Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 130,188,775 | |
Entity Registrant Name | UR-ENERGY INC | |
Entity Central Index Key | 1,375,205 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents (note 4) | $ 3,627 | $ 3,104 |
Accounts receivable | 5 | 28 |
Inventory (note 5) | 4,858 | 5,168 |
Prepaid expenses | 979 | 856 |
Assets, Current, Total | 9,469 | 9,156 |
Restricted cash (note 6) | 7,557 | 7,556 |
Mineral properties (note 7) | 50,560 | 52,750 |
Capital assets (note 8) | 31,322 | 32,993 |
Equity investment (note 9) | 1,089 | 1,090 |
Assets, Noncurrent, Total | 90,528 | 94,389 |
Assets, Total | 99,997 | 103,545 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 10) | 5,264 | 4,532 |
Current portion of notes payable (note 11) | 8,200 | 7,184 |
Reclamation obligations | 85 | 85 |
Liabilities, Current, Total | 13,549 | 11,801 |
Notes payable (note 11) | 26,092 | 32,477 |
Deferred income tax liability (note 12) | 3,345 | 3,345 |
Asset retirement obligations (note 13) | 25,287 | 23,445 |
Other liabilities - warrants (note 14) | 32 | 376 |
Liabilities, Noncurrent, Total | 54,756 | 59,643 |
Liabilities | $ 68,305 | $ 71,444 |
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: 130,188,775 at September 30, 2015 and 129,365,076 at December 31, 2014 | $ 168,911 | $ 168,118 |
Warrants | 4,175 | 4,175 |
Contributed surplus | 14,414 | 14,250 |
Accumulated other comprehensive income | 3,357 | 3,337 |
Deficit | (159,165) | (157,779) |
Stockholders'Equity Attributable to Parent, Total | 31,692 | 32,101 |
Liabilities and Equity, Total | $ 99,997 | $ 103,545 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 130,188,775 | 129,365,076 |
Common shares, Shares outstanding | 130,188,775 | 129,365,076 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Sales (note 16) | $ 8,491 | $ 7,329 | $ 34,091 | $ 22,712 |
Cost of sales | (4,180) | (3,752) | (23,361) | (14,161) |
Gross profit | 4,311 | 3,577 | 10,730 | 8,551 |
Operating Expenses | ||||
Exploration and evaluation | (981) | (830) | (2,216) | (2,702) |
Development | (1,930) | (3,738) | (3,516) | (5,023) |
General and administrative | (1,081) | (1,469) | (4,341) | (5,116) |
Accretion | (129) | (253) | (383) | (330) |
Write off of mineral property | (329) | (422) | ||
Loss from operations | 190 | (3,042) | 274 | (5,042) |
Interest expense (net) | (624) | (668) | (1,970) | (1,979) |
Warrant mark to market adjustment (note 14) | 140 | 210 | 311 | 786 |
Loss on equity investment (note 9) | (2) | (5) | (5) | |
Foreign exchange gain (loss) | 2 | 2 | (1) | (12) |
Other income | 5 | (1) | 5 | |
Net loss for the period | $ (287) | $ (3,501) | $ (1,386) | $ (6,252) |
Profit (loss) per common share | ||||
Basic and diluted | $ (0.03) | $ (0.01) | $ (0.05) | |
Weighted average number of common shares outstanding: | ||||
Basic and diluted | 130,187,127 | 128,961,509 | 130,012,501 | 128,604,382 |
COMPREHENSIVE LOSS | ||||
Net loss for the period | $ (287) | $ (3,501) | $ (1,386) | $ (6,252) |
Translation adjustment on foreign operations | 2 | 21 | 20 | 23 |
Comprehensive loss for the period | $ (285) | $ (3,480) | $ (1,366) | $ (6,229) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Capital Stock | Warrants | Contributed Surplus | Accumulated Other Comprehensive Income | Deficit | Total |
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 | $ 626 | (216) | $ 410 | |||
Exercise of stock options (in shares) | 608,531 | 608,531 | ||||
Redemption of vested RSUs | $ 167 | (295) | $ (128) | |||
Redemption of vested RSUs (in shares) | 215,168,000 | |||||
Non-cash stock compensation | 675 | 675 | ||||
Net loss and comprehensive loss | 20 | (1,386) | (1,366) | |||
Ending Balance at Sep. 30, 2015 | $ 168,911 | $ 4,175 | $ 14,414 | $ 3,357 | $ (159,165) | $ 31,692 |
Ending Balance (in shares) at Sep. 30, 2015 | 130,188,775 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash provided by (used in) Operating activities | ||
Net loss for the period | $ (1,386) | $ (6,252) |
Items not affecting cash: | ||
Stock based expense | 675 | 720 |
Depreciation and amortization | 5,354 | 5,953 |
Accretion Expense | 383 | 330 |
Amortization of deferred loan costs | 138 | 7 |
Write-off of mineral properties | 422 | |
Warrants mark to market gain | (311) | (786) |
Gain on disposition of assets | (6) | |
Other loss | 5 | 4 |
RSUs redeemed for cash | (142) | (66) |
Proceeds from assignment of sales contract | (2,508) | |
Change in non-cash working capital items: | ||
Accounts receivable | 22 | (288) |
Inventory | 310 | (1,248) |
Prepaid expenses | (6) | 296 |
Accounts payable and accrued liabilities | 617 | 2,158 |
Net Cash Provided by (Used in) Operating Activities, Total | 5,653 | (1,258) |
Investing activities | ||
Mineral property costs | (1) | (59) |
Increase in restricted cash | (1) | (1,000) |
Funding of equity investment | (4) | (7) |
Proceeds from sale of property and equipment | 17 | |
Purchase of capital assets | (43) | (343) |
Net Cash Provided by (Used in) Investing Activities, Total | (32) | (1,409) |
Financing activities | ||
Share issue costs | (50) | |
Proceeds from exercise of stock options | 410 | 1,299 |
Proceeds from debt financing | 5,000 | |
Cost of debt financing | (37) | |
Repayment of debt | (5,509) | (1,778) |
Net Cash Provided by (Used in) Financing Activities, Total | (5,099) | 4,434 |
Effects of foreign exchange rate changes on cash | 1 | (22) |
Net change in cash and cash equivalents | 523 | 1,745 |
Beginning cash and cash equivalents | 3,104 | 1,627 |
Ending cash and cash equivalents | $ 3,627 | $ 3,372 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2015 | |
Nature of Operations [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 (collectively, 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, we have not determined whether the Lost Creek Property contains mineral reserves. However, the Company’s June 17, 2015 NI 43-101 “ Technical Report for the Lost Creek Property, Sweetwater County, Wyoming, ” outlines the potential viability of the Lost Creek Property. As well, our 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 | 9 Months Ended |
Sep. 30, 2015 | |
Liquidity Risk [Abstract] | |
