Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 159,947,625 | |
Entity Registrant Name | UR-ENERGY INC | |
Entity Central Index Key | 0001375205 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 6,536 | $ 6,372 |
Accounts receivable | 27 | 31 |
Inventory | 7,092 | 1,840 |
Prepaid expenses | 1,054 | 847 |
Assets, Current, Total | 14,709 | 9,090 |
Long-term inventory | 2,035 | 12,852 |
Restricted cash | 7,461 | 7,458 |
Mineral properties | 44,512 | 45,805 |
Capital assets | 24,396 | 25,158 |
Assets, Noncurrent, Total | 78,404 | 91,273 |
Assets, Total | 93,113 | 100,363 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,453 | 2,343 |
Current portion of long term debt | 5,214 | 5,062 |
Environmental remediation accrual | 75 | 77 |
Liabilities, Current, Total | 7,742 | 7,482 |
Notes payable | 6,957 | 9,600 |
Lease liability | 10 | |
Asset retirement obligations | 30,671 | 30,384 |
Other liabilities - warrants | 1,745 | 1,050 |
Liabilities, Noncurrent, Total | 39,383 | 41,034 |
Liabilities | 47,125 | 48,516 |
Share Capital | ||
Common shares, without par value, unlimited shares authorized; shares issued and outstanding: 159,935,563 at June 30, 2019 and 159,729,403 at December 31, 2018 | 185,411 | 185,221 |
Contributed surplus | 20,237 | 19,930 |
Accumulated other comprehensive income | 3,647 | 3,670 |
Deficit | (163,307) | (156,974) |
Stockholders' Equity Attributable to Parent, Total | 45,988 | 51,847 |
Liabilities and Equity, Total | 93,113 | 100,363 |
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, 2019 | Dec. 31, 2018 |
Common shares, without par value | $ 0 | $ 0 |
Common shares, Shares issued | 159,935,563 | 159,729,403 |
Common shares, Shares outstanding | 159,935,563 | 159,729,403 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Sales | $ 11,479 | $ 3,807 | $ 16,291 | $ 23,479 |
Cost of sales | (11,163) | (2,225) | (16,309) | (11,983) |
Gross profit | 316 | 1,582 | (18) | 11,496 |
Operating Expenses | ||||
Exploration and evaluation | (490) | (606) | (1,264) | (1,372) |
Development | (292) | (440) | (458) | (872) |
General and administrative | (1,153) | (1,098) | (3,291) | (3,020) |
Accretion of asset retirement obligations | (144) | (126) | (287) | (252) |
Income (loss) from operations | (1,763) | (688) | (5,318) | 5,980 |
Net interest expense | (168) | (261) | (364) | (549) |
Warrants mark to market adjustment | (105) | (638) | ||
Loss on equity investment | (4) | (5) | ||
Foreign exchange gain (loss) | (10) | 4 | (28) | 10 |
Other income | 15 | 3,540 | 15 | 3,573 |
Net income (loss) for the period | $ (2,031) | $ 2,591 | $ (6,333) | $ 9,009 |
Income (Loss) per common share: | ||||
Basic | $ (0.01) | $ 0.02 | $ (0.04) | $ 0.06 |
Diluted | $ (0.01) | $ 0.02 | $ (0.04) | $ 0.06 |
Weighted average number of common shares outstanding: | ||||
Basic | 159,820,583 | 146,699,582 | 159,775,245 | 146,634,457 |
Diluted | 159,820,583 | 148,495,249 | 159,775,245 | 148,430,124 |
COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) for the period | $ (2,031) | $ 2,591 | $ (6,333) | $ 9,009 |
Translation adjustment on foreign operations | (24) | (12) | (23) | (33) |
Comprehensive income (loss) for the period | $ (2,055) | $ 2,579 | $ (6,356) | $ 8,976 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2019 - USD ($) $ in Thousands | Capital Stock | Contributed Surplus [Member] | Accumulated Other Comprehensive Income | Deficit | Total |
Beginning Balance at Dec. 31, 2018 | $ 185,221 | $ 19,930 | $ 3,670 | $ (156,974) | $ 51,847 |
Beginning Balance (in shares) at Dec. 31, 2018 | 159,729,403 | 159,729,403 | |||
Exercise of stock options | $ 190 | (56) | $ 134 | ||
Exercise of stock options (in shares) | 206,160 | 206,160 | |||
Redemption of vested RSUs | (7) | $ (7) | |||
Non-cash stock compensation | 370 | 370 | |||
Net loss and comprehensive (loss) income | (23) | (6,333) | (6,356) | ||
Ending Balance at Jun. 30, 2019 | $ 185,411 | $ 20,237 | $ 3,647 | $ (163,307) | $ 45,988 |
Ending Balance (in shares) at Jun. 30, 2019 | 159,935,563 | 159,935,563 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash provided by (used in) Operating activities | ||
Net income (loss) for the period | $ (6,333) | $ 9,009 |
Items not affecting cash: | ||
Stock based expense | 370 | 566 |
Depreciation and amortization | 2,201 | 1,805 |
Loss from net realizable value adjustment to inventory | 4,103 | 98 |
Accretion of asset retirement obligation | 287 | 252 |
Amortization of deferred loan costs | 60 | 60 |
Gain on monetization of contract | (3,540) | |
Warrants mark to market gain | 638 | |
Loss (gain) on foreign exchange | (28) | (11) |
Other loss | (2) | 3 |
Change in non-cash working capital items: | ||
Accounts receivable | 4 | (4) |
Inventory | 1,462 | (5,387) |
Prepaid expenses | (174) | (186) |
Accounts payable and accrued liabilities | 76 | (252) |
Net Cash Provided by (Used in) Operating Activities, Total | 2,664 | 2,413 |
Investing activities | ||
Mineral property costs | (8) | (15) |
Proceeds from monetization of contract | 3,540 | |
Funding of equity investment | (4) | |
Purchase of capital assets | (125) | (44) |
Net Cash Provided by (Used in) Investing Activities, Total | (133) | 3,477 |
Financing activities | ||
Share issue costs | (4) | |
Proceeds from exercise of stock options | 134 | 113 |
RSUs redeemed to pay withholding or paid in cash | (7) | (13) |
Repayment of debt | (2,555) | (2,413) |
Net Cash Provided by (Used in) Financing Activities, Total | (2,428) | (2,317) |
Effects of foreign exchange rate changes on cash | 64 | (21) |
Net change in cash, cash equivalents and restricted cash | 167 | 3,552 |
Beginning cash, cash equivalents and restricted cash | 13,830 | 11,437 |
Ending cash, cash equivalents and restricted cash | $ 13,997 | $ 14,989 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2019 | |
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 property contains 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. |
Liquidity Risk
Liquidity Risk | 6 Months Ended |
Jun. 30, 2019 | |
Liquidity Risk [Abstract] | |
