Ur-Energy (URG) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		145,873,898
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	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents (note 3)	$ 8,393	$ 1,552
Accounts receivable	18	16
Inventory (note 4)	5,761	4,109
Prepaid expenses	1,057	829
Assets, Current, Total	15,229	6,506
Restricted cash (note 5)	7,557	7,557
Mineral properties (note 6)	46,885	47,029
Capital assets (note 7)	28,329	28,848
Assets, Noncurrent, Total	82,771	83,434
Assets, Total	98,000	89,940
Current liabilities
Accounts payable and accrued liabilities (note 8)	5,154	3,625
Current portion of notes payable (note 9)	4,568	4,502
Environmental remediation accrual	85	85
Liabilities, Current, Total	9,807	8,212
Notes payable (note 10)	18,268	19,435
Asset retirement obligations (note 10)	26,806	26,061
Liabilities	54,881	53,708
Share Capital
Common shares, without par value, unlimited shares authorized; shares issued and outstanding: 145,873,898 at March 31, 2017 and 143,676,384 at December 31, 2016	176,620	174,902
Warrants	4,109	4,109
Contributed surplus	15,192	15,201
Accumulated other comprehensive income	3,593	3,604
Deficit	(156,395)	(161,584)
Stockholders'Equity Attributable to Parent, Total	43,119	36,232
Liabilities and Equity, Total	98,000	89,940
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	Mar. 31, 2017	Dec. 31, 2016
Common shares, without par value	$ 0	$ 0
Common shares, Shares issued	145,873,898	143,676,384
Common shares, Shares outstanding	145,873,898	143,676,384
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
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Sales (note 12)	$ 14,828	$ 2,714
Cost of sales	(6,295)	(1,855)
Gross profit	8,533	859
Operating Expenses
Exploration and evaluation	(912)	(855)
Development	(216)	(549)
General and administrative	(1,714)	(1,366)
Accretion of asset retirement obligations (Note 10)	(132)	(132)
Income (loss) from operations	5,559	(2,043)
Interest expense (net)	(378)	(554)
Warrants mark to market adjustment		31
Write-off of equity investments		(189)
Foreign exchange gain (loss)	8	(272)
Other income		38
Net income (loss) for the period	$ 5,189	$ (2,989)
Income (Loss) per common share:
Basic	$ 0.04	$ (0.02)
Diluted	$ 0.03	$ (0.02)
Weighted average number of common shares outstanding:
Basic	144,883,255	136,472,421
Diluted	149,460,429	136,472,421
COMPREHENSIVE INCOME (LOSS)
Net income (loss) for the period	$ 5,189	$ (2,989)
Translation adjustment on foreign operations	(11)	252
Comprehensive income (loss) for the period	$ 5,178	$ (2,737)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Capital Stock	Warrants	Contributed Surplus [Member]	Accumulated Other Comprehensive Income	Deficit	Total
Beginning Balance at Dec. 31, 2016	$ 174,902	$ 4,109	$ 15,201	$ 3,604	$ (161,584)	$ 36,232
Beginning Balance (in shares) at Dec. 31, 2016	143,676,384
Exercise of stock options	$ 517		(169)			$ 348
Exercise of stock options (in shares)	549,952					549,952
Common shares issued for cash, net $43 of issue costs	$ 1,126					$ 1,126
Common shares issued for cash, net of issue costs (in shares)	1,536,169					1,536,169
Redemption of vested RSUs	$ 75		(127)			$ (52)
Redemption of vested RSUs (in shares)	111,393
Non-cash stock compensation			287			287
Net loss and comprehensive (loss) income				(11)	5,189	5,178
Ending Balance at Mar. 31, 2017	$ 176,620	$ 4,109	$ 15,192	$ 3,593	$ (156,395)	$ 43,119
Ending Balance (in shares) at Mar. 31, 2017	145,873,898

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Statement Of Stockholders Equity [Abstract]
Stock issuance costs	$ 43

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash provided by (used in) Operating activities
Net income (loss) for the period	$ 5,189	$ (2,989)
Items not affecting cash:
Stock based expense	287	209
Depreciation and amortization	1,287	1,257
Accretion of asset retirement obligation	132	132
Amortization of deferred loan costs	29	38
Write off of equity investments		189
Warrants mark to market gain		(31)
Gain on disposition of assets		(37)
Loss (gain) on foreign exchange	(8)	200
RSUs redeemed to pay withholding or paid in cash	(52)	(9)
Proceeds from assignment of sales contract		5,085
Change in non-cash working capital items:
Accounts receivable	(2)	(4)
Inventory	(1,652)	(2,590)
Prepaid expenses	87	(72)
Accounts payable and accrued liabilities	1,217	727
Net Cash Provided by (Used in) Operating Activities, Total	6,514	2,105
Investing activities
Proceeds from sale of property and equipment		59
Purchase of capital assets	(10)	(70)
Net Cash Provided by (Used in) Investing Activities, Total	(10)	(11)
Financing activities
Issuance of common shares and warrants for cash	1,169	6,461
Share issue costs	(43)	(608)
Proceeds from exercise of stock options	348	9
Repayment of debt	(1,131)	(2,147)
Net Cash Provided by (Used in) Financing Activities, Total	343	3,715
Effects of foreign exchange rate changes on cash	(6)	66
Net change in cash and cash equivalents	6,841	5,875
Beginning cash and cash equivalents	9,109
Ending cash and cash equivalents (note 13)	$ 15,950	$ 14,875

