Ur-Energy (URG) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		143,605,552
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	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents (note 3)	$ 2,475	$ 1,443
Accounts receivable (note 4)	2,531	9
Inventory (note 5)	4,890	3,345
Prepaid expenses	904	916
Assets, Current, Total	10,800	5,713
Restricted cash (note 6)	7,557	7,557
Mineral properties (note 7)	49,230	50,610
Capital assets (note 8)	29,864	30,788
Equity investment (note 9)	900	1,089
Assets, Total	98,351	95,757
Current liabilities
Accounts payable and accrued liabilities (note 10)	4,517	4,567
Current portion of notes payable (note 11)	6,514	8,527
Accrued federal income tax		43
Deferred revenue (note 12)	5,085
Environmental remediation accrual	86	86
Liabilities, Current, Total	16,202	13,223
Notes payable (note 11)	21,719	23,937
Asset retirement obligations (note 13)	26,476	26,061
Other liabilities - warrants	5	35
Liabilities	64,402	63,256
Share Capital
Common shares, without par value, unlimited shares authorized; shares issued and outstanding: 143,605,552 at June 30, 2016 and 130,188,775 at December 31, 2015	174,897	168,911
Warrants	4,109	4,175
Contributed surplus	14,828	14,632
Accumulated other comprehensive income	3,606	3,357
Deficit	(163,491)	(158,574)
Stockholders'Equity Attributable to Parent, Total	33,949	32,501
Liabilities and Equity, Total	98,351	95,757
Preferred Class A
Share Capital
Class A preferred shares, without par value, unlimited shares authorized; no shares issued and outstanding

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common shares, without par value	$ 0	$ 0
Common shares, Shares issued	143,605,552	130,188,775
Common shares, Shares outstanding	143,605,552	130,188,775
Preferred Class A
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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Sales (note 15)	$ 6,747	$ 18,213	$ 9,461	$ 25,600
Cost of sales	(5,094)	(13,791)	(6,949)	(19,181)
Gross profit	1,653	4,422	2,512	6,419
Operating Expenses
Exploration and evaluation	(687)	(550)	(1,542)	(1,235)
Development	(727)	(557)	(1,276)	(1,586)
General and administrative	(1,459)	(1,743)	(2,824)	(3,260)
Accretion of asset retirement obligations (Note 13)	(132)	(128)	(265)	(254)
Write-of of mineral properties (note 7)	(62)		(62)
Loss from operations	(1,414)	1,444	(3,457)	84
Interest expense (net)	(515)	(658)	(1,069)	(1,346)
Warrants mark to market adjustment		248	31	171
Loss on equity investment (note 9)	(2)	(5)	(2)	(5)
Write-off of equity investments (note 9)			(189)
Foreign exchange gain (loss)	(1)	(4)	(273)	(3)
Other income (loss)	4		42
Net loss for the year	$ (1,928)	$ 1,025	$ (4,917)	$ (1,099)
Loss per common share:
Basic and diluted	$ (0.01)	$ 0.01	$ (0.04)	$ (0.01)
Weighted average number of common shares outstanding:
Basic and diluted	143,471,310	130,135,611	139,971,865	129,923,742
COMPREHENSIVE LOSS
Net loss for the year	$ (1,928)	$ 1,025	$ (4,917)	$ (1,099)
Translation adjustment on foreign operations	(3)	(8)	249	18
Comprehensive loss for the period	$ (1,931)	$ 1,017	$ (4,668)	$ (1,081)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Capital Stock	Warrants	Contributed Surplus [Member]	Accumulated Other Comprehensive Income	Deficit	Total
Beginning Balance at Dec. 31, 2015	$ 168,911	$ 4,175	$ 14,632	$ 3,357	$ (158,574)	$ 32,501
Beginning Balance (in shares) at Dec. 31, 2015	130,188,775
Exercise of stock options	$ 13		(4)			$ 9
Exercise of stock options (in shares)	16,620					16,620
Common shares issued for cash, net $852 of issue costs	$ 5,716					$ 5,716
Common shares issued for cash, net of issue costs (in shares)	13,085,979
Redemption of vested RSUs	$ 257		(306)			(49)
Redemption of vested RSUs (in shares)	314,178
Expiry of warrants		(66)	66
Non-cash stock compensation			440			440
Net loss and comprehensive (loss) income				249	(4,917)	(4,668)
Ending Balance at Jun. 30, 2016	$ 174,897	$ 4,109	$ 14,828	$ 3,606	$ (163,491)	$ 33,949
Ending Balance (in shares) at Jun. 30, 2016	143,605,552

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Statement Of Stockholders Equity [Abstract]
Stock issuance costs	$ 852

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash provided by (used in) Operating activities
Net loss for the period	$ (4,917)	$ (1,099)
Items not affecting cash:
Stock based expense	440	457
Depreciation and amortization	2,556	3,735
Accretion of asset retirement obligation	265	254
Amortization of deferred loan costs	75	101
Write off of investments	189
Write-off of mineral properties	62
Warrants mark to market gain (loss)	(31)	(171)
Gain on disposition of assets	(42)
Other loss	2	5
RSUs redeemed for cash	(9)	(143)
Proceeds from assignment of sales contract	5,085
Change in non-cash working capital items:
Accounts receivable	(2,523)	15
Inventory	(1,545)	1,283
Prepaid expenses	(344)	(237)
Accounts payable and accrued liabilities	117	(171)
Accrued income taxes	30
Net Cash Provided by (Used in) Operating Activities, Total	(590)	4,029
Investing activities
Funding of equity investment	(2)
Proceeds from sale of property and equipment	91
Purchase of capital assets	(183)	(43)
Net Cash Provided by (Used in) Investing Activities, Total	(94)	(43)
Financing activities
Issuance of common shares and warrants for cash	6,568
Share issue costs	(767)
Proceeds from exercise of stock options	9	408
Repayment of debt	(4,308)	(3,658)
Net Cash Provided by (Used in) Financing Activities, Total	1,502	(3,250)
Effects of foreign exchange rate changes on cash	214	11
Net change in cash and cash equivalents	1,032	747
Beginning cash and cash equivalents	1,443	3,104
Ending cash and cash equivalents	$ 2,475	$ 3,851