Liquidity Risk | 2. Liquidity Risk Our operations are based on a small number of large sales. As a result, our cash flow and therefore our current assets and working capital may vary widely during the year based on the timing of those sales. Virtually all of our sales are under contracts which specify delivery quantities, sales prices and payment dates. The only exceptions are spot sales which we are currently only making when advantageous. As a result, we are able to perform cash management functions over the course of an entire year and are less reliant on current commodity prices and market conditions. We monitor our cash projections on a weekly basis and have used various techniques to manage our cash flows including the assignment of deliveries, negotiating changes in delivery dates, purchasing inventory at favorable prices and raising capital. As at June 30, 2019, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $0.8 million which are due within normal trade terms of generally 30 to 60 days, a note payable of $12.4 million of which $5.3 million is due within one year, and asset retirement obligations with estimated completion dates until 2033. In addition, most of our current assets except for prepaid expenses are immediately realizable, if necessary, while our current liabilities include a substantial portion that is not due for three months or more which, given the existence of our contracts and set prices, allows us to plan for those payments well in advance and address shortfalls, if any. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. 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 presentation 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, 2018. We apply the same accounting policies as in the prior year other than as noted below. 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. New accounting pronouncements which were implemented this year In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize all leases on the balance sheet, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 became effective for the Company as of January 1, 2019. At January 1, 2019, we had two office equipment leases, and the office lease in Casper which expired in July 2019 and was renewed for only five months. As a result of adoption of ASC 2016-02, we recognized a liability of $83.9 with a corresponding Right-Of-Use (“ |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. The Company’s cash and cash equivalents consist of the following: As at June 30, 2019 December 31, 2018 $ $ Cash on deposit at banks 1,645 1,936 Money market funds 4,891 4,436 6,536 6,372 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Inventory [Abstract] | |
Inventory | 5. Inventory The Company’s inventory consists of the following: As at June 30, 2019 December 31, 2018 $ $ In-process inventory - 160 Plant inventory 1,638 345 Conversion facility inventory 7,489 14,187 9,127 14,692 Inventory to be sold within 12 months 7,092 1,840 Long term inventory 2,035 12,852 In conjunction with our lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $2,138 and $4,103 for the three and six months ended June 30, 2019, respectively. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2019 | |
Restricted Cash [Abstract] | |
Restricted cash | 6. Restricted Cash The Company’s restricted cash consists of money market accounts and short-term government bonds. The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality (“WDEQ”), the Wyoming Uranium Recovery Program (“URP”) and the Bureau of Land Management (“BLM”) 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 $29.9 million of coverage towards specific reclamation obligations are collateralized by $7.4 million of the restricted cash at June 30, 2019. |
Mineral Properties
Mineral Properties | 6 Months Ended |
Jun. 30, 2019 | |
Mineral Properties [Abstract] | |
Mineral Properties | 7 . Mineral Properties The Company’s mineral properties consist of the following: Lost Creek Pathfinder Other U.S. Property Mines Properties Total $ $ $ $ Balance, December 31, 2018 12,644 19,964 13,197 45,805 Acquisition costs - - 8 8 Amortization (1,301) - - (1,301) Balance, June 30, 2019 11,343 19,964 13,205 44,512 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, the assumption of $5.7 million in estimated asset reclamation obligations and other consideration . |
Capital Assets
Capital Assets | 6 Months Ended |
Jun. 30, 2019 | |
Capital Assets | |
Capital Assets | 8. The Company’s capital assets consist of the following: As of As of June 30, 2019 December 31, 2018 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,438 3,315 123 3,432 3,290 142 Enclosures 32,991 9,355 23,636 32,991 8,530 24,461 Machinery and equipment 1,341 765 576 1,237 728 509 Furniture, fixtures and leasehold improvements 119 112 7 119 110 9 Information technology 1,142 1,102 40 1,127 1,090 37 ROU Assets 83 69 14 - - - 39,114 14,718 24,396 38,906 13,748 25,158 As disclosed in note 3, the Company applied ASU 2016-02 to our existing leases. As of June 30, 2019, we currently include equipment leases of $14 in assets and liabilities. Of the $14 liability, $10 is included in long-term liabilities and the balance in the current portion of long term liabilities. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 9. Accounts payable and accrued liabilities consist of the following: As at June 30, 2019 December 31, 2018 $ $ Accounts payable 580 620 Payroll and other taxes 1,540 1,218 Severance and ad valorem tax payable 333 505 2,453 2,343 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Notes Payable [Abstract] | |
Notes Payable | 10. 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 financing. Those fees amortizable within 12 months of June 30, 2019 are considered current. The following table lists the current (within 12 months) and long term portion of the Company’s debt instrument: As at June 30, 2019 December 31, 2018 $ $ Current debt Lease liabilities (note 8) 4 - Sweetwater County Loan 5,332 5,183 Less deferred financing costs (122) (121) 5,214 5,062 Long term debt Sweetwater County Loan 7,109 9,813 Less deferred financing costs (152) (213) 6,957 9,600 Schedule of payments on outstanding debt as of June 30, 2019: Debt Total 2019 2020 2021 Maturity $ $ $ $ Sweetwater County Loan Principal 12,441 2,628 5,487 4,326 01-Oct-21 Interest 911 339 447 125 Total 13,352 2,967 5,934 4,451 |