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2017
Nature of Operations [Abstract]
Nature of operations	1. 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. Headquartered in Littleton, Colorado, the Company is an exploration stage mining company, as defined by U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7. The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development and production of uranium mineral resources located 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	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Basis of presentation These unaudited interim consolidated financial statements do not conform in all respects to the requirements of United States generally accepted accounting principles (“US GAAP”) 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, 2016. The year-end balance sheet data were derived from the audited financial statements and certain information and footnote disclosures required by US GAAP have been condensed or omitted. Earnings and loss per share calculations Diluted earnings per common share are calculated by including all options which are in-the-money based on the average stock price for the period as well as RSUs which were outstanding at the end of the quarter. The treasury method was applied to determine the dilutive number of options. Warrants are included only if the exercise price is less than the average stock price for the quarter. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities outstanding given that net losses were experienced. New accounting pronouncements which may affect future reporting In May 2014, the FASB issued Accounting Standards Update (“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, including interim periods within that reporting period. Early application is not permitted. We have reviewed our contracts as well as our procedures and do not anticipate any changes in the manner or timing with which we reflect our revenues. In January 2016, the FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) . The amendments in this ASU 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 2018. 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. Now, the only leases we hold are for equipment, office space in one location and a limited number of leases on selected mineral properties. We do not anticipate the additional disclosures to reflect those leases will have an impact on our statement of financial position, as the total future lease payments are not material. New accounting pronouncements which were implemented this year In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015-11 requires that inventory within the scope of this ASU 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 apply to all inventory, measured using average cost which is how the Company measures inventory. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. This is consistent with our past policies and had no financial or reporting impact when implemented this quarter. 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. Regarding 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. We currently recognize no income tax expense or benefit due to significant income tax credits and net operating losses which are fully reserved under a valuation allowance. There is therefore no effect on our accounting or reporting at the time of implementation in this quarter. We have made the election to continue to recognize losses from forfeitures at inception rather than when they vest or occur. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows – Restricted Cash a consensus of the FASB Emerging Task Force (Topic 230) , which addresses the presentation of restricted cash in the statement of cash flows. Under the new standard, restricted cash will be presented with cash and cash equivalents in the statement of cash flows instead of being reflected as non-cash investing or financing activities. A reconciliation of the make-up of the ending cash, cash equivalent and restricted cash balance will be required for entities who reflect restricted cash as separate items on the statement of financial position. In addition, a description of the restrictions on the cash will be required. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. We have elected to adopt this standard as of the current quarter. Accordingly, the cash balances reflected in the Statement of Cash Flows have been increased by $7.6 million which has been the restricted cash balance since December 31, 2015. In addition, we have added note 13 – Supplemental Information to the Statement of Cash Flows which reconciles the cash balances shown on the Statement of Cash Flows with the appropriate balances on the Balance Sheet.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	3. The Company’s cash and cash equivalents consist of the following: As at March 31, 2017 December 31, 2016 $ $ Cash on deposit at banks 2,500 580 Money market funds 5,893 972 8,393 1,552

Inventory

Inventory	3 Months Ended
	Mar. 31, 2017
Inventory [Abstract]
Inventory	4. The Company’s inventory consists of the following: As at March 31, 2017 December 31, 2016 $ $ In-process inventory 712 897 Plant inventory 670 461 Conversion facility inventory 4,379 2,751 5,761 4,109

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2017
Restricted Cash [Abstract]
Restricted cash	5. Restricted Cash The Company’s restricted cash consists of the following: As at March 31, 2017 December 31, 2016 $ $ Money market account 7,457 7,457 Certificates of deposit 100 100 7,557 7,557 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 $27.3 million of coverage towards specific reclamation obligations are collateralized by $7.5 million of the restricted cash at March 31, 2017.

Mineral Properties

Mineral Properties	3 Months Ended
	Mar. 31, 2017
Mineral Properties [Abstract]
Mineral Properties	6 . Mineral Properties The Company’s mineral properties consist of the following: Lost Creek Pathfinder Other US Property Mines Properties Total $ $ $ $ Balance, December 31, 2016 14,015 19,866 13,148 47,029 Change in estimated reclamation costs (Note 10) 614 - - 614 Property write-offs - - - - Amortization (758) - - (758) Balance, March 31, 2017 13,871 19,866 13,148 46,885 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 expired and has been terminated.

Capital Assets

Capital Assets	3 Months Ended
	Mar. 31, 2017
Capital Assets
Capital Assets	7. The Company’s capital assets consist of the following: As of As of March 31, 2017 December 31, 2016 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,257 3,036 221 3,251 2,966 285 Enclosures 32,991 5,642 27,349 32,991 5,229 27,762 Machinery and equipment 1,262 623 639 1,262 599 663 Furniture, fixtures and leasehold improvements 119 100 19 119 98 21 Information technology 1,157 1,056 101 1,153 1,036 117 38,786 10,457 28,329 38,776 9,928 28,848

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	8. Accounts payable and accrued liabilities consist of the following: As at March 31, 2017 December 31, 2016 $ $ Accounts payable 933 725 Severance and ad valorem tax payable 1,789 1,649 Payroll and other taxes 2,432 1,251 5,154 3,625

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2017
Notes Payable [Abstract]
Notes Payable	9. 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. 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 March 31, 2017 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 March 31, 2017 December 31, 2016 $ $ Current debt Sweetwater County Loan 4,689 4,623 Less deferred financing costs (121) (121) 4,568 4,502 Long term debt Sweetwater County Loan 18,694 19,891 Less deferred financing costs (426) (456) 18,268 19,435 Schedule of payments on outstanding debt as of March 31, 2017: Debt Total 2017 2018 2019 2020 2021 Maturity $ $ $ $ $ $ Sweetwater County Loan Principal 23,383 3,492 4,895 5,183 5,487 4,326 01-Oct-21 Interest 3,322 959 1,039 752 447 125 Total 26,705 4,451 5,934 5,935 5,934 4,451

