Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | UR-ENERGY INC. | ||
Entity Central Index Key | 0001375205 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 188,871,300 | ||
Entity Public Float | $ 93.1 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-33905 | ||
Entity Incorporation State Country Code | Z4 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address Address Line 1 | 10758 West Centennial Road | ||
Entity Address Address Line 2 | Suite 200 | ||
Entity Address City Or Town | Littleton | ||
Entity Address State Or Province | CO | ||
Entity Address Postal Zip Code | 80127 | ||
City Area Code | 720 | ||
Local Phone Number | 981-4588 | ||
Security 12b Title | Common Shares | ||
Trading Symbol | URG | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 4,268,000 | $ 7,403,000 |
Accounts receivable | 0 | 22,000 |
Prepaid expenses | 814,000 | 885,000 |
Total current assets | 5,082,000 | 8,310,000 |
Non-current assets | ||
Non-current portion of inventory | 7,814,000 | 7,426,000 |
Restricted cash | 7,859,000 | 7,812,000 |
Mineral properties | 39,184,000 | 43,212,000 |
Capital assets | 21,891,000 | 23,630,000 |
Total non-current assets | 76,748,000 | 82,080,000 |
Total assets | 81,830,000 | 90,390,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,320,000 | 2,211,000 |
Current portion of notes payable | 459,000 | 0 |
Current portion of warrant liability | 729,000 | 0 |
Environmental remediation accrual | 76,000 | 72,000 |
Total current liabilities | 3,584,000 | 2,283,000 |
Non-current liabilities | ||
Notes payable | 12,720,000 | 12,215,000 |
Lease liability | 50,000 | 12,000 |
Asset retirement obligations | 29,965,000 | 30,972,000 |
Warrant liability | 1,415,000 | 575,000 |
Total non-current liabilities | 44,150,000 | 43,774,000 |
Shareholders' equity | ||
Share capital | 189,620,000 | 185,754,000 |
Contributed surplus | 20,946,000 | 20,317,000 |
Accumulated other comprehensive income | 3,707,000 | 3,654,000 |
Accumulated deficit | (180,177,000) | (165,392,000) |
Total shareholders' equity | 34,096,000 | 44,333,000 |
Total liabilities and shareholders' equity | $ 81,830,000 | $ 90,390,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Operations and Comprehensive Loss | |||
Sales | $ 8,316 | $ 32,255 | $ 23,496 |
Cost of sales | (12,968) | (30,275) | (12,203) |
Gross profit (loss) | (4,652) | 1,980 | 11,293 |
Operating costs | (8,689) | (10,258) | (9,986) |
Profit (loss) from operations | (13,341) | (8,278) | 1,307 |
Net interest expense | (710) | (668) | (1,002) |
Warrant mark to market gain (loss) | (680) | 524 | 581 |
Foreign exchange gain (loss) | (72) | (28) | 43 |
Other income (expense) | 18 | 32 | 3,605 |
Net income (loss) | (14,785) | (8,418) | 4,534 |
Foreign currency translation adjustment | 53 | (16) | 7 |
Comprehensive income (loss) | $ (14,732) | $ (8,434) | $ 4,541 |
Income (loss) per common share: | |||
Basic | $ (0.09) | $ (0.05) | $ 0.03 |
Diluted | $ (0.09) | $ (0.05) | $ 0.03 |
Weighted average common shares: | |||
Weighted average common shares Basic | 164,257,092 | 159,903,052 | 150,034,566 |
Weighted average common shares Diluted | 164,257,092 | 159,903,052 | 151,598,180 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net income (loss) for the year | $ (14,785,000) | $ (8,418,000) | $ 4,534,000 |
Items not affecting cash: | |||
Stock based compensation | 951,000 | 787,000 | 915,000 |
Net realizable value adjustments | 7,802,000 | 10,263,000 | 318,000 |
Depreciation of capital assets | 1,818,000 | 1,812,000 | 1,860,000 |
Amortization of mineral properties | 2,445,000 | 2,601,000 | 1,743,000 |
Accretion expense | 576,000 | 577,000 | 508,000 |
Amortization of deferred loan costs | 71,000 | 108,000 | 121,000 |
Provision for reclamation | 4,000 | (5,000) | 5,000 |
Write-off of mineral properties | 0 | 11,000 | 0 |
Loss from equity investment | 0 | 0 | 5,000 |
Mark to market loss (gain) | 680,000 | (524,000) | (581,000) |
Gain on sale of monetized contract | 0 | 0 | (3,540,000) |
Gain on sale of assets | (16,000) | (18,000) | (2,000) |
Gain (loss) on unrealized foreign exchange | 0 | (28,000) | 45,000 |
Accounts receivable | 22,000 | 9,000 | 2,000 |
Inventory | (8,190,000) | (2,997,000) | (10,495,000) |
Prepaid expenses | 71,000 | 5,000 | (95,000) |
Accounts payable and accrued liabilities | 108,000 | (196,000) | (706,000) |
Net Cash Provided By Used In Operating Activities | (8,443,000) | 3,987,000 | (5,363,000) |
Investing activities | |||
Mineral property costs | 0 | (9,000) | (31,000) |
Decrease (increase) in bonding and other deposits | 0 | 19,000 | 0 |
Proceeds from sale of monetized contract | 0 | 0 | 3,540,000 |
Funding of equity investment | 0 | 0 | (5,000) |
Proceeds from sale of capital assets | 18,000 | 18,000 | 0 |
Purchase of capital assets | (43,000) | (271,000) | (55,000) |
Net Cash Provided By Used In Investing Activities | (25,000) | (243,000) | 3,449,000 |
Financing activities | |||
Issuance of common shares and warrants for cash | 4,805,000 | 0 | 10,000,000 |
Share issue costs | (431,000) | 0 | 902,000 |
Proceeds from exercise of warrants and stock options | 99,000 | 203,000 | 290,000 |
RSU redeemed for cash | (39,000) | (70,000) | (76,000) |
Proceeds from debt financing | 893,000 | 0 | 0 |
Repayment of debt | 0 | (2,554,000) | (4,895,000) |
Net Cash Provided By Used In Financing Activities | 5,327,000 | (2,421,000) | 4,417,000 |
Effects of foreign exchange rate changes on cash | 53,000 | 62,000 | 110,000 |
Increase (decrease) in cash, cash equivalents, and restricted cash | 3,088,000 | 1,385,000 | 2,393,000 |
Beginning cash, cash equivalents, and restricted cash | 15,215,000 | 13,830,000 | 11,437,000 |
Ending cash, cash equivalents, and restricted cash | $ 12,127,000 | $ 15,215,000 | $ 13,830,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Total | Warrants [Member] | Share Capital [Member] | Contributed Surplus [Member] | Accumulated other comprehensive Income | Accumulated Deficit |
Balance, shares at Dec. 31, 2017 | 146,531,933 | |||||
Balance, amount at Dec. 31, 2017 | $ 38,781,000 | $ 4,109,000 | $ 177,063,000 | $ 15,454,000 | $ 3,663,000 | $ (161,508,000) |
Exercise of stock options, shares | 496,838 | |||||
Exercise of stock options, amount | 290,000 | 0 | $ 415,000 | (125,000) | 0 | 0 |
Common shares issued for cash, shares | 12,195,122 | |||||
Common shares issued for cash, amount | 10,001,000 | 0 | $ 10,001,000 | 0 | 0 | 0 |
Warrants issued | (1,709) | 0 | (1,709) | 0 | 0 | 0 |
Share issue costs | (893,000) | 0 | $ (893,000) | 0 | 0 | 0 |
Redemption of RSUs, shares | 505,510 | |||||
Redemption of RSUs, amount | (79,000) | 0 | $ 344,000 | (423,000) | 0 | 0 |
Expiry of warrants | 0 | (4,109,000) | 0 | 4,109,000 | 0 | 0 |
Non-cash stock compensation | 915,000 | 0 | 0 | 915,000 | 0 | 0 |
Comprehensive income (loss) | 4,541,000 | 0 | $ 0 | 0 | 7,000 | 4,534,000 |
Balance, shares at Dec. 31, 2018 | 159,729,403 | |||||
Balance, amount at Dec. 31, 2018 | 51,847,000 | 0 | $ 185,221,000 | 19,930,000 | 3,670,000 | (156,974,000) |
Exercise of stock options, shares | 323,618 | |||||
Exercise of stock options, amount | 203,000 | 0 | $ 288,000 | (85,000) | 0 | 0 |
Redemption of RSUs, shares | 425,038 | |||||
Redemption of RSUs, amount | (70,000) | 0 | $ 245,000 | (315,000) | 0 | 0 |
Non-cash stock compensation | 787,000 | 0 | 0 | 787,000 | 0 | 0 |
Comprehensive income (loss) | (8,434,000) | 0 | $ 0 | 0 | (16,000) | (8,418,000) |
Balance, shares at Dec. 31, 2019 | 160,478,059 | |||||
Balance, amount at Dec. 31, 2019 | 44,333,000 | 0 | $ 185,754,000 | 20,317,000 | 3,654,000 | (165,392,000) |
Exercise of stock options, shares | 159,982 | |||||
Exercise of stock options, amount | 99,000 | 0 | $ 141,000 | (42,000) | 0 | 0 |
Common shares issued for cash, shares | 9,259,640 | |||||
Common shares issued for cash, amount | 4,805,000 | 0 | $ 4,805,000 | 0 | 0 | 0 |
Warrants issued | (860) | 0 | (860) | 0 | 0 | 0 |
Share issue costs | (431) | 0 | $ (431) | 0 | 0 | 0 |
Redemption of RSUs, shares | 356,071 | |||||
Redemption of RSUs, amount | (69,000) | 0 | $ 211,000 | (280,000) | 0 | 0 |
Non-cash stock compensation | 951,000 | 0 | 0 | 951,000 | 0 | 0 |
Comprehensive income (loss) | (14,732,000) | 0 | 0 | 0 | 53,000 | (14,785,000) |
ATM renewal costs | 0 | 0 | $ 0 | 0 | 0 | 0 |
Balance, shares at Dec. 31, 2020 | 170,253,752 | |||||
Balance, amount at Dec. 31, 2020 | $ 34,096,000 | $ 0 | $ 189,620,000 | $ 20,946,000 | $ 3,707,000 | $ (180,177,000) |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations | |
Note - 1 Nature of operations | 1. Nature of Operations Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004 under the laws of the Province of Ontario. The Company continued under the Canada Business Corporations Act on August 8, 2006. The Company is an Exploration Stage mining company, as defined by United States Securities and Exchange Commission (“SEC”) Industry Guide 7. The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development, and production of uranium mineral resources located primarily in Wyoming. The Company commenced uranium production at its Lost Creek Project in Wyoming in 2013. 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, |
Liquidity Risk
Liquidity Risk | 12 Months Ended |
Dec. 31, 2020 | |
Liquidity Risk | |
Note - 2 Liquidity Risk | 2. Liquidity Risk Most of our past sales were made under term contracts, which specify delivery quantities, sales prices, and payment dates. As a result, we performed cash management functions over the course of an entire year based on the timing of the term contracts and were less reliant on current commodity prices and market conditions. Our remaining term contracts were completed in 2020 Q2 and any future sales will be dependent on spot market commodity prices until we are able to enter new term contracts. As of December 31, 2020, the current Company’s financial liabilities consisted of accounts payable and accrued liabilities of $2.3 million, and the current portion of notes payable of $0.5 million. The payment schedule for the $12.4 million State Bond Loan was modified on October 1, 2019 to defer principal payments for six quarters. On October 6, 2020, the State Bond Loan was again modified to defer principal payments for an additional six quarters. Quarterly principal payments are scheduled to resume on October 1, 2022 (see notes 10 and 20). On April 16, 2020, we received $0.9 million under the U.S. Small Business Administration (“SBA”) Payroll Protection Program (“PPP”), which was created under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). We anticipate the loans will meet the requirements for forgiveness under this program (see note 10). On August 4, 2020, the Company closed a $4.68 million registered direct offering of 9,000,000 common shares and accompanying one-half common share warrants to purchase up to 4,500,000 common shares, at a combined public offering price of $0.52 per common share and accompanying one-half common share warrant. After fees and expenses of $0.4 million, net proceeds to the Company were $4.3 million (see note 13). Subsequent to December 31, 2020, on February 4, 2021, the Company closed a $15.2 million underwritten public offering of 16,930,530 common shares and accompanying one-half common share warrants to purchase up to 8,465,265 common shares, at a combined public offering price of $0.90 per common share and accompanying one-half common share warrant. The gross proceeds to the Company from this offering were approximately $15.2 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company (see note 22). In addition to our cash position, our finished, ready-to-sell, conversion facility inventory value is immediately realizable, if necessary. We do not anticipate selling our existing finished-product inventory in 2021, unless market conditions change sufficiently to warrant its sale. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Note - 3 Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of presentation These financial statements have been prepared by management in accordance with United States generally accepted accounting principles (“US GAAP”) and include all the assets, liabilities and expenses of the Company and its wholly owned subsidiaries Ur-Energy USA Inc.; NFU Wyoming, LLC; Lost Creek ISR, LLC; and Pathfinder Mines Corporation. All inter-company balances, and transactions have been eliminated upon consolidation. Ur‑Energy Inc. and its wholly owned subsidiaries are collectively referred to herein as the “Company.” Exploration Stage The Company has established the existence of uranium resources for certain uranium projects, including the Lost Creek Property. The Company has not established proven or probable reserves, as defined by the SEC, through the completion of a final or “bankable” feasibility study for any of its uranium projects, including the Lost Creek Property. Furthermore, the Company currently has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in situ recovery (“ISR”) mining, such as the Lost Creek Property or the Shirley Basin Project. As a result, and even though the Company commenced recovery of uranium at the Lost Creek Project in August 2013, the Company remains in the Exploration Stage as defined under Industry Guide 7 and will continue to remain in the Exploration Stage until such time proven or probable mineral reserves have been established. Because the Company commenced recovery of uranium at the Lost Creek Project without having established proven and probable reserves, any uranium resources established or extracted from the Lost Creek Project should not be in any way associated with having established proven or probable mineral reserves. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that have reserves in accordance with United States standards. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates management makes in the preparation of these consolidated financial statements relate to the fair value of stock-based compensation using the factors associated with the Black-Scholes calculations, estimation of the amount of recoverable uranium included in the in-process inventory, estimation of factors surrounding asset retirement obligations such as interest rates, discount rates and inflation rates, total cost and the time until the asset retirement commences and the offset of future income taxes through deferred tax assets. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with original maturities of three months or less. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Restricted cash is excluded from cash and cash equivalents and is included in other long-term assets. Restricted cash Cash that secures various instruments related to surety bonds, which secure reclamation obligations, and a state lease is shown as restricted cash. Inventory In-process inventory represents uranium that has been extracted from the wellfield and captured in the processing plant and is currently being transformed into a saleable product. Plant inventory is U 3 8 3 8 3 8 3 8 The Company’s inventories are measured at the lower of cost or net realizable value and reflect the U 3 8 Mineral properties Acquisition costs of mineral properties are capitalized. When production is attained, amortization is calculated on a straight-line basis. The original estimated life for the Lost Creek Project was 10 years which is being used to amortize the mineral property acquisition costs. If properties are abandoned or sold, they are written off. If properties are impaired in value, the costs of the properties are written down to their estimated fair value at that time. Exploration, evaluation, and development costs Exploration and evaluation costs consist of annual lease and claim maintenance fees, and the associated costs of the exploration, evaluation, and regulatory departments as well as exploration costs including drilling and analysis on properties that have not reached the permitting or operations stage. Development expense relates to the Company’s Lost Creek, LC East and Shirley Basin projects, which are more advanced in terms of permitting and preliminary economic assessment work. Development expenses include all costs associated with exploring, delineating, and permitting, the costs associated with the construction and development of permitted mine units including wells, pumps, piping, header houses, roads, and other infrastructure related to the preparation of a mine unit to begin extraction operations as well as the cost of drilling and completing disposal wells. Capital assets Property, plant, and equipment assets, including machinery, processing equipment, enclosures, and vehicles are recorded at cost including acquisition, installation costs, and expenditures that extend the life of such assets. The enclosure costs include both the building enclosure and the processing equipment necessary for the extraction of uranium from impregnated water pumped in from the wellfield to the packaging of uranium yellowcake for delivery into sales. These enclosure costs are combined as the equipment and related installation associated with the equipment is an integral part of the structure itself. Impairment of long-lived assets The Company assesses the possibility of impairment in the net carrying value of its long-lived assets when events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. When potential impairment is indicated, management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, recoverable resources, and operating, capital, and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is determined using discounted future net cash flows, or other measures of fair value. Right of Use Assets and Liabilities Right of use assets include office and office equipment leases. We recognize an asset and corresponding liability, which are included in non-current assets and other liabilities in the consolidated balance sheet, based on the present value of the remaining minimum rental payments of the leases. The discount rates used are based on either the Company’s borrowing rate or the imputed interest rate based on the price of the equipment and the lease terms. Debt Long-Term Debt is carried at amortized cost. Debt issuance costs, debt premiums and discounts and annual fees are included in the long-term debt balance and amortized using the effective interest rate over the contractual terms of the Long-Term Debt. Asset retirement obligations For mining properties, various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore groundwater quality to the pre-existing quality or class of use after the completion of mining. The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. Asset retirement obligations consist of estimated final well closures, plant closure and removal, and the associated reclamation and restoration costs to be incurred by the Company in the future. The estimated value of the asset retirement obligation is based on the current estimated reclamation cost escalated at an inflation rate and then discounted at a credit adjusted risk-free rate. This liability is recorded, and a corresponding asset is capitalized as part of the cost of the related asset. The asset is amortized over its remaining productive life. The liability accretes until the Company settles the obligation. Revenue recognition Our revenues are primarily derived from the sale of U 3 8 3 8 We also receive a small amount of revenue from disposal fees. We have contracts with our customers that specify the type and volume of disposal material we accept. Monthly, we invoice those customers based on deliveries of material to the disposal site by the customer. Materials are measured and categorized at the time of delivery and verified by the customer. We recognize the revenue at the end of the month that the material was received. Stock-based compensation Stock-based compensation cost from the issuance of stock options and restricted share units (“RSUs”) is measured at the grant date based on the fair value of the award and is recognized over the related service period. Stock-based compensation costs are charged to mine operations, exploration and evaluation, development, and general and administrative expense on the same basis as other compensation costs. Income taxes The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. The Company provides a valuation allowance on deferred tax assets unless it is more likely than not that such assets will be realized. Earnings and loss per share calculations Diluted earnings per common share are calculated by including all options that are in-the-money based on the average stock price for the period as well as RSUs that are outstanding. The treasury stock 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. In periods of loss, 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. Classification of financial instruments The Company’s financial instruments consist of cash, short-term investments, accounts receivable, restricted cash, deposits, accounts payable and accrued liabilities, other liabilities, and notes payable. The Company has made the following classifications for these financial instruments: · Cash, accounts receivable, restricted cash, and deposits are recorded at amortized cost. Interest income is recorded using the effective interest rate method and is included in income for the period. · Accounts payable and accrued liabilities, and notes payable, are measured at amortized cost. · Other liabilities, which relate to the derivative on warrants issued in U.S. dollars, are adjusted to the market value using the Black-Sholes valuation method at the end of each reporting period. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents | |
Note - 4 Cash and Cash Equivalents | 4. Cash and cash equivalents The Company’s cash and cash equivalents consists of the following: Cash and cash equivalent December 31, 2020 December 31, 2019 Cash on deposit 852 1,406 Money market funds 3,416 5,997 4,268 7,403 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Note - 5 Inventory | 5. Inventory The Company’s inventory consists of the following: Inventory by Type December 31, 2020 December 31, 2019 Plant inventory 463 - Conversion facility inventory 7,351 7,426 7,814 7,426 Inventory by Duration December 31, 2020 December 31, 2019 Non-current portion of inventory 7,814 7,426 7,814 7,426 Using lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $7,802 in 2020 and $10,263 in 2019. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash | |
Note - 6 Restricted cash | 6. Restricted Cash The Company’s restricted cash consists of the following: Restricted Cash December 31, 2020 December 31, 2019 Cash pledged for reclamation 7,859 7,812 7,859 7,812 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 reviewed and approved 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 cash is pledged as collateral against performance surety bonds, which secure the estimated costs of reclamation related to the properties. Surety bonds providing $27.8 million and $29.9 million of coverage towards reclamation obligations were collateralized by the restricted cash as of December 31, 2020 and December 31, 2019, respectively. |
Mineral Properties
Mineral Properties | 12 Months Ended |
Dec. 31, 2020 | |
Mineral Properties | |
Note - 7 Mineral Properties | 7. Mineral Properties The Company’s mineral properties consist of the following: Lost Creek Pathfinder Other U.S. Mineral Properties Property Mines Properties Total December 31, 2017 11,810 19,701 13,166 44,677 Acquisition costs - - 31 31 Change in estimated reclamation costs 2,577 263 - 2,840 Depletion and amortization (1,743 ) - - (1,743 ) December 31, 2018 12,644 19,964 13,197 45,805 Acquisition costs - - 8 8 Change in estimated reclamation costs 125 (114 ) - 11 Property write-offs 16 - (27 ) (11 ) Depletion and amortization (2,601 ) - - (2,601 ) December 31, 2019 10,184 19,850 13,178 43,212 Change in estimated reclamation costs (1,463 ) (120 ) - 1,583 ) Depletion and amortization (2,445 ) - - (2,445 ) December 31, 2020 6,276 19,730 13,178 39,184 United States 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 making 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. We are not recovering U 3 8 Pathfinder Mines Corporation The Company acquired additional Wyoming properties when Ur-Energy USA Inc. closed a Share Purchase Agreement (“SPA”) with an AREVA Mining affiliate in December 2013. Under the terms of the SPA, the Company purchased Pathfinder Mines Corporation (“Pathfinder”). Assets acquired in this transaction include the Shirley Basin mine, portions of the Lucky Mc mine, machinery and equipment, vehicles, office equipment, and 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 . Other U.S. properties Other U.S. properties include the acquisition costs of several prospective mineralized properties, which the Company continues to maintain through claim payments, lease payments, insurance, and other holding costs in anticipation of future exploration efforts. Impairment testing Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Management applies judgement to assess mineral properties and capital assets for impairment indicators that could give rise to the requirement to conduct a formal impairment test. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; significant changes in expected capital, operating, or reclamation costs; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted net cash flows expected to be generated by the assets. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. Management did not identify impairment indicators that would require a formal impairment test. Lost Creek has been the Company’s sole source for the uranium concentrates sold to generate sales revenues since 2013. The economic viability of the Company’s mining activities, including the expected duration and profitability of Lost Creek and of any future ISR mines, such as Shirley Basin, have many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. Our mining activities may change because of any one or more of these risks and uncertainties and there is no assurance that any mineral deposit from which we extract uranium or other minerals from will result in profitable mining activities. |