Asset Retirement and Reclamatio
Asset Retirement and Reclamation Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement and Reclamation Obligations | |
Asset Retirement and Reclamation Obligations | 11. 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, 2019, the total undiscounted amount of the future cash needs was estimated to be $29.8 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 governmental agencies on these obligations. For the period ended June 30, 2019 December 31, 2018 $ $ Beginning of period 30,384 27,036 Change in estimated liability - 2,840 Accretion expense 287 508 End of period 30,671 30,384 |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities [Abstract] | |
Other Liabilities | 12. As a part of the September 2018 public offering, we sold 13,062,878 warrants priced at $0.01 per warrant. Two warrants are redeemable for one Common Share of the Company’s stock at a price of $1.00 per full share. As the warrants are priced in US$ and the functional currency of Ur-Energy Inc. is Cdn$, this created a derivative financial liability. The liability created and adjusted quarterly is a calculated fair value using the Black-Scholes technique described below as there is no active market for the warrants. Any income or loss is reflected in net income for the period. The revaluation as of June 30, 2019 resulted in losses of $105 and $638 for the three and six month periods ended June 30, 2019 which are reflected on the statement of operations. |
Shareholders' Equity and Capita
Shareholders' Equity and Capital Stock | 6 Months Ended |
Jun. 30, 2019 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Shareholders' Equity and Capital Stock | 13. Stock options In 2005, the Company’s Board of Directors approved the adoption of the Company's stock option plan (the “Option Plan”). The Option Plan was most recently approved by the shareholders on May 18, 2017. Eligible participants under the Option Plan include directors, officers, employees and consultants of the Company. Under the terms of the Option Plan grants of options will vest over a three-year period: 33.3% on the first anniversary, 33.3% on the second anniversary, and 33.4% on the third anniversary of the grant. The term of options remains five years. Activity with respect to stock options is summarized as follows: Weighted- average Options exercise price # $ Balance, December 31, 2018 9,731,612 0.64 Exercised (206,160) 0.65 Expired (100,000) 1.26 Outstanding, June 30, 2019 9,425,452 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 six months ended June 30, 2019 was less than $0.1 million. As of June 30, 2019, 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 $ $ $ 0.75 0.5 100 0.5 100 12-Dec-19 0.84 0.9 12 0.9 12 29-May-20 0.63 1.1 130 1.1 130 17-Aug-20 0.59 1.5 255 1.5 255 11-Dec-20 0.54 2.5 767 2.5 767 16-Dec-21 0.75 2.7 41 2.7 41 02-Mar-22 0.54 3.2 64 3.2 21 07-Sep-22 0.66 3.5 418 3.5 141 15-Dec-22 0.56 3.7 60 3.7 20 30-Mar-23 0.68 4.1 209 4.1 2 20-Aug-23 0.67 4.5 190 4.5 2 14-Dec-23 0.66 2.7 2,246 2.0 1,491 The aggregate intrinsic value of the options in the preceding table represents the total pre-tax intrinsic value for stock options with an exercise price less than the Company’s TSX closing stock price of Cdn$1.24 as of the last trading day in the period ended June 30, 2019, 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 June 30, 2019 was 9,425,452. The total number of in-the-money stock options exercisable as of June 30, 2019 was 5,907,261. We elect to estimate the number of awards expected to vest in lieu of accounting for forfeitures 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 2, 2019. 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. Upon RSU vesting, the holder of an RSU will receive one common share, for no additional consideration, for each RSU held. Activity with respect to RSUs is summarized as follows: Number Weighted of average grant RSUs date fair value Unvested, December 31, 2018 955,496 0.67 Vested (9,053) 0.68 Unvested, June 30, 2019 946,443 0.70 As of June 30, 2019, outstanding RSUs are as follows: Number of Remaining Aggregate unvested life intrinsic Grant date RSUs (years) value $ December 15, 2017 481,456 0.46 438 August 20, 2018 237,210 1.15 216 December 14, 2018 227,777 1.46 207 946,443 0.86 861 As of March 30, 2018, one of our directors retired. Under the terms of our RSU Plan, his 62,000 outstanding RSUs automatically vested. On December 17, 2018, 32,000 RSUs were redeemed for Common Shares. The balance will be redeemed for cash or stock at the compensation committee’s discretion when the RSUs in that grant vest on December 15, 2019. Warrants On September 25, 2018, the Company issued 13,062,878 warrants to purchase 6,531,439 of our Common Shares at $1.00 per full share (see note 12). The following represents warrant activity during the period ended June 30, 2019: Number Number of of shares to be issued Per share warrants upon exercise exercise price $ Outstanding, December 31, 2018 13,062,878 6,531,439 1.00 Outstanding, June 30, 2019 13,062,878 6,531,439 1.00 As of June 30, 2019, outstanding warrants are as follows: Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ $ 1.00 2.2 - 25-Sep-21 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, 2019 and $0.4 million and $0.6 million for the three and six months ended June 30, 2018, respectively. As of June 30, 2019, there was approximately $0.9 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 $0.4 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 1.9 years and 1.1 years, respectively. We received $0.1 million cash from the exercise of stock options for the three and six months ended June 30, 2019 and $0.1 million for the three and six months ended June 30, 2018. 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 six months ended June 30, 2019 or the six months ended June 30, 2018. There were no options granted during the six months ended June 30, 2019. The assumptions used for the options granted during the six months ended June 30, 2018 were as follows: Six months ended June 30, 2018 Expected option life (years) 3.74 Expected volatility 54.59% Risk-free interest rate 1.90% Expected dividend rate 0% Forfeiture rate 6.0% 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, 2019 | |