Liquidity Risk | 2 . Liquidity Risk The Company has financed its operations from 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 U.S. Department of the Interior Bureau of Land Management (“BLM”). Production began in August 2013 after receiving final operational clearance from the U.S. 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 long-term contractual product sales, it is possible that additional funding may be sought. Spot sales and using purchased inventory to smooth out delivery schedules are examples of the methods the Company may use to mitigate short term cash flow timing issues utilizing internal resources as opposed to obtaining additional external funding. The Company has no immediate plans to raise debt or equity financing, but may do so in the future. 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 U 3 O 8 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. Exploration, evaluation and development costs Exploration and evaluation expenses consist of labor, annual exploration lease and maintenance fees and associated costs of the exploration geology department as well as land holding and exploration costs including drilling and analysis on properties which have not reached the permitting or operations stage. Development expense relates to the Company’s Lost Creek, LC East and Shirley Basin projects, which are more advanced in terms of permitting and preliminary economic assessments. Development expenses include all costs associated with exploring, delineating and permitting within those projects, the costs associated with the construction and development of permitted mine units including wells, pumps, piping, header houses, roads and other infrastructure related to the preparation of a mine unit to begin extraction operations as well as the cost of drilling and completing disposal wells. Capital assets Property, plant and equipment assets, including machinery, processing equipment, enclosures, vehicles and expenditures that extend the life of such assets, are recorded at cost including acquisition and installation costs. The enclosure costs include both the building housing and the processing equipment necessary for the extraction of uranium from impregnated water pumped in from the wellfield to the packaging of uranium yellowcake for delivery into sales. These enclosure costs are combined as the equipment and related installation associated with the equipment is an integral part of the structure itself. The costs of self-constructed assets include direct construction costs, direct overhead and allocated interest during the construction phase. Depreciation is calculated using a declining balance method for most assets with the exception of the plant enclosure and related equipment. Depreciation on the plant enclosure and related equipment is calculated on a straight-line basis. Estimated lives for depreciation purposes range from three years for computer equipment and software to 20 years for the plant enclosure and the name plate life of the related equipment. 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 elected early adoption of this standard effective the second quarter of this year. The impact on the current statements is to move $152 thousand from current deferred loan costs to offset the current portion of the long term debt and to move $615 thousand of deferred loan costs previously included in non-current assets to offset the long term portion of the notes payable as of September 30, 2015 . As at December 31, 2014 , we moved $190 thousand of current deferred cost to offset the current portion of long-term debt and $716 thousand of non-current deferred loan costs to offset non-current notes payable. See note 11. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) ”. The amendments in ASU 2014-09 affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards ( e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance, and creates a Topic 606 Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments were to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In June 2015, the FASB extended the implementation date for one year to December 15, 2017. Early application is not permitted. We anticipate that we will not be affected, however, we will continue monitoring the final terms of the standard and assessing any impact on revenue recognition as appropriate. In July 2015 , the FASB issued Accounting Standards Update No. 2015-11 , Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015-11 requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Therefore, the amendments in ASU 2015-11 will become required for us as of the beginning of our 2017 fiscal year. We are considering early adoption of this guidance as it is consistent with our current policies and not expected to have a material impact upon our financial condition or results of operations. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2015 | |
Cash and Cash Equivalents | |
Cash and cash equivalents | 4 Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following: As of September 30, As of December 31, 2015 2014 $ $ Cash on deposit at banks Money market funds |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2015 | |
Inventory | |
Inventory | 5. Inventory The Company’s inventory consists of the following: As of September 30, As of December 31, 2015 2014 $ $ In-process inventory Plant inventory Conversion facility inventory As of September 30 , 2015, there was no inventory on hand with costs in excess of net realizable value. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2015 | |
Restricted Cash | |
Restricted Cash | 6. Restricted Cash The Company’s restricted cash consists of the following: As of September 30, As of December 31, 2015 2014 $ $ Money market account (a) Certificates of deposit (b) (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 September 30 , 2015 . (b) The certificate of deposit provides security for the Company’s credit cards. |
Mineral Properties
Mineral Properties | 9 Months Ended |
Sep. 30, 2015 | |
Mineral Properties | |
Mineral Properties | 7 . Mineral Properties The Company’s mineral properties consist of the following : Lost Creek Pathfinder Other US Property Mines Properties Total $ $ $ $ Balance, December 31, 2014 Acquisition costs - - Increase in reclamation costs - - Amortization - - Balance, September 30, 2015 Lost Creek Property The Company acquired certain Wyoming properties in 2005 when Ur-Energy USA Inc. 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. Currently, t here 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. purchased Pathfinder Mines Corporation (“Pathfinder”) from an AREVA Mining affiliate in December 2013. Assets acquired in this transaction include the Shirley Basin Mine Project, 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 the seller 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 | 9 Months Ended |
Sep. 30, 2015 | |
Capital Assets | |
Capital Assets | 8. Capital Assets The Company’s capital assets consist of the following: As of As of September 30, 2015 December 31, 2014 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock Enclosures Machinery and equipment Furniture, fixtures and leasehold improvements Information technology |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment | 9. 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 September 30 , 2012 which reduced the Company’s ownership percentage to approximately 19% . The equity accounting method has been continued because the Company has an equal number of members on the management committee as the other member and can directly influence the budget, expenditures and operations of the project. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Accounts Payable and Accrued Liabilities | |
Accounts Payable and Accrued Liabilities | 10. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: As of September 30, As of December 31, 2015 2014 $ $ Accounts payable Severance and ad valorem tax payable Payroll and other taxes |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
