Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | UR-ENERGY INC. | |
Entity Central Index Key | 0001375205 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 223,126,028 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-33905 | |
Entity Incorporation State Country Code | Z4 | |
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 stock | |
Trading Symbol | URG | |
Security Exchange Name | NYSEAMER | |
Entity Interactive Data Current | Yes |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 39,920 | $ 46,189 |
Accounts receivable | 4 | 4 |
Inventory | 9,903 | 0 |
Prepaid expenses | 1,375 | 894 |
Assets held for sale | 0 | 1,536 |
Total current assets | 51,202 | 48,623 |
Non-current assets | ||
Non-current portion of inventory | 0 | 7,923 |
Restricted cash | 8,065 | 7,966 |
Mineral properties | 35,966 | 35,067 |
Capital assets | 20,099 | 21,260 |
Total non-current assets | 64,130 | 72,216 |
Total assets | 115,332 | 120,839 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,245 | 2,864 |
Current portion of notes payable | 5,290 | 1,262 |
Current portion of warrant liability | 0 | 2,027 |
Environmental remediation accrual | 70 | 71 |
Total current liabilities | 8,605 | 6,224 |
Non-current liabilities | ||
Notes payable | 7,066 | 11,060 |
Lease liability | 6 | 18 |
Asset retirement obligations | 30,553 | 29,915 |
Warrant liability | 2,559 | 4,236 |
Total non-current liabilities | 40,184 | 45,229 |
Shareholders' equity | ||
Share capital | 256,797 | 248,319 |
Contributed surplus | 20,825 | 20,040 |
Accumulated other comprehensive income | 4,279 | 4,142 |
Accumulated deficit | (215,358) | (203,115) |
Total shareholders' equity | 66,543 | 69,386 |
Total liabilities and shareholders' equity | $ 115,332 | $ 120,839 |
Interim Consolidated Statements
Interim Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interim Consolidated Statements of Operations and Comprehensive Loss | ||||
Sales | $ 0 | $ 9 | $ 19 | $ 16 |
Cost Of Sales | (1,655) | (1,703) | (5,039) | (5,211) |
Gross loss | (1,655) | (1,694) | (5,020) | (5,195) |
Operating Costs | (2,910) | (2,189) | (9,668) | (6,778) |
Loss From Operations | (4,565) | (3,883) | (14,688) | (11,973) |
Net Interest Expense | (114) | (182) | (451) | (558) |
Warrant Liability revaluation Gain (Loss) | (295) | (5,060) | 1,620 | (11,384) |
Foreign Exchange Gain (Loss) | 19 | 15 | 29 | (352) |
Other Income (Loss) | (7) | 2 | 1,247 | 908 |
Net Loss | (4,962) | (9,108) | (12,243) | (23,359) |
Foreign Currency Translation Adjustment | 87 | 219 | 137 | 472 |
Comprehensive Loss | $ (4,875) | $ (8,889) | $ (12,106) | $ (22,887) |
Loss Per Common Share: | ||||
Basic | $ (0.03) | $ (0.04) | $ (0.06) | $ (0.12) |
Diluted | $ (0.03) | $ (0.04) | $ (0.06) | $ (0.12) |
Weighted Average Common Shares: | ||||
Basic | 221,844,180 | 197,205,734 | 219,431,614 | 189,835,800 |
Diluted | 221,844,180 | 197,205,734 | 219,431,614 | 189,835,800 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Contributed Surplus [Member] | Share Capital [Member] | Accumulated other comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance, shares at Dec. 31, 2020 | 170,253,752 | ||||
Balance, amount at Dec. 31, 2020 | $ 34,096 | $ 20,946 | $ 189,620 | $ 3,707 | $ (180,177) |
Exercise of stock options, shares | 1,723,818 | ||||
Exercise of stock options, amount | 1,078 | (462) | $ 1,540 | 0 | 0 |
Exercise of warrants, shares | 481,000 | ||||
Exercise of warrants, amount | 551 | 0 | $ 551 | 0 | 0 |
Shares issued for cash, shares | 16,930,530 | ||||
Shares issued for cash, amount | 15,237 | 0 | $ 15,237 | 0 | 0 |
Less amount assigned to warrant liability | (2,604) | 0 | (2,604) | 0 | 0 |
Less share issue costs | (1,307) | 0 | (1,307) | 0 | 0 |
Stock compensation | 231 | 231 | 0 | 0 | 0 |
Comprehensive income (loss) | (7,153) | 0 | $ 0 | 219 | (7,372) |
Balance, shares at Mar. 31, 2021 | 189,389,100 | ||||
Balance, amount at Mar. 31, 2021 | 40,129 | 20,715 | $ 203,037 | 3,926 | (187,549) |
Exercise of stock options, shares | 160,000 | ||||
Exercise of stock options, amount | 94 | (40) | $ 134 | 0 | 0 |
Exercise of warrants, shares | 825,637 | ||||
Exercise of warrants, amount | 1,245 | 0 | $ 1,245 | 0 | 0 |
Shares issued for cash, shares | 4,423,368 | ||||
Shares issued for cash, amount | 6,930 | 0 | $ 6,930 | 0 | 0 |
Less share issue costs | (218) | 0 | (218) | 0 | 0 |
Stock compensation | 259 | 259 | 0 | 0 | 0 |
Comprehensive income (loss) | (6,845) | 0 | $ 0 | 34 | (6,879) |
Balance, shares at Jun. 30, 2021 | 194,798,105 | ||||
Balance, amount at Jun. 30, 2021 | 41,594 | 20,934 | $ 211,128 | 3,960 | (194,428) |
Exercise of stock options, shares | 17,548 | ||||
Exercise of stock options, amount | 11 | (5) | $ 16 | 0 | 0 |
Exercise of warrants, shares | 5,443,823 | ||||
Exercise of warrants, amount | 9,021 | 0 | $ 9,021 | 0 | 0 |
Shares issued for cash, shares | 6,026,499 | ||||
Shares issued for cash, amount | 10,112 | 0 | $ 10,112 | 0 | 0 |
Less share issue costs | (253) | 0 | (253) | 0 | 0 |
Stock compensation | 289 | 289 | $ 0 | 0 | |
Comprehensive income (loss) | (8,889) | 219 | (9,108) | ||
Balance, shares at Sep. 30, 2021 | 206,285,975 | ||||
Balance, amount at Sep. 30, 2021 | 51,885 | 21,218 | $ 230,024 | 4,179 | (203,536) |
Balance, shares at Dec. 31, 2021 | 216,782,694 | ||||
Balance, amount at Dec. 31, 2021 | 69,386 | 20,040 | $ 248,319 | 4,142 | (203,115) |
Exercise of stock options, shares | 239,422 | ||||
Exercise of stock options, amount | 171 | (73) | $ 244 | ||
Exercise of warrants, shares | 259,000 | ||||
Exercise of warrants, amount | 308 | $ 308 | |||
Shares issued for cash, shares | 1,214,774 | ||||
Shares issued for cash, amount | 2,128 | $ 2,128 | |||
Less share issue costs | (53) | $ (53) | |||
Stock compensation | 261 | 261 | |||
Comprehensive income (loss) | (7,036) | (108) | (6,928) | ||
Balance, shares at Mar. 31, 2022 | 218,495,890 | ||||
Balance, amount at Mar. 31, 2022 | 65,165 | 20,228 | $ 250,946 | 4,034 | (210,043) |
Exercise of stock options, shares | 80,603 | ||||
Exercise of stock options, amount | 56 | (25) | $ 81 | ||
Shares issued for cash, shares | 669,535 | ||||
Shares issued for cash, amount | 1,185 | $ 1,185 | |||
Less share issue costs | (30) | $ (30) | |||
Stock compensation | 464 | 464 | |||
Comprehensive income (loss) | (195) | 158 | (353) | ||
Balance, shares at Jun. 30, 2022 | 219,246,028 | ||||
Balance, amount at Jun. 30, 2022 | 66,645 | 20,667 | $ 252,182 | 4,192 | (210,396) |
Exercise of stock options, shares | 320,000 | ||||
