Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Trading Symbol | efr | |
Entity Registrant Name | ENERGY FUELS INC | |
Entity Central Index Key | 1,385,849 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 91,036,766 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Uranium concentrates | $ 0 | $ 3,497 | $ 28,015 | $ 22,037 |
Alternate feed materials processing and other | 451 | 2,002 | 663 | 5,101 |
Total revenues | 451 | 5,499 | 28,678 | 27,138 |
Costs and expenses applicable to revenues | ||||
Costs and expenses applicable to uranium concentrates | 0 | 1,010 | 11,908 | 12,122 |
Costs and expenses applicable to alternate feed materials and other | 0 | 1,694 | 0 | 3,724 |
Total costs and expenses applicable to revenues | 0 | 2,704 | 11,908 | 15,846 |
Impairment of inventories | 714 | 864 | 3,063 | 2,821 |
Development, permitting and land holding | 4,971 | 2,471 | 7,569 | 6,980 |
Standby costs | 1,296 | 743 | 5,194 | 2,978 |
Abandonment of mineral properties | 0 | 0 | 0 | 287 |
Impairment of assets held for sale | 0 | 200 | 0 | 3,799 |
Accretion of asset retirement obligation | 459 | 345 | 1,376 | 1,036 |
Selling costs | 33 | 32 | 121 | 147 |
Intangible asset amortization | 0 | 205 | 2,502 | 3,297 |
General and administration | 3,193 | 2,946 | 10,440 | 10,752 |
Total operating loss | (10,215) | (5,011) | (13,495) | (20,805) |
Interest expense | (417) | (562) | (1,384) | (1,607) |
Other income | (3,265) | 689 | (2,703) | 2,452 |
Net loss | (13,897) | (4,884) | (17,582) | (19,960) |
Items that may be reclassified in the future to profit and loss | ||||
Foreign currency translation adjustment | 895 | (662) | 657 | (1,306) |
Unrealized (loss) gain on available-for-sale assets | 380 | (115) | 0 | (223) |
Other comprehensive income (loss) | 1,275 | (777) | 657 | (1,529) |
Comprehensive loss | (12,622) | (5,661) | (16,925) | (21,489) |
Net loss attributable to: | ||||
Owners of the Company | (13,812) | (4,766) | (17,485) | (19,744) |
Non-controlling interests | (85) | (118) | (97) | (216) |
Net loss | (13,897) | (4,884) | (17,582) | (19,960) |
Comprehensive loss attributable to: | ||||
Owners of the Company | (12,537) | (5,543) | (16,828) | (21,273) |
Non-controlling interests | (85) | (118) | (97) | (216) |
Comprehensive loss | $ (12,622) | $ (5,661) | $ (16,925) | $ (21,489) |
Basic and diluted loss per share (in USD per share) | $ (0.16) | $ (0.07) | $ (0.20) | $ (0.28) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 14,775 | $ 18,574 |
Marketable securities | 27,168 | 1,034 |
Trade and other receivables | 962 | 1,253 |
Inventories | 15,238 | 16,550 |
Prepaid expenses and other assets | 1,105 | 780 |
Mineral properties held for sale | 0 | 5,000 |
Total current assets | 59,248 | 43,191 |
Notes receivable and other | 1,823 | 903 |
Plant and equipment, net | 30,616 | 33,076 |
Mineral properties, net | 83,539 | 83,539 |
Intangible assets, net | 0 | 2,502 |
Restricted cash | 21,555 | 22,127 |
Total assets | 196,781 | 185,338 |
Current liabilities | ||
Accounts payable and accrued liabilities | 5,516 | 6,449 |
Current portion of asset retirement obligation | 32 | 32 |
Current portion of loans and borrowings | 0 | 3,414 |
Deferred revenue | 2,434 | 0 |
Total current liabilities | 7,982 | 9,895 |
Warrant liabilities | 7,396 | 3,376 |
Asset retirement obligation | 19,399 | 18,248 |
Loans and borrowings | 17,251 | 24,077 |
Total liabilities | 52,028 | 55,596 |
Equity | ||
Share capital Common shares, without par value, unlimited shares authorized; shares issued and outstanding 71,962,817 at September 30, 2017 and 66,205,153 at December 31, 2016 | 462,319 | 430,383 |
Accumulated deficit | (324,298) | (306,813) |
Accumulated other comprehensive income | 2,946 | 2,289 |
Total shareholders' equity | 140,967 | 125,859 |
Non-controlling interests | 3,786 | 3,883 |
Total equity | 144,753 | 129,742 |
Total liabilities and equity | 196,781 | 185,338 |
Commitments and contingencies (Note 12) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, shares, issued (in shares) | 75,977,269 | 74,366,824 |
Common stock, shares, outstanding (in shares) | 75,977,269 | 74,366,824 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock | Deficit | Accumulated other comprehensive income | Total shareholders' equity | Non-controlling interests |
Beginning balance ( in shares) at Dec. 31, 2017 | 74,366,824 | |||||
Beginning balance at Dec. 31, 2017 | $ 129,742 | $ 430,383 | $ (306,813) | $ 2,289 | $ 125,859 | $ 3,883 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (17,582) | (17,485) | (17,485) | (97) | ||
Other comprehensive loss | 657 | 657 | 657 | |||
Shares issued for cash by at-the-market offering (in shares) | 12,573,674 | |||||
Shares issued for cash by at-the-market offering | 26,295 | $ 26,295 | 26,295 | |||
Shares issued for acquisition of Royalties (in shares) | 1,102,840 | |||||
Shares issued for acquisition of Royalties | 3,739 | $ 3,739 | 3,739 | |||
Share issuance cost | (774) | (774) | (774) | |||
Share-based compensation | 2,241 | $ 2,241 | 2,241 | |||
Shares issued for exercise of stock options (in shares) | 290,210 | |||||
Shares issued for exercise of stock options | 619 | $ 619 | 619 | |||
Shares issued for exercise of warrants (in shares) | 111,270 | |||||
Shares issued for exercise of warrants | 366 | $ 366 | 366 | |||
Shares issued for the vesting of restricted stock units (in shares) | 899,192 | |||||
Shares issued for consulting services (in shares) | 185,614 | |||||
Shares issued for consulting services | 364 | $ 364 | 364 | |||
Shares issued for consulting services (in shares) | 0 | |||||
Shares issued for consulting services | (914) | $ (914) | (914) | |||
Ending balance (in shares) at Sep. 30, 2018 | 89,529,624 | |||||
Ending balance at Sep. 30, 2018 | $ 144,753 | $ 462,319 | $ (324,298) | $ 2,946 | $ 140,967 | $ 3,786 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||||
Net loss | $ (13,897) | $ (4,884) | $ (17,582) | $ (19,960) | |
Items not involving cash: | |||||
Depletion, depreciation and amortization | 3,480 | 4,306 | |||
Stock-based compensation | 2,241 | ||||
Allocated Share-based Compensation Expense | 520 | 830 | 2,240 | 2,617 | |
Change in value of convertible debentures | 1,455 | (160) | 1,135 | 615 | |
Change in value of warrant liabilities | 3,802 | (1,416) | |||
Accretion of asset retirement obligation | 459 | 345 | 1,376 | 1,036 | $ 1,733 |
Unrealized foreign exchange gains | 447 | (486) | |||
Impairment of inventories | 714 | 864 | 3,063 | 2,821 | |
Abandonment of mineral properties | 287 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 3,799 | |||
Other non-cash expenses (income) | 392 | 1,435 | |||
Changes in assets and liabilities | |||||
Decrease in inventories | (214) | 1,700 | |||
Decrease in trade and other receivables | (145) | 36 | |||
Decrease in prepaid expenses and other assets | (760) | 527 | |||
Decrease in accounts payable and accrued liabilities | (2,678) | (2,191) | |||
Cash paid for reclamation and remediation activities | (225) | (732) | |||
Changes in deferred revenue | 2,434 | 135 | |||
Net cash (used in) provided by operating activities | 388 | (5,471) | |||
INVESTING ACTIVITIES | |||||
Purchase of plant and equipment | (55) | 0 | |||
Cash received in sale of marketable securities | 2,565 | 0 | |||
Cash received from sale of Reno Creek | 2,940 | 0 | |||
Purchase of available for sale investments | (25,525) | 0 | |||
Acquisition of Royalty interests, net of share issuance costs | 3,622 | 0 | |||
Net cash (used in) provided by investing activities | (20,075) | 0 | |||
FINANCING ACTIVITIES | |||||
Issuance of common shares for cash | 25,638 | 9,799 | |||
Cash paid for tax withholding | (914) | 0 | |||
Option and warrant exercises | 619 | 0 | |||
Repayment of loans and borrowings | (10,855) | (3,272) | |||
Cash received from exercise of warrants | 355 | 0 | |||
Cash received from non-controlling interest | 0 | 365 | |||
Cash received for Notes Payable | 500 | 0 | |||
Net cash (used in) provided by financing activities | 15,354 | 6,892 | |||
CHANGE IN CASH AND CASH EQUIVALENTS DURING THE PERIOD | (4,333) | 1,421 | |||
Effect of exchange rate fluctuations on cash held in foreign currencies | (38) | 306 | |||
Cash, cash equivalents and restricted cash - beginning of period | 40,701 | 40,076 | 40,076 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD | $ 36,330 | $ 41,803 | 36,330 | 41,803 | $ 40,701 |
Supplemental disclosure of cash flow information: | |||||
Interest | $ 1,008 | $ 1,230 | |||
Roca Honda | |||||
Non-cash investing and financing transactions: | |||||
Percentage of voting interests acquired | 40.00% | 40.00% |
THE COMPANY AND DESCRIPTION OF
THE COMPANY AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
The Company and Description of Business | THE COMPANY AND DESCRIPTION OF BUSINESS Energy Fuels Inc. was incorporated under the laws of the Province of Alberta and was continued under the Business Corporations Act (Ontario). Energy Fuels Inc. and its subsidiary companies (collectively “the Company” or “EFI”) are engaged in uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium bearing materials generated by third parties. As a part of these activities the Company also acquires, explores, evaluates and, if warranted, permits uranium properties. The Company’s final uranium product, uranium oxide concentrates (“U 3 O 8 ” or “uranium concentrates”), is sold to customers for further processing into fuel for nuclear reactors. The Company produces vanadium as a by-product of its uranium recovery from certain of its mines as market conditions warrant. The Company is an exploration stage mining company as defined by the United States (“U.S.”) Securities and Exchange Commission (“SEC”) Industry Guide 7 (“SEC Industry Guide 7”) as it has not established the existence of proven or probable reserves on any of our properties. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting | BASIS OF PRESENTATION The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are presented in thousands of US dollars (“USD”) except per share amounts. Certain footnote disclosures have share prices which are presented in Canadian dollars (“Cdn$”). The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading. In management’s opinion, these unaudited condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations and cash flows on a basis consistent with that of the Company’s audited consolidated financial statements for the year ended December 31, 2017 . However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. Certain reclassifications have been made to the prior year financial statements to conform to the current presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto and summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2017 . The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND AVALABLE FOR SALE ASSETS | The following tables summarize our marketable securities by significant investment categories as of September 30, 2018 : Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable debt securities (1) 25,525 (38 ) 14 25,501 Marketable equity securities 1,062 (520 ) 1,125 1,667 Marketable securities $ 26,587 $ (558 ) $ 1,139 $ 27,168 (1) Marketable debt securities are comprised primarily of U.S. government notes, and also includes U.S. government agencies, and tradeable certificates of deposits. The following tables summarize our marketable securities by significant investment categories as of December 31, 2017: Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable equity securities $ 1,062 — $ 378 $ 1,034 Marketable securities $ 1,062 — $ 378 $ 1,034 During the three and nine months ended September 30, 2017 and 2018, we did not recognize any significant other-than-temporary impairment losses. Losses on impairment are included as a component of other (loss) income in the Consolidated Statements of Operations. The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: Due in less than 12 months $ 16,761 Due in 12 months to two years 7,860 Due in greater than two years 880 $ 25,501 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES September 30, 2018 December 31, 2017 Concentrates and work-in-progress $ 12,088 $ 14,118 Raw materials and consumables 3,150 2,432 $ 15,238 $ 16,550 |