Notes Payable | 11. 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 March 31, 2016 and increase the current loan to $10.0 million which included a line of credit of $3.5 million following 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. On October 15, 2015, the loan was again amended to extend the maturity date of the $3.5 million line of credit to December 31, 2016 and spread the $3.5 million balance originally due March 31, 2016 over four quarterly payments commencing March 31, 2016 and concluding December 31, 2016, plus interest under the same terms as agreed to in September 2014. Deferred loan fees include legal fees, commissions, commitment fees and other costs associated with obtaining the various financings. Those fees amortizable within 12 months of September 30 , 2015 are considered current. The current and long-term deferred loan fees have been offset against the related liabilities in accordance with recently approved ASU 2015-03 which we have elected to adopt early in these financial statements (s ee note 3 ) . 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 September 30, 2015 December 31, 2014 Current debt Sweetwater County bond RMBAH First Loan Facility Less deferred financing costs Long term debt Sweetwater County bond RMBAH First Loan Facility Less deferred financing costs Schedule of payments on outstanding debt as of September 30 , 2015 : Debt Total 2015 2016 2017 2018 2019 Subsequent Maturity Sweetwater County bond Principal October 1, 2021 Interest RMBAH First Loan Facility Principal - - - December 31, 2016 Interest - - - Total |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes and Deferred 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 tax basis in those assets. Based upon the level of historical taxable loss, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences and accordingly has not reflected any deferred income tax assets. |
Asset Retirement and Reclamatio
Asset Retirement and Reclamation Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement and Reclamation Obligations | |
Asset Retirement and Reclamation Obligations | 13. 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 September 30 , 2015, the total undiscounted amount of the future cash needs was estimated to be $26.1 million. The schedule of payments required to settle the ARO liability extends through 2033. The restricted cash as discussed in note 6 is related to the surety bonds which provide security to the related governmental agencies on these obligations. Nine months ended Year ended September 30, 2015 December 31, 2014 $ $ Beginning of period Change in estimated liability Accretion expense End of period |
Other Liabilities - Warrants
Other Liabilities - Warrants | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities - Warrants | |
Other Liabilities | 14. Other Liabilities - Warrants 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 as it is exerciseable in a currency other than the parent company’s functional currency. 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 September 30 , 2015 resulted in gains of $140 and $311 for the three and nine months ended September 30 , 2015, respectively, which is reflected on the statement of operations. |
Shareholders' Equity and Capita
Shareholders' Equity and Capital Stock | 9 Months Ended |
Sep. 30, 2015 | |
Shareholders' Equity and Capital Stock | |
Shareholders’ Equity and Capital Stock | 15. Shareholders’ Equity and Capital Stock Stock options In 2005, the Company’s Board of Directors approved the adoption of the Company's stock option plan (the “Option Plan”). Eligible participants under the Option Plan include directors, officers, employees and consultants of the Company. Under the terms of the Option Plan, stock options generally vest with Option Plan participants as follows: 10% at the date of grant; 22% four and one-half months after grant; 22% nine months after grant; 22% thirteen and one-half months after grant; and the balance of 24% eighteen months after the date of grant. Activity with respect to stock options is summarized as follows: Weighted- Options average # exercise price US$ Outstanding, December 31, 2014 Granted Exercised Forfeited Expired Outstanding, September 30, 2015 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 nine months ended September 30 , 2015 was $0.6 million. As of September 30 , 2015, outstanding stock options are as follows: Options outstanding Options exercisable Weighted- Weighted- average Aggregate average Aggregate Exercise remaining Intrinsic remaining Intrinsic price Number contractual Value Number contractual Value US$ of options life (years) US$ of options life (years) US$ Expiry (thousands) (thousands) 2.14 0.3 - 0.3 - January 28, 2016 1.17 0.8 - 0.8 - July 7, 2016 0.87 0.9 - 0.9 - September 9, 2016 0.86 1.1 - 1.1 - October 24, 2016 0.68 1.3 - 1.3 - January 12, 2017 1.04 1.3 - 1.3 - February 1, 2017 0.88 1.4 - 1.4 - March 1, 2017 0.57 2.2 - 2.2 - December 7, 2017 0.57 2.6 - 2.6 - April 25, 2018 0.92 2.8 - 2.8 - August 1, 2018 0.89 3.2 - 3.2 - December 27, 2018 1.25 3.5 - 3.5 - March 31, 2019 0.76 4.2 - 4.2 - December 12, 2019 0.85 4.7 - 4.7 - May 29, 2020 0.64 4.9 - 4.9 - August 17, 2020 0.95 2.3 - 1.9 - 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 $0.74 as of the last trading day in the period ended September 30 , 2015, that would have been received by the option holders had they exercised their options as of that date. No stock options were in-the-money as of September 30 , 2015. Restricted share units On June 24, 2010 , the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”). The plan was approved most recently on April 29, 2014, and amendments to the plan were approved by the shareholders on May 28 , 201 5 . Eligible participants under the RSU Plan include directors and employees of the Company. Under the terms of the original RSU Plan, RSUs vested with participants as follows: 50% on the first anniversary of the date of the grant and 50% on the second anniversary of the date of the grant. In March 2015, the Board approved amendments to the plan that (a) extend the redemption period so that, going forward, all RSUs in a grant are not redeemed until the second anniversary of the grant; (b) provide for redemption, instead of cancellation, of outstanding RSUs at the date of redemption for retiring directors and executive officers, which is defined as a threshold of combined service and age of 65 years, and a minimum of five years of service to the Company; and (c) update the RSU Plan for compliance with applicable laws. The amendments were approved and ratified by shareholder vote at our most recent annual meeting of shareholders. Activity with respect to RSUs is summarized as follows: Number Weighted of average grant RSUs date fair value US$ Unvested, December 31, 2014 Granted Vested Forfeited Unvested, September 30, 2015 As of September 30 , 2015, outstanding RSUs are as follows: Aggregate Number of Remaining Intrinsic unvested life Value Grant date RSUs (years) US$ (thousands) December 27, 2013 0.24 December 12, 2014 1.20 March 13, 2015 1.45 August 17, 2015 1.88 1.33 Upon RSU vesting, the holder of an RSU will receive one common share, for no additional consideration, for each RSU held. Warrants The following represents warrant activity during the period ended September 30 , 2015. Number