Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 130,048,326 | |
Entity Registrant Name | UR-ENERGY INC | |
Entity Central Index Key | 1375205 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents (note 4) | $2,182 | $3,104 |
Accounts receivable (note 5) | 13 | 28 |
Inventory (note 6) | 4,703 | 5,168 |
Current deferred financing costs (note 12) | 191 | 190 |
Prepaid expenses | 1,095 | 856 |
Assets, Current, Total | 8,184 | 9,346 |
Restricted cash (note 7) | 7,556 | 7,556 |
Mineral properties (note 8) | 51,455 | 52,750 |
Capital assets (note 9) | 32,451 | 32,993 |
Equity investment (note 10) | 1,089 | 1,090 |
Deferred financing costs (note 12) | 668 | 716 |
Assets, Noncurrent, Total | 93,219 | 95,105 |
Assets, Total | 101,403 | 104,451 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 11) | 4,799 | 4,532 |
Current portion of notes payable (note 12) | 10,934 | 7,374 |
Reclamation obligations | 85 | 85 |
Liabilities, Current, Total | 15,818 | 11,991 |
Notes payable (note 12) | 27,812 | 33,193 |
Deferred income tax liability (note 13) | 3,345 | 3,345 |
Asset retirement obligations (note 14) | 23,571 | 23,445 |
Other liabilities - warrants (note 15) | 423 | 376 |
Liabilities, Noncurrent, Total | 55,151 | 60,359 |
Liabilities | 70,969 | 72,350 |
Share Capital | ||
Class A preferred shares, without par value, unlimited shares authorized; no shares issued and outstanding | ||
Common shares, without par value, unlimited shares authorized; shares issued and outstanding: 130,048,326 at March 31, 2015 and 129,365,076 at December 31, 2014 | 168,749 | 168,118 |
Warrants | 4,175 | 4,175 |
Contributed surplus | 14,050 | 14,250 |
Accumulated other comprehensive income | 3,363 | 3,337 |
Deficit | -159,903 | -157,779 |
Stockholders'Equity Attributable to Parent, Total | 30,434 | 32,101 |
Liabilities and Equity, Total | $101,403 | $104,451 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
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 | 130,048,326 | 129,365,076 |
Common shares, Shares outstanding | 130,048,326 | 129,365,076 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Sales (note 17) | $7,387 | $6,147 |
Cost of sales | -5,390 | -3,240 |
Gross profit | 1,997 | 2,907 |
Operating Expenses | ||
Exploration and evaluation | -685 | -1,018 |
Development | -1,029 | -574 |
General and administrative | -1,517 | -2,312 |
Accretion | -126 | -38 |
Loss from operations | -1,360 | -1,035 |
Interest income (expense) (net) | -688 | -636 |
Warrants mark to market adjustment (note 15) | -77 | -263 |
Foreign exchange gain (loss) | 1 | -14 |
Net loss for the period | -2,124 | -1,948 |
Loss per common share: | ||
Basic and diluted | ($0.02) | ($0.02) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 129,709,518 | 128,101,046 |
COMPREHENSIVE LOSS | ||
Net Loss | -2,124 | -1,948 |
Translation adjustment on foreign operations | 26 | 35 |
Comprehensive loss for the period | ($2,098) | ($1,913) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Capital Stock | Warrants | Contributed Surplus | Accumulated Other Comprehensive Income | Deficit | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2014 | $168,118 | $4,175 | $14,250 | $3,337 | ($157,779) | $32,101 |
Beginning Balance (in shares) at Dec. 31, 2014 | 129,365,076 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options | 463 | -161 | 302 | |||
Exercise of stock options (in shares) | 468,082 | 468,082 | ||||
Redemption of vested RSUs | 167 | -226 | -59 | |||
Redemption of vested RSUs (in shares) | 215,168 | |||||
Non-cash stock compensation | 188 | 188 | ||||
Net loss and comprehensive loss | 26 | -2,124 | -2,098 | |||
Ending Balance at Mar. 31, 2015 | $168,749 | $4,175 | $14,050 | $3,363 | ($159,903) | $30,434 |
Ending Balance (in shares) at Mar. 31, 2015 | 130,048,326 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash provided by (used in) Operating activities | ||
Net loss for the period | ($2,124) | ($1,948) |
Items not affecting cash: | ||
Stock based expense | 188 | 293 |
Depreciation and amortization | 1,862 | 1,939 |
Accretion Expense | 126 | 38 |
Warrants mark to market gain | 77 | 263 |
RSUs redeemed for cash | -59 | -66 |
Change in non-cash working capital items: | ||
Accounts receivable | 15 | 1,488 |
Inventory | 465 | -1,863 |
Prepaid expenses | 67 | -51 |
Accounts payable and accrued liabilities | 11 | 1,149 |
Net Cash Provided by (Used in) Operating Activities, Total | 628 | 1,242 |
Investing activities | ||
Mineral property costs | -57 | |
Funding of equity investment | -4 | |
Purchase of capital assets | -24 | -297 |
Net Cash Provided by (Used in) Investing Activities, Total | -24 | -358 |
Financing activities | ||
Share issue costs | 43 | |
Proceeds from exercise of stock options | 302 | 834 |
Proceeds from debt financing | 1,500 | |
Cost of debt financing | -37 | |
Repayment of debt | -1,822 | -76 |
Net Cash Provided by (Used in) Financing Activities, Total | -1,520 | 2,264 |
Effects of foreign exchange rate changes on cash | -6 | -103 |
Net change in cash and cash equivalents | -922 | 3,045 |
Beginning cash and cash equivalents | 3,104 | 1,627 |
Ending cash and cash equivalents | $2,182 | $4,672 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations | 1.Nature of Operations |
Ur-Energy Inc. was incorporated on March 22, 2004 under the laws of the Province of Ontario. It was continued under the Canada Business Corporations Act on August 8, 2006. Ur-Energy-Inc. 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 Pathfinder Mines Corporation (the “Company”) is an exploration stage mining company as defined by U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7. We are headquartered in Littleton, Colorado. The Company is engaged in uranium mining and recovery operations, with activities including acquisition, exploration, development and operations of uranium mineral properties located in Wyoming. The Company commenced uranium production at its Lost Creek Project in August 2013. | |
Due to the nature of the uranium mining methods we use on the Lost Creek Property, and the definition of “mineral reserves” under the SEC Industry Guide 7, the Company has not determined whether the Lost Creek Property contains 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. As well, the Company’s January 27, 2015 NI 43-101 Technical Report on Shirley Basin, “Preliminary Economic Assessment of Shirley Basin Uranium Project Carbon County, Wyoming, USA,” (the “Shirley Basin PEA”) outlines the potential viability of the Shirley Basin Project. 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, 2015 | |
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 United States Nuclear Regulatory Commission (“NRC”). The Company made its first deliveries and related sales in December 2013. It is now generating funds from sales to finance its operations. | |
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, 2015 | |
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. All inter-company balances and transactions between the subsidiaries and/or the parent have been eliminated upon consolidation. | |
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, 2014. | |
Exploration Stage | |
