The Company recorded $56.03 million of goodwill as part of the ASM Acquisition. Goodwill represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed and primarily reflects expected synergies and other benefits from pairing the Company’s existing REE capabilities further downstream with ASM’s metallization and alloy-production capabilities. All goodwill was assigned to the REE reportable segment. See Note 3 — Transaction for more information.


Balance as of December 31, 2025	$	—
Goodwill from ASM Acquisition as of August 28, 2026	56,026
Foreign currency translation adjustments	486
Balance as of September 30, 2026	$	56,512

Goodwill is not amortized and is tested for impairment annually and when events or changes in circumstances indicate that it may be impaired. No goodwill impairment was recognized during the three and nine months ended September 30, 2026

In connection with the ASM Acquisition, the Company recognized patents and customer relationships with acquisition-date fair values of $38.85 million and $33.84 million, respectively. The patents relate to technology used in ASM's metallization and alloy-production processes, while customer relationships relate to ASM's existing customer base.

Each of the intangible assets, patents and customer relationships, are amortized on a straight-line basis over an estimated useful life of 15.0 years, reflecting the expected pattern of economic benefit, with no significant residual value. Amortization commenced on August 28, 2026 and is included in Exploration, development and processing in the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. See Note 3 — Transaction for additional information regarding the ASM Acquisition.

The Company’s existing intangible assets relate to patents previously acquired for radioisotope recovery (the “Radioisotope IP”). The Radioisotope IP is amortized on a straight-line basis over its remaining useful life, which has a weighted average life of 11.4 years.


	Patents		Customer Relationships		Radioisotope IP		Total
Balance as of December 31, 2025	$	—	$	—	$	4,367	$	4,367
Intangible assets acquired with ASM	38,850		33,839		—		72,689
Revision in estimated fair value of contingent consideration	—		—		44		44
Amortization expense	(219)		(191)		(273)		(683)
Foreign currency translation	497		433		—		930
Balance as of September 30, 2026	$	39,128	$	34,081	$	4,138	$	77,347

As of September 30, 2026:
Gross intangible assets	$	38,850	$	33,839	$	4,831	$	77,520
Accumulated amortization, net(1)	278		242		(693)		(173)
Intangible assets, net	$	39,128	$	34,081	$	4,138	$	77,347

(1) Accumulated amortization, net represents accumulated amortization adjusted for the impact of foreign currency translation.


Remainder of the year ending December 31, 2026	$	1,318
Year ending December 31, 2027	5,272
Year ending December 31, 2028	5,272
Year ending December 31, 2029	5,272
Year ending December 31, 2030	5,272
Thereafter	54,941
Total	$	77,347