Weighted- of average Warrants exercise price US$ Outstanding, December 31, 2014 Expired Outstanding, September 30, 2015 As of September 30 , 2015, outstanding warrants are as follows: Aggregate Exercise Remaining Intrinsic price Number contractual Value US$ of warrants life (years) US$ Expiry (thousands) 1.12 0.1 - November 1, 2015 0.93 0.4 - March 5, 2016 1.35 1.2 - December 19, 2016 1.12 2.7 - June 24, 2018 1.17 2.9 - August 27, 2018 1.19 2.3 - Share-based compensation expense Share-based compensation expense was $0.2 million and $0.7 million for the three and nine months ended September 30 , 2015, respectively , and $0.2 million and $0.7 million for the three and nine months ended September 30 , 2014, respectively. As of September 30 , 2015, there was approximately $0.5 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 $0.5 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 1.1 years and 1.4 years, respectively. Cash received from stock options exercised during the nine months ended September 30 , 2015 and 2014 was $0.4 million and $1.3 million, respectively. Fair value calculations The initial fair value of options and RSUs granted during the nine months ended September 30 , 2015 and options granted during the nine months ended September 30, 2014 was determined using the Black-Scholes option pricing model for options and the intrinsic pricing model for RSUs . The following assumptions were used in the calculations: Nine months ended September 30, 2015 2014 Expected option life (years) 3.6-3.63 3.49 Expected volatility 56-57% 66.00% Risk-free interest rate 0.5-0.7% 1.40% Expected dividend rate 0% 0% Forfeiture rate (Options) 4.9-5.0% 4.5% Forfeiture rate (RSUs) 7.8-8.3% - 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 nine months ended September 30 , 2014. |
Sales
Sales | 9 Months Ended |
Sep. 30, 2015 | |
Sales | |
Sales | 16. Sales Sales have been derived from U 3 O 8 being sold to domestic utilities, primarily under term contracts as well as a trader through spot sales . Sales consist of: Nine months ended September 30, 2015 2014 $ $ Sale of produced inventory Company A Company B Company C Company D - Sales of purchased inventory Company E - Total sales of inventory Disposal fee income Recognition of gain from sale of deliveries under assignment - The names of the individual companies have not been disclosed for confidentiality reasons. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 17. 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 . 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 $10.6 million at risk at September 30 , 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 September 30 , 2015. All of the Company’s customers have Moody’s Baa or greater ratings and purchase from the Company under contracts for set prices and payment terms. 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 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 September 30 , 2015, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $2.1 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 6.0 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 nine months ended September 30 , 2015 or the nine months ended September 30 , 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . Subsequent Events On October 15, 2015, the RMBAH loan was again amended to extend the maturity date of the $3.5 million line of credit to December 31, 2016 and spread the $3.5 million balance originally due March 31, 2016 over four quarterly payments commencing March 31, 2016 and concluding December 31, 2016, plus interest under the same terms as agreed to in September 2014. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 U 3 O 8 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. |
Exploration, evaluation and development costs | Exploration, evaluation and development costs Exploration and evaluation expenses consist of labor, annual exploration lease and maintenance fees and associated costs of the exploration geology department as well as land holding and exploration costs including drilling and analysis on properties which have not reached the permitting or operations stage. Development expense relates to the Company’s Lost Creek, LC East and Shirley Basin projects, which are more advanced in terms of permitting and preliminary economic assessments. Development expenses include all costs associated with exploring, delineating and permitting within those projects, the costs associated with the construction and development of permitted mine units including wells, pumps, piping, header houses, roads and other infrastructure related to the preparation of a mine unit to begin extraction operations as well as the cost of drilling and completing disposal wells. |
Capital assets | Capital assets Property, plant and equipment assets, including machinery, processing equipment, enclosures, vehicles and expenditures that extend the life of such assets, are recorded at cost including acquisition and installation costs. The enclosure costs include both the building housing and the processing equipment necessary for the extraction of uranium from impregnated water pumped in from the wellfield to the packaging of uranium yellowcake for delivery into sales. These enclosure costs are combined as the equipment and related installation associated with the equipment is an integral part of the structure itself. The costs of self-constructed assets include direct construction costs, direct overhead and allocated interest during the construction phase. Depreciation is calculated using a declining balance method for most assets with the exception of the plant enclosure and related equipment. Depreciation on the plant enclosure and related equipment is calculated on a straight-line basis. Estimated lives for depreciation purposes range from three years for computer equipment and software to 20 years for the plant enclosure and the name plate life of the related equipment. |
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 elected early adoption of this standard effective the second quarter of this year. The impact on the current statements is to move $152 thousand from current deferred loan costs to offset the current portion of the long term debt and to move $615 thousand of deferred loan costs previously included in non-current assets to offset the long term portion of the notes payable as of September 30, 2015 . As at December 31, 2014 , we moved $190 thousand of current deferred cost to offset the current portion of long-term debt and $716 thousand of non-current deferred loan costs to offset non-current notes payable. See note 11. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) ”. The amendments in ASU 2014-09 affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards ( e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance, and creates a Topic 606 Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments were to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In June 2015, the FASB extended the implementation date for one year to December 15, 2017. Early application is not permitted. We anticipate that we will not be affected, however, we will continue monitoring the final terms of the standard and assessing any impact on revenue recognition as appropriate. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cash and Cash Equivalents | |