Exercise of stock options, amount | 269 | $ 269 | |||
Exercise of warrants, shares | 3,560,000 | ||||
Exercise of warrants, amount | 4,265 | (81) | $ 4,346 | ||
Stock compensation | 239 | 239 | |||
Comprehensive income (loss) | (4,875) | 87 | (4,962) | ||
Balance, shares at Sep. 30, 2022 | 223,126,028 | ||||
Balance, amount at Sep. 30, 2022 | $ 66,543 | $ 20,825 | $ 256,797 | $ 4,279 | $ (215,358) |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net loss for the period | $ (12,243) | $ (23,359) |
Items Not Affecting Cash: | ||
Stock Based Compensation | 964 | 779 |
Net Realizable Value Adjustments | 5,039 | 5,211 |
Amortization Of Mineral Properties | 936 | 1,525 |
Depreciation Of Capital Assets | 1,362 | 1,336 |
Accretion Expense | 339 | 365 |
Amortization Of Deferred Loan Costs | 34 | 32 |
Gain on loan forgiveness | 0 | (900) |
Provision for reclamation | (1) | 0 |
Mark to market loss (gain) | (1,620) | 11,384 |
Unrealized foreign exchange loss (gain) | (27) | 350 |
Accounts Receivable | 0 | (15) |
Inventory | (7,019) | (5,318) |
Prepaid Expenses | (481) | (381) |
Accounts Payable and Accrued Liabilities | 381 | (142) |
Net cash provided by used in operating activities | (12,336) | (9,133) |
Investing Activities | ||
Purchase Of Capital Assets | (213) | (63) |
Net Cash Provided By Used In Investing Activities | (213) | (63) |
Financing Activities | ||
Issuance Of Common Shares And Warrants For Cash | 3,313 | 32,280 |
Share Issue Costs | (83) | (1,778) |
Proceeds From Exercise Of Warrants And Stock Options | 3,279 | 7,822 |
Net Cash provided by used in financing activities | 6,509 | 38,324 |
Effects Of Foreign Exchange Rate Changes On Cash | (130) | 19 |
Beginning Cash, Cash Equivalents, And Restricted Cash, Beginning Balance | 54,155 | 12,127 |
Increase (decrease) in cash, cash equivalents, and restricted cash from above | (6,170) | 29,147 |
Increase (decrease) In Cash, Cash Equivalents, And Restricted Cash, Ending Balance | $ 47,985 | $ 41,274 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Nature of Operations | |
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 issuer, as defined by United States Securities and Exchange Commission (“SEC”). 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 recovery methods used by the Company on the Lost Creek Property, and the definition of “mineral reserves” under Subpart 1300 to Regulation S-K (“S-K 1300”), the Company has not determined whether the properties contain mineral reserves. This was true while the Company reported its mineral resources pursuant to Canadian National Instrument 43-101 (“NI 43-101”). The Company’s report The Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation These interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2021. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents | |
Cash And Cash Equivalents | 3. Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following: Cash and cash equivalents September 30, 2022 December 31, 2021 Cash on deposit 4,084 9,068 Money market funds 35,836 37,121 39,920 46,189 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Inventory | |
Inventory | 4. Inventory The Company’s inventory consists of the following: Inventory by Type September 30, 2022 December 31, 2021 Conversion facility inventory 9,903 7,923 9,903 7,923 Inventory by Duration September 30, 2022 December 31, 2021 Current portion of inventory 9,903 - Non-current portion of inventory - 7,923 9,903 7,923 Using lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $5,039 and $5,211 for the nine months ended September 30, 2022, and September 30, 2021, respectively. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Restricted Cash | |
Restricted Cash | 5. Restricted Cash The Company’s restricted cash consists of the following: Restricted Cash September 30, 2022 December 31, 2021 Cash pledged for reclamation 8,065 7,966 8,065 7,966 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”), including the Wyoming Uranium Recovery Program (“URP”), and the Bureau of Land Management (“BLM”) as applicable. The restricted money market accounts are pledged as collateral against performance surety bonds, which secure the estimated costs of reclamation related to the properties. Surety bonds providing $28.2 million of coverage towards reclamation obligations are collateralized by the restricted cash. |
Mineral Properties
Mineral Properties | 9 Months Ended |
Sep. 30, 2022 | |
Mineral Properties | |
Mineral Properties | 6. Mineral Properties The Company’s mineral properties consist of the following: Lost Creek Shirley Basin Other U.S. Mineral Properties Property Property Properties Total December 31, 2021 4,527 17,362 13,178 35,067 Reclassify assets no longer held for sale - - 1,536 1,536 Change in estimated reclamation costs - 299 - 299 Depletion and amortization (936 ) - - (936 ) September 30, 2022 3,591 17,661 14,714 35,966 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 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, 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. Previously, a non-core, unpermitted non-operating property held by Pathfinder was classified as an asset held for sale. At this time, there are no longer active discussions for the sale of the property. The property has therefore been reclassified and is no longer considered an asset held for sale. 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. |
Capital Assets
Capital Assets | 9 Months Ended |
Sep. 30, 2022 | |
Capital Assets | |
Capital Assets | 7. Capital Assets The Company’s capital assets consist of the following: September 30, 2022 December 31, 2021 Accumulated Net Book Accumulated Net Book Capital Assets Cost Depreciation Value Cost Depreciation Value Rolling stock 3,450 (3,433 ) 17 3,450 (3,413 ) 37 Enclosures 34,024 (14,745 ) 19,279 33,949 (13,488 ) 20,461 Machinery and equipment 1,604 (992 ) 612 1,489 (946 ) 543 Furniture and fixtures 265 (138 ) 127 266 (121 ) 145 Information technology 1,131 (1,073 ) 58 1,177 (1,121 ) 56 Right of use assets 36 (30 ) 6 36 (18 ) 18 40,510 (20,411 ) 20,099 40,367 (19,107 ) 21,260 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Accounts Payable and Accrued Liabilities | |
Accounts Payable And Accrued Liabilities | 8. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: Accounts Payable and Accrued Liabilities September 30, 2022 December 31, 2021 Accounts payable 1,275 854 Accrued payroll liabilities 1,852 1,927 Accrued severance, ad valorem, and other taxes payable 118 83 3,245 2,864 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Notes Payable | |