Capital Assets
Capital Assets | 12 Months Ended |
Dec. 31, 2020 | |
Capital Assets | |
Note - 8 Capital Assets | 8. Capital Assets The Company’s capital assets consist of the following: December 31, 2020 December 31, 2019 Accumulated Net Book Accumulated Net Book Capital Assets Cost Depreciation Value Cost Depreciation Value Rolling stock 3,450 (3,369 ) 81 3,452 (3,311 ) 141 Enclosures 33,008 (11,834 ) 21,174 33,008 (10,181 ) 22,827 Machinery and equipment 1,446 (885 ) 561 1,426 (808 ) 618 Furniture and fixtures 119 (119 ) - 119 (115 ) 4 Information technology 1,123 (1,098 ) 25 1,100 (1,072 ) 28 Right of use assets 165 (115 ) 50 83 (71 ) 12 39,311 (17,420 ) 21,891 39,188 (15,558 ) 23,630 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable and Accrued Liabilities | |
Note - 9 Accounts Payable and Accrued Liabilities | 9. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: Accounts Payable and Accrued Liabilities December 31, 2020 December 31, 2019 Accounts payable 396 523 Accrued payroll liabilities 1,767 1,393 Accrued severance, ad valorem, and other taxes payable 157 295 2,320 2,211 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable | |
Note - 10 Notes Payable | 10. Notes Payable On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued, and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal was to be paid in 28 quarterly installments commencing January 1, 2015. On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved a six-quarter deferral of principal payments beginning October 1, 2019. On October 6, 2020, the State Bond Loan was again modified to defer principal payments for an additional six quarters. Quarterly principal payments are scheduled to resume on October 1, 2022 and the last payment will be due on October 1, 2024 (see also note 20). On April 16, 2020, we obtained two SBA PPP loans (one for each of our subsidiaries with U.S. payroll obligations) through the Bank of Oklahoma Financial (“BOKF”). The program was a part of the CARES Act enacted by Congress March 27, 2020 in response to the COVID-19 (Coronavirus) pandemic. The combined loan amount was $0.9 million. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) became law. The Flexibility Act changes key provisions of the PPP, including maturity of the loans, deferral of loan payments, and the forgiveness of the PPP loans, with revisions being retroactive to the date of the CARES Act. Under the program, as modified by the Flexibility Act and SBA and Treasury rulemakings, the repayment of our loans, including interest, may be forgiven based on eligible payroll, payroll-related, and other allowable costs incurred in a twenty-four-week period following the funding of the loans. To have the full amount of the loans forgiven, the following requirements must be met within that period, and be sufficiently documented in the application for forgiveness: (1) Spend not less than 60% of loan proceeds on eligible payroll costs. (2) Spend the remaining loan proceeds on: a. additional eligible payroll costs above 60%; b. payments of interest on mortgage obligations incurred before February 15, 2020; c. rent payments on leases dated before February 15, 2020; and/or d. utility payments under service agreements dated before February 15, 2020. (3) Maintain employee compensation levels (subject to specific program requirements). For any portion of the loans that are not forgiven, the program provides for an initial deferral of payments based upon the timing of a borrower’s application for forgiveness and SBA’s action on the application up to a maximum of ten months after the use and forgiveness covered period ends (July 30, 2021). Any remaining amount owing on the loans has a two-year maturity (April 16, 2022), unless renegotiated with the lender for up to a five-year term, with an interest rate of one percent per annum. We anticipate the loans will meet the requirements for forgiveness under this program. In December 2020, we applied for loan forgiveness, but we have not yet received loan forgiveness and therefore continue to treat the PPP loans as debt. The following table summarizes the Company’s current and long-term debts. Current and Long-term Debt December 31, 2020 December 31, 2019 Current Small Business Administration PPP Loans 502 - State Bond Loan - - Deferred financing costs (43 ) - 459 - Long-term Small Business Administration PPP Loans 398 - State Bond Loan 12,441 12,441 Deferred financing costs (119 ) (226 ) 12,720 12,215 The schedule of remaining payments on outstanding debt as of December 31, 2020 is presented below. Remaining Payments Total 2021 2022 2023 2024 Final payment SBA PPP Loans Principal 900 497 403 - - Apr-2022 Interest 15 9 6 - - State Bond Loan Principal 12,441 - 2,628 5,487 4,326 Oct-2024 Interest 1,984 715 697 447 125 Total 15,340 1,221 3,734 5,934 4,451 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligations | |
Note - 11 Asset Retirement Obligations | 11. Asset Retirement Obligations Asset retirement obligations ("ARO") relate to the Lost Creek mine and Pathfinder projects and are equal to the current estimated reclamation cost escalated at an inflation rate and then discounted at a credit adjusted risk-free rates ranging from 0.33% to 7.25%. Current estimated reclamation costs include costs of closure, reclamation, demolition and stabilization of the well fields, processing plants, infrastructure, aquifer restoration, waste dumps, and ongoing post-closure environmental monitoring and maintenance costs. The schedule of payments required to settle the future reclamation extends through 2033. The present value of the estimated future closure estimate is presented in the following table. Asset Retirement Obligations Total December 31, 2017 27,036 Change in estimated reclamation costs 2,840 Accretion expense 508 December 31, 2018 30,384 Change in estimated reclamation costs 11 Accretion expense 577 December 31, 2019 30,972 Change in estimated reclamation costs (1,583 ) Accretion expense 576 December 31, 2020 29,965 The restricted cash discussed in note 6 relates to the surety bonds provided to the governmental agencies for these obligations. |
Warrant Liabilities
Warrant Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable and Accrued Liabilities | |
Note - 12 Warrant Liabilities | 12. Warrant Liabilities In September 2018, we issued 13,062,878 warrants as part of a public offering with two warrants redeemable for one Common Share of the Company’s stock at a price of $1.00 per full share. The warrants expire in September 2021. Because the warrants expire in September 2021, they are included in the current portion of warrant liability on the balance sheet. In August 2020, we issued 9,000,000 warrants as part of a registered direct offering with two warrants redeemable for one Common Share of the Company’s stock at a price of $0.75 per full share. The warrants expire in August 2022. Because both warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc. is Canadian dollars, a derivative financial liability was created. The liability created, and adjusted quarterly, is calculated using the Black-Scholes technique described below as there is no active market for the warrants. Any gain or loss from the adjustment of the liability is reflected in net income for the period. The present value of the warrant liabilities is presented in the following table. Sep-2018 Aug-2020 Warrant Liabilities Warrants Warrants Total December 31, 2017 - - - Warrants issued 1,709 - 1,709 Mark to market revaluation loss (gain) (581 ) - (581 ) Effects for foreign exchange rate changes (78 ) - (78 ) December 31, 2018 1,050 - 1,050 Warrants issued - - - Mark to market revaluation loss (gain) (524 ) - (524 ) Effects for foreign exchange rate changes 49 - 49 December 31, 2019 575 - 575 Warrants issued - 860 860 Mark to market revaluation loss (gain) 161 519 680 Effects for foreign exchange rate changes (7 ) 36 29 December 31, 2020 729 1,415 2,144 The fair value of the warrant liabilities on December 31, 2020 was determined using the Black-Scholes model with the following assumptions: Sep-2018 Aug-2020 Black-Scholes Assumptions at December 31, 2020 Warrants Warrants Expected forfeiture rate 0.0 % 0.0 % Expected life (years) 0.7 1.6 Expected volatility 67.7 % 76.7 % Risk free rate 0.2 % 0.2 % Expected dividend rate 0.0 % 0.0 % Exercise price $ 1.00 $ 0.75 Market price $ 0.80 $ 0.80 |
Shareholders' Equity and Capita
Shareholders' Equity and Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity and Capital Stock | |
Note - 13 Shareholders' Equity and Capital Stock | 13. Shareholders’ Equity and Capital Stock Common shares The Company’s share capital consists of an unlimited amount of Class A preferred shares authorized, without par value, of which no shares are issued and outstanding; and an unlimited amount of common shares authorized, without par value, of which 170,253,752 shares and 160,478,059 shares were issued and outstanding as of December 31, 2020 and December 31, 2019, respectively. In September 2018, we completed a US$10 million public offering of Common Shares, which included the offering of 12,195,122 Common Shares and accompanying warrants to purchase up to 6,097,561 Common Shares, at a combined public offering price of US$0.82 per Common Share and accompanying warrant. We also granted the underwriters a 30-day option to purchase up to 1,829,268 additional Common Shares and warrants to purchase up to an aggregate of 914,634 Common Shares on the same terms. The underwriters exercised a portion of their option to purchase additional securities at closing, acquiring 867,756 additional warrants to purchase an aggregate of 433,878 Common Shares. Including the partial exercise of the option, the Company issued a total of 12,195,122 Common Shares and 13,062,878 warrants to purchase up to 6,531,439 Common Shares. During the year ended December 31, 2018, the Company exchanged 505,510 Common Shares for vested RSUs. In addition, 496,838 stock options were exercised for proceeds of $0.3 million. During the year ended December 31, 2019, the Company exchanged 425,038 Common Shares for vested RSUs. In addition, 323,618 stock options were exercised for proceeds of $0.2 million. During the year ended December 31, 2020, the Company exchanged 356,071 Common Shares for vested RSUs. In addition, 159,982 stock options were exercised for proceeds of $0.1 million. In August 2020, the Company closed a $4.68 million registered direct offering of 9,000,000 common shares and accompanying one-half common share warrants to purchase up to 4,500,000 common shares, at a combined public offering price of $0.52 per common share and accompanying warrant, with gross proceeds to the Company of $4.68 million. After fees and expenses of $0.4 million, net proceeds to the Company were $4.3 million. The common share warrants will expire two years from the date of issuance and will allow the holders to purchase our common shares at an exercise price of $0.75 per whole common share. Because the warrants are priced in US$ and the functional currency of Ur-Energy Inc. is Cdn$, this creates a derivative financial liability. The fair value of the liability will be recorded and adjusted quarterly using the Black-Scholes technique described herein as there is no active market for the warrants. Any gain or loss will be reflected in net income for the period. 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 7, 2020. 