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligations [Abstract]
Asset Retirement and Reclamation Obligations	10. 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 March 31, 2017, the total undiscounted amount of the future cash needs was estimated to be $27.1 million. The schedule of payments required to settle the ARO liability extends through 2033. The restricted cash as discussed in note 5 is related to the surety bonds which provide security to the governmental agencies on these obligations. For the period ended March 31, 2017 December 31, 2016 $ $ Beginning of period 26,061 26,061 Change in estimated liability 613 (534) Accretion expense 132 534 End of period 26,806 26,061

Shareholders' Equity and Capita

Shareholders' Equity and Capital Stock	3 Months Ended
	Mar. 31, 2017
Shareholders' Equity and Capital Stock [Abstract]
Shareholders' Equity and Capital Stock	11. 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% three 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, 2016 9,748,934 0.63 Granted 300,000 0.77 Exercised (549,952) 0.63 Forfeited (200,808) 0.56 Expired (870,434) 0.79 Outstanding, March 31, 2017 8,427,740 0.66 The exercise price of a new grant is set at the closing price for the shares on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date so there is no intrinsic value as of the date of grant. The fair value of options vested during the three months ended March 31, 2017 was $0.2 million. As of March 31, 2017, outstanding stock options are as follows: Options outstanding Options exercisable Weighted- Weighted- average average remaining Aggregate remaining Aggregate Exercise Number contractual Intrinsic Number contractual Intrinsic price of options life (years) Value of options life (years) Value Expiry US$ US$ US$ (thousands) (thousands) 0.57 0.7 80 0.7 80 07-Dec-17 0.58 1.1 37 1.1 37 25-Apr-18 0.93 1.3 - 1.3 - 01-Aug-18 0.90 1.7 - 1.7 - 27-Dec-18 1.26 2.0 - 2.0 - 31-Mar-19 0.77 2.7 - 2.7 - 12-Dec-19 0.86 3.2 - 3.2 - 29-May-20 0.65 3.4 12 3.4 12 17-Aug-20 0.60 3.7 68 3.7 52 11-Dec-20 0.55 4.7 296 4.7 30 16-Dec-21 0.77 4.9 - 4.9 - 02-Mar-22 0.66 3.2 493 2.4 211 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$0.89 as of the last trading day in the period ended March 31, 2017, that would have been received by the option holders had they exercised their options as of that date. The total number of in-the-money stock options outstanding as of March 31, 2017 was 6,102,135. The total number of in-the-money stock options exercisable as of March 31, 2017 was 3,262,728. We elect to estimate the number of awards expected to vest in lieu of accounting for forteitures when they occur. Restricted share units On June 24, 2010, the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”). The RSU Plan was approved by our shareholders most recently on May 5, 2016. Eligible participants under the RSU Plan include directors and employees of the Company. RSUs in a grant redeem on the second anniversary of the grant. Activity with respect to RSUs is summarized as follows: Number Weighted of average grant RSUs date fair value US$ Unvested, December 31, 2016 1,273,990 0.60 Vested (175,996) 0.80 Forfeited (22,518) 0.57 Unvested, March 31, 2017 1,075,476 0.58 As of March 31, 2017, outstanding RSUs are as follows: Number of Remaining Aggregate unvested life Intrinsic Grant date RSUs (years) Value US$ (thousands) August 17, 2015 161,384 0.38 108 December 11, 2015 248,226 0.69 166 December 16, 2016 665,866 1.71 446 1,075,476 1.27 720 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 March 31, 2017. Number Weighted- of average Warrants exercise price US$ Outstanding, December 31, 2016 5,844,567 0.91 Outstanding, March 31, 2017 5,844,567 0.91 As of March 31, 2017, outstanding warrants are as follows: Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry US$ US$ (thousands) 0.90 1.2 - 24-Jun-18 0.94 1.4 - 27-Aug-18 0.91 1.3 - Share-based compensation expense Share-based compensation expense was $0.3 million for the three months ended March 31, 2017 and $0.2 million for the three months ended March 31, 2016, respectively. As of March 31, 2017, there was approximately $0.8 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 1.2 years and 1.5 years, respectively. Cash received from stock options exercised during the three months ended March 31, 2017 totalled $0.3 million and less than $0.1 million for the three months ended March 31, 2016. 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 RSUs granted in either the three months ended March 31, 2017 or the three months ended March 31, 2016 nor were there any options granted in the three months ended March 31, 2016. The assumptions used for the options granted during the three months ended March 31, 2017 were as follows: Three months ended March 31, 2017 Expected option life (years) 3.70 Expected volatility 57.45% Risk-free interest rate 1.00% Expected dividend rate 0% Forfeiture rate 5.4% 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	3 Months Ended
	Mar. 31, 2017
Revenue [Abstract]
Sales	12. 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: Three months ended March 31, 2017 2016 $ $ Sale of produced inventory Company A 3,141 - Company B - 1,725 Company C - 984 3,141 2,709 Sales of purchased inventory Company A 3,141 - Company D 8,537 - 11,678 - Total sales 14,819 2,709 Disposal fee income 9 5 14,828 2,714 The names of the individual companies have not been disclosed for reasons of confidentiality.

