Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | UR-ENERGY INC. | |
Entity Central Index Key | 0001375205 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 281,626,324 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-33905 | |
Entity Incorporation State Country Code | Z4 | |
Entity Address Address Line 1 | 10758 West Centennial Road | |
Entity Address Address Line 2 | Suite 200 | |
Entity Address City Or Town | Littleton | |
Entity Address State Or Province | CO | |
Entity Address Postal Zip Code | 80127 | |
City Area Code | 720 | |
Local Phone Number | 981-4588 | |
Security 12b Title | Common stock | |
Trading Symbol | URG | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 53,896 | $ 59,700 |
Current portion of lease receivable (net) | 78 | 77 |
Inventory | 4,698 | 2,571 |
Prepaid expenses | 1,347 | 1,321 |
Total current assets | 60,019 | 63,669 |
Non-current assets | ||
Lease receivable (net) | 194 | 208 |
Restricted cash | 8,641 | 8,549 |
Mineral properties | 34,938 | 34,906 |
Capital assets | 21,148 | 21,044 |
Total non-current assets | 64,921 | 64,707 |
Total assets | 124,940 | 128,376 |
Current liabilities | ||
Accounts payable and accrued liabilities | 4,842 | 2,366 |
Current portion of notes payable | 0 | 5,694 |
Current portion of warrant liability | 0 | 1,743 |
Current portion of lease liability | 169 | 162 |
Environmental remediation accrual | 63 | 69 |
Total current liabilities | 5,074 | 10,034 |
Non-current liabilities | ||
Warrant liability | 10,913 | 11,549 |
Asset retirement obligations | 31,367 | 31,236 |
Lease liability | 640 | 687 |
Total non-current liabilities | 42,920 | 43,472 |
Shareholders' equity | ||
Share capital | 322,213 | 302,182 |
Contributed surplus | 20,184 | 19,881 |
Accumulated other comprehensive income | 4,001 | 3,718 |
Accumulated deficit | (269,452) | (250,911) |
Total shareholders' equity | 76,946 | 74,870 |
Total liabilities and shareholders' equity | $ 124,940 | $ 128,376 |
Interim Consolidated Statements
Interim Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interim Consolidated Statements of Operations and Comprehensive Loss | ||
Sales | $ 0 | $ 6,447 |
Cost of sales | (1,139) | (6,504) |
Gross loss | (1,139) | (57) |
Operating costs | (15,145) | (3,065) |
Operations loss | (16,284) | (3,122) |
Net interest income | 488 | 213 |
Warrant liability revaluation gain (loss) | (2,756) | 1,867 |
Foreign exchange gain | 12 | 336 |
Other loss | (1) | (7) |
Net loss | (18,541) | (713) |
Foreign currency translation adjustment | 283 | (317) |
Comprehensive loss | $ (18,258) | $ (1,030) |
Loss per common share: | ||
Basic | $ (0.07) | $ 0 |
Diluted | $ (0.07) | $ 0 |
Weighted average common shares: | ||
Basic | 278,030,162 | 241,893,816 |
Diluted | 278,030,162 | 241,893,816 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Changes in Shareholders Equity - USD ($) | Total | Share Capital [Member] | Contributed Surplus [Member] | Accumulated other comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance, shares at Dec. 31, 2022 | 224,699,621 | ||||
Balance, amount at Dec. 31, 2022 | $ 62,499,000 | $ 258,646,000 | $ 19,843,000 | $ 4,265,000 | $ (220,255,000) |
Exercise of stock options, shares | 536,183 | ||||
Exercise of stock options, amount | 298,000 | $ 429,000 | (131,000) | 0 | 0 |
Shares issued for cash, shares | 39,491,000 | ||||
Shares issued for cash, amount | 37,528,000 | $ 37,528,000 | 0 | 0 | 0 |
Share issue costs | (2,992,000) | (2,992,000) | 0 | 0 | 0 |
Stock compensation | 253,000 | 0 | 253,000 | 0 | 0 |
Comprehensive loss | (1,030,000) | $ 0 | 0 | (317) | (713,000) |
Balance, shares at Mar. 31, 2023 | 264,726,804 | ||||
Balance, amount at Mar. 31, 2023 | 96,556,000 | $ 293,611,000 | 19,965,000 | 3,948,000 | (220,968,000) |
Balance, shares at Dec. 31, 2023 | 270,898,900 | ||||
Balance, amount at Dec. 31, 2023 | 74,870,000 | $ 302,182,000 | 19,881,000 | 3,718,000 | (250,911,000) |
Exercise of stock options, shares | 74,674 | ||||
Exercise of stock options, amount | 40,000 | $ 61,000 | (21,000) | 0 | 0 |
Shares issued for cash, shares | 2,464,500 | ||||
Shares issued for cash, amount | 4,227,000 | $ 4,227,000 | 0 | 0 | 0 |
Share issue costs | (106,000) | (106,000) | 0 | 0 | 0 |
Stock compensation | 324,000 | 0 | 324,000 | 0 | 0 |
Comprehensive loss | (18,258,000) | $ 0 | 0 | 283,000 | (18,541,000) |
Exercise of warrants, shares | 8,188,250 | ||||
Exercise of warrants, amount | 15,849,000 | $ 15,849,000 | 0 | 0 | 0 |
Balance, shares at Mar. 31, 2024 | 281,626,324 | ||||
Balance, amount at Mar. 31, 2024 | $ 76,946,000 | $ 322,213,000 | $ 20,184,000 | $ 4,001,000 | $ (269,452,000) |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net loss for the year | $ (18,541) | $ (713) |
Items not affecting cash: | ||
Stock based compensation | 324 | 253 |
Net realizable value adjustments | 1,139 | 2,875 |
Amortization of mineral properties | (22) | 313 |
Depreciation of capital assets | 603 | 473 |
Accretion expense | 121 | 122 |
Amortization of deferred loan costs | 33 | 11 |
Provision for reclamation | (6) | 0 |
Mark to market loss (gain) | (2,756) | 1,867 |
Unrealized foreign exchange lgain | (12) | (336) |
Changes in non-cash working capital: | ||
Lease receivable | 13 | 0 |
Inventory | 3,266 | (753) |
Prepaid expenses | (131) | (170) |
Accounts payable and accrued liabilities | 2,612 | 613 |
Cash provided by used in operating activities | (14,377) | 2,327 |
Investing activities | ||
Purchase of capital assets | (843) | (665) |
Cash provided by used in investing activities | (843) | (665) |
Financing activities | ||
Issuance of common shares for cash | 4,227 | 46,637 |