Schedule Of Cash | As of September 30, As of December 31, 2015 2014 $ $ Cash on deposit at banks Money market funds |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory | |
Schedule of Inventory | As of September 30, As of December 31, 2015 2014 $ $ In-process inventory Plant inventory Conversion facility inventory |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restricted Cash | |
Schedule of Restricted Cash | As of September 30, As of December 31, 2015 2014 $ $ Money market account (a) Certificates of deposit (b) (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 September 30 , 2015 . (b) The certificate of deposit provides security for the Company’s credit cards. |
Mineral Properties (Tables)
Mineral Properties (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Mineral Properties | |
Mineral Properties | Lost Creek Pathfinder Other US Property Mines Properties Total $ $ $ $ Balance, December 31, 2014 Acquisition costs - - Increase in reclamation costs - - Amortization - - Balance, September 30, 2015 |
Capital Assets (Tables)
Capital Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Capital Assets | |
Capital Assets | As of As of September 30, 2015 December 31, 2014 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock Enclosures Machinery and equipment Furniture, fixtures and leasehold improvements Information technology |
Accounts Payable and Accrued 31
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts Payable and Accrued Liabilities | |
Schedule of Accounts Payable and Accrued Liabilities | As of September 30, As of December 31, 2015 2014 $ $ Accounts payable Severance and ad valorem tax payable Payroll and other taxes |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
Schedule of Debt | As at As at September 30, 2015 December 31, 2014 Current debt Sweetwater County bond RMBAH First Loan Facility Less deferred financing costs Long term debt Sweetwater County bond RMBAH First Loan Facility Less deferred financing costs |
Schedule of payments on outstanding debt | Debt Total 2015 2016 2017 2018 2019 Subsequent Maturity Sweetwater County bond Principal October 1, 2021 Interest RMBAH First Loan Facility Principal - - - December 31, 2016 Interest - - - Total |
Asset Retirement and Reclamat33
Asset Retirement and Reclamation Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement and Reclamation Obligations | |
Schedule of Asset Retirement Obligations | Nine months ended Year ended September 30, 2015 December 31, 2014 $ $ Beginning of period Change in estimated liability Accretion expense End of period |
Shareholders' Equity and Capi34
Shareholders' Equity and Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Shareholders' Equity and Capital Stock | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted- Options average # exercise price US$ Outstanding, December 31, 2014 Granted Exercised Forfeited Expired Outstanding, September 30, 2015 |
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 US$ of options life (years) US$ of options life (years) US$ Expiry (thousands) (thousands) 2.14 0.3 - 0.3 - January 28, 2016 1.17 0.8 - 0.8 - July 7, 2016 0.87 0.9 - 0.9 - September 9, 2016 0.86 1.1 - 1.1 - October 24, 2016 0.68 1.3 - 1.3 - January 12, 2017 1.04 1.3 - 1.3 - February 1, 2017 0.88 1.4 - 1.4 - March 1, 2017 0.57 2.2 - 2.2 - December 7, 2017 0.57 2.6 - 2.6 - April 25, 2018 0.92 2.8 - 2.8 - August 1, 2018 0.89 3.2 - 3.2 - December 27, 2018 1.25 3.5 - 3.5 - March 31, 2019 0.76 4.2 - 4.2 - December 12, 2019 0.85 4.7 - 4.7 - May 29, 2020 0.64 4.9 - 4.9 - August 17, 2020 0.95 2.3 - 1.9 - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Number Weighted of average grant RSUs date fair value US$ Unvested, December 31, 2014 Granted Vested Forfeited Unvested, September 30, 2015 |
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) US$ (thousands) December 27, 2013 0.24 December 12, 2014 1.20 March 13, 2015 1.45 August 17, 2015 1.88 1.33 |
Schedule Of Share-Based Compensation, Warrants, Activity | Number Weighted- of average Warrants exercise price US$ Outstanding, December 31, 2014 Expired Outstanding, September 30, 2015 |
Schedule Of Share-based Compensation Shares Authorized Under Warrants Plans by exercise price range | Aggregate Exercise Remaining Intrinsic price Number contractual Value US$ of warrants life (years) US$ Expiry (thousands) 1.12 0.1 - November 1, 2015 0.93 0.4 - March 5, 2016 1.35 1.2 - December 19, 2016 1.12 2.7 - June 24, 2018 1.17 2.9 - August 27, 2018 1.19 2.3 - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Nine months ended September 30, 2015 2014 Expected option life (years) 3.6-3.63 3.49 Expected volatility 56-57% 66.00% Risk-free interest rate 0.5-0.7% 1.40% Expected dividend rate 0% 0% Forfeiture rate (Options) 4.9-5.0% 4.5% Forfeiture rate (RSUs) 7.8-8.3% - |
Sales (Tables)
Sales (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Sales | |
Schedule of Sales | Nine months ended September 30, 2015 2014 $ $ Sale of produced inventory Company A Company B Company C Company D - Sales of purchased inventory Company E - Total sales of inventory Disposal fee income Recognition of gain from sale of deliveries under assignment - |
Nature of Operations (Details)
Nature of Operations (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Nature of Operations [Abstract] | |
Date of incorporation | Mar. 22, 2004 |
Operations Commenced Date | Aug. 1, 2013 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Software Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents | ||||
Cash on deposit at banks | $ 1,858 | $ 431 | ||
Money market funds | 1,769 | 2,673 | ||
Cash and cash equivalents | $ 3,627 | $ 3,104 | $ 3,372 | $ 1,627 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Inventory, Net, Total | $ 4,858 | $ 5,168 |
Costs in excess of net realizable value | 0 | |
In Process Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, Net, Total | 1,121 | 2,084 |
Plant Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, Net, Total | 712 | 882 |
Conversion Facility Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, Net, Total | $ 3,025 | $ 2,202 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current restricted cash | $ 7,557 | $ 7,556 |
Surety Bond [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Reclamation bonding requirement | 26,700 | |
Money Market Funds [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current restricted cash | 7,457 | 7,456 |
Money Market Funds [Member] | Surety Bond [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash pledged as collateral | 7,500 | |
Certificate of deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current restricted cash | $ 100 | $ 100 |
Mineral Properties (Details)
Mineral Properties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Mineral Properties, Rollforward | |||
Balance, beginning of period | $ 52,750 | $ 5,700 | |
Acquisition costs | 1 | ||
Increase in reclamation costs | 1,460 | ||
Property write-offs | $ (329) | $ (422) | |
Amortization | (3,651) | ||