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2016
Nature of Operations [Abstract]
Nature of operations	1. Nature of Operations Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004 under the laws of the Province of Ontario. The Company was continued under the Canada Business Corporations Act on August 8, 2006. The Company is an exploration stage mining company, as defined by United States Securities and Exchange Commission (“SEC”) Industry Guide 7, headquartered in Littleton, Colorado. The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development and production of uranium mineral resources located primarily in Wyoming. As of August 2013 , the Company commenced uranium production at its Lost Creek Project in Wyoming. Due to the nature of the uranium mining methods used by the Company on the Lost Creek Property, and the definition of “mineral reserves” under National Instrument 43-101 (“NI 43-101”), which uses the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards, the Company has not determined whether the properties contain mineral reserves. However, the Company’s “ Amended Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming, ” February 8, 2016 (“Lost Creek PEA”) outlines the potential viability of the Lost Creek Property. The recoverability of amounts recorded for mineral properties is dependent upon the discovery of economic resources, the ability of the Company to obtain the necessary financing to develop the properties and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation 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, 2015 . The year-end balance sheet data was derived from the audited financial statements and certain information and footnote disclosures required by United States generally accepted accounting principles (US GAAP) have been condensed or omitted. 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 2015. 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 are effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. We are assessing the impact this pronouncement may have on our financial reporting. In January 2016, the FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) . The amendments in this Update supersede the guidance to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. The amendments also require enhanced disclosures about those investments. The amendments improve financial reporting by providing relevant information about an entity’s equity investments and reducing the number of items that are recognized in other comprehensive income. This guidance is effective for annual reporting beginning after December 15, 2017, including interim periods within the year of adoption, and calls for prospective application, with early application permitted. Accordingly, the standard is effective for us beginning in the first quarter of fiscal 2019. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize all leases, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018, and early application is permitted. We are currently evaluating the impact that this standard update will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09 , Compensation-Stock Compensation- Improvements to Employee Share-Based Payment Accounting (Topic 718) , which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period, however early adoption is permitted. We are currently evaluating the guidance to determine the Company's adoption method and the effect it will have on the Company's Consolidated Financial Statements.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	3. Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following: As at June 30, 2016 December 31, 2015 $ $ Cash on deposit at banks Money market funds

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Accounts Receivable	4. Accounts Receivable The Company’s accounts receivable consist of the following: As at June 30, 2016 December 31, 2015 $ $ Trade accounts receivable Company A - Other Companies - Total trade receivables - Other receivables Total accounts receivable The names of the individual companies have not been disclosed for reasons of confidentiality.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2016
Inventory [Abstract]
Inventory	5. Inventory The Company’s inventory consists of the following: As at June 30, 2016 December 31, 2015 $ $ In-process inventory Plant inventory Conversion facility inventory As of June 30, 2016, there was no inventory on hand with costs in excess of net realizable value.

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2016
Restricted Cash [Abstract]
Restricted cash	6. Restricted Cash The Company’s restricted cash consists of the following: As at June 30, 2016 December 31, 2015 $ $ Money market account Certificates of deposit The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality (“WDEQ”), the Bureau of Land Management (“BLM”) and the Nuclear Regulatory Commission (“NRC”) as applicable. 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 $27.4 million of coverage towards specific reclamation obligations are collateralized by $ 7.5 million of the restricted cash at June 30, 2016.

Mineral Properties

Mineral Properties	6 Months Ended
	Jun. 30, 2016
Mineral Properties [Abstract]
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, 2015 Change in estimated reclamation costs (Note 13) - Property write-offs - - Amortization - - Balance, June 30, 2016 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, LC East and EN Projects. Currently, there are no royalties on the mining claims in the Lost Creek, LC North or LC West Projects. Pathfinder Mines The Company acquired additional Wyoming properties when Ur-Energy USA Inc. closed a Share Purchase Agreement (“SPA”) with an AREVA Mining affiliate in December 2013. Under the terms of the SPA, the Company purchased Pathfinder Mines Corporation (“Pathfinder”) to acquire additional mineral properties. Assets acquired in this transaction include the Shirley Basin mine, portions of the Lucky Mc mine, machinery and equipment, vehicles, office equipment and development databases. Pathfinder was acquired for aggregate consideration of $6.7 million, a 5% production royalty under certain circumstances and the assumption of $5.7 million in estimated asset reclamation obligations . At June 30, 2016, the royalty lapsed and has been terminated. Other U.S. properties In June 2016, the Company decided to abandon their claims in the Hauber project and wrote off $62 thousand being the carrying value of the investment in that project.

Capital Assets

Capital Assets	6 Months Ended
	Jun. 30, 2016
Capital Assets
Capital Assets	8. Capital Assets The Company’s capital assets consist of the following: As of As of June 30, 2016 December 31, 2015 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	6 Months Ended
	Jun. 30, 2016
Equity Investment [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 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 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. In March 2016, the Company performed an impairment analysis based on the mineralization at the Bootheel property and the current spot price. It determined that a n impairment reflecting the then current spot price was warranted which is reflected as a $189 thousand decrease in the investment.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	10. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: As at June 30, 2016 December 31, 2015 $ $ Accounts payable Severance and ad valorem tax payable Payroll and other taxes

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2016
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. On March 14, 2014, the Company modified a loan facility with RMB to include a $3.5 million line of credit. On October 15, 2015, the loan was 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 at a rate of approximately 8.75% . This was considered a modification for accounting purposes. 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 June 30, 2016 are considered current. The following table lists the current (within 12 months) and long term portion of each of the Company’s debt instruments: As at June 30, 2016 December 31, 2015 $ $ Current debt Sweetwater County Loan RMB First Loan Facility Less deferred financing costs Long term debt Sweetwater County Loan Less deferred financing costs Schedule of payments on outstanding debt as of June 30, 2016 : Debt Total 2016 2017 2018 2019 2020 Subsequent Maturity $ $ $ $ $ $ $ Sweetwater County Loan Principal October 1, 2021 Interest RMB First Loan Facility Principal - - - - - December 31, 2016 Interest - - - - - Total