Supplementary Information For S

Supplementary Information For Statement of Cash Flows	3 Months Ended
	Mar. 31, 2017
Supplementary Information For Statement of Cash Flows
Supplementary Information For Statement of Cash Flows	13. Cash per the Statement of Cash Flows consists of the following: As at March 31, 2017 March 31, 2016 $ $ Cash and cash equivalents 8,393 7,318 Restricted cash 7,557 7,557 15,950 14,875

Financial instruments

Financial instruments	3 Months Ended
	Mar. 31, 2017
Financial instruments [Abstract]
Financial instruments	14. 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 $15.2 million at risk at March 31, 2017 should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of March 31, 2017. 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 March 31, 2017, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $3.1 million which are due within normal trade terms of generally 30 to 60 days, a note payable which will be payable over a period of four years, and asset retirement obligations with estimated completion dates until 2033. 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 2017, we sold 1,536,169 common shares under the sales agreement at an average price of $0.76 per share for gross proceeds of $1.2 million. After deducting transaction fees and commissions we received net proceeds of $1.1 million. 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 negligible effect on either the three months ended March 31, 2017 or the comparable three months in 2016. 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 Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 United States generally accepted accounting principles (“US GAAP”) 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, 2016. The year-end balance sheet data were derived from the audited financial statements and certain information and footnote disclosures required by US GAAP have been condensed or omitted.
Earnings and loss per share calculations	Earnings and loss per share calculations Diluted earnings per common share are calculated by including all options which are in-the-money based on the average stock price for the period as well as RSUs which were outstanding at the end of the quarter. The treasury method was applied to determine the dilutive number of options. Warrants are included only if the exercise price is less than the average stock price for the quarter. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities outstanding given that net losses were experienced.
New accounting pronouncements which may affect future reporting	New accounting pronouncements which may affect future reporting In May 2014, the FASB issued Accounting Standards Update (“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, including interim periods within that reporting period. Early application is not permitted. We have reviewed our contracts as well as our procedures and do not anticipate any changes in the manner or timing with which we reflect our revenues. In January 2016, the FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) . The amendments in this ASU 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 2018. 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. Now, the only leases we hold are for equipment, office space in one location and a limited number of leases on selected mineral properties. We do not anticipate the additional disclosures to reflect those leases will have an impact on our statement of financial position, as the total future lease payments are not material. New accounting pronouncements which were implemented this year In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015-11 requires that inventory within the scope of this ASU 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 apply to all inventory, measured using average cost which is how the Company measures inventory. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. This is consistent with our past policies and had no financial or reporting impact when implemented this quarter. 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. Regarding 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. We currently recognize no income tax expense or benefit due to significant income tax credits and net operating losses which are fully reserved under a valuation allowance. There is therefore no effect on our accounting or reporting at the time of implementation in this quarter. We have made the election to continue to recognize losses from forfeitures at inception rather than when they vest or occur. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows – Restricted Cash a consensus of the FASB Emerging Task Force (Topic 230) , which addresses the presentation of restricted cash in the statement of cash flows. Under the new standard, restricted cash will be presented with cash and cash equivalents in the statement of cash flows instead of being reflected as non-cash investing or financing activities. A reconciliation of the make-up of the ending cash, cash equivalent and restricted cash balance will be required for entities who reflect restricted cash as separate items on the statement of financial position. In addition, a description of the restrictions on the cash will be required. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. We have elected to adopt this standard as of the current quarter. Accordingly, the cash balances reflected in the Statement of Cash Flows have been increased by $7.6 million which has been the restricted cash balance since December 31, 2015. In addition, we have added note 13 – Supplemental Information to the Statement of Cash Flows which reconciles the cash balances shown on the Statement of Cash Flows with the appropriate balances on the Balance Sheet.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Schedule Of Cash and Cash Equivalents	As at March 31, 2017 December 31, 2016 $ $ Cash on deposit at banks 2,500 580 Money market funds 5,893 972 8,393 1,552

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory [Abstract]
Schedule of Inventory, Current	As at March 31, 2017 December 31, 2016 $ $ In-process inventory 712 897 Plant inventory 670 461 Conversion facility inventory 4,379 2,751 5,761 4,109

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2017
Restricted Cash [Abstract]
Schedule of Restricted Cash and Cash Equivalents	As at March 31, 2017 December 31, 2016 $ $ Money market account 7,457 7,457 Certificates of deposit 100 100 7,557 7,557

Mineral Properties (Tables)

Mineral Properties (Tables)	3 Months Ended
	Mar. 31, 2017
Mineral Properties [Abstract]
Mineral Property	Lost Creek Pathfinder Other US Property Mines Properties Total $ $ $ $ Balance, December 31, 2016 14,015 19,866 13,148 47,029 Change in estimated reclamation costs (Note 10) 614 - - 614 Property write-offs - - - - Amortization (758) - - (758) Balance, March 31, 2017 13,871 19,866 13,148 46,885

Capital Assets (Tables)

Capital Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Capital Assets
Capital assets	As of As of March 31, 2017 December 31, 2016 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,257 3,036 221 3,251 2,966 285 Enclosures 32,991 5,642 27,349 32,991 5,229 27,762 Machinery and equipment 1,262 623 639 1,262 599 663 Furniture, fixtures and leasehold improvements 119 100 19 119 98 21 Information technology 1,157 1,056 101 1,153 1,036 117 38,786 10,457 28,329 38,776 9,928 28,848

Accounts Payable and Accrued 28

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	As at March 31, 2017 December 31, 2016 $ $ Accounts payable 933 725 Severance and ad valorem tax payable 1,789 1,649 Payroll and other taxes 2,432 1,251 5,154 3,625

