| Cover | 12 Months Ended |
| Dec. 31, 2023 | |
| Document Information [Line Items] | |
| Document Type | PRE 14A |
| Amendment Flag | false |
| Entity Information [Line Items] | |
| Entity Registrant Name | ENERGY FUELS INC. |
| Entity Central Index Key | 0001385849 |
| Pay vs Performance Disclosure | 12 Months Ended | |||
| Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
| Pay vs Performance Disclosure | ||||
| Pay vs Performance Disclosure, Table | Pay Versus Performance This section should be read in conjunction with the full Executive Compensation disclosure, which includes additional discussion of the objectives of the Company's executive compensation program and how it aligns with the Company's financial and operational performance. Pay Versus Performance Table The following table presents, for each of the four most recent fiscal years: total compensation, as calculated in the Summary Compensation Table, for the President and CEO (also referred to herein as the " Principal Executive Officer compensation actually paid (" CAP the Company's cumulative total shareholder return (" TSR the Company's net income; and net cash used in the Company's operating activities. Summary Compensation Table Total Compensation Actually Paid to Principal Executive Officer Average Summary Compensation Table Total for Other Named Executive Officers Average Compensation Actually Paid to Other Named Executive Officers Value of Initial Fixed $100 Net Income (Loss) Net Cash Used in Operating Activities Total Share- holder Return Peer Group Total Shareholder Return Year ($) 1 ($) ($) ( 2 ) (3) ($) ($) ( 4 ) ($) ( 4 ) ($) ($) 2023 2,060,136 1,056,571 1,175,670 891,365 252.28 347.30 99,756 15,409 2022 2,747,850 1,484,907 686,862 427,754 217.89 234.88 (59,944 49,702 2021 1,252,750 5,793,092 421,088 1,275,744 267.72 268.58 1,448 29,294 2020 850,750 3,025,346 481,341 521,238 149.47 138.59 (27,872 32,178 Notes: (1) (2) . (3) (4) To calculate CAP to the President and CEO and the average CAP to the other NEOs, the following amounts were deducted from and added to total compensation, as depicted in the Summary Compensation Table: Year Summary Compensation ($) Deductions Additions Amounts ($) Aggregate Value of ($) Fair Value of Stock (1) ($) Value of ($) Compensation (1) ($) Principal Executive Officer 2023 2,060,136 1,061,280 Nil 57,715 Nil 1,056,571 2022 2,747,850 1,894,000 Nil 631,057 Nil 1,484,907 2021 1,252,750 510,000 Nil 5,050,342 Nil 5,793,092 2020 850,750 190,000 Nil 2,364,596 Nil 3,025,346 Average for other NEOs 2023 1,175,670 (2) 351,311 Nil 67,006 Nil 891,365 (2) 2022 686,862 349,708 Nil 90,600 Nil 427,754 2021 421,088 123,521 Nil 978,177 Nil 1,275,744 2020 481,341 (3) 70,065 Nil 109,962 Nil 521,238 (3) Notes: (1) (2) (3) The fair value of Common Share awards includes the value of both RSU awards and performance-based SAR awards granted as of December 31, 2023. The measurement date fair value of RSU awards was determined based on the higher of (i) the five-day volume-weighted average price (" VWAP The SAR awards include three (3) tiered, market-based vesting components that require the sustained retention of set Common Share values, each over a 90-calendar-day period within the grant's five-year term. While market-based, the SARs are nonetheless viewed as performance-based instruments because they only vest upon the achievement of performance goals designed to significantly increase TSR, which the Company directly links to management's performance in developing, implementing and growing its initiatives, all while balancing compensation incentives with risk management. The measurement date fair value of the market-based component of the performance share awards was determined using a Monte Carlo fair value simulation model incorporating the assumptions outlined below. Grant Year 2019 Measurement Date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Risk-free interest rate 1.7% 0.2% 0.7% 4.7% 5.6% Expected term (in years) 4.1 3.1 2.1 1.1 0.1 Expected volatility 65.0% 72.5% 85.0% 80.0% 57.5% Dividend yield 0% 0% 0% 0% 0% Grant Year 2022 2023 Measurement Date 12/31/2022 12/31/2023 12/31/2023 Risk-free interest rate 4.1% 4.0% 3.9% Expected term (in years) 4.1 3.1 4.1 Expected volatility 82.5% 57.5% 57.5% Dividend yield 0% 0% 0% Compensation Actually Paid Versus Financial Performance Measures The following disclosure summarizes the relationship between each of the financial performance measures in the pay versus performance table above and CAP to our President and CEO and, on average, to our other NEOs, for each of the four years ended December 31, 2023, 2022, 2021 and 2020. Relationship Between Executive Compensation Actually Paid and the Cumulative Total Shareholder Return Over the Last Five Years Over the last five years spanning December 31, 2018 through December 31, 2023, the Company's TSR was 152.28% (an increase from $100.00 to $252.28 over that time period) compared to 247.30% (an increase from $100.00 to $347.30) for the Company's uranium peers. The peers' stronger performance relative to the Company is due to their sole reliance on uranium as a commodity, which has seen recent strong performance in the market, as opposed