The Company has established the existence of uranium resources for certain uranium projects, including the Lost Creek Property. The Company has not established proven or probable reserves, as defined by SEC under Industry Guide 7, through the completion of a final or “bankable” feasibility study for any of its uranium projects, including the 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 Project or the Shirley Basin Project. As a result, and despite the fact that the Company commenced recovery of U3O8 at the Lost Creek Project in August 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 recovery of uranium at the Lost Creek Project without having established proven and probable reserves, any uranium resources established or extracted from the Lost Creek Project 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. | |
Previous period comparatives | |
During the second quarter of 2014, we recorded an immaterial out of period adjustment due to the reclassification of severance and ad valorem taxes as a cost of extraction instead of a direct cost of sale. The taxes were previously reported as a direct cost of sale in the first quarter of 2014. | |
New accounting pronouncements | |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU”) 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. We are evaluating the impact of ASU 2015-03 on our consolidated financial statements. | |
Cash_and_cash_equivalents
Cash and cash equivalents | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents | 4Cash and Cash Equivalents | |||
The Company’s cash and cash equivalents consist of the following: | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Cash on deposit at banks | 874 | 431 | ||
Money market funds | 1,308 | 2,673 | ||
2,182 | 3,104 | |||
Accounts_Receivable
Accounts Receivable | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounts Receivable | ||||
Accounts Receivable | 5.Accounts Receivable | |||
The Company’s accounts receivable consist of the following: | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Trade accounts receivable | ||||
Other Companies | 5 | 19 | ||
Total trade receivables | 5 | 19 | ||
Other receivables | 8 | 9 | ||
Total accounts receivable | 13 | 28 | ||
The names of the individual companies have not been disclosed for confidentiality reasons. | ||||
Inventory
Inventory | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Inventory | ||||
Inventory | 6.Inventory | |||
The Company’s inventory consists of the following: | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
In-process inventory | 1,368 | 2,084 | ||
Plant inventory | 761 | 882 | ||
Conversion facility inventory | 2,574 | 2,202 | ||
4,703 | 5,168 | |||
As of March 31, 2015, there was no inventory on hand with costs in excess of net realizable value. | ||||
Restricted_Cash
Restricted Cash | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Restricted Cash | ||||
Restricted Cash | 7.Restricted Cash | |||
The Company’s restricted cash consists of the following: | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Money market account (a) | 7,456 | 7,456 | ||
Certificates of deposit (b) | 100 | 100 | ||
7,556 | 7,556 | |||
(a) The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality (“WDEQ”), the BLM and the NRC. 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 $26.7 million of coverage towards specific reclamation obligations are collateralized by $7.5 million of the restricted cash at March 31, 2015. | ||||
(b) A certificate of deposit ($0.1 million) provides security for the Company’s credit cards. | ||||
Mineral_Properties
Mineral Properties | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Mineral Properties | ||||||||
Mineral Properties | 8. Mineral Properties | |||||||
The Company’s mineral properties consist of the following: | ||||||||
Lost Creek | Pathfinder | Other US | ||||||
Property | Mines | Properties | Total | |||||
$ | $ | $ | $ | |||||
Balance, December 31, 2014 | 18,512 | 21,028 | 13,210 | 52,750 | ||||
Amortization | -1,295 | - | - | -1,295 | ||||
Balance, March 31, 2015 | 17,217 | 21,028 | 13,210 | 51,455 | ||||
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 Lost Creek, 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”). Assets acquired in this transaction include the Shirley Basin Mine, portions of the Lucky Mc Mine, machinery and equipment, vehicles, office equipment, and exploration and development databases. Pathfinder was acquired for aggregate consideration of $6.6 million, a 5% production royalty under certain circumstances and the assumption of certain asset reclamation obligations which were estimated by AREVA at $5.7 million. Additional royalties exist on certain of the mineral properties at Shirley Basin as described in the January 2015 Shirley Basin PEA. 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. | ||||||||
Capital_Assets
Capital Assets | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Capital Assets | ||||||||||||
Capital Assets | 9.Capital Assets | |||||||||||
The Company’s capital assets consist of the following: | ||||||||||||
As of | As of | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||
$ | $ | $ | $ | $ | $ | |||||||
Rolling stock | 3,881 | 2,946 | 935 | 3,878 | 2,852 | 1,026 | ||||||
Enclosures | 32,987 | 2,340 | 30,647 | 32,968 | 1,927 | 31,041 | ||||||
Machinery and equipment | 992 | 446 | 546 | 992 | 426 | 566 | ||||||
Furniture, fixtures and leasehold improvements | 119 | 84 | 35 | 119 | 81 | 38 | ||||||
Information technology | 1,121 | 833 | 288 | 1,119 | 797 | 322 | ||||||
39,100 | 6,649 | 32,451 | 39,076 | 6,083 | 32,993 | |||||||
Equity_Investment
Equity Investment | 3 Months Ended |
Mar. 31, 2015 | |
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 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 pro rata 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 operating 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. There have been no subsequent changes in the percentage of ownership of the project. Impairment testing was performed at December 31, 2014 which resulted in no change to the carrying cost of the investment. | |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounts Payable and Accrued Liabilities | ||||
Accounts Payable and Accrued Liabilities | 11.Accounts Payable and Accrued Liabilities | |||
Accounts payable and accrued liabilities consist of the following: | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Accounts payable | 1,669 | 1,503 | ||
Severance and ad valorem tax payable | 1,665 | 1,947 | ||
Payroll and other taxes | 1,465 | 1,082 | ||
4,799 | 4,532 | |||
Notes_Payable
Notes Payable | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes Payable [Abstract] | |||||||||||||||||
Notes Payable | 12.Notes Payable | ||||||||||||||||
On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 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, earlier loan facilities with RMB Australia Holding Ltd (“RMBAH”) 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 to 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 June 30, 2016 and increase the current loan to $10.0 million which included an additional line of credit of $3.5 million as a result of the completion and results of the Technical Report (NI 43-101) on the newly acquired Shirley Basin Project. On March 14, 2014, the Company also drew down an additional $1.5 million on its First Loan Facility. On September 19, 2014, the Company drew down the $3.5 million line of credit. The amended interest rate is approximately 8.75%. Principal payments of $0.81 million are due quarterly. The line of credit is renewable until March 31, 2016. | |||||||||||||||||