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Payable [Abstract]
Schedule of Debt	As at March 31, 2017 December 31, 2016 $ $ Current debt Sweetwater County Loan 4,689 4,623 Less deferred financing costs (121) (121) 4,568 4,502 Long term debt Sweetwater County Loan 18,694 19,891 Less deferred financing costs (426) (456) 18,268 19,435
Schedule Of Outstanding Debt	Debt Total 2017 2018 2019 2020 2021 Maturity $ $ $ $ $ $ Sweetwater County Loan Principal 23,383 3,492 4,895 5,183 5,487 4,326 01-Oct-21 Interest 3,322 959 1,039 752 447 125 Total 26,705 4,451 5,934 5,935 5,934 4,451

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligations [Abstract]
Schedule of Asset Retirement Obligations	For the period ended March 31, 2017 December 31, 2016 $ $ Beginning of period 26,061 26,061 Change in estimated liability 613 (534) Accretion expense 132 534 End of period 26,806 26,061

Shareholders' Equity and Capi31

Shareholders' Equity and Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2017
Shareholders' Equity and Capital Stock [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	Weighted- average Options exercise price # US$ Balance, December 31, 2016 9,748,934 0.63 Granted 300,000 0.77 Exercised (549,952) 0.63 Forfeited (200,808) 0.56 Expired (870,434) 0.79 Outstanding, March 31, 2017 8,427,740 0.66
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) 0.57 0.7 80 0.7 80 07-Dec-17 0.58 1.1 37 1.1 37 25-Apr-18 0.93 1.3 - 1.3 - 01-Aug-18 0.90 1.7 - 1.7 - 27-Dec-18 1.26 2.0 - 2.0 - 31-Mar-19 0.77 2.7 - 2.7 - 12-Dec-19 0.86 3.2 - 3.2 - 29-May-20 0.65 3.4 12 3.4 12 17-Aug-20 0.60 3.7 68 3.7 52 11-Dec-20 0.55 4.7 296 4.7 30 16-Dec-21 0.77 4.9 - 4.9 - 02-Mar-22 0.66 3.2 493 2.4 211
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Number Weighted of average grant RSUs date fair value US$ Unvested, December 31, 2016 1,273,990 0.60 Vested (175,996) 0.80 Forfeited (22,518) 0.57 Unvested, March 31, 2017 1,075,476 0.58
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) August 17, 2015 161,384 0.38 108 December 11, 2015 248,226 0.69 166 December 16, 2016 665,866 1.71 446 1,075,476 1.27 720
Schedule Of Share-Based Compensation, Warrants, Activity	Number Weighted- of average Warrants exercise price US$ Outstanding, December 31, 2016 5,844,567 0.91 Outstanding, March 31, 2017 5,844,567 0.91
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) 0.90 1.2 - 24-Jun-18 0.94 1.4 - 27-Aug-18 0.91 1.3 -
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Three months ended March 31, 2017 Expected option life (years) 3.70 Expected volatility 57.45% Risk-free interest rate 1.00% Expected dividend rate 0% Forfeiture rate 5.4%

Sales (Tables)

Sales (Tables)	3 Months Ended
	Mar. 31, 2017
Revenue [Abstract]
Schedule Of Revenue	Three months ended March 31, 2017 2016 $ $ Sale of produced inventory Company A 3,141 - Company B - 1,725 Company C - 984 3,141 2,709 Sales of purchased inventory Company A 3,141 - Company D 8,537 - 11,678 - Total sales 14,819 2,709 Disposal fee income 9 5 14,828 2,714

Supplementary Information For33

Supplementary Information For Statement of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2017
Supplementary Information For Statement of Cash Flows
Cash per the Statement of Cash Flows	As at March 31, 2017 March 31, 2016 $ $ Cash and cash equivalents 8,393 7,318 Restricted cash 7,557 7,557 15,950 14,875

Nature of Operations (Details)

Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2017
Nature of Operations [Abstract]
Date of incorporation	Mar. 22, 2004

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Restricted cash	$ 7,557	$ 7,557	$ 7,557

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash on deposit at banks	$ 2,500	$ 580
Money market funds	5,893	972
Cash and cash equivalents	$ 8,393	$ 1,552	$ 7,318

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory
Inventory, Net, Total	$ 5,761	$ 4,109
In Process Inventory [Member]
Inventory
Inventory, Net, Total	712	897
Plant Inventory [Member]
Inventory
Inventory, Net, Total	670	461
Conversion Facility Inventory [Member]
Inventory
Inventory, Net, Total	$ 4,379	$ 2,751

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Restricted Cash
Restricted cash	$ 7,557	$ 7,557	$ 7,557
Surety Bond [Member]
Restricted Cash
Reclamation bonding requirement	27,300
Certificate of deposit [Member]
Restricted Cash
Restricted cash	100	100
Money Market Funds [Member]
Restricted Cash
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	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Balance at beginning of period	$ 47,029
Increase in reclamation costs	614
Change in estimated reclamation costs (Note 13)	613	$ (534)
Amortization	(758)
Balance at end of period	46,885	47,029
Lost Creek Property
Balance at beginning of period	14,015
Increase in reclamation costs	614
Amortization	(758)
Balance at end of period	13,871	14,015
Path Finder Mines [Member]
Balance at beginning of period	19,866
Balance at end of period	19,866	19,866
Other U.S. Properties [Member]
Balance at beginning of period	13,148
Balance at end of period	$ 13,148	$ 13,148

Mineral Properties (Details)