Balance, end of period | 50,560 | ||
Lost Creek Property [Member] | |||
Mineral Properties, Rollforward | |||
Balance, beginning of period | 18,512 | ||
Increase in reclamation costs | 1,460 | ||
Amortization | (3,651) | ||
Balance, end of period | 16,321 | ||
Path Finder Mines [Member] | |||
Mineral Properties, Rollforward | |||
Balance, beginning of period | 21,028 | ||
Acquisition costs | 1 | ||
Balance, end of period | 21,029 | ||
Other US Properties [Member] | |||
Mineral Properties, Rollforward | |||
Balance, beginning of period | 13,210 | ||
Balance, end of period | $ 13,210 |
Mineral Properties - Acquisitio
Mineral Properties - Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2005 | |
Write-off of mineral properties | $ 329 | $ 422 | ||
Nfu Wyoming Llc [Member] | ||||
Percentage of asset acquired | 100.00% | |||
Aggregate consideration | $ 20,000 | |||
Pathfinder Mines Corporation [Member] | ||||
Aggregate consideration | $ 6,600 | |||
Production royalty (as a percent) | 5.00% | |||
Estimated asset reclamation obligation | $ 5,700 | |||
Deferred tax liabilities | 3,300 | |||
Mineral properties | $ 15,300 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 39,082 | $ 39,076 |
Accumulated Depreciation | 7,760 | 6,083 |
Net Book Value | 31,322 | 32,993 |
Rolling stock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 3,850 | 3,878 |
Accumulated Depreciation | 3,113 | 2,852 |
Net Book Value | 737 | 1,026 |
Building Enclosures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 32,987 | 32,968 |
Accumulated Depreciation | 3,166 | 1,927 |
Net Book Value | 29,821 | 31,041 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,004 | 992 |
Accumulated Depreciation | 486 | 426 |
Net Book Value | 518 | 566 |
Furniture, fixtures and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 119 | 119 |
Accumulated Depreciation | 90 | 81 |
Net Book Value | 29 | 38 |
Information technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,122 | 1,119 |
Accumulated Depreciation | 905 | 797 |
Net Book Value | $ 217 | $ 322 |
Equity Investment (Details)
Equity Investment (Details) | 12 Months Ended | |
Dec. 31, 2009 | Sep. 30, 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 45
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 1,356 | $ 1,503 |
Severance and ad valorem tax payable | 2,235 | 1,947 |
Payroll and other taxes | 1,673 | 1,082 |
Accounts payable and accrued liabilities | $ 5,264 | $ 4,532 |
Notes Payable (Details)
Notes Payable (Details) | Dec. 31, 2015USD ($) | Oct. 15, 2015USD ($) | Sep. 19, 2014USD ($) | Mar. 14, 2014USD ($) | Dec. 19, 2013USD ($) | Oct. 15, 2013USD ($) | Jun. 24, 2013USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 23, 2013item |
Debt Instrument [Line Items] | |||||||||||
Proceeds from Issuance of Debt | $ 5,000,000 | ||||||||||
Sweetwater IDR Bond [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from Issuance of Long-term Debt | $ 34,000,000 | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 29,934,000 | ||||||||||
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 | $ 3,500,000 | $ 3,500,000 | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 5,125,000 | ||||||||||
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 | item | 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 Lon
Notes Payable - Current and Long-term (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current debt | ||
Debt, Current | $ 8,352 | $ 7,374 |
Less deferred financing costs | (152) | (190) |
Current debt | 8,200 | 7,184 |
Long term debt | ||
Long-term Debt | 26,707 | 33,193 |
Less deferred financing costs | (615) | (716) |
Long term debt | 26,092 | 32,477 |
Sweetwater IDR Bond [Member] | ||
Current debt | ||
Debt, Current | 4,305 | 4,124 |
Long term debt | ||
Long-term Debt | 25,629 | 28,881 |
RMBAH First Loan Facility [Member] | ||
Current debt | ||
Debt, Current | 4,047 | 3,250 |
Long term debt | ||
Long-term Debt | $ 1,078 | $ 4,312 |
Notes Payable - Maturities (Det
Notes Payable - Maturities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Payments On Outstanding Debt [Line Items] | |
Total | $ 41,085 |
Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 29,934 |
Interest | $ 5,672 |
Debt Instrument, Maturity Date | Oct. 1, 2021 |
RMBAH First Loan Facility [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | $ 5,125 |
Interest | $ 354 |
Debt Instrument, Maturity Date | Dec. 31, 2016 |
Year One [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | $ 2,411 |
Year One [Member] | Sweetwater IDR Bond [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 1,053 |
Interest | 430 |
Year One [Member] | RMBAH First Loan Facility [Member] | |
Payments On Outstanding Debt [Line Items] | |
Principal | 813 |
Interest | 115 |
Year Two [Member] | |
Payments On Outstanding Debt [Line Items] | |
Total | 10,486 |
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 | 239 |
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 Reclamat49
Asset Retirement and Reclamation Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Asset retirement obligations | |||
Estimated Future Cash Undiscounted Amount | $ 26,100 | ||
Asset Retirement Obligation Rollforward | |||
Beginning of year | 23,445 | $ 17,279 | $ 17,279 |
Change in estimated liability | 1,459 | 5,669 | |
Accretion expense | 383 | $ 330 | 497 |
End of period | $ 25,287 | $ 23,445 |
Other Liabilities - Warrants (D
Other Liabilities - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 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 | $ (140) | $ (210) | $ (311) | $ (786) | |
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 Capi51
Shareholders' Equity and Capital Stock (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item$ / sharesshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2015CAD / shares | Sep. 30, 2015USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2013shares | |
Stockholder's Equity Note [Line Items] | ||||||||
Grant date intrinsic value | $ / shares | $ 0 | |||||||
Fair value of options vested in period | $ | $ 600 | |||||||
Share Price | CAD / shares | CAD 0.74 | |||||||
Number of options outstanding | 8,676,918 | 8,468,614 | ||||||
Number of options exercisable | 7,321,929 | |||||||
Years of service | 5 years | |||||||
Stock based compensation | $ | $ 200 | $ 200 | $ 675 | $ 720 | ||||
Proceeds from Stock Options Exercised | $ | $ 410 | $ 1,299 | ||||||
Granted, Options | 1,042,354 | |||||||
Granted, RSU | 485,160 | |||||||
Capital Stock | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Number of securities called by each unit | 1 | |||||||
In Money Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Number of options outstanding | 0 | |||||||
Options, Unrecognized compensation | $ | $ 500 | |||||||
Compensation recognition period (in years) | 1 year 1 month 6 days | |||||||
Restricted Stock Units (Rsus) [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Retiree age for redemption threshold | item | 65 | |||||||
RSUs, Unrecognized compensation | $ | $ 500 | |||||||
Compensation recognition period (in years) | 1 year 4 months 24 days | |||||||
Granted, RSU | 0 | |||||||
Restricted Stock Units (Rsus) [Member] | Capital Stock | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Number of securities called by each unit | 1 | |||||||