Share issue costs | (106) | (2,914) |
Proceeds from exercise of warrants and stock options | 11,202 | 298 |
Repayment of debt | (5,767) | (1,324) |
Cash provided by used in financing activities | 9,556 | 42,697 |
Effects of foreign exchange rate changes on cash | (48) | 0 |
Increase (decrease) in cash, cash equivalents, and restricted cash | (5,712) | 44,359 |
Beginning cash, cash equivalents, and restricted cash | 68,249 | 41,140 |
Ending cash, cash equivalents, and restricted cash | $ 62,537 | $ 85,499 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2024 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004, under the laws of the Province of Ontario. The Company continued under the Canada Business Corporations Act on August 8, 2006. The Company is an exploration stage issuer, as defined by United States Securities and Exchange Commission (“SEC”). The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development, and production of uranium mineral resources located primarily in Wyoming. The Company commenced uranium production at its Lost Creek Project in Wyoming in 2013. Due to the nature of the uranium recovery methods used by the Company on the Lost Creek Property, and the definition of “mineral reserves” under Subpart 1300 to Regulation S-K (“S-K 1300”), the Company has not determined whether the property contains mineral reserves. The recoverability of amounts recorded for mineral properties is dependent upon the discovery of economic resources, the ability of the Company to obtain the necessary financing to develop the properties and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation These interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2023. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents | |
Cash And Cash Equivalents | 3. Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following: Cash and cash equivalents March 31, 2024 December 31, 2023 Cash on deposit 11,046 11,515 Money market accounts 42,850 48,185 53,896 59,700 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Inventory | |
Inventory | 4. Inventory The Company’s inventory consists of the following: Inventory by Type March 31, 2024 December 31, 2023 Plant inventory 1,593 1,343 Conversion facility inventory 3,105 1,228 4,698 2,571 Using lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $1,139 and $2,875 for the three months ended March 31, 2024 and 2023, respectively. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Restricted Cash | |
Restricted Cash | 5. Restricted Cash The Company’s restricted cash consists of the following: Restricted Cash March 31, 2024 December 31, 2023 Cash pledged for reclamation 8,629 8,518 Other restricted cash 12 31 8,641 8,549 The Company’s restricted cash consists of money market and short-term government bond investment accounts. The bonding requirements for reclamation obligations on various properties have been reviewed and approved by the Wyoming Department of Environmental Quality (“WDEQ”), including the Wyoming Uranium Recovery Program (“URP”), and the Bureau of Land Management (“BLM”) as applicable. The restricted accounts are pledged as collateral against performance surety bonds, which secure the estimated costs of reclamation related to the properties. Surety bonds totaled $28.4 million and $28.4 million as of March 31, 2024, and December 31, 2023, respectively. |
Mineral Properties
Mineral Properties | 3 Months Ended |
Mar. 31, 2024 | |
Mineral Properties | |
Mineral Properties | 6. Mineral Properties The Company’s mineral properties consist of the following: Mineral Properties Lost Creek Property Shirley Basin Property Other U.S. Properties Total December 31, 2023 2,466 17,726 14,714 34,906 Change in estimated reclamation costs - 10 - 10 Depletion and amortization 22 - - 22 March 31, 2024 2,488 17,736 14,714 34,938 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 Property 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 property, 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. |
Capital Assets
Capital Assets | 3 Months Ended |
Mar. 31, 2024 | |
Capital Assets | |
Capital Assets | 7. Capital Assets The Company’s capital assets consist of the following: March 31, 2024 December 31, 2023 Capital Assets Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Rolling stock 5,765 (3,819 ) 1,946 5,226 (3,701 ) 1,525 Enclosures 35,227 (17,278 ) 17,949 35,190 (16,850 ) 18,340 Machinery and equipment 2,127 (1,113 ) 1,014 2,016 (1,081 ) 935 Furniture and fixtures 265 (168 ) 97 265 (163 ) 102 Information technology 1,205 (1,073 ) 132 1,198 (1,067 ) 131 Right of use assets 14 (4 ) 10 14 (3 ) 11 44,603 (23,455 ) 21,148 43,909 (22,865 ) 21,044 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities | |
Accounts Payable And Accrued Liabilities | 8. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: Accounts Payable and Accrued Liabilities March 31, 2024 December 31, 2023 Accounts payable 3,663 1,680 Accrued payroll liabilities 831 578 Accrued severance, ad valorem, and other taxes payable 348 108 4,842 2,366 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable | |
Notes Payable | 9. Notes Payable On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued, and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan called for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal was scheduled to be paid in 28 quarterly installments commencing January 1, 2015. On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved an eighteen-month deferral of principal payments beginning October 1, 2019. On October 6, 2020, the State Bond Loan was again modified to defer principal payments for an additional eighteen months. Quarterly principal payments resumed on October 1, 2022, and were to continue until October 1, 2024. On March 27, 2024, we pre-paid the remaining $4.4 million due on the bond loan. The State Bond Loan was secured by all the assets of the Lost Creek Project. All releases of collateral have been obtained following the final repayment of the facility. The following table summarizes the Company’s current debt. The Company has no long-term debt. Current Debt March 31, 2024 December 31, 2023 State Bond Loan - 5,727 Deferred financing costs - (33 ) - 5,694 |
Warrant Liability
Warrant Liability | 3 Months Ended |
Mar. 31, 2024 | |
Warrant Liability | |
Warrant Liability | 10. Warrant Liability 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. The Company’s warrant liabilities consist of the following. The Company has no current warrant liability. Warrant Liability Activity Feb-2021 Warrants Feb-2023 Warrants Total December 31, 2023 1,743 11,549 13,292 Warrants exercised (4,770 ) (20 ) (4,790 ) Mark to market revaluation loss (gain) 3,072 (316 ) 2,756 Effects for foreign exchange rate changes (45 ) (300 ) (345 ) March 31, 2024 - 10,913 10,913 The fair value of the warrant liabilities on March 31, 2024, was determined using the Black-Scholes model with the following assumptions: Feb-2023 Black-Scholes Assumptions as of March 31, 2024 Warrants Expected forfeiture rate 0.0 % Expected life (years) 1.9 Expected volatility rate 55.7 % Risk free rate 4.1 % Expected dividend rate 0.0 % Exercise price $ 1.50 Market price $ 1.60 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligations | |
Asset Retirement Obligations | 11. Asset Retirement Obligations Asset retirement obligations relate to the Lost Creek mine and Shirley Basin project and are equal to the current estimated reclamation cost escalated at inflation rates ranging from 0.74% to 2.52% and then discounted at credit adjusted risk-free rates ranging from 0.33% to 9.24%. Current estimated reclamation costs include costs of closure, reclamation, demolition and stabilization of the wellfields, processing plants, infrastructure, aquifer restoration, waste dumps, and ongoing post-closure environmental monitoring and maintenance costs. The schedule of payments required to settle the future reclamation extends through 2033. The present value of the estimated future closure estimate is presented in the following table. Asset Retirement Obligations Total December 31, 2023 31,236 Change in estimated reclamation costs 10 Accretion expense 121 March 31, 2024 31,367 The restricted cash discussed in note 5 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 | 3 Months Ended |
Mar. 31, 2024 | |
Shareholders Equity and Capital Stock | |
Shareholders' Equity And Capital Stock | 12. Shareholders’ Equity and Capital Stock Common shares The Company’s share capital consists of an unlimited amount of Class A preferred shares authorized, without par value, of which no shares are issued and outstanding; and an unlimited amount of common shares authorized, without par value, of which 281,626,324 shares and 270,898,900 shares were issued and outstanding as of March 31, 2024, and December 31, 2023, respectively. 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 three months ended March 31, 2024, the Company sold 2,464,500 common shares through its At Market facility for $4.2 million. After issue costs of $0.1 million, net proceeds to the Company were $4.1 million. The Company also received $11.1 million from the exercise of 16,376,500 warrants for 8,188,250 underlying common shares, and less than $0.1 million from the exercise of 74,674 stock options. 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 is summarized as follows: Stock Option Activity Outstanding Options Weighted-average Exercise Price December 31, 2023 8,900,335 0.87 Exercised (74,674 ) 0.55 March 31, 2024 8,825,661 0.86 The exercise price of a new grant is set at the closing price for the shares on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date and there is no intrinsic value as of the date of grant. We received less than $0.1 million from options exercised in the three months ended March 31, 2024. Stock-based compensation expense from stock options was $0.2 million for the three months ended March 31, 2024, and $0.2 million for the three months ended March 31, 2023. As of March 31, 2024, there was approximately $1.5 million of 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 2.2 years under the Option Plan. As of March 31, 2024, outstanding stock options are as follows: Options Outstanding Options Exercisable Exercise Price Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ # years $ 0.58 2,220,584 0.6 2,257,237 2,220,584 0.6 2,257,237 2024-11-05 0.47 2,568,652 1.6 2,914,603 2,568,652 1.6 2,914,603 2025-11-13 1.06 1,302,672 2.4 698,774 925,045 2.4 496,209 2026-08-27 1.65 175,000 3.0 - 116,666 3.0 - 2027-03-14 1.14 1,322,528 3.8 601,975 434,906 3.8 197,956 2028-01-04 1.52 1,236,225 4.7 97,024 - - - 2028-12-07 0.86 8,825,661 2.3 6,569,613 6,265,853 1.5 5,866,005 The aggregate intrinsic value of the options in the preceding table represents the total pre-tax intrinsic value for stock options, with an exercise price less than the Company’s TSX closing stock price as of the last trading day in the three months ended March 31, 2024 (approximately US$1.60), that would have been received by the option holders had they exercised their options on that date. There were 8,650,661 in-the-money stock options outstanding and 6,149,187 in-the-money stock options exercisable as of March 31, 2024. No stock options were