Notes Payable | 9. 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 an eighteen-month 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 eighteen months. Quarterly principal payments resumed on October 1, 2022, and the last payment will be due on October 1, 2024. The following table summarizes the Company’s current and long-term debt. Current and Long-term Debt September 30, 2022 December 31, 2021 Current State Bond Loan 5,333 1,305 Deferred financing costs (43 ) (43 ) 5,290 1,262 Long-term State Bond Loan 7,108 11,136 Deferred financing costs (42 ) (76 ) 7,066 11,060 The schedule of remaining payments on outstanding debt as of September 30, 2022, is presented below. Remaining Payments Total 2022 2023 2024 Final payment State Bond Loan Principal 12,441 1,305 5,409 5,727 Oct-2024 Interest 911 179 525 207 Total 13,352 1,484 5,934 5,934 |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligations | |
Asset Retirement Obligations | 10. Asset Retirement Obligations Asset retirement obligations (“ARO”) relate to the Lost Creek mine and Shirley Basin project and are equal to the current estimated reclamation cost escalated at inflation rates ranging from 0.74% to 2.44% and then discounted at credit adjusted risk-free rates ranging from 0.33% to 8.93%. Current estimated reclamation costs include costs of closure, reclamation, demolition and stabilization of the wellfields, 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, 2021 29,915 Change in estimated reclamation costs 299 Accretion expense 339 September 30, 2022 30,553 The restricted cash discussed in note 5 relates to the surety bonds provided to the governmental agencies for these and other reclamation obligations. |
Warrant Liability
Warrant Liability | 9 Months Ended |
Sep. 30, 2022 | |
Warrant Liability | |
Warrant Liability | 11. Warrant Liability 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 were exercised prior to the August 4, 2022 expiration date. In February 2021, we issued 16,930,530 warrants as part of an underwritten public offering with two warrants redeemable for one common share of the Company’s stock at a price of $1.35 per full share. The warrants will expire in February 2024. Because the 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 monthly, is calculated using the Black-Scholes model 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 Company’s warrant liabilities consist of the following: Aug-2020 Feb-2021 Warrant Liability Activity Warrants Warrants Total December 31, 2021 2,027 4,236 6,263 Warrants exercised (1,790 ) - (1,790 ) Mark to market revaluation gain (215 ) (1,405 ) (1,620 ) Effects for foreign exchange rate changes (22 ) (272 ) (294 ) September 30, 2022 - 2,559 2,559 Feb-2021 Warrant Liability Duration Warrants Current portion of warrant liability - Warrant liability long-term 2,559 2,559 The fair value of the warrant liabilities on September 30, 2022, was determined using the Black-Scholes model with the following assumptions: Feb-2021 Black-Scholes Assumptions at September 30, 2022 Warrants Expected forfeiture rate 0.0 % Expected life (years) 1.3 Expected volatility 74.3 % Risk free rate 3.8 % Expected dividend rate 0.0 % Exercise price $ 1.35 Market price $ 1.09 |
Shareholders' Equity and Capita
Shareholders' Equity and Capital Stock | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders' Equity and Capital Stock | |
Shareholders' Equity And Capital Stock | 12. 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 223,126,028 shares and 216,782,694 shares were issued and outstanding as of September 30, 2022, and December 31, 2021, respectively. 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 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. After fees and expenses of $1.3 million, net proceeds to the Company were approximately $13.9 million. 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: one-third on the first anniversary, one-third on the second anniversary, and one-third on the third anniversary of the grant. The term of the options is five years. Activity with respect to stock options is summarized as follows: Outstanding Weighted-average Stock Option Activity Options exercise price # $ December 31, 2021 10,064,024 0.68 Granted 175,000 1.74 Exercised (640,025 ) 0.66 September 30, 2022 9,598,999 0.64 The exercise price of a new grant is set at the closing price for the shares on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date and there is no intrinsic value as of the date of grant. We received $0.4 million and $1.2 million from options exercised in the nine months ended September 30, 2022 and September 30, 2021, respectively. Stock-based compensation expense from stock options was $0.2 million and $0.7 million for the three and nine months ended September 30, 2022, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, there was approximately $0.7 million unamortized stock-based compensation expense related to the Option Plan. The expenses are expected to be recognized over the remaining weighted-average vesting period of 1.7 years under the Option Plan. As of September 30, 2022, outstanding stock options are as follows: Options outstanding Options exercisable Weighted- Weighted- average average remaining Aggregate remaining Aggregate Exercise Number contractual intrinsic Number contractual intrinsic price of options life (years) value of options life (years) value Expiry $ # $ # $ 0.65 1,024,095 0.2 449,977 1,024,095 0.2 449,977 2022-12-15 0.56 200,000 0.5 106,673 200,000 0.5 106,673 2023-03-30 0.67 807,997 0.9 337,503 807,997 0.9 337,503 2023-08-20 0.66 716,674 1.2 309,719 716,674 1.2 309,719 2023-12-14 0.57 2,528,579 2.1 1,312,102 1,815,616 2.1 942,139 2024-11-05 0.46 2,824,490 3.1 1,792,345 1,248,735 3.1 792,414 2025-11-13 1.04 1,322,164 3.9 64,818 566,911 3.9 27,792 2026-08-27 1.61 175,000 4.5 - - - - 2027-03-14 0.61 9,598,999 2.3 4,373,137 6,380,028 1.9 2,966,217 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 as of the last trading day in the three months ended September 30, 2022 (approximately US$1.09), that would have been received by the option holders had they exercised their options on that date. There were 9,423,999 in‑the‑money stock options outstanding and 6,380,028 in-the-money stock options exercisable as of September 30, 2022. The fair value of the stock options on their respective grant dates was