Grant Date [Member] | Employee Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 10.00% | |||||||
Four and One Half Months After Grant [Member] | Employee Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 22.00% | |||||||
Nine Months After Grant [Member] | Employee Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 22.00% | |||||||
Thirteen and One Half Months After Grant [Member] | Employee Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 22.00% | |||||||
Eighteen Months After Date Of Grant [Member] | Employee Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 24.00% | |||||||
First Anniversary [Member] | Restricted Stock Units (Rsus) [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
Second Anniversary [Member] | Restricted Stock Units (Rsus) [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Vesting percentage | 50.00% |
Shareholders' Equity and Capi52
Shareholders' Equity and Capital Stock - Options Activity (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Options Activity, Rollforward | |
Outstanding, Beginning Balance | 8,468,614 |
Granted, Options | 1,042,354 |
Exercised, Options | (608,531) |
Forfeited, Options | (214,709) |
Expired, Options | (10,810) |
Outstanding, Ending Balance | 8,676,918 |
Options Exercise Price, Rollforward | |
Options Exercise Price, Beginning | $ / shares | $ 1.12 |
Granted, Weighted-average exercise price | $ / shares | 0.73 |
Exercised, Weighted-average exercise price | $ / shares | 0.66 |
Forfeited, Weighted-average exercise price | $ / shares | 1.17 |
Expired, Weighted-average exercise price | $ / shares | 0.64 |
Options Exercise Price, Ending | $ / shares | $ 0.95 |
Shareholders' Equity and Capi53
Shareholders' Equity and Capital Stock - Options by price range (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.95 | $ 1.12 |
Number of options outstanding | 8,676,918 | 8,468,614 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 3 months 18 days | |
Number of options exercisable | 7,321,929 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 10 months 24 days | |
Stock Option Exercise Price Range One [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 2.14 | |
Number of options outstanding | 1,172,648 | |
Weighted- average remaining contractual life (years), Outstanding | 3 months 18 days | |
Number of options exercisable | 1,172,648 | |
Weighted- average remaining contractual life (years), Exercisable | 3 months 18 days | |
Expiry | Jan. 28, 2016 | |
Stock Option Exercise Price Range Two [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 1.17 | |
Number of options outstanding | 545,000 | |
Weighted- average remaining contractual life (years), Outstanding | 9 months 18 days | |
Number of options exercisable | 545,000 | |
Weighted- average remaining contractual life (years), Exercisable | 9 months 18 days | |
Expiry | Jul. 7, 2016 | |
Stock Option Exercise Price Range Three [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.87 | |
Number of options outstanding | 615,238 | |
Weighted- average remaining contractual life (years), Outstanding | 10 months 24 days | |
Number of options exercisable | 615,238 | |
Weighted- average remaining contractual life (years), Exercisable | 10 months 24 days | |
Expiry | Sep. 9, 2016 | |
Stock Option Exercise Price Range Four [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.86 | |
Number of options outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 1 month 6 days | |
Number of options exercisable | 200,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 1 month 6 days | |
Expiry | Oct. 24, 2016 | |
Stock Option Exercise Price Range Five [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.68 | |
Number of options outstanding | 897,769 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 3 months 18 days | |
Number of options exercisable | 897,769 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 3 months 18 days | |
Expiry | Jan. 12, 2017 | |
Stock Option Exercise Price Range Six [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 1.04 | |
Number of options outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 3 months 18 days | |
Number of options exercisable | 200,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 3 months 18 days | |
Expiry | Feb. 1, 2017 | |
Stock Option Exercise Price Range Seven [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.88 | |
Number of options outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 4 months 24 days | |
Number of options exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 4 months 24 days | |
Expiry | Mar. 1, 2017 | |
Stock Option Exercise Price Range Eight [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.57 | |
Number of options outstanding | 1,243,265 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 2 months 12 days | |
Number of options exercisable | 1,243,265 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 2 months 12 days | |
Expiry | Dec. 7, 2017 | |
Stock Option Exercise Price Range Nine [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.57 | |
Number of options outstanding | 559,358 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 7 months 6 days | |
Number of options exercisable | 559,358 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 7 months 6 days | |
Expiry | Apr. 25, 2018 | |
Stock Option Exercise Price Range Ten [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.92 | |
Number of options outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 9 months 18 days | |
Number of options exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 9 months 18 days | |
Expiry | Aug. 1, 2018 | |
Stock Option Exercise Price Range Eleven [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.89 | |
Number of options outstanding | 914,694 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 2 months 12 days | |
Number of options exercisable | 914,694 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 2 months 12 days | |
Expiry | Dec. 27, 2018 | |
Stock Option Exercise Price Range Twelve [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 1.25 | |
Number of options outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 6 months | |
Number of options exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 6 months | |
Expiry | Mar. 31, 2019 | |
Stock Option Exercise Price Range Thirteen [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.76 | |
Number of options outstanding | 986,592 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 2 months 12 days | |
Number of options exercisable | 569,722 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 2 months 12 days | |
Expiry | Dec. 12, 2019 | |
Stock Option Exercise Price Range Fourteen [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.85 | |
Number of options outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 8 months 12 days | |
Number of options exercisable | 20,000 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 8 months 12 days | |
Expiry | May 29, 2020 | |
Stock Option Exercise Price Range Fifteen [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price | $ 0.64 | |