Mineral Properties (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Capital Assets
Cost	$ 38,786		$ 38,776
Accumulated Depreciation	10,457		9,928
Net Book Value	28,329		28,848
Depreciation	1,287	$ 1,257
Rolling stock [Member]
Capital Assets
Cost	3,257		3,251
Accumulated Depreciation	3,036		2,966
Net Book Value	221		285
Building Enclosures [Member]
Capital Assets
Cost	32,991		32,991
Accumulated Depreciation	5,642		5,229
Net Book Value	27,349		27,762
Machinery and equipment [Member]
Capital Assets
Cost	1,262		1,262
Accumulated Depreciation	623		599
Net Book Value	639		663
Furniture, fixtures and leasehold improvements [Member]
Capital Assets
Cost	119		119
Accumulated Depreciation	100		98
Net Book Value	19		21
Information technology [Member]
Capital Assets
Cost	1,157		1,153
Accumulated Depreciation	1,056		1,036
Net Book Value	$ 101		$ 117

Accounts Payable and Accrued 42

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 933	$ 725
Severance and ad valorem tax payable	1,789	1,649
Payroll and other taxes	2,432	1,251
Accounts payable and accrued liabilities	$ 5,154	$ 3,625

Notes Payable - Current vs Long

Notes Payable - Current vs Long-term (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current debt
Less deferred financing costs	$ (121)	$ (121)
Long-term Debt, Current Maturities, Total	4,568	4,502
Long term debt
Less deferred financing costs	(426)	(456)
Long-term Debt	18,268	19,435
Sweetwater IDR Bond [Member]
Current debt
Current Debt	4,689	4,623
Long term debt
Long term debt	$ 18,694	$ 19,891

Notes Payable - Maturity table

Notes Payable - Maturity table (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Notes Payable
Total	$ 26,705
Sweetwater IDR Bond [Member]
Notes Payable
Principal	23,383
Interest	$ 3,322
Debt Instrument, Maturity Date	Oct. 1, 2021
2,017
Notes Payable
Total	$ 4,451
2017 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	3,492
Interest	959
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	5,934
2020 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	5,487
Interest	447
2,021
Notes Payable
Total	4,451
2021 | Sweetwater IDR Bond [Member]
Notes Payable
Principal	4,326
Interest	$ 125

Notes Payable (Details)

Notes Payable (Details) $ / shares in Units, $ in Thousands	Oct. 15, 2013USD ($)	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2016$ / shares	Oct. 23, 2013item
Notes Payable
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares		$ 0.91	$ 0.91
Sweetwater IDR Bond [Member]
Notes Payable
Proceeds from Issuance of Long-term Debt	$ 34,000
Maturity Date		Oct. 1, 2021
Periodic payment amount		$ 23,383
Due Quarterly Commencing From January 1, 2014 [Member] | Sweetwater IDR Bond [Member]
Notes Payable
Fixed interest rate (as a percent)				5.75%
Due Quarterly Commencing From January 1, 2015 [Member] | Sweetwater IDR Bond [Member]
Notes Payable
Number of installments | item				28

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Asset Retirement Obligation Rollforward
Estimated Future Cash Undiscounted Amount	$ 27,100
Beginning of year	26,061	$ 26,061
Change in estimated liability	613	(534)
Accretion expense	132	534
End of year	$ 26,806	$ 26,061

Shareholders' Equity and Capi47

Shareholders' Equity and Capital Stock - options activity (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Options Rollforward
Outstanding, Beginning Balance | shares	9,748,934
Granted, Options | shares	300,000
Exercised, Options | shares	(549,952)
Forfeited, Options | shares	(200,808)
Expired, Options | shares	(870,434)
Outstanding Ending Balance, Options | shares	8,427,740
Outstanding, Beginning Balance, Weighted-average exercise price	$ 0.63
Granted, Weighted-average exercise price	0.77
Exercised, Weighted-average exercise price	0.63
Forfeited, Weighted-average exercise price	0.56
Expired, Weighted-average exercise price	0.79
Outstanding Ending Balance, Weighted-average exercise price	0.66
Grant date intrinsic value	$ 0