determined using the Black-Scholes model with the following assumptions: Stock Options Fair Value Assumptions 2022 2021 Expected forfeiture rate 5.6 % 6.1 % Expected life (years) 3.9 3.9 Expected volatility 72.7 % 69.5 % Risk free rate 1.9 % 0.7 % Expected dividend rate 0.0 % 0.0 % Black-Scholes value (CAD$) $ 1.22 $ 0.74 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”), as subsequently amended and now known as the Restricted Share Unit and Equity Incentive Plan (the “RSU&EI Plan”). The RSU&EI Plan was approved by our shareholders most recently on June 2, 2022. Eligible participants under the RSU&EI Plan include directors and employees of the Company. Granted RSUs are redeemed on the second anniversary of the grant. Upon an RSU redemption, the holder of the RSU will receive one common share, for no additional consideration, for each RSU held. Activity with respect to RSUs is summarized as follows: Weighted average Outstanding grant date Restricted Share Unit Activity RSUs fair value # $ December 31, 2021 1,011,660 0.69 Granted - - Released - - Forfeited - - September 30, 2022 1,011,660 0.69 Stock-based compensation expense from RSUs was $0.1 million and $0.3 million for the three and nine months ended September 30, 2022, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, there was approximately $0.1 million unamortized stock-based compensation expense related to the RSU&EI Plan. The expenses are expected to be recognized over the remaining weighted-average vesting periods of 0.8 years under the RSU&EI Plan. As of September 30, 2022, outstanding RSUs are as follows: RSUs outstanding Weighted- average remaining Aggregate Number contractual intrinsic Redemption of RSUs life (years) value Date # $ 706,130 0.1 769,682 2022-11-13 305,530 0.9 333,028 2023-08-27 1,011,660 0.4 1,102,710 The fair value of restricted share units on their respective grant dates was determined using the Intrinsic Value Method with the following assumptions: Restricted Share Unit Fair Value Assumptions 2021 2020 Expected forfeiture rate 4.4 % 4.2 % Grant date fair value (CAD$) $ 1.44 $ 0.63 Warrants 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. In February 2021, the Company issued 16,930,530 warrants to purchase 8,465,265 of our common shares at $1.35 per full share. The following represents warrant activity during the period ended September 30, 2022: Number of Outstanding shares to be issued Per share Warrant Activity warrants upon exercise exercise price # # $ December 31, 2021 24,368,530 12,184,265 1.16 Exercised (7,638,000 ) (3,819,000 ) 0.75 September 30, 2022 16,730,530 8,365,265 1.35 We received $2.9 million and $6.6 million from warrants exercised in the nine months ended September 30, 2022 and September 30, 2021, respectively As of September 30, 2022, outstanding warrants are as follows: Weighted- average remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ # $ 1.35 16,730,530 1.3 - 2024-02-04 1.35 16,730,530 1.3 - Fair value calculation assumptions for stock options, restricted share units, and warrants 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. Estimated forfeitures and expected lives were based on actual historical experience. |
Sales and other income
Sales and other income | 9 Months Ended |
Sep. 30, 2022 | |
Sales and other income | |
Sales and Other Income | 13. Sales and Other Income Revenue is primarily derived from the sale of U 3 8 3 8 During March 2022, we sold a royalty interest related to Strata Energy’s Lance Uranium ISR Project for $1.3 million. There was no carrying value related to the royalty on our balance sheet therefore the entire amount was recognized as other income. |
Cost of Sales
Cost of Sales | 9 Months Ended |
Sep. 30, 2022 | |
Cost of Sales | |
Cost Of Sales | 14. 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 in excess of the NRV is charged to cost of sales. Cost of sales consists of the following: Three months ended Nine months ended September 30, September 30, Cost of Sales 2022 2021 2022 2021 Cost of product sales - - - - Lower of cost or NRV adjustments 1,655 1,703 5,039 5,211 1,655 1,703 5,039 5,211 |
Operating Costs
Operating Costs | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs | |
Operating Costs | 15. 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 consists 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 expenses also include 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: Three months ended Nine months ended September 30, September 30, Operating Costs 2022 2021 2022 2021 Exploration and evaluation 422 515 1,421 1,671 Development 1,188 187 3,137 652 General and administration 1,186 1,368 4,771 4,090 Accretion 114 119 339 365 2,910 2,189 9,668 6,778 |
Supplemental Information for St
Supplemental Information for Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Information for Statement of Cash Flows | |
Supplemental Information For Statement Of Cash Flows | 16. Supplemental Information for Statement of Cash Flows Cash, cash equivalents, and restricted cash per the Statement of Cash Flows consists of the following: Cash and Cash Equivalents, and Restricted Cash September 30, 2022 September 30, 2021 Cash and cash equivalents 39,920 33,413 Restricted cash 8,065 7,861 47,985 41,274 Interest expense paid was $0.5 million and $0.5 million for the nine months ended September 30, 2022, and 2021, respectively. |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Financial instruments | |
Financial Instruments | 17. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued liabilities, warrant liability 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 $0.6 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation, or the U.S. Federal Deposit Insurance Corporation, leaving approximately $47.4 million at risk on September 30, 2022, should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of September 30, 2022. 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 September 30, 2022, the Company’s current financial liabilities consisted of accounts payable and accrued liabilities of $3.2 million, and $5.3 million for the current portion of notes payable. As of September 30, 2022, we had $39.9 million of cash and cash equivalents. In addition to our cash position, our finished, ready-to-sell, conversion facility inventory value is immediately realizable, if necessary. 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 nine months ended September 30, 2022. 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies | |
