v3.26.1
PROPERTY, PLANT AND EQUIPMENT
6 Months Ended
Jun. 30, 2026
PROPERTY, PLANT AND EQUIPMENT  
PROPERTY, PLANT AND EQUIPMENT

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3. PROPERTY, PLANT AND EQUIPMENT

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As of June 30, 2026, and December 31, 2025, the Company had the following components within the “Property, plant and equipment” line item on the Condensed Consolidated Balance Sheets:

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Net Book Value of Property, Plant and Equipment at June 30, 2026

(thousands of dollars)

  ​ ​ ​

Alabama

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Corporate

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Total

Mineral rights and properties

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$

8,972

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$

—

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$

8,972

Buildings

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3,063

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—

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3,063

Other property, plant and equipment

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4,041

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8

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4,049

Construction in progress

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128,462

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—

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128,462

Total

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$

144,538

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$

8

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$

144,546

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Net Book Value of Property, Plant and Equipment at December 31, 2025

(thousands of dollars)

  ​ ​ ​

Alabama

  ​ ​ ​

Corporate

  ​ ​ ​

Total

Mineral rights and properties

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$

8,972

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$

—

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$

8,972

Buildings

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3,122

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—

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3,122

Other property, plant and equipment

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4,360

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10

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4,370

Construction in progress

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126,729

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—

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126,729

Total

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$

143,183

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$

10

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$

143,193

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Construction in Progress

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Construction in progress represents assets that are not ready for service or are in the construction stage. Assets are depreciated based on the estimated useful life of the asset once it is placed in service.  

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Impairment of Property, Plant and Equipment

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The Company reviews and evaluates its long-lived assets for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the six months ended June 30, 2026, no events or changes in circumstances are believed to have impacted recoverability of the Company’s long-lived assets. Accordingly, it was determined that no interim impairment was necessary.  As discussed in Note 2 Liquidity, if the Company is required to abandon construction and development or alter its intended long-term plans related to the Kellyton Graphite Plant, the Company could be required to evaluate the recoverability of its long-lived assets.