Deferred Revenue

Deferred Revenue	6 Months Ended
	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	1 2. Deferred Revenue In March 2016, the Company assigned its contractual delivery obligations under two of its sales contracts which are scheduled to take place in the third and fourth quarter of 2016 to a natural resources trading company in exchange for a cash payment of $5.1 million. The Company will reflect the payment as revenue when the related deliveries under the contracts are settled.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2016
Asset Retirement Obligations [Abstract]
Asset Retirement and Reclamation Obligations	13. Asset Retirement and Reclamation Obligations Asset retirement obligations ("ARO") relate to the Lost Creek mine and Pathfinder projects 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 June 30, 2016, the total undiscounted amount of the future cash needs was estimated to be $27.2 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. For the period ended June 30, 2016 December 31, 2015 $ $ Beginning of period Change in estimated liability Accretion expense End of period

Shareholders' Equity and Capita

Shareholders' Equity and Capital Stock	6 Months Ended
	Jun. 30, 2016
Shareholders' Equity and Capital Stock [Abstract]
Shareholders' Equity and Capital Stock	14. 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”). The plan was most recently approved by the shareholders on April 29, 2014. Eligible participants under the Option Plan include directors, officers, employees and consultants of the Company. Under the terms of the Option Plan, stock options generally vest with Option Plan participants as follows: 10% at the date of grant; 22% four and one-half months after grant; 22% nine months after grant; 22% thirteen and one-half months after grant; and the balance of 24% eighteen months after the date of grant. Activity with respect to stock options is summarized as follows: Weighted- average Options exercise price # US$ Balance, December 31, 2015 Exercised Forfeited Expired Outstanding, June 30, 2016 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 six months ended June 30, 2016 was $0.4 million. As of June 30, 2016, outstanding stock options are as follows: Options outstanding Options exercisable Weighted- Weighted- average average remaining Aggregate remaining Aggregate Exercise Number contractual Intrinsic Number contractual Intrinsic price of options life (years) Value of options life (years) Value Expiry US$ US$ US$ (thousands) (thousands) 1.21 0.0 - 0.0 - July 7, 2016 0.90 0.2 - 0.2 - September 9, 2016 0.89 0.3 - 0.3 - October 24, 2016 0.70 0.5 - 0.5 - January 12, 2017 1.07 0.6 - 0.6 - February 1, 2017 0.91 0.7 - 0.7 - March 1, 2017 0.59 1.4 - 1.4 - December 7, 2017 0.59 1.8 - 1.8 - April 25, 2018 0.96 2.1 - 2.1 - August 1, 2018 0.93 2.5 - 2.5 - December 27, 2018 1.30 2.7 - 2.7 - March 31, 2019 0.79 3.4 - 3.4 - December 12, 2019 0.88 3.9 - 3.9 - May 29, 2020 0.66 4.1 - 4.1 - August 17, 2020 0.62 4.4 - 4.4 - December 11, 2020 0.72 2.2 - 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 $0.66 as of the last trading day in the period ended June 30, 2016, that would have been received by the option holders had they exercised their options as of that date. No options were in-the-money as of June 30, 2016. Restricted share units On June 24, 2010 , the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”). The RSU Plan was approved by our shareholders most recently on May 5, 2016. Eligible participants under the RSU Plan include directors and employees of the Company. Under the terms of the original RSU Plan, RSUs vested with participants as follows: 50% on the first anniversary of the date of the grant and 50% on the second anniversary of the date of the grant. In March 2015, the Board approved amendments to the plan that (a) extend the redemption period so that, going forward, all RSUs in a grant are not redeemed until the second anniversary of the grant; (b) provide for redemption, instead of cancellation, of outstanding RSUs at the date of redemption for retiring directors and executive officers, which is defined as a threshold of combined service and age of 65 years, and a minimum of five years of service to the Company; and (c) update the RSU Plan for compliance with applicable laws. The amendments were approved and ratified by shareholder vote on May 28, 2015. Grants made subsequent to May 28, 2015 have been made pursuant to the amendments described. Activity with respect to RSUs is summarized as follows: Number Weighted of average grant RSUs date fair value US$ Unvested, December 31, 2015 Vested Forfeited Unvested, June 30, 2016 As of June 30, 2016, outstanding RSUs are as follows: Number of Remaining Aggregate unvested life Intrinsic Grant date RSUs (years) Value US$ (thousands) December 12, 2014 0.45 March 13, 2015 0.70 August 17, 2015 1.13 December 11, 2015 1.45 1.09 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 June 30, 2016. Number Weighted- of average Warrants exercise price US$ Outstanding, December 31, 2015 Expired Outstanding, June 30, 2016 As of June 30, 2016, outstanding warrants are as follows: Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry US$ US$ (thousands) 1.35 0.5 - December 19, 2016 0.93 2.0 - June 24, 2018 0.96 2.2 - August 27, 2018 1.06 1.6 - Share-based compensation expense Share-based compensation expense was $0.2 million and $0.4 million for the three and six months ended June 30, 2016 and $0.3 million and $0.5 million for the three and six months ended June 30, 2015, respectively. As of June 30, 2016, there was approximately $0.3 million of total unrecognized compensation expense (net of estimated pre-vesting forfeitures) related to unvested share-based compensation arrangements granted under the Option Plan and $0.3 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 0.8 years and 1.1 years, respectively. Cash received from stock options exercised during the six months ended June 30, 2016 was less than $0.1 million and $0.4 million for the six months ended June 30, 2015. Fair value calculations The initial fair value of options and RSUs granted is determined using the Black-Scholes option pricing model for options and the intrinsic pricing model for RSUs. There were no options or RSUs granted in the six months ended June 30, 2016. The following assumptions were used in the calculations: Six months ended June 30, 2015 Expected option life (years) 3.6 Expected volatility 57.00% Risk-free interest rate 0.67% Expected dividend rate 0% Forfeiture rate (Options) 5.0% Forfeiture rate (RSUs) 7.8% 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.

Sales

Sales	6 Months Ended
	Jun. 30, 2016
Revenue [Abstract]
Sales	15. Sales Sales have been derived from U 3 O 8 being sold to domestic utilities, primarily under term contracts, as well as to a trader through spot sales. Sales consist of: Six months ended June 30, 2016 2015 $ $ Sale of produced inventory Company A Company B Company C - Sales of purchased inventory Company D - Total sales Disposal fee income The names of the individual companies have not been disclosed for reasons of confidentiality.