Shareholders' Equity and Capi48

Shareholders' Equity and Capital Stock - o/s options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Outstanding Stock Options
Exercise price	$ 0.66	$ 0.63
Number of options, Outstanding	8,427,740	9,748,934
Weighted- average remaining contractual life (years), Outstanding	3 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 493
Number of options, Exercisable	5,318,333
Weighted- average remaining contractual life (years), Exercisable	2 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable	$ 211
Exercise price $0.57
Outstanding Stock Options
Exercise price	$ 0.57
Number of options, Outstanding	930,377
Weighted- average remaining contractual life (years), Outstanding	8 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 80
Number of options, Exercisable	930,377
Weighted- average remaining contractual life (years), Exercisable	8 months 12 days
Aggregate Intrinsic Value, Exercisable	$ 80
Expiry	Dec. 7, 2017
Exercise price $0.58
Outstanding Stock Options
Exercise price	$ 0.58
Number of options, Outstanding	484,228
Weighted- average remaining contractual life (years), Outstanding	1 year 1 month 6 days
Aggregate Intrinsic Value, Outstanding	$ 37
Number of options, Exercisable	484,228
Weighted- average remaining contractual life (years), Exercisable	1 year 1 month 6 days
Aggregate Intrinsic Value, Exercisable	$ 37
Expiry	Apr. 25, 2018
Exercise price $0.93
Outstanding Stock Options
Exercise price	$ 0.93
Number of options, Outstanding	100,000
Weighted- average remaining contractual life (years), Outstanding	1 year 3 months 18 days
Number of options, Exercisable	100,000
Weighted- average remaining contractual life (years), Exercisable	1 year 3 months 18 days
Expiry	Aug. 1, 2018
Exercise price $0.90
Outstanding Stock Options
Exercise price	$ 0.90
Number of options, Outstanding	794,443
Weighted- average remaining contractual life (years), Outstanding	1 year 8 months 12 days
Number of options, Exercisable	794,443
Weighted- average remaining contractual life (years), Exercisable	1 year 8 months 12 days
Expiry	Dec. 27, 2018
Exercise price $1.26
Outstanding Stock Options
Exercise price	$ 1.26
Number of options, Outstanding	100,000
Weighted- average remaining contractual life (years), Outstanding	2 years
Number of options, Exercisable	100,000
Weighted- average remaining contractual life (years), Exercisable	2 years
Expiry	Mar. 31, 2019
Exercise price $0.77
Outstanding Stock Options
Exercise price	$ 0.77
Number of options, Outstanding	831,162
Weighted- average remaining contractual life (years), Outstanding	2 years 8 months 12 days
Number of options, Exercisable	831,162
Weighted- average remaining contractual life (years), Exercisable	2 years 8 months 12 days
Expiry	Dec. 12, 2019
Exercise price $0.86
Outstanding Stock Options
Exercise price	$ 0.86
Number of options, Outstanding	200,000
Weighted- average remaining contractual life (years), Outstanding	3 years 2 months 12 days
Number of options, Exercisable	200,000
Weighted- average remaining contractual life (years), Exercisable	3 years 2 months 12 days
Expiry	May 29, 2020
Exercise price $0.65
Outstanding Stock Options
Exercise price	$ 0.65
Number of options, Outstanding	690,451
Weighted- average remaining contractual life (years), Outstanding	3 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 12
Number of options, Exercisable	690,451
Weighted- average remaining contractual life (years), Exercisable	3 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable	$ 12
Expiry	Aug. 17, 2020
Exercise price $0.60
Outstanding Stock Options
Exercise price	$ 0.60
Number of options, Outstanding	1,128,332
Weighted- average remaining contractual life (years), Outstanding	3 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 68
Number of options, Exercisable	866,037
Weighted- average remaining contractual life (years), Exercisable	3 years 8 months 12 days
Aggregate Intrinsic Value, Exercisable	$ 52
Expiry	Dec. 11, 2020
Exercise price $0.55
Outstanding Stock Options
Exercise price	$ 0.55
Number of options, Outstanding	2,868,747
Weighted- average remaining contractual life (years), Outstanding	4 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 296
Number of options, Exercisable	291,635
Weighted- average remaining contractual life (years), Exercisable	4 years 8 months 12 days
Aggregate Intrinsic Value, Exercisable	$ 30
Expiry	Dec. 16, 2021
Exercise price $0.77
Outstanding Stock Options
Exercise price	$ 0.77
Number of options, Outstanding	300,000
Weighted- average remaining contractual life (years), Outstanding	4 years 10 months 24 days
Number of options, Exercisable	30,000
Weighted- average remaining contractual life (years), Exercisable	4 years 10 months 24 days
Expiry	Mar. 2, 2022
In-The-Money Option
Outstanding Stock Options
Number of options, Outstanding	6,102,135
Number of options, Exercisable	3,262,728

Shareholders' Equity and Capi49

Shareholders' Equity and Capital Stock - RSU activity (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
RSU Rollforward
Number of RSUs Unvested, Beginning Balance | shares	1,273,990
Number of RSUs Vested | shares	(175,996)
Number of RSUs Forfeited | shares	(22,518)
Number of RSUs Unvested, Ending Balance | shares	1,075,476
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ / shares	$ 0.60
Vested, Weighted average grant date fair value | $ / shares	0.80
Forfeited, Weighted average grant date fair value | $ / shares	0.57
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ / shares	$ 0.58

Shareholders' Equity and Capi50

Shareholders' Equity and Capital Stock - o/s RSUs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
RSUs
Number of unvested units	1,075,476	1,273,990
Remaining life (years)	1 year 3 months 7 days
Aggregate Intrinsic Value	$ 720
March 13, 2015 [Member]
RSUs
Number of unvested units	161,384
Remaining life (years)	4 months 17 days
Aggregate Intrinsic Value	$ 108
August 17, 2015 [Member]
RSUs
Number of unvested units	248,226
Remaining life (years)	8 months 9 days
Aggregate Intrinsic Value	$ 166
December 11, 2015 [Member]
RSUs
Number of unvested units	665,866
Remaining life (years)	1 year 8 months 16 days
Aggregate Intrinsic Value	$ 446

Shareholders' Equity and Capi51

Shareholders' Equity and Capital Stock - warrants activity (Details)	Mar. 31, 2017$ / sharesshares
Shareholders' Equity and Capital Stock [Abstract]
Outstanding Beginning Balance, Warrants | shares	5,844,567
Outstanding Ending Balance, Warrants | shares	5,844,567
Outstanding Beginning Balance, Weighted-average exercise price | $ / shares	$ 0.91
Outstanding Ending Balance, Weighted-average exercise price | $ / shares	$ 0.91