Revenue [Abstract] | |
Sales | 14. 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. Disaggregation of Revenues The following table presents our revenues disaggregated by revenue source and type of revenue for each revenue source: Six months ended June 30, 2019 2018 $ $ Sale of produced inventory Company A 2,406 - Company B 7,482 - Company C - 237 9,888 237 Sales of purchased inventory Company A 2,406 - Company D 3,995 7,580 Company E - 15,636 6,401 23,216 Total sales 16,289 23,453 Disposal fee income 2 26 16,291 23,479 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 | 6 Months Ended |
Jun. 30, 2019 | |
Supplementary Information For Statement of Cash Flows | |
Supplementary Information For Statement of Cash Flows | 15. Cash per the Statement of Cash Flows consists of the following: As at June 30, 2019 June 30, 2018 $ $ Cash and cash equivalents 6,536 7,530 Restricted cash 7,461 7,459 13,997 14,989 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2019 | |
Financial instruments [Abstract] | |
Financial instruments | 16. 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 deposit, money market accounts and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. Of the amount held on deposit, approximately $0.8 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S. Federal Deposit Insurance Corporation, leaving approximately $13.2 million at risk at June 30, 2019 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, 2019. All of the Company’s customers have Moody’s Baa or greater ratings and purchase from the Company under contracts with 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, 2019, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $0.8 million which are due within normal trade terms of generally 30 to 60 days and a note payable which will be payable over a period of approximately two years. We entered into an At Market Issuance Sales Agreement with MLV & Co. LLC and B Riley FBR, Inc. (May 2016, as amended August 2017) under which we may, from time to time, issue and sell Common Shares at market prices on the NYSE American or other U.S. market through the distribution agents for aggregate sales proceeds of up to $10,000,000. We have not used the facility in 2019. We expect that any major capital projects will be funded by operating cash flow, cash on hand or additional financing as required. If these cash sources are not sufficient, certain capital projects could be delayed, or alternatively we may need to pursue additional debt or equity financing to which there is no assurance that such financing will be available at all or on terms acceptable to us. 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 six months ended June 30, 2019 or the comparable six months in 2018. 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 presentation 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, 2018. We apply the same accounting policies as in the prior year other than as noted below. 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. |
New accounting pronouncements which may affect future reporting | New accounting pronouncements which were implemented this year In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize all leases on the balance sheet, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 became effective for the Company as of January 1, 2019. At January 1, 2019, we had two office equipment leases, and the office lease in Casper which expired in July 2019 and was renewed for only five months. As a result of adoption of ASC 2016-02, we recognized a liability of $83.9 with a corresponding Right-Of-Use (“ |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule Of Cash and Cash Equivalents | As at June 30, 2019 December 31, 2018 $ $ Cash on deposit at banks 1,645 1,936 Money market funds 4,891 4,436 6,536 6,372 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory [Abstract] | |
Schedule of Inventory, Current | As at June 30, 2019 December 31, 2018 $ $ In-process inventory - 160 Plant inventory 1,638 345 Conversion facility inventory 7,489 14,187 9,127 14,692 Inventory to be sold within 12 months 7,092 1,840 Long term inventory 2,035 12,852 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Mineral Properties [Abstract] | |
Mineral Property | Lost Creek Pathfinder Other U.S. Property Mines Properties Total $ $ $ $ Balance, December 31, 2018 12,644 19,964 13,197 45,805 Acquisition costs - - 8 8 Amortization (1,301) - - (1,301) Balance, June 30, 2019 11,343 19,964 13,205 44,512 |
Capital Assets (Tables)
Capital Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Capital Assets | |
Capital assets | As of As of June 30, 2019 December 31, 2018 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,438 3,315 123 3,432 3,290 142 Enclosures 32,991 9,355 23,636 32,991 8,530 24,461 Machinery and equipment 1,341 765 576 1,237 728 509 Furniture, fixtures and leasehold improvements 119 112 7 119 110 9 Information technology 1,142 1,102 40 1,127 1,090 37 ROU Assets 83 69 14 - - - 39,114 14,718 24,396 38,906 13,748 25,158 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As at June 30, 2019 December 31, 2018 $ $ Accounts payable 580 620 Payroll and other taxes 1,540 1,218 Severance and ad valorem tax payable 333 505 2,453 2,343 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Payable [Abstract] | |
Schedule of Debt | As at June 30, 2019 December 31, 2018 $ $ Current debt Lease liabilities (note 8) 4 - Sweetwater County Loan 5,332 5,183 Less deferred financing costs (122) (121) 5,214 5,062 Long term debt Sweetwater County Loan 7,109 9,813 Less deferred financing costs (152) (213) 6,957 9,600 |
