PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 2 - PROPERTY AND EQUIPMENT

As of March 31, 2025 and December 31, 2024, property and equipment were comprised of the following:

	March 31,			December 31,
	2025			2024
Surface	$	2,583,400		$	2,583,400
Underground		8,625,577			8,625,574
Processing/Loadout		12,114,676			12,081,045
Coal Refuse Storage		12,134,192			12,134,192
Building		54,202			54,202
Land		1,617,435			1,617,435
Acquired Mining Rights		484,907			484,907
Rare Earth Processing		304,962			304,962
Construction in Progress		5,125,319			5,317,449
		43,044,667			43,203,166
Less accumulated depreciation and amortization		(25,722,943	)		(24,906,689	)
Property and equipment, net		17,321,728			18,296,477

Depreciation expense amounted to $512,332 and $550,640 for three months ended March 31, 2025 and March 31, 2024 and 2023, respectively. Amortization of mining rights amounted to $303,918 and $307,294 for three months ending March 31, 2025 and 2024, respectively.

The estimated useful lives are as follows:

Surface equipment	7 years
Underground Equipment	5 years
Processing and rail facilities	7-20 years
Acquired mining rights	10 years
Building	15 years
Acquired mining rights	5-10 years
Rare earth processing equipment	3-5 years