Basis Of Presentation | These interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2021. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents (Tables) | |
Schedule Of Cash And Cash Equivalents | Cash and cash equivalents September 30, 2022 December 31, 2021 Cash on deposit 4,084 9,068 Money market funds 35,836 37,121 39,920 46,189 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory | |
Schedule Of Inventory, Current | Inventory by Type September 30, 2022 December 31, 2021 Conversion facility inventory 9,903 7,923 9,903 7,923 Inventory by Duration September 30, 2022 December 31, 2021 Current portion of inventory 9,903 - Non-current portion of inventory - 7,923 9,903 7,923 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restricted Cash (Tables) | |
Schedule Of Restricted Cash | Restricted Cash September 30, 2022 December 31, 2021 Cash pledged for reclamation 8,065 7,966 8,065 7,966 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Mineral Properties (Tables) | |
Mineral Property | Lost Creek Shirley Basin Other U.S. Mineral Properties Property Property Properties Total December 31, 2021 4,527 17,362 13,178 35,067 Reclassify assets no longer held for sale - - 1,536 1,536 Change in estimated reclamation costs - 299 - 299 Depletion and amortization (936 ) - - (936 ) September 30, 2022 3,591 17,661 14,714 35,966 |
Capital Assets (Tables)
Capital Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Capital Assets (Tables) | |
Schedule Of Capital Assets | September 30, 2022 December 31, 2021 Accumulated Net Book Accumulated Net Book Capital Assets Cost Depreciation Value Cost Depreciation Value Rolling stock 3,450 (3,433 ) 17 3,450 (3,413 ) 37 Enclosures 34,024 (14,745 ) 19,279 33,949 (13,488 ) 20,461 Machinery and equipment 1,604 (992 ) 612 1,489 (946 ) 543 Furniture and fixtures 265 (138 ) 127 266 (121 ) 145 Information technology 1,131 (1,073 ) 58 1,177 (1,121 ) 56 Right of use assets 36 (30 ) 6 36 (18 ) 18 40,510 (20,411 ) 20,099 40,367 (19,107 ) 21,260 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts Payable and Accrued Liabilities | |
Schedule Of Accounts Payable And Accrued Liabilities | Accounts Payable and Accrued Liabilities September 30, 2022 December 31, 2021 Accounts payable 1,275 854 Accrued payroll liabilities 1,852 1,927 Accrued severance, ad valorem, and other taxes payable 118 83 3,245 2,864 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cost of Sales | |
Schedule Of Debt | Current and Long-term Debt September 30, 2022 December 31, 2021 Current State Bond Loan 5,333 1,305 Deferred financing costs (43 ) (43 ) 5,290 1,262 Long-term State Bond Loan 7,108 11,136 Deferred financing costs (42 ) (76 ) 7,066 11,060 |
Schedule Of Outstanding Debt | Remaining Payments Total 2022 2023 2024 Final payment State Bond Loan Principal 12,441 1,305 5,409 5,727 Oct-2024 Interest 911 179 525 207 Total 13,352 1,484 5,934 5,934 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligations (Tables) | |
Schedule Of Asset Retirement Obligations | Asset Retirement Obligations Total December 31, 2021 29,915 Change in estimated reclamation costs 299 Accretion expense 339 September 30, 2022 30,553 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Warrant Liability | |
Schedule Of Warrant Liabilities | Aug-2020 Feb-2021 Warrant Liability Activity Warrants Warrants Total December 31, 2021 2,027 4,236 6,263 Warrants exercised (1,790 ) - (1,790 ) Mark to market revaluation gain (215 ) (1,405 ) (1,620 ) Effects for foreign exchange rate changes (22 ) (272 ) (294 ) September 30, 2022 - 2,559 2,559 Feb-2021 Warrant Liability Duration Warrants Current portion of warrant liability - Warrant liability long-term 2,559 2,559 |
Schedule Of Fair Value Of Warrant | Feb-2021 Black-Scholes Assumptions at September 30, 2022 Warrants Expected forfeiture rate 0.0 % Expected life (years) 1.3 Expected volatility 74.3 % Risk free rate 3.8 % Expected dividend rate 0.0 % Exercise price $ 1.35 Market price $ 1.09 |
Shareholders' Equity and Capi_2
Shareholders' Equity and Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders' Equity and Capital Stock | |
Schedule Of Activity with respect to stock options | Outstanding Weighted-average Stock Option Activity Options exercise price # $ December 31, 2021 10,064,024 0.68 Granted 175,000 1.74 Exercised (640,025 ) 0.66 September 30, 2022 9,598,999 0.64 |
Schedule Of outstanding stock options | 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 $ # $ # $ 0.65 1,024,095 0.2 449,977 1,024,095 0.2 449,977 2022-12-15 0.56 200,000 0.5 106,673 200,000 0.5 106,673 2023-03-30 0.67 807,997 0.9 337,503 807,997 0.9 337,503 2023-08-20 0.66 716,674 1.2 309,719 716,674 1.2 309,719 2023-12-14 0.57 2,528,579 2.1 1,312,102 1,815,616 2.1 942,139 2024-11-05 0.46 2,824,490 3.1 1,792,345 1,248,735 3.1 792,414 2025-11-13 1.04 1,322,164 3.9 64,818 566,911 3.9 27,792 2026-08-27 1.61 175,000 4.5 - - - - 2027-03-14 0.61 9,598,999 2.3 4,373,137 6,380,028 1.9 2,966,217 |
Schedule Of fair value of the stock options | Stock Options Fair Value Assumptions 2022 2021 Expected forfeiture rate 5.6 % 6.1 % Expected life (years) 3.9 3.9 Expected volatility 72.7 % 69.5 % Risk free rate 1.9 % 0.7 % Expected dividend rate 0.0 % 0.0 % Black-Scholes value (CAD$) $ 1.22 $ 0.74 |
Schedule Of Restricted Share Unit Activity | Weighted average Outstanding grant date Restricted Share Unit Activity RSUs fair value # $ December 31, 2021 1,011,660 0.69 Granted - - Released - - Forfeited - - September 30, 2022 1,011,660 0.69 |
Schedule Of Schedule Of Restricted Share Unit Outstanding | RSUs outstanding Weighted- average remaining Aggregate Number contractual intrinsic Redemption of RSUs life (years) value Date # $ 706,130 0.1 769,682 2022-11-13 305,530 0.9 333,028 2023-08-27 1,011,660 0.4 1,102,710 |
Schedule Of Restricted Share Unit Fair Value Assumptions | Restricted Share Unit Fair Value Assumptions 2021 2020 Expected forfeiture rate 4.4 % 4.2 % Grant date fair value (CAD$) $ 1.44 $ 0.63 |
Schedule Of warrant activity | Number of Outstanding shares to be issued Per share Warrant Activity warrants upon exercise exercise price # # $ December 31, 2021 24,368,530 12,184,265 1.16 Exercised (7,638,000 ) (3,819,000 ) 0.75 September 30, 2022 16,730,530 8,365,265 1.35 |
Schedule Of outstanding warrants | Weighted- average remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ # $ 1.35 16,730,530 1.3 - 2024-02-04 1.35 16,730,530 1.3 - |
Cost of Sales (Tables)