Financial instruments

Financial instruments	6 Months Ended
	Jun. 30, 2016
Financial instruments [Abstract]
Financial instruments	16. 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. 7 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the United States Federal Deposit Insurance Corporation, leaving approximately $9.3 million at risk at June 30, 2016 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 June 30, 2016. 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 Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. As at June 30, 2016, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $1.6 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 5.3 years, and asset retirement obligations with estimated completion dates until 2033. In February 2016, the Company raised $5.9 million (net of costs of $766 thousand) from the issuance of 12.9 million shares priced at $0.50 per share pursuant to a bought-deal financing. The rationale for raising funds was due to a change in the timing of contracted deliveries and payment commitments in 2016. The Company has relied primarily on cash flow from operations since deliveries from production commenced on a regular basis in 2014. On May 27, 2016, we entered into an At Market Issuance Sales Agreement with MLV & Co. LLC and FBR Capital Markets & Co. under which we may, from time to time, issue and sell common shares at market prices on the NYSE MKT or other U.S. market through the distribution agents for aggregate sales proceeds of up to $10,000,000 . During the quarter, we sold 164,979 common shares under the sales agreement at an average price of $0.65 per share for gross proceeds of $108 thousand. After deducting transaction fees and commissions, and all costs associated with the completing the agreement and filing the related prospectus supplement, net proceeds received were $20 thousand. We do not anticipate the need for additional funding in 2016 unless it is advantageous to do so. 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 . 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 and six months ended June 30, 2016 or the comparable three and six months in 2015. 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 Accoun24

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of presentation	Basis of presentation 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, 2015 . The year-end balance sheet data was derived from the audited financial statements and certain information and footnote disclosures required by United States generally accepted accounting principles (US GAAP) have been condensed or omitted.
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 2015. 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 are effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. We are assessing the impact this pronouncement may have on our financial reporting. In January 2016, the FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) . The amendments in this Update supersede the guidance to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. The amendments also require enhanced disclosures about those investments. The amendments improve financial reporting by providing relevant information about an entity’s equity investments and reducing the number of items that are recognized in other comprehensive income. This guidance is effective for annual reporting beginning after December 15, 2017, including interim periods within the year of adoption, and calls for prospective application, with early application permitted. Accordingly, the standard is effective for us beginning in the first quarter of fiscal 2019. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize all leases, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018, and early application is permitted. We are currently evaluating the impact that this standard update will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09 , Compensation-Stock Compensation- Improvements to Employee Share-Based Payment Accounting (Topic 718) , which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period, however early adoption is permitted. We are currently evaluating the guidance to determine the Company's adoption method and the effect it will have on the Company's Consolidated Financial Statements.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Schedule Of Cash and Cash Equivalents	As at June 30, 2016 December 31, 2015 $ $ Cash on deposit at banks Money market funds

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As at June 30, 2016 December 31, 2015 $ $ Trade accounts receivable Company A - Other Companies - Total trade receivables - Other receivables Total accounts receivable

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory [Abstract]
Schedule of Inventory, Current	As at June 30, 2016 December 31, 2015 $ $ In-process inventory Plant inventory Conversion facility inventory

Restricted Cash (Tables)

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2016
Restricted Cash [Abstract]
Schedule of Restricted Cash and Cash Equivalents	As at June 30, 2016 December 31, 2015 $ $ Money market account Certificates of deposit

Mineral Properties (Tables)

Mineral Properties (Tables)	6 Months Ended
	Jun. 30, 2016
Mineral Properties [Abstract]
Mineral Property	Lost Creek Pathfinder Other US Property Mines Properties Total $ $ $ $ Balance, December 31, 2015 Change in estimated reclamation costs (Note 13) - Property write-offs - - Amortization - - Balance, June 30, 2016

Capital Assets (Tables)

Capital Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Capital Assets
Capital assets	As of As of June 30, 2016 December 31, 2015 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)	6 Months Ended
	Jun. 30, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	As at June 30, 2016 December 31, 2015 $ $ Accounts payable Severance and ad valorem tax payable Payroll and other taxes

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Payable [Abstract]
Schedule of Debt	As at June 30, 2016 December 31, 2015 $ $ Current debt Sweetwater County Loan RMB First Loan Facility Less deferred financing costs Long term debt Sweetwater County Loan Less deferred financing costs
Schedule Of Outstanding Debt	Debt Total 2016 2017 2018 2019 2020 Subsequent Maturity $ $ $ $ $ $ $ Sweetwater County Loan Principal October 1, 2021 Interest RMB First Loan Facility Principal - - - - - December 31, 2016 Interest - - - - - Total

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2016
Asset Retirement Obligations [Abstract]
Schedule of Asset Retirement Obligations	For the period ended June 30, 2016 December 31, 2015 $ $ Beginning of period Change in estimated liability Accretion expense End of period