PLANT AND EQUIPMENT AND MINERAL
PLANT AND EQUIPMENT AND MINERAL PROPERTIES | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment and Mineral Properties | PLANT AND EQUIPMENT AND MINERAL PROPERTIES The following is a summary of plant and equipment: September 30, 2018 December 31, 2017 Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Plant and equipment Nichols Ranch $ 29,210 $ (11,508 ) $ 17,702 $ 29,210 $ (9,971 ) $ 19,239 Alta Mesa 13,626 (2,086 ) 11,540 13,626 (1,388 ) 12,238 Equipment and other 13,416 (12,042 ) 1,374 13,367 (11,768 ) 1,599 Plant and equipment total $ 56,252 $ (25,636 ) $ 30,616 $ 56,203 $ (23,127 ) $ 33,076 Acquisition of Royalties On August 14, 2018 the Company issued 1.10 million shares for consideration of $3.74 million to acquire a 6% – 8% sliding-scale gross proceeds production royalty on its Nichols Ranch, Hank and Doughstick properties (Doughstick is a part of the Company’s Jane Dough Project expansion area) and extinguished the royalty. This royalty also applied to the nearby Niles Ranch, Willow Creek, and Verna Ann properties, which are important pipeline uranium properties also owned by the Company. Acquisition of this royalty is expected to significantly decrease the Company’s cost of production at Nichols Ranch. As the Company does not have any reserves as defined by SEC Industry Guide 7, the Company has expensed this as development, permitting and land holding costs in the statement of operations and comprehensive loss. The following is a summary of mineral properties: September 30, 2018 December 31, 2017 Mineral properties Uranerz ISR properties (a) $ 25,974 $ 25,974 Sheep Mountain 34,183 34,183 Roca Honda 22,095 22,095 Other 1,287 1,287 Mineral properties total $ 83,539 $ 83,539 a) In the three and nine months ended September 30, 2017 , the Company did not renew certain mineral leases and recorded abandonment expense of $ Nil and $0.29 million , respectively, in the statement of operations. |
ASSET RETIREMENT OBLIGATIONS AN
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations and Restricted Cash | ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH The following table summarizes the Company’s asset retirement obligations: September 30, 2018 December 31, 2017 Asset retirement obligation, beginning of period $ 18,280 $ 17,033 Revision of estimate — 249 Accretion of liabilities 1,376 1,733 Settlements (225 ) (735 ) Asset retirement obligation, end of period $ 19,431 $ 18,280 Asset retirement obligation: Current $ 32 $ 32 Non-current 19,399 18,248 Asset retirement obligation, end of period $ 19,431 $ 18,280 The asset retirement obligations of the Company are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the Company and the applicable regulatory authorities. The above provision represents the Company’s best estimate of the present value of future reclamation costs, discounted using credit adjusted risk-free interest rates ranging from 9.5% to 11.5% and an inflation rate of 2.0% . The total undiscounted decommissioning liability at September 30, 2018 is $43.17 million ( December 31, 2017 - $43.46 million ). The following table summarizes the Company’s restricted cash: September 30, 2018 December 31, 2017 Restricted cash, beginning of period $ 22,127 $ 23,175 Additional collateral posted 102 13,609 Refunds of collateral (674 ) (14,657 ) Restricted cash, end of period $ 21,555 $ 22,127 The Company has cash, cash equivalents and fixed income securities as collateral for various bonds posted in favor of the applicable state regulatory agencies in Arizona, Colorado, New Mexico, Texas, Utah and Wyoming, and the U.S. Bureau of Land Management and U.S. Forest Service for estimated reclamation costs associated with the White Mesa Mill, Nichols Ranch, Alta Mesa and other mining properties. Cash equivalents are short-term highly liquid investments with original maturities of three months or less. The restricted cash will be released when the Company has reclaimed a mineral property or restructured the surety and collateral arrangements. See Note 13 for a discussion of the Company’s surety bond commitments. Cash, cash equivalents and restricted cash are included in the following accounts at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Cash and cash equivalents $ 14,775 $ 18,574 Restricted cash included in other long-term assets 21,555 22,127 Total cash, cash equivalents and restricted cash $ 36,330 $ 40,701 |
LOANS AND BORROWINGS
LOANS AND BORROWINGS | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Loans and Borrowings | LOANS AND BORROWINGS The contractual terms of the Company’s interest-bearing loans and borrowings, which are measured at amortized cost, and the Company’s convertible debentures which are measured at fair value, are as follows. September 30, 2018 December 31, 2017 Current portion of loans and borrowings: Wyoming Industrial Development Revenue Bond loan (b) — 3,414 Total current loans and borrowings $ — $ 3,414 Long-term loans and borrowings: Convertible debentures (a) $ 17,251 $ 16,636 Wyoming Industrial Development Revenue Bond loan (b) — 7,441 Total long-term loans and borrowings $ 17,251 $ 24,077 (a) On July 24, 2012, the Company completed a bought deal public offering of 22,000 floating-rate convertible unsecured subordinated debentures originally maturing June 30, 2017 (the “Debentures”) at a price of Cdn $1,000 per Debenture for gross proceeds of Cdn$21.55 million (the “Offering”). The Debentures are convertible into Common Shares at the option of the holder. Interest is paid in cash and in addition, unless an event of default has occurred and is continuing, the Company may elect, from time to time, subject to applicable regulatory approval, to satisfy its obligation to pay interest on the Debentures, on the date it is payable under the indenture: (i) in cash; (ii) by delivering sufficient common shares to the debenture trustee, for sale, to satisfy the interest obligations in accordance with the indenture in which event holders of the Debentures will be entitled to receive a cash payment equal to the proceeds of the sale of such common shares; or (iii) any combination of (i) and (ii). On August 4, 2016, the Company, by a vote of the Debentureholders, extended the maturity date of the Debentures from June 30, 2017 to December 31, 2020, and reduced the conversion price of the Debentures from Cdn $15.00 to Cdn $4.15 per Common Share of the Company. In addition, a redemption provision was added that will enable the Company, upon giving not less than 30 days' notice to Debentureholders, to redeem the Debentures, for cash, in whole or in part at any time after June 30, 2019, but prior to maturity, at a price of 101% of the aggregate principal amount redeemed, plus accrued and unpaid interest (less any tax required by law to be deducted) on such Debentures up to but excluding the redemption date. A right (in favor of each Debentureholder) was also added which gave the Debentureholders the option to require the Company to purchase, for cash, on the previous maturity date of June 30, 2017, up to 20% of the Debentures held by the Debentureholders at a price equal to 100% of the principal amount purchased plus accrued and unpaid interest (less any tax required by law to be deducted). In the three months ended June 30, 2017, Debentureholders elected to redeem Cdn $1.13 million ( $0.87 million ) under this right. No additional purchases are allowed under this right. In addition, certain other amendments were made to the Indenture, as required by the U.S. Trust Indenture Act of 1939, as amended, and with respect to the addition of a U.S. Trustee in compliance therewith, as well as to remove provisions of the Indenture that no longer apply, such as U.S. securities law restrictions. The Debentures accrue interest, payable semi-annually in arrears on June 30 and December 31 of each year at a fluctuating rate of not less than 8.5% and not more than 13.5% , indexed to the simple average spot price of uranium as reported on the UxC Weekly Indicator Price. The Debentures may be redeemed in whole or part, at par plus accrued interest and unpaid interest by the Company between June 30, 2019 and December 31, 2020 subject to certain terms and conditions, provided the volume weighted average trading price of the common shares of the Company on the Toronto Stock Exchange ("TSX") during the 20 consecutive trading days ending five days preceding the date on which the notice of redemption is given is not less than 125% of the conversion price. Upon redemption or at maturity, the Company will repay the indebtedness represented by the Debentures by paying to the debenture trustee in Canadian dollars an amount equal to the aggregate principal amount of the outstanding Debentures which are to be redeemed or which have matured, as applicable, together with accrued and unpaid interest thereon. Subject to any required regulatory approval and provided no event of default has occurred and is continuing, the Company has the option to satisfy its obligation to repay the Cdn $1,000 principal amount of the Debentures, in whole or in part, due at redemption or maturity, upon at least 40 days’ and