Shareholders' Equity and Capi52

Shareholders' Equity and Capital Stock - o/s warrants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Class of Warrant or Right
Exercise price	$ 0.91	$ 0.91
Number of warrants	5,844,567	5,844,567
$0.91 [Member]
Class of Warrant or Right
Exercise price	$ 0.90
Number of warrants	4,294,167
Remaining contractual life (years)	1 year 2 months 12 days
Expiry	Jun. 24, 2018
$0.95 [Member]
Class of Warrant or Right
Exercise price	$ 0.94
Number of warrants	1,550,400
Remaining contractual life (years)	1 year 4 months 24 days
Expiry	Aug. 27, 2018
$1.04 [Member]
Class of Warrant or Right
Exercise price	$ 0.91
Number of warrants	5,844,567
Remaining contractual life (years)	1 year 3 months 18 days

Shareholders' Equity and Capi53

Shareholders' Equity and Capital Stock - addl information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)shares	Mar. 31, 2017CAD / shares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016$ / sharesshares
Stockholder's Equity Note [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $				$ 493
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	549,952
Stock Issued During Period, Shares, New Issues	1,536,169
Share Price | (per share)			CAD 0.89	$ 0.76
Payments Of Stock Issuance Costs | $	$ 43	$ 608
Stock Issued During Period, Value, New Issues | $	$ 1,126
Percent or RSUs that vest	175,996
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number				8,427,740	9,748,934
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number				5,318,333
Stock based compensation | $	$ 287	209
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $	200
Proceeds from Stock Options Exercised | $	$ 348	$ 9
Granted, Options	300,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares				$ 0.91	$ 0.91
Capital Stock
Stockholder's Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	549,952
Stock Issued During Period, Shares, New Issues	1,536,169
Stock Issued During Period, Value, New Issues | $	$ 1,126
In Money Stock Option [Member]
Stockholder's Equity Note [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $				$ 800
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 2 months 12 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 | $				$ 500
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 6 months
Granted, Options	0	0
Restricted Stock Units (RSUs) [Member] | Capital Stock
Stockholder's Equity Note [Line Items]
Number of securities called by each unit				1
Employee Stock Option [Member]
Stockholder's Equity Note [Line Items]
Granted, Options	0	0
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%

Shareholders' Equity and Capi54

Shareholders' Equity and Capital Stock - assumptions (Details)	3 Months Ended
	Mar. 31, 2017
Shareholders' Equity and Capital Stock [Abstract]
Expected award life (in years)	3 years 8 months 12 days
Expected volatility	57.45%
Risk-free interest rate	1.00%
Expected dividend rate	0.00%
Forfeiture rate (options)	5.40%

Sales (Details)

Sales (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Sales
Revenue, Net, Total	$ 14,828	$ 2,714
Disposal fee income	9	5
Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net	3,141	2,709
Sale Of Purchased Inventory [Member]
Sales
Sales Revenue, Goods, Net	11,678
Company A [Member] | Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net	3,141
Company A [Member] | Sale Of Purchased Inventory [Member]
Sales
Sales Revenue, Goods, Net	3,141
Company B [Member] | Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net		1,725
Company C [Member] | Sales Revenue, Goods, Net [Member]
Sales
Sales Revenue, Goods, Net		984
Company D [Member] | Sale Of Purchased Inventory [Member]
Sales
Sales Revenue, Goods, Net	8,537
Company A, B, C, D [Member]
Sales
Sales Revenue, Goods, Net	$ 14,819	$ 2,709
Customer Concentration Risk [Member]
Sales
Concentration Risk, Percentage	100.00%	100.00%
Disposal Fee Income Concentration Risk Percentage	0.1	0.2
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage	21.20%	99.80%
Customer Concentration Risk [Member] | Sale Of Purchased Inventory [Member]
Sales
Concentration Risk, Percentage	78.80%	0.00%
Customer Concentration Risk [Member] | Company A [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage	21.20%	0.00%
Customer Concentration Risk [Member] | Company A [Member] | Sale Of Purchased Inventory [Member]
Sales
Concentration Risk, Percentage	21.20%	0.00%
Customer Concentration Risk [Member] | Company B [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage	0.00%	63.50%
Customer Concentration Risk [Member] | Company C [Member] | Sales Revenue, Goods, Net [Member]
Sales
Concentration Risk, Percentage	0.00%	36.30%
Customer Concentration Risk [Member] | Company D [Member] | Sale Of Purchased Inventory [Member]
Sales
Concentration Risk, Percentage	57.60%	0.00%
Customer Concentration Risk [Member] | Company A, B, C, D [Member]
Sales
Concentration Risk, Percentage	99.90%	99.80%

Supplementary Information For56

Supplementary Information For Statement of Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2014
Supplementary Information For Statement of Cash Flows
Cash and cash equivalents	$ 8,393	$ 1,552	$ 7,318
Restricted cash	7,557	7,557	7,557
Total	$ 15,950	$ 9,109	$ 14,875	$ 9,000

Financial instruments (Details)

Financial instruments (Details) - 3 months ended Mar. 31, 2017	USD ($)itemshares	CAD / shares	USD ($)$ / shares
Financial Instruments
Cash, insured amount			$ 700,000
Accounts Payable, Trade, Current			$ 3,100,000
Sales agreement maximum sales proceeds of stock issuance and sales	$ 10,000,000
Common shares issued for cash, net of issue costs (in shares) | shares	1,536,169
Common shares issued value	$ 1,126,000
Stock issuance costs	43,000
Share Price | (per share)		CAD 0.89	$ 0.76
Proceeds from shares issued	$ 1,100,000
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			$ 15,200,000
Minimum | Credit Availability Concentration Risk
Financial Instruments
Debt Instrument, Term	4 years
Capital Stock
Financial Instruments
Common shares issued for cash, net of issue costs (in shares) | shares	1,536,169
Common shares issued value	$ 1,126,000