Schedule Of Outstanding Debt | Debt Total 2019 2020 2021 Maturity $ $ $ $ Sweetwater County Loan Principal 12,441 2,628 5,487 4,326 01-Oct-21 Interest 911 339 447 125 Total 13,352 2,967 5,934 4,451 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement and Reclamation Obligations | |
Schedule of Asset Retirement Obligations | For the period ended June 30, 2019 December 31, 2018 $ $ Beginning of period 30,384 27,036 Change in estimated liability - 2,840 Accretion expense 287 508 End of period 30,671 30,384 |
Shareholders' Equity and Capi_2
Shareholders' Equity and Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted- average Options exercise price # $ Balance, December 31, 2018 9,731,612 0.64 Exercised (206,160) 0.65 Expired (100,000) 1.26 Outstanding, June 30, 2019 9,425,452 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 $ $ $ 0.75 0.5 100 0.5 100 12-Dec-19 0.84 0.9 12 0.9 12 29-May-20 0.63 1.1 130 1.1 130 17-Aug-20 0.59 1.5 255 1.5 255 11-Dec-20 0.54 2.5 767 2.5 767 16-Dec-21 0.75 2.7 41 2.7 41 02-Mar-22 0.54 3.2 64 3.2 21 07-Sep-22 0.66 3.5 418 3.5 141 15-Dec-22 0.56 3.7 60 3.7 20 30-Mar-23 0.68 4.1 209 4.1 2 20-Aug-23 0.67 4.5 190 4.5 2 14-Dec-23 0.66 2.7 2,246 2.0 1,491 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Number Weighted of average grant RSUs date fair value Unvested, December 31, 2018 955,496 0.67 Vested (9,053) 0.68 Unvested, June 30, 2019 946,443 0.70 |
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 $ December 15, 2017 481,456 0.46 438 August 20, 2018 237,210 1.15 216 December 14, 2018 227,777 1.46 207 946,443 0.86 861 |
Schedule Of Share-Based Compensation, Warrants, Activity | Number Number of of shares to be issued Per share warrants upon exercise exercise price $ Outstanding, December 31, 2018 13,062,878 6,531,439 1.00 Outstanding, June 30, 2019 13,062,878 6,531,439 1.00 |
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 $ $ 1.00 2.2 - 25-Sep-21 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Six months ended June 30, 2018 Expected option life (years) 3.74 Expected volatility 54.59% Risk-free interest rate 1.90% Expected dividend rate 0% Forfeiture rate 6.0% |
Sales (Tables)
Sales (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [Abstract] | |
Schedule Of Revenue | Six months ended June 30, 2019 2018 $ $ Sale of produced inventory Company A 2,406 - Company B 7,482 - Company C - 237 9,888 237 Sales of purchased inventory Company A 2,406 - Company D 3,995 7,580 Company E - 15,636 6,401 23,216 Total sales 16,289 23,453 Disposal fee income 2 26 16,291 23,479 |
Supplementary Information For_2
Supplementary Information For Statement of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplementary Information For Statement of Cash Flows | |
Cash per the Statement of Cash Flows | As at June 30, 2019 June 30, 2018 $ $ Cash and cash equivalents 6,536 7,530 Restricted cash 7,461 7,459 13,997 14,989 |
Nature of Operations (Details)
Nature of Operations (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Nature of Operations [Abstract] | |
Date of incorporation | Mar. 22, 2004 |
Liquidity Risk (Details)
Liquidity Risk (Details) $ in Millions | Jun. 30, 2019USD ($) |
Liquidity Risk [Abstract] | |
Trade accounts payable, accrued trade and payroll liabilities | $ 0.8 |
Notes Payable | 12.4 |
Notes payable due within 1 year | $ 5.3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Liability | $ 14 | |
ASC 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease Right Of Use Assets | $ 83,900 | |
Operating Lease Liability | $ 83,900 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Cash and Cash Equivalents [Abstract] | |||
Cash on deposit at banks | $ 1,645 | $ 1,936 | |
Money market funds | 4,891 | 4,436 | |
Cash and cash equivalents | $ 6,536 | $ 6,372 | $ 7,530 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Inventory | |||
Inventory, Net, Total | $ 9,127 | $ 9,127 | $ 14,692 |
Inventory Current | 7,092 | 7,092 | 1,840 |
Inventory, Noncurrent | 2,035 | 2,035 | 12,852 |
Reduction in inventory valuation | 2,138 | 4,103 | |
In Process Inventory [Member] | |||
Inventory | |||
Inventory, Net, Total | 160 | ||
Plant Inventory [Member] | |||
Inventory | |||
Inventory, Net, Total | 1,638 | 1,638 | 345 |
Conversion Facility Inventory [Member] | |||
Inventory | |||
Inventory, Net, Total | $ 7,489 | $ 7,489 | $ 14,187 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Restricted Cash | |||
Restricted cash | $ 7,461 | $ 7,458 | $ 7,459 |
Surety Bond [Member] | |||
Restricted Cash | |||
Reclamation bonding requirement | 29,900 | ||
Money Market Funds [Member] | Surety Bond [Member] | |||
Restricted Cash | |||
Restricted cash pledged as collateral | $ 7,400 |
Mineral Properties - rollforwar
Mineral Properties - rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Balance at beginning of period | $ 45,805 | |
Acquisition costs | 8 | |
Change in estimated reclamation costs (Note 13) | $ 2,840 | |
Amortization | (1,301) | |
Balance at end of period | 44,512 | 45,805 |
Lost Creek Project | ||
Balance at beginning of period | 12,644 | |
Amortization | (1,301) | |
Balance at end of period | 11,343 | 12,644 |
Pathfinder properties | ||
Balance at beginning of period | 19,964 | |
Balance at end of period | 19,964 | 19,964 |
Other U.S. Properties [Member] | ||
Balance at beginning of period | 13,197 | |
Acquisition costs | 8 | |
Balance at end of period | $ 13,205 | $ 13,197 |
Mineral Properties (Details)
Mineral Properties (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2005 | |
Aggregate consideration | $ 6,700 | |||||
Revenue, Net, Total | $ 11,479 | $ 3,807 | $ 16,291 | $ 23,479 | ||
Estimated asset reclamation obligation | $ 5,700 | |||||
Nfu Wyoming LLC | ||||||
Percentage of asset acquired | 100.00% | |||||
Aggregate consideration | $ 20,000 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Capital Assets | ||
Cost | $ 39,114 | $ 38,906 |
Accumulated Depreciation | 14,718 | 13,748 |
Net Book Value | 24,396 | 25,158 |
Rolling stock [Member] | ||
Capital Assets | ||
Cost | 3,438 | 3,432 |