not more than 60 days’ prior notice, by delivering that number of common shares obtained by dividing the Cdn $1,000 principal amount of the Debentures maturing or to be redeemed as applicable, by 95% of the volume-weighted average trading price of the common shares on the TSX during the 20 consecutive trading days ending five trading days preceding the date fixed for redemption or the maturity date, as the case may be. In accordance with the revised terms approved on August 4, 2016, the Company had classified 20% of the principal amount of the Debenture as a current liability at December 31, 2016. Upon expiration of the option at June 30, 2017, the Company reclassified the amount not redeemed as a long term liability. The Debentures are classified as fair value through profit or loss where the Debentures are measured at fair value based on the closing price on the TSX (a Level 1 measurement) and changes are recognized in earnings. For the three and nine months ended September 30, 2018 the Company recorded a loss on revaluation of convertible Debentures of $1.46 million and $1.14 million ( September 30, 2017 – gain of $0.16 million and $0.62 million loss for the three and nine s ended). (b) The Company, upon its acquisition of Uranerz in 2015, assumed a loan through the Wyoming Industrial Development Revenue Bond program (the "Loan"). The Loan had an annual interest rate of 5.75% and was repayable over seven years, maturing on October 15, 2020. The Loan originated on December 3, 2013 and required the payment of interest only for the first year, with the amortization of principal plus interest over the remaining six years. The Loan was secured by most of the assets of the Company’s wholly owned subsidiary, Uranerz, including mineral properties, the processing facility, and equipment as well as an assignment of all of Uranerz’ rights, title and interest in and to its product sales contracts and other agreements. Uranerz was also subject to dividend restrictions. Principal and interest were paid on a quarterly basis on the first day of January, April, July and October. In September 2018, the Company repaid and retired the entire outstanding balance of $8.3 million of the loan and the mortgage on the Company's assets was released. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | CAPITAL STOCK Authorized capital stock The Company is authorized to issue an unlimited number of Common Shares without par value, unlimited Preferred Shares issuable in series, and unlimited Series A Preferred Shares. The Series A Preferred Shares issuable are non-redeemable, non-callable, non-voting and with no right to dividends. The Preferred Shares issuable in series will have the rights, privileges, restrictions and conditions assigned to the particular series upon the Board of Directors approving their issuance. Issued capital stock In the nine months ended September 30, 2018 , the Company issued 12,573,674 Common Shares under the Company’s “at-the-market” offering (the “ATM”) for net proceeds of $25.64 million . On August 14, 2018 the Company issued 1.10 million shares for consideration of $3.74 million to acquire production royalty on its Nichols Ranch, Hank and Doughstick properties. Share Purchase Warrants The following table summarizes the Company’s share purchase warrants denominated in US dollars. These warrants are accounted for as derivative liabilities as the functional currency of the entity issuing the warrants, Energy Fuels Inc., is Canadian dollars. Month Issued Expiry Date Exercise Price USD$ Warrants Outstanding Fair value at March 2016 (a) March 14, 2019 3.20 2,405,625 $ 1,280 September 2016 (b) September 20, 2021 2.45 4,167,480 6,116 $ 7,396 (a) The US dollar based warrants issued in March 2016 are classified as Level 2 under the fair value hierarchy (Note 16 ). (b) The warrants issued in September 2016 are classified as Level 1 under the fair value hierarchy (Note 16 ). In the three months ended September 30, 2018, 110,000 warrants issued in March 2016 were exercised with a fair value of $0.61 million and 1,270 warrants issued in September 2016 were exercised with a fair value of less than $0.1 million . The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $1.28 million of fair value for the 2,405,625 warrants at September 30, 2018 . Risk-free rate 2.59% Expected life 0.5 years Expected volatility 36.86% Expected dividend yield 0.00% * Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants. |
BASIC AND DILUTED LOSS PER COMM
BASIC AND DILUTED LOSS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Common Share | BASIC AND DILUTED LOSS PER COMMON SHARE Basic and diluted loss per share The calculation of basic and diluted earnings per share after adjustment for the effects of all potential dilutive common shares, calculated as follows: Three months ended Nine months ended 2018 2017 2018 2017 Income (loss) attributable to shareholders $ (13,812 ) $ (4,766 ) $ (17,485 ) $ (19,744 ) Basic and diluted weighted average number of common shares outstanding 87,197,294 71,436,413 80,843,493 70,216,934 Income (loss) per common share $ (0.16 ) $ (0.07 ) $ (0.20 ) $ (0.28 ) For the nine months ended September 30, 2018 , 8.44 million ( September 30, 2017 - 8.71 million ) options and warrants and the potential conversion of the Debentures have been excluded from the calculation as their effect would have been anti-dilutive. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | SHARE-BASED PAYMENTS The Company, under the 2018 Omnibus Equity Incentive Compensation Plan (the “Compensation Plan”), maintains a stock incentive plan for directors, executives, eligible employees and consultants. Stock incentive awards include employee stock options and restricted stock units (“RSUs”). The Company issues new shares of common stock to satisfy exercises and vesting under all of its stock incentive awards. At September 30, 2018 , a total of 8,952,962 Common Shares were authorized for stock incentive plan awards. Employee Stock Options The Company, under the Compensation Plan may grant options to directors, executives, employees and consultants to purchase Common Shares of the Company. The exercise price of the options is set as the higher of the Company’s closing share price on the day before the grant date or the five-day volume weighted average price. Stock options granted under the Compensation Plan generally vest over a period of two years or more and are generally exercisable over a period of five years from the grant date not to exceed 10 years. The value of each option award is estimated at the grant date using the Black-Scholes Option Valuation Model. There were 0.42 million options granted in the nine months ended September 30, 2018 ( nine months ended September 30, 2017 – 0.74 million options). At September 30, 2018 , there were 1.87 million options outstanding with 1.54 million options exercisable, at a weighted average exercise price of $3.76 and $4.14 respectively, with a weighted average remaining contractual life of 3.54 years. The aggregate intrinsic value of the fully vested options was $0.62 million . The fair value of the options granted under the Compensation Plan for the nine months ended September 30, 2018 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: Risk-free interest rate 2.840 Expected life 5.0 years Expected volatility 59.0 * Expected dividend yield 0.00% Weighted-average expected life of option 5.00 Weighted-average grant date fair value $0.96 * Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options. The summary of the Company’s stock options at September 30, 2018 and December 31, 2017 , and the changes for the fiscal periods ending on those dates is presented below: Range of Exercise Prices Weighted Average Number of Balance, December 31, 2016 2.12 - 15.61 5.69 2,045,143 Granted 1.77 - 2.35 2.34 738,893 Exercised — — — Forfeited 2.12 - 11.94 2.93 (316,289 ) Expired 4.48 - 12.55 8.42 (438,900 ) Balance, December 31, 2017 1.77 - 15.61 4.48 2,028,847 Granted 1.70 1.70 422,956 Exercised 1.70 - 2.55 2.13 (280,235 ) Forfeited 2.12 - 6.99 5.09 (130,536 ) Expired 6.18 - 10.36 8.37 (170,564 ) Balance, September 30, 2018 1.70 - 15.61 3.76 1,870,468 A summary of the status and activity of non-vested stock options for the nine months ended September 30, 2018 is as follows: Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2017 365,180 $ 1.20 Granted 422,956 0.91 Vested (438,662 ) 1.07 Forfeited (20,830 ) 0.64 Non-vested September 30, 2018 328,644 $ 1.04 Restricted Stock Units The Company grants RSUs to executives and eligible employees. Awards are determined as a target percentage of base salary and generally vest over periods of three years. Prior to vesting, holders of restricted stock units do not have the right to vote the underlying shares. The RSUs are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each RSU for no additional payment. During the nine months ended September 30, 2018 , the Company's Board of Directors approved the issuance of 1.19 million RSUs under the Compensation Plan ( September 30, 2017 - 1.39 million ). A summary of the status and activity of non-vested RSUs at September 30, 2018 is as follows: RSU Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2017 1,909,477 $ 2.17 Granted 1,191,132 1.70 Vested (1,486,126 ) 2.24 Forfeited (34,296 ) 2.00 Non-vested September 30, 2018 1,580,187 $ 1.99 The total intrinsic value and fair value of RSUs that vested and were settled for equity in the nine months ended September 30, 2018 was $2.41 million ( September 30, 2017 – $1.64 million ). The share-based compensation recorded during the three and nine months ended September 30, 2018 was $0.52 million and $2.24 million ( three and nine months ended September 30, 2017 - $0.83 million and $2.62 million , respectively). At September 30, 2018 , there were $0.10 million and $1.35 million of unrecognized compensation costs related to the unvested stock options and RSU awards, respectively. These costs are expected to be recognized over a period of approximately two years. