Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'URG | ' |
Entity Common Stock, Shares Outstanding | ' | 128,741,108 |
Entity Registrant Name | 'UR-ENERGY INC | ' |
Entity Central Index Key | '0001375205 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Unaudited_Interim_Consolidated
Unaudited Interim Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents (note 4) | $4,672 | $1,627 |
Accounts receivable (note 5) | 4,314 | 5,802 |
Inventory (note 6) | 3,916 | 2,053 |
Current deferred financing costs (note 12) | 167 | 183 |
Prepaid expenses | 808 | 767 |
Assets, Current, Total | 13,877 | 10,432 |
Restricted cash (note 7) | 5,055 | 5,055 |
Mineral properties (note 8) | 51,433 | 52,702 |
Capital assets (note 9) | 34,675 | 35,250 |
Equity investment (note 10) | 1,090 | 1,085 |
Deferred financing costs (note 12) | 836 | 812 |
Assets, Noncurrent, Total | 93,089 | 94,904 |
Assets, Total | 106,966 | 105,336 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities (note 11) | 3,796 | 2,928 |
Current portion of notes payable (note 12) | 5,331 | 5,153 |
Reclamation obligations | 85 | 85 |
Liabilities, Current, Total | 9,212 | 8,166 |
Notes payable (note 12) | 35,246 | 34,000 |
Deferred income tax liability (note 13) | 3,345 | 3,345 |
Deferred revenue (note 14) | 2,508 | 2,508 |
Asset retirement obligations (note 15) | 17,318 | 17,279 |
Other liabilities - warrants (note 16) | 1,592 | 1,374 |
Liabilities, Noncurrent, Total | 60,009 | 58,506 |
Liabilities | 69,221 | 66,672 |
Share Capital | ' | ' |
Class A preferred shares, without par value, unlimited shares authorized. No shares issued and outstanding | 0 | 0 |
Common shares, without par value, unlimited shares authorized. Shares issued and outstanding: 128,711,182 at March 31, 2014 and 127,559,743 at December 31, 2013 | 167,325 | 165,974 |
Warrants | 4,175 | 4,175 |
Contributed surplus | 13,890 | 14,247 |
Accumulated other comprehensive loss | 3,333 | 3,298 |
Deficit | -150,978 | -149,030 |
Stockholders'Equity Attributable to Parent, Total | 37,745 | 38,664 |
Liabilities and Equity, Total | $106,966 | $105,336 |
Unaudited_Interim_Consolidated1
Unaudited Interim Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Class A preferred shares, without par value | $0 | $0 |
Class A preferred shares, shares issued | 0 | 0 |
Class A preferred shares, shares outstanding | 0 | 0 |
Common shares, without par value | $0 | $0 |
Common shares, Shares issued | 128,711,182 | 127,559,743 |
Common shares, Shares outstanding | 128,711,182 | 127,559,743 |
Unaudited_Interim_Consolidated2
Unaudited Interim Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Sales (net of direct taxes) (note 18) | $6,147 | $0 |
Cost of sales | -3,240 | 0 |
Gross profit | 2,907 | 0 |
Operating Expenses | ' | ' |
Exploration and evaluation | -1,018 | -594 |
Development | -574 | -5,093 |
General and administrative | -2,312 | -1,521 |
Loss from operations | -997 | -7,208 |
Interest income (expense) (net) | -674 | 15 |
Warrant mark to market adjustment | -263 | 0 |
Foreign exchange loss | -14 | 0 |
Other loss | 0 | -2 |
Net loss for the period | -1,948 | -7,195 |
Loss per common share: | ' | ' |
Basic and diluted | ($0.02) | ($0.06) |
Weighted average number of common shares outstanding: | ' | ' |
Basic and diluted | 128,101,046 | 121,283,077 |
COMPREHENSIVE LOSS | ' | ' |
Net Loss for the period | -1,948 | -7,195 |
Translation adjustment as of date of adoption of US$ as functional currency | 0 | -6,161 |
Translation adjustment on foreign operations | 35 | -28 |
Comprehensive loss for the period | ($1,913) | ($13,384) |
Unaudited_Interim_Consolidated3
Unaudited Interim Consolidated Statements of Shareholders' Equity (USD $) | Total | Capital Stock | Warrants | Contributed Surplus | Accumulated Other Comprehensive Loss Gain | Deficit |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2013 | $38,664 | $165,974 | $4,175 | $14,247 | $3,298 | ($149,030) |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 127,559,743 | ' | ' | ' | ' |
Exercise of stock options | 834 | 1,270 | 0 | -436 | 0 | 0 |
Exercise of stock options (in shares) | ' | 985,592 | ' | ' | ' | ' |
Common shares issued for cash, net of issue costs - additional costs | -50 | -50 | ' | 0 | 0 | 0 |
Common shares issued for cash, net of issue costs (in shares) | ' | 0 | ' | ' | ' | ' |
Redemption of vested RSUs | -83 | 131 | 0 | -214 | 0 | 0 |
Redemption of vested RSUs (in shares) | ' | 165,847 | ' | ' | ' | ' |
Non-cash stock compensation | 293 | 0 | 0 | 293 | 0 | 0 |
Net loss and comprehensive loss | -1,913 | 0 | 0 | 0 | 35 | -1,948 |
Ending Balance at Mar. 31, 2014 | $37,745 | $167,325 | $4,175 | $13,890 | $3,333 | ($150,978) |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 128,711,182 | ' | ' | ' | ' |
Unaudited_Interim_Consolidated4
Unaudited Interim Consolidated Statements of Cash Flow (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash provided by (used in) Operating activities | ' | ' |
Net loss for the period | ($1,948) | ($7,195) |
Items not affecting cash: | ' | ' |
Stock based expense | 293 | 365 |
Depreciation and amortization | 1,939 | 79 |
Non-cash interest expense | 38 | 0 |
Warrant mark to market loss | 263 | 0 |
RSUs redeemed for cash | -66 | -39 |
Proceeds from assignment of sales contract | 0 | 5,143 |
Change in non-cash working capital items: | ' | ' |
Accounts receivable | 1,488 | -11 |
Inventory | -1,863 | 0 |
Prepaid expenses | -51 | -236 |
Accounts payable and accrued liabilities | 1,149 | 902 |
Net Cash Provided by (Used in) Operating Activities, Total | 1,242 | -992 |
Investing activities | ' | ' |
Mineral property costs | -57 | 0 |
Purchase of short-term investments | 0 | -25 |
Sale of short-term investments | 0 | 3,121 |
Increase in restricted cash | 0 | -3,001 |
Funding of equity investment | -4 | 0 |
Purchase of capital assets | -297 | -6,495 |
Net Cash Provided by (Used in) Investing Activities, Total | -358 | -6,400 |
Financing activities | ' | ' |
Issuance of common shares and warrants for cash | 0 | 0 |
Share issue costs | 43 | 0 |
Proceeds from exercise of stock options | 834 | 0 |
Proceeds from debt financing | 1,500 | 0 |
Cost of debt financing | -37 | 0 |
Repayment of debt | -76 | -28 |
Net Cash Provided by (Used in) Financing Activities, Total | 2,264 | -28 |
Effects of foreign exchange rate changes on cash | -103 | -173 |
Net change in cash and cash equivalents | 3,045 | -7,593 |
Beginning cash and cash equivalents | 1,627 | 11,536 |
Ending cash and cash equivalents | $4,672 | $3,943 |
Nature_of_Operations
Nature of Operations | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | |
Nature of Operations | ' | |
1 | Nature of Operations | |
Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004 under the laws of the Province of Ontario. The Company continued under the Canada Business Corporations Act on August 8, 2006. The Company is an exploration stage mining company as defined by U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7 headquartered in Littleton, Colorado and engaged in the identification, acquisition, exploration, evaluation, development and production of uranium mineral resources located primarily in Wyoming in the United States with additional exploration interests in Canada. As of August 2013, the Company commenced uranium production at its Lost Creek Project. | ||
Due to the nature of the uranium mining methods used by the Company on the Lost Creek Property, and the definition of “mineral reserves” under the United States Securities and Exchange Commission Industry Guide 7, the Company has not determined whether the properties contain mineral reserves. However, the Company’s December 30, 2013 NI 43-101 Technical Report on Lost Creek, “Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming,” outlines the potential viability of the Lost Creek Property. The recoverability of amounts recorded for mineral properties is dependent upon the discovery of economic resources, the ability of the Company to obtain the necessary financing to develop the properties and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties. | ||
Liquidity_Risk
Liquidity Risk | 3 Months Ended | |
Mar. 31, 2014 | ||
Liquidity Risk [Abstract] | ' | |
Liquidity Risk | ' | |
2 | Liquidity Risk | |
The Company has financed its operations from its inception primarily through the issuance of equity securities and debt instruments. Construction and development of the Lost Creek Project commenced in October 2012 after receiving the Record of Decision from the United States Department of the Interior Bureau of Land Management (“BLM”). Production began in August 2013 after receiving final operational clearance from the Nuclear Regulatory Commission (“NRC”). The Company made its first deliveries and related sales in December 2013. | ||
On October 23, 2013, the Company closed a $34 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond financing program (“State Bond Loan”). The repayment terms of the State Bond Loan call for interest only payments for the first year of the loan. | ||
On December 19, 2013, the Company drew down $5 million from RMB Australia Holdings (“RMBAH”) on its First Loan Facility (see note 12). On the same date, the Company closed a private placement for gross proceeds of $5.1 million from the sale of 4.7 million units at $1.10 per unit. Together, the funds were used to purchase Pathfinder Mines Corporation on December 18, 2013. | ||
On March 14, 2014, the Company drew down an additional $1.5 million on its First Loan Facility (see note 12). | ||
Based upon the Company’s current working capital balances and the expected timing of product sales, it is possible that additional funding might be sought. Although the Company has been successful in raising debt and equity financing in the past, there can be no guarantee that such funding will be available in the future. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
3 | Summary of Significant Accounting Policies | |
Basis of presentation | ||
These financial statements have been prepared by management in accordance with United States generally accepted accounting principles (“US GAAP”) and include all of the assets, liabilities and expenses of the Company and its wholly-owned subsidiaries Ur-Energy USA Inc.; NFU Wyoming, LLC; Lost Creek ISR, LLC; NFUR Bootheel, LLC; Hauber Project LLC; NFUR Hauber, LLC; and (as of December 20, 2013) Pathfinder Mines Corporation. All inter-company balances and transactions have been eliminated upon consolidation. Ur-Energy Inc. and its wholly-owned subsidiaries are collectively referred to herein as the “Company.” | ||