to the Company which has recently focused on maintaining a strong position in the uranium market but also on diversifying into other commodities (most particularly REEs) to provide more protection in down uranium markets. Nonetheless, 152.28% TSR over a five-year period is viewed by the Company as significantly positive and was therefore taken into account, along with other factors, in connection with the increases in total compensation paid to the Company's President and CEO and other NEOs in 2023 compared to 2022. Other factors that contributed to increases in compensation levels for the President and CEO and other NEOs of the Company over the last five years were: the increase in the market capitalization of the Company and an increase in the size of other companies in the Company's peer group used for compensation decisions; and the success of the Company in a number of its initiatives, as more particularly set forth in the 2023 Subjective Factors described under 2023 STIP Goals and Performance, above. Relationship Between Executive Compensation Actually Paid and Net Income Over the Last Four Years The Company is in an industry that is heavily dependent on the prices of uranium, certain REEs and vanadium. When these commodity prices are high, development, extraction, production and related operations can be ramped up and in full swing. However, when commodity prices are low, operations and other development activities are generally curtailed, and properties and facilities are placed on standby or are potentially shut down. During periods of low uranium, REE and vanadium commodity prices, which the Company has experienced in varying degrees over the last several years, industry participants can face negative cashflows and losses and are often tasked with minimizing those negative cashflows and losses, while at the same time maintaining their valuable assets in a state of readiness for a ramp-up when commodity prices recover. As a result of this heavy reliance on commodity prices and large fluctuations in cashflows and income and losses, typical performance metrics, such as net income or loss, earnings per share, revenue growth, and earnings before interest, taxes, depreciation and amortization, etc. are not always meaningful to the Company. Further, the Company's share price and TSR are heavily impacted by commodity price changes and expectations of future commodity price changes, which are often unrelated to net income and other typical performance measures for companies whose operations are on standby. As a result, the CAP to the CEO and other NEOs can be heavily influenced by the impact of share price fluctuations on unvested securities, which can often outweigh any impacts that changes in net income and other typical performance metrics may have on CAP. For example, net income (loss) for the Company is currently not a meaningful metric to measure against the compensation of our President and CEO and other NEOs. After an uptick in 2019, uranium prices were low during most of the period 2020 through mid-2023, so the Company, along with its uranium peers, had to manage negative cash flows and losses during such period. Although uranium prices rose again in 2022 and 2023, and the Company has been rehabilitating and developing a number of its standby mines for future production, resulting in three coming back into production commencing in late 2023, the majority of such rehabilitation and development expenses have been required to be expensed, rather than capitalized, because the Company has not had any mineral reserves, under U.S. definitions, at the majority of its standby uranium mines (with the Pinyon Plain mine being the sole exception). In addition, the Company has been required to expense a portion of its development expenses for its REE initiative over those years. These factors resulted in approximately $27.8 million in net losses for the Company in 2020. The Company had net income of approximately $1.5 million in 2021, due primarily to the sale of several of its non-core properties to Consolidated Uranium Inc. (" CUR non-cash mark-to-market loss on investments accounted for at fair value due primarily to a decrease in the market price of our CUR shares over 2022. In addition, the Company faced increased expenses associated with significantly advancing our uranium, REE and radioisotope initiatives in 2022, including: preparing four of our uranium mines for production; development expenses associated with developing commercial REE separation capabilities, in addition to our existing mixed RE Carbonate commercial production capabilities; expenses associated with advancing our medical isotope initiatives; increased transaction expenses arising from costs associated with acquiring our Bahia Project in Brazil, and costs associated with the sale of our now former Alta Mesa project in Texas; and increased other selling, general and administrative expenses associated with significant additions to executive and management/supervisory personnel, enhanced business processes, and other general and administrative expenses required to support all these increased levels of activity. Further, a number of transactions, including