Cost of Sales (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cost of Sales (Tables) | |
Schedule Of Cost Of Sales | Three months ended Nine months ended September 30, September 30, Cost of Sales 2022 2021 2022 2021 Cost of product sales - - - - Lower of cost or NRV adjustments 1,655 1,703 5,039 5,211 1,655 1,703 5,039 5,211 |
Operating Costs (Tables)
Operating Costs (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs | |
Schedule Of Operating Costs | Three months ended Nine months ended September 30, September 30, Operating Costs 2022 2021 2022 2021 Exploration and evaluation 422 515 1,421 1,671 Development 1,188 187 3,137 652 General and administration 1,186 1,368 4,771 4,090 Accretion 114 119 339 365 2,910 2,189 9,668 6,778 |
Supplementary Information For S
Supplementary Information For Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Information for Statement of Cash Flows | |
Cash Per The Statement Of Cash Flows | Cash and Cash Equivalents, and Restricted Cash September 30, 2022 September 30, 2021 Cash and cash equivalents 39,920 33,413 Restricted cash 8,065 7,861 47,985 41,274 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents | ||
Cash on deposit | $ 4,084 | $ 9,068 |
Money market funds | 35,836 | 37,121 |
Cash and Cash Equivalents | $ 39,920 | $ 46,189 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory, Net, Total | $ 9,903 | $ 7,923 |
Conversion Facility Inventory | ||
Inventory, Net, Total | 9,903 | 7,923 |
Non-current portion of inventory | ||
Inventory, Net, Total | 0 | 7,923 |
Current Portion Of Inventory | ||
Inventory, Net, Total | $ 9,903 | $ 0 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory | ||
Reduction In Inventory Valuation | $ 5,039 | $ 5,211 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Restricted Cash (Details) | ||
Cash Pledged For Reclamation | $ 8,065 | $ 7,966 |
Restricted Cash | $ 8,065 | $ 7,966 |
Restricted Cash (Details Narrat
Restricted Cash (Details Narrative) $ in Millions | Sep. 30, 2022 USD ($) |
Surety Bond [Member] | |
Restricted Cash | $ 28.2 |
Mineral Properties (Details)
Mineral Properties (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Balance At Beginning Of Period | $ 35,067 |
Reclassify assets no longer held for sale | 1,536 |
Change in estimated reclamation costs | 299 |
Depletion And Amortization | 936 |
Balance At Ending Of Period | 35,966 |
Shirley Basin [Member] | |
Balance At Beginning Of Period | 17,362 |
Reclassify assets no longer held for sale | 0 |
Change in estimated reclamation costs | 299 |
Depletion And Amortization | 0 |
Balance At Ending Of Period | 17,661 |
Lost Creek Property [Member] | |
Balance At Beginning Of Period | 4,527 |
Reclassify assets no longer held for sale | 0 |
Change in estimated reclamation costs | 0 |
Depletion And Amortization | 936 |
Balance At Ending Of Period | 3,591 |
Other U.S. Properties [Member] | |
Balance At Beginning Of Period | 13,178 |
Reclassify assets no longer held for sale | 1,536 |
Change in estimated reclamation costs | 0 |
Depletion And Amortization | 0 |
Balance At Ending Of Period | $ 14,714 |
Mineral Properties (Details Nar
Mineral Properties (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2005 | |
Nfu Wyoming Llc [Member] | ||
Percentage Of Asset Acquired | 100% | |
Aggregate Consideration | $ 20 | |
Pathfinder Properties [Member] | ||
Aggregate Consideration | $ 6.7 | |
Estimated Asset Reclamation Obligation | $ 5.7 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cost | $ 40,510 | $ 40,367 |
Accumulated Depreciation | (20,411) | (19,107) |
Net Book Value | 20,099 | 21,260 |
Machinery And Equipment [Member] | ||
Cost | 1,604 | 1,489 |
Accumulated Depreciation | (992) | (946) |
Net Book Value | 612 | 543 |
Furniture And Fixtures [Member] | ||
Cost | 265 | 266 |
Accumulated Depreciation | (138) | (121) |
Net Book Value | 127 | 145 |
Information Technology [Member] | ||
Cost | 1,131 | 1,177 |
Accumulated Depreciation | (1,073) | (1,121) |
Net Book Value | 58 | 56 |
Right Of Use Assets [Member] | ||
Cost | 36 | 36 |
Accumulated Depreciation | (30) | (18) |
Net Book Value | 6 | 18 |
Enclosures [Member] | ||
Cost | 34,024 | 33,949 |
Accumulated Depreciation | (14,745) | (13,488) |
Net Book Value | 19,279 | 20,461 |
Rolling Stock [Member] | ||
Cost | 3,450 | 3,450 |
Accumulated Depreciation | (3,433) | (3,413) |
Net Book Value | $ 17 | $ 37 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities | ||
Accounts Payable | $ 1,275 | $ 854 |
Accrued Payroll Liabilities | 1,852 | 1,927 |
Accrued Severance, Ad Valorem, And Other Taxes Payable | 118 | 83 |
Accounts Payable And Accrued Liabilities | $ 3,245 | $ 2,864 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current | ||
State Bond Loan | $ 5,333 | $ 1,305 |
Deferred Financing Costs | (43) | (43) |
Loans Payable, Current | 5,290 | 1,262 |
Long Term | ||
State Bond Loan | 7,108 | 11,136 |
Deferred Financing Cost | (42) | (76) |
Loans Payable, Non-current | $ 7,066 | $ 11,060 |
Notes Payable (Details 1)
Notes Payable (Details 1) - State Bond Loan [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Principal | $ 12,441 | $ 5,727 | $ 5,409 | $ 1,305 |
Interest | 911 | 207 | 525 | 179 |
Debt Outstanding | $ 13,352 | $ 5,934 | $ 5,934 | $ 1,484 |
Debt Instrument, Maturity Date | Oct-2024 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) $ in Millions | Oct. 15, 2015 USD ($) | Oct. 23, 2013 integer |
Due Quarterly Commencing From January 1, 2014 [Member] | ||
Fixed Interest Rate (as A Percent) | 5.75% | |
Due Quarterly Commencing From January 1, 2015 [Member] | ||
Number Of Installments | integer | 28 | |
Sweetwater Bond loan [Member] | ||
Proceeds From Issuance Of Long-term Debt | $ | $ 34 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Asset Retirement Obligations | |
Beginning Of Period | $ 29,915 |
Change in estimated reclamation costs | 299 |
Accretion Expense | 339 |
Ending period | $ 30,553 |
Asset Retirement Obligations _2
Asset Retirement Obligations (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | |
Discount Rate Of Asset Retirement Obligations | 0.33% |
Reclamation Cost Escalated Inflation Rate | 0.74% |
Maximum [Member] | |
Discount Rate Of Asset Retirement Obligations | 8.93% |
Reclamation Cost Escalated Inflation Rate | 2.44% |
Warrant Liabilities (Details)
Warrant Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Beginning Balance | $ 6,263 |
Warrants Exercised | (1,790) |
Mark To Market Revaluation Loss (gain) | (1,620) |