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, 2015 are considered current assets. | |||||||||||||||||
The following table lists the current (within 12 months) and long term portion of each of the Company’s debt instruments: | |||||||||||||||||
As at | As at | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Current debt | |||||||||||||||||
Sweetwater County bond | 4,184 | 4,124 | |||||||||||||||
RMBAH First Loan Facility | 6,750 | 3,250 | |||||||||||||||
10,934 | 7,374 | ||||||||||||||||
Long term debt | |||||||||||||||||
Sweetwater County bond | 27,812 | 28,881 | |||||||||||||||
RMBAH First Loan Facility | - | 4,312 | |||||||||||||||
27,812 | 33,193 | ||||||||||||||||
Schedule of payments on outstanding debt as of March 31, 2015: | |||||||||||||||||
Debt | Total | 2015 | 2016 | 2017 | 2018 | 2019 | Subsequent | Maturity | |||||||||
Sweetwater County bond | |||||||||||||||||
Principal | 31,996 | 3,115 | 4,367 | 4,623 | 4,895 | 5,183 | 9,813 | 1-Oct-21 | |||||||||
Interest | 6,577 | 1,335 | 1,568 | 1,311 | 1,039 | 752 | 572 | ||||||||||
RMBAH First Loan Facility | |||||||||||||||||
Principal | 6,750 | 2,438 | 4,312 | - | - | - | 31-Mar-16 | ||||||||||
Interest | 492 | 397 | 95 | - | - | - | |||||||||||
Total | 45,815 | 7,285 | 10,342 | 5,934 | 5,934 | 5,935 | 10,385 | ||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13.Income Taxes |
The deferred income tax liability relates to the acquisition of Pathfinder. 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. | |
Asset_Retirement_and_Reclamati
Asset Retirement and Reclamation Obligations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Asset Retirement and Reclamation Obligations | ||||
Asset Retirement and Reclamation Obligations | 14.Asset Retirement and Reclamation Obligations | |||
Asset retirement obligations ("ARO") relate to the Lost Creek Project and Pathfinder and 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 discounted at a risk-free rate. 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, 2015, the total undiscounted amount of the future cash needs was estimated to be $24.8 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 which provide security to the related governmental agencies on these obligations. | ||||
Three months ended | Year ended | |||
March 31, 2015 | December 31, 2014 | |||
$ | $ | |||
Beginning of year | 23,445 | 17,279 | ||
Change in estimated liability | - | 5,669 | ||
Accretion expense | 126 | 497 | ||
End of period | 23,571 | 23,445 | ||
Other_Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 15.Other Liabilities |
For the December 2013 private placement, we issued units consisting of one common share of the Company’s stock 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, 2015 resulted in a loss of $77 thousand for the three months ended March 31, 2015 which is reflected on the statement of operations. | |
Shareholders_Equity_and_Capita
Shareholders' Equity and Capital Stock | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Shareholders' Equity and Capital Stock | |||||||||||||||
Shareholders' Equity | 16.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- | |||||||||||||||
Options | average | ||||||||||||||
# | exercise price | ||||||||||||||
$ | |||||||||||||||
Outstanding, December 31, 2014 | 8,468,614 | 1.12 | |||||||||||||
Exercised | -468,082 | 0.65 | |||||||||||||
Forfeited | -18,261 | 0.86 | |||||||||||||
Expired | -10,810 | 0.65 | |||||||||||||
Outstanding, March 31, 2015 | 7,971,461 | 1.05 | |||||||||||||
The exercise price of a new grant is set at the closing price for the shares 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, 2015 was $0.1 million. | |||||||||||||||
As of March 31, 2015, 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 | ||||||||
2.27 | 1,227,034 | 0.8 | - | 1,227,034 | 0.8 | - | 28-Jan-16 | ||||||||
1.24 | 545,000 | 1.3 | - | 545,000 | 1.3 | - | 7-Jul-16 | ||||||||
0.93 | 657,782 | 1.4 | 11 | 657,782 | 1.4 | 11 | 9-Sep-16 | ||||||||
0.92 | 200,000 | 1.6 | 5 | 200,000 | 1.6 | 5 | 24-Oct-16 | ||||||||
0.72 | 956,382 | 1.8 | 189 | 956,382 | 1.8 | 189 | 12-Jan-17 | ||||||||
1.1 | 200,000 | 1.8 | - | 200,000 | 1.8 | - | 1-Feb-17 | ||||||||
0.93 | 100,000 | 1.9 | 2 | 100,000 | 1.9 | 2 | 1-Mar-17 | ||||||||
0.6 | 1,310,758 | 2.7 | 395 | 1,310,758 | 2.7 | 395 | 7-Dec-17 | ||||||||
0.61 | 587,059 | 3.1 | 172 | 587,059 | 3.1 | 172 | 25-Apr-18 | ||||||||
0.98 | 100,000 | 3.3 | - | 100,000 | 3.3 | - | 1-Aug-18 | ||||||||
0.95 | 956,232 | 3.7 | - | 726,950 | 3.7 | - | 27-Dec-18 | ||||||||
1.33 | 100,000 | 4 | - | 54,000 | 4 | - | 31-Mar-19 | ||||||||
0.81 | 1,031,214 | 4.7 | 124 | 103,678 | 4.7 | 12 | 12-Dec-19 | ||||||||
1.05 | 7,971,461 | 2.5 | 898 | 6,768,643 | 2.2 | 786 | |||||||||
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$1.20 as of the last trading day in the period ended March 31, 2015, 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, 2015 was 4,843,195. The total number of in-the-money stock options exercisable as of March 31, 2015 was 3,915,659. | |||||||||||||||
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”). The plan was approved most recently, as amended, on April 25, 2013. | |||||||||||||||
Eligible participants under the RSU Plan include directors and employees of the Company. Under the terms of the original RSU Plan, RSUs vested 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. In March 2015, the Board approved amendments to the plan that (a) extend the redemption period so that, going forward, all RSUs in a grant are not redeemed until the second anniversary of the grant; (b) provide for redemption, instead of cancellation, of outstanding RSUs at the date of redemption for retiring directors and executive officers, which is defined as a threshold of combined service and age of 65 years, and a minimum of five years of service to the Company; and (c) update the RSU Plan for compliance with applicable laws. The amendments are the subject of a shareholder vote at our upcoming annual meeting of shareholders. | |||||||||||||||
Activity with respect to RSUs is summarized as follows: | |||||||||||||||
Number | Weighted | ||||||||||||||
of | average grant | ||||||||||||||
RSUs | date fair value | ||||||||||||||
$ | |||||||||||||||
Unvested, December 31, 2014 | 379,435 | 0.89 | |||||||||||||
Granted | 274,574 | 0.99 | |||||||||||||
Forfeited | -2,370 | 0.87 | |||||||||||||
Unvested, March 31, 2015 | 651,639 | 0.90 | |||||||||||||
As of March 31, 2015, outstanding RSUs are as follows: | |||||||||||||||
Aggregate | |||||||||||||||
Number of | Remaining | Intrinsic | |||||||||||||
unvested | life | Value | |||||||||||||
Grant date | RSUs | (years) | $ | ||||||||||||
27-Dec-13 | 119,419 | 0.74 | 113 | ||||||||||||
12-Dec-14 | 257,646 | 1.7 | 245 | ||||||||||||
13-Mar-15 | 274,574 | 1.95 | 261 | ||||||||||||
651,639 | 1.6 | 619 | |||||||||||||
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, 2015. | |||||||||||||||
As of March 31, 2015, outstanding warrants are as follows: | |||||||||||||||
Aggregate | |||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||
price | Number | contractual | Value | ||||||||||||
$ | of warrants | life (years) | $ | Expiry | |||||||||||