the sale of the Company's Alta Mesa project, resulted in expenses in 2022, followed by a significant gain of $119.26 million in 2023 due to the respective sales of the Alta Mesa project and the transaction's underlying Convertible Note, which ultimately resulted in net income in 2023 of $99.76 million. As a result of all these factors, in our case, net income is not considered to be an appropriate metric to compare directly against compensation decisions for the Company's President and CEO and other NEOs due to its variability from year to year. To address the Company's inability to rely on typical performance metrics, such as net income or loss, earnings per share, revenue growth, and earnings before interest, taxes, depreciation and amortization, etc., the Company implemented its STIP in January 2016 and its LTIP in January 2018, which as discussed in more detail above, are intended to set out meaningful performance criteria tailored specifically to As also discussed in more detail above, the LTIP sets long-term performance goals each year tailored specifically to Relationship Between Executive Compensation Actually Paid and Net Cash Used in Operating Activities Over the Last Four Years Although the Company does not rely on Net cash used in operating activities, per se Performance Measures As described in detail above, the performance measures which we believe are most important and are used in our STIP and LTIP in determining compensation paid to each of our Senior Executive Officers are generally applied equally across each Senior Executive Officer, recognizing the need for all top executives to focus primarily on working as a team to achieve the objective corporate goals set out for the Company in a given year and on a long-term basis. In 2023, Messrs. Chalmers, Frydenlund, Brock, Uhrie and Moore were considered Senior Executive Officers of the Company. Only the Senior Executive Officers were subject to the STIP and LTIP in 2023. For Mr. Bakken, equity incentive-based compensation was determined at the discretion of the CEO using the Company's standard practice for all other Company employees of applying established bonus and equity thresholds that correspond to the individuals' respective employment classifications (in his case, those thresholds designated for corporate vice presidents). Mr. Bakken's cash bonus was determined at the discretion of the Compensation Committee based on the overall financial performance of the Company, levels of bonuses provided by benchmark companies, and individual performance based on recommendations and general input from the CEO. As Mr. Bakken was involved in all such performance measures specified, below, they were similarly taken into account for his compensation actually paid for the year ended December 31, 2023. Included in the table below are the most important performance measures used to link compensation actually paid to Company performance, by NEO, for the year ended December 31, 2023. Named Executive Officer Total (1) Total ( 2 ) Working ( 3 ) Company ( 4 ) Company of radioisotope ( 5 ) Company secures to result in net Company beyond ( 6 ) Company ( 7 ) Company Mark Chalmers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ David Frydenlund ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Tom Brock ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ John Uhrie ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Curtis Moore ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Scott Bakken ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Notes: (1) Comparison of 5-Year Cumulative Total Return Relative Share Price Performance (2) Total Recurring and Non-Recurring Cash Flow, plus minimum liquid working capital balance Five-Year Strategic Plan Strong Working Capital Position (3) Total Recurring and Non-Recurring Cash Flow, plus minimum liquid working capital balance Secure Additional Activities that are Expected to Result in a Net Cash Increment to the Company Beyond 2023 Five-Year Strategic Plan Strong Working Capital Position Uranium and Uranium/Vanadium Mining Sale of Alta Mesa ISR Project Other Capital Improvements at the Mill (4) ESG Goal: Advance REE Initiative ESG Goal: Secure or purchase additional monazite sources ESG Goal: Advance South Bahia Project ESG Goal: Advance Long Term REE Initiatives - Secure or purchase Additional Monazite Sources Five-Year Strategic Plan REE Program Sustainable Green Technologies (5) ESG Goal: Advance TAT Development and Permitting ESG Goal: Advance Long-Term TAT Initiatives Five-Year Strategic Plan TAT Program Sustainable Green Technologies (6) Secure Additional Activities that are Expected to Result in a Net Cash Increment to the Company Beyond 2023 (7) Scalability of Production Equity Grants in 2024 for Performance in 2023 Under the Company's LTIP and standard corporate practices, equity awards were made in January 2024 for performance during 2023, based on satisfaction of the various performance goals set out in the LTIP for 2023 for the Senior Executive Officers and applying established bonus and equity thresholds that correspond to the individuals' respective employment classifications, as discussed above, for any other NEOs and salaried Company employees. See " Long-Term Incentives - Equity Compensation Name and Principal Position Share Based Awards (US$) (1) Option Based Awards (US$) (2) Mark S. Chalmers, President and CEO 660,190 338,976 David C. Frydenlund, Executive VP, CLO and Corporate Secretary 394,899 202,762 Tom L. Brock (3) Nil Nil John L. Uhrie (4) Nil Nil Curtis H. Moore, Senior VP, Marketing and Corporate Development 204,498 105,000 Scott A. Bakken, VP, Regulatory Affairs 88,000 44,000 Notes: (1) (2) (3) (4) | |||
