Property and equipment as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	Useful Lives (Years)		March 31, 2026			December 31, 2025
Construction in progress		—	$	37,702		$	4,950
Plant and office buildings	5 - 20			94,664			21,291
Land		—		210			—
Tools, machinery and equipment	3 - 10			8,543			7,869
Computer equipment	3 - 4			621			332
Vehicles	5			2,304			828
Software	5			626			613
Office furniture	5 - 10			1,118			248
Leasehold improvements	Lesser of estimated useful life or the remaining lease term			192			114
Property and equipment, at cost				145,980			36,245
Less accumulated depreciation				(54,185	)		(2,954	)
Property and equipment, net			$	91,795		$	33,291

The Company has three isotope enrichment plants in Pretoria, South Africa: a C-14 plant, a multi-isotope plant and a laser isotope separation plant using QE technology. As of March 31, 2026 and December 31, 2025, costs incurred for the multi-isotope plant and the laser isotope separation plant were considered construction in progress because the work was not complete. In conjunction with the acquisition of Renergen, the Company has a helium and LNG Plant in the Free State, South Africa.

Depreciation expense was $2.9 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. Depreciation expense included as part of inventory costs was $0.4 million for the three months ended March 31, 2026.

Natural gas properties at cost as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Proved reserves	$	97,871		$	—
Wells in process		1,789			—
Developed Assets		27,600			—
Rehabilitation Asset		3,659			—
Natural gas properties, at cost		130,919			—
Less accumulated depreciation, depletion and amortization		(697	)		—
Net capitalized costs	$	130,222		$	—

Natural gas properties are depleted using the unit-of-production method. Acquisition costs (proved reserves) are depleted over total proved reserves; development costs (developed assets) are depleted over proved developed reserves. The useful life of the rehabilitation asset is consistent with the units-of-production depletion of the underlying developed assets. Depletion expense attributable to natural gas properties was $51,000 for the period from January 6, 2026 through March 31, 2026 and is included within the cost of revenue line in the condensed consolidated statements of operations and comprehensive loss.