2. Mineral Rights and Properties, Net

The Company owns surface properties and the associated mineral rights for the Project. The Company has capitalized the cost of drilling water supply wells, which provide water for the Project.

Mineral rights and properties, net consisted of the following at the end of each period presented.


	June 30,		June 30,
	2026		2025
	(in thousands)
Mineral properties	$	6,733	$	6,733
Hydrology wells		547		547
Asset retirement cost, net of accumulated amortization of $201 and $66 as of June 30, 2026 and 2025, respectively(1)		320		455
Mineral rights and properties, net	$	7,600	$	7,735

(1)

Represents the carrying value of capitalized costs associated with asset retirement obligations, as discussed in Note 5-Asset Retirement Obligations.