Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
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, 2023 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Entity Common Stock Shares Outstanding | 281,626,324 | ||
Entity Public Float | $ 252.3 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fin Stmt Error Correction Flag | 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 | ||
Icfr Auditor Attestation Flag | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Vancouver, Canada | ||
Auditor Firm Id | 271 | ||
Local Phone Number | 981-4588 | ||
Security 12b Title | Common Shares, no par value | ||
Trading Symbol | URG | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 59,700,000 | $ 33,003,000 |
Current portion of lease receivable (net) | 77,000 | 0 |
Inventory | 2,571,000 | 9,903,000 |
Prepaid expenses | 1,321,000 | 1,038,000 |
Total current assets | 63,669,000 | 43,944,000 |
Non-current assets | ||
Lease receivable (net) | 208,000 | 0 |
Restricted cash | 8,549,000 | 8,137,000 |
Mineral properties | 34,906,000 | 35,682,000 |
Capital assets | 21,044,000 | 20,132,000 |
Total non-current assets | 64,707,000 | 63,951,000 |
Total assets | 128,376,000 | 107,895,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,366,000 | 1,168,000 |
Current portion of notes payable | 5,694,000 | 5,366,000 |
Current portion of warrant liability | 1,743,000 | 0 |
Current portion of lease liability | 162,000 | 0 |
Environmental remediation accrual | 69,000 | 69,000 |
Total current liabilities | 10,034,000 | 6,603,000 |
Non-current liabilities | ||
Notes payable | 0 | 5,694,000 |
Warrant liability | 11,549,000 | 2,382,000 |
Asset retirement obligations | 31,236,000 | 30,701,000 |
Lease liability | 687,000 | 16,000 |
Total non-current liabilities | 43,472,000 | 38,793,000 |
Shareholders' equity | ||
Share capital | 302,182,000 | 258,646,000 |
Contributed surplus | 19,881,000 | 19,843,000 |
Accumulated other comprehensive income | 3,718,000 | 4,265,000 |
Accumulated deficit | (250,911,000) | (220,255,000) |
Total shareholders' equity | 74,870,000 | 62,499,000 |
Total liabilities and shareholders' equity | $ 128,376,000 | $ 107,895,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations and Comprehensive Loss | |||
Sales | $ 17,679 | $ 19 | $ 16 |
Cost of sales | (19,365) | (6,861) | (7,000) |
Gross loss | (1,686) | (6,842) | (6,984) |
Operating costs | (29,156) | (12,952) | (9,773) |
Loss from operations | (30,842) | (19,794) | (16,757) |
Net interest income (expense) | 1,471 | (463) | (733) |
Warrant liability revaluation gain (loss) | (1,586) | 1,835 | (5,998) |
Foreign exchange gain (loss) | 325 | 27 | (355) |
Other income | (24) | 1,255 | 905 |
Net loss | (30,656) | (17,140) | (22,938) |
Foreign currency translation adjustment | (547) | 123 | 435 |
Comprehensive loss | $ (31,203) | $ (17,017) | $ (22,503) |
Earnings (loss) per common share: | |||
Basic | $ (0.12) | $ (0.08) | $ (0.12) |
Diluted | $ (0.12) | $ (0.08) | $ (0.12) |
Weighted average common shares: | |||
Basic | 260,044,403 | 220,496,862 | 195,691,842 |
Diluted | 260,044,403 | 220,496,862 | 195,691,842 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Share Capital [Member] | Contributed Surplus [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 | $ 189,620 | $ 20,946 | $ 3,707 | $ (180,177) |
Shares issued for cash, shares | 36,081,987 | ||||
Shares issued for cash, Amount | 46,068 | $ 46,068 | 0 | 0 | 0 |
Less share issue costs | (2,188) | $ (2,188) | 0 | 0 | 0 |
Exercise of warrants, shares | 7,025,460 | ||||
Exercise of warrants, Amount | 11,337 | $ 11,337 | 0 | 0 | 0 |
Exercise of stock options, Shares | 2,929,101 | ||||
Exercise of stock options, Amount | 1,785 | $ 2,549 | (764) | 0 | 0 |
Redemption of RSUs, Shares | 492,394 | ||||
Redemption of RSUs, Amount | (288) | $ 933 | (1,221) | 0 | 0 |
Stock compensation | 1,079 | 0 | 1,079 | 0 | 0 |
Comprehensive income (loss) | (22,503) | $ 0 | 0 | 435 | (22,938) |
Balance, shares at Dec. 31, 2021 | 216,782,694 | ||||
Balance, amount at Dec. 31, 2021 | 69,386 | $ 248,319 | 20,040 | 4,142 | (203,115) |
Shares issued for cash, shares | 2,231,930 | ||||
Shares issued for cash, Amount | 3,775 | $ 3,775 | 0 | 0 | 0 |
Less share issue costs | (94) | $ (94) | 0 | 0 | 0 |
Exercise of warrants, shares | 3,819,000 | ||||
Exercise of warrants, Amount | 4,654 | $ 4,654 | 0 | 0 | 0 |
Exercise of stock options, Shares | 1,308,625 | ||||
Exercise of stock options, Amount | 858 | $ 1,227 | (369) | 0 | 0 |
Redemption of RSUs, Shares | 557,372 | ||||
Redemption of RSUs, Amount | (205) | $ 765 | (970) | 0 | 0 |
Stock compensation | 1,142 | 0 | 1,142 | 0 | 0 |
Comprehensive income (loss) | (17,017) | $ 0 | 0 | 123 | (17,140) |
Balance, shares at Dec. 31, 2022 | 224,699,621 | ||||
Balance, amount at Dec. 31, 2022 | 62,499 | $ 258,646 | 19,843 | 4,265 | (220,255) |
Shares issued for cash, shares | 43,525,809 | ||||
Shares issued for cash, Amount | 44,033 | $ 44,033 | 0 | 0 | 0 |
Less share issue costs | (3,165) | $ (3,165) | 0 | 0 | 0 |
Exercise of warrants, shares | 206,515 | ||||
Exercise of warrants, Amount | 337 | $ 337 | 0 | 0 | 0 |
Exercise of stock options, Shares | 2,225,098 | ||||
Exercise of stock options, Amount | 1,412 | $ 2,023 | (611) | 0 | 0 |
Redemption of RSUs, Shares | 241,857 | ||||
Redemption of RSUs, Amount | (69) | $ 308 | (377) | 0 | 0 |
Stock compensation | 1,026 | 0 | 1,026 | 0 | 0 |
Comprehensive income (loss) | (31,203) | $ 0 | 0 | (547) | (30,656) |
Balance, shares at Dec. 31, 2023 | 270,898,900 | ||||
Balance, amount at Dec. 31, 2023 | $ 74,870 | $ 302,182 | $ 19,881 | $ 3,718 | $ (250,911) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net loss for the year | $ (30,656) | $ (17,140) | $ (22,938) |
Items not affecting cash: | |||
Stock based compensation | 1,026 | 1,142 | 1,080 |
Net realizable value adjustments | 10,689 | 6,861 | 7,000 |
Amortization of mineral properties | 814 | 1,247 | 2,045 |
Depreciation of capital assets | 2,167 | 1,768 | 1,789 |
Accretion expense | 497 | 460 | 486 |
Amortization of deferred loan costs | (43) | (43) | (46) |
Gain on loan forgiveness | 0 | 0 | (903) |
Provision for reclamation | 0 | (2) | (5) |
Mark to market loss (gain) | 1,586 | (1,835) | 5,998 |
Gain on sale of assets | 0 | 67 | 0 |
Unrealized foreign exchange loss (gain) | (319) | (25) | 353 |
Changes in non-cash working capital: | |||
Lease receivable | (285) | 0 | 0 |
Inventory | (3,357) | (8,841) | (7,109) |
Prepaid expenses | (178) | (140) | (84) |
Accounts payable and accrued liabilities | 991 | (1,696) | 544 |
Cash provided by used in operating activities | (16,982) | (18,091) | (11,698) |
Investing activities | |||
Purchase of capital assets | (2,039) | (709) | (1,190) |
Cash provided by used in investing activities | (2,039) | (709) | (1,190) |
Financing activities | |||
Issuance of common shares and warrants for cash | 53,142 | 3,775 | 48,841 |
Share issue costs | (3,165) | (94) | (2,188) |
Proceeds from exercise of warrants and stock options | 1,586 | 3,722 | 8,507 |
RSU redeemed for cash | (69) | (205) | (289) |
Repayment of debt | (5,409) | (1,305) | 0 |
Cash provided by used in financing activities | 46,085 | 5,893 | 54,871 |
Effects of foreign exchange rate changes on cash | 45 | (108) | 45 |
Increase (decrease) in cash, cash equivalents, and restricted cash | 27,109 | (13,015) | 42,028 |
Beginning cash, cash equivalents, and restricted cash | 41,140 | 54,155 | 12,127 |
Ending cash, cash equivalents, and restricted cash | $ 68,249 | $ 41,140 | $ 54,155 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
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 U.S. 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. The Company’s report The Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary Of Significant Accounting Policies | 2. 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 S-K 1300, through the completion of a pre-feasibility or 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 an exploration stage issuer, as defined in S-K 1300, and will continue to remain an exploration stage issuer until such time as 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 U.S. 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 and warrant liabilities 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. Amortization is calculated on a straight-line basis. The estimated life for the Lost Creek Project was 10 years which was 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 expenses relate to the Company’s Lost Creek, LC East, Lucky Mc 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 storage facility 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 abandonments, 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 it reaches the estimated future reclamation cost and remains until the Company settles the obligation. Revenue recognition Our revenues are primarily derived from the sale of U 3 8 3 8 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, trade receivables, lease receivable, restricted cash, deposits, accounts payable and accrued liabilities, lease liabilities, Other liabilities, and notes payable. The Company has made the following classifications for these financial instruments: · Cash, trade receivables, lease 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, lease 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-Scholes valuation method at the end of each reporting period. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | 3. New Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that disclosure requirements are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024 with early adoption permitted. The Company currently does not expect the adoption of ASU 2023-07 to have a material impact to the consolidated financial statements and will continue to assess the potential impact. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which requires additional disaggregation of the reconciliation between the statutory and effective tax rate for an entity and of income taxes paid. The amendments improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company will continue to assess the potential impact. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents | |
Cash And Cash Equivalents | 4. Cash and cash equivalents The Company’s cash and cash equivalents consist of the following: Cash and Cash Equivalents December 31, 2023 December 31, 2022 Cash on deposit 11,515 2,560 Money market funds 48,185 30,443 59,700 33,003 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory | |
Inventory | 5. Inventory The Company’s inventory consists of the following: Inventory by Type December 31, 2023 December 31, 2022 Plant inventory 1,343 - Conversion facility inventory 1,228 9,903 2,571 9,903 Using lower of cost or net realizable value calculations, the Company reduced the inventory valuation by $10,689 in 2023 and $6,861 in 2022. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash | |
Restricted Cash | 6. Restricted Cash The Company’s restricted cash consists of the following: Restricted Cash December 31, 2023 December 31, 2022 Cash pledged for reclamation 8,518 8,117 Other restricted cash 31 20 8,549 8,137 The Company’s restricted cash consists of money market funds 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 $28.4 million and $28.3 million of coverage towards reclamation obligations were collateralized by the restricted cash as of December 31, 2023, and December 31, 2022, respectively. |
Mineral Properties and Assets H
Mineral Properties and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Mineral Properties and Assets Held for Sale | |
Mineral Properties and Assets Held for Sale | 7. Mineral Properties and Assets Held for Sale The Company’s mineral properties consist of the following: Mineral Properties Lost Creek Property Shirley Basin Project Other U.S. Properties Total December 31, 2020 6,276 17,317 15,591 39,184 Reclassify assets held for sale - - (1,536 ) (1,536 ) Change in estimated reclamation costs 296 45 (877 ) (536 ) Depletion and amortization (2,045 ) - - (2,045 ) December 31, 2021 4,527 17,362 13,178 35,067 Reclassify assets held for sale - - 1,536 1,536 Change in estimated reclamation costs - 326 - 326 Depletion and amortization (1,247 ) - - (1,247 ) December 31, 2022 3,280 17,688 14,714 35,682 Change in estimated reclamation costs - 38 - 38 Depletion and amortization (814 ) - - (814 ) December 31, 2023 2,466 17,726 14,714 34,906 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 Shirley Basin Project The Company acquired additional Wyoming properties in 2013 when Ur-Energy USA Inc. purchased 100% of Pathfinder Mines Corporation (“Pathfinder”). Assets acquired in this transaction include the Shirley Basin Project, other Wyoming properties, 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 significant judgment 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. 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, has 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. Assets Held for Sale A non-core, unpermitted, non-operating property held by Pathfinder Mines Corporation was considered an asset held for sale in 2021. In 2022, active discussions for the sale of the property were terminated. The property was no longer considered an asset held for sale and was reclassified to mineral properties in 2022. |
Capital Assets
Capital Assets | 12 Months Ended |
Dec. 31, 2023 | |
Capital Assets | |
Capital Assets | 8. Capital Assets The Company’s capital assets consist of the following: December 31, 2023 December 31, 2022 Capital Assets Cost Accumulated Depreciation Value Cost Accumulated Depreciation Net Book Value Rolling stock 5,226 (3,701 ) 1,525 3,486 (3,437 ) 49 Enclosures 35,190 (16,850 ) 18,340 34,379 (15,164 ) 19,215 Machinery and equipment 2,016 (1,081 ) 935 1,659 (1,007 ) 652 Furniture and fixtures 265 (163 ) 102 265 (144 ) 121 Information technology 1,198 (1,067 ) 131 1,114 (1,035 ) 79 Right of use assets 14 (3 ) 11 33 (17 ) 16 43,909 (22,865 ) 21,044 40,936 (20,804 ) 20,132 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities | |
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, 2023 December 31, 2022 Accounts payable 1,680 660 Accrued payroll liabilities 578 449 Accrued severance, ad valorem, and other taxes payable 108 59 2,366 1,168 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes Payable | |
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 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 were 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 debts. Current and Long-term Debt December 31, 2023 December 31, 2022 Current State Bond Loan 5,727 5,409 Deferred financing costs (33 ) (43 ) 5,694 5,366 Long-term State Bond Loan - 5,727 Deferred financing costs - (33 ) - 5,694 The schedule of remaining payments on outstanding debt as of December 31, 2023 is presented below. Remaining Payments Total 2024 Final payment State Bond Loan Principal 5,727 5,727 Oct-2024 Interest 207 207 5,934 5,934 |
Warrant Liability
Warrant Liability | 12 Months Ended |
Dec. 31, 2023 | |
Warrant Liability | |
Warrant Liability | 11. Warrant Liability In September 2018, the Company issued 13,062,878 warrants to purchase 6,531,439 common shares at $1.00 per whole common share for a term of three years. In August 2020, the Company issued 9,000,000 warrants to purchase 4,500,000 common shares at $0.75 per whole common share for a term of two years. In February 2021, the Company issued 16,930,530 warrants to purchase 8,465,265 common shares at $1.35 per whole common share for a term of three years. In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 common shares at $1.50 per whole common share for a term of three years. Because the warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc., the parent company entity, is Canadian dollars, a derivative financial liability was created. Using Level 2 inputs of the fair value hierarchy under US GAAP, the liability created is measured and recorded at fair value, and adjusted monthly, 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. Activity with respect to the warrant liabilities is presented in the following tables. Warrant Liability Activity Sep. 2018 Warrants Aug. 2020 Warrants Feb. 2021 Warrants Feb. 2023 Warrants Total December 31, 2020 729 1,415 - - 2,144 Warrants issued - - 2,604 - 2,604 Warrants exercised (3,961 ) (388 ) (97 ) - (4,446 ) Mark to market revaluation loss 3,227 1,020 1,751 - 5,998 Effects for foreign exchange rate changes 5 (20 ) (22 ) - (37 ) December 31, 2021 - 2,027 4,236 - 6,263 Warrants exercised - (1,790 ) - - (1,790 ) Mark to market revaluation gain - (215 ) (1,620 ) - (1,835 ) Effects for foreign exchange rate changes - (22 ) (234 ) - (256 ) December 31, 2022 - - 2,382 - 2,382 Warrants issued - - - 9,109 9,109 Warrants exercised - (55 ) (3 ) (58 ) Mark to market revaluation loss (gain) - - (626 ) 2,212 1,586 Effects for foreign exchange rate changes - - 42 231 273 December 31, 2023 - - 1,743 11,549 13,292 Warrant Liability Duration February 2021 Warrants February 2023 Warrants Total Current portion of warrant liability 1,743 - 1,743 Long-term warrant liability - 11,549 11,549 1,743 11,549 13,292 The fair value of the warrant liabilities on December 31, 2023, was determined using the Black-Scholes model with the following assumptions: Black-Scholes Assumptions as of December 31, 2023 February 2021 Warrants February 2023 Warrants Expected forfeiture rate 0.0 % 0.0 % Expected life (years) 0.1 2.1 Expected volatility 45.8 % 61.6 % Risk free rate 3.8 % 3.8 % Expected dividend rate 0.0 % 0.0 % Exercise price $ 1.35 $ 1.50 Market price $ 1.54 $ 1.54 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligations | |
Asset Retirement Obligations | 12. Asset Retirement Obligations Asset retirement obligations ("ARO") relate to the Lost Creek mine and Shirley Basin 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 9.23%. 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, 2020 29,965 Change in estimated reclamation costs (536 ) Accretion expense 486 December 31, 2021 29,915 Change in estimated reclamation costs 326 Accretion expense 460 December 31, 2022 30,701 Change in estimated reclamation costs 38 Accretion expense 497 December 31, 2023 31,236 The restricted cash discussed in note 6 relates to the surety bonds provided to the governmental agencies for these and other reclamation obligations. |
Shareholders Equity and Capital
Shareholders Equity and Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders Equity and Capital Stock | |