These unaudited interim consolidated financial statements do not conform in all respects to the requirements of generally accepted accounting principles for annual financial statements. The unaudited interim financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair statement of the results for the periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2013. | ||
Presentational currency | ||
As a result of losing its foreign private issuer status during 2013, the Company changed its presentational currency from the Canadian dollar to U.S. dollars. Comparative information has therefore been restated in U.S. dollars in these financial statements. The effects of doing so are not significant because the Canadian and U.S. dollars were close to par at March 31, 2013. | ||
Exploration Stage | ||
The Company has established the existence of mineralized materials for certain uranium projects, including the Lost Creek property. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects, including Lost Creek property. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Lost Creek property or the Shirley Basin mine. As a result, and despite the fact that the Company commenced extraction of U3O8 at the Lost Creek property in September 2013, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established. | ||
Since the Company commenced extraction of mineralized materials at the Lost Creek property without having established proven and probable reserves, any mineralized materials established or extracted from the Lost Creek property should not be in any way associated with having established, or production from, proven or probable reserves. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that have reserves in accordance with United States standards. | ||
Restatement | ||
The Company has regularly monitored practices followed by peer companies in the industry. As discussed above, the Company has not established, and has no plans to establish the existence of proven and probable reserves at this project. As a result of this, the Company changed its accounting policy at December 31, 2013 with respect to the nature of items that qualify for capitalization for in-situ uranium mining operations to align its policy to the accounting treatment that has been established as best practice for these types of mining operations. | ||
The specific costs affected by this change are those associated with the development of the well field which, during 2013, was being constructed as a part of the Lost Creek project. The development of this well field includes production and monitor well drilling and completion, piping within the well field and to the processing facility, header houses used to monitor production and disposal wells associated with the operation of the mine. These costs are now expensed when incurred. | ||
During the quarter ended March 31, 2013, a total of $4.1 million of such expenditures were originally capitalized as part of construction in progress within capital assets. Accordingly, the comparative financial statements have been restated to show the impact of this change in accounting policy and reflect this $4.1 million as development expense. This increased the loss per share from $0.03 per share to $0.06. | ||
New accounting pronouncements | ||
The Company continues to monitor new accounting pronouncements and their applicability to the Company’s operations and reporting. During the period ended March 31, 2014, there were no new pronouncements which directly affected the Company’s accounting policies or reporting. | ||
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Cash and Cash Equivalents | ' | |||||||
4 | Cash and Cash Equivalents | |||||||
The Company’s cash and cash equivalents consist of the following: | ||||||||
As at | As at | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Cash on deposit at banks | 321 | 296 | ||||||
Money market funds | 4,351 | 1,331 | ||||||
4,672 | 1,627 | |||||||
Accounts_Receivable
Accounts Receivable | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
5 | Accounts Receivable | |||||||
The Company’s accounts receivable consist of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
Trade accounts receivable | ||||||||
Company A | 4,126 | 1,768 | ||||||
Company B | - | 3,895 | ||||||
Other Companies | 125 | 66 | ||||||
Total trade receivables | 4,251 | 5,729 | ||||||
Other receivables | 63 | 73 | ||||||
Total accounts receivable | 4,314 | 5,802 | ||||||
The names of Company A and Company B have not been disclosed for confidentiality reasons. | ||||||||
Inventory
Inventory | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
6 | Inventory | |||||||
The Company’s inventory consists of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
In-process inventory | 1,158 | 765 | ||||||
Plant inventory | 943 | 1,136 | ||||||
Conversion facility inventory | 1,815 | 152 | ||||||
3,916 | 2,053 | |||||||
As of March 31, 2014, there were no costs in excess of net realizable value. | ||||||||
Restricted_Cash
Restricted Cash | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restricted Cash and Investments, Current [Abstract] | ' | |||||||
Restricted Cash | ' | |||||||
7 | Restricted Cash | |||||||
The Company’s restricted cash consists of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
Cash on deposit at banks | 4,955 | 4,955 | ||||||
Money market funds | 100 | 100 | ||||||
5,055 | 5,055 | |||||||
(a) | The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality, United States Department of the Interior and United States Nuclear Regulatory Commission. The restricted money market accounts are pledged as collateral against performance surety bonds which are used to secure the potential costs of reclamation related to those properties. Surety bonds providing $9,858 of coverage towards specific reclamation obligations are collateralized by $4,955 of the restricted cash at March 31, 2014. | |||||||
(b) | A certificate of deposit ($100) provides security for the Company’s credit cards. | |||||||
Mineral_Properties
Mineral Properties | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Mineral Industries Disclosures [Abstract] | ' | |||||||||||
Mineral Properties | ' | |||||||||||
8 | Mineral Properties | |||||||||||
The Company’s mineral properties consist of the following: | ||||||||||||
USA | Canada | Total | ||||||||||
Lost Creek | Pathfinder | Other US | Canadian | |||||||||
Property | Mines | Properties | Properties | |||||||||
$ | $ | $ | $ | $ | ||||||||
Balance, December 31, 2013 | 23,686 | 15,317 | 13,210 | 489 | 52,702 | |||||||
Acquisition costs | - | 42 | - | - | 42 | |||||||
Exchange rate adjustment | - | - | - | -16 | -16 | |||||||
Amortization | -1,295 | - | - | - | -1,295 | |||||||
. | ||||||||||||
Balance, March 31, 2014 | 22,391 | 15,359 | 13,210 | 473 | 51,433 | |||||||
United States | ||||||||||||
Lost Creek Property | ||||||||||||
The Company acquired certain Wyoming properties when Ur-Energy USA Inc. entered into the Membership Interest Purchase Agreement (“MIPA”) with New Frontiers Uranium, LLC in 2005. Under the terms of the MIPA, the Company purchased 100% of NFU Wyoming, LLC. Assets acquired in this transaction include the Lost Creek Project, other Wyoming properties and development databases. NFU Wyoming, LLC was acquired for aggregate consideration of $20 million plus interest. Since 2005, the Company has increased its holdings adjacent to the initial Lost Creek acquisition through staking additional claims and additional property purchases and leases. | ||||||||||||
There is a royalty on each of the State of Wyoming sections under lease at the Lost Creek, LC West and EN Projects, as required by law. Other royalties exist on certain mining claims at the LC South and EN Projects. There are no royalties on the mining claims in the LC North, LC East or LC West Projects. | ||||||||||||
Pathfinder Mines | ||||||||||||
The Company acquired additional Wyoming properties when Ur-Energy USA, Inc. closed a Share Purchase Agreement (“SPA”) with an AREVA Mining affiliate in December 2013. Under the terms of the SPA, the Company purchased Pathfinder Mines Corporation (“Pathfinder”) to acquire additional mineral properties. Assets acquired in this transaction include the Shirley Basin Mine, portions of the Lucky Mc mine, machinery and equipment, vehicles, office equipment and development databases. Pathfinder was acquired for aggregate consideration of $6.7 million, a 5% production royalty under certain circumstances and the assumption of $5.7 million in estimated asset reclamation obligations. The purchase price allocation attributed $5.7 million to asset retirement obligations, $3.3 million to deferred tax liabilities, $15.3 million to mineral properties and the balance to the remaining assets and liabilities. We have performed a preliminary allocation of the purchase price to the underlying assets and liabilities acquired. These amounts are preliminary and adjustments may be necessary when the allocation is finalized. | ||||||||||||
Capital_Assets
Capital Assets | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||
Capital Assets | ' | |||||||||||||||||||
9 | Capital Assets | |||||||||||||||||||
The Company’s capital assets consist of the following: | ||||||||||||||||||||
As at March 31, 2014 | As at December 31, 2013 | |||||||||||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||
Rolling stock | 3,867 | 2,488 | 1,379 | 3,860 | 2,366 | 1,494 | ||||||||||||||
Buildings and enclosures | 32,892 | 690 | 32,202 | 32,936 | 279 | 32,657 | ||||||||||||||
Machinery and equipment | 968 | 362 | 606 | 903 | 343 | 560 | ||||||||||||||
Furniture, fixtures and leasehold improvements | 118 | 68 | 50 | 121 | 64 | 57 | ||||||||||||||
Information technology | 1,070 | 632 | 438 | 1,067 | 585 | 482 | ||||||||||||||
38,915 | 4,240 | 34,675 | 38,887 | 3,637 | 35,250 | |||||||||||||||
Equity_Investment
Equity Investment | 3 Months Ended | |
Mar. 31, 2014 | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | |
Equity Investment | ' | |
10 | Equity Investment | |
