Property, Plant and Equipment
The following table is a summary of property, plant and equipment, net:
EstimatedDecember 31,
Useful Lives20252024
LandN/A$7,416 $1,015 
Plant facilities
12 - 15 years
66,053 63,537 
Mining equipment(1)
5 - 10 years
28,329 22,187 
Light trucks and utility vehicles5 years4,635 4,081 
Office furniture and equipment
4 - 7 years
1,985 1,918 
Construction-in-progressN/A9,336 3,187 
Total property, plant and equipment$117,754 $95,925 
Less: accumulated depreciation(47,959)(40,738)
Property, plant and equipment, net$69,795 $55,187 
(1)    The Company capitalized the costs incurred for commissioning activities related to its Phase 1 Circuit at the Mill, which was placed into service on October 1, 2024. Upon the sale of separated NdPr produced during commissioning, the Company offsets the costs capitalized during commissioning activities. During the year ended December 31, 2025, the Company offset the Phase 1 Circuit against sales of NdPr of $0.08 million, related to the sale of NdPr.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 26, 2025
2022Mar 8, 2023
2021Mar 15, 2022
2018Mar 12, 2019
2017Mar 12, 2018
2016Mar 10, 2017

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.