0.92 | 50,000 | 0.4 | 9 | 4-Sep-15 | |||||||||||
1.12 | 100,000 | 0.6 | - | 1-Nov-15 | |||||||||||
0.93 | 25,000 | 0.9 | 4 | 5-Mar-16 | |||||||||||
1.35 | 2,354,545 | 1.7 | - | 19-Dec-16 | |||||||||||
1.12 | 4,294,167 | 3.2 | - | 24-Jun-18 | |||||||||||
1.17 | 1,550,400 | 3.4 | - | 27-Aug-18 | |||||||||||
1.19 | 8,374,112 | 2.8 | 13 | ||||||||||||
Share-based compensation expense | |||||||||||||||
Share-based compensation expense was $0.2 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||
As of March 31, 2015, there was approximately $0.4 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 $0.6 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 1.0 years and 1.7 years, respectively. | |||||||||||||||
Cash received from stock options exercised during the three months ended March 31, 2015 and 2014 was $0.3 million and $0.8 million, respectively. | |||||||||||||||
Fair value calculations | |||||||||||||||
The fair value of RSUs granted during the three months ended March 31, 2015 was determined using the intrinsic value method using a forfeiture rate of 7.81% based on historical data. The initial fair value of options granted during the three months ended March 31, 2014 was determined using the Black-Scholes option pricing model. The following assumptions were used in the calculations: | |||||||||||||||
Three months ended | |||||||||||||||
31-Mar-14 | |||||||||||||||
Expected option life (years) | 3.49 | ||||||||||||||
Expected volatility | 66.00% | ||||||||||||||
Risk-free interest rate | 1.40% | ||||||||||||||
Expected dividend rate | 0% | ||||||||||||||
Forfeiture rate (Options) | 4.50% | ||||||||||||||
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 options granted in the three months ended March 31, 2015. There were no RSUs granted in the three months ended March 31, 2014. | |||||||||||||||
Sales
Sales | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Sales | ||||||||
Sales | 17. Sales | |||||||
Sales have been primarily derived from U3O8 being sold to domestic utilities under contracts. | ||||||||
Sales consist of: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
$ | $ | |||||||
Company A | 6,098 | 82.5% | 3,675 | 59.8% | ||||
Company B | 1,282 | 17.4% | - | 0.0% | ||||
Company C | - | 0.0% | 2,312 | 37.6% | ||||
7,380 | 99.9% | 5,987 | 97.4% | |||||
Disposal fees | 7 | 0.1% | 160 | 2.6% | ||||
7,387 | 100.0% | 6,147 | 100.0% | |||||
The names of the individual companies have not been disclosed for confidentiality reasons. | ||||||||
Financial_Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 18.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 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, 2016. These instruments are maintained at financial institutions in Canada and the United States. Of the amount held on deposit, approximately $0.6 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the United States Federal Deposit Insurance Corporation, leaving approximately $9.1 million at risk at March 31, 2015 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, 2015. | |
Liquidity risk (see note 2) | |
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, 2015, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $2.5 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 6.5 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 nominal effect on either the three months ended March 31, 2015 or the three months ended March 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, 2015 | |
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. All inter-company balances and transactions between the subsidiaries and/or the parent have been eliminated upon consolidation. | |
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, 2014. | |
Exploration Stage | Exploration Stage |
The Company has established the existence of uranium resources for certain uranium projects, including the Lost Creek Property. The Company has not established proven or probable reserves, as defined by SEC under Industry Guide 7, through the completion of a final or “bankable” feasibility study for any of its uranium projects, including the 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 Project or the Shirley Basin Project. As a result, and despite the fact that the Company commenced recovery of U3O8 at the Lost Creek Project in August 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 recovery of uranium at the Lost Creek Project without having established proven and probable reserves, any uranium resources established or extracted from the Lost Creek Project 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. | |
Previous period comparatives | Previous period comparatives |
During the second quarter of 2014, we recorded an immaterial out of period adjustment due to the reclassification of severance and ad valorem taxes as a cost of extraction instead of a direct cost of sale. The taxes were previously reported as a direct cost of sale in the first quarter of 2014. | |
New accounting pronouncements | New accounting pronouncements |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU”) 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. We are evaluating the impact of ASU 2015-03 on our consolidated financial statements. | |
Cash_and_cash_equivalents_Tabl
Cash and cash equivalents (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Cash and cash equivalents | ||||
Schedule Of Cash | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Cash on deposit at banks | 874 | 431 | ||
Money market funds | 1,308 | 2,673 | ||
2,182 | 3,104 | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounts Receivable | ||||
Schedule of Accounts Receivable | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Trade accounts receivable | ||||
Other Companies | 5 | 19 | ||
Total trade receivables | 5 | 19 | ||
Other receivables | 8 | 9 | ||
Total accounts receivable | 13 | 28 | ||
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Inventory | ||||
Schedule of Inventory | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
In-process inventory | 1,368 | 2,084 | ||
Plant inventory | 761 | 882 | ||
Conversion facility inventory | 2,574 | 2,202 | ||
4,703 | 5,168 | |||
Restricted_Cash_Tables
Restricted Cash (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Restricted Cash | ||||
Schedule of Restricted Cash | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Money market account (a) | 7,456 | 7,456 | ||
Certificates of deposit (b) | 100 | 100 | ||
7,556 | 7,556 | |||
(a) The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality (“WDEQ”), the BLM and the NRC. 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 $26.7 million of coverage towards specific reclamation obligations are collateralized by $7.5 million of the restricted cash at March 31, 2015. | ||||
(b) A certificate of deposit ($0.1 million) provides security for the Company’s credit cards. | ||||
Mineral_Properties_Tables
Mineral Properties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Mineral Properties | ||||||||
Mineral Properties | ||||||||
Lost Creek | Pathfinder | Other US | ||||||
Property | Mines | Properties | Total | |||||
$ | $ | $ | $ | |||||
Balance, December 31, 2014 | 18,512 | 21,028 | 13,210 | 52,750 | ||||
Amortization | -1,295 | - | - | -1,295 | ||||
Balance, March 31, 2015 | 17,217 | 21,028 | 13,210 | 51,455 | ||||
Capital_Assets_Tables