Accumulated Depreciation | 3,315 | 3,290 |
Net Book Value | 123 | 142 |
Building Enclosures [Member] | ||
Capital Assets | ||
Cost | 32,991 | 32,991 |
Accumulated Depreciation | 9,355 | 8,530 |
Net Book Value | 23,636 | 24,461 |
Machinery and equipment [Member] | ||
Capital Assets | ||
Cost | 1,341 | 1,237 |
Accumulated Depreciation | 765 | 728 |
Net Book Value | 576 | 509 |
Furniture, fixtures and leasehold improvements [Member] | ||
Capital Assets | ||
Cost | 119 | 119 |
Accumulated Depreciation | 112 | 110 |
Net Book Value | 7 | 9 |
Information technology [Member] | ||
Capital Assets | ||
Cost | 1,142 | 1,127 |
Accumulated Depreciation | 1,102 | 1,090 |
Net Book Value | 40 | $ 37 |
Leased Assets | ||
Capital Assets | ||
Cost | 83 | |
Accumulated Depreciation | 69 | |
Net Book Value | $ 14 |
Capital Assets - Leases (Detail
Capital Assets - Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Property, Plant and Equipment [Line Items] | |
Operating Lease Liability | $ 14 |
Long term operating lease liabilities | 10 |
Equipment Leases | |
Property, Plant and Equipment [Line Items] | |
Operating lease Right Of Use Assets | 14 |
Operating Lease Liability | $ 14 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 580 | $ 620 |
Severance and ad valorem tax payable | 1,540 | 1,218 |
Payroll and other taxes | 333 | 505 |
Accounts payable and accrued liabilities | $ 2,453 | $ 2,343 |
Notes Payable - Current vs Long
Notes Payable - Current vs Long-term (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Current debt | ||
Right of Use - current | $ 4 | |
Less deferred financing costs | (122) | $ (121) |
Long-term Debt, Current Maturities, Total | 5,214 | 5,062 |
Long term debt | ||
Less deferred financing costs | (152) | (213) |
Long-term Debt | 6,957 | 9,600 |
Sweetwater IDR Bond [Member] | ||
Current debt | ||
Current Debt | 5,332 | 5,183 |
Long term debt | ||
Long term debt | $ 7,109 | $ 9,813 |
Notes Payable - Maturity table
Notes Payable - Maturity table (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Notes Payable | |
Total | $ 13,352 |
Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 12,441 |
Interest | 911 |
2017 | |
Notes Payable | |
Total | 2,967 |
2017 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 2,628 |
Interest | 339 |
2018 | |
Notes Payable | |
Total | 5,934 |
2018 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 5,487 |
Interest | 447 |
2019 | |
Notes Payable | |
Total | 4,451 |
2019 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 4,326 |
Interest | $ 125 |
Notes Payable (Details)
Notes Payable (Details) - Sweetwater IDR Bond [Member] $ in Thousands | Oct. 15, 2013USD ($) | Jun. 30, 2019USD ($) | Oct. 23, 2013item |
Notes Payable | |||
Proceeds from Issuance of Long-term Debt | $ 34,000 | ||
Periodic payment amount | $ 12,441 | ||
Due Quarterly Commencing From January 1, 2014 [Member] | |||
Notes Payable | |||
Fixed interest rate (as a percent) | 5.75% | ||
Due Quarterly Commencing From January 1, 2015 [Member] | |||
Notes Payable | |||
Number of installments | item | 28 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2019 | |
Asset Retirement and Reclamation Obligations | ||
Estimated Future Cash Undiscounted Amount | $ 29,800 | |
Change in estimated liability | $ 2,840 |
Asset Retirement Obligations -
Asset Retirement Obligations - Rollfoward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Asset Retirement Obligation Rollforward | |||||
Beginning of period | $ 30,384 | $ 27,036 | $ 27,036 | ||
Change in estimated liability | 2,840 | ||||
Accretion expense | $ 144 | $ 126 | 287 | $ 252 | 508 |
End of period | $ 30,671 | $ 30,671 | $ 30,384 |
Other Liabilities (Details)
Other Liabilities (Details) $ / shares in Units, $ in Thousands | Sep. 25, 2018$ / sharesshares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)item$ / shares | Dec. 31, 2018$ / shares |
Other Liabilities | ||||
Sale price (per warrant) | $ 1 | |||
Exercise price | $ 1 | $ 1 | $ 1 | |
Warrants mark to market adjustment | $ | $ (105) | $ (638) | ||
Warrants | ||||
Other Liabilities | ||||
Number of securities called by each warrant | shares | 13,062,878 | |||
Exercise price | $ 0.01 | $ 0.01 | ||
Number of warrants redeemable shares | item | 2 |
Shareholders' Equity and Capi_3
Shareholders' Equity and Capital Stock - options activity (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Options Rollforward | |
Outstanding, Beginning Balance | shares | 9,731,612 |
Granted, Options | shares | 0 |
Exercised, Options | shares | (206,160) |
Expired, Options | shares | (100,000) |
Outstanding Ending Balance, Options | shares | 9,425,452 |
Outstanding, Beginning Balance, Weighted-average exercise price | $ / shares | $ 0.64 |
Exercised, Weighted-average exercise price | $ / shares | 0.65 |
Expired, Weighted-average exercise price | $ / shares | 1.26 |
Outstanding Ending Balance, Weighted-average exercise price | $ / shares | 0.66 |
Grant date intrinsic value | $ / shares | $ 0 |
Shareholders' Equity and Capi_4
Shareholders' Equity and Capital Stock - o/s options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Outstanding Stock Options | ||
Exercise price | $ 0.66 | $ 0.64 |
Number of options, Outstanding | 9,425,452 | 9,731,612 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 2,246 | |
Number of options, Exercisable | 5,907,261 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years | |
Aggregate Intrinsic Value, Exercisable | $ 1,491 | |
Exercise price $0.75 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.75 | |
Number of options, Outstanding | 724,274 | |
Weighted- average remaining contractual life (years), Outstanding | 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 100 | |
Number of options, Exercisable | 724,274 | |
Weighted- average remaining contractual life (years), Exercisable | 6 months | |
Aggregate Intrinsic Value, Exercisable | $ 100 | |
Expiry | Dec. 12, 2019 | |
Exercise price $0.84 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.84 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 12 | |
Number of options, Exercisable | 200,000 | |