Following its earn-in to the Bootheel Project in 2009, Jet Metals Corp (“Jet Metals”), formerly Crosshair Energy Corporation, was required to fund 75% of the Project’s expenditures and the Company the remaining 25%. The Project has been accounted for using the equity accounting method with the Company’s proportionate share of the Project’s loss included in the Statement of Operations since the date of earn-in and the Company’s net investment is reflected on the Balance Sheet. Under the terms of the agreement, the Company elected not to participate financially for the year ended March 31, 2012 which reduced the Company’s ownership percentage to approximately 19%. The equity accounting method has been continued because of the Company’s ability to directly influence the budget process and therefore the operations of the Project. The Company resumed participation financially as of the project year ended March 31, 2013. | ||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
11 | Accounts Payable and Accrued Liabilities | |||||||
Accounts payable and accrued liabilities consist of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
Accounts payable | 1,012 | 1,508 | ||||||
Severance and ad valorem tax payable | 1,000 | 682 | ||||||
Payroll and other taxes | 1,784 | 510 | ||||||
Accounts payable - Capital assets | - | 228 | ||||||
3,796 | 2,928 | |||||||
Notes_Payable
Notes Payable | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Notes Payable [Abstract] | ' | |||||||||||||||||||||||
Notes Payable | ' | |||||||||||||||||||||||
12 | Notes Payable | |||||||||||||||||||||||
On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal is payable in 28 quarterly installments commencing January 1, 2015 and continuing through October 1, 2021. The State Bond Loan is collateralized by all of the assets at the Lost Creek Project. As a condition of the financing, the RMBAH First and Second Loan Facilities together with certain construction equipment loans were paid off with the funding proceeds from the State Bond Loan. | ||||||||||||||||||||||||
On June 24, 2013, the Company entered into a $20.0 million First Loan Facility with RMBAH. The initial $20.0 million was drawn and repaid during 2013. An amendment of the First Loan Facility allowed for $5.0 million to be redrawn. This was done on December 19, 2013 for the acquisition of Pathfinder. On March 14, 2014, the loan was amended to change the interest rate, extend the loan maturity date to March 31, 2016, increase the current loan to $6.5 million and provide for an additional line of credit of $3.5 million pending the completion and results of the Technical Report (NI 43-101) on the newly acquired Shirley Basin property. The amended interest rate is approximately 8.75%. Principal payments of $0.81 million are due quarterly commencing on June 30, 2014. | ||||||||||||||||||||||||
Deferred loan fees includes legal fees, commissions, commitment fees and other costs associated with obtaining the various financings. Those fees amortizable within 12 months of March 31, 2014 are considered current assets. | ||||||||||||||||||||||||
The following table lists the current and long term portion of each of the Company’s debt instruments: | ||||||||||||||||||||||||
As at | As at | |||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||
Current debt | - | |||||||||||||||||||||||
RMBAH First Loan Facility | 3,250 | 5,000 | ||||||||||||||||||||||
Insurance premium financing | 77 | 153 | ||||||||||||||||||||||
Sweetwater County bond | 2,004 | - | ||||||||||||||||||||||
5,331 | 5,153 | |||||||||||||||||||||||
Long term debt | ||||||||||||||||||||||||
Sweetwater County bond | 31,996 | 34,000 | ||||||||||||||||||||||
RMBAH First Loan Facility | 3,250 | - | ||||||||||||||||||||||
35,246 | 34,000 | |||||||||||||||||||||||
Schedule of payments on outstanding debt as of March 31, 2014: | ||||||||||||||||||||||||
Nine | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
Debt | Total | 2014 | 2015 | 2016 | 2017 | 2018 | Subsequent | Maturity | ||||||||||||||||
Sweetwater County bond | ||||||||||||||||||||||||
Principal | 34,000 | - | 4,066 | 4,305 | 4,558 | 4,826 | 16,245 | 1-Oct-21 | ||||||||||||||||
Interest | 8,752 | 1,466 | 1,810 | 1,568 | 1,311 | 1,039 | 1,558 | |||||||||||||||||
RMBAH First Loan Facility | ||||||||||||||||||||||||
Principal | 6,500 | 2,438 | 3,250 | 812 | - | - | - | 31-Mar-16 | ||||||||||||||||
Interest | 649 | 381 | 250 | 18 | - | - | - | |||||||||||||||||
Insurance premium financing | ||||||||||||||||||||||||
Principal | 51 | 51 | - | - | - | - | - | 31-May-14 | ||||||||||||||||
Interest | - | - | - | - | - | - | - | |||||||||||||||||
Total | 49,952 | 4,336 | 9,376 | 6,703 | 5,869 | 5,865 | 17,803 | |||||||||||||||||
Income_taxes
Income taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income taxes | ' | |
13 | Income taxes | |
The deferred income tax liability relates to the acquisition of the Pathfinder Mining Company. When the Company acquired Pathfinder, it had no basis in its remaining assets. Accordingly, the Company has no tax basis in these assets. Under US GAAP, the Company has to record a liability for the estimated additional taxes that would arise on the disposition of those assets because of the lack of basis in those assets. | ||
Deferred_Revenue
Deferred Revenue | 3 Months Ended | |
Mar. 31, 2014 | ||
Deferred Revenue Disclosure [Abstract] | ' | |
Deferred Revenue | ' | |
14 | Deferred Revenue | |
In March 2013, the Company assigned a portion of its contractual delivery obligations under two of its sales contracts to a natural resources trading company in exchange for a cash payment of $5.1 million. The remainder of the Company’s contractual delivery obligations under the two contracts remain in place as well as certain other performance obligations including scheduled deliveries of product sourced from approved locations which are covenants associated with the contracts. The Company will reflect the payment as revenue when the related deliveries under the contracts are settled. As of December 31, 2013, the deliveries called for in 2013 had been made and the revenue thereon was recognized. The required deliveries for 2014 had not been made as of March 31, 2014 and the revenue thereon remains deferred. | ||
Asset_Retirement_and_Reclamati
Asset Retirement and Reclamation Obligations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Asset Retirement and Reclamation Obligations | ' | |||||||
15 | Asset Retirement and Reclamation Obligations | |||||||
Asset retirement obligations ("ARO") for the Lost Creek Project are equal to the present value of all estimated future costs required to remediate any environmental disturbances that exist as of the end of the period, using discount rates ranging from 0.3% to 3.8%. Included in this liability are the costs of closure, reclamation, demolition and stabilization of the mines, processing plants, infrastructure, aquifer restoration, waste dumps and ongoing post-closure environmental monitoring and maintenance costs. At March 31, 2014, the total undiscounted amount of the future cash needs was estimated to be $17.7 million. The schedule of payments required to settle the ARO liability extends through 2033. | ||||||||
The restricted cash as discussed in note 7 is related to the surety bonds and letters of credit which provide security to the related governmental agencies on these obligations. | ||||||||
Three months ended | Year ended | |||||||
March 31, 2014 | December 31, 2013 | |||||||
$ | $ | |||||||
Beginning of year | 17,279 | 957 | ||||||
Liabilities incurred | - | 10,639 | ||||||
Assumed in Pathfinder Mining Corporation purchase | - | 5,656 | ||||||
Accretion expense | 39 | 27 | ||||||
End of period | 17,318 | 17,279 | ||||||
Other_Liabilities
Other Liabilities | 3 Months Ended | |
Mar. 31, 2014 | ||
Other Liabilities Disclosure [Abstract] | ' | |
Other Liabilities | ' | |
16 | Other Liabilities | |
For the December 2013 private placement, the Company issued units consisting of one common share and one half warrant. Each full warrant is priced at US$1.35 which created a derivative financial instrument. The liability created is adjusted to a calculated fair value quarterly using the Black-Scholes technique described below as there is no active market for the warrants. Any income or loss is reflected in net income for the year. The revaluation as of March 31, 2014 resulted in a loss of $263 thousand which is reflected on the statement of operations. | ||
Shareholders_Equity_and_Capita
Shareholders' Equity and Capital Stock | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Shareholdersb Equity and Capital Stock | ' | |||||||||||||||||||||||
17 | Shareholders’ Equity and Capital Stock | |||||||||||||||||||||||
Stock options | ||||||||||||||||||||||||
In 2005, the Company’s Board of Directors approved the adoption of the Company's stock option plan (the “Option Plan”). Eligible participants under the Option Plan include directors, officers, employees and consultants of the Company. Under the terms of the Option Plan, stock options generally vest with Option Plan participants as follows: 10% at the date of grant; 22% four and one-half months after grant; 22% nine months after grant; 22% thirteen and one-half months after grant; and the balance of 24% eighteen months after the date of grant. | ||||||||||||||||||||||||
Activity with respect to stock options is summarized as follows: | ||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||
average | ||||||||||||||||||||||||
Options | exercise price | |||||||||||||||||||||||
# | $ | |||||||||||||||||||||||
Outstanding, December 31, 2013 | 9,273,659 | 1.15 | ||||||||||||||||||||||
Granted | 100,000 | 1.52 | ||||||||||||||||||||||
Exercised | -985,592 | 0.84 | ||||||||||||||||||||||
Forfeited | -72,330 | 0.92 | ||||||||||||||||||||||
Outstanding, March 31, 2014 | 8,315,737 | 1.19 | ||||||||||||||||||||||
The exercise price of a new grant is set at the closing price for the stock on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date so there is no intrinsic value as of the date of grant. The fair value of options vested during the three months ended March 31, 2014 was $0.2 million. | ||||||||||||||||||||||||
As of March 31, 2014, outstanding stock options are as follows: | ||||||||||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||||||
average | Aggregate | average | Aggregate | |||||||||||||||||||||
Exercise | remaining | Intrinsic | remaining | Intrinsic | ||||||||||||||||||||