Capital Assets (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Capital Assets | ||||||||||||
Capital Assets | ||||||||||||
As of | As of | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||
$ | $ | $ | $ | $ | $ | |||||||
Rolling stock | 3,881 | 2,946 | 935 | 3,878 | 2,852 | 1,026 | ||||||
Enclosures | 32,987 | 2,340 | 30,647 | 32,968 | 1,927 | 31,041 | ||||||
Machinery and equipment | 992 | 446 | 546 | 992 | 426 | 566 | ||||||
Furniture, fixtures and leasehold improvements | 119 | 84 | 35 | 119 | 81 | 38 | ||||||
Information technology | 1,121 | 833 | 288 | 1,119 | 797 | 322 | ||||||
39,100 | 6,649 | 32,451 | 39,076 | 6,083 | 32,993 | |||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounts Payable and Accrued Liabilities | ||||
Schedule of Accounts Payable and Accrued Liabilities | ||||
As of March 31, | As of December 31, | |||
2015 | 2014 | |||
$ | $ | |||
Accounts payable | 1,669 | 1,503 | ||
Severance and ad valorem tax payable | 1,665 | 1,947 | ||
Payroll and other taxes | 1,465 | 1,082 | ||
4,799 | 4,532 | |||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes Payable [Abstract] | |||||||||||||||||
Schedule of Debt | |||||||||||||||||
As at | As at | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Current debt | |||||||||||||||||
Sweetwater County bond | 4,184 | 4,124 | |||||||||||||||
RMBAH First Loan Facility | 6,750 | 3,250 | |||||||||||||||
10,934 | 7,374 | ||||||||||||||||
Long term debt | |||||||||||||||||
Sweetwater County bond | 27,812 | 28,881 | |||||||||||||||
RMBAH First Loan Facility | - | 4,312 | |||||||||||||||
27,812 | 33,193 | ||||||||||||||||
Schedule of payments on outstanding debt | |||||||||||||||||
Debt | Total | 2015 | 2016 | 2017 | 2018 | 2019 | Subsequent | Maturity | |||||||||
Sweetwater County bond | |||||||||||||||||
Principal | 31,996 | 3,115 | 4,367 | 4,623 | 4,895 | 5,183 | 9,813 | 1-Oct-21 | |||||||||
Interest | 6,577 | 1,335 | 1,568 | 1,311 | 1,039 | 752 | 572 | ||||||||||
RMBAH First Loan Facility | |||||||||||||||||
Principal | 6,750 | 2,438 | 4,312 | - | - | - | 31-Mar-16 | ||||||||||
Interest | 492 | 397 | 95 | - | - | - | |||||||||||
Total | 45,815 | 7,285 | 10,342 | 5,934 | 5,934 | 5,935 | 10,385 | ||||||||||
Asset_Retirement_and_Reclamati1
Asset Retirement and Reclamation Obligations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Asset Retirement and Reclamation Obligations | ||||
Schedule of Asset Retirement Obligations | ||||
Three months ended | Year ended | |||
March 31, 2015 | December 31, 2014 | |||
$ | $ | |||
Beginning of year | 23,445 | 17,279 | ||
Change in estimated liability | - | 5,669 | ||
Accretion expense | 126 | 497 | ||
End of period | 23,571 | 23,445 | ||
Shareholders_Equity_and_Capita1
Shareholders' Equity and Capital Stock (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Shareholders' Equity and Capital Stock | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | |||||||||||||||
Weighted- | |||||||||||||||
Options | average | ||||||||||||||
# | exercise price | ||||||||||||||
$ | |||||||||||||||
Outstanding, December 31, 2014 | 8,468,614 | 1.12 | |||||||||||||
Exercised | -468,082 | 0.65 | |||||||||||||
Forfeited | -18,261 | 0.86 | |||||||||||||
Expired | -10,810 | 0.65 | |||||||||||||
Outstanding, March 31, 2015 | 7,971,461 | 1.05 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | |||||||||||||||
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 | ||||||||
2.27 | 1,227,034 | 0.8 | - | 1,227,034 | 0.8 | - | 28-Jan-16 | ||||||||
1.24 | 545,000 | 1.3 | - | 545,000 | 1.3 | - | 7-Jul-16 | ||||||||
0.93 | 657,782 | 1.4 | 11 | 657,782 | 1.4 | 11 | 9-Sep-16 | ||||||||
0.92 | 200,000 | 1.6 | 5 | 200,000 | 1.6 | 5 | 24-Oct-16 | ||||||||
0.72 | 956,382 | 1.8 | 189 | 956,382 | 1.8 | 189 | 12-Jan-17 | ||||||||
1.1 | 200,000 | 1.8 | - | 200,000 | 1.8 | - | 1-Feb-17 | ||||||||
0.93 | 100,000 | 1.9 | 2 | 100,000 | 1.9 | 2 | 1-Mar-17 | ||||||||
0.6 | 1,310,758 | 2.7 | 395 | 1,310,758 | 2.7 | 395 | 7-Dec-17 | ||||||||
0.61 | 587,059 | 3.1 | 172 | 587,059 | 3.1 | 172 | 25-Apr-18 | ||||||||
0.98 | 100,000 | 3.3 | - | 100,000 | 3.3 | - | 1-Aug-18 | ||||||||
0.95 | 956,232 | 3.7 | - | 726,950 | 3.7 | - | 27-Dec-18 | ||||||||
1.33 | 100,000 | 4 | - | 54,000 | 4 | - | 31-Mar-19 | ||||||||
0.81 | 1,031,214 | 4.7 | 124 | 103,678 | 4.7 | 12 | 12-Dec-19 | ||||||||
1.05 | 7,971,461 | 2.5 | 898 | 6,768,643 | 2.2 | 786 | |||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | |||||||||||||||
Number | Weighted | ||||||||||||||
of | average grant | ||||||||||||||
RSUs | date fair value | ||||||||||||||
$ | |||||||||||||||
Unvested, December 31, 2014 | 379,435 | 0.89 | |||||||||||||
Granted | 274,574 | 0.99 | |||||||||||||
Forfeited | -2,370 | 0.87 | |||||||||||||
Unvested, March 31, 2015 | 651,639 | 0.90 | |||||||||||||
Schedule Of Share-Based Compensation, Shares Authorized Under Restricted Stock Units, By Grant Date | |||||||||||||||
Aggregate | |||||||||||||||
Number of | Remaining | Intrinsic | |||||||||||||
unvested | life | Value | |||||||||||||
Grant date | RSUs | (years) | $ | ||||||||||||
27-Dec-13 | 119,419 | 0.74 | 113 | ||||||||||||
12-Dec-14 | 257,646 | 1.7 | 245 | ||||||||||||
13-Mar-15 | 274,574 | 1.95 | 261 | ||||||||||||
651,639 | 1.6 | 619 | |||||||||||||
Schedule Of Share-based Compensation Shares Authorized Under Warrants Plans by exercise price range | |||||||||||||||
Aggregate | |||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||
price | Number | contractual | Value | ||||||||||||
$ | of warrants | life (years) | $ | Expiry | |||||||||||
0.92 | 50,000 | 0.4 | 9 | 4-Sep-15 | |||||||||||
1.12 | 100,000 | 0.6 | - | 1-Nov-15 | |||||||||||
0.93 | 25,000 | 0.9 | 4 | 5-Mar-16 | |||||||||||
1.35 | 2,354,545 | 1.7 | - | 19-Dec-16 | |||||||||||
1.12 | 4,294,167 | 3.2 | - | 24-Jun-18 | |||||||||||
1.17 | 1,550,400 | 3.4 | - | 27-Aug-18 | |||||||||||
1.19 | 8,374,112 | 2.8 | 13 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | |||||||||||||||
Three months ended | |||||||||||||||
31-Mar-14 | |||||||||||||||
Expected option life (years) | 3.49 | ||||||||||||||
Expected volatility | 66.00% | ||||||||||||||
Risk-free interest rate | 1.40% | ||||||||||||||
Expected dividend rate | 0% | ||||||||||||||
Forfeiture rate (Options) | 4.50% | ||||||||||||||
Sales_Tables
Sales (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Sales | ||||||||
Schedule of Sales | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
$ | $ | |||||||
Company A | 6,098 | 82.5% | 3,675 | 59.8% | ||||
Company B | 1,282 | 17.4% | - | 0.0% | ||||
Company C | - | 0.0% | 2,312 | 37.6% | ||||
7,380 | 99.9% | 5,987 | 97.4% | |||||
Disposal fees | 7 | 0.1% | 160 | 2.6% | ||||
7,387 | 100.0% | 6,147 | 100.0% | |||||
Cash_Details
Cash (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | ||||
Cash on deposit at banks | $874 | $431 | ||
Money market funds | 1,308 | 2,673 | ||
Cash and cash equivalents | $2,182 | $3,104 | $4,672 | $1,627 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable | ||
Trade receivables | $5 | $19 |
Other receivables | 8 | 9 |
Total accounts receivable | 13 | 28 |
Other Companies [Member] | ||
Accounts Receivable | ||
Trade receivables | $5 | $19 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Inventory, Net, Total | $4,703,000 | $5,168,000 |
Costs in excess of net realizable value | 0 | |