Effects For Foreign Exchange Rate Changes | (294) |
Ending Balance | 2,559 |
Feb-2021 Warrant [Member] | |
Beginning Balance | 4,236 |
Warrants Exercised | 0 |
Mark To Market Revaluation Loss (gain) | (1,405) |
Effects For Foreign Exchange Rate Changes | (272) |
Ending Balance | 2,559 |
Aug-2020 Warrant [Member] | |
Beginning Balance | 2,027 |
Warrants Exercised | (1,790) |
Mark To Market Revaluation Loss (gain) | (215) |
Effects For Foreign Exchange Rate Changes | (22) |
Ending Balance | $ 0 |
Warrant Liabilities (Details 1)
Warrant Liabilities (Details 1) - Feb-2021 Warrant [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Current Portion Of Warrant Liability | $ 0 |
Warrant Liability | 2,559 |
Total | $ 2,559 |
Warrant Liabilities (Details 2)
Warrant Liabilities (Details 2) - Feb-2021 Warrant [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
Expected forfeiture rate | 0% |
Expected Life (years) | 1 year 3 months 18 days |
Expected Volatility | 74.30% |
Risk Free Rate | 3.80% |
Expected Dividend Rate | 0% |
Exercise price | $ 1.35 |
Market price | $ 1.09 |
Warrant Liabilities (Details Na
Warrant Liabilities (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Feb-2021 Warrant [Member] | |
Number Of Securities Called By Each Warrant | shares | 16,930,530 |
Exercise Price | $ / shares | $ 1.35 |
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 Capi_3
Shareholders' Equity and Capital Stock (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shareholders' Equity and Capital Stock | |
Outstanding, Beginning Balance | shares | 10,064,024 |
Granted, Options | shares | 175,000 |
Exercised, Options | shares | (640,025) |
Outstanding, Ending Balance | shares | 9,598,999 |
Outstanding, Beginning Balance, Weighted-average Exercise Price | $ / shares | $ 0.68 |
Granted, Weighted-average Exercise Price | $ / shares | 1.74 |
Exercised, Weighted-average Exercise Price | $ / shares | 0.66 |
Outstanding,Ending Balance, Weighted-average Exercise Price | $ / shares | $ 0.64 |
Shareholders' Equity and Capi_4
Shareholders' Equity and Capital Stock (Details 1) | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Exercise price $0.57 | |
Exercise Price | $ / shares | $ 0.65 |
Number Of Options, Outstanding | shares | 1,024,095 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 2 months 12 days |
Number Of Options, Exercisable | shares | 1,024,095 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 2 months 12 days |
Aggregate Intrinsic Value, Exercisable | $ 449,977 |
Aggregate Intrinsic Value | $ 449,977 |
Expiry | Dec. 15, 2022 |
Exercise price $0.70 | |
Exercise Price | $ / shares | $ 0.56 |
Number Of Options, Outstanding | shares | 200,000 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 6 months |
Number Of Options, Exercisable | shares | 200,000 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 6 months |
Aggregate Intrinsic Value, Exercisable | $ 106,673 |
Aggregate Intrinsic Value | $ 106,673 |
Expiry | Mar. 30, 2023 |
Exercise price $0.60 | |
Exercise Price | $ / shares | $ 0.67 |
Number Of Options, Outstanding | shares | 807,997 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 10 months 24 days |
Number Of Options, Exercisable | shares | 807,997 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 10 months 24 days |
Aggregate Intrinsic Value, Exercisable | $ 337,503 |
Aggregate Intrinsic Value | $ 337,503 |
Expiry | Aug. 20, 2023 |
Exercise price $0.72 | |
Exercise Price | $ / shares | $ 0.66 |
Number Of Options, Outstanding | shares | 716,674 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 1 year 2 months 12 days |
Number Of Options, Exercisable | shares | 716,674 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 1 year 2 months 12 days |
Aggregate Intrinsic Value, Exercisable | $ 309,719 |
Aggregate Intrinsic Value | $ 309,719 |
Expiry | Dec. 14, 2023 |
Exercise price $0.71 | |
Exercise Price | $ / shares | $ 0.57 |
Number Of Options, Outstanding | shares | 2,528,579 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 2 years 1 month 6 days |
Number Of Options, Exercisable | shares | 1,815,616 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 2 years 1 month 6 days |
Aggregate Intrinsic Value, Exercisable | $ 1,312,102 |
Aggregate Intrinsic Value | $ 942,139 |
Expiry | Nov. 05, 2024 |
Exercise price $0.61 | |
Exercise Price | $ / shares | $ 0.46 |
Number Of Options, Outstanding | shares | 2,824,490 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 3 years 1 month 6 days |
Number Of Options, Exercisable | shares | 1,248,735 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 3 years 1 month 6 days |
Aggregate Intrinsic Value, Exercisable | $ 792,414 |
Aggregate Intrinsic Value | $ 1,792,345 |
Expiry | Nov. 13, 2025 |
Exercise price $0.49 | |
Exercise Price | $ / shares | $ 1.04 |
Number Of Options, Outstanding | shares | 1,322,164 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 3 years 10 months 24 days |
Number Of Options, Exercisable | shares | 566,911 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 3 years 10 months 24 days |
Aggregate Intrinsic Value, Exercisable | $ 27,792 |
Aggregate Intrinsic Value | $ 64,818 |
Expiry | Aug. 27, 2026 |
Exercise price $1.12 | |
Exercise Price | $ / shares | $ 1.61 |
Number Of Options, Outstanding | shares | 175,000 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 4 years 6 months |
Aggregate Intrinsic Value, Exercisable | $ 0 |
Aggregate Intrinsic Value | $ 0 |
Expiry | Mar. 14, 2027 |
Exercise price $1.73 | |
Exercise Price | $ / shares | $ 0.61 |
Number Of Options, Outstanding | shares | 9,598,999 |
Weighted- Average Remaining Contractual Life (years), Outstanding | 2 years 3 months 18 days |
Number Of Options, Exercisable | shares | 6,380,028 |
Weighted- Average Remaining Contractual Life (years), Exercisable | 1 year 10 months 24 days |
Aggregate Intrinsic Value, Exercisable | $ 2,966,217 |
Aggregate Intrinsic Value | $ 4,373,137 |
Shareholders' Equity and Capi_5
Shareholders' Equity and Capital Stock (Details 2) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Shareholders' Equity and Capital Stock | ||
Expected Forfeiture Rate | 5.60% | 6.10% |
Expected Life (years) | 3 years 10 months 24 days | 3 years 10 months 24 days |
Expected Volatility | 72.70% | 69.50% |
Risk Free Rate | 1.90% | 0.70% |
Expected Dividend Rate | 0% | 0% |
Black-scholes Value (cad$) | $ 1.22 | $ 0.74 |
Shareholders' Equity and Capi_6
Shareholders' Equity and Capital Stock (Details 3) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shareholders' Equity and Capital Stock | |
