Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Trading Symbol | efr | |
Entity Registrant Name | ENERGY FUELS INC | |
Entity Central Index Key | 0001385849 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 93,495,991 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Uranium concentrates | $ 0 | $ 1,238 |
Revenues, Vanadium Concentrates | 1,168 | 0 |
Alternate feed materials processing and other | 502 | 16 |
Total revenues | 1,670 | 1,254 |
Costs and expenses applicable to revenues | ||
Costs and expenses applicable to uranium concentrates | 0 | 1,238 |
Costs and expenses applicable to vanadium concentrates | 532 | 0 |
Costs and expenses applicable to alternate feed materials and other | 384 | 0 |
Total costs and expenses applicable to revenues | 916 | 1,238 |
Impairment of inventories | 1,176 | 1,010 |
Development, permitting and land holding | 4,342 | 1,600 |
Standby costs | 1,084 | 2,512 |
Accretion of asset retirement obligation | 513 | 459 |
Selling costs | 10 | 65 |
General and administration | 3,751 | 4,770 |
Total operating loss | (10,122) | (10,400) |
Interest expense | (329) | (492) |
Other income | (1,683) | 63 |
Net loss | (12,134) | (10,829) |
Items that may be reclassified in the future to profit and loss | ||
Foreign currency translation adjustment | (136) | (463) |
Unrealized (loss) gain on available-for-sale assets | 0 | (224) |
Other comprehensive income (loss) | (136) | (687) |
Comprehensive loss | (12,270) | (11,516) |
Net loss attributable to: | ||
Owners of the Company | (12,127) | (10,822) |
Non-controlling interests | (7) | (7) |
Net loss | (12,134) | (10,829) |
Comprehensive loss attributable to: | ||
Owners of the Company | (12,263) | (11,509) |
Non-controlling interests | (7) | (7) |
Comprehensive loss | $ (12,270) | $ (11,516) |
Basic and diluted loss per share (in USD per share) | $ (0.13) | $ (0.14) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 15,310 | $ 14,640 |
Marketable securities | 17,454 | 27,061 |
Trade and other receivables | 864 | 1,191 |
Inventories, net | 19,138 | 16,550 |
Prepaid expenses and other assets | 1,257 | 1,411 |
Total current assets | 54,023 | 60,853 |
Inventories, net | 1,772 | 1,772 |
Operating lease right of use asset | 1,142 | 0 |
Notes receivable and other | 1,166 | 1,107 |
Plant and equipment, net | 29,017 | 29,843 |
Mineral properties, net | 83,539 | 83,539 |
Restricted cash | 19,682 | 19,652 |
Total assets | 190,341 | 196,766 |
Current liabilities | ||
Accounts payable and accrued liabilities | 6,222 | 7,921 |
Current portion of operating lease liability | 275 | 0 |
Current portion of warrant liabilities | 0 | 662 |
Current portion of asset retirement obligation | 270 | 270 |
Deferred revenue | 2,223 | 2,724 |
Total current liabilities | 6,767 | 8,853 |
Warrant liabilities | 7,142 | 5,621 |
Operating Lease, Liability, Noncurrent | 954 | 0 |
Asset retirement obligation | 19,347 | 18,834 |
Loans and borrowings | 17,640 | 15,880 |
Total liabilities | 54,073 | 51,912 |
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 | 472,987 | 469,303 |
Accumulated deficit | (344,185) | (332,058) |
Accumulated other comprehensive income | 3,707 | 3,843 |
Total shareholders' equity | 132,509 | 141,088 |
Non-controlling interests | 3,759 | 3,766 |
Total equity | 136,268 | 144,854 |
Total liabilities and equity | 190,341 | 196,766 |
Commitments and contingencies (Note 12) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 - 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 | (10,829) | (10,822) | (10,822) | (7) | ||
Other comprehensive loss | (687) | (687) | (687) | |||
Shares issued for cash by at-the-market offering (in shares) | 711,253 | |||||
Shares issued for cash by at-the-market offering | 1,176 | $ 1,176 | 1,176 | |||
Share issuance cost | (29) | (29) | (29) | |||
Share-based compensation | 1,202 | $ 1,202 | 1,202 | |||
Shares issued for the vesting of restricted stock units (in shares) | 899,192 | |||||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | (914) | $ (914) | (914) | |||
Ending balance (in shares) at Mar. 31, 2018 | 75,977,269 | |||||
Ending balance at Mar. 31, 2018 | 119,661 | $ 431,818 | (317,635) | 1,602 | 115,785 | 3,876 |
Beginning balance ( in shares) at Dec. 31, 2018 | 91,445,066 | |||||
Beginning balance at Dec. 31, 2018 | 144,854 | $ 469,303 | (332,058) | 3,843 | 141,088 | 3,766 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (12,134) | (12,127) | (12,127) | (7) | ||
Other comprehensive loss | (136) | (136) | (136) | |||
Shares issued for cash by at-the-market offering (in shares) | 754,712 | |||||
Shares issued for cash by at-the-market offering | 2,471 | $ 2,471 | 2,471 | |||
Share issuance cost | (62) | (62) | (62) | |||
Share-based compensation | 1,121 | $ 1,121 | 1,121 | |||
Shares issued for exercise of stock options (in shares) | 33,906 | |||||
Shares issued for exercise of stock options | 102 | $ 102 | 102 | |||
Shares issued for the vesting of restricted stock units (in shares) | 850,150 | |||||
Shares issued for consulting services (in shares) | 18,848 | |||||