In Process Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, Net, Total | 1,368,000 | 2,084,000 |
Plant Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, Net, Total | 761,000 | 882,000 |
Conversion Facility Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, Net, Total | $2,574,000 | $2,202,000 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current restricted cash | $7,556,000 | $7,556,000 |
Surety Bond [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Reclamation bonding requirement | 26,700,000 | |
Money Market Funds [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current restricted cash | 7,456,000 | 7,456,000 |
Money Market Funds [Member] | Surety Bond [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash pledged as collateral | 7,456,000 | |
Certificate of deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current restricted cash | 100,000 | 100,000 |
Certificate of deposit [Member] | Collectibility of Receivables [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash pledged as collateral | $100,000 |
Mineral_Properties_Details
Mineral Properties (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Mineral Properties, Rollforward | ||
Balance, beginning of period | $52,750 | |
Amortization | -1,295 | |
Balance, end of period | 51,455 | |
Lost Creek Property [Member] | ||
Mineral Properties, Rollforward | ||
Balance, beginning of period | 18,512 | |
Amortization | -1,295 | |
Balance, end of period | 17,217 | |
Path Finder Mines [Member] | ||
Mineral Properties, Rollforward | ||
Balance, beginning of period | 21,028 | |
Balance, end of period | 21,028 | 21,028 |
Other US Properties [Member] | ||
Mineral Properties, Rollforward | ||
Balance, beginning of period | 13,210 | |
Balance, end of period | $13,210 | $13,210 |
Mineral_Properties_Acquisition
Mineral Properties - Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2005 | Dec. 31, 2013 |
Nfu Wyoming Llc [Member] | ||
Percentage of asset acquired | 100.00% | |
Aggregate consideration | $20 | |
Pathfinder Mines Corporation [Member] | ||
Aggregate consideration | 6.6 | |
Estimated asset reclamation obligation | 5.7 | |
Deferred tax liabilities | 3.3 | |
Mineral properties | $15.30 | |
Percentage Of Production Royalty On Acquisition | 5.00% |
Capital_Assets_Details
Capital Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $39,100 | $39,076 |
Accumulated Depreciation | 6,649 | 6,083 |
Net Book Value | 32,451 | 32,993 |
Rolling stock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 3,881 | 3,878 |
Accumulated Depreciation | 2,946 | 2,852 |
Net Book Value | 935 | 1,026 |
Building Enclosures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 32,987 | 32,968 |
Accumulated Depreciation | 2,340 | 1,927 |
Net Book Value | 30,647 | 31,041 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 992 | 992 |
Accumulated Depreciation | 446 | 426 |
Net Book Value | 546 | 566 |
Furniture, fixtures and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 119 | 119 |
Accumulated Depreciation | 84 | 81 |
Net Book Value | 35 | 38 |
Information technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,121 | 1,119 |
Accumulated Depreciation | 833 | 797 |
Net Book Value | $288 | $322 |
Equity_Investment_Details
Equity Investment (Details) | 12 Months Ended | |
Dec. 31, 2009 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Project Expenditure Percentage | 25.00% | |
Equity Method Investment, Ownership Percentage | 19.00% | |
Crosshair Energy Corporation [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Project Expenditure Percentage | 75.00% |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $1,669 | $1,503 |
Severance and ad valorem tax payable | 1,665 | 1,947 |
Payroll and other taxes | 1,465 | 1,082 |
Accounts payable and accrued liabilities | $4,799 | $4,532 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Oct. 15, 2013 | Mar. 31, 2015 | Sep. 19, 2014 | Mar. 14, 2014 | Dec. 19, 2013 | Jun. 24, 2013 | Dec. 31, 2013 | Oct. 23, 2013 | |
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $1,500,000 | ||||||||
Sweetwater IDR Bond [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Long-term Debt | 34,000,000 | ||||||||
Debt Instrument, Periodic Payment, Principal | 31,996,000 | ||||||||
RMBAH First Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed interest rate (as a percent) | 8.75% | ||||||||
Proceeds from Issuance of Debt | 1,500,000 | 5,000,000 | 20,000,000 | ||||||
Repayments of Debt | 20,000,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,500,000 | ||||||||
Proceeds from Lines of Credit | 3,500,000 | ||||||||
Debt Instrument, Periodic Payment, Principal | 6,750,000 | ||||||||
Maximum Borrowing Capacity | 10,000,000 | ||||||||
Due Quarterly Commencing From January One Two Thousand Fourteen [Member] | Sweetwater IDR Bond [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed interest rate (as a percent) | 5.75% | ||||||||
Due Quarterly Commencing From January One Two Thousand Fifteen [Member] | Sweetwater IDR Bond [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of quarterly installments | 28 | ||||||||
Due Quarterly Commencing From June Thirty Two Thousand Fourteen [Member] | RMBAH First Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | $810,000 |
Notes_Payable_Current_and_Long
Notes Payable - Current and Long-term (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current debt | ||
Long-Term Debt, Current Maturities | $10,934 | $7,374 |
Long term debt | ||
Long-Term Debt, Excluding Current Maturities | 27,812 | 33,193 |
Sweetwater IDR Bond [Member] | ||
Current debt | ||
Long-Term Debt, Current Maturities | 4,184 | 4,124 |
Long term debt | ||
Long-Term Debt, Excluding Current Maturities | 27,812 | 28,881 |
RMBAH First Loan Facility [Member] | ||
Current debt | ||
Long-Term Debt, Current Maturities | 6,750 | 3,250 |
Long term debt | ||
Long-Term Debt, Excluding Current Maturities | $4,312 |
Notes_Payable_Maturities_Detai
Notes Payable - Maturities (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Payments On Outstanding Debt [Line Items] | |
Total | $45,815 |
Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 31,996 |
Interest | 6,577 |
Debt Instrument, Maturity Date | 1-Oct-21 |
RMBAH First Loan Facility [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 6,750 |
Interest | 492 |
Debt Instrument, Maturity Date | 31-Mar-16 |
Year One [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | 7,285 |
Year One [Member] | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 3,115 |
Interest | 1,335 |
Year One [Member] | RMBAH First Loan Facility [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 2,438 |
Interest | 397 |
Year Two [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | 10,342 |
Year Two [Member] | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 4,367 |
Interest | 1,568 |
Year Two [Member] | RMBAH First Loan Facility [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 4,312 |
Interest | 95 |
Year Three [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | 5,934 |
Year Three [Member] | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 4,623 |
Interest | 1,311 |
Year Four [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | 5,934 |
Year Four [Member] | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 4,895 |
Interest | 1,039 |
Year Five [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | 5,935 |