granted in the three months ended March 31, 2024. Restricted share units On June 24, 2010, the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”), as subsequently amended and now known as the Restricted Share Unit and Equity Incentive Plan (the “RSU&EI Plan”). The RSU&EI Plan was approved by our shareholders most recently on June 2, 2022. Eligible participants under the RSU&EI Plan include directors and employees of the Company. Granted RSUs are redeemed on the second anniversary of the grant. Upon an RSU redemption, the holder of the RSU will receive one common share, for no additional consideration, for each RSU held. Activity with respect to RSUs is summarized as follows: Restricted Share Unit Activity Outstanding RSUs Weighted-average Grant Date Fair Value # $ December 31, 2023 641,910 1.33 Exercises Nil Nil March 31, 2024 641,910 1.33 Stock-based compensation expense from RSUs was $0.1 million for the three months ended March 31, 2024, and $0.1 million for the three months ended March 31, 2023. As of March 31, 2024, there was approximately $0.5 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 1.4 years under the RSU&EI Plan. As of March 31, 2024, outstanding RSUs were as follows: Number of RSUs Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Redemption Date # years $ 332,850 0.8 532,560 2025-01-04 309,060 1.7 494,496 2025-12-07 641,910 1.2 1,027,056 No restricted share units were granted in the three months ended March 31, 2024. Warrants In February 2021, the Company issued 16,930,530 warrants to purchase 8,465,265 of our common shares at $1.35 per full share. In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 of our common shares at $1.50 per full share. Activity with respect to warrants is summarized as follows: Warrant Activity Outstanding Warrants Number of Shares to be Issued Upon Exercise Per Share Exercise Price # # $ December 31, 2023 55,417,500 27,708,750 1.46 Exercised (16,376,500 ) (8,188,250 ) 1.35 March 31, 2024 39,041,000 19,520,500 1.50 We received $11.1 million from warrants exercised in the three months ended March 31, 2024. As of March 31, 2024, outstanding warrants were as follows: Exercise Price Number of Warrants Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ 1.50 39,041,000 1.9 1,952,050 2026-02-21 1.50 39,041,000 1.9 1,952,050 Fair value calculation assumptions for stock options, restricted share units, and warrants The fair value of stock options are determined using the Black-Scholes model on their respective grant dates. The fair value of restricted share units are determined using the Intrinsic Value Method on their respective grant dates. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Sales and other income | |
Sales and Other Income | 13. Sales and Other Income Revenue is primarily derived from the sale of U 3 8 3 8 Revenues for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Revenue Summary $ % $ % Customer A - 0.0 % 6,447 100.0 % U 3 8 - 0.0 % 6,447 100.0 % Disposal fees - 0.0 % - 0.0 % - 0.0 % 6,447 100.0 % |
Cost of Sales
Cost of Sales | 3 Months Ended |
Mar. 31, 2024 | |
Cost of Sales | |
Cost Of Sales | 14. Cost of Sales Cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, reclamation, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales. Cost of sales consists of the following: Three Months Ended March 31, Cost of Sales 2024 2023 Cost of U 3 8 - 3,629 Lower of cost or NRV adjustments 1,139 2,875 1,139 6,504 |
Operating Costs
Operating Costs | 3 Months Ended |
Mar. 31, 2024 | |
Operating Costs | |
Operating Costs | 15. Operating Costs Operating expenses include exploration and evaluation expense, development expense, general and administration (“G&A”) expense, and mineral property write-offs. Exploration and evaluation expenses consist of labor and the associated costs of the exploration and evaluation departments as well as land holding and exploration costs including drilling and analysis on properties which have not reached the permitting or operations stage. Development expense relates to properties that have reached the permitting or operations stage and include costs associated with exploring, delineating, and permitting a property. Once permitted, development expenses also include the costs associated with the construction and development of the permitted property that are otherwise not eligible to be capitalized. G&A expense relates to the administration, finance, investor relations, land, and legal functions, and consists principally of personnel, facility, and support costs. Operating costs consist of the following: Three Months Ended March 31, Operating Costs 2024 2023 Exploration and evaluation 903 371 Development 11,552 1,149 General and administration 2,569 1,422 Accretion 121 123 15,145 3,065 |
Supplemental Information for St
Supplemental Information for Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Information for Statement of Cash Flows | |
Supplemental Information For Statement Of Cash Flows | 16. Supplemental Information for Statement of Cash Flows Cash, cash equivalents, and restricted cash per the Statement of Cash Flows consists of the following: Three Months Ended March 31, Cash and Cash Equivalents, and Restricted Cash 2024 2023 Cash and cash equivalents 53,896 77,276 Restricted cash 8,641 8,223 62,537 85,499 Interest expense paid was $0.1 million and $0.1 million for the three months ended March 31, 2024, and 2023, respectively. |
Financial instruments
Financial instruments | 3 Months Ended |
Mar. 31, 2024 | |
Financial instruments | |