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES As of September 30, 2018, the Company does not believe it is more likely than not that it will fully realize the benefit of the deferred tax assets. As such, the Company recognized a full valuation allowance against the net deferred tax assets as of September 30, 2018, and December 31, 2017. For the nine months ending September 30, 2018 the company anticipates having a taxable loss that will result in an increase to the valuation allowance of $2.30 million . |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The components of other income (expense) are as follows: Three months ended Nine months ended 2018 2017 2018 2017 Interest income $ 84 $ 57 $ 157 $ 118 Change in value of investments accounted at fair value 1,127 (113 ) 1,570 505 Change in value of warrant liabilities (2,722 ) 571 (3,802 ) 1,416 Change in value of convertible debentures (1,455 ) 160 (1,135 ) (615 ) Sale of surplus assets — — 293 1,138 Foreign exchange gain (loss) (170 ) — (60 ) — Gain on sale of assets held for sale — — 341 — Other (129 ) 14 (67 ) (110 ) Other (expense) income $ (3,265 ) $ 689 $ (2,703 ) $ 2,452 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES General legal matters Other than routine litigation incidental to our business, or as described below, the Company is not currently a party to any material pending legal proceedings that management believes would be likely to have a material adverse effect on our financial position, results of operations or cash flows. White Mesa Mill In January 2013, the Ute Mountain Ute Tribe filed a Petition to Intervene and Request for Agency Action challenging the Corrective Action Plan approved by the State of Utah Department of Environmental Quality (“UDEQ”) relating to nitrate contamination in the shallow aquifer at the White Mesa Mill site. This challenge is currently being evaluated, and may involve the appointment of an administrative law judge to hear the matter. The Company does not consider this action to have any merit. If the petition is successful, the likely outcome would be a requirement to modify or replace the existing Corrective Action Plan. At this time, the Company does not believe any such modification or replacement would materially affect our financial position, results of operations or cash flows. However, the scope and costs of remediation under a revised or replacement Corrective Action Plan have not yet been determined and could be significant. On January 19, 2018, UDEQ renewed, and on February 16, 2018 reissued with minor corrections, the Company’s White Mesa Mill license for another ten years, and Groundwater Discharge Permit for another five years, after which renewal periods further applications for renewal for the license and permit will need to be submitted. During the review period for each application for renewal, the Mill can continue to operate under its then existing license and permit until such time as the renewed license or permit is issued. In March 2018, the Grand Canyon Trust, Ute Mountain Ute Tribe and Uranium Watch served Petitions for Review challenging UDEQ’s renewal of the license and permit. Then, in May and June 2018, Uranium Watch, the Grand Canyon Trust and the Ute Mountain Ute Tribe filed with UDEQ Requests for Appointment of an Administrative Law Judge, which they subsequently agreed to suspend pursuant to a Stipulation and Agreement with UDEQ, effective June 4, 2018. The Company does not consider these challenges to have any merit and intends to participate with UDEQ in defending against the challenges. If the challenges are successful, the likely outcome would be a requirement to modify the renewed license and/or permit. At this time, the Company does not believe any such modification would materially affect our financial position, results of operations or cash flows. Canyon Project In March, 2013, the Center for Biological Diversity, the Grand Canyon Trust, the Sierra Club and the Havasupai Tribe (the “Canyon Plaintiffs”) filed a complaint in the U.S. District Court for the District of Arizona (the “District Court”) against the Forest Supervisor for the Kaibab National Forest and the U.S. Forest Services ("USFS") seeking an order (a) declaring that the USFS failed to comply with environmental, mining, public land, and historic preservation laws in relation to our Canyon Project, (b) setting aside any approvals regarding exploration and mining operations at the Canyon Project, and (c) directing operations to cease at the Canyon Project and enjoining the USFS from allowing any further exploration or mining-related activities at the Canyon Project until the USFS fully complies with all applicable laws. In April 2013, the Plaintiffs filed a Motion for Preliminary Injunction, which was denied by the District Court in September, 2013. On April 7, 2015, the District Court issued its final ruling on the merits in favor of the Defendants and the Company and against the Canyon Plaintiffs on all counts. The Canyon Plaintiffs appealed the District Court’s ruling on the merits to the Ninth Circuit Court of Appeals, and filed motions for an injunction pending appeal with the District Court. Those motions for an injunction pending appeal were denied by the District Court on May 26, 2015. Thereafter, Plaintiffs filed urgent motions for an injunction pending appeal with the Ninth Circuit Court of Appeals, which were denied on June 30, 2015. The hearing on the merits at the Court of Appeals was held on December 15, 2016. On December 12, 2017, the Ninth Circuit Court of Appeals issued its ruling on the merits in favor of the Defendants and the Company and against the Canyon Plaintiffs on all counts. The Canyon Plaintiffs petitioned the Ninth Circuit Court of Appeals for a rehearing en banc . On October 25, 2018, the Ninth Circuit panel ruled on the petition for rehearing en banc. The panel withdrew its prior opinion and filed a new opinion, which affirmed with one exception the District Court’s decision. The one exception relates to Plaintiffs’ fourth claim, which was dismissed by the District Court for lack of standing. The Ninth Circuit panel reversed itself on its standing analysis, concluded that the Plaintiff’s have standing to assert this claim and remanded the claim back to the District Court to hear the merits of Plaintiffs’ claim. If the Canyon Plaintiffs are successful on this claim, the Company may be required to maintain the Canyon Project on standby pending resolution of the matter. Such a required prolonged stoppage of mining activities could have a significant impact on our future operations. Daneros Project On February 23, 2018, the U.S. Bureau of Land Management (“BLM”) issued its Environmental Assessment (“EA”), Decision Record, and Finding of No Significant Impact (“FONSI”) relating to the BLM-approved Mine Plan of Operations Modification (“MPOM”) for the expansion of the Company’s Daneros Mine, subject to certain specified requirements. The MPOM allows for expanded mining operations, the reclamation of historic mining disturbances, and the implementation of additional operational and emission controls. On March 29, 2018, the Southern Utah Wilderness Alliance and Grand Canyon Trust filed a Notice of Appeal with the Interior Board of Land Appeals (“IBLA”), challenging BLM’s Decision Record, FONSI, MPOM and EA. On April 12, 2018, the Company filed a Motion to Intervene with IBLA, requesting that the Company be allowed intervention as a full party to this appeal and, on May 1, 2018, the Company’s Motion to Intervene was granted by IBLA. On April 18, 2018, the United States Department of Interior (“DOI”) granted Appellants’ request for an extension of time to file a statement of reasons until 30 days from when the IBLA receives the complete Administrative Record (“AR”), which was received on April 26, 2018. On May 22, counsel for the BLM filed an Unopposed Motion to Suspend Briefing Schedule for inadvertently filing an incomplete AR and, on May 29, 2018, DOI granted BLM’s motion. O n July 6, 2018, BLM filed its Motion to Replace Incomplete Version of Administrative Record with Complete Version, granted by DOI on July 30. On October 10, 2018, BLM filed an Unopposed Motion for Extension of Time to Answer Statement of Reasons and Proposed Modified Joint Briefing Schedule, which DOI granted on October 11. BLM may file an answer by November 13, 2018, and intervenors may file an answer within 30 days thereafter. Surety Bonds The Company has indemnified third-party companies to provide surety bonds as collateral for the Company’s asset retirement obligation. The Company is obligated to replace this collateral in the event of a default, and is obligated to repay any reclamation or closure costs due. The Company currently has $21.56 million posted against an undiscounted asset retirement obligation of $43.17 million ( December 31, 2017 - $22.13 million posted against undiscounted asset retirement obligation of $43.46 million ). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS On May 17, 2017, the Board of Directors of the Company appointed Robert W. Kirkwood and Benjamin Eshleman III to the Board of Directors of the Company. Mr. Kirkwood is a principal of the Kirkwood Companies, including Kirkwood Oil and Gas LLC, Wesco Operating, Inc., and United Nuclear LLC (“United Nuclear”). United Nuclear, owns a 19% interest in the Company’s Arkose Mining Venture while the Company owns the remaining 81% . The Company acts as manager of the Arkose Mining Venture and has management and control over operations carried out by the Arkose Mining Ve nture. The Arkose Mining Venture is a contractual joint venture governed by a venture agreement dated as of January 15, 2008 entered into by Uranerz Energy Corporation (a subsidiary of the Company) and United Nuclear (the “Venture Agreement”). United Nuclear contributed $nil to the expenses of the Arkose Joint Venture based on the approved budget for the nine months ended September 30, 2018 . Mr. Benjamin Eshleman III is President of Mesteña LLC, which became a shareholder of the Company through the Company’s acquisition of Mesteña Uranium, L.L.C (now EFR Alta Mesa LLC) in June 2016 through the issuance of 4,551,284 common shares of the Company to the direction of the Sellers (of which 4,324,465 common shares of the Company are currently held by the Sellers). In connection with the Purchase Agreement, one of the Acquired Companies, Leoncito Project, L.L.C. entered into an Amended and Restated Uranium Testing Permit and Lease Option Agreement with Mesteña Unproven, Ltd., Jones Ranch Minerals Unproven, Ltd and Mesteña Proven, Ltd. (collectively the “Grantors”), which requires Leoncito Project, L.L.C., to make a payment in the amount of $0.60 million to the Grantors in June 2019 (of which up to 50% may be paid in common shares of the Company at the Company’s election). At September 30, 2018 , the Company has accrued $0.45 million of this liability on the balance sheet. The Grantors are managed by Mesteña LLC. Pursuant to the Purchase Agreement, the Alta Mesa Properties held by the Acquired Companies are subject to a royalty of 3.125% of the value of the recovered U 3 O 8 from the Alta Mesa Properties sold at a price of $65.00 per pound or less, 6.25% of the value of the recovered U 3 O 8 from the Alta Mesa Properties sold at a price greater than $65.00 per pound and up to and including $95.00 per pound, and 7.5% of the value of the recovered U 3 O 8 from the Alta Mesa Properties sold at a price greater than $95.00 per pound. The royalties are held by the Sellers, and Mr. Eshleman and his extended family hold all of the ownership interests in the Sellers. In addition, Mr. Eshleman and certain members of his extended family are parties to surface use agreements that entitle them to surface use payments from the Acquired Companies in certain circumstances. The Alta Mesa Properties are currently being maintained on care and maintenance to enable the Company to restart operations as market conditions warrant. Due to the price of U 3 O 8 , the Company did no t pay any royalty payments or surface use payments to the Sellers or to Mr. Eshleman or his immediate family members in the three months and nine months ended September 30, 2018 and does no t anticipate paying any royalty payments or surface use payments to the Sellers or to Mr. Eshleman or his immediate family members during the remainder of 2018. Pursuant to the Purchase Agreement, surface use payments from June 2016 through December 31, 2018 have been deferred until June 30, 2019 at which time the Company will pay $1.35 million to settle this obligation. As of September 30, 2018 , the Company has accrued $1.22 million of this liability on the balance sheet. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS | REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS Adoption On January 1, 2018, the Company adopted new guidance on revenue from contracts with customers using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance. We recorded a net decrease to opening accumulated deficit of $2.47 million as of January 1, 2018, for the cumulative impact of adopting the new guidance. The impact primarily related to the change in accounting for alternate feed contracts, resulting in the recognition of $2.47 million of deferred revenue. Balance at December 31, 2017 New Revenue Standard Adjustment Balance at January 1, 2018 Liabilities Deferred revenue $ 2,474 $ (2,474 ) $ — Equity Accumulated deficit $ (309,287 ) $ 2,474 $ (306,813 ) Under the modified retrospective method of adoption, we are required to disclose the impact to revenues had we continued to follow our accounting policies under the previous revenue recognition guidance. We estimate that there would be no impact to revenues for the quarter ended September 30, 2018 as we did not receive any alternate feed material which would have been classified as deferred revenue in the period. Refer to Recently Adopted Accounting Pronouncements in Management's Discussion and Analysis section for a summary of our significant policies for revenue recognition. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | FAIR VALUE ACCOUNTING Assets and liabilities measured at fair value on a recurring basis The following tables set forth the fair value of the Company's assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy as at September 30, 2018 . As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2018 , the fair values of cash and cash equivalents, restricted cash, short-term deposits, receivables, accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these instruments. Level 1 Level 2 Level 3 Total Investments at fair value $ 1,823 $ — $ — $ 1,823 Marketable equity securities 1,667 — — 1,667 Marketable debt securities — 25,501 — 25,501 Warrant liabilities (6,116 ) (1,280 ) — (7,396 ) Convertible debentures (17,251 ) — — (17,251 ) $ (19,877 ) $ 24,221 $ — $ 4,344 The Company's investments are marketable equity securities which are exchange traded, and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the investments is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. |
SUBSEQUENT EVENTS SUBSEQUENT EV
SUBSEQUENT EVENTS SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Sale of shares in the Company's ‘At-the-Market’ program (“ATM”). From October 1, 2018 through November 1, 2018, the Company issued 1.51 million common shares at and average price of $3.45 for proceeds of $5.06 million using the ATM. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | The following tables summarize our marketable securities by significant investment categories as of September 30, 2018 : Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable debt securities (1) 25,525 (38 ) 14 25,501 Marketable equity securities 1,062 (520 ) 1,125 1,667 Marketable securities $ 26,587 $ (558 ) $ 1,139 $ 27,168 (1) Marketable debt securities are comprised primarily of U.S. government notes, and also includes U.S. government agencies, and tradeable certificates of deposits. The following tables summarize our marketable securities by significant investment categories as of December 31, 2017: Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable equity securities $ 1,062 — $ 378 $ 1,034 Marketable securities $ 1,062 — $ 378 $ 1,034 |
Available-for-sale Debt Securities | The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: Due in less than 12 months $ 16,761 Due in 12 months to two years 7,860 Due in greater than two years 880 $ 25,501 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | September 30, 2018 December 31, 2017 Concentrates and work-in-progress $ 12,088 $ 14,118 Raw materials and consumables 3,150 2,432 $ 15,238 $ 16,550 |
PLANT AND EQUIPMENT AND MINER_2
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following is a summary of plant and equipment: September 30, 2018 December 31, 2017 Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Plant and equipment Nichols Ranch $ 29,210 $ (11,508 ) $ 17,702 $ 29,210 $ (9,971 ) $ 19,239 Alta Mesa 13,626 (2,086 ) 11,540 13,626 (1,388 ) 12,238 Equipment and other 13,416 (12,042 ) 1,374 13,367 (11,768 ) 1,599 Plant and equipment total $ 56,252 $ (25,636 ) $ 30,616 $ 56,203 $ (23,127 ) $ 33,076 |
Schedule of Summary of Mineral Properties | The following is a summary of mineral properties: September 30, 2018 December 31, 2017 Mineral properties Uranerz ISR properties (a) $ 25,974 $ 25,974 Sheep Mountain 34,183 34,183 Roca Honda 22,095 22,095 Other 1,287 1,287 Mineral properties total $ 83,539 $ 83,539 a) In the three and nine months ended September 30, 2017 , the Company did not renew certain mineral leases and recorded abandonment expense of $ Nil and $0.29 million , respectively, in the statement of operations. |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table summarizes the Company’s asset retirement obligations: September 30, 2018 December 31, 2017 Asset retirement obligation, beginning of period $ 18,280 $ 17,033 Revision of estimate — 249 Accretion of liabilities 1,376 1,733 Settlements (225 ) (735 ) Asset retirement obligation, end of period $ 19,431 $ 18,280 Asset retirement obligation: Current $ 32 $ 32 Non-current 19,399 18,248 Asset retirement obligation, end of period $ 19,431 $ 18,280 |
Schedule of Restricted Cash and Cash Equivalents | The following table summarizes the Company’s restricted cash: September 30, 2018 December 31, 2017 Restricted cash, beginning of period $ 22,127 $ 23,175 Additional collateral posted 102 13,609 Refunds of collateral (674 ) (14,657 ) Restricted cash, end of period $ 21,555 $ 22,127 Cash, cash equivalents and restricted cash are included in the following accounts at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Cash and cash equivalents $ 14,775 $ 18,574 Restricted cash included in other long-term assets 21,555 22,127 Total cash, cash equivalents and restricted cash $ 36,330 $ 40,701 |
LOANS AND BORROWINGS (Tables)
LOANS AND BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The contractual terms of the Company’s interest-bearing loans and borrowings, which are measured at amortized cost, and the Company’s convertible debentures which are measured at fair value, are as follows. September 30, 2018 December 31, 2017 Current portion of loans and borrowings: Wyoming Industrial Development Revenue Bond loan (b) — 3,414 Total current loans and borrowings $ — $ 3,414 Long-term loans and borrowings: Convertible debentures (a) $ 17,251 $ 16,636 Wyoming Industrial Development Revenue Bond loan (b) — 7,441 Total long-term loans and borrowings $ 17,251 $ 24,077 (a) On July 24, 2012, the Company completed a bought deal public offering of 22,000 floating-rate convertible unsecured subordinated debentures originally maturing June 30, 2017 (the “Debentures”) at a price of Cdn $1,000 per Debenture for gross proceeds of Cdn$21.55 million (the “Offering”). The Debentures are convertible into Common Shares at the option of the holder. Interest is paid in cash and in addition, unless an event of default has occurred and is continuing, the Company may elect, from time to time, subject to applicable regulatory approval, to satisfy its obligation to pay interest on the Debentures, on the date it is payable under the indenture: (i) in cash; (ii) by delivering sufficient common shares to the debenture trustee, for sale, to satisfy the interest obligations in accordance with the indenture in which event holders of the Debentures will be entitled to receive a cash payment equal to the proceeds of the sale of such common shares; or (iii) any combination of (i) and (ii). On August 4, 2016, the Company, by a vote of the Debentureholders, extended the maturity date of the Debentures from June 30, 2017 to December 31, 2020, and reduced the conversion price of the Debentures from Cdn $15.00 to Cdn $4.15 per Common Share of the Company. In addition, a redemption provision was added that will enable the Company, upon giving not less than 30 days' notice to Debentureholders, to redeem the Debentures, for cash, in whole or in part at any time after June 30, 2019, but prior to maturity, at a price of 101% of the aggregate principal amount redeemed, plus accrued and unpaid interest (less any tax required by law to be deducted) on such Debentures up to but excluding the redemption date. A right (in favor of each Debentureholder) was also added which gave the Debentureholders the option to require the Company to purchase, for cash, on the previous maturity date of June 30, 2017, up to 20% of the Debentures held by the Debentureholders at a price equal to 100% of the principal amount purchased plus accrued and unpaid interest (less any tax required by law to be deducted). In the three months ended June 30, 2017, Debentureholders elected to redeem Cdn $1.13 million ( $0.87 million ) under this right. No additional purchases are allowed under this right. In addition, certain other amendments were made to the Indenture, as required by the U.S. Trust Indenture Act of 1939, as amended, and with respect to the addition of a