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 270,898,900 shares and 224,699,621 shares were issued and outstanding as of December 31, 2023, and December 31, 2022, 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. 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. The warrants have an exercise price of $1.35 per whole common share and expire in February 2024 (see note 20). Because the warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc., the parent company entity, is Canadian dollars, this creates a derivative financial liability. The fair value of the liability is recorded and adjusted monthly using the Black-Scholes technique described herein as there is no active market for the warrants. Any gain or loss is reflected in net income for the period. During the year ended December 31, 2021, the Company sold 19,151,457 common shares through its At Market facility for $33.4 million. After issue costs of $0.8 million, net proceeds to the Company were $32.6 million. The Company also received $6.9 million from the exercise of 14,050,920 warrants for 7,025,460 underlying common shares, and $1.8 million from the exercise of 2,929,101 stock options. The Company also issued 492,394 common shares for released RSUs. During the year ended December 31, 2022, the Company sold 2,231,930 common shares through its At Market facility for $3.8 million. After issue costs of $0.1 million, net proceeds to the Company were $3.7 million. The Company also received $2.9 million from the exercise of 7,638,000 warrants for 3,819,000 underlying common shares, and $0.9 million from the exercise of 1,308,625 stock options. The Company also issued 557,372 common shares for released RSUs. On February 21, 2023, the Company closed an underwritten public offering of 34,000,000 common shares and accompanying warrants to purchase up to 17,000,000 common shares, at a combined public offering price of $1.18 per common share and accompanying warrant. The warrants have an exercise price of $1.50 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 5,100,000 common shares and warrants to purchase up to 2,550,000 common shares on the same terms. The option was exercised in full. Including the exercised option, Ur-Energy issued a total of 39,100,000 common shares and accompanying warrants to purchase up to 19,550,000 common shares. The gross proceeds to Ur‑Energy from this offering were approximately $46.1 million. After fees and expenses of $3.0 million, net proceeds to the Company were approximately $43.1 million. During the year ended December 31, 2023, the Company sold 4,425,809 common shares through its At Market facility for $7.0 million. After issue costs of $0.2 million, net proceeds to the Company were $6.8 million. The Company also received $0.3 million from the exercise of 413,030 warrants for 206,515 underlying common shares, and $1.4 million from the exercise of 2,225,098 stock options. The Company also issued 241,857 common shares for released RSUs. 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 June 2, 2023. 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 outstanding is summarized as follows: Stock Option Activity Outstanding Options # Weighted-average Exercise Price $ December 31, 2020 11,910,424 0.61 Granted 1,322,164 1.14 Exercised (2,929,101 ) 0.62 Forfeited (219,055 ) 0.56 Expired (20,408 ) 0.57 December 31, 2021 10,064,024 0.68 Granted 175,000 1.74 Exercised (1,308,625 ) 0.66 Expired (355,495 ) 0.66 December 31, 2022 8,574,904 0.66 Granted 2,607,657 1.32 Exercised (2,225,098 ) 0.64 Forfeited (39,999 ) 1.13 Expired (17,129 ) 0.68 December 31, 2023 8,900,335 0.87 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. We received $1.4 million, $0.9 million, and $1.8 million from options exercised in the years ended December 31, 2023, 2022, and 2021, respectively. Stock-based compensation expense from stock options was $0.7 million, $0.8 million, and $0.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, there was approximately $1.7 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 2.4 years under the Option Plan. As of December 31, 2023, outstanding stock options were as follows: Options Outstanding Options Exercisable Exercise Price $ Number of options # Weighted-average remaining contractual life (years) Aggregate intrinsic value $ Number of options # Weighted-average remaining contractual life (years) Aggregate intrinsic value $ Expiry 0.60 2,220,584 0.8 2,095,232 2,220,584 0.8 2,095,232 2024-11-05 0.48 2,634,421 1.9 2,803,946 2,634,421 1.9 2,803,946 2025-11-13 1.09 1,302,672 2.7 589,850 925,045 2.7 418,860 2026-08-27 1.68 175,000 3.2 - 58,333 3.2 - 2027-03-14 1.17 1,331,433 4.0 492,297 - - - 2028-01-04 1.56 1,236,225 4.9 - - - - 2028-12-07 0.87 8,900,335 2.5 5,981,325 5,838,383 1.6 5,318,038 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$2.02 (approximately US$1.54) as of the last trading day in the year ended December 31, 2023, that would have been received by the option holders had they exercised their options on that date. There were 7,489,110 in-the-money stock options outstanding and 5,780,050 in-the-money stock options exercisable as of December 31, 2023. The fair value of the options on their respective grant dates was determined using the Black-Scholes model with the following assumptions: Stock Options Fair Value Assumptions 2023 2022 2021 Expected forfeiture rate 5.1% - 5.3% 5.6% 6.1% Expected life (years) 4.0 3.9 3.9 Expected volatility 71.7% - 74.7% 72.7% 69.5% Risk free rate 3.5% - 3.6% 1.9% 0.7% Expected dividend rate 0.0% 0.0% 0.0% Weighted average exercise price (CAD$) $1.55 - $2.06 $ 2.23 $ 1.44 Black-Scholes value (CAD$) $0.89 - $1.16 $ 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”). Amendments to the RSU Plan were approved by our shareholders on June 3, 2021, and the plan is now known as the Amended and Restated Restricted Share Unit and Equity Incentive Plan (the “RSU&EI Plan”). The RSU&EI Plan was approved most recently by our shareholders 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 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: Restricted Share Unit Activity Outstanding RSUs # Weighted-average grant date fair value $ December 31, 2020 1,404,962 0.54 Granted 305,530 1.14 Released (638,989 ) 0.63 Forfeited (59,843 ) 0.56 December 31, 2021 1,011,660 0.69 Released (706,130 ) 0.47 December 31, 2022 305,530 1.14 Granted 651,912 1.32 Released (312,575 ) 1.14 Forfeited (2,957 ) 1.15 December 31, 2023 641,910 1.33 Stock-based compensation expense from RSUs was $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, there was approximately $0.6 million of 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 1.7 years under the RSU&EI Plan. As of December 31, 2023, outstanding RSUs were as follows: RSUs Outstanding Number of RSUs # Weighted- Average Remaining contractual life (years) Aggregate intrinsic value $ Redemption Date 332,850 1.0 512,589 2025-01-04 309,060 1.9 475,952 2025-12-07 641,910 1.5 988,541 The fair value of restricted share units on their respective grant dates was determined using the intrinsic value model with the following assumptions: Restricted Share Unit Fair Value Assumptions 2023 Expected forfeiture rate 3.6% - 3.8% Grant date fair value (CAD$) $1.55 - $2.06 Warrants In September 2018, the Company issued 13,062,878 warrants to purchase 6,531,439 common shares at $1.00 per whole common share for a term of three years. In August 2020, the Company issued 9,000,000 warrants to purchase 4,500,000 common shares at $0.75 per whole common share for a term of two years. In February 2021, the Company issued 16,930,530 warrants to purchase 8,465,265 common shares at $1.35 per whole common share for a term of three years. In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 common shares at $1.50 per whole common share for a term of three years. Activity with respect to warrants outstanding is summarized as follows: Warrant Activity Outstanding Warrants # Number of shares to be issued upon exercise # Per share exercise price $ December 31, 2020 22,062,878 11,031,439 0.90 Issued 16,930,530 8,465,265 1.35 Exercised (14,050,920 ) (7,025,460 ) 0.98 Expired (573,958 ) (286,979 ) 1.00 December 31, 2021 24,368,530 12,184,265 1.16 Exercised (7,638,000 ) (3,819,000 ) 0.75 December 31, 2022 16,730,530 8,365,265 1.35 Issued 39,100,000 19,550,000 1.50 Exercised (413,030 ) (206,515 ) 1.35 December 31, 2023 55,417,500 27,708,750 1.46 We received $0.3 million, $2.9 million, and $6.9 million from warrants exercised in the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the outstanding warrants were as follows: Exercise price $ Number of warrants # Weighted- average remaining contractual life (years) Aggregate intrinsic value $ Expiry 1.35 16,325,000 0.1 1,550,875 2024-02-04 1.50 39,092,500 2.1 781,850 2026-02-21 1.46 55,417,500 1.5 2,332,725 Warrant Fair Value Assumptions 2023 2022 2021 Expected forfeiture rate 0.0 % - 0.0 % Expected life (years) 3.0 - 3.0 Expected volatility 77.4 % - 69.3 % Risk free rate 3.9 % - 0.2 % Expected dividend rate 0.0 % - 0.0 % Black-Scholes value (CAD$) $ 0.63 - $ 0.39 Fair value calculations of 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 Benchmark Bond Yield rates with maturities that approximate the expected life. The Company has never paid dividends and currently has no plans to do so. Forfeitures and expected lives were estimated based on actual historical experience. Share-based compensation expense related to stock options and restricted share units is recognized net of estimated pre-vesting forfeitures, which results in expensing the awards that are ultimately expected to vest over the expected life. |
Sales and other income
Sales and other income | 12 Months Ended |
Dec. 31, 2023 | |
Sales and other income | |