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 the options is five years. Activity with respect to stock options outstanding is summarized as follows: Outstanding Weighted-average Stock Option Activity Options exercise price # $ December 31, 2017 9,459,401 $ 0.70 Granted 2,182,955 0.70 Exercised (496,838 ) 0.58 Forfeited (275,085 ) 0.72 Expired (1,138,821 ) 0.83 December 31, 2018 9,731,612 $ 0.64 Granted 2,852,386 0.61 Exercised (323,618 ) 0.63 Forfeited (395,851 ) 0.71 Expired (787,946 ) 0.83 December 31, 2019 11,076,583 $ 0.64 Granted 2,950,180 0.48 Exercised (159,982 ) 0.63 Forfeited (534,425 ) 0.64 Expired (1,421,932 ) 0.66 December 31, 2020 11,910,424 $ 0.61 The exercise price of a new grant is set at the closing price for the stock 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. As of December 31, 2020, outstanding stock options were 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 $ # $ $ 0.57 2,238,988 1.0 514,967 2,238,988 1.0 514,967 2021-12-16 0.80 300,000 1.2 - 300,000 1.2 - 2022-03-02 0.57 200,000 1.7 46,000 200,000 1.7 46,000 2022-09-07 0.71 1,668,089 2.0 150,128 1,668,089 2.0 150,128 2022-12-15 0.60 200,000 2.2 40,000 133,333 2.2 26,667 2023-03-30 0.73 929,269 2.6 65,049 622,298 2.6 43,561 2023-08-20 0.71 777,037 3.0 69,933 515,660 3.0 46,409 2023-12-14 0.62 2,646,861 3.8 476,435 867,128 3.8 156,083 2024-11-05 0.49 2,950,180 4.9 914,556 - - - 2025-11-13 0.61 11,910,424 3.0 2,277,068 6,545,496 2.0 983,815 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 CAD$1.04 (approximately US$0.80) as of the last trading day in the year ended December 31, 2020, that would have been received by the option holders had they exercised their options on that date. There were 11,610,424 in-the-money stock options outstanding and 6,245,496 in-the-money stock options exercisable as of December 31, 2020. The fair value of the stock options on their respective grant dates was determined using the Black-Scholes model with the following assumptions: Stock Option Fair Value Assumptions 2020 2019 2018 Expected forfeiture rate 6.1 % 6.2 % 5.8% - 6.0% Expected life (years) 3.9 3.7 3.7 - 3.8 Expected volatility 63.2 % 58.6 % 54.6% - 55.0% Risk free rate 0.4 % 1.6 % 1.9% - 2.1% Expected dividend rate 0.0 % 0.0 % 0.0 % Black-Scholes value (CAD$) $ 0.30 $ 0.35 $0.33 - $0.39 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 most recently by our shareholders on May 2, 2019. Eligible participants under the RSU Plan include directors and employees of the Company. Granted RSUs are redeemed on the second anniversary of the grant. Upon an RSU vesting, the holder of the RSU will receive one Common Share, for no additional consideration, for each RSU held. Activity with respect to RSUs outstanding is summarized as follows: Weighted average Outstanding grant date Restricted Share Unit Activity RSUs fair value December 31, 2017 1,175,952 $ 0.65 Granted 470,756 $ 0.71 Released (621,092 ) $ 0.63 Forfeited (40,120 ) $ 0.57 December 31, 2018 985,496 $ 0.67 Granted 713,106 $ 0.61 Released (542,674 ) $ 0.68 December 31, 2019 1,155,928 $ 0.65 Granted 737,553 $ 0.48 Released (475,086 ) $ 0.70 Forfeited (13,433 ) $ 0.61 December 31, 2020 1,404,962 $ 0.54 As of December 31, 2020, outstanding RSUs were as follows: RSUs outstanding Weighted- average remaining Aggregate Number contractual intrinsic Redemption of RSUs life (years) value Date # $ 667,409 0.8 533,927 2021-11-05 737,553 1.9 590,042 2022-11-13 1,404,962 1.4 1,123,969 The fair value of restricted share units on their respective grant dates was determined using the Black-Scholes model with the following assumptions: Restricted Share Unit Fair Value Assumptions 2020 2019 2018 Expected forfeiture rate 4.2 % 4.8 % 5.5% - 5.9% Grant date fair value (CAD$) $ 0.63 $ 0.79 $0.91 - $0.93 Warrants In September 2018, the Company issued 13,062,878 warrants to purchase 6,531,439 of our Common Shares at $1.00 per full share. In August 2020, the Company issued 9,000,000 warrants to purchase 4,500,000 of our Common Shares at $0.75 per full share (see note 12). Activity with respect to warrants outstanding is summarized as follows: Number of Outstanding shares to be issued Per share Warrant Activity warrants upon exercise exercise price December 31, 2017 5,844,567 5,844,567 0.97 Issued 13,062,878 6,531,439 1.00 Expired (5,844,567 ) (5,844,567 ) 0.97 December 31, 2018 13,062,878 6,531,439 1.00 December 31, 2019 13,062,878 6,531,439 1.00 Issued 9,000,000 4,500,000 0.75 December 31, 2020 22,062,878 11,031,439 0.90 As of December 31, 2020, the outstanding warrants were as follows: Weighted- average remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ # $ 1.00 13,062,878 0.7 - 2021-09-25 0.75 9,000,000 1.6 225,000 2022-08-04 0.90 22,062,878 1.1 225,000 The fair value of the warrants on their respective grant dates was determined using the Black-Scholes model with the following assumptions: Warrant Fair Value Assumptions 2020 2019 2018 Expected forfeiture rate 0.0 % - 0.0 % Expected life (years) 2.0 - 3.0 Expected volatility 71.2 % - 55.2 % Risk free rate 0.2 % - 2.2 % Expected dividend rate 0.0 % - 0.0 % Black-Scholes value (CAD$) $ 0.26 $ 0.00 $ 0.34 Share-based compensation expense Stock-based compensation expense was $1.0 million, $0.8 million, and $0.9 million for the years ended December 31, 2020, 2019, and 2018, respectively. The expenses are expected to be recognized over a weighted-average remaining life of 3.0 years and 1.4 years under the Option Plan and RSU Plan, respectively As of December 31, 2020, there was approximately $1.1 million unamortized stock-based compensation expense related to the Option Plan and $0.5 million related to the RSU Plan. The expenses are expected to be recognized over a weighted-average remaining life of 3.0 years and 1.4 years under the Option Plan and RSU Plan, respectively. Cash received from stock options exercised during the years ended December 31, 2020, 2019, and 2018 was $0.1 million, $0.2 million, and $0.3 million, respectively. Fair Value Calculations The Company estimates expected future volatility based on daily historical trading data of the Company’s common shares. The risk-free interest rates are determined by reference to Canadian Treasury Note constant maturities that approximate the expected life. 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 expensing the awards that are ultimately expected to vest over the expected life. Forfeitures and expected lives were estimated based on actual historical experience. |
Sales
Sales | 12 Months Ended |
Dec. 31, 2020 | |
Sales | |
Note - 14 Sales | 14. Sales Revenue is primarily derived from the sale of U 3 8 Revenue consists of: Year ended 2020 2019 Revenue Summary $ % $ % Sale of produced inventory Company A - 0.0 % 7,483 23.2 % Company B - 0.0 % 2,406 7.5 % - 0.0 % 9,889 30.7 % Sales of purchased inventory Company B - 0.0 % 3,525 10.9 % Company C 8,300 99.8 % 7,990 24.8 % Company D - 0.0 % 10,848 33.6 % 8,300 99.8 % 22,363 69.3 % Total sales 8,300 99.8 % 32,252 100.0 % Disposal fee income 16 0.2 % 3 0.0 % 8,316 100.0 % 32,255 100.0 % |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Note - 15 Cost of Sales | 15. Cost of Sales Cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, reclamation, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value more than the NRV is charged to cost of sales. Cost of sales consists of the following: Year ended December 31, Cost of Sales 2020 2019 2018 Cost of product sales 5,166 20,011 11,885 Lower of cost or NRV adjustments 7,802 10,264 318 12,968 30,275 12,203 |
Operating Costs
Operating Costs | 12 Months Ended |
Dec. 31, 2020 | |
Operating Costs | |
Note 16 Operating Costs | 16. Operating Costs Operating expenses include exploration and evaluation expense, development expense, General and Administration (“G&A”) expense, and mineral property write-offs. Exploration and evaluation expense consist of labor and the associated costs of the exploration and evaluation departments as well as land holding and exploration costs including drilling and analysis on properties which have not reached the permitting or operations stage. Development expense relates to properties that have reached the permitting or operations stage and include costs associated with exploring, delineating, and permitting a property. Once permitted development expense also includes the costs associated with the construction and development of the permitted property that are otherwise not eligible to be capitalized. G&A expense relates to the administration, finance, investor relations, land, and legal functions, and consists principally of personnel, facility, and support costs. Operating costs consist of the following: Year ended December 31, Operating Costs 2020 2019 2018 Exploration and evaluation 1,816 2,476 2,431 Development 1,097 1,404 1,654 General and administration 5,200 5,801 5,393 Accretion 576 577 508 8,689 10,258 9,986 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2020 | |
Other Income | |
Note - 17 Other Income | 17. Other Income In June 2018, the Company monetized the present value from portions of agreements with a utility customer related to 165,000 pounds of U 3 8 |
Supplemental Information for St
Supplemental Information for Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Information for Statement of Cash Flows | |
Note - 18 Supplemental Information for Statement of Cash Flows | 18. Supplemental Information for Statement of Cash Flows Cash and cash equivalents, and restricted cash per the Statement of Cash Flows consists of the following: Cash and Cash Equivalents, and Restricted Cash December 31, 2020 December 31, 2019 Cash and cash equivalents 4,268 7,403 Restricted cash 7,859 7,812 12,127 15,215 Interest expense paid was $0.8 million, and $0.9 million for the years ended December 31, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Note - 19 Income Taxes | 19. Income Taxes Income (loss) before provision for income taxes consisted of the following: Year ended December 31, Income (Loss) before Income Tax Provision 2020 2019 2018 United States (11,164 ) (6,080 ) 6,896 Canada (3,561 ) (2,345 ) (2,333 ) 14,725 ) (8,425 ) 4,563 There was no federal or state income tax provision (benefit) in the years presented above. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the Company’s deferred taxes are as follows: As at December 31, Deferred Tax Assets 2020 2019 Deffered tax assets 11,184 9,650 Net operating losses - non-current 35,366 30,883 Total deferred tax assets 46,550 40,533 Valuation allowance (46,550 ) (40,533 ) Net deferred taxes - - ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $6,017 during 2020 and $20,870 during 2019. Net operating losses and tax credit carryforwards as of December 31, 2020 are as follows: Expiration Income Tax Loss Carryforwards Amount Years Net operating losses, federal (Post December 31, 2017) 14,486 No expirations Net operating losses, federal (Pre January 1, 2018) 79,699 2029 - 2035 Net operating losses, state 100,602 Varies by state Net operating losses, Canada 38,906 2026 - 2040 The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows: Year ended December 31, Income Tax Rate Reconciliation 2020 2019 2018 Statutory rate 26.5 % 26.5 % 26.5 % State tax 18.2 % 11.4 % 7.4 % Permanent differences -2.0 % 0.5 % -3.6 % True-ups and other 0.8 % -6.3 % 9.2 % Canada statutory rate addition -4.2 % -4.0 % -8.3 % Change in valuation allowance -39.3 % -28.1 % -31.2 % Total 0.0 % 0.0 % 0.0 % The Company follows a comprehensive model for recognizing, measuring, presenting, and disclosing uncertain tax positions taken or expected to be taken on a tax return. Tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company currently has no uncertain tax positions and is therefore not reflecting any adjustments for such in its deferred tax assets. The Company’s policy is to account for income tax related interest and penalties in income tax expense in the accompanying statements of operations. There have been no income tax related interest or penalties assessed or recorded. Other comprehensive loss was not subject to income tax effects and is therefore shown net of taxes. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments | |
Note - 20 Commitments | 20. Commitments Under the terms of its operating leases for offices and equipment, the Company is committed to minimum annual lease payments as follows: Lease Payments 2021 49 2022 1 2023 and after - 50 Principal payments required under debt agreements are as follows: Principal Payments 2021 497 2022 3,031 2023 5,487 2024 4,326 13,341 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Financial instruments | |
Note - 21 Financial instruments | 21. Financial instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, restricted cash, 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 $0.5 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation, or the U.S. Federal Deposit Insurance Corporation, leaving approximately $11.6 million at risk on December 31, 2020 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 December 31, 2020. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. As of December 31, 2020, the Company’s financial liabilities consisted of accounts payable and accrued liabilities of $2.3 million, and the current portion of notes payable of $0.5 million. On May 15, 2020, we filed a universal shelf registration statement on Form S-3 with the SEC in order that we may offer and sell, from time to time, in one or more offerings, at prices and terms to be determined, up to $100 million of our Common Shares, warrants to purchase our Common Shares, our senior and subordinated debt securities, and rights to purchase our Common Shares and/or senior and subordinated debt securities. The registration statement became effective May 27, 2020 for a three-year period. In August 2020, we utilized the registration statement for a $4.68 million registered direct offering (see note 13) and in February 2021, we utilized the registration statement for a $15.2 million underwritten public offering (see note 22). On May 29, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (formerly, B. Riley FBR, Inc.), under which we may, from time to time, issue and sell common shares at market prices on the NYSE American LLC through the Agent for aggregate sales proceeds of up to $10,000,000. The Sales Agreement replaces the prior At Market Issuance Sales Agreement entered by the Company on May 27, 2016, as amended. In 2020 Q4, we utilized the Sales Agreement and received gross proceeds of $0.1 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 the years ended December 31, 2020, 2019, or 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 vary. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Event | |