price | Number | contractual | Value | Number | contractual | Value | ||||||||||||||||||
$ | of options | life (years) | $ | of options | life (years) | $ | Expiry | |||||||||||||||||
0.81 | 512,662 | 0.4 | 379 | 512,662 | 0.4 | 379 | 2-Sep-14 | |||||||||||||||||
0.73 | 468,389 | 0.9 | 384 | 468,389 | 0.9 | 384 | 5-Mar-15 | |||||||||||||||||
2.59 | 1,318,293 | 1.8 | - | 1,318,293 | 1.8 | - | 28-Jan-16 | |||||||||||||||||
1.42 | 545,000 | 2.3 | 71 | 545,000 | 2.3 | 71 | 7-Jul-16 | |||||||||||||||||
1.06 | 677,223 | 2.4 | 332 | 677,223 | 2.4 | 332 | 9-Sep-16 | |||||||||||||||||
1.05 | 200,000 | 2.6 | 100 | 200,000 | 2.6 | 100 | 24-Oct-16 | |||||||||||||||||
0.82 | 1,002,482 | 2.8 | 732 | 1,002,482 | 2.8 | 732 | 12-Jan-17 | |||||||||||||||||
1.26 | 200,000 | 2.8 | 58 | 200,000 | 2.8 | 58 | 1-Feb-17 | |||||||||||||||||
1.07 | 100,000 | 2.9 | 48 | 100,000 | 2.9 | 48 | 1-Mar-17 | |||||||||||||||||
0.69 | 1,408,150 | 3.7 | 1,211 | 1,041,080 | 3.7 | 895 | 7-Dec-17 | |||||||||||||||||
0.7 | 637,382 | 4.1 | 542 | 338,866 | 4.1 | 288 | 25-Apr-18 | |||||||||||||||||
1.12 | 100,000 | 4.3 | 43 | 32,000 | 4.3 | 14 | 1-Aug-18 | |||||||||||||||||
1.08 | 1,046,156 | 4.7 | 492 | 102,806 | 4.7 | 48 | 27-Dec-18 | |||||||||||||||||
1.52 | 100,000 | 5 | 3 | 10,000 | 5 | - | 31-Mar-19 | |||||||||||||||||
1.15 | 8,315,737 | 2.9 | 4,395 | 6,548,801 | 2.4 | 3,349 | ||||||||||||||||||
The aggregate intrinsic value of the options in the preceding table represents the total pre-tax intrinsic value for stock options with an exercise price less than the Company’s TSX closing stock price of Cdn$1.71 as of the last trading day in the period ended March 31, 2014, that would have been received by the option holders had they exercised their options as of that date. The total number of in-the-money stock options outstanding as of March 31, 2014 was 6,997,444. The total number of in-the-money stock options exercisable as of March 31, 2014 was 5,220,508. | ||||||||||||||||||||||||
Restricted share units | ||||||||||||||||||||||||
On June 24, 2010, the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”). Eligible participants under the RSU Plan include directors, officers and employees of the Company. Under the terms of the RSU Plan, RSUs vest with participants as follows: 50% on the first anniversary of the date of the grant and 50% on the second anniversary of the date of the grant. | ||||||||||||||||||||||||
Activity with respect to RSUs is summarized as follows: | ||||||||||||||||||||||||
Number | Weighted | |||||||||||||||||||||||
of | Average Grant | |||||||||||||||||||||||
RSUs | Date Fair Value | |||||||||||||||||||||||
$ | ||||||||||||||||||||||||
Unvested, December 31, 2013 | 691,610 | 0.87 | ||||||||||||||||||||||
Vested | -230,531 | 0.79 | ||||||||||||||||||||||
Forfeited | -7,849 | 0.93 | ||||||||||||||||||||||
Unvested, March 31, 2014 | 453,230 | 0.91 | ||||||||||||||||||||||
As of March 31, 2014, outstanding RSUs are as follows: | ||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||
Number of | Remaining | Intrinsic | ||||||||||||||||||||||
unvested | life | Value | ||||||||||||||||||||||
Grant date | units | (years) | $ | |||||||||||||||||||||
7-Dec-12 | 191,188 | 0.69 | 296 | |||||||||||||||||||||
27-Dec-13 | 262,042 | 1.74 | 406 | |||||||||||||||||||||
453,230 | 1.25 | 702 | ||||||||||||||||||||||
Upon RSU vesting, the holder of an RSU will receive one common share, for no additional consideration, for each RSU held. | ||||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||
There was no warrant activity during the period ended March 31, 2014. | ||||||||||||||||||||||||
As of March 31, 2014, outstanding warrants are as follows: | ||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||
Exercise | Remaining | Intrinsic | ||||||||||||||||||||||
price | Number | contractual | Value | |||||||||||||||||||||
$ | of warrants | life (years) | $ | Expiry | ||||||||||||||||||||
0.89 | 50,000 | 1.4 | 33 | 4-Sep-15 | ||||||||||||||||||||
1.08 | 100,000 | 1.6 | 47 | 1-Nov-15 | ||||||||||||||||||||
0.9 | 25,000 | 1.9 | 16 | 5-Mar-16 | ||||||||||||||||||||
1.35 | 2,354,545 | 2.7 | 471 | 19-Dec-16 | ||||||||||||||||||||
1.08 | 4,294,167 | 4.2 | 2,018 | 24-Jun-18 | ||||||||||||||||||||
1.13 | 1,550,400 | 4.4 | 651 | 27-Aug-18 | ||||||||||||||||||||
8,374,112 | 3.8 | 3,236 | ||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||
Stock-based compensation expense was $0.3 million and $0.4 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
As of March 31, 2014, there was approximately $0.7 million of total unrecognized compensation expense (net of estimated pre-vesting forfeitures) related to unvested share-based compensation arrangements granted under the Option Plan and $0.3 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 1.1 years and 1.3 years, respectively. | ||||||||||||||||||||||||
Cash received from stock options exercised during the three months ended March 31, 2014 was $0.8 million. There were no options exercised during the three months ended March 31, 2013. | ||||||||||||||||||||||||
Fair Value Calculations | ||||||||||||||||||||||||
The initial fair value of options granted during the three months ended March 31, 2014 was determined using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Expected option life (years) | 3.49 | |||||||||||||||||||||||
Expected volatility | 66 | % | ||||||||||||||||||||||
Risk-free interest rate | 1.4 | % | ||||||||||||||||||||||
Forfeiture rate (options) | 4.5 | % | ||||||||||||||||||||||
Expected dividend rate | 0 | % | ||||||||||||||||||||||
There were no options granted during the three months ended March 31, 2013. | ||||||||||||||||||||||||
The Company estimates expected volatility using daily historical trading data of the Company’s common shares, because this is recognized as a valid method used to predict future volatility. The risk-free interest rates are determined by reference to Canadian Treasury Note constant maturities that approximate the expected option term. The Company has never paid dividends and currently has no plans to do so. | ||||||||||||||||||||||||
Share-based compensation expense is recognized net of estimated pre-vesting forfeitures, which results in recognition of expense on options that are ultimately expected to vest over the expected option term. Forfeitures were estimated using actual historical forfeiture experience. | ||||||||||||||||||||||||
There were no RSUs granted in the three months ended March 31, 2014 or 2013. | ||||||||||||||||||||||||
Sales
Sales | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Revenue [Abstract] | ' | ||||||||||||
Sales | ' | ||||||||||||
18 | Sales | ||||||||||||
Sales are primarily derived from U3O8 being sold to domestic utilities under contracts or spot sales. In 2013, the Company also sold its 2013 and 2014 deliveries under two of its contracts to a third party broker. | |||||||||||||
Sales consists of: | |||||||||||||
Three months ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
$ | $ | ||||||||||||
Company A | 4,127 | 60 | % | - | 0 | % | |||||||
Company B | 2,596 | 37.7 | % | - | 0 | % | |||||||
Disposal fee revenue | 160 | 2.3 | % | - | 0 | % | |||||||
6,883 | 100 | % | - | 0 | % | ||||||||
Severance and ad valorem taxes | 736 | - | |||||||||||
Net sales | 6,147 | - | |||||||||||
Financial_instruments
Financial instruments | 3 Months Ended | |
Mar. 31, 2014 | ||
Investments, All Other Investments [Abstract] | ' | |
Financial instruments | ' | |
19 | Financial instruments | |
The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, restricted cash, deposits, accounts payable and accrued liabilities and notes payable. The Company is exposed to risks related to changes in foreign currency exchange rates, interest rates and management of cash and cash equivalents and short-term investments | ||
Credit risk | ||
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and restricted cash. These assets include Canadian dollar and U.S. dollar denominated certificates of deposits, money market accounts and demand deposits. They bear interest at annual rates ranging from 0.18% to 0.6% and mature at various dates up to February 5, 2015. These instruments are maintained at financial institutions in Canada and the United States. Of the amount held on deposit, approximately $0.9 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the United States Federal Deposit Insurance Corporation, leaving approximately $8.9 million at risk at March 31, 2014 should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of March 31, 2014. | ||
Liquidity risk | ||
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. | ||
The Company has financed its operations from its inception primarily through the issuance of equity securities and debt instruments. Production commenced in August 2013 after receiving final operational clearance from the NRC. Product sales commenced in December 2013. | ||
As at March 31, 2014, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $3.8 million which are due within normal trade terms of generally 30 to 60 days, notes payable which will be payable over periods of 0 to 7 years, and asset retirement obligations with estimated completion dates until 2033. | ||
Sensitivity analysis | ||
The Company has completed a sensitivity analysis to estimate the impact that a change in interest rates would have on the net loss of the Company. This sensitivity analysis shows that a change of +/- 100 basis points in interest rate would have a $0.6 million impact for the year ending December 31, 2014. The financial position of the Company may vary at the time that a change in interest rates occurs causing the impact on the Company’s results to differ from that shown above. | ||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
These financial statements have been prepared by management in accordance with United States generally accepted accounting principles (“US GAAP”) and include all of the assets, liabilities and expenses of the Company and its wholly-owned subsidiaries Ur-Energy USA Inc.; NFU Wyoming, LLC; Lost Creek ISR, LLC; NFUR Bootheel, LLC; Hauber Project LLC; NFUR Hauber, LLC; and (as of December 20, 2013) Pathfinder Mines Corporation. All inter-company balances and transactions have been eliminated upon consolidation. Ur-Energy Inc. and its wholly-owned subsidiaries are collectively referred to herein as the “Company.” | |