U.S. Trustee in compliance therewith, as well as to remove provisions of the Indenture that no longer apply, such as U.S. securities law restrictions. The Debentures accrue interest, payable semi-annually in arrears on June 30 and December 31 of each year at a fluctuating rate of not less than 8.5% and not more than 13.5% , indexed to the simple average spot price of uranium as reported on the UxC Weekly Indicator Price. The Debentures may be redeemed in whole or part, at par plus accrued interest and unpaid interest by the Company between June 30, 2019 and December 31, 2020 subject to certain terms and conditions, provided the volume weighted average trading price of the common shares of the Company on the Toronto Stock Exchange ("TSX") during the 20 consecutive trading days ending five days preceding the date on which the notice of redemption is given is not less than 125% of the conversion price. Upon redemption or at maturity, the Company will repay the indebtedness represented by the Debentures by paying to the debenture trustee in Canadian dollars an amount equal to the aggregate principal amount of the outstanding Debentures which are to be redeemed or which have matured, as applicable, together with accrued and unpaid interest thereon. Subject to any required regulatory approval and provided no event of default has occurred and is continuing, the Company has the option to satisfy its obligation to repay the Cdn $1,000 principal amount of the Debentures, in whole or in part, due at redemption or maturity, upon at least 40 days’ and not more than 60 days’ prior notice, by delivering that number of common shares obtained by dividing the Cdn $1,000 principal amount of the Debentures maturing or to be redeemed as applicable, by 95% of the volume-weighted average trading price of the common shares on the TSX during the 20 consecutive trading days ending five trading days preceding the date fixed for redemption or the maturity date, as the case may be. In accordance with the revised terms approved on August 4, 2016, the Company had classified 20% of the principal amount of the Debenture as a current liability at December 31, 2016. Upon expiration of the option at June 30, 2017, the Company reclassified the amount not redeemed as a long term liability. The Debentures are classified as fair value through profit or loss where the Debentures are measured at fair value based on the closing price on the TSX (a Level 1 measurement) and changes are recognized in earnings. For the three and nine months ended September 30, 2018 the Company recorded a loss on revaluation of convertible Debentures of $1.46 million and $1.14 million ( September 30, 2017 – gain of $0.16 million and $0.62 million loss for the three and nine s ended). (b) The Company, upon its acquisition of Uranerz in 2015, assumed a loan through the Wyoming Industrial Development Revenue Bond program (the "Loan"). The Loan had an annual interest rate of 5.75% and was repayable over seven years, maturing on October 15, 2020. The Loan originated on December 3, 2013 and required the payment of interest only for the first year, with the amortization of principal plus interest over the remaining six years. The Loan was secured by most of the assets of the Company’s wholly owned subsidiary, Uranerz, including mineral properties, the processing facility, and equipment as well as an assignment of all of Uranerz’ rights, title and interest in and to its product sales contracts and other agreements. Uranerz was also subject to dividend restrictions. Principal and interest were paid on a quarterly basis on the first day of January, April, July and October. In September 2018, the Company repaid and retired the entire outstanding balance of $8.3 million of the loan and the mortgage on the Company's assets was released. |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table summarizes the Company’s share purchase warrants denominated in US dollars. These warrants are accounted for as derivative liabilities as the functional currency of the entity issuing the warrants, Energy Fuels Inc., is Canadian dollars. Month Issued Expiry Date Exercise Price USD$ Warrants Outstanding Fair value at March 2016 (a) March 14, 2019 3.20 2,405,625 $ 1,280 September 2016 (b) September 20, 2021 2.45 4,167,480 6,116 $ 7,396 (a) The US dollar based warrants issued in March 2016 are classified as Level 2 under the fair value hierarchy (Note 16 ). (b) The warrants issued in September 2016 are classified as Level 1 under the fair value hierarchy (Note 16 ). |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $1.28 million of fair value for the 2,405,625 warrants at September 30, 2018 . Risk-free rate 2.59% Expected life 0.5 years Expected volatility 36.86% Expected dividend yield 0.00% * Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants. The fair value of the options granted under the Compensation Plan for the nine months ended September 30, 2018 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: Risk-free interest rate 2.840 Expected life 5.0 years Expected volatility 59.0 * Expected dividend yield 0.00% Weighted-average expected life of option 5.00 Weighted-average grant date fair value $0.96 * Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options. |
BASIC AND DILUTED LOSS PER CO_2
BASIC AND DILUTED LOSS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted earnings per share after adjustment for the effects of all potential dilutive common shares, calculated as follows: Three months ended Nine months ended 2018 2017 2018 2017 Income (loss) attributable to shareholders $ (13,812 ) $ (4,766 ) $ (17,485 ) $ (19,744 ) Basic and diluted weighted average number of common shares outstanding 87,197,294 71,436,413 80,843,493 70,216,934 Income (loss) per common share $ (0.16 ) $ (0.07 ) $ (0.20 ) $ (0.28 ) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $1.28 million of fair value for the 2,405,625 warrants at September 30, 2018 . Risk-free rate 2.59% Expected life 0.5 years Expected volatility 36.86% Expected dividend yield 0.00% * Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants. The fair value of the options granted under the Compensation Plan for the nine months ended September 30, 2018 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: Risk-free interest rate 2.840 Expected life 5.0 years Expected volatility 59.0 * Expected dividend yield 0.00% Weighted-average expected life of option 5.00 Weighted-average grant date fair value $0.96 * Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options. |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status and activity of non-vested stock options for the nine months ended September 30, 2018 is as follows: Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2017 365,180 $ 1.20 Granted 422,956 0.91 Vested (438,662 ) 1.07 Forfeited (20,830 ) 0.64 Non-vested September 30, 2018 328,644 $ 1.04 The summary of the Company’s stock options at September 30, 2018 and December 31, 2017 , and the changes for the fiscal periods ending on those dates is presented below: Range of Exercise Prices Weighted Average Number of Balance, December 31, 2016 2.12 - 15.61 5.69 2,045,143 Granted 1.77 - 2.35 2.34 738,893 Exercised — — — Forfeited 2.12 - 11.94 2.93 (316,289 ) Expired 4.48 - 12.55 8.42 (438,900 ) Balance, December 31, 2017 1.77 - 15.61 4.48 2,028,847 Granted 1.70 1.70 422,956 Exercised 1.70 - 2.55 2.13 (280,235 ) Forfeited 2.12 - 6.99 5.09 (130,536 ) Expired 6.18 - 10.36 8.37 (170,564 ) Balance, September 30, 2018 1.70 - 15.61 3.76 1,870,468 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status and activity of non-vested RSUs at September 30, 2018 is as follows: RSU Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2017 1,909,477 $ 2.17 Granted 1,191,132 1.70 Vested (1,486,126 ) 2.24 Forfeited (34,296 ) 2.00 Non-vested September 30, 2018 1,580,187 $ 1.99 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components of other income (expense) are as follows: Three months ended Nine months ended 2018 2017 2018 2017 Interest income $ 84 $ 57 $ 157 $ 118 Change in value of investments accounted at fair value 1,127 (113 ) 1,570 505 Change in value of warrant liabilities (2,722 ) 571 (3,802 ) 1,416 Change in value of convertible debentures (1,455 ) 160 (1,135 ) (615 ) Sale of surplus assets — — 293 1,138 Foreign exchange gain (loss) (170 ) — (60 ) — Gain on sale of assets held for sale — — 341 — Other (129 ) 14 (67 ) (110 ) Other (expense) income $ (3,265 ) $ 689 $ (2,703 ) $ 2,452 |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Balance at December 31, 2017 New Revenue Standard Adjustment Balance at January 1, 2018 Liabilities Deferred revenue $ 2,474 $ (2,474 ) $ — Equity Accumulated deficit $ (309,287 ) $ 2,474 $ (306,813 ) |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth the fair value of the Company's assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy as at September 30, 2018 . As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2018 , the fair values of cash and cash equivalents, restricted cash, short-term deposits, receivables, accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these instruments. Level 1 Level 2 Level 3 Total Investments at fair value $ 1,823 $ — $ — $ 1,823 Marketable equity securities 1,667 — — 1,667 Marketable debt securities — 25,501 — 25,501 Warrant liabilities (6,116 ) (1,280 ) — (7,396 ) Convertible debentures (17,251 ) — — (17,251 ) $ (19,877 ) $ 24,221 $ — $ 4,344 |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 26,587 | $ 1,062 |
Gross Unrealized losses | (558) | 0 |
Gross Unrealized gains | 1,139 | 378 |
Fair Value | 27,168 | 1,034 |
Marketable debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 25,525 | |
Gross Unrealized losses | (38) | |
Gross Unrealized gains | 14 | |
Fair Value | 25,501 | |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 1,062 | 1,062 |
Gross Unrealized losses | (520) | 0 |
Gross Unrealized gains | 1,125 | 378 |
Fair Value | $ 1,667 | $ 1,034 |
MARKETABLE SECURITIES - Sched_2
MARKETABLE SECURITIES - Schedule Of Maturity Dates (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in less than 12 months | $ 16,761 |
Due in 12 months to two years | 7,860 |
Due in greater than two years | 880 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date | $ 25,501 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Concentrates and work-in-progress | $ 12,088 | $ 14,118 |
Raw materials and consumables | 3,150 | 2,432 |
Inventory, net | $ 15,238 | $ 16,550 |
PLANT AND EQUIPMENT AND MINER_3
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 56,252 | $ 56,203 |
Accumulated Depreciation | (25,636) | (23,127) |
Net Book Value | 30,616 | 33,076 |