Note - 22 Subsequent Event | 22. Subsequent Event On February 4, 2021, the Company closed an underwritten public offering of 14,722,200 common shares and accompanying warrants to purchase up to 7,361,100 common shares, at a combined public offering price of $0.90 per common share and accompanying warrant. The warrants will have an exercise price of $1.35 per whole common share and will expire three years from the date of issuance. Ur-Energy also granted the underwriters a 30-day option to purchase up to an additional 2,208,330 common shares and warrants to purchase up to 1,104,165 common shares on the same terms. The option was exercised in full. Including the exercised option, Ur-Energy issued a total of 16,930,530 common shares and 16,930,530 warrants to purchase up to 8,465,265 common shares. The gross proceeds to Ur‑Energy from this offering were approximately $15.2 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Ur-Energy. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Basis of presentation | These financial statements have been prepared by management in accordance with United States generally accepted accounting principles (“US GAAP”) and include all the assets, liabilities and expenses of the Company and its wholly owned subsidiaries Ur-Energy USA Inc.; NFU Wyoming, LLC; Lost Creek ISR, LLC; and Pathfinder Mines Corporation. All inter-company balances, and transactions have been eliminated upon consolidation. Ur‑Energy Inc. and its wholly owned subsidiaries are collectively referred to herein as the “Company.” |
Exploration Stage | The Company has established the existence of uranium resources for certain uranium projects, including the Lost Creek Property. The Company has not established proven or probable reserves, as defined by the SEC, through the completion of a final or “bankable” feasibility study for any of its uranium projects, including the Lost Creek Property. Furthermore, the Company currently has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in situ recovery (“ISR”) mining, such as the Lost Creek Property or the Shirley Basin Project. As a result, and even though the Company commenced recovery of uranium at the Lost Creek Project in August 2013, the Company remains in the Exploration Stage as defined under Industry Guide 7 and will continue to remain in the Exploration Stage until such time proven or probable mineral reserves have been established. Because the Company commenced recovery of uranium at the Lost Creek Project without having established proven and probable reserves, any uranium resources established or extracted from the Lost Creek Project should not be in any way associated with having established proven or probable mineral reserves. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that have reserves in accordance with United States standards. |
Use of estimates | The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates management makes in the preparation of these consolidated financial statements relate to the fair value of stock-based compensation using the factors associated with the Black-Scholes calculations, estimation of the amount of recoverable uranium included in the in-process inventory, estimation of factors surrounding asset retirement obligations such as interest rates, discount rates and inflation rates, total cost and the time until the asset retirement commences and the offset of future income taxes through deferred tax assets. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents consist of cash balances and highly liquid investments with original maturities of three months or less. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Restricted cash is excluded from cash and cash equivalents and is included in other long-term assets. |
Restricted cash | Cash that secures various instruments related to surety bonds, which secure reclamation obligations, and a state lease is shown as restricted cash. |
Inventory | In-process inventory represents uranium that has been extracted from the wellfield and captured in the processing plant and is currently being transformed into a saleable product. Plant inventory is U 3 8 3 8 3 8 3 8 The Company’s inventories are measured at the lower of cost or net realizable value and reflect the U 3 8 |
Mineral properties | Acquisition costs of mineral properties are capitalized. When production is attained, amortization is calculated on a straight-line basis. The original estimated life for the Lost Creek Project was 10 years which is being used to amortize the mineral property acquisition costs. If properties are abandoned or sold, they are written off. If properties are impaired in value, the costs of the properties are written down to their estimated fair value at that time. Exploration, evaluation, and development costs Exploration and evaluation costs consist of annual lease and claim maintenance fees, and the associated costs of the exploration, evaluation, and regulatory departments as well as exploration costs including drilling and analysis on properties that have not reached the permitting or operations stage. Development expense relates to the Company’s Lost Creek, LC East and Shirley Basin projects, which are more advanced in terms of permitting and preliminary economic assessment work. Development expenses include all costs associated with exploring, delineating, and permitting, the costs associated with the construction and development of permitted mine units including wells, pumps, piping, header houses, roads, and other infrastructure related to the preparation of a mine unit to begin extraction operations as well as the cost of drilling and completing disposal wells. |
Capital assets | Property, plant, and equipment assets, including machinery, processing equipment, enclosures, and vehicles are recorded at cost including acquisition, installation costs, and expenditures that extend the life of such assets. The enclosure costs include both the building enclosure and the processing equipment necessary for the extraction of uranium from impregnated water pumped in from the wellfield to the packaging of uranium yellowcake for delivery into sales. These enclosure costs are combined as the equipment and related installation associated with the equipment is an integral part of the structure itself. |
Impairment of long-lived assets | The Company assesses the possibility of impairment in the net carrying value of its long-lived assets when events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. When potential impairment is indicated, management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, recoverable resources, and operating, capital, and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is determined using discounted future net cash flows, or other measures of fair value. |
Right of Use Assets and Liabilities | Right of use assets include office and office equipment leases. We recognize an asset and corresponding liability, which are included in non-current assets and other liabilities in the consolidated balance sheet, based on the present value of the remaining minimum rental payments of the leases. The discount rates used are based on either the Company’s borrowing rate or the imputed interest rate based on the price of the equipment and the lease terms. |
Debt | Long-Term Debt is carried at amortized cost. Debt issuance costs, debt premiums and discounts and annual fees are included in the long-term debt balance and amortized using the effective interest rate over the contractual terms of the Long-Term Debt. |
Asset retirement obligation | For mining properties, various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore groundwater quality to the pre-existing quality or class of use after the completion of mining. The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. Asset retirement obligations consist of estimated final well closures, plant closure and removal, and the associated reclamation and restoration costs to be incurred by the Company in the future. The estimated value of the asset retirement obligation is based on the current estimated reclamation cost escalated at an inflation rate and then discounted at a credit adjusted risk-free rate. This liability is recorded, and a corresponding asset is capitalized as part of the cost of the related asset. The asset is amortized over its remaining productive life. The liability accretes until the Company settles the obligation. |
Revenue recognition | Our revenues are primarily derived from the sale of U 3 8 3 8 We also receive a small amount of revenue from disposal fees. We have contracts with our customers that specify the type and volume of disposal material we accept. Monthly, we invoice those customers based on deliveries of material to the disposal site by the customer. Materials are measured and categorized at the time of delivery and verified by the customer. We recognize the revenue at the end of the month that the material was received. |
Stock-based compensation | Stock-based compensation cost from the issuance of stock options and restricted share units (“RSUs”) is measured at the grant date based on the fair value of the award and is recognized over the related service period. Stock-based compensation costs are charged to mine operations, exploration and evaluation, development, and general and administrative expense on the same basis as other compensation costs. |
Income taxes | The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. The Company provides a valuation allowance on deferred tax assets unless it is more likely than not that such assets will be realized. |
Earnings and loss per share calculations | Diluted earnings per common share are calculated by including all options that are in-the-money based on the average stock price for the period as well as RSUs that are outstanding. The treasury stock 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. In periods of loss, 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. |
Classification of financial instruments |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents (Tables) | |
Schedule Of Cash and Cash Equivalents | Cash and cash equivalent December 31, 2020 December 31, 2019 Cash on deposit 852 1,406 Money market funds 3,416 5,997 4,268 7,403 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Schedule of Inventory, Current | Inventory by Type December 31, 2020 December 31, 2019 Plant inventory 463 - Conversion facility inventory 7,351 7,426 7,814 7,426 Inventory by Duration December 31, 2020 December 31, 2019 Non-current portion of inventory 7,814 7,426 7,814 7,426 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash (Tables) | |
Schedule of Restricted Cash | Restricted Cash December 31, 2020 December 31, 2019 Cash pledged for reclamation 7,859 7,812 7,859 7,812 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mineral Properties (Tables) | |
Mineral Property | Lost Creek Pathfinder Other U.S. Mineral Properties Property Mines Properties Total December 31, 2017 11,810 19,701 13,166 44,677 Acquisition costs - - 31 31 Change in estimated reclamation costs 2,577 263 - 2,840 Depletion and amortization (1,743 ) - - (1,743 ) December 31, 2018 12,644 19,964 13,197 45,805 Acquisition costs - - 8 8 Change in estimated reclamation costs 125 (114 ) - 11 Property write-offs 16 - (27 ) (11 ) Depletion and amortization (2,601 ) - - (2,601 ) December 31, 2019 10,184 19,850 13,178 43,212 Change in estimated reclamation costs (1,463 ) (120 ) - 1,583 ) Depletion and amortization (2,445 ) - - (2,445 ) December 31, 2020 6,276 19,730 13,178 39,184 |
Capital Assets (Tables)
Capital Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mineral Properties (Tables) | |
Schedule of Capital assets | December 31, 2020 December 31, 2019 Accumulated Net Book Accumulated Net Book Capital Assets Cost Depreciation Value Cost Depreciation Value Rolling stock 3,450 (3,369 ) 81 3,452 (3,311 ) 141 Enclosures 33,008 (11,834 ) 21,174 33,008 (10,181 ) 22,827 Machinery and equipment 1,446 (885 ) 561 1,426 (808 ) 618 Furniture and fixtures 119 (119 ) - 119 (115 ) 4 Information technology 1,123 (1,098 ) 25 1,100 (1,072 ) 28 Right of use assets 165 (115 ) 50 83 (71 ) 12 39,311 (17,420 ) 21,891 39,188 (15,558 ) 23,630 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable and Accrued Liabilities | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities December 31, 2020 December 31, 2019 Accounts payable 396 523 Accrued payroll liabilities 1,767 1,393 Accrued severance, ad valorem, and other taxes payable 157 295 2,320 2,211 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable (Tables) | |