These unaudited interim consolidated financial statements do not conform in all respects to the requirements of generally accepted accounting principles for annual financial statements. The unaudited interim financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair statement of the results for the periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2013. | |
Presentational currency | ' |
Presentational currency | |
As a result of losing its foreign private issuer status during 2013, the Company changed its presentational currency from the Canadian dollar to U.S. dollars. Comparative information has therefore been restated in U.S. dollars in these financial statements. The effects of doing so are not significant because the Canadian and U.S. dollars were close to par at March 31, 2013. | |
Exploration Stage | ' |
Exploration Stage | |
The Company has established the existence of mineralized materials for certain uranium projects, including the Lost Creek property. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects, including Lost Creek property. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Lost Creek property or the Shirley Basin mine. As a result, and despite the fact that the Company commenced extraction of U3O8 at the Lost Creek property in September 2013, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established. | |
Since the Company commenced extraction of mineralized materials at the Lost Creek property without having established proven and probable reserves, any mineralized materials established or extracted from the Lost Creek property should not be in any way associated with having established, or production from, proven or probable reserves. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that have reserves in accordance with United States standards. | |
Restatement | ' |
Restatement | |
The Company has regularly monitored practices followed by peer companies in the industry. As discussed above, the Company has not established, and has no plans to establish the existence of proven and probable reserves at this project. As a result of this, the Company changed its accounting policy at December 31, 2013 with respect to the nature of items that qualify for capitalization for in-situ uranium mining operations to align its policy to the accounting treatment that has been established as best practice for these types of mining operations. | |
The specific costs affected by this change are those associated with the development of the well field which, during 2013, was being constructed as a part of the Lost Creek project. The development of this well field includes production and monitor well drilling and completion, piping within the well field and to the processing facility, header houses used to monitor production and disposal wells associated with the operation of the mine. These costs are now expensed when incurred. | |
During the quarter ended March 31, 2013, a total of $4.1 million of such expenditures were originally capitalized as part of construction in progress within capital assets. Accordingly, the comparative financial statements have been restated to show the impact of this change in accounting policy and reflect this $4.1 million as development expense. This increased the loss per share from $0.03 per share to $0.06. | |
New accounting pronouncements | ' |
New accounting pronouncements | |
The Company continues to monitor new accounting pronouncements and their applicability to the Company’s operations and reporting. During the period ended March 31, 2014, there were no new pronouncements which directly affected the Company’s accounting policies or reporting. | |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Schedule Of Cash and Cash Equivalents | ' | |||||||
The Company’s cash and cash equivalents consist of the following: | ||||||||
As at | As at | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Cash on deposit at banks | 321 | 296 | ||||||
Money market funds | 4,351 | 1,331 | ||||||
4,672 | 1,627 | |||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||
The Company’s accounts receivable consist of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
Trade accounts receivable | ||||||||
Company A | 4,126 | 1,768 | ||||||
Company B | - | 3,895 | ||||||
Other Companies | 125 | 66 | ||||||
Total trade receivables | 4,251 | 5,729 | ||||||
Other receivables | 63 | 73 | ||||||
Total accounts receivable | 4,314 | 5,802 | ||||||
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
The Company’s inventory consists of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
In-process inventory | 1,158 | 765 | ||||||
Plant inventory | 943 | 1,136 | ||||||
Conversion facility inventory | 1,815 | 152 | ||||||
3,916 | 2,053 | |||||||
Restricted_Cash_Tables
Restricted Cash (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restricted Cash and Investments, Current [Abstract] | ' | |||||||
Schedule of Restricted Cash and Cash Equivalents | ' | |||||||
The Company’s restricted cash consists of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
Cash on deposit at banks | 4,955 | 4,955 | ||||||
Money market funds | 100 | 100 | ||||||
5,055 | 5,055 | |||||||
(a) | The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality, United States Department of the Interior and United States Nuclear Regulatory Commission. The restricted money market accounts are pledged as collateral against performance surety bonds which are used to secure the potential costs of reclamation related to those properties. Surety bonds providing $9,858 of coverage towards specific reclamation obligations are collateralized by $4,955 of the restricted cash at March 31, 2014. | |||||||
(b) | A certificate of deposit ($100) provides security for the Company’s credit cards. | |||||||
Mineral_Properties_Tables
Mineral Properties (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Mineral Industries Disclosures [Abstract] | ' | |||||||||||
Mineral Property | ' | |||||||||||
The Company’s mineral properties consist of the following: | ||||||||||||
USA | Canada | Total | ||||||||||
Lost Creek | Pathfinder | Other US | Canadian | |||||||||
Property | Mines | Properties | Properties | |||||||||
$ | $ | $ | $ | $ | ||||||||
Balance, December 31, 2013 | 23,686 | 15,317 | 13,210 | 489 | 52,702 | |||||||
Acquisition costs | - | 42 | - | - | 42 | |||||||
Exchange rate adjustment | - | - | - | -16 | -16 | |||||||
Amortization | -1,295 | - | - | - | -1,295 | |||||||
. | ||||||||||||
Balance, March 31, 2014 | 22,391 | 15,359 | 13,210 | 473 | 51,433 | |||||||
Capital_Assets_Tables
Capital Assets (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||
The Company’s capital assets consist of the following: | ||||||||||||||||||||
As at March 31, 2014 | As at December 31, 2013 | |||||||||||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||
Rolling stock | 3,867 | 2,488 | 1,379 | 3,860 | 2,366 | 1,494 | ||||||||||||||
Buildings and enclosures | 32,892 | 690 | 32,202 | 32,936 | 279 | 32,657 | ||||||||||||||
Machinery and equipment | 968 | 362 | 606 | 903 | 343 | 560 | ||||||||||||||
Furniture, fixtures and leasehold improvements | 118 | 68 | 50 | 121 | 64 | 57 | ||||||||||||||
Information technology | 1,070 | 632 | 438 | 1,067 | 585 | 482 | ||||||||||||||
38,915 | 4,240 | 34,675 | 38,887 | 3,637 | 35,250 | |||||||||||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and accrued liabilities consist of the following: | ||||||||
As at | As at | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
$ | $ | |||||||
Accounts payable | 1,012 | 1,508 | ||||||
Severance and ad valorem tax payable | 1,000 | 682 | ||||||
Payroll and other taxes | 1,784 | 510 | ||||||
Accounts payable - Capital assets | - | 228 | ||||||
3,796 | 2,928 | |||||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Notes Payable [Abstract] | ' | |||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||||||
The following table lists the current and long term portion of each of the Company’s debt instruments: | ||||||||||||||||||||||||
As at | As at | |||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||
Current debt | - | |||||||||||||||||||||||
RMBAH First Loan Facility | 3,250 | 5,000 | ||||||||||||||||||||||
Insurance premium financing | 77 | 153 | ||||||||||||||||||||||
Sweetwater County bond | 2,004 | - | ||||||||||||||||||||||
5,331 | 5,153 | |||||||||||||||||||||||
Long term debt | ||||||||||||||||||||||||
Sweetwater County bond | 31,996 | 34,000 | ||||||||||||||||||||||
RMBAH First Loan Facility | 3,250 | - | ||||||||||||||||||||||
35,246 | 34,000 | |||||||||||||||||||||||
Schedule Of Debt Periodic Payments | ' | |||||||||||||||||||||||
Schedule of payments on outstanding debt as of March 31, 2014: | ||||||||||||||||||||||||
Nine | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
Debt | Total | 2014 | 2015 | 2016 | 2017 | 2018 | Subsequent | Maturity | ||||||||||||||||
Sweetwater County bond | ||||||||||||||||||||||||
Principal | 34,000 | - | 4,066 | 4,305 | 4,558 | 4,826 | 16,245 | 1-Oct-21 | ||||||||||||||||
Interest | 8,752 | 1,466 | 1,810 | 1,568 | 1,311 | 1,039 | 1,558 | |||||||||||||||||
RMBAH First Loan Facility | ||||||||||||||||||||||||
Principal | 6,500 | 2,438 | 3,250 | 812 | - | - | - | 31-Mar-16 | ||||||||||||||||
Interest | 649 | 381 | 250 | 18 | - | - | - | |||||||||||||||||
Insurance premium financing | ||||||||||||||||||||||||
Principal | 51 | 51 | - | - | - | - | - | 31-May-14 | ||||||||||||||||
Interest | - | - | - | - | - | - | - | |||||||||||||||||
Total | 49,952 | 4,336 | 9,376 | 6,703 | 5,869 | 5,865 | 17,803 | |||||||||||||||||
Asset_Retirement_and_Reclamati1
Asset Retirement and Reclamation Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Schedule of Asset Retirement Obligations | ' | |||||||
The restricted cash as discussed in note 7 is related to the surety bonds and letters of credit which provide security to the related governmental agencies on these obligations. | ||||||||
Three months ended | Year ended | |||||||
March 31, 2014 | December 31, 2013 | |||||||
$ | $ | |||||||
Beginning of year | 17,279 | 957 | ||||||
Liabilities incurred | - | 10,639 | ||||||
Assumed in Pathfinder Mining Corporation purchase | - | 5,656 | ||||||
Accretion expense | 39 | 27 | ||||||
End of period | 17,318 | 17,279 | ||||||
Shareholders_Equity_and_Capita1
Shareholders' Equity and Capital Stock (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||||
