
	June 30, 2026			December 31, 2025
Thacker Pass - construction in progress 1	$	1,925,885		$	1,235,620
Thacker Pass - property, plant and equipment		197,111			98,740
Machinery and equipment		4,044			3,955
Finance lease right-of-use assets		21,315			19,912
Total mineral properties, plant and equipment		2,148,355			1,358,227
Accumulated depreciation		(57,599	)		(14,223	)
Total mineral properties, plant and equipment, net	$	2,090,756		$	1,344,004

1 At June 30, 2026, included prepaid construction costs of $88.8 million (December 31, 2025 - $75.0 million) and deposits on long-lead equipment of $243.8 million (December 31, 2025 - $268.7 million), all related to Thacker Pass. In addition, amount included capitalized amounts for deferred interest on the Notes of $18.5 million (December 31, 2025 - $13.0 million), discount amortization of $15.9 million on the Notes and PPA (December 31, 2025 - $9.1 million), deferred interest on the DOE Loan of $18.3 million (December 31, 2025 - $2.3 million), and $3.4 million of interest on other loans (December 31, 2025 - $3.2 million).

In the three and six months ended June 30, 2026, stock-based compensation related to restricted share units of $0.6 million and $1.3 million, respectively, was capitalized to Thacker Pass (2025 - $0.3 million and $0.6 million).