Nichols Ranch | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 29,210 | 29,210 |
Accumulated Depreciation | (11,508) | (9,971) |
Net Book Value | 17,702 | 19,239 |
Alta Mesa | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 13,626 | 13,626 |
Accumulated Depreciation | (2,086) | (1,388) |
Net Book Value | 11,540 | 12,238 |
Equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 13,416 | 13,367 |
Accumulated Depreciation | (12,042) | (11,768) |
Net Book Value | $ 1,374 | $ 1,599 |
PLANT AND EQUIPMENT AND MINER_4
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Summary of Mineral Properties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Mineral properties | $ 83,539 | $ 83,539 | $ 83,539 | ||
Abandonment of mineral properties | 0 | $ 0 | 0 | $ 287 | |
Uranerz ISR properties | |||||
Property, Plant and Equipment [Line Items] | |||||
Mineral properties | 25,974 | 25,974 | 25,974 | ||
Sheep Mountain | |||||
Property, Plant and Equipment [Line Items] | |||||
Mineral properties | 34,183 | 34,183 | 34,183 | ||
Roca Honda | |||||
Property, Plant and Equipment [Line Items] | |||||
Mineral properties | 22,095 | 22,095 | 22,095 | ||
Other | |||||
Property, Plant and Equipment [Line Items] | |||||
Mineral properties | $ 1,287 | $ 1,287 | $ 1,287 |
PLANT AND EQUIPMENT AND MINER_5
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Narrative) (Details) - USD ($) $ in Thousands | Aug. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Property, Plant and Equipment [Line Items] | |||||
Abandonment of mineral properties | $ 0 | $ 0 | $ 0 | $ 287 | |
Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage sliding-scale gross proceeds production royalty | 6.00% | ||||
Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage sliding-scale gross proceeds production royalty | 8.00% |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||||
Asset retirement obligation, beginning of period | $ 18,280 | $ 17,033 | $ 17,033 | ||||
Revision of estimate | 0 | 249 | |||||
Accretion of liabilities | $ 459 | $ 345 | 1,376 | 1,036 | 1,733 | ||
Settlements | (225) | (735) | |||||
Asset retirement obligation, end of period | 19,431 | 19,431 | 18,280 | ||||
Asset Retirement Obligation [Abstract] | |||||||
Current | $ 32 | $ 32 | |||||
Non-current | 19,399 | 18,248 | |||||
Asset retirement obligation, end of period | $ 19,431 | $ 18,280 | $ 17,033 | $ 17,033 | $ 19,431 | $ 18,280 |
ASSET RETIREMENT OBLIGATIONS _4
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Asset Retirement Obligations [Line Items] | |||
Inflation rate | 2.00% | ||
Asset retirement obligation | $ 19,431 | $ 18,280 | $ 17,033 |
Minimum | |||
Schedule of Asset Retirement Obligations [Line Items] | |||
Fair value assumptions, risk free interest rate | 9.50% | ||
Maximum | |||
Schedule of Asset Retirement Obligations [Line Items] | |||
Fair value assumptions, risk free interest rate | 11.50% | ||
Canyon Project | |||
Schedule of Asset Retirement Obligations [Line Items] | |||
Asset retirement obligation | $ 43,170 | $ 43,460 |
ASSET RETIREMENT OBLIGATIONS _5
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Restricted Cash And Cash Equivalents [Roll Forward] | ||
Restricted cash, beginning of period | $ 22,127 | $ 23,175 |
Additional collateral posted | 102 | 13,609 |
Release of collateral related to change in surety agents | (674) | (14,657) |
Restricted cash, end of period | $ 21,555 | $ 22,127 |
- Schedule of Cash and Cash Equ
- Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Cash and cash equivalents | $ 14,775 | $ 18,574 | |
Restricted cash included in other long-term assets | 21,555 | $ 22,127 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 36,330 | $ 40,701 |
LOANS AND BORROWINGS - Schedule
LOANS AND BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current portion of loans and borrowings: | ||
Wyoming Industrial Development Revenue Bond loan | $ 0 | $ 3,414 |
Total current loans and borrowings | 0 | 3,414 |
Long-term loans and borrowings: | ||
Convertible debentures | 17,251 | 16,636 |
Wyoming Industrial Development Revenue Bond loan | 0 | 7,441 |
Total long-term loans and borrowings | $ 17,251 | $ 24,077 |
LOANS AND BORROWINGS - Narrativ
LOANS AND BORROWINGS - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Aug. 04, 2016$ / shares | Dec. 03, 2013 | Jul. 24, 2012CAD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017CAD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Aug. 03, 2016$ / shares |
Debt Instrument [Line Items] | ||||||||||
Public offering of floating-rate convertible unsecured subordinated debentures (in shares) | shares | 22 | |||||||||
Price per debenture issuance | $ 1,000 | |||||||||
Proceeds from issuance of debt | $ 21,550,000 | |||||||||
Conversion price per share | $ / shares | $ 4.15 | $ 15 | ||||||||
Price of aggregate principal amount redeemed | 101.00% | |||||||||
Debentures held by the debentureholders | 20.00% | |||||||||
Principal amount purchased plus accrued and unpaid interest | 100.00% | |||||||||
Stated interest rate | 5.75% | |||||||||
Consecutive trading days | 20 days | 20 days | ||||||||
Average trading price is not less than percent of the conversion price | 125.00% | |||||||||
Debt (in CAD) | $ 1,000 | |||||||||
Volume-weighted average trading price of the common shares | 95.00% | |||||||||
Change in value of convertible debentures | $ (1,455) | $ 160 | $ (1,135) | $ (615) | ||||||
Debt outstanding | 17,251 | 17,251 | $ 24,077 | |||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 8.50% | |||||||||
Obligation to repay debenture | 40 days | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 13.50% | |||||||||
Obligation to repay debenture | 60 days | |||||||||
Convertible Debentures | Convertible Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of days notice to redeem debentures | 30 days | |||||||||
Debt Instrument, principal amount redeemed | $ 870 | $ 1,130,000 | ||||||||
Wyoming Industrial Development Revenue Bond Program Loan | Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term of debt | 7 years | |||||||||
Amortization period | 6 years | |||||||||
Debt outstanding | $ 8,300 | $ 8,300 |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2016 |
Class of Warrant or Right [Line Items] | ||||
Warrant issued (in shares) | 110,000 | 110,000 | 1,270 | |
Fair value of warrants | $ 610 | $ 100 | ||
Share Purchase Warrants Denominated in United States Dollars | ||||
Class of Warrant or Right [Line Items] | ||||
Fair value of warrants | $ 7,396 | |||
March 14, 2019 | Share Purchase Warrants Denominated in United States Dollars | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants outstanding (in shares) | 2,405,625 | 2,405,625 | ||
Exercise price of warrants (in dollars per share) | $ 3.20 | $ 3.20 | ||
Fair value of warrants | $ 1,280 | |||
At The Market Sale Of Stock | ||||
Class of Warrant or Right [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 12,573,674 | |||
Sale of stock, consideration received | $ 25,640 | |||
Nichols Ranch, Hank and Doughstick Properties | ||||
Class of Warrant or Right [Line Items] | ||||
Shares issued (in shares) | 1,100,000 | |||
Consideration transferred | $ 3,740 |
CAPITAL STOCK - Schedule of Sto
CAPITAL STOCK - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2016 | |
Class of Warrant or Right [Line Items] | |||
Fair value of warrants | $ 610 | $ 100 | |
Share Purchase Warrants Denominated in United States Dollars | |||
Class of Warrant or Right [Line Items] | |||
Fair value of warrants | $ 7,396 | ||
Share Purchase Warrants Denominated in United States Dollars | March 14, 2019 | |||
Class of Warrant or Right [Line Items] | |||
Exercise price of warrants (in dollars per share) | $ 3.20 | $ 3.20 | |
Number of warrants outstanding (in shares) | 2,405,625 | 2,405,625 | |
Fair value of warrants | $ 1,280 | ||
Share Purchase Warrants Denominated in United States Dollars | September 20, 2021 | |||
Class of Warrant or Right [Line Items] | |||
Exercise price of warrants (in dollars per share) | $ 2.45 | $ 2.45 | |
Number of warrants outstanding (in shares) | 4,167,480 | 4,167,480 | |
Fair value of warrants | $ 6,116 |
CAPITAL STOCK - Schedule of Sha
CAPITAL STOCK - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Class of Warrant or Right [Line Items] | |
Expected volatility | 5.90% |
Issuance Of One Two Two Four Zero Zero Zero Warrants With Fair Value Of Zero Four Zero Million For June Three Zero Two Zero One Six | |
Class of Warrant or Right [Line Items] | |
Risk-free rate | 2.59% |
Expected life | 6 months 15 days |
Expected volatility | 36.90% |
Expected volatility | 68.49% |
Expected dividend yield | 0.00% |
BASIC AND DILUTED LOSS PER CO_3
BASIC AND DILUTED LOSS PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Loss attributable to shareholders | $ (13,812) | $ (4,766) | $ (17,485) | $ (19,744) |
Basic and diluted weighted average number of common shares outstanding (in shares) | 87,197,294 | 71,436,413 | 80,843,493 | 70,216,934 |
Loss per common share (in dollars per share) | $ (0.16) | $ (0.07) | $ (0.20) | $ (0.28) |
BASIC AND DILUTED LOSS PER CO_4
BASIC AND DILUTED LOSS PER COMMON SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,040 | 10,170 | 8,440 | 8,710 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of options (in shares) | 1,870,468 | 1,870,468 | 2,028,847 | 2,045,143 | |||
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.76 | $ 3.76 | $ 4.48 | $ 5.69 | |||
Number of grants in period, net of forfeitures (in shares) | 422,956 | 738,893 | |||||
Share-based compensation | $ 520,000 | $ 830,000 | $ 2,240,000 | $ 2,617,000 | |||
Stock Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares authorized (in shares) | 8,952,962.4 | 8,952,962.4 | |||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 2 years | ||||||
Award exercise period | 5 years | ||||||
Exercisable options, weighted average remaining contractual term | 3 years 6 months 14 days | ||||||
Number of grants in period (in shares) | 420,000 | 740,000 | |||||
Number of options (in shares) | 1,870,000 | 1,870,000 | |||||
Number of exercisable options (in shares) | 1,540,000 | 1,540,000 | |||||
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.76 | $ 3.76 | |||||
Exercisable options, weighted average exercise price (in dollars per share) | $ 4.14 | $ 4.14 | |||||
Options, vested and expected to Vest, aggregate intrinsic value | $ 617,178 | $ 617,178 | |||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Number of grants in period, net of forfeitures (in shares) | 1,190,000 | 1,390,000 | |||||
Grants in period, grant date intrinsic value (in dollars per share) | $ 2,410,000 | $ 1,640,000 | |||||
Unrecognized compensation costs related to unvested stock options | $ 100,000 | ||||||