Year Five [Member] | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 5,183 |
Interest | 752 |
Subsequent Years | |
Payments On Outstanding Debt [Line Items] | |
Total | 10,385 |
Subsequent Years | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 9,813 |
Interest | $572 |
Asset_Retirement_and_Reclamati2
Asset Retirement and Reclamation Obligations (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Asset retirement obligations | ||
Estimated Future Cash Undiscounted Amount | $24,800,000 | |
Asset Retirement Obligation Rollforward | ||
Beginning of year | 23,445,000 | 17,279,000 |
Change in estimated liability | 5,669,000 | |
Accretion expense | 126,000 | 497,000 |
End of period | $23,571,000 | $23,445,000 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Option Indexed to Issuers Equity [Line Items] | |||
Warrants Price Per Share On Nonhedging Derivative Financial Instrument | $1.35 | ||
Warrants mark to market gain | $77 | $263 | |
Capital Stock | |||
Option Indexed to Issuers Equity [Line Items] | |||
Number of securities called by each unit | 1 | ||
Warrants | |||
Option Indexed to Issuers Equity [Line Items] | |||
Number of securities called by each unit | 0.5 |
Shareholders_Equity_and_Capita2
Shareholders' Equity and Capital Stock (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | CAD | Capital Stock | In Money Stock Option [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | Employee Stock Option [Member] | Grant Date [Member] | Four and One Half Months After Grant [Member] | Nine Months After Grant [Member] | Thirteen and One Half Months After Grant [Member] | Eighteen Months After Date Of Grant [Member] | First Anniversary [Member] | Second Anniversary [Member] | ||
USD ($) | USD ($) | Capital Stock | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (Rsus) [Member] | Restricted Stock Units (Rsus) [Member] | ||||||||
item | |||||||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||||||
Vesting percentage | 10.00% | 22.00% | 22.00% | 22.00% | 24.00% | 50.00% | 50.00% | ||||||||||
Grant date intrinsic value | $0 | ||||||||||||||||
Fair value of options vested in period | $100,000 | ||||||||||||||||
Share Price | 1.2 | ||||||||||||||||
Number of options outstanding | 7,971,461 | 8,468,614 | 4,843,195 | ||||||||||||||
Number of options exercisable | 3,915,659 | ||||||||||||||||
Retiree age for redemption threshold | 65 | ||||||||||||||||
Years of service | 5 years | ||||||||||||||||
Number of securities called by each unit | 1 | 1 | |||||||||||||||
Stock based compensation | 188,000 | 293,000 | |||||||||||||||
Options, Unrecognized compensation | 400,000 | ||||||||||||||||
RSUs, Unrecognized compensation | 600,000 | ||||||||||||||||
Compensation recognition period (in years) | 1 year | 1 year 8 months 12 days | |||||||||||||||
Proceeds from Stock Options Exercised | $302,000 | $834,000 | |||||||||||||||
Granted, Options | 0 | ||||||||||||||||
Granted, RSU | 274,574 | 0 |
Shareholders_Equity_and_Capita3
Shareholders' Equity and Capital Stock - Options Activity (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Options Activity, Rollforward | |
Outstanding, Beginning Balance | 8,468,614 |
Exercised, Options | -468,082 |
Forfeited, Options | -18,261 |
Expired, Options | -10,810 |
Outstanding, Ending Balance | 7,971,461 |
Options Exercise Price, Rollforward | |
Options Exercise Price, Beginning | $1.12 |
Exercised, Weighted-average exercise price | $0.65 |
Forfeited, Weighted-average exercise price | $0.86 |
Expired, Weighted-average exercise price | $0.65 |
Options Exercise Price, Ending | $1.05 |
Shareholders_Equity_and_Capita4
Shareholders' Equity and Capital Stock - Options by price range (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $1.05 | $1.12 |
Number of options outstanding | 7,971,461 | 8,468,614 |
Stock Option Exercise Price Range One [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $2.27 | |
Number of options outstanding | 1,227,034 | |
Weighted- average remaining contractual life (years), Outstanding | 9 months 18 days | |
Number of options exercisable | 1,227,034 | |
Weighted- average remaining contractual life (years), Exercisable | 9 months 18 days | |
Expiry | 28-Jan-16 | |
Stock Option Exercise Price Range Two [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $1.24 | |
Number of options outstanding | 545,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 3 months 18 days | |
Number of options exercisable | 545,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 3 months 18 days | |
Expiry | 7-Jul-16 | |
Stock Option Exercise Price Range Three [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.93 | |
Number of options outstanding | 657,782 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $11 | |
Number of options exercisable | 657,782 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 4 months 24 days | |
Aggregate Intrinsic Value, Exercisable | 11 | |
Expiry | 9-Sep-16 | |
Stock Option Exercise Price Range Four [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.92 | |
Number of options outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding | 5 | |
Number of options exercisable | 200,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 7 months 6 days | |
Aggregate Intrinsic Value, Exercisable | 5 | |
Expiry | 24-Oct-16 | |
Stock Option Exercise Price Range Five [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.72 | |
Number of options outstanding | 956,382 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 9 months 18 days | |
Aggregate Intrinsic Value, Outstanding | 189 | |
Number of options exercisable | 956,382 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 9 months 18 days | |
Aggregate Intrinsic Value, Exercisable | 189 | |
Expiry | 12-Jan-17 | |
Stock Option Exercise Price Range Six [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $1.10 | |
Number of options outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 9 months 18 days | |
Number of options exercisable | 200,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 9 months 18 days | |
Expiry | 1-Feb-17 | |
Stock Option Exercise Price Range Seven [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.93 | |
Number of options outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding | 2 | |
Number of options exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 10 months 24 days | |
Aggregate Intrinsic Value, Exercisable | 2 | |
Expiry | 1-Mar-17 | |
Stock Option Exercise Price Range Eight [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.60 | |
Number of options outstanding | 1,310,758 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | 395 | |
Number of options exercisable | 1,310,758 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 8 months 12 days | |
Aggregate Intrinsic Value, Exercisable | 395 | |
Expiry | 7-Dec-17 | |
Stock Option Exercise Price Range Nine [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.61 | |
Number of options outstanding | 587,059 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | 172 | |
Number of options exercisable | 587,059 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 1 month 6 days | |
Aggregate Intrinsic Value, Exercisable | 172 | |
Expiry | 25-Apr-18 | |
Stock Option Exercise Price Range Ten [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.98 | |