Weighted- average remaining contractual life (years), Exercisable | 10 months 24 days | |
Aggregate Intrinsic Value, Exercisable | $ 12 | |
Expiry | May 29, 2020 | |
Exercise price $0.63 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.63 | |
Number of options, Outstanding | 538,912 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 130 | |
Number of options, Exercisable | 538,912 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 1 month 6 days | |
Aggregate Intrinsic Value, Exercisable | $ 130 | |
Expiry | Aug. 17, 2020 | |
Exercise price $0.59 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.59 | |
Number of options, Outstanding | 928,408 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 255 | |
Number of options, Exercisable | 928,408 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 6 months | |
Aggregate Intrinsic Value, Exercisable | $ 255 | |
Expiry | Dec. 11, 2020 | |
Exercise price $0.54 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.54 | |
Number of options, Outstanding | 2,411,930 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 767 | |
Number of options, Exercisable | 2,411,930 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 6 months | |
Aggregate Intrinsic Value, Exercisable | $ 767 | |
Expiry | Dec. 16, 2021 | |
Exercise price $0.75 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.75 | |
Number of options, Outstanding | 300,000 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 41 | |
Number of options, Exercisable | 300,000 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 8 months 12 days | |
Aggregate Intrinsic Value, Exercisable | $ 41 | |
Expiry | Mar. 2, 2022 | |
Exercise price $0.54 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.54 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 2 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 64 | |
Number of options, Exercisable | 66,000 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 2 months 12 days | |
Aggregate Intrinsic Value, Exercisable | $ 21 | |
Expiry | Sep. 7, 2022 | |
Exercise price $0.66 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.66 | |
Number of options, Outstanding | 1,944,916 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 418 | |
Number of options, Exercisable | 654,608 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 6 months | |
Aggregate Intrinsic Value, Exercisable | $ 141 | |
Expiry | Dec. 15, 2022 | |
Exercise price $0.56 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.56 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 60 | |
Number of options, Exercisable | 66,000 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 8 months 12 days | |
Aggregate Intrinsic Value, Exercisable | $ 20 | |
Expiry | Mar. 30, 2023 | |
Exercise Price $0.67 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.67 | |
Number of options, Outstanding | 919,358 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 190 | |
Number of options, Exercisable | 8,277 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 6 months | |
Aggregate Intrinsic Value, Exercisable | $ 2 | |
Expiry | Dec. 14, 2023 | |
Exercise Price $0.68 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.68 | |
Number of options, Outstanding | 1,057,654 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 209 | |
Number of options, Exercisable | 8,852 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 1 month 6 days | |
Aggregate Intrinsic Value, Exercisable | $ 2 | |
Expiry | Aug. 20, 2023 |
Shareholders' Equity and Capi_5
Shareholders' Equity and Capital Stock - RSU activity (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
RSU Rollforward | |
Number of RSUs Unvested, Beginning Balance | shares | 955,496 |
Number of RSUs Vested | shares | (9,053) |
Number of RSUs Unvested, Ending Balance | shares | 946,443 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ / shares | $ 0.67 |
Vested, Weighted average grant date fair value | $ / shares | 0.68 |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ / shares | $ 0.70 |
Shareholders' Equity and Capi_6
Shareholders' Equity and Capital Stock - o/s RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
RSUs | ||
Number of unvested units | 946,443 | 955,496 |
Remaining life (years) | 10 months 10 days | |
Aggregate Intrinsic Value | $ 861 | |
August 22. 2018 | ||
RSUs | ||
Number of unvested units | 237,210 | |
Remaining life (years) | 1 year 1 month 24 days | |
Aggregate Intrinsic Value | $ 216 | |
December 14, 2018 | ||
RSUs | ||
Number of unvested units | 227,777 | |
Remaining life (years) | 1 year 5 months 16 days | |
Aggregate Intrinsic Value | $ 207 | |
December 15, 2017 | ||
RSUs | ||
Number of unvested units | 481,456 | |
Remaining life (years) | 5 months 16 days | |
Aggregate Intrinsic Value | $ 438 |
Shareholders' Equity and Capi_7
Shareholders' Equity and Capital Stock - warrants activity (Details) - $ / shares | Sep. 25, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Warrant or Right | |||
Number of warrants, Outstanding | 13,062,878 | 13,062,878 | |
Number of shares to be issued upon exercise, Outstanding | 6,531,439 | 6,531,439 | |
Per share exercise price, Outstanding | $ 1 | $ 1 | |
Warrants | |||
Class of Warrant or Right | |||
Stock Repurchased During Period, Shares | 6,531,439 | ||
Stock Repurchased, Price Per Share | $ 1 | ||
Per share exercise price, Outstanding | $ 0.01 |
Shareholders' Equity and Capi_8
Shareholders' Equity and Capital Stock - o/s warrants (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right | ||
Exercise price | $ 1 | $ 1 |
Number of warrants | 13,062,878 | 13,062,878 |
$0.95 [Member] | ||
Class of Warrant or Right | ||
Exercise price | $ 1 | |
Number of warrants | 13,062,878 | |
Remaining contractual life (years) | 2 years 2 months 12 days | |
Expiry | Sep. 25, 2021 |
Shareholders' Equity and Capi_9
Shareholders' Equity and Capital Stock - addl information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Mar. 30, 2018shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019$ / shares | Jun. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 17, 2018shares | Sep. 25, 2018shares | |