Activity with respect to stock options is summarized as follows: | ||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||
average | ||||||||||||||||||||||||
Options | exercise price | |||||||||||||||||||||||
# | $ | |||||||||||||||||||||||
Outstanding, December 31, 2013 | 9,273,659 | 1.15 | ||||||||||||||||||||||
Granted | 100,000 | 1.52 | ||||||||||||||||||||||
Exercised | -985,592 | 0.84 | ||||||||||||||||||||||
Forfeited | -72,330 | 0.92 | ||||||||||||||||||||||
Outstanding, March 31, 2014 | 8,315,737 | 1.19 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||||||||||
As of March 31, 2014, outstanding stock options are as follows: | ||||||||||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||||||
average | Aggregate | average | Aggregate | |||||||||||||||||||||
Exercise | remaining | Intrinsic | remaining | Intrinsic | ||||||||||||||||||||
price | Number | contractual | Value | Number | contractual | Value | ||||||||||||||||||
$ | of options | life (years) | $ | of options | life (years) | $ | Expiry | |||||||||||||||||
0.81 | 512,662 | 0.4 | 379 | 512,662 | 0.4 | 379 | 2-Sep-14 | |||||||||||||||||
0.73 | 468,389 | 0.9 | 384 | 468,389 | 0.9 | 384 | 5-Mar-15 | |||||||||||||||||
2.59 | 1,318,293 | 1.8 | - | 1,318,293 | 1.8 | - | 28-Jan-16 | |||||||||||||||||
1.42 | 545,000 | 2.3 | 71 | 545,000 | 2.3 | 71 | 7-Jul-16 | |||||||||||||||||
1.06 | 677,223 | 2.4 | 332 | 677,223 | 2.4 | 332 | 9-Sep-16 | |||||||||||||||||
1.05 | 200,000 | 2.6 | 100 | 200,000 | 2.6 | 100 | 24-Oct-16 | |||||||||||||||||
0.82 | 1,002,482 | 2.8 | 732 | 1,002,482 | 2.8 | 732 | 12-Jan-17 | |||||||||||||||||
1.26 | 200,000 | 2.8 | 58 | 200,000 | 2.8 | 58 | 1-Feb-17 | |||||||||||||||||
1.07 | 100,000 | 2.9 | 48 | 100,000 | 2.9 | 48 | 1-Mar-17 | |||||||||||||||||
0.69 | 1,408,150 | 3.7 | 1,211 | 1,041,080 | 3.7 | 895 | 7-Dec-17 | |||||||||||||||||
0.7 | 637,382 | 4.1 | 542 | 338,866 | 4.1 | 288 | 25-Apr-18 | |||||||||||||||||
1.12 | 100,000 | 4.3 | 43 | 32,000 | 4.3 | 14 | 1-Aug-18 | |||||||||||||||||
1.08 | 1,046,156 | 4.7 | 492 | 102,806 | 4.7 | 48 | 27-Dec-18 | |||||||||||||||||
1.52 | 100,000 | 5 | 3 | 10,000 | 5 | - | 31-Mar-19 | |||||||||||||||||
1.15 | 8,315,737 | 2.9 | 4,395 | 6,548,801 | 2.4 | 3,349 | ||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | |||||||||||||||||||||||
Activity with respect to RSUs is summarized as follows: | ||||||||||||||||||||||||
Number | Weighted | |||||||||||||||||||||||
of | Average Grant | |||||||||||||||||||||||
RSUs | Date Fair Value | |||||||||||||||||||||||
$ | ||||||||||||||||||||||||
Unvested, December 31, 2013 | 691,610 | 0.87 | ||||||||||||||||||||||
Vested | -230,531 | 0.79 | ||||||||||||||||||||||
Forfeited | -7,849 | 0.93 | ||||||||||||||||||||||
Unvested, March 31, 2014 | 453,230 | 0.91 | ||||||||||||||||||||||
Schedule Of Share-Based Compensation, Shares Authorized Under Restricted Stock Units, By Grant Date | ' | |||||||||||||||||||||||
As of March 31, 2014, outstanding RSUs are as follows: | ||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||
Number of | Remaining | Intrinsic | ||||||||||||||||||||||
unvested | life | Value | ||||||||||||||||||||||
Grant date | units | (years) | $ | |||||||||||||||||||||
7-Dec-12 | 191,188 | 0.69 | 296 | |||||||||||||||||||||
27-Dec-13 | 262,042 | 1.74 | 406 | |||||||||||||||||||||
453,230 | 1.25 | 702 | ||||||||||||||||||||||
Schedule Of Share-based Compensation Shares Authorized Under Warrants Plans by exercise price range | ' | |||||||||||||||||||||||
As of March 31, 2014, outstanding warrants are as follows: | ||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||
Exercise | Remaining | Intrinsic | ||||||||||||||||||||||
price | Number | contractual | Value | |||||||||||||||||||||
$ | of warrants | life (years) | $ | Expiry | ||||||||||||||||||||
0.89 | 50,000 | 1.4 | 33 | 4-Sep-15 | ||||||||||||||||||||
1.08 | 100,000 | 1.6 | 47 | 1-Nov-15 | ||||||||||||||||||||
0.9 | 25,000 | 1.9 | 16 | 5-Mar-16 | ||||||||||||||||||||
1.35 | 2,354,545 | 2.7 | 471 | 19-Dec-16 | ||||||||||||||||||||
1.08 | 4,294,167 | 4.2 | 2,018 | 24-Jun-18 | ||||||||||||||||||||
1.13 | 1,550,400 | 4.4 | 651 | 27-Aug-18 | ||||||||||||||||||||
8,374,112 | 3.8 | 3,236 | ||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||||
The initial fair value of options granted during the three months ended March 31, 2014 was determined using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Expected option life (years) | 3.49 | |||||||||||||||||||||||
Expected volatility | 66 | % | ||||||||||||||||||||||
Risk-free interest rate | 1.4 | % | ||||||||||||||||||||||
Forfeiture rate (options) | 4.5 | % | ||||||||||||||||||||||
Expected dividend rate | 0 | % | ||||||||||||||||||||||
Sales_Tables
Sales (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Revenue [Abstract] | ' | ||||||||||||
Schedule Of Revenue | ' | ||||||||||||
Sales consists of: | |||||||||||||
Three months ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
$ | $ | ||||||||||||
Company A | 4,127 | 60 | % | - | 0 | % | |||||||
Company B | 2,596 | 37.7 | % | - | 0 | % | |||||||
Disposal fee revenue | 160 | 2.3 | % | - | 0 | % | |||||||
6,883 | 100 | % | - | 0 | % | ||||||||
Severance and ad valorem taxes | 736 | - | |||||||||||
Net sales | 6,147 | - | |||||||||||
Liquidity_Risk_Details_Textual
Liquidity Risk (Details Textual) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 19, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 19, 2013 | Oct. 15, 2013 | Oct. 23, 2013 | Mar. 14, 2014 | Dec. 19, 2013 | Oct. 23, 2013 | Mar. 14, 2014 | Jun. 24, 2013 |
USD ($) | USD ($) | USD ($) | CAD | Private Placement [Member] | Sweetwater IDR Bond [Member] | Sweetwater IDR Bond [Member] | State Bond Loan [Member] | State Bond Loan [Member] | State Bond Loan [Member] | RMBAH First Credit Facility [Member] | RMBAH First Credit Facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Liquidity Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | $34,000,000 | $34,000,000 | ' | ' | ' | ' | $20,000,000 |
Proceeds from debt financing | ' | 1,500,000 | 0 | ' | ' | ' | ' | 6,500,000 | 5,000,000 | 5,000,000 | 1,500,000 | ' |
Proceeds from Issuance of Private Placement | $5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | 4.7 | ' | ' | ' | ' | ' | ' | ' |
Share per price | $1.10 | ' | ' | 1.71 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Construction and Development Costs, Total | ' | $4.10 |
Earnings Per Share Basic and Diluted | ($0.02) | ($0.06) |
Scenario, Previously Reported [Member] | ' | ' |
Earnings Per Share Basic and Diluted | ' | $0.03 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash on deposit at banks | $321 | $296 | ' | ' |
Money market funds | 4,351 | 1,331 | ' | ' |
Cash and cash equivalents | $4,672 | $1,627 | $3,943 | $11,536 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trade accounts receivable | ' | ' |
Trade receivables | $4,251 | $5,729 |
Other receivables | 63 | 73 |
Total accounts receivable | 4,314 | 5,802 |
Company A [Member] | ' | ' |
Trade accounts receivable | ' | ' |
Trade receivables | 4,126 | 1,768 |
Company B [Member] | ' | ' |
Trade accounts receivable | ' | ' |
Trade receivables | 0 | 3,895 |
Other Companies [Member] | ' | ' |
Trade accounts receivable | ' | ' |
Trade receivables | $125 | $66 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Inventory, Net, Total | $3,916 | $2,053 |
In Process Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Net, Total | 1,158 | 765 |
Plant Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Net, Total | 943 | 1,136 |
Conversion Facility Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Net, Total | $1,815 | $152 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-current restricted cash | $5,055 | $5,055 |
Cash On Deposit At Banks [Member] | ' | ' |
Non-current restricted cash | 4,955 | 4,955 |
Money Market Funds [Member] | ' | ' |
Non-current restricted cash | $100 | $100 |
Restricted_Cash_Details_Textua
Restricted Cash (Details Textual) (USD $) | Mar. 31, 2014 |
Securing Company Credit Card [Member] | ' |
Restricted Cash and Cash Equivalents | $100 |
Surety for Completion of ARO on Mineral Properties [Member] | ' |
Restricted Cash and Cash Equivalents | 9,858 |
Securing Surety Bonds [Member] | ' |
Restricted Cash and Cash Equivalents | $4,955 |
Mineral_Properties_Details
Mineral Properties (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Balance | $52,702 |
Acquisition costs | 42 |
Exchange rate adjustment | -16 |
Amortization | -1,295 |
Balance | 51,433 |
Lost Creek Property [Member] | ' |
Balance | 23,686 |
Acquisition costs | 0 |
Exchange rate adjustment | 0 |
Amortization | -1,295 |
Balance | 22,391 |
Other Us Properties [Member] | ' |
Balance | 13,210 |
Acquisition costs | 0 |
Exchange rate adjustment | 0 |
Amortization | 0 |
Balance | 13,210 |
Canadian Properties [Member] | ' |
Balance | 489 |
Acquisition costs | 0 |
Exchange rate adjustment | -16 |
Amortization | 0 |
Balance | 473 |
Path Finder Mines [Member] | ' |
Balance | 15,317 |
Acquisition costs | 42 |
Exchange rate adjustment | 0 |
Amortization | 0 |
Balance | $15,359 |
Mineral_Properties_Details_Tex
Mineral Properties (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Percentage Of Production Royalty On Acquisition | 5.00% |
Assumption Amount In Estimated Asset Reclamation Obligation | $5.70 |
Allocated To Mineral Properties [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 15.3 |
Deferred Tax Liabilites [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 3.3 |
Asset Retirement Obligation [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 5.7 |
Pathfinder Mines Corporation [Member] | ' |
Payments to Acquire Businesses, Gross | 6.7 |
Nfu Wyoming Llc [Member] | Lost Creek Property [Member] | ' |
Percentage of asset acquired | 100.00% |
Purchased property interest | $20 |
Capital_Assets_Details
Capital Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $38,915 | $38,887 |
Accumulated Depreciation | 4,240 | 3,637 |
Net Book Value | 34,675 | 35,250 |
Rolling stock [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 3,867 | 3,860 |
Accumulated Depreciation | 2,488 | 2,366 |
Net Book Value | 1,379 | 1,494 |
Buildings and enclosures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 32,892 | 32,936 |
Accumulated Depreciation | 690 | 279 |
Net Book Value | 32,202 | 32,657 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 968 | 903 |