Number of options outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 3 months 18 days | |
Number of options exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 3 months 18 days | |
Expiry | 1-Aug-18 | |
Stock Option Exercise Price Range Eleven [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.95 | |
Number of options outstanding | 956,232 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 8 months 12 days | |
Number of options exercisable | 726,950 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 8 months 12 days | |
Expiry | 27-Dec-18 | |
Stock Option Exercise Price Range Twelve [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $1.33 | |
Number of options outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years | |
Number of options exercisable | 54,000 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years | |
Expiry | 31-Mar-19 | |
Stock Option Exercise Price Range Thirteen [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $0.81 | |
Number of options outstanding | 1,031,214 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | 124 | |
Number of options exercisable | 103,678 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 8 months 12 days | |
Aggregate Intrinsic Value, Exercisable | 12 | |
Expiry | 12-Dec-19 | |
Stock Option Exercise Price Range Total [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $1.05 | |
Number of options outstanding | 7,971,461 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 6 months | |
Aggregate Intrinsic Value, Outstanding | 898 | |
Number of options exercisable | 6,768,643 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 2 months 12 days | |
Aggregate Intrinsic Value, Exercisable | $786 |
Shareholders_Equity_and_Capita5
Shareholders' Equity and Capital Stock - RSU (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
RSUs Activity, Rollforward | |
Number of RSUs Unvested, Beginning | 379,435 |
Granted, RSU | 274,574 |
Number of RSUs Forfeited | -2,370 |
Number of RSUs Unvested, Ending | 651,639 |
RSUs Fair Value, Rollforward | |
RSUs Unvested, Fair Value, Beginning | $0.89 |
Granted, Weighted average grant date fair value | $0.99 |
Forfeited, Weighted average grant date fair value | $0.87 |
RSUs Unvested, Fair Value, Ending | $0.90 |
Shareholders_Equity_and_Capita6
Shareholders' Equity and Capital Stock - Outstanding RSUs (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Number of unvested units | 651,639 | 379,435 |
Remaining life (years) | 1 year 7 months 6 days | |
Aggregate value | $619 | |
Awards Granted 2013 December 27 [Member] | ||
Number of unvested units | 119,419 | |
Remaining life (years) | 8 months 27 days | |
Aggregate value | 113 | |
Awards Granted 2014 December 12 [Member] | ||
Number of unvested units | 257,646 | |
Remaining life (years) | 1 year 8 months 12 days | |
Aggregate value | 245 | |
Awards Granted 2017 March 13 [Member] | ||
Number of unvested units | 274,574 | |
Remaining life (years) | 1 year 11 months 12 days | |
Aggregate value | $261 |
Shareholders_Equity_and_Capita7
Shareholders' Equity and Capital Stock - Warrants expiry (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Class of Warrant or Right [Line Items] | |
Exercise price | $1.19 |
Number of warrants | 8,374,112 |
Remaining contractual life (years) | 2 years 9 months 18 days |
Aggregate Intrinsic Value | $13 |
Warrants Exercise Price Range One [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise price | $0.92 |
Number of warrants | 50,000 |
Remaining contractual life (years) | 4 months 24 days |
Aggregate Intrinsic Value | 9 |
Expiry | 4-Sep-15 |
Warrants Exercise Price Range Two [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise price | $1.12 |
Number of warrants | 100,000 |
Remaining contractual life (years) | 7 months 6 days |
Expiry | 1-Nov-15 |
Warrants Exercise Price Range Three [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise price | $0.93 |
Number of warrants | 25,000 |
Remaining contractual life (years) | 10 months 24 days |
Aggregate Intrinsic Value | $4 |
Expiry | 5-Mar-16 |
Warrants Exercise Price Range Four [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise price | $1.35 |
Number of warrants | 2,354,545 |
Remaining contractual life (years) | 1 year 8 months 12 days |
Expiry | 19-Dec-16 |
Warrants Exercise Price Range Five [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise price | $1.12 |
Number of warrants | 4,294,167 |
Remaining contractual life (years) | 3 years 2 months 12 days |
Expiry | 24-Jun-18 |
Warrants Exercise Price Range Six [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise price | $1.17 |
Number of warrants | 1,550,400 |
Remaining contractual life (years) | 3 years 4 months 24 days |
Expiry | 27-Aug-18 |
Shareholders_Equity_and_Capita8
Shareholders' Equity and Capital Stock - Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Shareholders' Equity and Capital Stock | ||
Forfeiture rate (RSUs) | 7.81% | |
Expected option life (years) | 3 years 5 months 27 days | |
Expected volatility | 66.00% | |
Risk-free interest rate | 1.40% | |
Expected dividend rate | 0.00% | |
Forfeiture rate (options) | 4.50% |
Sales_Detail
Sales (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Concentration Risk [Line Items] | ||
Revenue, Net, Total | $7,387 | $6,147 |
Concentration Risk, Percentage | 100.00% | |
Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | |
Company A [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Sales Revenue, Goods, Net | 6,098 | 3,675 |
Concentration Risk, Percentage | 59.80% | |
Company A [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 82.50% | |
Company B [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Sales Revenue, Goods, Net | 1,282 | |
Concentration Risk, Percentage | 0.00% | |
Company B [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 17.40% | |
Company C [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Sales Revenue, Goods, Net | 2,312 | |
Concentration Risk, Percentage | 37.60% | |
Company C [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 0.00% | |
Company A,B and C [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Sales Revenue, Goods, Net | 7,380 | 5,987 |
Concentration Risk, Percentage | 97.40% | |
Company A,B and C [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 99.90% | |
Company A,B and C [Member] | Sales Revenue, Services, Net [Member] | ||
Concentration Risk [Line Items] | ||
Disposal fees | $7 | $160 |
Concentration Risk, Percentage | 2.60% | |
Company A,B and C [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 0.10% |
Financial_instruments_Details
Financial instruments (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
item | |
Cash, insured amount | $0.60 |
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Change In Basis Points | 100 |
Credit Concentration Risk [Member] | |
Cash, Uninsured Amount | 9.1 |
Credit Availability Concentration Risk [Member] | |
Accounts Payable, Trade, Current | $2.50 |
Minimum [Member] | Credit Concentration Risk [Member] | |
Investment Interest Rate | 18.00% |
Minimum [Member] | Credit Availability Concentration Risk [Member] | |
Debt Instrument, Term | 0 years |
Maximum [Member] | Credit Concentration Risk [Member] | |
Investment Interest Rate | 60.00% |
Maximum [Member] | Credit Availability Concentration Risk [Member] | |
Debt Instrument, Term | 6 years 6 months |