Sales and Other Income | 14. Sales and Other Income Revenue is primarily derived from the sale of U 3 8 Revenue consists of: Year Ended December 31, 2023 2022 2021 Revenue Summary Amount % Amount % Amount % Company A 10,881 61.5 % - 0.0 % - 0.0 % Company B 6,447 36.5 % - 0.0 % - 0.0 % U 3 8 17,328 98.0 % - 0.0 % - 0.0 % Disposal fees 351 2.0 % 19 100.0 % 16 100.0 % 17,679 100.0 % 19 100.0 % 16 100.0 % Comments on other income: In 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. In 2020, the Company received proceeds of $893 from the SBA Paycheck Protection Program (PPP). In 2021 Q2, the Company received notifications that the principal amount of $893 and accrued interest of approximately $10 were forgiven under the terms of the SBA PPP. This was treated as a forgiveness of debt on the Consolidated Statements of Operations for the year ended December 31, 2021, and a $903 thousand gain on debt forgiveness was recognized in other income. |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Sales | |
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 2023 2022 2021 Cost of U 3 8 8,676 - - Lower of cost or NRV adjustments 10,689 6,861 7,000 19,365 6,861 7,000 |
Operating Costs
Operating Costs | 12 Months Ended |
Dec. 31, 2023 | |
Operating Costs | |
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 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: Year Ended December 31, Operating Costs 2023 2022 2021 Exploration and evaluation 2,109 1,769 2,037 Development 20,396 4,686 1,922 General and administration 6,154 6,037 5,328 Accretion 497 460 486 29,156 12,952 9,773 |
Supplemental Information for St
Supplemental Information for Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Information for Statement of Cash Flows | |
Supplemental Information For Statement Of Cash Flows | 17. Supplemental Information for Statement of Cash Flows Cash and cash equivalents, and restricted cash per the Statement of Cash Flows consists of the following: As of December 31, Cash, Cash Equivalents, and Restricted Cash 2023 2022 2021 Cash and Cash Equivalents 59,700 33,003 46,189 Restricted cash 8,549 8,137 7,966 68,249 41,140 54,155 Interest expense paid was $0.6 million, $0.7 million, and $0.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 18. Income Taxes Income (loss) before provision for income taxes consisted of the following: Year Ended December 31, Income (Loss) before Income Tax Provision 2023 2022 2021 United States (26,063 ) (15,638 ) (13,438 ) Canada (4,659 ) (1,481 ) (9,470 ) (30,722 ) (17,119 ) (22,908 ) 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 tax assets are as follows: As of December 31, Deferred Tax Assets 2023 2022 2021 Deferred tax assets 14,377 13,243 12,841 Net operating losses - non-current 47,715 42,074 38,800 Total deferred tax assets 62,092 55,317 51,641 Valuation allowance (62,092 ) (55,317 ) (51,641 ) 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 $6,775, $3,676, and $5,090 during 2023, 2022, and 2021, respectively. Net operating losses and tax credit carryforwards as of December 31, 2023, are as follows: Income Tax Loss Carryforwards Amount Expiration Years Net operating losses, federal (Pre-January 1, 2018) 79,699 2029 - 2035 Net operating losses, federal (Post December 31, 2017) 57,724 No expirations Net operating losses, state 136,490 Varies by state Net operating losses, Canada 48,238 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 2023 2022 2021 Canadian Statutory rate 26.5 % 26.5 % 26.5 % State tax -2.0 % -2.1 % 4.2 % Permanent differences -1.3 % 1.1 % -5.1 % True-ups and other -0.1 % 0.2 % 0.0 % Effect of U.S. Federal Tax Rate Differential -4.7 % -5.0 % -3.2 % Share issuance costs 2.8 % 3.4 % 0.0 % Change in valuation allowance -21.2 % -25.6 % -22.4 % ITC credits 0.0 % 1.5 % 0.0 % 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 Consolidated 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, 2023 | |
Commitments | |
Commitments | 19. Commitments Under the terms of its leases for equipment, the Company is committed to minimum annual lease payments as follows: Lease Payments Year Amount 2024 285 2025 285 2026 280 2027 139 989 Principal payments required under debt agreements are as follows: Principal Payments Year Amount 2024 5,727 5,727 Under the terms of its off take sales agreements, the Company is committed to the following deliveries between 2024 and 2030, including two additional agreements executed in February 2024: Year Base Quantity (U 3 8 2024 570,000 2025 700,000 2026 850,000 2027 1,050,000 2028 1,100,000 2029 800,000 2030 550,000 5,620,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | 20. Subsequent Events Warrant exercises Subsequent to year-end, 16,376,500 warrants were exercised for 8,188,250 underlying whole common shares at an average exercise price of $1.35 per share for proceeds of $11.1 million. At Market facility sales Subsequent to year-end, the Company sold 2,464,500 common shares through its At Market facility at an average price of $1.72 per share for gross proceeds of $4.2 million. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial instruments | |
Financial Instruments | 21. Financial instruments The Company’s financial instruments consist of cash and cash equivalents, trade receivables, lease receivable, restricted cash, accounts payable and accrued liabilities, notes payable, and warrant liabilities. 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 $68.0 million at risk on December 31, 2023, 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, 2023. Currency risk As of December 31, 2023, we maintained a balance of approximately $2.8 million Canadian dollars. The funds will be used to pay Canadian dollar expenses and are considered to be a low currency risk to the Company. A hypothetical 10% weakening in the exchange rate of the Canadian dollar to the U.S. dollar as of December 31, 2023 would not have a material effect on our results of operations, financial position, or cash flows. 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, 2023, the Company’s financial liabilities consisted of accounts payable and accrued liabilities of $2.4 million, the current portion of lease liability of $0.2 million, and the current portion of notes payable of $5.7 million. As of December 31, 2023, we had $59.7 million of cash and cash equivalents. Interest rate risk 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, 2023, 2022, and 2021. 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) | 12 Months Ended |
Dec. 31, 2023 | |
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 S-K 1300, through the completion of a pre-feasibility or 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 an exploration stage issuer, as defined in S-K 1300, and will continue to remain an exploration stage issuer until such time as 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 U.S. 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 and warrant liabilities 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. Amortization is calculated on a straight-line basis. The estimated life for the Lost Creek Project was 10 years which was 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 expenses relate to the Company’s Lost Creek, LC East, Lucky Mc 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 storage facility 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 abandonments, 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 it reaches the estimated future reclamation cost and remains until the Company settles the obligation. |
Revenue recognition | Our revenues are primarily derived from the sale of U 3 8 3 8 |
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, trade receivables, lease receivable, restricted cash, deposits, accounts payable and accrued liabilities, lease liabilities, Other liabilities, and notes payable. The Company has made the following classifications for these financial instruments: · Cash, trade receivables, lease 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, lease 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-Scholes valuation method at the end of each reporting period. |
New Accounting Pronouncements | Improvements to Reportable Segment Disclosures In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that disclosure requirements are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024 with early adoption permitted. The Company currently does not expect the adoption of ASU 2023-07 to have a material impact to the consolidated financial statements and will continue to assess the potential impact. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which requires additional disaggregation of the reconciliation between the statutory and effective tax rate for an entity and of income taxes paid. The amendments improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company will continue to assess the potential impact. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents | |
Schedule Of Cash And Cash Equivalents | Cash and Cash Equivalents December 31, 2023 December 31, 2022 Cash on deposit 11,515 2,560 Money market funds 48,185 30,443 59,700 33,003 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory | |
Schedule Of Inventory | Inventory by Type December 31, 2023 December 31, 2022 Plant inventory 1,343 - Conversion facility inventory 1,228 9,903 2,571 9,903 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash | |
Schedule Of Restricted Cash | Restricted Cash December 31, 2023 December 31, 2022 Cash pledged for reclamation 8,518 8,117 Other restricted cash 31 20 8,549 8,137 |
