v3.26.1
MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 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:
June 30, 2026December 31, 2025
Vara Mada Project
$208,056 $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 Plain10,764 9,338 
Other1,687 1,687 
Total mineral properties$335,372 $317,398 
Less: accumulated depletion(6,783)(5,132)
Mineral properties, net$328,589 $312,266 
Property, Plant and Equipment
The following table is a summary of property, plant and equipment, net:
Estimated
Useful LivesJune 30, 2026December 31, 2025
LandN/A$7,416 $7,416 
Plant facilities
12 - 15 years
66,934 66,053 
Mining equipment
5 - 10 years
30,229 28,329 
Light trucks and utility vehicles5 years5,004 4,635 
Office furniture and equipment
4 - 7 years
2,128 1,985 
Construction-in-progressN/A14,368 9,336 
Total property, plant and equipment$126,079 $117,754 
Less: accumulated depreciation(51,889)(47,959)
Property, plant and equipment, net$74,190 $69,795 
Depreciation expense was $1.45 million and $1.25 million for the three months ended June 30, 2026 and 2025, respectively, and $2.79 million and $2.43 million for the six months ended June 30, 2026 and 2025, respectively. Depreciation expense is recognized in Exploration, development and processing as well as Standby on the Condensed Consolidated Statements of Operations and Comprehensive Loss.