Financial Instruments | 17. 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 $62.3 million at risk on March 31, 2024, should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of March 31, 2024. Currency risk As of March 31, 2024, we maintained a balance of approximately $2.6 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 March 31, 2024 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 March 31, 2024, the Company’s financial liabilities consisted of accounts payable and accrued liabilities of $4.8 million, and the current portion of lease liability of $0.2 million. As of March 31, 2024, the Company had $53.9 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 three months ended March 31, 2024. 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) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Basis Of Presentation | These interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2023. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents | |
Schedule Of Cash And Cash Equivalents | Cash and cash equivalents March 31, 2024 December 31, 2023 Cash on deposit 11,046 11,515 Money market accounts 42,850 48,185 53,896 59,700 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory | |
Schedule Of Inventory | Inventory by Type March 31, 2024 December 31, 2023 Plant inventory 1,593 1,343 Conversion facility inventory 3,105 1,228 4,698 2,571 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restricted Cash | |
Schedule Of Restricted Cash | Restricted Cash March 31, 2024 December 31, 2023 Cash pledged for reclamation 8,629 8,518 Other restricted cash 12 31 8,641 8,549 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Mineral Properties | |
Mineral Property | Mineral Properties Lost Creek Property Shirley Basin Property Other U.S. Properties Total December 31, 2023 2,466 17,726 14,714 34,906 Change in estimated reclamation costs - 10 - 10 Depletion and amortization 22 - - 22 March 31, 2024 2,488 17,736 14,714 34,938 |
Capital Assets (Tables)
Capital Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Capital Assets | |
Schedule Of Capital Assets | March 31, 2024 December 31, 2023 Capital Assets Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Rolling stock 5,765 (3,819 ) 1,946 5,226 (3,701 ) 1,525 Enclosures 35,227 (17,278 ) 17,949 35,190 (16,850 ) 18,340 Machinery and equipment 2,127 (1,113 ) 1,014 2,016 (1,081 ) 935 Furniture and fixtures 265 (168 ) 97 265 (163 ) 102 Information technology 1,205 (1,073 ) 132 1,198 (1,067 ) 131 Right of use assets 14 (4 ) 10 14 (3 ) 11 44,603 (23,455 ) 21,148 43,909 (22,865 ) 21,044 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities | |
Schedule Of Accounts Payable And Accrued Liabilities | Accounts Payable and Accrued Liabilities March 31, 2024 December 31, 2023 Accounts payable 3,663 1,680 Accrued payroll liabilities 831 578 Accrued severance, ad valorem, and other taxes payable 348 108 4,842 2,366 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable | |
Schedule Of Debt | Current Debt March 31, 2024 December 31, 2023 State Bond Loan - 5,727 Deferred financing costs - (33 ) - 5,694 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Warrant Liability | |
Schedule Of Warrant Liabilities | Warrant Liability Activity Feb-2021 Warrants Feb-2023 Warrants Total December 31, 2023 1,743 11,549 13,292 Warrants exercised (4,770 ) (20 ) (4,790 ) Mark to market revaluation loss (gain) 3,072 (316 ) 2,756 Effects for foreign exchange rate changes (45 ) (300 ) (345 ) March 31, 2024 - 10,913 10,913 |
Schedule Of Fair Value Of Warrant | Feb-2023 Black-Scholes Assumptions as of March 31, 2024 Warrants Expected forfeiture rate 0.0 % Expected life (years) 1.9 Expected volatility rate 55.7 % Risk free rate 4.1 % Expected dividend rate 0.0 % Exercise price $ 1.50 Market price $ 1.60 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligations | |
Schedule Of Asset Retirement Obligations | Asset Retirement Obligations Total December 31, 2023 31,236 Change in estimated reclamation costs 10 Accretion expense 121 March 31, 2024 31,367 |
Shareholders Equity and Capit_2
Shareholders Equity and Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Shareholders Equity and Capital Stock | |
Schedule Of Activity with respect to stock options | Stock Option Activity Outstanding Options Weighted-average Exercise Price December 31, 2023 8,900,335 0.87 Exercised (74,674 ) 0.55 March 31, 2024 8,825,661 0.86 |
Schedule Of outstanding stock options | Options Outstanding Options Exercisable Exercise Price Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ # years $ 0.58 2,220,584 0.6 2,257,237 2,220,584 0.6 2,257,237 2024-11-05 0.47 2,568,652 1.6 2,914,603 2,568,652 1.6 2,914,603 2025-11-13 1.06 1,302,672 2.4 698,774 925,045 2.4 496,209 2026-08-27 1.65 175,000 3.0 - 116,666 3.0 - 2027-03-14 1.14 1,322,528 3.8 601,975 434,906 3.8 197,956 2028-01-04 1.52 1,236,225 4.7 97,024 - - - 2028-12-07 0.86 8,825,661 2.3 6,569,613 6,265,853 1.5 5,866,005 |
Schedule Of Restricted Share Unit Activity | Restricted Share Unit Activity Outstanding RSUs Weighted-average Grant Date Fair Value # $ December 31, 2023 641,910 1.33 Exercises Nil Nil March 31, 2024 641,910 1.33 |
Schedule Of Schedule Of Restricted Share Unit Outstanding | Number of RSUs Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Redemption Date # years $ 332,850 0.8 532,560 2025-01-04 309,060 1.7 494,496 2025-12-07 641,910 1.2 1,027,056 |
Schedule Of warrant activity | Warrant Activity Outstanding Warrants Number of Shares to be Issued Upon Exercise Per Share Exercise Price # # $ December 31, 2023 55,417,500 27,708,750 1.46 Exercised (16,376,500 ) (8,188,250 ) 1.35 March 31, 2024 39,041,000 19,520,500 1.50 |
