v3.26.1
MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Mineral Properties and Property, Plant and Equipment MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT
Mineral Properties
The following table is a summary of mineral properties:
 March 31, 2026December 31, 2025
Vara Mada Project
$200,282 $191,508 
Sheep Mountain34,183 34,183 
Bahia Project32,613 32,613 
Nichols Ranch ISR Project25,974 25,974 
Roca Honda22,095 22,095 
Pinyon Plain10,039 9,338 
Other1,687 1,687 
Total mineral properties$326,873 $317,398 
Less: accumulated depletion(5,896)(5,132)
Mineral properties, net$320,977 $312,266 
Property, Plant and Equipment
The following table is a summary of property, plant and equipment, net:
Estimated
Useful LivesMarch 31, 2026December 31, 2025
LandN/A$7,416 $7,416 
Plant facilities
12 - 15 years
67,025 66,053 
Mining equipment
5 - 10 years
29,725 28,329 
Light trucks and utility vehicles5 years4,865 4,635 
Office furniture and equipment
4 - 7 years
2,086 1,985 
Construction-in-progressN/A9,267 9,336 
Total property, plant and equipment$120,384 $117,754 
Less: accumulated depreciation(49,951)(47,959)
Property, plant and equipment, net$70,433 $69,795 
The Company recognized depreciation expense of $1.34 million and $1.18 million for the three months ended March 31, 2026 and 2025, respectively. Depreciation expense is included in Exploration, development and processing as well as Standby on the Condensed Consolidated Statements of Operations and Comprehensive Loss.