| Named Executive Officers, Footnote | For 2023, this is the average total compensation, as depicted in the Summary Compensation Table above, for the Company's NEOs other than Mr. Chalmers, being: David C. Frydenlund, Executive Vice President, Chief Legal Officer and Corporate Secretary, Tom L. Brock, Chief Financial Officer through December 31, 2023, John L. Uhrie, Chief Operating Officer through July 14, 2023, Curtis H. Moore, Senior Vice President, Marketing and Corporate Development, and Scott A. Bakken, Vice President, Regulatory Affairs . | |||
| Peer Group Issuers, Footnote | The Company's TSR represents a cumulative total 5-year return based on an initial investment of $100 in Energy Fuels Common Shares beginning on December 31, 2018, as compared with a peer group consisting of Cameco, NexGen Energy, Fission Uranium, Uranium Energy Corp, Ur-Energy, Paladin Energy, GoviEx Uranium, Denison Mines, Deep Yellow Ltd., Peninsula Energy and Boss Resources. | |||
| PEO Total Compensation Amount | $ 2,060,136 | $ 2,747,850 | $ 1,252,750 | $ 850,750 |
| PEO Actually Paid Compensation Amount | $ 1,056,571 | 1,484,907 | 5,793,092 | 3,025,346 |
| Adjustment To PEO Compensation, Footnote | For 2023, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the Principal Executive Officer was calculated as $1,001,843 for awards granted during the year that remain unvested, less a decrease of $1,084,552 for changes in the fair value for awards granted in prior years that remain unvested, plus an increase of $140,673 for RSU awards that vested during the year due to an increase in the share price from $6.21 on December 31, 2022 to the vested share price of $7.54 on January 27, 2023, totaling a net amount for the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology during 2023 of $57,715. The Compensation actually paid to the Principal Executive Officer in 2023 using the SEC's CAP methodology was then calculated as the Principal Executive Officer's Total Compensation for 2023 as set out in the Summary Compensation Table, less the amount reported in the Summary Compensation Table for Stock Awards made to the Principal Executive Officer, plus the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology. This resulted in Compensation Actually Paid to the Principal Executive Officer in 2022 of $1,056,571. For 2022, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the Principal Executive Officer was calculated as $1,840,035 for awards granted during the year that remain unvested, less a decrease of $936,552 for changes in the fair value for awards granted in prior years that remain unvested, less a decrease of $272,426 for RSU awards that vested during the year due to a decrease in the share price from $7.63 on December 31, 2021 to the vested share price of $5.65 on January 27, 2022, totaling a net amount for the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology during 2022 of $631,057. The Compensation actually paid to the Principal Executive Officer in 2022 using the SEC's CAP methodology was then calculated as the Principal Executive Officer's Total Compensation for 2022 as set out in the Summary Compensation Table, less the amount reported in the Summary Compensation Table for Stock Awards made to the Principal Executive Officer, plus the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology. This resulted in Compensation Actually Paid to the Principal Executive Officer in 2022 of $1,484,907. For 2021, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the Principal Executive Officer was calculated as $1,000,331 for awards granted during the year that remain unvested, plus an increase of $1,281,388 for changes in the fair value for awards granted in prior years that remain unvested, plus an addition of $2,768,623 for awards that vested during the year, nearly all of which were related to SARs with an exercise price of $2.92 whereby the share price was $7.14 on March 17, 2021 for the vesting of the first tranche and $9.77 on November 3, 2021 for the vesting of the second tranche, totaling $5,050,342, resulting in Compensation Actually Paid to the Principal Executive Officer using this methodology of $5,793,092 for 2021. For 2020, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the Principal Executive Officer was calculated as $461,588 for awards granted during the year that remain unvested, plus an increase of $1,950,026 for changes in the fair value for awards granted in prior years that remain unvested, less a decrease of $47,018 for awards that vested during the year due to a decrease in the share price from $1.91 on December 31, 2019 to the vested share price of $1.61 on January 27, 2020, totaling $2,364,596, resulting in Compensation Actually Paid to the Principal Executive Officer using this methodology of $3,025,346 for 2020. | |||