Shares issued for consulting services | 52 | $ 52 | 52 | |||
Ending balance (in shares) at Mar. 31, 2019 | 93,102,682 | |||||
Ending balance at Mar. 31, 2019 | $ 136,268 | $ 472,987 | $ (344,185) | $ 3,707 | $ 132,509 | $ 3,759 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net loss | $ (12,134) | $ (10,829) | |
Items not involving cash: | |||
Depletion, depreciation and amortization | 314 | 327 | |
Stock-based compensation | 1,121 | 1,202 | |
Change in value of convertible debentures | 1,436 | 145 | |
Change in value of warrant liabilities | 732 | (364) | |
Accretion of asset retirement obligation | 513 | 459 | $ 1,835 |
Unrealized foreign exchange gains | 500 | (1,148) | |
Impairment of inventories | 1,176 | 1,010 | |
Other non-cash expenses (income) | 90 | 688 | |
Changes in assets and liabilities | |||
Decrease in inventories | (3,252) | (775) | |
Decrease in trade and other receivables | 329 | (952) | |
Decrease in prepaid expenses and other assets | 154 | 224 | |
Decrease in accounts payable and accrued liabilities | (2,031) | (1,797) | |
Cash paid for reclamation and remediation activities | 0 | (23) | |
Changes in deferred revenue | (501) | 0 | |
Net cash (used in) provided by operating activities | (11,553) | (11,833) | |
INVESTING ACTIVITIES | |||
Purchase of plant and equipment | 0 | (14) | |
Cash received in sale of marketable securities | 9,950 | 0 | |
Net cash (used in) provided by investing activities | 9,950 | (14) | |
FINANCING ACTIVITIES | |||
Issuance of common shares for cash | 2,409 | 1,147 | |
Cash paid for tax withholding | 0 | (914) | |
Option and warrant exercises | 102 | 0 | |
Repayment of loans and borrowings | 0 | (836) | |
Net cash (used in) provided by financing activities | 2,511 | (603) | |
CHANGE IN CASH AND CASH EQUIVALENTS DURING THE PERIOD | 908 | (12,450) | |
Effect of exchange rate fluctuations on cash held in foreign currencies | (208) | (56) | |
Cash, cash equivalents and restricted cash - beginning of period | 34,292 | 40,701 | 40,701 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD | 34,992 | 28,195 | $ 34,292 |
Supplemental disclosure of cash flow information: | |||
Interest | $ 0 | $ 156 | |
Roca Honda | |||
Non-cash investing and financing transactions: | |||
Percentage of voting interests acquired | 40.00% |
THE COMPANY AND DESCRIPTION OF
THE COMPANY AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2019 | |
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 co-product of its uranium recovery from certain of its mines as market conditions warrant and from time to time from solutions in its tailing impoundment system. 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 | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 . However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated 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, 2018 with the following addition to the inventory policy included below. Inventories In-process and concentrate inventories include the cost of the material processed from the stockpile, as well as production costs incurred to extract uranium bearing fluids from the wellfields, and all costs to recover the uranium into concentrates, recover vanadium concentrates from pond solutions or process through the White Mesa Mill. Finished uranium or vanadium concentrate inventories also include costs of any finished product purchased from the market. Recovery costs typically include labor, chemical reagents and directly attributable mill and plant overhead expenditures. The condensed 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 | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND AVALABLE FOR SALE ASSETS | The following table summarizes our marketable securities by significant investment categories as of March 31, 2019 : Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable debt securities (1) $ 16,070 $ — $ 116 $ 16,186 Marketable equity securities 948 (571 ) 891 1,268 Marketable securities $ 17,018 $ (571 ) $ 1,007 $ 17,454 (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 table summarizes our marketable securities by significant investment categories as of December 31, 2018: Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable debt securities (1) $ 25,523 $ (5 ) $ 83 $ 25,601 Marketable equity securities 1,062 (549 ) 947 1,460 Marketable securities $ 26,585 $ (554 ) $ 1,030 $ 27,061 (1) Marketable debt securities are comprised primarily of U.S. government notes, and also includes U.S. government agencies, and tradeable certificates of deposits. During the three months ended March 31, 2019 and 2018, we did not recognize any significant other-than-temporary impairment losses. 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 $ 13,051 Due in 12 months to two years 3,135 Due in greater than two years — $ 16,186 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES March 31, 2019 December 31, 2018 Concentrates and work-in-progress $ 16,683 $ 14,746 Inventory of ore in stockpiles 1,139 883 Raw materials and consumables 3,088 2,693 $ 20,910 $ 18,322 Inventories - by duration Current $ 19,138 $ 16,550 Long term - raw materials and consumables 1,772 1,772 $ 20,910 $ 18,322 |