Shareholders' Equity and Capi34

Shareholders' Equity and Capital Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Shareholders' Equity and Capital Stock [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	Weighted- average Options exercise price # US$ Balance, December 31, 2015 Exercised Forfeited Expired Outstanding, June 30, 2016
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range	Options outstanding Options exercisable Weighted- Weighted- average average remaining Aggregate remaining Aggregate Exercise Number contractual Intrinsic Number contractual Intrinsic price of options life (years) Value of options life (years) Value Expiry US$ US$ US$ (thousands) (thousands) 1.21 0.0 - 0.0 - July 7, 2016 0.90 0.2 - 0.2 - September 9, 2016 0.89 0.3 - 0.3 - October 24, 2016 0.70 0.5 - 0.5 - January 12, 2017 1.07 0.6 - 0.6 - February 1, 2017 0.91 0.7 - 0.7 - March 1, 2017 0.59 1.4 - 1.4 - December 7, 2017 0.59 1.8 - 1.8 - April 25, 2018 0.96 2.1 - 2.1 - August 1, 2018 0.93 2.5 - 2.5 - December 27, 2018 1.30 2.7 - 2.7 - March 31, 2019 0.79 3.4 - 3.4 - December 12, 2019 0.88 3.9 - 3.9 - May 29, 2020 0.66 4.1 - 4.1 - August 17, 2020 0.62 4.4 - 4.4 - December 11, 2020 0.72 2.2 - 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, 2015 Vested Forfeited Unvested, June 30, 2016
Schedule Of Share-Based Compensation, Shares Authorized Under Restricted Stock Units, By Grant Date	Number of Remaining Aggregate unvested life Intrinsic Grant date RSUs (years) Value US$ (thousands) December 12, 2014 0.45 March 13, 2015 0.70 August 17, 2015 1.13 December 11, 2015 1.45 1.09
Schedule Of Share-Based Compensation, Warrants, Activity	Number Weighted- of average Warrants exercise price US$ Outstanding, December 31, 2015 Expired Outstanding, June 30, 2016
Schedule Of Share-based Compensation Shares Authorized Under Warrants Plans by exercise price range	Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry US$ US$ (thousands) 1.35 0.5 - December 19, 2016 0.93 2.0 - June 24, 2018 0.96 2.2 - August 27, 2018 1.06 1.6 -
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Six months ended June 30, 2015 Expected option life (years) 3.6 Expected volatility 57.00% Risk-free interest rate 0.67% Expected dividend rate 0% Forfeiture rate (Options) 5.0% Forfeiture rate (RSUs) 7.8%

Sales (Tables)

Sales (Tables)	6 Months Ended
	Jun. 30, 2016
Revenue [Abstract]
Schedule Of Revenue	Six months ended June 30, 2016 2015 $ $ Sale of produced inventory Company A Company B Company C - Sales of purchased inventory Company D - Total sales Disposal fee income

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Current deferred financing costs	$ 136	$ 152
Deferred financing costs	$ 516	$ 577

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Cash on deposit at banks	$ 2,243	$ 1,202
Money market funds	232	241
Cash and cash equivalents	$ 2,475	$ 1,443	$ 3,851	$ 3,104

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Trade accounts receivable
Trade receivables	$ 2,524
Other receivables	7	$ 9
Total accounts receivable	2,531	$ 9
Company A [Member]
Trade accounts receivable
Trade receivables	2,518
Other Companies [Member]
Trade accounts receivable
Trade receivables	$ 6

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory
Inventory, Net, Total	$ 4,890	$ 3,345
Inventory Valuation Reserves	0
In Process Inventory [Member]
Inventory
Inventory, Net, Total	929	994
Plant Inventory [Member]
Inventory
Inventory, Net, Total	115	742
Conversion Facility Inventory [Member]
Inventory
Inventory, Net, Total	$ 3,846	$ 1,609

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Restricted Cash
Non-current restricted cash	$ 7,557	$ 7,557
Surety Bond [Member]
Restricted Cash
Reclamation bonding requirement	27,400
Certificate of deposit [Member]
Restricted Cash
Non-current restricted cash	100	100
Money Market Funds [Member]
Restricted Cash
Non-current restricted cash	7,457	$ 7,457
Money Market Funds [Member] | Surety Bond [Member]
Restricted Cash
Restricted cash pledged as collateral	$ 7,500

Mineral Properties - rollforwar

Mineral Properties - rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Balance at beginning of period		$ 50,610
Increase in reclamation costs		150
Write-of of mineral properties (note 7)	$ (62)	(62)
Amortization		(1,468)
Balance at end of period	49,230	49,230
Lost Creek Property
Balance at beginning of period		16,662
Increase in reclamation costs		338
Amortization		(1,468)
Balance at end of period	15,532	15,532
Other Us Properties [Member]
Balance at beginning of period		13,210
Write-of of mineral properties (note 7)		(62)
Balance at end of period	13,148	13,148
Path Finder Mines [Member]
Balance at beginning of period		20,738
Increase in reclamation costs		(188)
Balance at end of period	$ 20,550	$ 20,550

Mineral Properties (Details)

Mineral Properties (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2016	Dec. 31, 2005
Aggregate consideration	$ 6,700
Royalty (as a percent)	5.00%
Estimated asset reclamation obligation	$ 5,700
Write-off of equity investments (note 8)		$ 189
Nfu Wyoming LLC
Percentage of asset acquired			100.00%
Aggregate consideration			$ 20,000

Capital Assets (Details)

Capital Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Capital Assets
Cost	$ 38,764		$ 39,067
Accumulated Depreciation	8,900		8,279
Net Book Value	29,864		30,788
Depreciation	2,556	$ 3,735
Rolling stock [Member]
Capital Assets
Cost	3,308		3,819
Accumulated Depreciation	2,866		3,179
Net Book Value	442		640
Building Enclosures [Member]
Capital Assets
Cost	32,991		32,987
Accumulated Depreciation	4,404		3,578
Net Book Value	28,587		29,409
Machinery and equipment [Member]
Capital Assets
Cost	1,194		1,031
Accumulated Depreciation	548		507
Net Book Value	646		524
Furniture, fixtures and leasehold improvements [Member]
Capital Assets
Cost	119		119
Accumulated Depreciation	95		92
Net Book Value	24		27
Information technology [Member]
Capital Assets
Cost	1,152		1,111
Accumulated Depreciation	987		923
Net Book Value	$ 165		$ 188

Equity Investment (Details)

Equity Investment (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2009
Equity Investment
Project Expenditure Percentage		25.00%
Equity Method Investment, Ownership Percentage	19.00%
Write off of investments	$ 189
Jet Metals
Equity Investment
Project Expenditure Percentage		75.00%

Accounts Payable and Accrued 45

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 1,096	$ 1,402
Severance and ad valorem tax payable	1,785	1,992
Payroll and other taxes	1,636	1,173
Accounts payable and accrued liabilities	$ 4,517	$ 4,567

Notes Payable - Current vs Long

Notes Payable - Current vs Long-term (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current debt
Current Debt	$ 6,650	$ 8,679
Less deferred financing costs	(136)	(152)
Long-term Debt, Current Maturities, Total	6,514	8,527
Long term debt
Less deferred financing costs	(516)	(577)
Long-term Debt	21,719	23,937
Sweetwater IDR Bond [Member]
Current debt
Current Debt	4,494	4,367
Long term debt
Long term debt	22,235	24,514
RMBAH First Loan Facility [Member]
Current debt
Current Debt	$ 2,156	$ 4,312