Schedule of Debt | Current and Long-term Debt December 31, 2020 December 31, 2019 Current Small Business Administration PPP Loans 502 - State Bond Loan - - Deferred financing costs (43 ) - 459 - Long-term Small Business Administration PPP Loans 398 - State Bond Loan 12,441 12,441 Deferred financing costs (119 ) (226 ) 12,720 12,215 |
Schedule Of Outstanding Debt | Remaining Payments Total 2021 2022 2023 2024 Final payment SBA PPP Loans Principal 900 497 403 - - Apr-2022 Interest 15 9 6 - - State Bond Loan Principal 12,441 - 2,628 5,487 4,326 Oct-2024 Interest 1,984 715 697 447 125 Total 15,340 1,221 3,734 5,934 4,451 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligations (Tables) | |
Schedule of Asset Retirement Obligations | Asset Retirement Obligations Total December 31, 2017 27,036 Change in estimated reclamation costs 2,840 Accretion expense 508 December 31, 2018 30,384 Change in estimated reclamation costs 11 Accretion expense 577 December 31, 2019 30,972 Change in estimated reclamation costs (1,583 ) Accretion expense 576 December 31, 2020 29,965 |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable and Accrued Liabilities | |
Schedule of Warrant Liabilities | Sep-2018 Aug-2020 Warrant Liabilities Warrants Warrants Total December 31, 2017 - - - Warrants issued 1,709 - 1,709 Mark to market revaluation loss (gain) (581 ) - (581 ) Effects for foreign exchange rate changes (78 ) - (78 ) December 31, 2018 1,050 - 1,050 Warrants issued - - - Mark to market revaluation loss (gain) (524 ) - (524 ) Effects for foreign exchange rate changes 49 - 49 December 31, 2019 575 - 575 Warrants issued - 860 860 Mark to market revaluation loss (gain) 161 519 680 Effects for foreign exchange rate changes (7 ) 36 29 December 31, 2020 729 1,415 2,144 |
Schedule of fair value of warrant | Sep-2018 Aug-2020 Black-Scholes Assumptions at December 31, 2020 Warrants Warrants Expected forfeiture rate 0.0 % 0.0 % Expected life (years) 0.7 1.6 Expected volatility 67.7 % 76.7 % Risk free rate 0.2 % 0.2 % Expected dividend rate 0.0 % 0.0 % Exercise price $ 1.00 $ 0.75 Market price $ 0.80 $ 0.80 |
Shareholders' Equity and Capi_2
Shareholders' Equity and Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity and Capital Stock | |
Schedule of Restricted Share Unit Activity | Weighted average Outstanding grant date Restricted Share Unit Activity RSUs fair value December 31, 2017 1,175,952 $ 0.65 Granted 470,756 $ 0.71 Released (621,092 ) $ 0.63 Forfeited (40,120 ) $ 0.57 December 31, 2018 985,496 $ 0.67 Granted 713,106 $ 0.61 Released (542,674 ) $ 0.68 December 31, 2019 1,155,928 $ 0.65 Granted 737,553 $ 0.48 Released (475,086 ) $ 0.70 Forfeited (13,433 ) $ 0.61 December 31, 2020 1,404,962 $ 0.54 |
Schedule of Stock Option Fair Value Assumptions | Stock Option Fair Value Assumptions 2020 2019 2018 Expected forfeiture rate 6.1 % 6.2 % 5.8% - 6.0% Expected life (years) 3.9 3.7 3.7 - 3.8 Expected volatility 63.2 % 58.6 % 54.6% - 55.0% Risk free rate 0.4 % 1.6 % 1.9% - 2.1% Expected dividend rate 0.0 % 0.0 % 0.0 % Black-Scholes value (CAD$) $ 0.30 $ 0.35 $0.33 - $0.39 |
Schedule Of Share-Based Compensation, Warrants, Activity | Number of Outstanding shares to be issued Per share Warrant Activity warrants upon exercise exercise price December 31, 2017 5,844,567 5,844,567 0.97 Issued 13,062,878 6,531,439 1.00 Expired (5,844,567 ) (5,844,567 ) 0.97 December 31, 2018 13,062,878 6,531,439 1.00 December 31, 2019 13,062,878 6,531,439 1.00 Issued 9,000,000 4,500,000 0.75 December 31, 2020 22,062,878 11,031,439 0.90 |
Schedule Of Share-based Compensation Shares Authorized Under Warrants Plans by exercise price range | Weighted- average remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ # $ 1.00 13,062,878 0.7 - 2021-09-25 0.75 9,000,000 1.6 225,000 2022-08-04 0.90 22,062,878 1.1 225,000 |
Schedule Of Share-Based Compensation, Shares Authorized Under Restricted Stock Units, By Grant Date | Restricted Share Unit Fair Value Assumptions 2020 2019 2018 Expected forfeiture rate 4.2 % 4.8 % 5.5% - 5.9% Grant date fair value (CAD$) $ 0.63 $ 0.79 $0.91 - $0.93 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | RSUs outstanding Weighted- average remaining Aggregate Number contractual intrinsic Redemption of RSUs life (years) value Date # $ 667,409 0.8 533,927 2021-11-05 737,553 1.9 590,042 2022-11-13 1,404,962 1.4 1,123,969 |
Schedule of Share-based Compensation, Stock Options, Activity | Outstanding Weighted-average Stock Option Activity Options exercise price # $ December 31, 2017 9,459,401 $ 0.70 Granted 2,182,955 0.70 Exercised (496,838 ) 0.58 Forfeited (275,085 ) 0.72 Expired (1,138,821 ) 0.83 December 31, 2018 9,731,612 $ 0.64 Granted 2,852,386 0.61 Exercised (323,618 ) 0.63 Forfeited (395,851 ) 0.71 Expired (787,946 ) 0.83 December 31, 2019 11,076,583 $ 0.64 Granted 2,950,180 0.48 Exercised (159,982 ) 0.63 Forfeited (534,425 ) 0.64 Expired (1,421,932 ) 0.66 December 31, 2020 11,910,424 $ 0.61 |
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 $ # $ $ 0.57 2,238,988 1.0 514,967 2,238,988 1.0 514,967 2021-12-16 0.80 300,000 1.2 - 300,000 1.2 - 2022-03-02 0.57 200,000 1.7 46,000 200,000 1.7 46,000 2022-09-07 0.71 1,668,089 2.0 150,128 1,668,089 2.0 150,128 2022-12-15 0.60 200,000 2.2 40,000 133,333 2.2 26,667 2023-03-30 0.73 929,269 2.6 65,049 622,298 2.6 43,561 2023-08-20 0.71 777,037 3.0 69,933 515,660 3.0 46,409 2023-12-14 0.62 2,646,861 3.8 476,435 867,128 3.8 156,083 2024-11-05 0.49 2,950,180 4.9 914,556 - - - 2025-11-13 0.61 11,910,424 3.0 2,277,068 6,545,496 2.0 983,815 |
Schedule of Warrant Fair Value Assumptions | Warrant Fair Value Assumptions 2020 2019 2018 Expected forfeiture rate 0.0 % - 0.0 % Expected life (years) 2.0 - 3.0 Expected volatility 71.2 % - 55.2 % Risk free rate 0.2 % - 2.2 % Expected dividend rate 0.0 % - 0.0 % Black-Scholes value (CAD$) $ 0.26 $ 0.00 $ 0.34 |
Sales (Tables)
Sales (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Sales | |
Schedule Of Revenue | Year ended 2020 2019 Revenue Summary $ % $ % Sale of produced inventory Company A - 0.0 % 7,483 23.2 % Company B - 0.0 % 2,406 7.5 % - 0.0 % 9,889 30.7 % Sales of purchased inventory Company B - 0.0 % 3,525 10.9 % Company C 8,300 99.8 % 7,990 24.8 % Company D - 0.0 % 10,848 33.6 % 8,300 99.8 % 22,363 69.3 % Total sales 8,300 99.8 % 32,252 100.0 % Disposal fee income 16 0.2 % 3 0.0 % 8,316 100.0 % 32,255 100.0 % |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Schedule of Cost of Sales | Year ended December 31, Cost of Sales 2020 2019 2018 Cost of product sales 5,166 20,011 11,885 Lower of cost or NRV adjustments 7,802 10,264 318 12,968 30,275 12,203 |
Operating Costs (Tables)
Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Costs | |
Schedule of Operating Costs | Year ended December 31, Operating Costs 2020 2019 2018 Exploration and evaluation 1,816 2,476 2,431 Development 1,097 1,404 1,654 General and administration 5,200 5,801 5,393 Accretion 576 577 508 8,689 10,258 9,986 |
Supplementary Information For S
Supplementary Information For Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Information for Statement of Cash Flows | |
Cash per the Statement of Cash Flows | Cash and Cash Equivalents, and Restricted Cash December 31, 2020 December 31, 2019 Cash and cash equivalents 4,268 7,403 Restricted cash 7,859 7,812 12,127 15,215 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Summary of provision for income tax | Year ended December 31, Income (Loss) before Income Tax Provision 2020 2019 2018 United States (11,164 ) (6,080 ) 6,896 Canada (3,561 ) (2,345 ) (2,333 ) 14,725 ) (8,425 ) 4,563 |
Summary of deferred tax assets | As at December 31, Deferred Tax Assets 2020 2019 Deffered tax assets 11,184 9,650 Net operating losses - non-current 35,366 30,883 Total deferred tax assets 46,550 40,533 Valuation allowance (46,550 ) (40,533 ) Net deferred taxes - - |
Summary of net operating loss carry forward | Expiration Income Tax Loss Carryforwards Amount Years Net operating losses, federal (Post December 31, 2017) 14,486 No expirations Net operating losses, federal (Pre January 1, 2018) 79,699 2029 - 2035 Net operating losses, state 100,602 Varies by state Net operating losses, Canada 38,906 2026 - 2040 |
Summary of effective tax rate | Year ended December 31, Income Tax Rate Reconciliation 2020 2019 2018 Statutory rate 26.5 % 26.5 % 26.5 % State tax 18.2 % 11.4 % 7.4 % Permanent differences -2.0 % 0.5 % -3.6 % True-ups and other 0.8 % -6.3 % 9.2 % Canada statutory rate addition -4.2 % -4.0 % -8.3 % Change in valuation allowance -39.3 % -28.1 % -31.2 % Total 0.0 % 0.0 % 0.0 % |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments | |
Summary of annual lease payments | Lease Payments 2021 49 2022 1 2023 and after - 50 |
Summary pf principal payment | Principal Payments 2021 497 2022 3,031 2023 5,487 2024 4,326 13,341 |
Liquidity Risk (Details Narrati
Liquidity Risk (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 04, 2021 | Aug. 04, 2020 | May 15, 2020 | Feb. 28, 2021 | Dec. 31, 2020 |
Accounts payable and accrued liabilities | $ 2,300 | ||||
Registered Capital | $ 4,680 | ||||
Stock Issued During Period, Shares, New Issues | 9,000,000 | ||||
Sale of Stock, Price Per Share | $ 0.52 | ||||
Class Of Warrant Or Right Shares Issued On Exercise Granted | 4,500,000 | ||||
The amount received on sale of stock after deducting other costs associated with completion of agreement. | $ 4,300 | ||||
Payments Of Stock Issuance Costs after fees and expenses | $ 400 | ||||
Notes Payable | 500 | ||||
State Bond Loan was modified | $ 12,400 | ||||
Principal deferment term | six quarters | ||||
Total SBA payroll protection program loan received | $ 900 | ||||
Proceeds from Issuance of Common Stock | $ 4,680 | $ 15,200 | |||
Subsequent [Member] | |||||
Stock Issued During Period, Shares, New Issues | 16,930,530 | ||||
Sale of Stock, Price Per Share | $ 0.90 | ||||
Class Of Warrant Or Right Shares Issued On Exercise Granted | 8,465,265 | ||||
Proceeds from Issuance of Common Stock | $ 15,200 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents | ||
Cash on deposit at banks | $ 852 | $ 1,406 |
Money market funds | 3,416 | 5,997 |
Cash and cash equivalents | $ 4,268 | $ 7,403 |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Net, Total | $ 7,814,000 | $ 7,426,000 |
Current portion of inventory | 7,814,000 | 7,426,000 |
Non-current portion of inventory [Member] | ||
Inventory, Net, Total | 7,814,000 | 7,426,000 |
Plant Inventory [Member] | ||
Inventory, Net, Total | 463,000 | 0 |
Conversion Facility Inventory [Member] | ||
Inventory, Net, Total | $ 7,351,000 | $ 7,426,000 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory | ||
Reduction in inventory valuation | $ 7,802 | $ 10,263 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash (Details) | ||
Cash pledged for reclamation | $ 7,859 | $ 7,812 |
Restricted cash | $ 7,859 | $ 7,812 |
Restricted Cash (Details Narrat
Restricted Cash (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Surety Bond [Member] | ||
Represents the amount of reclamation obligations, which are required to be covered by surety performance bonding, as of the balance sheet date. | $ 27.8 | $ 29.9 |
Mineral Properties (Details)
Mineral Properties (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at beginning of period | $ 43,212,000 | $ 45,805,000 | $ 44,677,000 |
Change in estimated reclamation costs | (1,583,000) | 11,000 | 2,840,000 |
Acquisition costs | 8,000 | 31,000 | |
Depletion and amortization | (2,445,000) | (2,601,000) | (1,743,000) |
Property write-offs | (11,000) | ||
Balance at end of period | 39,184,000 | 43,212,000 | 45,805,000 |
Lost Creek Property [Member] | |||
Balance at beginning of period | 10,184,000 | 12,644,000 | 11,810,000 |
Change in estimated reclamation costs | (1,463,000) | 125,000 | 2,577,000 |
Acquisition costs | 0 | 0 | |
Depletion and amortization | (2,445,000) | (2,601,000) | (1,743,000) |
Property write-offs | 16,000 | ||
Balance at end of period | 6,276,000 | 10,184,000 | 12,644,000 |
Pathfinder Properties [Member] | |||
Balance at beginning of period | 19,850,000 | 19,964,000 | 19,701,000 |
Change in estimated reclamation costs | (120,000) | (114,000) | 263,000 |
Acquisition costs | 0 | 0 | |
Depletion and amortization | 0 | 0 | 0 |
Property write-offs | 0 | ||
Balance at end of period | 19,730,000 | 19,850,000 | 19,964,000 |
Other U.S. Properties [Member] | |||
Balance at beginning of period | 13,178,000 | 13,197,000 | 13,166,000 |
Change in estimated reclamation costs | 0 | 0 | 0 |
Acquisition costs | 8,000 | 31,000 | |
Depletion and amortization | 0 | 0 | 0 |
Property write-offs | (27,000) | ||
Balance at end of period | $ 13,178,000 | $ 13,178,000 | $ 13,197,000 |
Mineral Properties (Details Nar