Accumulated Depreciation | 362 | 343 |
Net Book Value | 606 | 560 |
Furniture, fixtures and leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 118 | 121 |
Accumulated Depreciation | 68 | 64 |
Net Book Value | 50 | 57 |
Information technology [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 1,070 | 1,067 |
Accumulated Depreciation | 632 | 585 |
Net Book Value | $438 | $482 |
Equity_Investment_Details_Text
Equity Investment (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2012 | |
Project Expenditure Percentage | 25.00% | ' |
Decreases In Equity Method Investment Ownership Percentage | ' | 19.00% |
Crosshair Energy Corporation [Member] | ' | ' |
Project Expenditure Percentage | 75.00% | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts payable | $1,012 | $1,508 |
Severance and ad Valorem tax payable | 1,000 | 682 |
Payroll and other taxes | 1,784 | 510 |
Accounts payable - Capital assets | 0 | 228 |
Accounts payable and accrued liabilities | $3,796 | $2,928 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current debt | ' | ' |
Long-Term Debt, Current Maturities | $5,331 | $5,153 |
Long term debt | ' | ' |
Long-Term Debt, Excluding Current Maturities | 35,246 | 34,000 |
RMBAH First Loan Facility [Member] | ' | ' |
Current debt | ' | ' |
Long-Term Debt, Current Maturities | 3,250 | 5,000 |
Long term debt | ' | ' |
Long-Term Debt, Excluding Current Maturities | 3,250 | 0 |
Insurance premium financing [Member] | ' | ' |
Current debt | ' | ' |
Long-Term Debt, Current Maturities | 77 | 153 |
Sweetwater County bond [Member] | ' | ' |
Current debt | ' | ' |
Long-Term Debt, Current Maturities | 2,004 | 0 |
Long term debt | ' | ' |
Long-Term Debt, Excluding Current Maturities | $31,996 | $34,000 |
Notes_Payable_Details_1
Notes Payable (Details 1) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Total | $49,952 |
Subsequent Event [Member] | ' |
Total | 17,803 |
Year One [Member] | ' |
Total | 4,336 |
Year Two [Member] | ' |
Total | 9,376 |
Year Three [Member] | ' |
Total | 6,703 |
Year Four [Member] | ' |
Total | 5,869 |
Year Five [Member] | ' |
Total | 5,865 |
Sweetwater County bond [Member] | ' |
Principal | 34,000 |
Interest | 8,752 |
Debt Instrument, Maturity Date | 1-Oct-21 |
Sweetwater County bond [Member] | Subsequent Event [Member] | ' |
Principal | 16,245 |
Interest | 1,558 |
Sweetwater County bond [Member] | Year One [Member] | ' |
Principal | 0 |
Interest | 1,466 |
Sweetwater County bond [Member] | Year Two [Member] | ' |
Principal | 4,066 |
Interest | 1,810 |
Sweetwater County bond [Member] | Year Three [Member] | ' |
Principal | 4,305 |
Interest | 1,568 |
Sweetwater County bond [Member] | Year Four [Member] | ' |
Principal | 4,558 |
Interest | 1,311 |
Sweetwater County bond [Member] | Year Five [Member] | ' |
Principal | 4,826 |
Interest | 1,039 |
RMBAH First Loan Facility [Member] | ' |
Principal | 6,500 |
Interest | 649 |
Debt Instrument, Maturity Date | 31-Mar-16 |
RMBAH First Loan Facility [Member] | Year One [Member] | ' |
Principal | 2,438 |
Interest | 381 |
RMBAH First Loan Facility [Member] | Year Two [Member] | ' |
Principal | 3,250 |
Interest | 250 |
RMBAH First Loan Facility [Member] | Year Three [Member] | ' |
Principal | 812 |
Interest | 18 |
RMBAH First Loan Facility [Member] | Year Four [Member] | ' |
Principal | 0 |
Interest | 0 |
RMBAH First Loan Facility [Member] | Year Five [Member] | ' |
Principal | 0 |
Interest | 0 |
Insurance premium financing [Member] | ' |
Principal | 51 |
Interest | 0 |
Debt Instrument, Maturity Date | 31-May-14 |
Insurance premium financing [Member] | Subsequent Event [Member] | ' |
Interest | 0 |
Insurance premium financing [Member] | Year One [Member] | ' |
Principal | 51 |
Interest | 0 |
Insurance premium financing [Member] | Year Two [Member] | ' |
Principal | 0 |
Interest | 0 |
Insurance premium financing [Member] | Year Three [Member] | ' |
Principal | 0 |
Interest | 0 |
Insurance premium financing [Member] | Year Four [Member] | ' |
Principal | 0 |
Interest | 0 |
Insurance premium financing [Member] | Year Five [Member] | ' |
Principal | 0 |
Interest | $0 |
Notes_Payable_Details_Textual
Notes Payable (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Jun. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 23, 2013 | Mar. 14, 2014 | Jun. 24, 2013 | Dec. 31, 2013 | Mar. 14, 2014 | Dec. 19, 2013 | Oct. 23, 2013 | Mar. 14, 2014 | Oct. 23, 2013 | Oct. 15, 2013 | Oct. 23, 2013 | |
First Loan Facility [Member] | RMBAH First Credit Facility [Member] | RMBAH First Credit Facility [Member] | RMBAH First Credit Facility [Member] | State Bond Loan [Member] | State Bond Loan [Member] | State Bond Loan [Member] | State Bond Loan [Member] | State Bond Loan [Member] | Sweetwater IDR Bond [Member] | Sweetwater IDR Bond [Member] | ||||
Due Quarterly Commencing From June Thirty Two Thousand Fourteen [Member] | Due Quarterly Commencing From January One Two Thousand Fifteen [Member] | |||||||||||||
Proceeds from Issuance of Long-term Debt, Total | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | $34,000,000 | $34,000,000 |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | 21.60% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | 'interest at 7.5% plus the three month LIBOR rate recalculated at the start of each calendar quarter, approximately 7.77%. | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Issued Number | 4,294,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Issued Value | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Finance Arrangement Fee Percentage | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Finance Arrangement Fee | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | 1,500,000 | 0 | ' | 1,500,000 | ' | ' | 6,500,000 | 5,000,000 | 5,000,000 | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 810,000 | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | 4,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt, Total | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred_Revenue_Details_Textu
Deferred Revenue (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ' |
Payments To Acquire Delivery Contract Rights | $5.10 |
Asset_Retirement_and_Reclamati2
Asset Retirement and Reclamation Obligations (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Beginning of year | $17,279 | $957 |
Liabilities incurred | 0 | 10,639 |
Assumed in Pathfinder Mining Corporation purchase | 0 | 5,656 |
Accretion expense | 39 | 27 |
End of period | $17,318 | $17,279 |
Asset_Retirement_and_Reclamati3
Asset Retirement and Reclamation Obligations (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Estimated Future Cash Undiscounted Amount | 17.7 |
Minimum [Member] | ' |
Discount Rate Of Asset Retirement Obligations | 0.30% |
Maximum [Member] | ' |
Discount Rate Of Asset Retirement Obligations | 3.80% |
Other_Liabilities_Details_Text
Other Liabilities (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Option Indexed to Issuers Equity [Line Items] | ' | ' |
Warrants Price Per Share On Nonhedging Derivative Financial Instrument | $1.35 | ' |
Fair Value Adjustment of Warrants | $263 | $0 |
Shareholders_Equity_and_Capita2
Shareholders' Equity and Capital Stock (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Outstanding Beginning Balance, Options | 9,273,659 |
Granted, Options | 100,000 |
Exercised, Options | -985,592 |
Forfeited, Options | -72,330 |
Outstanding Ending Balance, Options | 8,315,737 |
Outstanding Beginning Balance, Weighted-average exercise price | $1.15 |
Granted, Weighted-average exercise price | $1.52 |
Exercised, Weighted-average exercise price | $0.84 |
Forfeited, Weighted-average exercise price | $0.92 |
Outstanding Ending Balance, Weighted-average exercise price | $1.19 |
Shareholders_Equity_and_Capita3
Shareholders' Equity and Capital Stock (Details 1) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Exercise price | $1.19 | $1.15 |
Number of options, Outstanding | 8,315,737 | 9,273,659 |
Weighted- average remaining contractual life (years), Outstanding | '2 years 10 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding | $4,395 | ' |
Number of options, Exercisable | 6,548,801 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 4 months 24 days | ' |
Aggregate Intrinsic Value, Exercisable | 3,349 | ' |
Stock Option Exercise Price Range One [Member] | ' | ' |
Exercise price | $0.81 | ' |
Number of options, Outstanding | 512,662 | ' |
Weighted- average remaining contractual life (years), Outstanding | '4 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding | 379 | ' |
Number of options, Exercisable | 512,662 | ' |
Weighted- average remaining contractual life (years), Exercisable | '4 months 24 days | ' |
Aggregate Intrinsic Value, Exercisable | 379 | ' |
Expiry | 2-Sep-14 | ' |
Stock Option Exercise Price Range Two [Member] | ' | ' |
Exercise price | $0.73 | ' |
Number of options, Outstanding | 468,389 | ' |
Weighted- average remaining contractual life (years), Outstanding | '10 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding | 384 | ' |
Number of options, Exercisable | 468,389 | ' |
Weighted- average remaining contractual life (years), Exercisable | '10 months 24 days | ' |
Aggregate Intrinsic Value, Exercisable | 384 | ' |
Expiry | 5-Mar-15 | ' |
Stock Option Exercise Price Range Three [Member] | ' | ' |
Exercise price | $2.59 | ' |
Number of options, Outstanding | 1,318,293 | ' |
Weighted- average remaining contractual life (years), Outstanding | '1 year 9 months 18 days | ' |
Aggregate Intrinsic Value, Outstanding | 0 | ' |
Number of options, Exercisable | 1,318,293 | ' |
Weighted- average remaining contractual life (years), Exercisable | '1 year 9 months 18 days | ' |
Aggregate Intrinsic Value, Exercisable | 0 | ' |
Expiry | 28-Jan-16 | ' |
Stock Option Exercise Price Range Four [Member] | ' | ' |
Exercise price | $1.42 | ' |
Number of options, Outstanding | 545,000 | ' |
Weighted- average remaining contractual life (years), Outstanding | '2 years 3 months 18 days | ' |
Aggregate Intrinsic Value, Outstanding | 71 | ' |
Number of options, Exercisable | 545,000 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 3 months 18 days | ' |
Aggregate Intrinsic Value, Exercisable | 71 | ' |
Expiry | 7-Jul-16 | ' |
Stock Option Exercise Price Range Five [Member] | ' | ' |
Exercise price | $1.06 | ' |
Number of options, Outstanding | 677,223 | ' |