Notes Payable - Maturity table

Notes Payable - Maturity table (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2020
Notes Payable
Total	$ 33,387	$ 5,934
Sweetwater IDR Bond [Member]
Notes Payable
Principal	26,729	5,487
Interest	4,427	$ 447
RMBAH First Loan Facility [Member]
Notes Payable
Principal	2,156
Interest	75
2,016
Notes Payable
Total	5,199
2016 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	2,215
Interest	753
2016 | RMBAH First Loan Facility [Member]
Notes Payable
Principal	2,156
Interest	75
2,017
Notes Payable
Total	5,934
2017 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	4,623
Interest	1,311
2,018
Notes Payable
Total	5,934
2018 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	4,895
Interest	1,039
2,019
Notes Payable
Total	5,935
2019 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	5,183
Interest	752
2,020
Notes Payable
Total	4,451
2020 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	4,326
Interest	$ 125

Notes Payable (Details)

Notes Payable (Details) $ / shares in Units, $ in Thousands	Oct. 15, 2015USD ($)	Oct. 15, 2013USD ($)	Jun. 30, 2016USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015$ / shares	Mar. 14, 2014USD ($)	Oct. 23, 2013item
Notes Payable
Fixed interest rate (as a percent)					8.75%
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares			$ 1.06			$ 1.71
Proceeds From Lines Of Credit	$ 3,500
Repayments of Debt					$ 3,500
Maximum Borrowing Capacity							$ 3,500
RMBAH First Loan Facility [Member]
Notes Payable
Periodic payment amount			$ 2,156
Sweetwater IDR Bond [Member]
Notes Payable
Proceeds from Issuance of Long-term Debt		$ 34,000
Periodic payment amount			$ 26,729	$ 5,487
Due Quarterly Commencing From January One Two Thousand Fourteen [Member] | Sweetwater IDR Bond [Member]
Notes Payable
Fixed interest rate (as a percent)								5.75%
Due Quarterly Commencing From January One Two Thousand Fifteen [Member] | Sweetwater IDR Bond [Member]
Notes Payable
Number of installments | item								28

Deferred Revenue (Details)

Deferred Revenue (Details) $ in Millions	1 Months Ended
	Mar. 31, 2016USD ($)item
Deferred Revenue Disclosure [Abstract]
Number of contracts with delivery obligations | item	2
Cash payment received | $	$ 5.1

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Asset Retirement Obligation Rollforward
Estimated Future Cash Undiscounted Amount	$ 27,200
Beginning of year	26,061	$ 23,445	$ 23,445
Change in estimated liability	150		2,101
Accretion expense	265	$ 254	515
End of period	$ 26,476		$ 26,061

Shareholders' Equity and Capi51

Shareholders' Equity and Capital Stock - options activity (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Options Rollforward
Outstanding, Beginning Balance | shares	9,974,407
Exercised, Options | shares	(16,620)
Forfeited, Options | shares	(238,537)
Expired, Options | shares	(1,172,648)
Outstanding Ending Balance, Options | shares	8,546,602
Outstanding, Beginning Balance, Weighted-average exercise price	$ 0.88
Exercised, Weighted-average exercise price	0.56
Forfeited, Weighted-average exercise price	0.64
Expired, Weighted-average exercise price	2.11
Outstanding Ending Balance, Weighted-average exercise price	0.72
Grant date intrinsic value	$ 0