Schedule Of outstanding warrants | Exercise Price Number of Warrants Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ 1.50 39,041,000 1.9 1,952,050 2026-02-21 1.50 39,041,000 1.9 1,952,050 |
Sales and Other Income (Tables)
Sales and Other Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Sales and Other Income (Tables) | |
Schedule Of Sales and Other Income | Three Months Ended March 31, 2024 2023 Revenue Summary $ % $ % Customer A - 0.0 % 6,447 100.0 % U 3 8 - 0.0 % 6,447 100.0 % Disposal fees - 0.0 % - 0.0 % - 0.0 % 6,447 100.0 % |
Cost of Sales (Tables)
Cost of Sales (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cost of Sales | |
Schedule Of Cost Of Sales | Three Months Ended March 31, Cost of Sales 2024 2023 Cost of U 3 8 - 3,629 Lower of cost or NRV adjustments 1,139 2,875 1,139 6,504 |
Operating Costs (Tables)
Operating Costs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Operating Costs | |
Schedule Of Operating Costs | Three Months Ended March 31, Operating Costs 2024 2023 Exploration and evaluation 903 371 Development 11,552 1,149 General and administration 2,569 1,422 Accretion 121 123 15,145 3,065 |
Supplementary Information For S
Supplementary Information For Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Information for Statement of Cash Flows | |
Cash Per The Statement Of Cash Flows | Three Months Ended March 31, Cash and Cash Equivalents, and Restricted Cash 2024 2023 Cash and cash equivalents 53,896 77,276 Restricted cash 8,641 8,223 62,537 85,499 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents | ||
Cash on deposit | $ 11,046 | $ 11,515 |
Money market accounts | 42,850 | 48,185 |
Cash and Cash Equivalents | $ 53,896 | $ 59,700 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory, Net, Total | $ 4,698 | $ 2,571 |
Conversion Facility Inventory [Member] | ||
Inventory, Net, Total | 3,105 | 1,228 |
Plant inventory [Member] | ||
Inventory, Net, Total | $ 1,593 | $ 1,343 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inventory | ||
Reduction in inventory valuation | $ 1,139 | $ 2,875 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Restricted Cash | ||
Cash pledged for reclamation | $ 8,629 | $ 8,518 |
Other restricted cash | 12 | 31 |
Restricted Cash | $ 8,641 | $ 8,549 |
Restricted Cash (Details Narrat
Restricted Cash (Details Narrative) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
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 | $ 28.4 |
Mineral Properties (Details)
Mineral Properties (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Beginning balance | $ 34,906 |
Change in estimated reclamation costs | 10 |
Depletion And Amortization | 22 |
Ending balance | 34,938 |
Shirley Basin [Member] | |
Beginning balance | 17,726 |
Change in estimated reclamation costs | 10 |
Depletion And Amortization | 0 |
Ending balance | 17,736 |
Lost Creek Property [Member] | |
Beginning balance | 2,466 |
Change in estimated reclamation costs | 0 |
Depletion And Amortization | 22 |
Ending balance | 2,488 |
Other U.S. Properties [Member] | |
Beginning balance | 14,714 |
Change in estimated reclamation costs | 0 |
Depletion And Amortization | 0 |
Ending balance | $ 14,714 |
Mineral Properties (Details Nar
Mineral Properties (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 | Mar. 31, 2024 | Dec. 31, 2023 |
Cost | $ 44,603 | $ 43,909 |
Accumulated Depreciation | (23,455) | (22,865) |
Net Book Value | 21,148 | 21,044 |
Rolling Stock [Member] | ||
Cost | 5,765 | 5,226 |
Accumulated Depreciation | (3,819) | (3,701) |
Net Book Value | 1,946 | 1,525 |
Enclosures [Member] | ||
Cost | 35,227 | 35,190 |
Accumulated Depreciation | (17,278) | (16,850) |
Net Book Value | 17,949 | 18,340 |
Machinery And Equipment [Member] | ||
Cost | 2,127 | 2,016 |
Accumulated Depreciation | (1,113) | (1,081) |
Net Book Value | 1,014 | 935 |
Furniture And Fixtures [Member] | ||
Cost | 265 | 265 |
Accumulated Depreciation | (168) | (163) |
Net Book Value | 97 | 102 |
Information Technology [Member] | ||
Cost | 1,205 | 1,198 |
Accumulated Depreciation | (1,073) | (1,067) |
Net Book Value | 132 | 131 |
Right Of Use Assets [Member] | ||
Cost | 14 | 14 |
Accumulated Depreciation | (4) | (3) |
Net Book Value | $ 10 | $ 11 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 3,663 | $ 1,680 |
Accrued payroll liabilities | 831 | 578 |
Accrued severance, ad valorem, and other taxes payable | 348 | 108 |
Accounts payable and accrued liabilities | $ 4,842 | $ 2,366 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current | ||
State Bond Loan | $ 0 | $ 5,727 |
Deferred financing costs | 0 | (33) |
Loans payable, current | $ 0 | $ 5,694 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) $ in Millions | 1 Months Ended | ||
Oct. 15, 2015 USD ($) | Mar. 27, 2024 USD ($) | Oct. 23, 2013 integer | |
Prepayment of loan | $ 4.4 | ||
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) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Beginning balance | $ 13,292 |
Warrants exercised | (4,790) |
Mark to market revaluation loss | 2,756 |
Effects for foreign exchange rate changes | (345) |
Ending balance | 10,913 |
February 2021 Warrant [Member] | |
Beginning balance | 1,743 |
Warrants exercised | (4,770) |
Mark to market revaluation loss | 3,072 |
Effects for foreign exchange rate changes | (45) |
Ending balance | 0 |
February 2023 Warrant [Member] | |
Beginning balance | 11,549 |
Warrants exercised | (20) |
Mark to market revaluation loss | (316) |
Effects for foreign exchange rate changes | (300) |
Ending balance | $ 10,913 |
Warrant Liabilities (Details 1)
Warrant Liabilities (Details 1) - February 2023 Warrant [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Expected forfeiture rate | 0% |