Mineral Properties (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2005 | |
Pathfinder Properties [Member] | ||
Aggregate consideration | $ 6.7 | |
Estimated asset reclamation obligation | $ 5.7 | |
Nfu Wyoming Llc [Member] | ||
Percentage of asset acquired | 100.00% | |
Aggregate consideration | $ 20 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Depreciation | $ (17,420,000) | $ (15,558,000) |
Cost | 39,311,000 | 39,188,000 |
Net Book Value | 21,891,000 | 23,630,000 |
Rolling Stock [Member] | ||
Accumulated Depreciation | (3,369,000) | (3,311,000) |
Cost | 3,450,000 | 3,452,000 |
Net Book Value | 81,000 | 141,000 |
Enclosures [Member] | ||
Accumulated Depreciation | (11,834,000) | (10,181,000) |
Cost | 33,008,000 | 33,008,000 |
Net Book Value | 21,174,000 | 22,827,000 |
Machinery And Equipment [Member] | ||
Accumulated Depreciation | (885,000) | (808,000) |
Cost | 1,446,000 | 1,426,000 |
Net Book Value | 561,000 | 618,000 |
Furniture And Fixtures [Member] | ||
Accumulated Depreciation | (119,000) | (115,000) |
Cost | 119,000 | 119,000 |
Net Book Value | 0 | 4,000 |
Information Technology [Member] | ||
Accumulated Depreciation | (1,098,000) | (1,072,000) |
Cost | 1,123,000 | 1,100,000 |
Net Book Value | 25,000 | 28,000 |
Right Of Use Assets [Member] | ||
Accumulated Depreciation | (115,000) | (71,000) |
Cost | 165,000 | 83,000 |
Net Book Value | $ 50,000 | $ 12,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 396 | $ 523 |
Payroll liabilities | 1,767 | 1,393 |
Severance, ad valorem, and other taxes payable | 157 | 295 |
Accounts payable and accrued liabilities | $ 2,320 | $ 2,211 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
Small Business Administration PPP Loans | $ 502,000 | $ 0 |
State Bond Loan | 0 | 0 |
Deferred financing costs | (43,000) | 0 |
Loans payable, current | 459,000 | |
Long term | ||
Small Business Administration PPP Loans | 398,000 | 0 |
State bond loan | 12,441,000 | 12,441,000 |
Deferred financing cost | (119,000) | (226,000) |
Loans payable, non-current | $ 12,720,000 | $ 12,215,000 |
Notes Payable (Details 1)
Notes Payable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt outstanding | $ 4,451 | $ 5,934 | $ 3,734 | $ 1,221 | $ 15,340 |
SBA PPP loan [Member] | |||||
Principal | 0 | 0 | 403 | 497 | 900 |
Interest | 0 | 0 | 6 | 9 | $ 15 |
Debt Instrument, Maturity Date | Apr-2022 | ||||
State Bond Loan [Member] | |||||
Principal | 4,326 | 5,487 | 2,628 | 0 | $ 12,441 |
Interest | $ 125 | $ 447 | $ 697 | $ 715 | $ 1,984 |
Debt Instrument, Maturity Date | Oct-2024 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) $ in Millions | Oct. 15, 2015USD ($) | Dec. 31, 2020USD ($) | Apr. 16, 2020USD ($) | Oct. 23, 2013integer |
Payroll costs description | Spend not less than 60% of loan proceeds on eligible payroll costs. | |||
Additional eligible payroll costs, percentage | 60.00% | |||
Total SBA payroll protection program loan received | $ 0.9 | |||
SBA PPP loan [Member] | ||||
Total SBA payroll protection program loan received | $ 0.9 | |||
Sweetwater Bond loan [Member] | ||||
Proceeds from Issuance of Long-term Debt | $ 34 | |||
Due Quarterly Commencing From January 1, 2014 [Member] | Sweetwater Bond loan [Member] | ||||
Fixed interest rate (as a percent) | 5.75% | |||
Due Quarterly Commencing From January 1, 2015 [Member] | Sweetwater Bond loan [Member] | ||||
Number of installments | integer | 28 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligations | |||
Beginning of period | $ 30,972 | $ 30,384 | $ 27,036 |
Change in estimated reclamation costs | (1,583) | 11 | 2,840 |
Accretion expense | 576 | 577 | 508 |
End of period | $ 29,965 | $ 30,972 | $ 30,384 |
Asset Retirement Obligations _2
Asset Retirement Obligations (Details Narrative) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Discount Rate Of Asset Retirement Obligations | 0.33% |
Maximum [Member] | |
Discount Rate Of Asset Retirement Obligations | 7.25% |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 575,000 | $ 1,050,000 | $ 0 |
Warrants issued | 860,000 | 0 | 1,709,000 |
Mark to market revaluation loss (gain) | 680,000 | (524,000) | (581,000) |
Effects for foreign exchange rate changes | 29,000 | 49,000 | (78,000) |
Ending balance | 2,144,000 | 575,000 | 1,050,000 |
Sep-2018 Warrant [Member] | |||
Beginning balance | 575,000 | 1,050,000 | 0 |
Warrants issued | 0 | 0 | 1,709,000 |
Mark to market revaluation loss (gain) | 161,000 | (524,000) | (581,000) |
Effects for foreign exchange rate changes | (7,000) | 49,000 | (78,000) |
Ending balance | 729,000 | 575,000 | 1,050,000 |
Aug-2020 Warrant [Member] | |||
Beginning balance | 0 | ||
Warrants issued | 860,000 | 0 | 0 |
Mark to market revaluation loss (gain) | 519,000 | 0 | 0 |
Effects for foreign exchange rate changes | 36,000 | 0 | 0 |
Ending balance | $ 1,415,000 | $ 0 | $ 0 |
Warrant Liabilities (Details 1)
Warrant Liabilities (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Exercise prie | $ 0.63 | $ 0.63 | $ 0.58 |
Expected life (years) | 3 years 10 months 24 days | 3 years 8 months 12 days | |
Expected volatility | 63.20% | 58.60% | |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Sep-2018 Warrant [Member] | |||
Expected forfeiture rate | 0.00% | ||
Risk free rate | 0.20% | ||
Exercise prie | $ 1 | ||
Market price | $ 0.80 | ||
Expected life (years) | 8 months 12 days | ||
Expected volatility | 67.70% | ||
Expected dividend rate | 0.00% | ||
Aug-2020 Warrant [Member] | |||
Expected forfeiture rate | 0.00% | ||
Risk free rate | 0.20% | ||
Exercise prie | $ 0.75 | ||
Market price | $ 0.80 | ||
Expected life (years) | 1 year 7 months 6 days | ||
Expected volatility | 76.70% | ||
Expected dividend rate | 0.00% |
Warrant Liabilities (Details Na
Warrant Liabilities (Details Narrative) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Sep-2018 Warrant [Member] | |
Number of securities called by each warrant | shares | 13,062,878 |
Exercise price | $ / shares | $ 1 |
Number of warrants redeemable shares | two |
Aug-2020 Warrant [Member] | |
Number of securities called by each warrant | shares | 9,000,000 |
Exercise price | $ / shares | $ 0.75 |
Number of warrants redeemable shares | two |
Shareholders Equity and Capital
Shareholders Equity and Capital Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholders' Equity and Capital Stock | |||
Outstanding, Beginning Balance | 11,076,583 | 9,731,612 | 9,459,401 |
Granted, Options | 2,950,180 | 2,852,386 | 2,182,955 |
Exercised, options | (159,982) | (323,618) | (496,838) |
Forfeited, Options | (534,425) | (395,851) | (275,085) |
Expired, Options | (1,421,932) | (787,946) | (1,138,821) |
Outstanding Ending Balance, Options | 11,910,424 | 11,076,583 | 9,731,612 |
Outstanding, Beginning Balance, Weighted-average exercise price | $ 0.64 | $ 0.64 | $ 0.70 |
Granted, Weighted-average exercise price | 0.48 | 0.61 | 0.70 |
Exercised, Weighted-average exercise price | 0.63 | 0.63 | 0.58 |
Forfeited, Weighted-average exercise price | 0.64 | 0.71 | 0.72 |
Expired, Weighted-average exercise price | 0.66 | 0.83 | 0.83 |
Outstanding Ending Balance, Weighted-average exercise price | $ 0.61 | $ 0.64 | $ 0.64 |
Shareholders Equity and Capit_2
Shareholders Equity and Capital Stock (Details 1) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Exercise price | $ / shares | $ 0.61 |
Number of options, Outstanding | shares | 11,910,424 |
Weighted- average remaining contractual life (years), Outstanding | 3 years |
Aggregate intrinsic value | $ 2,277,068,000 |
Number of options, Exercisable | shares | 6,545,496 |
Weighted- average remaining contractual life (years), Exercisable | 2 years |
Aggregate intrinsic value, exercisable | $ 983,815,000 |
Exercise price $0.49 | |
Exercise price | $ / shares | $ 0.49 |
Number of options, Outstanding | shares | 2,950,180 |
Weighted- average remaining contractual life (years), Outstanding | 4 years 10 months 24 days |
Aggregate intrinsic value | $ 914,556,000 |
Aggregate intrinsic value, exercisable | $ 0 |
Expiry | Nov. 13, 2025 |
Exercise price $0.62 | |
Exercise price | $ / shares | $ 0.62 |
Number of options, Outstanding | shares | 2,646,861 |
Weighted- average remaining contractual life (years), Outstanding | 3 years 9 months 18 days |
Aggregate intrinsic value | $ 476,435,000 |
Number of options, Exercisable | shares | 867,128 |
Weighted- average remaining contractual life (years), Exercisable | 3 years 9 months 18 days |
Aggregate intrinsic value, exercisable | $ 156,083,000 |
Expiry | Nov. 5, 2024 |
Exercise price $0.71 One | |
Exercise price | $ / shares | $ 0.71 |
Number of options, Outstanding | shares | 777,037 |
Weighted- average remaining contractual life (years), Outstanding | 3 years |
Aggregate intrinsic value | $ 69,933,000 |
Number of options, Exercisable | shares | 515,660 |
Weighted- average remaining contractual life (years), Exercisable | 3 years |
Aggregate intrinsic value, exercisable | $ 46,409,000 |
Expiry | Dec. 14, 2023 |
Exercise price $0.73 | |
Exercise price | $ / shares | $ 0.73 |
Number of options, Outstanding | shares | 929,269 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 7 months 6 days |
Aggregate intrinsic value | $ 65,049,000 |
Number of options, Exercisable | shares | 622,298 |
Weighted- average remaining contractual life (years), Exercisable | 2 years 7 months 6 days |
Aggregate intrinsic value, exercisable | $ 43,561,000 |
Expiry | Aug. 20, 2023 |
Exercise price $0.57 | |
Exercise price | $ / shares | $ 0.57 |
Number of options, Outstanding | shares | 2,238,988 |
Weighted- average remaining contractual life (years), Outstanding | 1 year |
Aggregate intrinsic value | $ 514,967,000 |
Number of options, Exercisable | shares | 2,238,988 |
Weighted- average remaining contractual life (years), Exercisable | 1 year |
Aggregate intrinsic value, exercisable | $ 514,967,000 |
Expiry | Dec. 16, 2021 |
Exercise price $0.80 | |
Exercise price | $ / shares | $ 0.80 |
Number of options, Outstanding | shares | 300,000 |
Weighted- average remaining contractual life (years), Outstanding | 1 year 2 months 12 days |
Aggregate intrinsic value | $ 0 |
Number of options, Exercisable | shares | 300,000 |
Weighted- average remaining contractual life (years), Exercisable | 1 year 2 months 12 days |
Aggregate intrinsic value, exercisable | $ 0 |
Expiry | Mar. 2, 2022 |
Exercise price $0.57 One | |
Exercise price | $ / shares | $ 0.57 |
Number of options, Outstanding | shares | 200,000 |
Weighted- average remaining contractual life (years), Outstanding | 1 year 8 months 12 days |
Aggregate intrinsic value | $ 46,000,000 |
Number of options, Exercisable | shares | 200,000 |
Weighted- average remaining contractual life (years), Exercisable | 1 year 8 months 12 days |
Aggregate intrinsic value, exercisable | $ 46,000,000 |
Expiry | Sep. 7, 2022 |
Exercise price $0.71 | |
Exercise price | $ / shares | $ 0.71 |
Number of options, Outstanding | shares | 1,668,089 |
Weighted- average remaining contractual life (years), Outstanding | 2 years |
Aggregate intrinsic value | $ 150,128,000 |
Number of options, Exercisable | shares | 1,668,089 |
Weighted- average remaining contractual life (years), Exercisable | 2 years |
Aggregate intrinsic value, exercisable | $ 150,128,000 |
Expiry | Dec. 15, 2022 |
Exercise price $0.60 | |
Exercise price | $ / shares | $ 0.60 |
Number of options, Outstanding | shares | 200,000 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 2 months 12 days |
Aggregate intrinsic value | $ 40,000,000 |
Number of options, Exercisable | shares | 133,333 |
Weighted- average remaining contractual life (years), Exercisable | 2 years 2 months 12 days |
Aggregate intrinsic value, exercisable | $ 26,667,000 |
Expiry | Mar. 30, 2023 |
Shareholders Equity and Capit_3
Shareholders Equity and Capital Stock (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected forfeiture rate | 6.10% | 6.20% | |
Expected life (years) | 3 years 10 months 24 days | 3 years 8 months 12 days | |
Expected volatility | 63.20% | 58.60% | |
Risk free rate | 0.40% | 1.60% | |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Black-Scholes value (CAD$) | $ 0.30 | $ 0.35 | |
Minimum [Member] | |||
Expected forfeiture rate | 5.80% | ||
Expected life (years) | 3 years 8 months 12 days | ||
Expected volatility | 54.60% | ||
Risk free rate | 1.90% | ||
Black-Scholes value (CAD$) | $ 0.33 | ||
Maximum [Member] | |||
Expected forfeiture rate | 6.00% | ||
Expected life (years) | 3 years 9 months 18 days | ||
Expected volatility | 55.00% | ||
Risk free rate | 2.10% | ||
Black-Scholes value (CAD$) | $ 0.39 |
Shareholders Equity and Capit_4
Shareholders Equity and Capital Stock (Details 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholders' Equity and Capital Stock | |||
Number of RSUs Unvested, Beginning Balance | 1,155,928 | 985,496 | 1,175,952 |
Number of RSUs Unvested, Granted | 737,553 | 713,106 | 470,756 |
Number of RSUs Released | (475,086) | (621,092) | |
Number of RSUs Forfeited | 13,433 | (542,674) | (40,120) |
