
	September 30, 2026		December 31, 2025
(in thousands)
Raw materials and supplies, including spare parts	$	78,075	$	56,491
Mined ore stockpiles	20,381		23,795
Work in process	49,351		51,652
Finished goods	28,332		39,622
Total current inventories	176,139		171,560
Add: Non-current portion(1)	117,032		80,539
Total inventories	$	293,171	$	252,099

(1)Primarily represents stockpiles of mined ore and bastnaesite concentrate that are not expected to be processed or consumed within the next 12 months. The ore and concentrate amounts were $32.2 million and $51.6 million as of September 30, 2026, respectively, and $24.1 million and $31.7 million as of December 31, 2025, respectively.

During the nine months ended September 30, 2026, and 2025, the Company recorded lower of cost or net realizable value reserves, primarily reflecting adjustments on certain of its non-core products. The changes in these reserves from prior periods are included in “Cost of sales (excluding depreciation, depletion and amortization) (including related party)” within the Company’s unaudited Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2026, these changes resulted in a charge of $6.4 million in each period, and for the three and nine months ended September 30, 2025, these changes resulted in a benefit of $0.3 million and a charge of $6.4 million, respectively.