Expected life (years) | 1 year 10 months 24 days |
Expected volatility | 55.70% |
Risk free rate | 4.10% |
Expected dividend rate | 0% |
Exercise price | $ 1.50 |
Market price | $ 1.60 |
Warrant Liabilities (Details Na
Warrant Liabilities (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Exercise price | $ 1.50 | $ 1.46 |
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 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Asset Retirement Obligations | |
Beginning of period | $ 31,236 |
Change in estimated reclamation costs | 10 |
Accretion expense | 121 |
End of period | $ 31,367 |
Asset Retirement Obligations _2
Asset Retirement Obligations (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 | |
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 | 9.24% |
Reclamation cost escalated inflation rate | 2.52% |
Shareholders Equity and Capit_3
Shareholders Equity and Capital Stock (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shareholders Equity and Capital Stock | |
Outstanding, Beginning Balance | shares | 8,900,335 |
Exercised, options | shares | (74,674) |
Outstanding Ending Balance, Options | shares | 8,825,661 |
Outstanding, Beginning Balance, Weighted-average exercise price | $ / shares | $ 0.87 |
Exercised, Weighted-average exercise price | $ / shares | 0.55 |
Outstanding Ending Balance, Weighted-average exercise price | $ / shares | $ 0.86 |
Shareholders Equity and Capit_4
Shareholders Equity and Capital Stock (Details 1) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Equity Option [Member] | |
Exercise price | $ / shares | $ 0.86 |
Number of options, Outstanding | shares | 8,825,661 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 3 months 18 days |
Aggregate intrinsic value | $ 6,569,613 |
Number of options, Exercisable | shares | 6,265,853 |
Weighted- average remaining contractual life (years), Exercisable | 1 year 6 months |
Aggregate intrinsic value, exercisable | $ 5,866,005 |
Exercise price $1.14 | |
Exercise price | $ / shares | $ 1.14 |
Number of options, Outstanding | shares | 1,322,528 |
Weighted- average remaining contractual life (years), Outstanding | 3 years 9 months 18 days |
Aggregate intrinsic value | $ 601,975 |
Number of options, Exercisable | shares | 434,906 |
Weighted- average remaining contractual life (years), Exercisable | 3 years 9 months 18 days |
Aggregate intrinsic value, exercisable | $ 197,956 |
Expiry | Jan. 04, 2028 |
Exercise price $0.58 | |
Exercise price | $ / shares | $ 0.58 |
Number of options, Outstanding | shares | 2,220,584 |
Weighted- average remaining contractual life (years), Outstanding | 7 months 6 days |
Aggregate intrinsic value | $ 2,257,237 |
Number of options, Exercisable | shares | 2,220,584 |
Weighted- average remaining contractual life (years), Exercisable | 7 months 6 days |
Aggregate intrinsic value, exercisable | $ 2,257,237 |
Expiry | Nov. 05, 2024 |
Exercise price $0.47 | |
Exercise price | $ / shares | $ 0.47 |
Number of options, Outstanding | shares | 2,568,652 |
Weighted- average remaining contractual life (years), Outstanding | 1 year 7 months 6 days |
Aggregate intrinsic value | $ 2,914,603 |
Number of options, Exercisable | shares | 2,568,652 |
Weighted- average remaining contractual life (years), Exercisable | 1 year 7 months 6 days |
Aggregate intrinsic value, exercisable | $ 2,914,603 |
Expiry | Nov. 13, 2025 |
Exercise price $1.06 | |
Exercise price | $ / shares | $ 1.06 |
Number of options, Outstanding | shares | 1,302,672 |
Weighted- average remaining contractual life (years), Outstanding | 2 years 4 months 24 days |
Aggregate intrinsic value | $ 698,774 |
Number of options, Exercisable | shares | 925,045 |
Weighted- average remaining contractual life (years), Exercisable | 2 years 4 months 24 days |
Aggregate intrinsic value, exercisable | $ 496,209 |
Expiry | Aug. 27, 2026 |
Exercise price $1.65 | |
Exercise price | $ / shares | $ 1.65 |
Number of options, Outstanding | shares | 175,000 |
Weighted- average remaining contractual life (years), Outstanding | 3 years |
Aggregate intrinsic value | $ 0 |
Number of options, Exercisable | shares | 116,666 |
Weighted- average remaining contractual life (years), Exercisable | 3 years |
Aggregate intrinsic value, exercisable | $ 0 |
Expiry | Mar. 14, 2027 |
Exercise price $1.52 | |
Exercise price | $ / shares | $ 1.52 |
Number of options, Outstanding | shares | 1,236,225 |
Weighted- average remaining contractual life (years), Outstanding | 4 years 8 months 12 days |
Aggregate intrinsic value | $ 97,024 |
Aggregate intrinsic value, exercisable | $ 0 |
Expiry | Dec. 07, 2028 |
Shareholders Equity and Capit_5
Shareholders Equity and Capital Stock (Details 2) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shareholders Equity and Capital Stock | |
Number of RSUs Unvested, Beginning Balance | shares | 641,910 |
Number of RSUs Exercises | shares | 0 |
Number of RSUs Unvested, Ending Balance | shares | 641,910 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ / shares | $ 1.33 |
Exercises, Weighted average grant date fair value | $ / shares | 0 |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ / shares | $ 1.33 |
Shareholders Equity and Capit_6
Shareholders Equity and Capital Stock (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Number of RSUs | 641,910 | 641,910 |
Weighted-Average Remaining contractual life (years) | 1 year 2 months 12 days | |
Aggregate Intrinsic Value | $ 1,027,056 | |
January 04, 2025 [Member] | ||
Number of RSUs | 332,850 | |
Weighted-Average Remaining contractual life (years) | 9 months 18 days | |
Aggregate Intrinsic Value | $ 532,560 | |