| Non-PEO NEO Average Total Compensation Amount | $ 1,175,670 | 686,862 | 421,088 | 481,341 |
| Non-PEO NEO Average Compensation Actually Paid Amount | $ 891,365 | 427,754 | 1,275,744 | 521,238 |
| Adjustment to Non-PEO NEO Compensation Footnote | For 2023, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the average of other NEOs was calculated as $170,258 for awards granted during the year that remain unvested, less a decrease of $103,161 for changes in the fair value for awards granted in prior years that remain unvested, plus an increase of $31,600 for RSU awards that vested during the year due to an increase in the share price from $6.21 on December 31, 2022 to the vested share price of $7.54 on January 27, 2023, less $31,692 for awards granted in prior years that did not meet the applicable vesting conditions during the year, totaling $67,006, resulting in Compensation Actually Paid to the average of other NEOs using this methodology of $891,365 for 2023. For 2022, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the average of other NEOs was calculated as $344,901 for awards granted during the year that remain unvested, less a decrease of $201,080 for changes in the fair value for awards granted in prior years that remain unvested, less a decrease of $53,222 for RSU awards that vested during the year due to a decrease in the share price from $7.63 on December 31, 2021 to the vested share price of $5.65 on January 27, 2022, totaling $90,600, resulting in Compensation Actually Paid to the average of other NEOs using this methodology of $427,754 for 2022. For 2021, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the average of other NEOs was calculated as $242,273 for awards granted during the year that remain unvested, plus an increase of $404,704 for changes in the fair value for awards granted in prior years that remain unvested, plus an addition of $331,200 for awards that vested during the year , nearly all of which were related to SARs with an exercise price of $2.92 whereby the share price was $7.14 on March 17, 2021 for the vesting of the first tranche and $9.77 on November 3, 2021 for the vesting of the second tranche, totaling $978,177, resulting in Compensation Actually Paid to the average of other NEOs using this methodology of $1,275,744 for 2021. For 2020, the Fair-Value of Stock Awards as Determined in Accordance with the SEC's CAP Methodology for the average of other NEOs was calculated as $150,188 for awards granted during the year that remain unvested, plus an increase of $205,953 for changes in the fair value for awards granted in prior years that remain unvested, less a decrease of $15,249 for awards that vested during the year due to a decrease in the share price from $1.91 on December 31, 2019 to the vested share price of $1.61 on January 27, 2020, less a reduction of $230,930 for awards that were forfeited during the year, totaling $109,962, resulting in Compensation Actually Paid to the average of other NEOs using this methodology of $521,238 for 2020. | |||
| Equity Valuation Assumption Difference, Footnote | Equity Grants in 2024 for Performance in 2023 Under the Company's LTIP and standard corporate practices, equity awards were made in January 2024 for performance during 2023, based on satisfaction of the various performance goals set out in the LTIP for 2023 for the Senior Executive Officers and applying established bonus and equity thresholds that correspond to the individuals' respective employment classifications, as discussed above, for any other NEOs and salaried Company employees. See " Long-Term Incentives - Equity Compensation Name and Principal Position Share Based Awards (US$) (1) Option Based Awards (US$) (2) Mark S. Chalmers, President and CEO 660,190 338,976 David C. Frydenlund, Executive VP, CLO and Corporate Secretary 394,899 202,762 Tom L. Brock (3) Nil Nil John L. Uhrie (4) Nil Nil Curtis H. Moore, Senior VP, Marketing and Corporate Development 204,498 105,000 Scott A. Bakken, VP, Regulatory Affairs 88,000 44,000 Notes: (1) (2) (3) (4) | |||
| Compensation Actually Paid vs. Total Shareholder Return | Relationship Between Executive Compensation Actually Paid and the Cumulative Total Shareholder Return Over the Last Five Years Over the last five years spanning December 31, 2018 through December 31, 2023, the Company's TSR was 152.28% (an increase from $100.00 to $252.28 over that time period) compared to 247.30% (an increase from $100.00 to $347.30) for the Company's uranium peers. The peers' stronger performance relative to the Company is due to their sole reliance on uranium as a commodity, which has seen recent strong performance in the market, as opposed to the Company which has recently focused on maintaining a strong position in the uranium market but also on diversifying into other commodities (most particularly REEs) to provide more protection in down uranium markets. Nonetheless, 152.28% TSR over a five-year period is viewed by the Company as significantly positive and was therefore taken into account, along with other factors, in connection with the increases in total compensation paid to the Company's President and CEO and other NEOs in 2023 compared to 2022. Other factors that contributed to increases in compensation levels for the President and CEO and other NEOs of the Company over the last five years were: the increase in the market capitalization of the Company and an increase in the size of other companies in the Company's peer group used for compensation decisions; and the success of the Company in a number of its initiatives, as more particularly set forth in the 2023 Subjective Factors described under 2023 STIP Goals and Performance, above. | |||
