Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, Plant, and Equipment, Net

The following table provides the components of Property, plant, and equipment, net (in thousands):

	Depreciation Life or Method	Year Ended December 31,
		2023		2022
Production leach pads	Units-of-production	$	11,190	$	11,190
Test leach pads	18 months	6,241		6,241
Process equipment	5 - 15 years	17,556		17,302
Buildings and leasehold improvements	10 years	9,419		9,280
Mine equipment	5 - 7 years	4,732		4,872
Vehicles	3 - 5 years	1,700		1,578
Furniture and office equipment	7 years	713		370
Mineral properties	Units-of-production	50		—
Construction in progress and other		35,504		35,721
		87,105		86,554
Less, accumulated depreciation and amortization		(34,014)		(31,722)
Total		$	53,091	$	54,832

Depreciation expense related to Property, plant, and equipment, net was $2.8 million and $3.4 million for the years ended December 31, 2023 and December 31, 2022, respectively.

Leach pads

The Company has historically recorded depreciation on its test leach pads over the test pads’ estimated remaining useful life. An estimated useful life of 18 months was based upon the expectation of when the tests would be completed. During the year ended December 31, 2022, the Company’s test leach pads were fully depreciated.

Construction in progress and other

The primary project included in construction in progress at December 31, 2023 and December 31, 2022, was construction of a new larger leach pad. Construction on this project commenced in 2020 and continued until February 2021 when it was temporarily suspended. The incurred construction costs for the new, larger leach pad were $32.9 million since commencing construction in 2020.