Shareholders' Equity and Capi52

Shareholders' Equity and Capital Stock - o/s options (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Outstanding Stock Options
Exercise price	$ 0.72	$ 0.72	$ 0.88
Number of options, Outstanding	8,546,602	8,546,602	9,974,407
Weighted- average remaining contractual life (years), Outstanding	2 years 2 months 12 days
Number of options, Exercisable	7,323,880	7,323,880
Weighted- average remaining contractual life (years), Exercisable		1 year 10 months 24 days
Stock Option Exercise Price Range One [Member]
Outstanding Stock Options
Exercise price	$ 1.21	$ 1.21
Number of options, Outstanding	545,000	545,000
Weighted- average remaining contractual life (years), Outstanding	0 years
Number of options, Exercisable	545,000	545,000
Weighted- average remaining contractual life (years), Exercisable		0 years
Expiry		Jul. 7, 2016
Stock Option Exercise Price Range Two [Member]
Outstanding Stock Options
Exercise price	$ 0.90	$ 0.90
Number of options, Outstanding	615,238	615,238
Weighted- average remaining contractual life (years), Outstanding	2 months 12 days
Number of options, Exercisable	615,238	615,238
Weighted- average remaining contractual life (years), Exercisable		2 months 12 days
Expiry		Sep. 9, 2016
Stock Option Exercise Price Range Three [Member]
Outstanding Stock Options
Exercise price	$ 0.89	$ 0.89
Number of options, Outstanding	200,000	200,000
Weighted- average remaining contractual life (years), Outstanding	3 months 18 days
Number of options, Exercisable	200,000	200,000
Weighted- average remaining contractual life (years), Exercisable		3 months 18 days
Expiry		Oct. 24, 2016
Stock Option Exercise Price Range Four [Member]
Outstanding Stock Options
Exercise price	$ 0.70	$ 0.70
Number of options, Outstanding	897,769	897,769
Weighted- average remaining contractual life (years), Outstanding	6 months
Number of options, Exercisable	897,769	897,769
Weighted- average remaining contractual life (years), Exercisable		6 months
Expiry		Jan. 12, 2017
Stock Option Exercise Price Range Five [Member]
Outstanding Stock Options
Exercise price	$ 1.07	$ 1.07
Number of options, Outstanding	200,000	200,000
Weighted- average remaining contractual life (years), Outstanding	7 months 6 days
Number of options, Exercisable	200,000	200,000
Weighted- average remaining contractual life (years), Exercisable		7 months 6 days
Expiry		Feb. 1, 2017
Stock Option Exercise Price Range Six [Member]
Outstanding Stock Options
Exercise price	$ 0.91	$ 0.91
Number of options, Outstanding	100,000	100,000
Weighted- average remaining contractual life (years), Outstanding	8 months 12 days
Number of options, Exercisable	100,000	100,000
Weighted- average remaining contractual life (years), Exercisable		8 months 12 days
Expiry		Mar. 1, 2017
Stock Option Exercise Price Range Seven [Member]
Outstanding Stock Options
Exercise price	$ 0.59	$ 0.59
Number of options, Outstanding	1,230,319	1,230,319
Weighted- average remaining contractual life (years), Outstanding	1 year 4 months 24 days
Number of options, Exercisable	1,230,319	1,230,319
Weighted- average remaining contractual life (years), Exercisable		1 year 4 months 24 days
Expiry		Dec. 7, 2017
Stock Option Exercise Price Range Eight [Member]
Outstanding Stock Options
Exercise price	$ 0.59	$ 0.59
Number of options, Outstanding	554,569	554,569
Weighted- average remaining contractual life (years), Outstanding	1 year 9 months 18 days
Number of options, Exercisable	554,569	554,569
Weighted- average remaining contractual life (years), Exercisable		1 year 9 months 18 days
Expiry		Apr. 25, 2018
Stock Option Exercise Price Range Nine [Member]
Outstanding Stock Options
Exercise price	$ 0.96	$ 0.96
Number of options, Outstanding	100,000	100,000
Weighted- average remaining contractual life (years), Outstanding	2 years 1 month 6 days
Number of options, Exercisable	100,000	100,000
Weighted- average remaining contractual life (years), Exercisable		2 years 1 month 6 days
Expiry		Aug. 1, 2018
Stock Option Exercise Price Range Ten [Member]
Outstanding Stock Options
Exercise price	$ 0.93	$ 0.93
Number of options, Outstanding	896,985	896,985
Weighted- average remaining contractual life (years), Outstanding	2 years 6 months
Number of options, Exercisable	896,985	896,985
Weighted- average remaining contractual life (years), Exercisable		2 years 6 months
Expiry		Dec. 27, 2018
Stock Option Exercise Price Range Eleven [Member]
Outstanding Stock Options
Exercise price	$ 1.30	$ 1.30
Number of options, Outstanding	100,000	100,000
Weighted- average remaining contractual life (years), Outstanding	2 years 8 months 12 days
Number of options, Exercisable	100,000	100,000
Weighted- average remaining contractual life (years), Exercisable		2 years 8 months 12 days
Expiry		Mar. 31, 2019
Stock Option Exercise Price Range Twelve [Member]
Outstanding Stock Options
Exercise price	$ 0.79	$ 0.79
Number of options, Outstanding	919,334	919,334
Weighted- average remaining contractual life (years), Outstanding	3 years 4 months 24 days
Number of options, Exercisable	919,334	919,334
Weighted- average remaining contractual life (years), Exercisable		3 years 4 months 24 days
Expiry		Dec. 12, 2019
Stock Option Exercise Price Range Thirteen [Member]
Outstanding Stock Options
Exercise price	$ 0.88	$ 0.88
Number of options, Outstanding	200,000	200,000
Weighted- average remaining contractual life (years), Outstanding	3 years 10 months 24 days
Number of options, Exercisable	108,000	108,000
Weighted- average remaining contractual life (years), Exercisable		3 years 10 months 24 days
Expiry		May 29, 2020
Stock Option Exercise Price Range Fourteen [Member]
Outstanding Stock Options
Exercise price	$ 0.66	$ 0.66
Number of options, Outstanding	761,173	761,173
Weighted- average remaining contractual life (years), Outstanding	4 years 1 month 6 days
Number of options, Exercisable	434,913	434,913
Weighted- average remaining contractual life (years), Exercisable		4 years 1 month 6 days
Expiry		Aug. 17, 2020
Stock Option Exercise Price Range Fifteen [Member]
Outstanding Stock Options
Exercise price	$ 0.62	$ 0.62
Number of options, Outstanding	1,226,215	1,226,215
Weighted- average remaining contractual life (years), Outstanding	4 years 4 months 24 days
Number of options, Exercisable	421,753	421,753
Weighted- average remaining contractual life (years), Exercisable		4 years 4 months 24 days
Expiry		Dec. 11, 2020

Shareholders' Equity and Capi53

Shareholders' Equity and Capital Stock - RSU activity (Details) - $ / shares	6 Months Ended	15 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
RSU Rollforward
Number of RSUs Unvested, Beginning Balance	860,095
Granted, RSU		0
Number of RSUs Vested	(186,733)
Number of RSUs Forfeited	(20,401)
Number of RSUs Unvested, Ending Balance	652,961
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value	$ 0.82
Vested, Weighted average grant date fair value	0.81
Forfeited, Weighted average grant date fair value	0.63
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value	$ 0.71

Shareholders' Equity and Capi54

Shareholders' Equity and Capital Stock - o/s RSUs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
RSUs
Number of unvested units	652,961	860,095
Remaining life (years)	1 year 1 month 2 days
Aggregate Intrinsic Value	$ 332
December 12, 2014 [Member]
RSUs
Number of unvested units	94,609
Remaining life (years)	5 months 12 days
Aggregate Intrinsic Value	$ 48
March 13, 2015 [Member]
RSUs
Number of unvested units	110,278
Remaining life (years)	8 months 12 days
Aggregate Intrinsic Value	$ 56
August 17, 2015 [Member]
RSUs
Number of unvested units	177,314
Remaining life (years)	1 year 1 month 17 days
Aggregate Intrinsic Value	$ 90
December 11, 2015 [Member]
RSUs
Number of unvested units	270,760
Remaining life (years)	1 year 5 months 12 days
Aggregate Intrinsic Value	$ 138

Shareholders' Equity and Capi55

Shareholders' Equity and Capital Stock - warrants activity (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Shareholders' Equity and Capital Stock [Abstract]
Outstanding Beginning Balance, Warrants | shares	8,224,112
Cancelled, Warrants | shares	(25,000)
Outstanding Ending Balance, Warrants | shares	8,199,112
Outstanding Beginning Balance, Weighted-average exercise price | $ / shares	$ 1.71
Cancelled, Weighted-average exercise price | $ / shares	0.73
Outstanding Ending Balance, Weighted-average exercise price | $ / shares	$ 1.06