| Compensation Actually Paid vs. Net Income | Relationship Between Executive Compensation Actually Paid and Net Income Over the Last Four Years The Company is in an industry that is heavily dependent on the prices of uranium, certain REEs and vanadium. When these commodity prices are high, development, extraction, production and related operations can be ramped up and in full swing. However, when commodity prices are low, operations and other development activities are generally curtailed, and properties and facilities are placed on standby or are potentially shut down. During periods of low uranium, REE and vanadium commodity prices, which the Company has experienced in varying degrees over the last several years, industry participants can face negative cashflows and losses and are often tasked with minimizing those negative cashflows and losses, while at the same time maintaining their valuable assets in a state of readiness for a ramp-up when commodity prices recover. As a result of this heavy reliance on commodity prices and large fluctuations in cashflows and income and losses, typical performance metrics, such as net income or loss, earnings per share, revenue growth, and earnings before interest, taxes, depreciation and amortization, etc. are not always meaningful to the Company. Further, the Company's share price and TSR are heavily impacted by commodity price changes and expectations of future commodity price changes, which are often unrelated to net income and other typical performance measures for companies whose operations are on standby. As a result, the CAP to the CEO and other NEOs can be heavily influenced by the impact of share price fluctuations on unvested securities, which can often outweigh any impacts that changes in net income and other typical performance metrics may have on CAP. For example, net income (loss) for the Company is currently not a meaningful metric to measure against the compensation of our President and CEO and other NEOs. After an uptick in 2019, uranium prices were low during most of the period 2020 through mid-2023, so the Company, along with its uranium peers, had to manage negative cash flows and losses during such period. Although uranium prices rose again in 2022 and 2023, and the Company has been rehabilitating and developing a number of its standby mines for future production, resulting in three coming back into production commencing in late 2023, the majority of such rehabilitation and development expenses have been required to be expensed, rather than capitalized, because the Company has not had any mineral reserves, under U.S. definitions, at the majority of its standby uranium mines (with the Pinyon Plain mine being the sole exception). In addition, the Company has been required to expense a portion of its development expenses for its REE initiative over those years. These factors resulted in approximately $27.8 million in net losses for the Company in 2020. The Company had net income of approximately $1.5 million in 2021, due primarily to the sale of several of its non-core properties to Consolidated Uranium Inc. (" CUR non-cash mark-to-market loss on investments accounted for at fair value due primarily to a decrease in the market price of our CUR shares over 2022. In addition, the Company faced increased expenses associated with significantly advancing our uranium, REE and radioisotope initiatives in 2022, including: preparing four of our uranium mines for production; development expenses associated with developing commercial REE separation capabilities, in addition to our existing mixed RE Carbonate commercial production capabilities; expenses associated with advancing our medical isotope initiatives; increased transaction expenses arising from costs associated with acquiring our Bahia Project in Brazil, and costs associated with the sale of our now former Alta Mesa project in Texas; and increased other selling, general and administrative expenses associated with significant additions to executive and management/supervisory personnel, enhanced business processes, and other general and administrative expenses required to support all these increased levels of activity. Further, a number of transactions, including the sale of the Company's Alta Mesa project, resulted in expenses in 2022, followed by a significant gain of $119.26 million in 2023 due to the respective sales of the Alta Mesa project and the transaction's underlying Convertible Note, which ultimately resulted in net income in 2023 