Mineral Properties and Assets_2
Mineral Properties and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Mineral Properties and Assets Held for Sale | |
Mineral Property | Mineral Properties Lost Creek Property Shirley Basin Project Other U.S. Properties Total December 31, 2020 6,276 17,317 15,591 39,184 Reclassify assets held for sale - - (1,536 ) (1,536 ) Change in estimated reclamation costs 296 45 (877 ) (536 ) Depletion and amortization (2,045 ) - - (2,045 ) December 31, 2021 4,527 17,362 13,178 35,067 Reclassify assets held for sale - - 1,536 1,536 Change in estimated reclamation costs - 326 - 326 Depletion and amortization (1,247 ) - - (1,247 ) December 31, 2022 3,280 17,688 14,714 35,682 Change in estimated reclamation costs - 38 - 38 Depletion and amortization (814 ) - - (814 ) December 31, 2023 2,466 17,726 14,714 34,906 |
Capital Assets (Tables)
Capital Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Assets | |
Schedule Of Capital Assets | December 31, 2023 December 31, 2022 Capital Assets Cost Accumulated Depreciation Value Cost Accumulated Depreciation Net Book Value Rolling stock 5,226 (3,701 ) 1,525 3,486 (3,437 ) 49 Enclosures 35,190 (16,850 ) 18,340 34,379 (15,164 ) 19,215 Machinery and equipment 2,016 (1,081 ) 935 1,659 (1,007 ) 652 Furniture and fixtures 265 (163 ) 102 265 (144 ) 121 Information technology 1,198 (1,067 ) 131 1,114 (1,035 ) 79 Right of use assets 14 (3 ) 11 33 (17 ) 16 43,909 (22,865 ) 21,044 40,936 (20,804 ) 20,132 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities | |
Schedule Of Accounts Payable And Accrued Liabilities | Accounts Payable and Accrued Liabilities December 31, 2023 December 31, 2022 Accounts payable 1,680 660 Accrued payroll liabilities 578 449 Accrued severance, ad valorem, and other taxes payable 108 59 2,366 1,168 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Payable | |
Schedule Of Debt | Current and Long-term Debt December 31, 2023 December 31, 2022 Current State Bond Loan 5,727 5,409 Deferred financing costs (33 ) (43 ) 5,694 5,366 Long-term State Bond Loan - 5,727 Deferred financing costs - (33 ) - 5,694 |
Schedule Of Outstanding Debt | Remaining Payments Total 2024 Final payment State Bond Loan Principal 5,727 5,727 Oct-2024 Interest 207 207 5,934 5,934 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrant Liability | |
Schedule Of Warrant Liabilities | Warrant Liability Activity Sep. 2018 Warrants Aug. 2020 Warrants Feb. 2021 Warrants Feb. 2023 Warrants Total December 31, 2020 729 1,415 - - 2,144 Warrants issued - - 2,604 - 2,604 Warrants exercised (3,961 ) (388 ) (97 ) - (4,446 ) Mark to market revaluation loss 3,227 1,020 1,751 - 5,998 Effects for foreign exchange rate changes 5 (20 ) (22 ) - (37 ) December 31, 2021 - 2,027 4,236 - 6,263 Warrants exercised - (1,790 ) - - (1,790 ) Mark to market revaluation gain - (215 ) (1,620 ) - (1,835 ) Effects for foreign exchange rate changes - (22 ) (234 ) - (256 ) December 31, 2022 - - 2,382 - 2,382 Warrants issued - - - 9,109 9,109 Warrants exercised - (55 ) (3 ) (58 ) Mark to market revaluation loss (gain) - - (626 ) 2,212 1,586 Effects for foreign exchange rate changes - - 42 231 273 December 31, 2023 - - 1,743 11,549 13,292 Warrant Liability Duration February 2021 Warrants February 2023 Warrants Total Current portion of warrant liability 1,743 - 1,743 Long-term warrant liability - 11,549 11,549 1,743 11,549 13,292 |
Schedule Of Fair Value Of Warrant | Black-Scholes Assumptions as of December 31, 2023 February 2021 Warrants February 2023 Warrants Expected forfeiture rate 0.0 % 0.0 % Expected life (years) 0.1 2.1 Expected volatility 45.8 % 61.6 % Risk free rate 3.8 % 3.8 % Expected dividend rate 0.0 % 0.0 % Exercise price $ 1.35 $ 1.50 Market price $ 1.54 $ 1.54 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligations | |
Schedule Of Asset Retirement Obligations | Asset Retirement Obligations Total December 31, 2020 29,965 Change in estimated reclamation costs (536 ) Accretion expense 486 December 31, 2021 29,915 Change in estimated reclamation costs 326 Accretion expense 460 December 31, 2022 30,701 Change in estimated reclamation costs 38 Accretion expense 497 December 31, 2023 31,236 |
Shareholders Equity and Capit_2
Shareholders Equity and Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders Equity and Capital Stock | |
Schedule Of Activity with respect to stock options | Stock Option Activity Outstanding Options # Weighted-average Exercise Price $ December 31, 2020 11,910,424 0.61 Granted 1,322,164 1.14 Exercised (2,929,101 ) 0.62 Forfeited (219,055 ) 0.56 Expired (20,408 ) 0.57 December 31, 2021 10,064,024 0.68 Granted 175,000 1.74 Exercised (1,308,625 ) 0.66 Expired (355,495 ) 0.66 December 31, 2022 8,574,904 0.66 Granted 2,607,657 1.32 Exercised (2,225,098 ) 0.64 Forfeited (39,999 ) 1.13 Expired (17,129 ) 0.68 December 31, 2023 8,900,335 0.87 |
Schedule Of outstanding stock options | Options Outstanding Options Exercisable Exercise Price $ Number of options # Weighted-average remaining contractual life (years) Aggregate intrinsic value $ Number of options # Weighted-average remaining contractual life (years) Aggregate intrinsic value $ Expiry 0.60 2,220,584 0.8 2,095,232 2,220,584 0.8 2,095,232 2024-11-05 0.48 2,634,421 1.9 2,803,946 2,634,421 1.9 2,803,946 2025-11-13 1.09 1,302,672 2.7 589,850 925,045 2.7 418,860 2026-08-27 1.68 175,000 3.2 - 58,333 3.2 - 2027-03-14 1.17 1,331,433 4.0 492,297 - - - 2028-01-04 1.56 1,236,225 4.9 - - - - 2028-12-07 0.87 8,900,335 2.5 5,981,325 5,838,383 1.6 5,318,038 |
Schedule Of fair value of the stock options | Stock Options Fair Value Assumptions 2023 2022 2021 Expected forfeiture rate 5.1% - 5.3% 5.6% 6.1% Expected life (years) 4.0 3.9 3.9 Expected volatility 71.7% - 74.7% 72.7% 69.5% Risk free rate 3.5% - 3.6% 1.9% 0.7% Expected dividend rate 0.0% 0.0% 0.0% Weighted average exercise price (CAD$) $1.55 - $2.06 $ 2.23 $ 1.44 Black-Scholes value (CAD$) $0.89 - $1.16 $ 1.22 $ 0.74 |
Schedule Of Restricted Share Unit Activity | Restricted Share Unit Activity Outstanding RSUs # Weighted-average grant date fair value $ December 31, 2020 1,404,962 0.54 Granted 305,530 1.14 Released (638,989 ) 0.63 Forfeited (59,843 ) 0.56 December 31, 2021 1,011,660 0.69 Released (706,130 ) 0.47 December 31, 2022 305,530 1.14 Granted 651,912 1.32 Released (312,575 ) 1.14 Forfeited (2,957 ) 1.15 December 31, 2023 641,910 1.33 |
Schedule Of Schedule Of Restricted Share Unit Outstanding | RSUs Outstanding Number of RSUs # Weighted- Average Remaining contractual life (years) Aggregate intrinsic value $ Redemption Date 332,850 1.0 512,589 2025-01-04 309,060 1.9 475,952 2025-12-07 641,910 1.5 988,541 |
Schedule Of Restricted Share Unit Fair Value Assumptions | Restricted Share Unit Fair Value Assumptions 2023 Expected forfeiture rate 3.6% - 3.8% Grant date fair value (CAD$) $1.55 - $2.06 |
Schedule Of warrant activity | Warrant Activity Outstanding Warrants # Number of shares to be issued upon exercise # Per share exercise price $ December 31, 2020 22,062,878 11,031,439 0.90 Issued 16,930,530 8,465,265 1.35 Exercised (14,050,920 ) (7,025,460 ) 0.98 Expired (573,958 ) (286,979 ) 1.00 December 31, 2021 24,368,530 12,184,265 1.16 Exercised (7,638,000 ) (3,819,000 ) 0.75 December 31, 2022 16,730,530 8,365,265 1.35 Issued 39,100,000 19,550,000 1.50 Exercised (413,030 ) (206,515 ) 1.35 December 31, 2023 55,417,500 27,708,750 1.46 |
Schedule Of outstanding warrants | Exercise price $ Number of warrants # Weighted- average remaining contractual life (years) Aggregate intrinsic value $ Expiry 1.35 16,325,000 0.1 1,550,875 2024-02-04 1.50 39,092,500 2.1 781,850 2026-02-21 1.46 55,417,500 1.5 2,332,725 |
Schedule Of fair value of the warrants | Warrant Fair Value Assumptions 2023 2022 2021 Expected forfeiture rate 0.0 % - 0.0 % Expected life (years) 3.0 - 3.0 Expected volatility 77.4 % - 69.3 % Risk free rate 3.9 % - 0.2 % Expected dividend rate 0.0 % - 0.0 % Black-Scholes value (CAD$) $ 0.63 - $ 0.39 |
Sales and Other Income (Tables)
Sales and Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Sales and Other Income (Tables) | |
Schedule Of Sales and Other Income | Year Ended December 31, 2023 2022 2021 Revenue Summary Amount % Amount % Amount % Company A 10,881 61.5 % - 0.0 % - 0.0 % Company B 6,447 36.5 % - 0.0 % - 0.0 % U 3 8 17,328 98.0 % - 0.0 % - 0.0 % Disposal fees 351 2.0 % 19 100.0 % 16 100.0 % 17,679 100.0 % 19 100.0 % 16 100.0 % |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Sales | |
Schedule Of Cost Of Sales | Year Ended December 31, Cost of Sales 2023 2022 2021 Cost of U 3 8 8,676 - - Lower of cost or NRV adjustments 10,689 6,861 7,000 19,365 6,861 7,000 |
Operating Costs (Tables)
Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Costs | |
Schedule Of Operating Costs | Year Ended December 31, Operating Costs 2023 2022 2021 Exploration and evaluation 2,109 1,769 2,037 Development 20,396 4,686 1,922 General and administration 6,154 6,037 5,328 Accretion 497 460 486 29,156 12,952 9,773 |
Supplementary Information For S
Supplementary Information For Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Information for Statement of Cash Flows | |
Cash Per The Statement Of Cash Flows | As of December 31, Cash, Cash Equivalents, and Restricted Cash 2023 2022 2021 Cash and Cash Equivalents 59,700 33,003 46,189 Restricted cash 8,549 8,137 7,966 68,249 41,140 54,155 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Summary of provision for income taxes | Year Ended December 31, Income (Loss) before Income Tax Provision 2023 2022 2021 United States (26,063 ) (15,638 ) (13,438 ) Canada (4,659 ) (1,481 ) (9,470 ) (30,722 ) (17,119 ) (22,908 ) |