Number of RSUs Unvested, Ending Balance | 1,404,962 | 1,155,928 | 985,496 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ 0.65 | $ 0.67 | $ 0.65 |
Granted, Weighted average grant date fair value | 0.48 | 0.61 | 0.71 |
Released, Weighted average grant date fair value | 0.70 | 0.63 | |
Forfeited, Weighted average grant date fair value | 0.61 | 0.68 | 0.57 |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ 0.54 | $ 0.65 | $ 0.67 |
Shareholders Equity and Capit_5
Shareholders Equity and Capital Stock (Details 4) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Number of unvested units | shares | 1,404,962 |
Remaining life (years) | 1 year 4 months 24 days |
Aggregate Intrinsic Value | $ | $ 1,123,969 |
November 13, 2022 [Member] | |
Number of unvested units | shares | 737,553 |
Remaining life (years) | 1 year 10 months 24 days |
Aggregate Intrinsic Value | $ | $ 590,042 |
November 05, 2021 [Member] | |
Number of unvested units | shares | 667,409 |
Remaining life (years) | 9 months 18 days |
Aggregate Intrinsic Value | $ | $ 533,927 |
Shareholders Equity and Capit_6
Shareholders Equity and Capital Stock (Details 5) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Grant date fair value (CAD$) | $ 0.63 | $ 0.79 | |
Expected forfeiture rate | 4.20% | 4.80% | |
Minimum [Member] | |||
Grant date fair value (CAD$) | $ 0.91 | ||
Expected forfeiture rate | 5.50% | ||
Maximum [Member] | |||
Grant date fair value (CAD$) | $ 0.93 | ||
Expected forfeiture rate | 5.90% |
Shareholders Equity and Capit_7
Shareholders Equity and Capital Stock (Details 6) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding warrants | |||
Outstanding Beginning Balance, Warrants | 13,062,878 | 13,062,878 | 5,844,567 |
Number of warrants, issued | 9,000,000 | 13,062,878 | |
Number of warrants, expired | (5,844,567) | ||
Outstanding Ending Balance, Warrants | 22,062,878 | 13,062,878 | 13,062,878 |
Number of shares to be issued upon exercise | |||
Outstanding Beginning Balance, Number of shares to be issued upon exercise | 6,531,439 | 6,531,439 | 5,844,567 |
Number of shares to be issued upon exercise, issued | 4,500,000 | 6,531,439 | |
Number of shares to be issued upon exercise, expired | (5,844,567) | ||
Outstanding Ending Balance, Number of shares to be issued upon exercise | 11,031,439 | 6,531,439 | 6,531,439 |
Per share exercise price | |||
Per share exercise price, Outstanding Beginning | $ 1 | $ 1 | $ 0.97 |
Per share exercise price, issued | 0.75 | 1 | |
Per share exercise price, expired | 0.97 | ||
Per share exercise price, Outstanding Ending | $ 0.90 | $ 1 | $ 1 |
Shareholders Equity and Capit_8
Shareholders Equity and Capital Stock (Details 7) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Aggregate Intrinsic Value | $ 2,277,068,000 |
Warrants [Member] | |
Exercise price | $ / shares | $ 0.90 |
Number of warrants | shares | 22,062,878 |
Remaining contractual life (years) | 1 year 1 month 6 days |
Aggregate Intrinsic Value | $ 225,000,000 |
Exercise price $1.00 | |
Exercise price | $ / shares | $ 1 |
Number of warrants | shares | 13,062,878 |
Remaining contractual life (years) | 8 months 12 days |
Aggregate Intrinsic Value | $ 0 |
Expiry | Sep. 25, 2021 |
Exercise price $0.75 | |
Exercise price | $ / shares | $ 0.75 |
Number of warrants | shares | 9,000,000 |
Remaining contractual life (years) | 1 year 7 months 6 days |
Aggregate Intrinsic Value | $ 225,000,000 |
Expiry | Aug. 4, 2022 |
Shareholders Equity and Capit_9
Shareholders Equity and Capital Stock (Details 8) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected forfeiture rate | 6.10% | 6.20% | |
Expected volatility | 63.20% | 58.60% | |
Risk free rate | 0.40% | 1.60% | |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Black-Scholes value (CAD$) | $ 0.30 | $ 0.35 | |
Warrant Fair Value Assumptions [Member] | |||
Expected forfeiture rate | 0.00% | 0.00% | 0.00% |
Expected life (years) | 2 years | 3 years | |
Expected volatility | 71.20% | 0.00% | 55.20% |
Risk free rate | 0.20% | 0.00% | 2.20% |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Black-Scholes value (CAD$) | $ 0.26 | $ 0 | $ 0.34 |
Shareholders Equity and Capi_10
Shareholders Equity and Capital Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Aug. 04, 2020 | Aug. 31, 2020 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Public offering price per share | $ 0.52 | $ 0.82 | ||||
Warrants issued to purchase common shares | 9,000,000 | 13,062,878 | ||||
Common shares purchase | 4,500,000 | 6,531,439 | ||||
Number of options, Outstanding | 11,610,424,000 | |||||
Number of options, Exercisable | 6,245,496,000 | |||||
Share based compensation expense | $ 1,000 | $ 800 | $ 900 | |||
Shares issued upon public offering | 12,195,122 | |||||
Common shares par value | $ 0.75 | $ 1 | ||||
Options granted | 1,829,268 | |||||
Direct offering closed | $ 4,680 | |||||
Gross proceeds with warrants | 4,680 | |||||
Fees and expenses | 400 | |||||
Net proceeds from offerings | $ 4,300 | |||||
Exercise price | $ 0.75 | |||||
Employee Service Share-based Compensation Period for Recognition | 1 year 4 months 24 days | |||||
Series A Preferred Stock [Member] | ||||||
Preferred shares issued | 170,253,752 | 160,478,059 | ||||
Preferred stock outstanding | 170,253,752 | 160,478,059 | ||||
First Anniversary [Member] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.30% | |||||
Second Anniversary [Member] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.30% | |||||
Third Anniversary [Member] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.40% | |||||
Stock Option Plan [Member] | ||||||
Employee Service Share-based Compensation Period for Recognition | 3 years | |||||
Employee Service Share-based Compensation Share-based Awards Other than Options | $ 1,100 | |||||
Restricted Stock Units RSU [Member] | ||||||
Employee Service Share-based Compensation Period for Recognition | 1 year 4 months 24 days | |||||
Employee Service Share-based Compensation Share-based Awards Other than Options | $ 500 | |||||
Restricted Stock Units RSU One [Member] | ||||||
Options granted | 159,982 | 323,618 | 496,838 | |||
Employee Service Share-based Compensation Period for Recognition | 3 years | |||||
Commonn shares exchange for vested RSUs | 356,071 | 425,038 | 505,510 | |||
Proceeds from options exercised | $ 100 | $ 200 | $ 300 | |||
Warrants [Member] | ||||||
Warrants issued to purchase common shares | 6,097,561 | |||||
Warrants One [Member] | ||||||
Warrants issued to purchase common shares | 9,000,000 | 13,062,878 | ||||
Common shares purchase | 4,500,000 | 6,531,439 | ||||
Warrants Three [Member] | ||||||
Warrants issued to purchase common shares | 867,756 | |||||
Common shares purchase | 433,878 | |||||
Warrants Two [Member] | ||||||
Warrants issued to purchase common shares | 914,634 |
Sales (Details)
Sales (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total sales | $ 8,300,000 | $ 32,252,000 |
Concentration Risk, Percentage | 100.00% | 100.00% |
Disposal fee income | $ 16,000 | $ 3,000 |
Disposal fee income concentration risk percentage during the period. | 0.20% | 0.00% |
Sales | $ 8,316,000 | $ 32,255,000 |
Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 99.80% | 100.00% |
Sales Of Produced Inventory [Member] | ||
Concentration Risk, Percentage | 0.00% | 30.70% |
Sales Revenue, Goods, Net | $ 0 | $ 9,889,000 |
Sales Of Produced Inventory [Member] | Company A [Member] | ||
Concentration Risk, Percentage | 0.00% | 23.20% |
Sales Revenue, Goods, Net | $ 0 | $ 7,483,000 |
Sales Of Produced Inventory [Member] | Company B [Member] | ||
Concentration Risk, Percentage | 0.00% | 7.50% |
Sales Revenue, Goods, Net | $ 0 | $ 2,406,000 |
Sale Of Purchased Inventory [Member] | ||
Concentration Risk, Percentage | 99.80% | 69.30% |
Sales Revenue, Goods, Net | $ 8,300,000 | $ 22,363,000 |
Sale Of Purchased Inventory [Member] | Company B [Member] | ||
Concentration Risk, Percentage | 0.00% | 10.90% |
Sales Revenue, Goods, Net | $ 0 | $ 3,525,000 |
Sale Of Purchased Inventory [Member] | Company C [Member] | ||
Concentration Risk, Percentage | 99.80% | 24.80% |
Sales Revenue, Goods, Net | $ 8,300,000 | $ 7,990,000 |
Sale Of Purchased Inventory [Member] | Company D [Member] | ||
Concentration Risk, Percentage | 0.00% | 33.60% |
Sales Revenue, Goods, Net | $ 0 | $ 10,848,000 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory | |||
Cost of product sales | $ 5,166 | $ 20,011 | $ 11,885 |
Lower of cost or NRV adjustments | 7,802 | 10,264 | 318 |
Cost of sales | $ 12,968 | $ 30,275 | $ 12,203 |
Operating Costs (Details)
Operating Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Costs | |||
General and administration | $ 5,200 | $ 5,801 | $ 5,393 |
Development | 1,097 | 1,404 | 1,654 |
Exploration and evaluation | 1,816 | 2,476 | 2,431 |
Accretion | 576 | 577 | 508 |
Operating Costs | $ 8,689 | $ 10,258 | $ 9,986 |
Other Income (Details Narrative
Other Income (Details Narrative) $ in Millions | Jun. 30, 2018USD ($) |
Other Income | |
Deferred revenue received | $ 3.5 |
Supplemental Information for _2
Supplemental Information for Statement of Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Information for Statement of Cash Flows | ||||
Cash and cash equivalents | $ 4,268 | $ 7,403 | ||
Restricted cash | 7,859 | 7,812 | ||
Total | $ 12,127 | $ 15,215 | $ 13,830 | $ 11,437 |
Supplemental Information for _3
Supplemental Information for Statement of Cash Flows (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Information for Statement of Cash Flows | ||
Interest expense | $ 0.8 | $ 0.9 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income loss before income tax provision | $ (14,725) | $ (8,425) | $ 4,563 |
United States [Member] | |||
Income loss before income tax provision | (11,164) | (6,080) | 6,896 |
Canada [Member] | |||
Income loss before income tax provision | $ (3,561) | $ (2,345) | $ (2,333) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | ||
Deferred tax assets | $ 11,184,000 | $ 9,650,000 |
Net operating losses-non current | 35,366,000 | 30,883,000 |
Total Deferred Tax Assets | 46,550,000 | 40,533,000 |
Valuation Allowance [Abstract] | ||
Valuation Allowance | (46,550,000) | (40,533,000) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
United States [Member] | |
Expiration period, description | Varies by state |
Net operating loss | $ 100,602 |
Canada [Member] | |
Expiration period descriptions | 2026 - 2040 |
Net operating loss | $ 38,906 |
January 1, 2018 [Member] | |
Net operating loss carry forward | $ 79,699 |
Expiration period descriptions | 2029 - 2035 |
December 31, 2017 [Member] | |
Net operating loss carry forward | $ 14,486 |
Income tax expiration period descriptions | No expirations |
Income Taxes (Details 3)
Income Taxes (Details 3) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Statutory rate | 26.50% | 26.50% | 26.50% |
State tax | 18.20% | 11.40% | 7.40% |
Permanent differences | (2.00%) | 0.50% | (3.60%) |
True-ups and other | 0.80% | (6.30%) | 9.20% |
Canada statutory rate addition | (4.20%) | (4.00%) | (8.30%) |
Change in valuation allowance | (39.30%) | (28.10%) | (31.20%) |
Total | 0.00% | 0.00% | 0.00% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | ||
Valuation allowance | $ 6,017 | $ 20,870 |
Commitments (Details)
Commitments (Details) | Dec. 31, 2020USD ($) |
Operating leases | |
2021 | $ 49,000 |
2022 | 1,000 |
2023 and after | 0 |
Minimum annual lease payments | $ 50,000 |
Commitments (Details 1)
Commitments (Details 1) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments | |
2021 | $ 497 |
2022 | 3,031 |
2023 | 5,487 |
2024 | 4,326 |
Long term debt | $ 13,341 |
Financial instruments (Details
Financial instruments (Details Narrative) - USD ($) $ in Thousands | May 15, 2020 | Feb. 28, 2021 | May 29, 2020 | Dec. 31, 2020 |
Cash, insured amount | $ 500 | |||
Accounts payable and accrued liabilities | 2,300 | |||
Notes payable current portion | 500 | |||
Proceeds from shares issued | $ 4,680 | $ 15,200 | ||
Maximum [Member] | ||||
Proceeds from shares issued | $ 100,000 | |||
Credit Concentration Risk [Member] | ||||
Cash, insured amount | $ 11,600 | |||
NYSE American LLC [Member] | ||||
Proceeds from shares issued | $ 10,000,000 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 04, 2021 | May 15, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Gross proceeds of common shares issued | $ 4,680 | $ 15,200 | ||||
Exercise price | $ 0.63 | $ 0.63 | $ 0.58 | |||
Subsequent Event [Member] | ||||||
Warrants to purchase common shares | 7,361,100 | |||||
Underwriting public offering shares | 14,722,200 | |||||
Gross proceeds of common shares issued | $ 15,200,000 | |||||
Exercise price | $ 1.35 | |||||
Warrants offering price | $ 0.90 | |||||
Purchase additional common shares | 2,208,330 | |||||
Warrants issued during the period | 16,930,530 | |||||
Common stock shares issued | 16,930,530 | |||||
Shares to be issued on exercise of warrant | 8,465,265 | |||||
Additional warrants purchase | 1,104,165 |