Stockholder's Equity Note [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 2,246 | |||||||
Common Stock Shares Issued | 159,935,563 | 159,729,403 | 32,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 206,160 | |||||||
Share Price | $ / shares | $ 1.24 | |||||||
Payments Of Stock Issuance Costs | $ | $ 4 | |||||||
Exercise of stock options | $ | $ 134 | |||||||
Number of RSUs Vested | 9,053 | |||||||
Percent or RSUs that vest | 9,053 | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | 9,425,452 | 9,731,612 | ||||||
stock options exercisable | 5,907,261 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,907,261 | |||||||
Stock based compensation | $ | $ 370 | 566 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | 100 | |||||||
Proceeds from Stock Options Exercised | $ | $ 134 | $ 113 | ||||||
Granted, Options | 0 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | $ 1 | ||||||
Capital Stock | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Common Stock Shares Issued | 159,935,563 | 159,729,403 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 206,160 | |||||||
Exercise of stock options | $ | $ 190 | |||||||
Warrants | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Number of securities called by each warrant | 13,062,878 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | |||||||
In Money Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | 9,425,452 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ | $ 900 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Number of RSUs Vested | 62,000 | |||||||
Percent or RSUs that vest | 62,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ | $ 400 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | |||||||
Granted, Options | 0 | 0 | ||||||
Restricted Stock Units (RSUs) [Member] | Capital Stock | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Number of securities called by each warrant | 1 | |||||||
First Anniversary [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.30% | |||||||
First Anniversary [Member] | Employee Stock Option [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Stock Option Vesting Period | 3 years | |||||||
Second Anniversary [Member] | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.30% | |||||||
Third Anniversary (Member) | ||||||||
Stockholder's Equity Note [Line Items] | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.40% |
Shareholders' Equity and Cap_10
Shareholders' Equity and Capital Stock - assumptions (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Expected award life (in years) | 3 years 8 months 27 days |
Expected volatility | 54.59% |
Risk-free interest rate | 1.90% |
Forfeiture rate (options) | 6.00% |
Expected dividend rate | 0.00% |
Sales (Details)
Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Sales | ||||
Sales | $ 11,479 | $ 3,807 | $ 16,291 | $ 23,479 |
Disposal fee income | 2 | 26 | ||
Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales | 9,888 | 237 | ||
Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | 6,401 | 23,216 | ||
Company A [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales | 2,406 | |||
Company A [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | 2,406 | |||
Company B [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales | 7,482 | |||
Company C [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales | 237 | |||
Company D [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | 3,995 | 7,580 | ||
Company E [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | 15,636 | |||
Company A, B, C, D [Member] | ||||
Sales | ||||
Sales | $ 16,289 | $ 23,453 | ||
Customer Concentration Risk [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Disposal Fees Concentration Risk Percentage | 0.00% | 0.10% | ||
Customer Concentration Risk [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 60.70% | 1.00% | ||
Customer Concentration Risk [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 39.30% | 99.00% | ||
Customer Concentration Risk [Member] | Company A [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 14.80% | 0.00% | ||
Customer Concentration Risk [Member] | Company A [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 14.80% | 0.00% | ||
Customer Concentration Risk [Member] | Company B [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 45.90% | 0.00% | ||
Customer Concentration Risk [Member] | Company C [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 0.00% | 1.00% | ||
Customer Concentration Risk [Member] | Company D [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 24.50% | 32.30% | ||
Customer Concentration Risk [Member] | Company E [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 0.00% | 66.60% | ||
Customer Concentration Risk [Member] | Company A, B, C, D [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 100.00% | 99.90% |
Supplementary Information For_3
Supplementary Information For Statement of Cash Flows (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Supplementary Information For Statement of Cash Flows | ||||
Cash and cash equivalents | $ 6,536 | $ 6,372 | $ 7,530 | |
Restricted cash | 7,461 | 7,458 | 7,459 | |
Total | $ 13,997 | $ 13,830 | $ 14,989 | $ 11,437 |
Financial instruments (Details)
Financial instruments (Details) | 6 Months Ended | |||
Jun. 30, 2019USD ($)item | Jun. 30, 2019$ / shares | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financial Instruments | ||||
Cash, insured amount | $ 800,000 | |||
Current financial liabilities | 7,742,000 | $ 7,482,000 | ||
Sales agreement maximum sales proceeds of stock issuance and sales | $ 10,000,000 | |||
Share Price | $ / shares | $ 1.24 | |||
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 | $ 13,200,000 | |||
Minimum | ||||
Financial Instruments | ||||
Financial Liabilities Trade Terms Period | 30 days | |||
Minimum | Credit Availability Concentration Risk | ||||
Financial Instruments | ||||
Debt Instrument, Term | 2 years | |||
Maximum | ||||
Financial Instruments | ||||
Financial Liabilities Trade Terms Period | 60 days |