Shareholders' Equity and Capi56

Shareholders' Equity and Capital Stock - o/s warrants (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Class of Warrant or Right
Exercise price	$ 1.06	$ 1.71
Number of warrants	8,199,112	8,224,112
Remaining contractual life (years)	1 year 7 months 6 days
$1.12 [Member]
Class of Warrant or Right
Exercise price	$ 1.35
Number of warrants	2,354,545
Remaining contractual life (years)	6 months
Expiry	Dec. 19, 2016
$1.17 [Member]
Class of Warrant or Right
Exercise price	$ 0.93
Number of warrants	4,294,167
Remaining contractual life (years)	2 years
Expiry	Jun. 24, 2018
$1.00 [Member]
Class of Warrant or Right
Exercise price	$ 0.96
Number of warrants	1,550,400
Remaining contractual life (years)	2 years 2 months 12 days
Expiry	Aug. 27, 2018

Shareholders' Equity and Capi57

Shareholders' Equity and Capital Stock - addl information (Details)	1 Months Ended		3 Months Ended			6 Months Ended		15 Months Ended
	May 31, 2016USD ($)	Feb. 29, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)itemshares	Jun. 30, 2015USD ($)	Mar. 31, 2016$ / sharesshares	Jun. 30, 2016CAD / shares	Jun. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / sharesshares
Stockholder's Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						16,620
Stock Issued During Period, Shares, New Issues				108,000
Share Price | (per share)		$ 0.50		$ 0.65				$ 0.65	CAD 0.66
Payments Of Stock Issuance Costs | $						$ 767,000
Stock Issued During Period, Value, New Issues | $	$ 20,000			$ 164,979		$ 5,716,000
Threshold of combined service and age | item						65
Percent or RSUs that vest						186,733
Minimum Service For RSU Plan						5 years
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number										8,546,602	9,974,407
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number										7,323,880
Stock based compensation | $			$ 200,000		$ 300,000	$ 440,000	$ 457,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $						400,000
Proceeds from Stock Options Exercised | $						$ 9,000	$ 408,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								0
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares										$ 1.06	$ 1.71
Capital Stock
Stockholder's Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						16,620
Stock Issued During Period, Shares, New Issues		12,900,000				13,085,979
Stock Issued During Period, Value, New Issues | $		$ 5,900,000				$ 5,716,000
In Money Stock Option [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number										0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $										$ 300,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition						9 months 18 days
Restricted Stock Units (RSUs) [Member]
Stockholder's Equity Note [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $										$ 300,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition						1 year 1 month 6 days
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]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						10.00%
Four and One Half Months After Grant [Member] | Employee Stock Option [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						22.00%
Nine Months After Grant [Member] | Employee Stock Option [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						22.00%
Thirteen and One Half Months After Grant [Member] | Employee Stock Option [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						22.00%
Eighteen Months After Date Of Grant [Member] | Employee Stock Option [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						24.00%
First Anniversary [Member] | Restricted Stock Units (RSUs) [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						50.00%
Second Anniversary [Member] | Restricted Stock Units (RSUs) [Member]
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage						50.00%

Shareholders' Equity and Capi58

Shareholders' Equity and Capital Stock - assumptions (Details)	6 Months Ended
	Jun. 30, 2016
Shareholders' Equity and Capital Stock [Abstract]
Expected award life (in years)	3 years 7 months 6 days
Expected volatility	57.00%
Risk-free interest rate	0.67%
Expected dividend rate	0.00%
Forfeiture rate (options)	5.00%
Forfeiture rate (RSUs)	7.80%

Sales (Details)

Sales (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016item	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Sales
Number of Sales Contracts with Delivery Obligations | item	2
Revenue, Net, Total		$ 6,747	$ 18,213	$ 9,461	$ 25,600
Disposal fee income				11	7
Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net				9,450	13,747
Sale Of Purchased Inventory [Member]
Sales
Sales Revenue, Goods, Net				9,450	25,593
Company A [Member] | Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net				3,075	2,555
Company B [Member] | Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net				$ 6,375	5,094
Company C [Member] | Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net					6,098
Company D [Member] | Sale Of Purchased Inventory [Member]
Sales
Sales Revenue, Goods, Net					$ 11,846
Customer Concentration Risk [Member]
Sales
Concentration Risk, Percentage				100.00%	100.00%
Disposal Fee Income Concentration Risk Percentage				0.1	0
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage				99.90%	53.70%
Customer Concentration Risk [Member] | Sale Of Purchased Inventory [Member]
Sales
Concentration Risk, Percentage				99.90%	100.00%
Customer Concentration Risk [Member] | Company A [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage				32.40%	10.00%
Customer Concentration Risk [Member] | Company B [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage				67.40%	19.90%
Customer Concentration Risk [Member] | Company C [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage				0.00%	23.80%
Customer Concentration Risk [Member] | Company D [Member] | Sale Of Purchased Inventory [Member]
Sales
Concentration Risk, Percentage				0.00%	46.30%

Financial instruments (Details)

Financial instruments (Details)	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2016USD ($)	Feb. 29, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)itemshares	Jun. 30, 2016CAD / shares	Jun. 30, 2016USD ($)
Financial Instruments
Cash, insured amount						$ 700,000
Sales agreement maximum sales proceeds of stock issuance and sales				$ 10,000,000
Common shares issued for cash, net $852 of issue costs	$ 20,000		$ 164,979	5,716,000
Stock issuance costs				$ 852,000
Common shares issued for cash, net of issue costs (in shares) | shares			108,000
Share Price | (per share)		$ 0.50	$ 0.65		CAD 0.66
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
Financial Instruments
Cash, uninsured amount						9,300,000
Credit Availability Concentration Risk
Financial Instruments
Accounts Payable, Trade, Current						$ 1,600,000
Minimum | Credit Availability Concentration Risk
Financial Instruments
Debt Instrument, Term				0 years
Maximum | Credit Availability Concentration Risk
Financial Instruments
Debt Instrument, Term				5 years 3 months 18 days
Capital Stock
Financial Instruments
Common shares issued for cash, net $852 of issue costs		$ 5,900,000		$ 5,716,000
Stock issuance costs		$ 766,000
Common shares issued for cash, net of issue costs (in shares) | shares		12,900,000		13,085,979