of $99.76 million. As a result of all these factors, in our case, net income is not considered to be an appropriate metric to compare directly against compensation decisions for the Company's President and CEO and other NEOs due to its variability from year to year. To address the Company's inability to rely on typical performance metrics, such as net income or loss, earnings per share, revenue growth, and earnings before interest, taxes, depreciation and amortization, etc., the Company implemented its STIP in January 2016 and its LTIP in January 2018, which as discussed in more detail above, are intended to set out meaningful performance criteria tailored specifically to As also discussed in more detail above, the LTIP sets long-term performance goals each year tailored specifically to | |||
| Compensation Actually Paid vs. Company Selected Measure | Relationship Between Executive Compensation Actually Paid and Net Cash Used in Operating Activities Over the Last Four Years Although the Company does not rely on Net cash used in operating activities, per se | |||
| Tabular List, Table | Included in the table below are the most important performance measures used to link compensation actually paid to Company performance, by NEO, for the year ended December 31, 2023. Named Executive Officer Total (1) Total ( 2 ) Working ( 3 ) Company ( 4 ) Company of radioisotope ( 5 ) Company secures to result in net Company beyond ( 6 ) Company ( 7 ) Company Mark Chalmers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ David Frydenlund ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Tom Brock ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ John Uhrie ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Curtis Moore ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Scott Bakken ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Notes: (1) Comparison of 5-Year Cumulative Total Return Relative Share Price Performance (2) Total Recurring and Non-Recurring Cash Flow, plus minimum liquid working capital balance Five-Year Strategic Plan Strong Working Capital Position (3) Total Recurring and Non-Recurring Cash Flow, plus minimum liquid working capital balance Secure Additional Activities that are Expected to Result in a Net Cash Increment to the Company Beyond 2023 Five-Year Strategic Plan Strong Working Capital Position Uranium and Uranium/Vanadium Mining Sale of Alta Mesa ISR Project Other Capital Improvements at the Mill (4) ESG Goal: Advance REE Initiative ESG Goal: Secure or purchase additional monazite sources ESG Goal: Advance South Bahia Project ESG Goal: Advance Long Term REE Initiatives - Secure or purchase Additional Monazite Sources Five-Year Strategic Plan REE Program Sustainable Green Technologies (5) ESG Goal: Advance TAT Development and Permitting ESG Goal: Advance Long-Term TAT Initiatives Five-Year Strategic Plan TAT Program Sustainable Green Technologies (6) Secure Additional Activities that are Expected to Result in a Net Cash Increment to the Company Beyond 2023 (7) Scalability of Production | |||
| Total Shareholder Return Amount | $ 252.28 | 217.89 | 267.72 | 149.47 |
| Peer Group Total Shareholder Return Amount | 347.3 | 234.88 | 268.58 | 138.59 |
| Net Income (Loss) | $ 99,756 | $ (59,944) | $ 1,448 | $ (27,872) |
| Company Selected Measure Amount | 15,409 | 49,702 | 29,294 | 32,178 |
| PEO Name | Mark Chalmers | |||
| Measure:: 1 | ||||
| Pay vs Performance Disclosure | ||||
| Name | net income | |||
| Principal Executive Officer Amounts Reported In Summary Compensation Table For Stock Awards [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | $ 1,061,280 | $ 1,894,000 | $ 510,000 | $ 190,000 |
| Principal Executive Officer Aggregate Change In Value Of Accumulated Benefits Under Pension Plan And Executive Survivor And Supplemental Retirement Plan [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | ||||
| Principal Executive Officer Fair Value Of Stock Awards As Determined In Accordance With Securities Exchange Commission Compensation Actually Paid Methodology [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | 57,715 | 631,057 | 5,050,342 | 2,364,596 |
| Principal Executive Officer Value Of Service Cost And Prior Service Cost Attributable To Executive Under Pension Plan [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | ||||
| Named Executive Officers Amounts Reported In Summary Compensation Table For Stock Awards [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | 351,311 | 349,708 | 123,521 | 70,065 |
| Named Executive Officers Aggregate Change In Value Of Accumulated Benefits Under Pension Plan And Executive Survivor And Supplemental Retirement Plan [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | ||||
| Named Executive Officers Fair Value Of Stock Awards As Determined In Accordance With Securities Exchange Commission Compensation Actually Paid Methodology [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | 67,006 | 90,600 | 978,177 | 109,962 |
| Named Executive Officers Value Of Service Cost And Prior Service Cost Attributable To Executive Under Pension Plan [Member] | ||||
| Pay vs Performance Disclosure | ||||
| Adjustment to Compensation, Amount | ||||