Unrecognized compensation costs related to RSU awards | $ 1,350,000 | ||||||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding options, weighted average exercise price (in dollars per share) | $ 15.61 | $ 15.61 | $ 15.61 | $ 15.61 | |||
Maximum | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercisable options, weighted average remaining contractual term | 10 years |
SHARE-BASED PAYMENTS - Schedule
SHARE-BASED PAYMENTS - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 28.40% | ||
Expected life | 5 years | ||
Expected volatility | 5.90% | ||
Expected dividend yield | 0.00% | ||
Weighted-average expected life of option | 5 years | ||
Weighted-average grant date fair value (in dollars per share) | $ 0.96 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 2.13 | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 5.09 | 2.93 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 8.37 | 8.42 | |
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.76 | $ 4.48 | $ 5.69 |
SHARE-BASED PAYMENTS - Schedu_2
SHARE-BASED PAYMENTS - Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 520 | $ 830 | $ 2,240 | $ 2,617 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Weighted average exercise price, beginning of period (in dollars per share) | $ 4.48 | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 1.70 | 1.70 | $ 2.34 | ||
Exercises in period, weighted average exercise price (in dollars per share) | 2.13 | 0 | |||
Forfeitures in period, weighted average exercise price (in dollars per share) | 5.09 | 2.93 | |||
Expirations in period, weighted average exercise price (in dollars per share) | 8.37 | 8.42 | |||
Weighted average exercise price, end of period (in dollars per share) | $ 3.76 | $ 3.76 | $ 4.48 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Number of options, beginning of period (in shares) | 2,028,847 | ||||
Number of grants in period, net of forfeitures (in shares) | 422,956 | 738,893 | |||
Number of exercises in period (in shares) | (280,235) | 0 | |||
Number of forfeitures in period (in shares) | (130,536) | (316,289) | |||
Number of expirations in period (in shares) | (170,564) | (438,900) | |||
Number of options, end of period (in shares) | 1,870,468 | 1,870,468 | 2,028,847 | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Weighted average exercise price, beginning of period (in dollars per share) | $ 1.77 | $ 2.12 | $ 2.12 | ||
Grants in period, weighted average exercise price (in dollars per share) | 1.77 | ||||
Exercises in period, weighted average exercise price (in dollars per share) | 1.70 | ||||
Forfeitures in period, weighted average exercise price (in dollars per share) | 2.12 | 2.12 | |||
Expirations in period, weighted average exercise price (in dollars per share) | 6.08 | 4.48 | |||
Weighted average exercise price, end of period (in dollars per share) | $ 1.70 | 1.70 | 1.77 | ||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Weighted average exercise price, beginning of period (in dollars per share) | 15.61 | $ 15.61 | 15.61 | ||
Grants in period, weighted average exercise price (in dollars per share) | 2.35 | ||||
Exercises in period, weighted average exercise price (in dollars per share) | 2.55 | ||||
Forfeitures in period, weighted average exercise price (in dollars per share) | 6.87 | 11.94 | |||
Expirations in period, weighted average exercise price (in dollars per share) | 10.36 | 12.55 | |||
Weighted average exercise price, end of period (in dollars per share) | $ 15.61 | $ 15.61 | $ 15.61 | ||
Equity Option | |||||
Number of shares | |||||
Number of nonvested shares, beginning of period (in shares) | 365,180 | ||||
Granted, nonvested, number of shares (in shares) | 422,956 | ||||
Vested, number of shares (in shares) | (438,662) | ||||
Nonvested options forfeited, number of shares (in shares) | (20,830) | ||||
Number of nonvested shares, end of period (in shares) | 328,644 | 328,644 | 365,180 | ||
Weighted Average Grant- Date Fair Value | |||||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 1.20 | ||||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 0.91 | ||||
Vested, weighted average grant date fair value (in dollars per share) | 1.07 | ||||
Nonvested options forfeited, weighted average grant date fair value (in dollars per share) | 0.64 | ||||
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 1.04 | $ 1.04 | $ 1.20 |
SHARE-BASED PAYMENTS - Schedu_3
SHARE-BASED PAYMENTS - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 422,956 | 738,893 | |||
Allocated Share-based Compensation Expense | $ 520 | $ 830 | $ 2,240 | $ 2,617 | |
R S U Weighted | |||||
Number of shares | |||||
Number of nonvested shares, beginning of period (in shares) | 1,909,477 | ||||
Granted, nonvested, number of shares (in shares) | 1,191,132 | ||||
Vested, number of shares (in shares) | (1,486,126) | ||||
Nonvested options forfeited, number of shares (in shares) | (34,296) | ||||
Number of nonvested shares, end of period (in shares) | 1,580,187 | 1,580,187 | 1,909,477 | ||
Weighted Average Grant- Date Fair Value | |||||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 2.17 | ||||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 1.70 | ||||
Vested, weighted average grant date fair value (in dollars per share) | 2.24 | ||||
Nonvested options forfeited, weighted average grant date fair value (in dollars per share) | 2 | ||||
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 1.99 | $ 1.99 | $ 2.17 | ||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,190,000 | 1,390,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Increase in deferred tax asset valuation allowance | $ 2,300 |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Interest income | $ 84 | $ 57 | $ 157 | $ 118 |
Change in value of investments accounted at fair value | 1,127 | (113) | 1,570 | 505 |
Change in value of warrant liabilities | (2,722) | 571 | (3,802) | 1,416 |
Change in value of convertible debentures | (1,455) | 160 | (1,135) | (615) |
Sale of surplus assets | 0 | 0 | 293 | 1,138 |
Foreign exchange gain (loss) | (170) | 0 | (60) | 0 |
Gain on sale of assets held for sale | 0 | 0 | 341 | 0 |
Other | (129) | 14 | (67) | (110) |
Other income | $ (3,265) | $ 689 | $ (2,703) | $ 2,452 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Commitments [Line Items] | |||
Asset retirement obligation | $ 19,431 | $ 18,280 | $ 17,033 |
Canyon Project | |||
Other Commitments [Line Items] | |||
Loss contingency, estimate of possible loss | 21,560 | 22,130 | |
Asset retirement obligation | $ 43,170 | $ 43,460 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2016 | Dec. 31, 2017 | Sep. 30, 2018 |
Related Party Transaction [Line Items] | |||||
Common stock, shares, outstanding (in shares) | 74,366,824 | 75,977,269 | |||
Testing permit and lease option agreement, accrued liability | $ 1,220,000 | ||||
Royalty percentage of minerals recovered sold under minimum price threshold | 3.125% | ||||
Mineral price per pound, low range | $ 65 | ||||
Royalty percentage of minerals recovered sold between price thresholds | 6.25% | ||||
Mineral price per pound, upper range | $ 95 | ||||
Royalty percentage of minerals recovered sold above maximum price threshold | 7.50% | ||||
Payments for royalties | $ 0 | $ 0 | |||
Director | |||||
Related Party Transaction [Line Items] | |||||
Equity method, ownership percentage | 81.00% | ||||
Proceeds from contributed capital | $ 0 | ||||
Mestena Sellers | |||||
Related Party Transaction [Line Items] | |||||
Common stock, shares, outstanding (in shares) | 4,324,465 | ||||
Leoncito Project, L.L.C. | Director | |||||
Related Party Transaction [Line Items] | |||||
Testing permit and lease option agreement, percentage that may be paid in common shares | 50.00% | ||||
Testing permit and lease option agreement, accrued liability | $ 450,000 | ||||
Scenario, Forecast | |||||
Related Party Transaction [Line Items] | |||||
Testing permit and lease option agreement, payments | $ 1,350,000 | ||||
Scenario, Forecast | Leoncito Project, L.L.C. | Director | |||||
Related Party Transaction [Line Items] | |||||
Testing permit and lease option agreement, payments | $ 600,000 | ||||
Mesteña LLC | Director | |||||
Related Party Transaction [Line Items] | |||||
Shares issued for acquisition of Royalties (in shares) | 4,551,284 | ||||
United Nuclear | Director | |||||
Related Party Transaction [Line Items] | |||||
Equity method, ownership percentage | 19.00% |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ (324,298) | $ (306,813) | $ (306,813) |
Deferred revenue | 0 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | 2,474 | ||
Transferred over Time | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue | $ 2,474 |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS - Schedule of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Liabilities | |||
Deferred revenue | $ 0 | ||
Equity | |||
Accumulated deficit | $ (324,298) | (306,813) | $ (306,813) |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Liabilities | |||
Deferred revenue | 2,474 | ||
Equity | |||
Accumulated deficit | $ (309,287) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Equity | |||
Accumulated deficit | 2,474 | ||
Transferred over Time | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Liabilities | |||
Deferred revenue | $ (2,474) |
FAIR VALUE ACCOUNTING - Fair Va
FAIR VALUE ACCOUNTING - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 1,823 | |
Time deposits | 1,667 | |
Short-term Investments | 25,501 | |
Warrant liabilities | (7,396) | $ (3,376) |
Convertible debentures | (17,251) | |
Financial instruments fair value | 4,344 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,823 | |
Time deposits | 1,667 | |
Short-term Investments | 0 | |
Warrant liabilities | (6,116) | |
Convertible debentures | (17,251) | |
Financial instruments fair value | (19,877) | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Time deposits | 0 | |
Short-term Investments | 25,501 | |
Warrant liabilities | (1,280) | |
Convertible debentures | 0 | |
Financial instruments fair value | 24,221 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Time deposits | 0 | |
Short-term Investments | 0 | |
Warrant liabilities | 0 | |
Convertible debentures | 0 | |
Financial instruments fair value | $ 0 |
SUBSEQUENT EVENTS - (Details)
SUBSEQUENT EVENTS - (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Nov. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | ||||
Common stock, shares, issued (in shares) | 75,977,269 | 74,366,824 | ||
Proceeds from issuance of shares | $ 25,638 | $ 9,799 | ||
ATM | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares, issued (in shares) | 1,510,000 | |||
Proceeds from issuance of shares | $ 5,060 |