Schedule of Deferred Tax Assets | As of December 31, Deferred Tax Assets 2023 2022 2021 Deferred tax assets 14,377 13,243 12,841 Net operating losses - non-current 47,715 42,074 38,800 Total deferred tax assets 62,092 55,317 51,641 Valuation allowance (62,092 ) (55,317 ) (51,641 ) Net deferred taxes - - - |
Summary of Income Tax Loss Carryforwards | Income Tax Loss Carryforwards Amount Expiration Years Net operating losses, federal (Pre-January 1, 2018) 79,699 2029 - 2035 Net operating losses, federal (Post December 31, 2017) 57,724 No expirations Net operating losses, state 136,490 Varies by state Net operating losses, Canada 48,238 2026 - 2040 |
Schedule of Income Tax Rate Reconciliation | Year Ended December 31, Income Tax Rate Reconciliation 2023 2022 2021 Canadian Statutory rate 26.5 % 26.5 % 26.5 % State tax -2.0 % -2.1 % 4.2 % Permanent differences -1.3 % 1.1 % -5.1 % True-ups and other -0.1 % 0.2 % 0.0 % Effect of U.S. Federal Tax Rate Differential -4.7 % -5.0 % -3.2 % Share issuance costs 2.8 % 3.4 % 0.0 % Change in valuation allowance -21.2 % -25.6 % -22.4 % ITC credits 0.0 % 1.5 % 0.0 % 0.0 % 0.0 % 0.0 % |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Schedule of lease Payments | Lease Payments Year Amount 2024 285 2025 285 2026 280 2027 139 989 |
Schedule Of principal Payments | Principal Payments Year Amount 2024 5,727 5,727 |
Schedule Of sales agreements deliveries | Year Base Quantity (U 3 8 2024 570,000 2025 700,000 2026 850,000 2027 1,050,000 2028 1,100,000 2029 800,000 2030 550,000 5,620,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents | |||
Cash on deposit | $ 11,515 | $ 2,560 | |
Money market funds | 48,185 | 30,443 | |
Cash and Cash Equivalents | $ 59,700 | $ 33,003 | $ 46,189 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory, Net, Total | $ 2,571 | $ 9,903 |
Conversion Facility Inventory [Member] | ||
Inventory, Net, Total | 1,228 | 9,903 |
Plant inventory [Member] | ||
Inventory, Net, Total | $ 1,343 | $ 0 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventory | ||
Reduction in inventory valuation | $ 10,689 | $ 6,861 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash | ||
Cash pledged for reclamation | $ 8,518 | $ 8,117 |
Other restricted cash | 31 | 20 |
Restricted cash | $ 8,549 | $ 8,137 |
Restricted Cash (Details Narrat
Restricted Cash (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
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. | $ 28.4 | $ 28.3 |
Mineral Properties and Assets_3
Mineral Properties and Assets Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 35,682 | $ 35,067 | $ 39,184 |
Reclassify assets held for sale | 1,536 | (1,536) | |
Change in estimated reclamation costs | 38 | 326 | (536) |
Depletion And Amortization | (814) | (1,247) | (2,045) |
Ending balance | 34,906 | 35,682 | 35,067 |
Shirley Basin [Member] | |||
Beginning balance | 17,688 | 17,362 | 17,317 |
Reclassify assets held for sale | 0 | 0 | |
Change in estimated reclamation costs | 38 | 326 | 45 |
Depletion And Amortization | 0 | 0 | 0 |
Ending balance | 17,726 | 17,688 | 17,362 |
Lost Creek Property [Member] | |||
Beginning balance | 3,280 | 4,527 | 6,276 |
Reclassify assets held for sale | 0 | 0 | |
Change in estimated reclamation costs | 0 | 0 | 296 |
Depletion And Amortization | (814) | (1,247) | (2,045) |
Ending balance | 2,466 | 3,280 | 4,527 |
Other U.S. Properties [Member] | |||
Beginning balance | 14,714 | 13,178 | 15,591 |
Reclassify assets held for sale | 1,536 | (1,536) | |
Change in estimated reclamation costs | 0 | 0 | (877) |
Depletion And Amortization | 0 | 0 | 0 |
Ending balance | $ 14,714 | $ 14,714 | $ 13,178 |
Mineral Properties and Assets_4
Mineral Properties and Assets Held for Sale (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2005 | |
Pathfinder Properties [Member] | ||
Percentage Of Asset Acquired | 100% | |
Aggregate Consideration | $ 6.7 | |
Estimated Asset Reclamation Obligation | $ 5.7 | |
Nfu Wyoming Llc [Member] | ||
Percentage Of Asset Acquired | 100% | |
Aggregate Consideration | $ 20 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cost | $ 43,909 | $ 40,936 |
Accumulated Depreciation | (22,865) | (20,804) |
Net Book Value | 21,044 | 20,132 |
Rolling Stock [Member] | ||
Cost | 5,226 | 3,486 |
Accumulated Depreciation | (3,701) | (3,437) |
Net Book Value | 1,525 | 49 |
Enclosures [Member] | ||
Cost | 35,190 | 34,379 |
Accumulated Depreciation | (16,850) | (15,164) |
Net Book Value | 18,340 | 19,215 |
Machinery And Equipment [Member] | ||
Cost | 2,016 | 1,659 |
Accumulated Depreciation | (1,081) | (1,007) |
Net Book Value | 935 | 652 |
Furniture And Fixtures [Member] | ||
Cost | 265 | 265 |
Accumulated Depreciation | (163) | (144) |
Net Book Value | 102 | 121 |
Information Technology [Member] | ||
Cost | 1,198 | 1,114 |
Accumulated Depreciation | (1,067) | (1,035) |
Net Book Value | 131 | 79 |
Right Of Use Assets [Member] | ||
Cost | 14 | 33 |
Accumulated Depreciation | (3) | (17) |
Net Book Value | $ 11 | $ 16 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 1,680 | $ 660 |
Accrued payroll liabilities | 578 | 449 |
Accrued severance, ad valorem, and other taxes payable | 108 | 59 |
Accounts payable and accrued liabilities | $ 2,366 | $ 1,168 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
State Bond Loan | $ 5,727 | $ 5,409 |
Deferred financing costs | (33) | (43) |
Loans payable, current | 5,694 | 5,366 |
Long term | ||
State bond loan | 0 | 5,727 |
Deferred financing cost | 0 | (33) |
Loans payable, non-current | $ 0 | $ 5,694 |
Notes Payable (Details 1)
Notes Payable (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Principal | $ 5,727 |
2024 [Member] | |
Debt outstanding | $ 5,934 |
Debt Instrument, Maturity Date | Oct-2024 |
Principal | $ 5,727 |
Interest | 207 |
State Bond Loan [Member] | |
Debt outstanding | $ 5,934 |
Debt Instrument, Maturity Date | Oct-2024 |
Principal | $ 5,727 |
Interest | $ 207 |
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 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 2,382 | $ 6,263 | $ 2,144 |
Warrants issued | 9,109 | 2,604 | |
Warrants exercised | (58) | (1,790) | (4,446) |
Mark to market revaluation loss | 1,586 | (1,835) | 5,998 |
Effects for foreign exchange rate changes | 273 | (256) | (37) |
Ending balance | 13,292 | 2,382 | 6,263 |
February 2021 Warrant [Member] | |||
Beginning balance | 2,382 | 4,236 | 0 |
Warrants issued | 0 | 2,604 | |
Warrants exercised | (55) | 0 | (97) |
Mark to market revaluation loss | (626) | (1,620) | 1,751 |
Effects for foreign exchange rate changes | 42 | (234) | (22) |
Ending balance | 1,743 | 2,382 | 4,236 |
February 2023 Warrant [Member] | |||
Beginning balance | 0 | 0 | 0 |
Warrants issued | 9,109 | 0 | |
Warrants exercised | (3) | 0 | |
Mark to market revaluation loss | 2,212 | 0 | 0 |
Effects for foreign exchange rate changes | 231 | 0 | 0 |
Ending balance | 11,549 | 0 | 0 |
August 2020 Warrant [Member] | |||
Beginning balance | 0 | 2,027 | 1,415 |
Warrants issued | 0 | 0 | |
Warrants exercised | 0 | (1,790) | (388) |
Mark to market revaluation loss | 0 | (215) | 1,020 |
Effects for foreign exchange rate changes | (22) | (20) | |
Ending balance | 0 | 0 | 2,027 |
September 2018 Warrant [Member] | |||
Beginning balance | 0 | 0 | 729 |
Warrants issued | 0 | 0 | |
Warrants exercised | 0 | (3,961) | |
Mark to market revaluation loss | 0 | 0 | 3,227 |
Effects for foreign exchange rate changes | 5 | ||
Ending balance | $ 0 | $ 0 | $ 0 |
Warrant Liabilities (Details 1)
Warrant Liabilities (Details 1) $ in Thousands | Dec. 31, 2023 USD ($) |
Current portion of warrant liability | $ 1,743 |
Long-term warrant liability | 11,549 |
Total warrant laibility | 13,292 |
February 2021 Warrant [Member] | |
Current portion of warrant liability | 1,743 |
Long-term warrant liability | 0 |
Total warrant laibility | 1,743 |
February 2023 [Member] | |
Current portion of warrant liability | 0 |
Long-term warrant liability | 11,549 |
Total warrant laibility | $ 11,549 |
Warrant Liabilities (Details 2)
Warrant Liabilities (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expected life (years) | 4 years | 3 years 10 months 24 days | 3 years 10 months 24 days |
Expected volatility | 72.70% | 69.50% | |
Expected dividend rate | 0% | 0% | 0% |
Exercise price | $ 0.64 | $ 0.66 | $ 0.62 |
February 2021 Warrant [Member] | |||
Expected forfeiture rate | 0% | ||
Expected life (years) | 1 month 6 days | ||
Expected volatility | 45.80% | ||
Risk free rate | 3.80% | ||
Expected dividend rate | 0% | ||
Exercise price | $ 1.35 | ||
Market price | $ 1.54 | ||
February 2023 Warrant [Member] | |||
Expected forfeiture rate | 0% | ||
Expected life (years) | 2 years 1 month 6 days | ||
Expected volatility | 61.60% | ||
Risk free rate | 3.80% | ||
Expected dividend rate | 0% | ||
Exercise price | $ 1.50 | ||
Market price | $ 1.54 |
Warrant Liabilities (Details Na
Warrant Liabilities (Details Narrative) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exercise price | $ 1.46 | $ 1.35 | $ 1.16 | $ 0.90 |
February 2021 Warrant [Member] | ||||
Common stock shares purchase | 8,465,265 | |||
Number of securities called by each warrant | 16,930,530 | |||
Exercise price | $ 1.35 | |||
Warrants to purchase common shares term | whole common share for a term of three years | |||
