No impairment charges were recorded during the years ended December 31, 2025 and 2024.

Land

On October 25, 2021, the Company and Whitelaw Creek LLC, a Wyoming limited liability company (“Whitelaw Creek”), entered into an amendment (the “Amendment”) to the asset purchase agreement dated October 20, 2016 between the Company and Whitelaw Creek (the “APA”). The Amendment modified certain provisions of the APA related to the terms and conditions of the Company’s option to repurchase (the “Repurchase Option”) approximately 640 acres (257 hectares) of non-core real property located in Crook County, Wyoming (the “Section 16 Property”), that was under consideration for a stockpile facility for the Bear Lodge REE Project. Pursuant to and subject to the terms of the Amendment, among other things, the term of the Repurchase Option (which was to expire on October 26, 2021) was extended for up to three additional years, subject to annual option extension payments from the Company to Whitelaw Creek of $25 in cash per year (each, a “Repurchase Option Extension Payment”); and the exercise price of the Repurchase Option was increased from $1,000 to a price to be determined by a mutually agreed upon real estate appraiser (the “Repurchase Price”), provided that (i) the Repurchase Price not be less than $1,200 or greater than $1,850 and (ii) any Repurchase Option Extension Payments paid by the Company to Whitelaw Creek be credited toward the Company’s payment of the Repurchase Price if the Repurchase Option were later exercised.

Pursuant to the terms of the APA, the Company exercised its option to repurchase the Section 16 Property, and on October 21, 2024, entered into a purchase agreement with Whitelaw Creek to repurchase the property (the “Land Repurchase”). The Land Repurchase closed on October 25, 2024 (the “Closing Date”). As consideration for the Land Repurchase, on the Closing Date, the Company (i) issued 5,000,000 of its common shares to Whitelaw Creek having a Closing Date fair value of $1,950 and (ii) paid Whitelaw Creek $1,507 in cash. After settlement of the repurchase option liability and other costs incurred to close the transaction, the Company recorded a loss on the land repurchase of $67 for the year ended December 31, 2024.

For accounting purposes, the Company had treated the APA as a financing arrangement under which the then-$600 market value of the land had been reflected in the Company’s financial statements as an asset (“Investment in Land”) with a related liability (“Repurchase Option”) recorded for the Company’s obligation under the Repurchase Option. Accretion expense was being recorded monthly to increase the repurchase option liability to the maximum exercise price of $1,850, less any annual option payments of $25 made during the option period.

For the year ended December 31, 2024, the Company recorded accretion expense of $236 related to the Repurchase Option. With the Company’s repurchase of this property on October 25, 2024, the balances in both the Investment in Land account and the Repurchase Option account were written off and the land was recorded at its fair market value of $2,240.