Weighted- average remaining contractual life (years), Outstanding | '2 years 4 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding | 332 | ' |
Number of options, Exercisable | 677,223 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 4 months 24 days | ' |
Aggregate Intrinsic Value, Exercisable | 332 | ' |
Expiry | 9-Sep-16 | ' |
Stock Option Exercise Price Range Six [Member] | ' | ' |
Exercise price | $1.05 | ' |
Number of options, Outstanding | 200,000 | ' |
Weighted- average remaining contractual life (years), Outstanding | '2 years 7 months 6 days | ' |
Aggregate Intrinsic Value, Outstanding | 100 | ' |
Number of options, Exercisable | 200,000 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 7 months 6 days | ' |
Aggregate Intrinsic Value, Exercisable | 100 | ' |
Expiry | 24-Oct-16 | ' |
Stock Option Exercise Price Range Seven [Member] | ' | ' |
Exercise price | $0.82 | ' |
Number of options, Outstanding | 1,002,482 | ' |
Weighted- average remaining contractual life (years), Outstanding | '2 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Outstanding | 732 | ' |
Number of options, Exercisable | 1,002,482 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Exercisable | 732 | ' |
Expiry | 12-Jan-17 | ' |
Stock Option Exercise Price Range Eight [Member] | ' | ' |
Exercise price | $1.26 | ' |
Number of options, Outstanding | 200,000 | ' |
Weighted- average remaining contractual life (years), Outstanding | '2 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Outstanding | 58 | ' |
Number of options, Exercisable | 200,000 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Exercisable | 58 | ' |
Expiry | 1-Feb-17 | ' |
Stock Option Exercise Price Range Nine [Member] | ' | ' |
Exercise price | $1.07 | ' |
Number of options, Outstanding | 100,000 | ' |
Weighted- average remaining contractual life (years), Outstanding | '2 years 10 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding | 48 | ' |
Number of options, Exercisable | 100,000 | ' |
Weighted- average remaining contractual life (years), Exercisable | '2 years 10 months 24 days | ' |
Aggregate Intrinsic Value, Exercisable | 48 | ' |
Expiry | 1-Mar-17 | ' |
Stock Option Exercise Price Range Ten [Member] | ' | ' |
Exercise price | $0.69 | ' |
Number of options, Outstanding | 1,408,150 | ' |
Weighted- average remaining contractual life (years), Outstanding | '3 years 8 months 12 days | ' |
Aggregate Intrinsic Value, Outstanding | 1,211 | ' |
Number of options, Exercisable | 1,041,080 | ' |
Weighted- average remaining contractual life (years), Exercisable | '3 years 8 months 12 days | ' |
Aggregate Intrinsic Value, Exercisable | 895 | ' |
Expiry | 7-Dec-17 | ' |
Stock Option Exercise Price Range Eleven [Member] | ' | ' |
Exercise price | $0.70 | ' |
Number of options, Outstanding | 637,382 | ' |
Weighted- average remaining contractual life (years), Outstanding | '4 years 1 month 6 days | ' |
Aggregate Intrinsic Value, Outstanding | 542 | ' |
Number of options, Exercisable | 338,866 | ' |
Weighted- average remaining contractual life (years), Exercisable | '4 years 1 month 6 days | ' |
Aggregate Intrinsic Value, Exercisable | 288 | ' |
Expiry | 25-Apr-18 | ' |
Stock Option Exercise Price Range Twelve [Member] | ' | ' |
Exercise price | $1.12 | ' |
Number of options, Outstanding | 100,000 | ' |
Weighted- average remaining contractual life (years), Outstanding | '4 years 3 months 18 days | ' |
Aggregate Intrinsic Value, Outstanding | 43 | ' |
Number of options, Exercisable | 32,000 | ' |
Weighted- average remaining contractual life (years), Exercisable | '4 years 3 months 18 days | ' |
Aggregate Intrinsic Value, Exercisable | 14 | ' |
Expiry | 1-Aug-18 | ' |
Stock Option Exercise Price Range Thirteen [Member] | ' | ' |
Exercise price | $1.08 | ' |
Number of options, Outstanding | 1,046,156 | ' |
Weighted- average remaining contractual life (years), Outstanding | '4 years 8 months 12 days | ' |
Aggregate Intrinsic Value, Outstanding | 492 | ' |
Number of options, Exercisable | 102,806 | ' |
Weighted- average remaining contractual life (years), Exercisable | '4 years 8 months 12 days | ' |
Aggregate Intrinsic Value, Exercisable | 48 | ' |
Expiry | 27-Dec-18 | ' |
Stock Option Exercise Price Range Fourteen Member [Member] | ' | ' |
Exercise price | $1.52 | ' |
Number of options, Outstanding | 100,000 | ' |
Weighted- average remaining contractual life (years), Outstanding | '5 years | ' |
Aggregate Intrinsic Value, Outstanding | 3 | ' |
Number of options, Exercisable | 10,000 | ' |
Weighted- average remaining contractual life (years), Exercisable | '5 years | ' |
Aggregate Intrinsic Value, Exercisable | $0 | ' |
Expiry | 31-Mar-19 | ' |
Shareholders_Equity_and_Capita4
Shareholders' Equity and Capital Stock (Details 2) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Number of RSUs Unvested, Beginning Balance | 691,610 |
Number of RSUs Vested | -230,531 |
Number of RSUs Forfeited | -7,849 |
Number of RSUs Unvested, Ending Balance | 453,230 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $0.87 |
Vested, Weighted average grant date fair value | $0.79 |
Forfeited, Weighted average grant date fair value | $0.93 |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $0.91 |
Shareholders_Equity_and_Capita5
Shareholders' Equity and Capital Stock (Details 3) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Number of unvested units | 453,230 | 691,610 |
Remaining life (years) | '1 year 3 months | ' |
Aggregate Intrinsic Value | $702 | ' |
Grant Date One [Member] | ' | ' |
Grant date | 7-Dec-12 | ' |
Number of unvested units | 191,188 | ' |
Remaining life (years) | '8 months 8 days | ' |
Aggregate Intrinsic Value | 296 | ' |
Grant Date Two [Member] | ' | ' |
Grant date | 27-Dec-13 | ' |
Number of unvested units | 262,042 | ' |
Remaining life (years) | '1 year 8 months 26 days | ' |
Aggregate Intrinsic Value | $406 | ' |
Shareholders_Equity_and_Capita6
Shareholders' Equity and Capital Stock (Details 4) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Number of warrants | 8,374,112 |
Remaining contractual life (years) | '3 years 9 months 18 days |
Aggregate Intrinsic Value | $3,236 |
Warrants Exercise Price Range One [Member] | ' |
Exercise price | $0.89 |
Number of warrants | 50,000 |
Remaining contractual life (years) | '1 year 4 months 24 days |
Aggregate Intrinsic Value | 33 |
Expiry | 4-Sep-15 |
Warrants Exercise Price Range Two [Member] | ' |
Exercise price | $1.08 |
Number of warrants | 100,000 |
Remaining contractual life (years) | '1 year 7 months 6 days |
Aggregate Intrinsic Value | 47 |
Expiry | 1-Nov-15 |
Warrants Exercise Price Range Three [Member] | ' |
Exercise price | $0.90 |
Number of warrants | 25,000 |
Remaining contractual life (years) | '1 year 10 months 24 days |
Aggregate Intrinsic Value | 16 |
Expiry | 5-Mar-16 |
Warrants Exercise Price Range Four [Member] | ' |
Exercise price | $1.35 |
Number of warrants | 2,354,545 |
Remaining contractual life (years) | '2 years 8 months 12 days |
Aggregate Intrinsic Value | 471 |
Expiry | 19-Dec-16 |
Warrants Exercise Price Range Five [Member] | ' |
Exercise price | $1.08 |
Number of warrants | 4,294,167 |
Remaining contractual life (years) | '4 years 2 months 12 days |
Aggregate Intrinsic Value | 2,018 |
Expiry | 24-Jun-18 |
Warrants Exercise Price Range Six [Member] | ' |
Exercise price | $1.13 |
Number of warrants | 1,550,400 |
Remaining contractual life (years) | '4 years 4 months 24 days |
Aggregate Intrinsic Value | $651 |
Expiry | 27-Aug-18 |
Shareholders_Equity_and_Capita7
Shareholders' Equity and Capital Stock (Details 5) | 3 Months Ended |
Mar. 31, 2014 | |
Expected option life (years) | '3 years 5 months 26 days |
Expected volatility | 66.00% |
Risk-free interest rate | 1.40% |
Forfeiture rate (options) | 4.50% |
Expected dividend rate | 0.00% |
Shareholders_Equity_and_Capita8
Shareholders' Equity and Capital Stock (Details Textual) | 3 Months Ended | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 19, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | CAD | USD ($) | In Money Stock Option [Member] | Restricted Stock Units (Rsus) [Member] | Stock Options [Member] | Four and One-Half Months After Grant [Member] | Nine Months After Grant [Member] | Thirteen and One-Half Months After Grant [Member] | Eighteen Months After Date Of Grant [Member] | First Anniversary [Member] | Second Anniversary [Member] | ||
USD ($) | USD ($) | USD ($) | ||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 10.00% | ' | ' | ' | ' | ' | ' | ' | 22.00% | 22.00% | 22.00% | 24.00% | ' | ' |
Share Price | ' | ' | 1.71 | ' | $1.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, December 31, 2009 | ' | ' | 8,315,737 | 9,273,659 | ' | 6,997,444 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | 6,548,801 | ' | ' | 5,220,508 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Share Units Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% |
Stock based compensation | $293,000 | $365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | '1 year 1 month 6 days | '1 year 3 months 18 days | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales_Details
Sales (Details) (U3O8 [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Company A [Member] | ' | ' |
Sales Revenue, Goods, Net | $4,127 | $0 |
Concentration Risk, Percentage | 60.00% | 0.00% |
Company B [Member] | ' | ' |
Sales Revenue, Goods, Net | 2,596 | 0 |
Concentration Risk, Percentage | 37.70% | 0.00% |
Company A and B [Member] | ' | ' |
Sales Revenue, Goods, Net | 6,883 | 0 |
Concentration Risk, Percentage | 100.00% | 0.00% |
Disposal fee revenue | 160 | 0 |
Disposal Fees Concentration Risk Percentage | 2.30% | 0.00% |
Severance and ad valorem taxes | 736 | 0 |
Net Sales | $6,147 | $0 |
Financial_instruments_Details_
Financial instruments (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Accounts Payable, Trade, Current | $3.80 |
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Change In Basis Points | 100 |
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Net Loss Of Interest Rate | 0.6 |
Canada Deposit Insurance Corporation [Member] | ' |
Cash, FDIC Insured Amount | 0.9 |
Currency Risk [Member] | ' |
Cash, Uninsured Amount | $8.90 |
Minimum [Member] | ' |
Concentration Risk, Percentage | 0.60% |
Debt Instrument, Term | '0 years |
Maximum [Member] | ' |
Concentration Risk, Percentage | 0.18% |
Debt Instrument, Term | '7 years |