Number of options outstanding | 842,354 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 10 months 24 days | |
Number of options exercisable | 84,235 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 10 months 24 days | |
Expiry | Aug. 17, 2020 |
Shareholders' Equity and Capi54
Shareholders' Equity and Capital Stock - RSU (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
RSUs Activity, Rollforward | |
Number of RSUs Unvested, Beginning | 379,435 |
Granted, RSU | 485,160 |
Number of RSUs Vested | (73,420) |
Number of RSUs Forfeited | (16,789) |
Number of RSUs Unvested, Ending | 774,386 |
RSUs Fair Value, Rollforward | |
RSUs Unvested, Fair Value, Beginning | $ / shares | $ 0.89 |
Granted, Weighted average grant date fair value | $ / shares | 0.84 |
Vested, Weighted average grant date fair value | $ / shares | 0.92 |
Forfeited, Weighted average grant date fair value | $ / shares | 0.86 |
RSUs Unvested, Fair Value, Ending | $ / shares | $ 0.85 |
Shareholders' Equity and Capi55
Shareholders' Equity and Capital Stock - Outstanding RSUs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of unvested units | 774,386 | 379,435 |
Remaining life (years) | 1 year 3 months 29 days | |
Aggregate value | $ 426 | |
December 27, 2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of unvested units | 103,634 | |
Remaining life (years) | 2 months 27 days | |
Aggregate value | $ 57 | |
December 12, 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of unvested units | 226,558 | |
Remaining life (years) | 1 year 2 months 12 days | |
Aggregate value | $ 125 | |
March 13, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of unvested units | 233,608 | |
Remaining life (years) | 1 year 5 months 12 days | |
Aggregate value | $ 128 | |
August 17, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of unvested units | 210,586 | |
Remaining life (years) | 1 year 10 months 17 days | |
Aggregate value | $ 116 |
Shareholders' Equity and Capi56
Shareholders' Equity and Capital Stock - Warrants expiry (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 1.19 | $ 1.20 |
Number of warrants | 8,324,112 | 8,374,112 |
Remaining contractual life (years) | 2 years 3 months 18 days | |
Warrants Exercise Price Range One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 1.12 | |
Number of warrants | 100,000 | |
Remaining contractual life (years) | 1 month 6 days | |
Expiry | Nov. 1, 2015 | |
Warrants Exercise Price Range Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 0.93 | |
Number of warrants | 25,000 | |
Remaining contractual life (years) | 4 months 24 days | |
Expiry | Mar. 5, 2016 | |
Warrants Exercise Price Range Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 1.35 | |
Number of warrants | 2,354,545 | |
Remaining contractual life (years) | 1 year 2 months 12 days | |
Expiry | Dec. 19, 2016 | |
Warrants Exercise Price Range Four [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 1.12 | |
Number of warrants | 4,294,167 | |
Remaining contractual life (years) | 2 years 8 months 12 days | |
Expiry | Jun. 24, 2018 | |
Warrants Exercise Price Range Five [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 1.17 | |
Number of warrants | 1,550,400 | |
Remaining contractual life (years) | 2 years 10 months 24 days | |
Expiry | Aug. 27, 2018 |
Shareholders' Equity and Capi57
Shareholders' Equity and Capital Stock - Warrants activity (Details) | 9 Months Ended |
Sep. 30, 2015$ / shares$ / itemshares | |
Shareholders' Equity and Capital Stock | |
Outstanding Beginning Balance, Warrants | 8,374,112 |
Cancelled, Warrants | (50,000) |
Outstanding Ending Balance, Warrants | 8,324,112 |
Outstanding Beginning Balance, Weighted-average exercise price | $ / shares | $ 1.20 |
Cancelled, Weighted-average exercise price | $ / item | 0.79 |
Outstanding Ending Balance, Weighted-average exercise price | $ / shares | $ 1.19 |
Shareholders' Equity and Capi58
Shareholders' Equity and Capital Stock - Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
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% | |
Maximum [Member] | ||
Forfeiture rate (RSUs) | 8.30% | |
Expected option life (years) | 3 years 7 months 17 days | |
Expected volatility, Maximum | 57.00% | |
Risk-free interest rate, Maximum | 0.70% | |
Forfeiture rate (options) | 5.00% | |
Minimum [Member] | ||
Forfeiture rate (RSUs) | 7.80% | |
Expected option life (years) | 3 years 7 months 6 days | |
Expected volatility, Minimum | 56.00% | |
Risk-free interest rate, Minimum | 0.50% | |
Forfeiture rate (options) | 4.90% |
Sales (Detail)
Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Concentration Risk [Line Items] | ||||
Disposal fee income | $ 39 | $ 289 | ||
Recognition of gain from sale of deliveries under assignment | 2,507 | |||
Revenue, Net, Total | $ 8,491 | $ 7,329 | $ 34,091 | $ 22,712 |
Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Disposal fee income, percent | 0.10% | 1.30% | ||
Percent recognition of gain | 0.00% | 11.00% | ||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 34,052 | $ 19,916 | ||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 99.90% | 87.70% | ||
Company A [Member] | Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 6,671 | $ 2,596 | ||
Company A [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 19.60% | 11.40% | ||
Company B [Member] | Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 6,098 | $ 10,123 | ||
Company B [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 17.90% | 44.60% | ||
Company C [Member] | Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 5,094 | $ 7,197 | ||
Company C [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 14.90% | 31.70% | ||
Company D [Member] | Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 4,343 | |||
Company D [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 12.70% | 0.00% | ||
Company E [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 11,846 | |||
Company E [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 34.80% | 0.00% | ||
Company A B C D [Member] | Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Sales Revenue, Goods, Net | $ 22,206 | $ 19,916 | ||
Company A B C D [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 65.10% | 87.70% |
Financial instruments (Details)
Financial instruments (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)item | |
Concentration Risk [Line Items] | |
Cash, insured amount | $ 0.6 |
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Change In Basis Points | item | 100 |
Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Cash, Uninsured Amount | $ 10.6 |
Credit Availability Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Accounts Payable, Trade, Current | $ 2.1 |
Minimum [Member] | Credit Availability Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Debt Instrument, Term | 0 years |
Maximum [Member] | Credit Availability Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Debt Instrument, Term | 6 years |
Subsequent Events (Details)
Subsequent Events (Details) - RMBAH First Loan Facility [Member] - Subsequent Event [Member] $ in Millions | Oct. 15, 2015USD ($)item |
Subsequent Event [Line Items] | |
Long-term Line of Credit | $ 3.5 |
Debt Instrument Number of Installments | item | 4 |