v3.26.3
MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 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:
September 30, 2026December 31, 2025
Vara Mada Project$215,007 $191,508 
Sheep Mountain34,183 34,183 
Bahia Project32,613 32,613 
Dubbo Project34,671 — 
Nichols Ranch ISR Project25,974 25,974 
Roca Honda22,095 22,095 
Pinyon Plain11,657 9,338 
Other(1)
396 1,687 
Total mineral properties$376,596 $317,398 
Less: accumulated depletion(7,446)(5,132)
Mineral properties, net$369,150 $312,266 
(1)    The Company elected to no longer pursue permitting of the Wate Project and expensed $1.29 million during the three and nine months ended September 30, 2026 through Exploration, development and processing.
Property, Plant and Equipment
The following table is a summary of property, plant and equipment, net:
Estimated
Useful LivesSeptember 30, 2026December 31, 2025
LandN/A$23,773 $7,416 
Plant facilities
12 - 15 years
76,389 66,053 
Equipment
5 - 10 years
43,805 28,329 
Light trucks and utility vehicles
5 years
5,438 4,635 
Water rightsN/A11,273 — 
Office furniture and equipment
4 - 7 years
2,286 1,985 
Construction-in-progressN/A26,622 9,336 
Total property, plant and equipment$189,586 $117,754 
Less: accumulated depreciation(54,205)(47,959)
Property, plant and equipment, net$135,381 $69,795 
Depreciation expense was $1.82 million and $1.30 million for the three months ended September 30, 2026 and 2025, respectively, and $4.60 million and $3.73 million for the nine months ended September 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.
For the three months ended September 30, 2026 and 2025, the Company capitalized $0.68 million and $0.57 million, respectively, of depreciation expense to inventory related to the Mill on the Condensed Consolidated Balance Sheets. For the nine months ended September 30, 2026 and 2025, the Company capitalized $1.89 million and $1.57 million, respectively, of depreciation expense to inventory related to the Mill on the Condensed Consolidated Balance Sheets.