Redemption date | Jan. 04, 2025 | |
December 07, 2025 [Member] | ||
Number of RSUs | 309,060 | |
Weighted-Average Remaining contractual life (years) | 1 year 8 months 12 days | |
Aggregate Intrinsic Value | $ 494,496 | |
Redemption date | Dec. 07, 2025 |
Shareholders Equity and Capit_7
Shareholders Equity and Capital Stock (Details 4) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Outstanding warrants | |
Outstanding Beginning Balance, Warrants | 55,417,500 |
Number of warrants, Exercised | (16,376,500) |
Outstanding Ending Balance, Warrants | 39,041,000 |
Number of shares to be issued upon exercise | |
Outstanding Beginning Balance, Number of shares to be issued upon exercise | 27,708,750 |
Number of shares to be issued upon exercise, Exercised | (8,188,250) |
Outstanding Ending Balance, Number of shares to be issued upon exercise | 19,520,500 |
Per share exercise price | |
Per share exercise price, Outstanding Beginning | $ / shares | $ 1.46 |
Per share exercise price, Exercised | $ / shares | 1.35 |
Per share exercise price, Outstanding Ending | $ / shares | $ 1.50 |
Shareholders Equity and Capit_8
Shareholders Equity and Capital Stock (Details 5) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Exercise price | $ 1.50 | $ 1.46 |
Number of warrants | 39,041,000 | 55,417,500 |
Warrants | ||
Exercise price | $ 1.50 | |
Number of warrants | 39,041,000 | |
Remaining contractual life (years) | 1 year 10 months 24 days | |
Aggregate Intrinsic Value | $ 1,952,050 | |
Exercise price $1.50 | ||
Exercise price | $ 1.50 | |
Number of warrants | 39,041,000 | |
Remaining contractual life (years) | 1 year 10 months 24 days | |
Aggregate Intrinsic Value | $ 1,952,050 | |
Expiry | Feb. 21, 2026 |
Shareholders Equity and Capit_9
Shareholders Equity and Capital Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 21, 2023 | Feb. 28, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Public offering price per share | $ 1.18 | ||||
Additional common shares purchase | 5,100,000 | ||||
Additional warrants purchase | 2,550,000 | ||||
Closing stock price per share | $ 1.60 | ||||
In-the-money stock options outstanding | 8,650,661 | ||||
In-the-money stock options exercisable | 6,149,187 | ||||
Options exercised | $ 100 | ||||
Shares issued upon public offering | 34,000,000 | ||||
Warrants to purchase | 17,000,000 | ||||
Gross proceeds with warrants | $ 46,100 | ||||
Fees and expenses | 3,000 | ||||
Net proceeds from offerings | $ 43,100 | ||||
Exercise price | $ 1.50 | ||||
Net proceeds from common stock issuance | $ 4,227 | $ 46,637 | |||
Number of warrants exercised | (16,376,500) | ||||
Common share issued | 281,626,324 | 270,898,900 | |||
Common share outstanding | 281,626,324 | 270,898,900 | |||
Restricted Stock Units RSU One [Member] | |||||
Unamortized stock based comoensation expenses | $ 500 | ||||
Employee Service Share-based Compensation Period for Recognition | 1 year 4 months 24 days | ||||
Stock-based compensation expense | $ 100 | 100 | |||
Warrants One [Member] | |||||
Warrants issued to purchase common shares | 39,100,000 | 16,930,530 | |||
Common shares purchase | 19,550,000 | 8,465,265 | |||
Share price | $ 1.50 | $ 1.35 | |||
Gross proceeds with warrants | 11,100 | ||||
Equity Option [Member] | |||||
Unamortized stock based comoensation expenses | 1,500 | ||||
Stock-based compensation expense | $ 200 | $ 200 | |||
Common Shares [Member] | |||||
Warrants issued to purchase common shares | 2,464,500 | ||||
Options exercised | $ 100 | ||||
Number of stock options exercise | 74,674 | ||||
Common stock shares sold, amount | $ 4,200 | ||||
Common stock issued costs | 100 | ||||
Net proceeds from common stock issuance | 4,100 | ||||
Warrants exercised | $ 11,100 | ||||
Number of warrants exercised | 16,376,500 | ||||
Number of warrants exercised for underlying common shares | 8,188,250 |
Sales And Other Income (Details
Sales And Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 0 | $ 6,447 |
Revenue percentage | 0% | 100% |
Customer A | ||
Revenues | $ 0 | $ 6,447 |
Revenue percentage | 0% | 100% |
U3O8 sales | ||
Revenues | $ 0 | $ 6,447 |
Revenue percentage | 0% | 100% |
Disposal fees | ||
Revenues | $ 0 | $ 0 |
Revenue percentage | 0% | 0% |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cost of Sales | ||
Cost of U3O8 sales | $ 0 | $ 3,629 |
Lower Of Cost Or NRV Adjustments | 1,139 | 2,875 |
Cost Of Sales | $ 1,139 | $ 6,504 |
Operating Costs (Details)
Operating Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Costs | ||
Exploration And Evaluation | $ 903 | $ 371 |
Development | 11,552 | 1,149 |
General And Administration | 2,569 | 1,422 |
Accretion | 121 | 123 |
Operating Costs | $ 15,145 | $ 3,065 |
Supplemental Information for _2
Supplemental Information for Statement of Cash Flows (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Supplemental Information for Statement of Cash Flows | ||||
Cash And Cash Equivalents | $ 53,896 | $ 59,700 | $ 77,276 | |
Restricted Cash | 8,641 | 8,223 | ||
Total | $ 62,537 | $ 68,249 | $ 85,499 | $ 41,140 |
Supplemental Information for _3
Supplemental Information for Statement of Cash Flows (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Information for Statement of Cash Flows | ||
Interest Expense | $ 0.1 | $ 0.1 |
Financial instruments (Details
Financial instruments (Details Narrative) $ in Thousands | Dec. 31, 2023 USD ($) |
Cash secured by FDIC | $ 600 |
Current portion of lease liability | 20 |
Accounts payable and accrued liabilities | 4,800 |
Cash and Cash equivalents | 53,900 |
US Federal Deposit Insurance Corporation [Member] | |
Credit risk | $ 62,300 |