February 2023 Warrant [Member] | ||||
Common stock shares purchase | 19,550,000 | |||
Number of securities called by each warrant | 39,100,000 | |||
Exercise price | $ 1.50 | |||
Warrants to purchase common shares term | whole common share for a term of three years | |||
August 2020 Warrant [Member] | ||||
Common stock shares purchase | 4,500,000 | |||
Number of securities called by each warrant | 9,000,000 | |||
Exercise price | $ 0.75 | |||
Warrants to purchase common shares term | whole common share for a term of two years | |||
September 2018 Warrant [Member] | ||||
Common stock shares purchase | 6,531,439 | |||
Number of securities called by each warrant | 13,062,878 | |||
Exercise price | $ 1 | |||
Warrants to purchase common shares term | whole common share for a term of three years |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligations | |||
Beginning of period | $ 30,701 | $ 29,915 | $ 29,965 |
Change in estimated reclamation costs | 38 | 326 | (536) |
Accretion expense | 497 | 460 | 486 |
End of period | $ 31,236 | $ 30,701 | $ 29,915 |
Asset Retirement Obligations _2
Asset Retirement Obligations (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
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 | 9.23% |
Reclamation cost escalated inflation rate | 2.44% |
Shareholders Equity and Capit_3
Shareholders Equity and Capital Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders Equity and Capital Stock | |||
Outstanding, Beginning Balance | 8,574,904 | 10,064,024 | 11,910,424 |
Granted, Options | 2,607,657 | 175,000 | 1,322,164 |
Exercised, options | (2,225,098) | (1,308,625) | (2,929,101) |
Forfeited, options | (39,999) | (219,055) | |
Expired, options | (17,129) | (355,495) | (20,408) |
Outstanding Ending Balance, Options | 8,900,335 | 8,574,904 | 10,064,024 |
Outstanding, Beginning Balance, Weighted-average exercise price | $ 0.66 | $ 0.68 | $ 0.61 |
Granted, Weighted-average exercise price | 1.32 | 1.74 | 1.14 |
Exercised, Weighted-average exercise price | 0.64 | 0.66 | 0.62 |
Forfeited, Weighted-average exercise price | 1.13 | 0.56 | |
Expired, Weighted-average exercise price | 0.68 | 0.66 | 0.57 |
Outstanding Ending Balance, Weighted-average exercise price | $ 0.87 | $ 0.66 | $ 0.68 |
Shareholders Equity and Capit_4
Shareholders Equity and Capital Stock (Details 1) | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Equity Option [Member] | |
Exercise price | $ / shares | $ 0.87 |
Number of options, Outstanding | shares | 8,900,335 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 6 months |
Aggregate intrinsic value | $ | $ 5,981,325 |
Number of options, Exercisable | shares | 5,838,383 |
Weighted- average remaining contractual life (years), Exercisable | 1 year 7 months 6 days |
Aggregate intrinsic value, exercisable | $ | $ 5,318,038 |
Exercise price $1.17 | |
Exercise price | $ / shares | $ 1.17 |
Number of options, Outstanding | shares | 1,331,433 |
Weighted- average remaining contractual life (years), Outstanding | 4 years |
Aggregate intrinsic value | $ | $ 492,297 |
Number of options, Exercisable | shares | 0 |
Aggregate intrinsic value, exercisable | $ | $ 0 |
Expiry | Jan. 04, 2028 |
Exercise price $0.60 | |
Exercise price | $ / shares | $ 0.60 |
Number of options, Outstanding | shares | 2,220,584 |
Weighted- average remaining contractual life (years), Outstanding | 9 months 18 days |
Aggregate intrinsic value | $ | $ 2,095,232 |
Number of options, Exercisable | shares | 2,220,584 |
Weighted- average remaining contractual life (years), Exercisable | 9 months 18 days |
Aggregate intrinsic value, exercisable | $ | $ 2,095,232 |
Expiry | Nov. 05, 2024 |
Exercise price $0.48 | |
Exercise price | $ / shares | $ 0.48 |
Number of options, Outstanding | shares | 2,634,421 |
Weighted- average remaining contractual life (years), Outstanding | 1 year 10 months 24 days |
Aggregate intrinsic value | $ | $ 2,803,946 |
Number of options, Exercisable | shares | 2,634,421 |
Weighted- average remaining contractual life (years), Exercisable | 1 year 10 months 24 days |
Aggregate intrinsic value, exercisable | $ | $ 2,803,946 |
Expiry | Nov. 13, 2025 |
Exercise price $1.09 | |
Exercise price | $ / shares | $ 1.09 |
Number of options, Outstanding | shares | 1,302,672 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 8 months 12 days |
Aggregate intrinsic value | $ | $ 589,850 |
Number of options, Exercisable | shares | 925,045 |
Weighted- average remaining contractual life (years), Exercisable | 2 years 8 months 12 days |
Aggregate intrinsic value, exercisable | $ | $ 418,860 |
Expiry | Aug. 27, 2026 |
Exercise price $1.68 | |
Exercise price | $ / shares | $ 1.68 |
Number of options, Outstanding | shares | 175,000 |
Weighted- average remaining contractual life (years), Outstanding | 3 years 2 months 12 days |
Aggregate intrinsic value | $ | $ 0 |
Number of options, Exercisable | shares | 58,333 |
Weighted- average remaining contractual life (years), Exercisable | 3 years 2 months 12 days |
Aggregate intrinsic value, exercisable | $ | $ 0 |
Expiry | Mar. 14, 2027 |
Exercise price $1.56 | |
Exercise price | $ / shares | $ 1.56 |
Number of options, Outstanding | shares | 1,236,225 |
Weighted- average remaining contractual life (years), Outstanding | 4 years 10 months 24 days |
Aggregate intrinsic value | $ | $ 0 |
Number of options, Exercisable | shares | 0 |
Aggregate intrinsic value, exercisable | $ | $ 0 |
Expiry | Dec. 07, 2028 |
Shareholders Equity and Capit_5
Shareholders Equity and Capital Stock (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expected forfeiture rate | 5.60% | 6.10% | |
Expected life (years) | 4 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% | 0% |
Weighted average exercise price (CAD$) | $ 2.23 | $ 1.44 | |
Black-Scholes value (CAD$) | $ 1.22 | $ 0.74 | |
Minimum [Member] | |||
Expected forfeiture rate | 5.10% | ||
Expected volatility | 71.70% | ||
Risk free rate | 3.50% | ||
Weighted average exercise price (CAD$) | $ 1.55 | ||
Black-Scholes value (CAD$) | $ 0.89 | ||
Maximum [Member] | |||
Expected forfeiture rate | 5.30% | ||
Expected volatility | 74.70% | ||
Risk free rate | 3.60% | ||
Weighted average exercise price (CAD$) | $ 2.06 | ||
Black-Scholes value (CAD$) | $ 1.16 |
Shareholders Equity and Capit_6
Shareholders Equity and Capital Stock (Details 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders Equity and Capital Stock | |||
Number of RSUs Unvested, Beginning Balance | 305,530 | 1,011,660 | 1,404,962 |
Number of RSUs Granted | 651,912 | 305,530 | |
Number of RSUs Released | (312,575) | (706,130) | (638,989) |
Number of RSUs Forfeited | (2,957) | (59,843) | |
Number of RSUs Unvested, Ending Balance | 641,910 | 305,530 | 1,011,660 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ 1.14 | $ 0.69 | $ 0.54 |
Granted, Weighted average grant date fair value | 1.32 | 1.14 | |
Released, Weighted average grant date fair value | 1.14 | 0.47 | 0.63 |
Forfeited, Weighted average grant date fair value | 1.15 | 0.56 | |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ 1.33 | $ 1.14 | $ 0.69 |
Shareholders Equity and Capit_7
Shareholders Equity and Capital Stock (Details 4) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of RSUs | 641,910 | 305,530 | 1,011,660 | 1,404,962 |
Weighted-Average Remaining contractual life (years) | 1 year 6 months | |||
Aggregate Intrinsic Value | $ 988,541 | |||
January 04, 2025 [Member] | ||||
Number of RSUs | 332,850 | |||
Weighted-Average Remaining contractual life (years) | 1 year | |||
Aggregate Intrinsic Value | $ 512,589 | |||
Redemption date | Jan. 04, 2025 | |||
December 07, 2025 [Member] | ||||
Number of RSUs | 309,060 | |||
Weighted-Average Remaining contractual life (years) | 1 year 10 months 24 days | |||
Aggregate Intrinsic Value | $ 475,952 | |||
Redemption date | Dec. 07, 2025 |
Shareholders Equity and Capit_8
Shareholders Equity and Capital Stock (Details 5) | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Minimum [Member] | |
Expected forfeiture rate | 3.60% |
Grant date fair value (CAD$) | $ 1.55 |
Maximum [Member] | |
Expected forfeiture rate | 3.80% |
Grant date fair value (CAD$) | $ 2.06 |
Shareholders Equity and Capit_9
Shareholders Equity and Capital Stock (Details 6) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding warrants | |||
Outstanding Beginning Balance, Warrants | 16,730,530 | 24,368,530 | 22,062,878 |
Number of warrants, issued | 39,100,000 | 16,930,530 | |
Number of warrants, Exercised | (413,030) | (7,638,000) | (14,050,920) |
Number of warrants, Expired | (573,958) | ||
Outstanding Ending Balance, Warrants | 55,417,500 | 16,730,530 | 24,368,530 |
Number of shares to be issued upon exercise | |||
Outstanding Beginning Balance, Number of shares to be issued upon exercise | 8,365,265 | 12,184,265 | 11,031,439 |
Number of shares to be issued upon exercise, issued | 19,550,000 | 8,465,265 | |
Number of shares to be issued upon exercise, Exercised | (206,515) | (3,819,000) | (7,025,460) |
Number of shares to be issued upon exercise, Expired | (286,979) | ||
Outstanding Ending Balance, Number of shares to be issued upon exercise | 27,708,750 | 8,365,265 | 12,184,265 |
Per share exercise price | |||
Per share exercise price, Outstanding Beginning | $ 1.35 | $ 1.16 | $ 0.90 |
Per share exercise price, issued | 1.50 | 1.35 | |
Per share exercise price, Exercised | 1.35 | 0.75 | 0.98 |
Per share exercise price, Expired | 1 | ||
Per share exercise price, Outstanding Ending | $ 1.46 | $ 1.35 | $ 1.16 |