Number Of Rsus Unvested, Beginning Balance | shares | 1,011,660 |
Number Of Rsus Unvested, Ending Balance | shares | 1,011,660 |
Number Of Rsus Unvested, Beginning Balance, Weighted Average Grant Date Fair Value | $ 0.69 |
Granted, Weighted Average Grant Date Fair Value | 0 |
Released, Weighted Average Grant Date Fair Value | 0 |
Forfeited, Weighted Average Grant Date Fair Value | 0 |
Number Of Rsus Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ 0.69 |
Shareholders' Equity and Capi_7
Shareholders' Equity and Capital Stock (Details 4) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Remaining Life (years) | 4 months 24 days |
Aggregate Intrinsic Value | $ | $ 1,102,710 |
Number Of Unvested Units | shares | 1,011,660 |
November 13, 2022 [Member] | |
Remaining Life (years) | 1 month 6 days |
Aggregate Intrinsic Value | $ | $ 769,682 |
Number Of Unvested Units | shares | 706,130 |
Redemption Date | Nov. 13, 2022 |
August 27, 2023 [Member] | |
Remaining Life (years) | 10 months 24 days |
Aggregate Intrinsic Value | $ | $ 333,028 |
Number Of Unvested Units | shares | 305,530 |
Redemption Date | Aug. 27, 2023 |
Shareholders' Equity and Capi_8
Shareholders' Equity and Capital Stock (Details 5) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Shareholders' Equity and Capital Stock | ||
Expected Forfeiture Rate | 4.40% | 4.20% |
Grant Date Fair Value (cad$) | $ 1.44 | $ 0.63 |
Shareholders' Equity and Capi_9
Shareholders' Equity and Capital Stock (Details 6) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Outstanding Warrants | |
Outstanding Beginning Balance, Warrants | 24,368,530 |
Number Of Warrants, Exercised | (7,638,000) |
Outstanding Ending Balance, Warrants | 16,730,530 |
Number Of Shares To Be Issued Upon Exercise | |
Outstanding Beginning Balance, Number Of Shares To Be Issued Upon Exercise | 12,184,265 |
Number Of Shares To Be Issued Upon Exercise, Exercised | (3,819,000) |
Outstanding Ending Balance, Number Of Shares To Be Issued Upon Exercise | 8,365,265 |
Per Share Exercise Price | |
Per Share Exercise Price, Outstanding Beginning | $ / shares | $ 1.16 |
Per Share Exercise Price, Exercised | $ / shares | 0.75 |
Per Share Exercise Price, Outstanding Ending | $ / shares | $ 1.35 |
Shareholders' Equity and Cap_10
Shareholders' Equity and Capital Stock (Details 7) | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Exercise price $0.75 | |
Exercise Price | $ / shares | $ 1.35 |
Number Of Warrants | shares | 16,730,530 |
Remaining Contractual Life (years) | 1 year 3 months 18 days |
Aggregate Intrinsic Value | $ | $ 0 |
Expiry | Feb. 04, 2024 |
Exercise price $1.35 | |
Exercise Price | $ / shares | $ 1.35 |
Number Of Warrants | shares | 16,730,530 |
Remaining Contractual Life (years) | 1 year 3 months 18 days |
Aggregate Intrinsic Value | $ | $ 0 |
Shareholders' Equity and Cap_11
Shareholders' Equity and Capital Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 04, 2021 | Aug. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Public Offering Price Per Share | $ 0.90 | ||||||
Additional Common Shares Purchase | 2,208,330 | ||||||
Additional Warrants Purchase | 1,104,165 | ||||||
Warrants Issued To Purchase Common Shares | 7,361,100 | 16,930,530 | |||||
Stock-based Compensation Expense | $ 20 | $ 20 | $ 70 | $ 50 | |||
Proceeds from options exercised | 400 | 1,200 | |||||
Common Shares Purchase | 8,465,265 | ||||||
Unamortized Stock Based Compensation Expenses | $ 70 | ||||||
Option Weighted-average Vesting Period | 1 year 8 months 12 days | ||||||
Number Of Options, Outstanding | 9,423,999 | 9,423,999 | |||||
Number Of Options, Exercisable | 6,380,028 | 6,380,028 | |||||
Shares Issued Upon Public Offering | 14,722,200 | ||||||
Fees And Expenses | 1,300 | ||||||
Exercise Price | $ 1.35 | ||||||
Net Proceeds From Offerings | 13,900 | ||||||
Common Stock Issued | 223,126,028 | 223,126,028 | 216,782,694 | ||||
Common Stock Outstanding | 223,126,028 | 223,126,028 | 216,782,694 | ||||
Warrants One [Member] | |||||||
Common Shares Purchase | 8,465,265 | 4,500,000 | |||||
Exercise Price | $ 0.75 | $ 1.35 | |||||
Warrants Issued To Purchase Common Shares | 16,930,530 | 9,000,000 | 16,930,530 | ||||
Warrant Exercise | $ 2,900 | 6,600 | |||||
Warrants per share | 200,000 | ||||||
Restricted Stock Units RSU One [Member] | |||||||
Stock-based Compensation Expense | $ 100 | 100 | $ 300 | $ 300 | |||
Option Weighted-average Vesting Period | 9 months 18 days | ||||||
Unamortized Stock Based Compensation Expenses | $ 10 |
Sales And Other Income (Details
Sales And Other Income (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disposal billings | $ 19,000 | $ 9,000 | $ 19,000 | $ 16,000 | |
Strata Energy Lance Uranium [Member] | |||||
Royalty interest | $ 1,300,000 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory | ||||
Lower Of Cost Or NRV Adjustments | $ 1,655 | $ 1,703 | $ 5,039 | $ 5,211 |
Cost Of Sales | 1,655 | 1,703 | 5,039 | 5,211 |
Cost Of Product Sale | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Costs (Details)
Operating Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Costs | ||||
Exploration And Evaluation | $ 422 | $ 515 | $ 1,421 | $ 1,671 |
Development | 1,188 | 187 | 3,137 | 652 |
General And Administration | 1,186 | 1,368 | 4,771 | 4,090 |
Accretion | 114 | 119 | 339 | 365 |
Operating Costs | $ 2,910 | $ 2,189 | $ 9,668 | $ 6,778 |
Supplemental Information for _2
Supplemental Information for Statement of Cash Flows (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Supplemental Information for Statement of Cash Flows | ||||
Cash And Cash Equivalents | $ 39,920 | $ 33,413 | ||
Restricted Cash | 8,065 | 7,861 | ||
Total | $ 47,985 | $ 54,155 | $ 41,274 | $ 12,127 |
Supplemental Information for _3
Supplemental Information for Statement of Cash Flows (Details Narrative) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Supplemental Information for Statement of Cash Flows | ||
Interest Expense | $ 0.5 | $ 0.5 |
Financial instruments (Details
Financial instruments (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Deposit held in Canada and US | $ 600 | ||
Accounts payable and accrued liabilities | 3,245 | $ 2,864 | |
Cash and Cash equivalents | 39,920 | $ 33,413 | |
US Federal Deposit Insurance Corporation [Member] | |||
Credit risk | 47,400 | ||
Accounts payable and accrued liabilities | 3,200 | ||
Notes payable | 5,300 | ||
Cash and Cash equivalents | $ 39,900 |