Shareholders Equity and Capi_10
Shareholders Equity and Capital Stock (Details 7) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exercise price | $ 1.46 | $ 1.35 | $ 1.16 | $ 0.90 |
Number of warrants | 55,417,500 | 16,730,530 | 24,368,530 | 22,062,878 |
Warrants | ||||
Exercise price | $ 1.46 | |||
Number of warrants | 55,417,500 | |||
Remaining contractual life (years) | 1 year 6 months | |||
Aggregate Intrinsic Value | $ 2,332,725 | |||
Exercise price $1.50 | ||||
Exercise price | $ 1.50 | |||
Number of warrants | 39,092,500 | |||
Remaining contractual life (years) | 2 years 1 month 6 days | |||
Aggregate Intrinsic Value | $ 781,850 | |||
Expiry | Feb. 21, 2026 | |||
Exercise price $1.35 | ||||
Exercise price | $ 1.35 | |||
Number of warrants | 16,325,000 | |||
Remaining contractual life (years) | 1 month 6 days | |||
Aggregate Intrinsic Value | $ 1,550,875 | |||
Expiry | Feb. 04, 2024 |
Shareholders Equity and Capi_11
Shareholders Equity and Capital Stock (Details 8) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expected life (years) | 4 years | 3 years 10 months 24 days | 3 years 10 months 24 days |
Expected volatility | 72.70% | 69.50% | |
Expected dividend rate | 0% | 0% | 0% |
Warrants | |||
Expected forfeiture rate | 0% | 0% | |
Expected life (years) | 3 years | 3 years | |
Expected volatility | 77.40% | 69.30% | |
Risk free rate | 3.90% | 0.20% | |
Expected dividend rate | 0% | 0% | |
Black-Scholes value (CAD$) | $ 0.63 | $ 0.39 |
Shareholders Equity and Capi_12
Shareholders Equity and Capital Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 04, 2021 | Feb. 21, 2023 | Feb. 28, 2021 | Aug. 31, 2020 | Sep. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Public offering price per share | $ 0.90 | $ 1.18 | ||||||
Additional common shares purchase | 2,208,330 | 5,100,000 | ||||||
Additional warrants purchase | 1,104,165 | 2,550,000 | ||||||
Closing stock price per share | $ 1.54 | |||||||
In-the-money stock options outstanding | 7,489,110 | |||||||
In-the-money stock options exercisable | 5,780,050 | |||||||
Options exercised | $ 1,400 | $ 900 | $ 1,800 | |||||
Shares issued upon public offering | 14,722,200 | 34,000,000 | ||||||
Warrants to purchase | 7,361,100 | 17,000,000 | ||||||
Gross proceeds with warrants | $ 15,200 | $ 46,100 | ||||||
Fees and expenses | 1,300 | 3,000 | ||||||
Net proceeds from offerings | $ 13,900 | $ 43,100 | ||||||
Exercise price | $ 1.35 | $ 1.50 | ||||||
Net proceeds from common stock issuance | $ 53,142 | $ 3,775 | $ 48,841 | |||||
Number of warrants exercised | (413,030) | (7,638,000) | (14,050,920) | |||||
Common share issued | 270,898,900 | 224,699,621 | ||||||
Common share outstanding | 270,898,900 | 224,699,621 | ||||||
Restricted Stock Units RSU One [Member] | ||||||||
Unamortized stock based comoensation expenses | $ 600 | |||||||
Employee Service Share-based Compensation Period for Recognition | 1 year 8 months 12 days | |||||||
Stock-based compensation expense | $ 300 | $ 300 | $ 400 | |||||
Warrants One [Member] | ||||||||
Warrants issued to purchase common shares | 16,930,530 | 39,100,000 | 16,930,530 | 9,000,000 | 13,062,878 | |||
Common shares purchase | 8,465,265 | 19,550,000 | 8,465,265 | 4,500,000 | 6,531,439 | |||
Share price | $ 1.50 | $ 1.35 | $ 0.75 | $ 1 | ||||
Gross proceeds with warrants | 300 | 2,900 | 6,900 | |||||
Equity Option [Member] | ||||||||
Unamortized stock based comoensation expenses | 1,700 | |||||||
Stock-based compensation expense | $ 700 | $ 80 | $ 70 | |||||
Common Shares [Member] | ||||||||
Warrants issued to purchase common shares | 4,425,809 | 2,231,930 | 19,151,457 | |||||
Options exercised | $ 1,400 | $ 900 | $ 1,800 | |||||
Number of stock options exercise | 2,225,098 | 1,308,625 | 2,929,101 | |||||
Common stock shares sold, amount | $ 7,000 | $ 3,800 | $ 33,400 | |||||
Common stock issued costs | 200 | 100 | 800 | |||||
Net proceeds from common stock issuance | $ 6,800 | $ 3,700 | $ 32,600 | |||||
Common shares issued for released RSUs | 241,857 | 557,372 | 492,394 | |||||
Warrants exercised | $ 300 | $ 2,900 | $ 6,900 | |||||
Number of warrants exercised | 413,030 | 7,638,000 | 14,050,920 | |||||
Number of warrants exercised for underlying common shares | 206,515 | 3,819,000 | 7,025,460 |
Sales And Other Income (Details
Sales And Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 17,679 | $ 19 | $ 16 |
Revenue percentage | 100% | 100% | 100% |
Customer A | |||
Revenues | $ 10,881 | $ 0 | $ 0 |
Revenue percentage | 61.50% | 0% | 0% |
U3O8 sales | |||
Revenues | $ 17,328 | $ 0 | $ 0 |
Revenue percentage | 98% | 0% | 0% |
Disposal fees | |||
Revenues | $ 351 | $ 19 | $ 16 |
Revenue percentage | 2% | 100% | 100% |
Customer B | |||
Revenues | $ 6,447 | $ 0 | $ 0 |
Revenue percentage | 36.50% | 0% | 0% |
Sales And Other Income (Detai_2
Sales And Other Income (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest amount | $ 600 | $ 700 | $ 800 | ||
Strata Energy Lance Uranium [Member] | |||||
Royalty interest | $ 1,300 | ||||
Proceeds from SBA Paycheck Protection Program | $ 893 | ||||
Principal amount | 893 | ||||
Interest amount | 10 | ||||
Gain on debt forgiveness | $ 903 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost of Sales | |||
Cost of U3O8 sales | $ 8,676 | $ 0 | $ 0 |
Lower Of Cost Or NRV Adjustments | 10,689 | 6,861 | 7,000 |
Cost Of Sales | $ 19,365 | $ 6,861 | $ 7,000 |
Operating Costs (Details)
Operating Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Costs | |||
Exploration And Evaluation | $ 2,109 | $ 1,769 | $ 2,037 |
Development | 20,396 | 4,686 | 1,922 |
General And Administration | 6,154 | 6,037 | 5,328 |
Accretion | 497 | 460 | 486 |
Operating Costs | $ 29,156 | $ 12,952 | $ 9,773 |
Supplemental Information for _2
Supplemental Information for Statement of Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Information for Statement of Cash Flows | ||||
Cash And Cash Equivalents | $ 59,700 | $ 33,003 | $ 46,189 | |
Restricted Cash | 8,549 | 8,137 | 7,966 | |
Total | $ 68,249 | $ 41,140 | $ 54,155 | $ 12,127 |
Supplemental Information for _3
Supplemental Information for Statement of Cash Flows (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Information for Statement of Cash Flows | |||
Interest Expense | $ 0.6 | $ 0.7 | $ 0.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income loss before income tax provision | $ (30,722) | $ (17,119) | $ (22,908) |
United States [Member] | |||
Income loss before income tax provision | (26,063) | (15,638) | (13,438) |
Canada [Member] | |||
Income loss before income tax provision | $ (4,659) | $ (1,481) | $ (9,470) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes | |||
Deferred tax assets | $ 14,377 | $ 13,243 | $ 12,841 |
Net operating losses-non current | 47,715 | 42,074 | 38,800 |
Total Deferred Tax Assets | 62,092 | 55,317 | 51,641 |
Valuation Allowance | (62,092) | (55,317) | (51,641) |
Net deferred taxes | $ 0 | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Pre-January 1, 2018 [Member] | |
Net operating loss carry forward | $ 79,699 |
Expiration period descriptions | 2029 - 2035 |
Post December 31, 2017 [Member] | |
Net operating loss carry forward | $ 57,724 |
Income tax expiration period descriptions | No expirations |
United States [Member] | |
Expiration period, description | Varies by state |
Net operating loss | $ 136,490 |
Canada [Member] | |
Expiration period descriptions | 2026 - 2040 |
Net operating loss | $ 48,238 |
Income Taxes (Details 3)
Income Taxes (Details 3) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Canadian Statutory rate | 26.50% | 26.50% | 26.50% |
State tax | (2.00%) | (2.10%) | 4.20% |
Permanent differences | (1.30%) | 1.10% | (5.10%) |
True-ups and other | (0.10%) | 0.20% | 0% |
Effect of U.S. Foreign Tax Rate Differential | (4.70%) | (5.00%) | (3.20%) |
Share issuance costs | 2.80% | 3.40% | 0% |
Change in valuation allowance | (21.20%) | (25.00%) | (22.40%) |
ITC credits | 0% | 1.50% | 0% |
Total | 0% | 0% | 0% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Valuation allowance | $ 6,775 | $ 3,676 | $ 5,090 |
Commitments (Details)
Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating leases | |
2024 | $ 285 |
2025 | 285 |
2026 | 280 |
2027 | 139 |
Minimum annual lease payments | $ 989 |
Commitments (Details 1)
Commitments (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments | |
2024 | $ 5,727 |
Principal Payments | $ 5,727 |
Commitments (Details 2) Pounds
Commitments (Details 2) Pounds U3O8 | 12 Months Ended |
Dec. 31, 2023 | |
Commitments | |
2024 | 570,000 |
2025 | 700,000 |
2026 | 850,000 |
2027 | 1,050,000 |
2028 | 1,100,000 |
2029 | 800,000 |
2030 | 550,000 |
U3O8 Deliveries | 5,620,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Subsequent Events | |
Warrant exercises for underlying whole common shares | 8,188,250 |
Warrant exercises prive per share | $ / shares | $ 1.35 |
Gross proceeds from Warrant exercises | $ | $ 11.1 |
Warrant exercised | 16,376,500 |
Average price | $ / shares | $ 1.72 |
Sales proceed | $ | $ 4.2 |
Common shares sold | 2,464,500 |
Financial instruments (Details
Financial instruments (Details Narrative) $ in Millions | Dec. 31, 2023 USD ($) |
Cash secured by FDIC | $ 0.6 |
Foreign currency | 2.8 |
Current portion of lease liability | 0.2 |
Accounts payable and accrued liabilities | 2.4 |
Notes payable | 5.7 |
Cash and Cash equivalents | 59.7 |
US Federal Deposit Insurance Corporation [Member] | |
Credit risk | $ 68 |