PLANT AND EQUIPMENT AND MINERAL
PLANT AND EQUIPMENT AND MINERAL PROPERTIES | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 December 31, 2018 Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Plant and equipment Nichols Ranch $ 29,210 $ (12,533 ) $ 16,677 $ 29,210 $ (12,021 ) $ 17,189 Alta Mesa 13,656 (2,552 ) 11,104 13,656 (2,319 ) 11,337 Equipment and other 13,444 (12,208 ) 1,236 13,444 (12,127 ) 1,317 Plant and equipment total $ 56,310 $ (27,293 ) $ 29,017 $ 56,310 $ (26,467 ) $ 29,843 The following is a summary of mineral properties: March 31, 2019 December 31, 2018 Mineral properties Uranerz ISR properties $ 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 |
ASSET RETIREMENT OBLIGATIONS AN
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 December 31, 2018 Asset retirement obligation, beginning of period $ 19,104 $ 18,280 Revision of estimate — (662 ) Accretion of liabilities 513 1,835 Settlements — (349 ) Asset retirement obligation, end of period $ 19,617 $ 19,104 Asset retirement obligation: Current $ 270 $ 270 Non-current 19,347 18,834 Asset retirement obligation, end of period $ 19,617 $ 19,104 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 March 31, 2019 is $41.32 million ( December 31, 2018 - $41.32 million ). The following table summarizes the Company’s restricted cash: March 31, 2019 December 31, 2018 Restricted cash, beginning of period $ 19,652 $ 22,127 Additional collateral posted — 117 Refunds of collateral 30 (2,592 ) Restricted cash, end of period $ 19,682 $ 19,652 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 14 for a discussion of the Company’s surety bond commitments. Cash, cash equivalents and restricted cash are included in the following accounts at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Cash and cash equivalents $ 15,310 $ 14,640 Restricted cash included in other long-term assets 19,682 19,652 Total cash, cash equivalents and restricted cash $ 34,992 $ 34,292 |
LOANS AND BORROWINGS
LOANS AND BORROWINGS | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Loans and Borrowings | LOANS AND BORROWINGS The Company’s convertible debentures which are measured at fair value, are $17.64 million and $15.88 million as of March 31, 2019 and December 31, 2018, respectively. 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, LLC ("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. 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 months ended March 31, 2019 the Company recorded a gain on revaluation of convertible Debentures of $1.44 million ( March 31, 2018 – gain of $0.15 million for the three months ended). |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases , and the series of related Accounting Standards Updates that followed (collectively referred to as “ASC 842”). Most prominent among the changes in the standard is the recognition of right-of-use (“ROU”) assets and lease liabilities by lessees for those leases classified as operating leases. The accounting for leases where the Company is the lessor remains largely unchanged. In addition, the new standard requires additional qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted the new standard using the modified retrospective approach with a cumulative effect adjustment on January 1, 2019. Prior comparative periods have not been restated and continue to be reported under the accounting standard in effect for those periods (ASC 840). The Company elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carry-forward historical lease classifications. The Company also elected the practical expedient to not separate lease components from nonlease components for all asset classes, and we elected the short-term lease recognition exemption whereby ROU assets and lease liabilities will not be recognized for leasing arrangements with terms less than one year. The adoption of the new standard resulted in the recognition of operating lease ROU assets of $1.14 million , current operating lease liabilities of $0.27 million , and noncurrent operating lease liabilities of $0.96 million . Adoption of this standard had no impact on the statement of operations or retained earnings. Lessee The Company’s leases primarily include operating leases for corporate offices. These leases have a remaining lease term of less than one year to four years, and include options to extend the leases for up to five years. Certain of our leases include variable payments for lessor operating expenses that are not included within ROU assets and lease liabilities in the Condensed Consolidated Balance Sheets. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. We also sublease office space to a third party, which has a remaining term of less than one year. Beginning January 1, 2019, operating ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Operating leases in effect prior to January 1, 2019 were recognized at the present value of the remaining payments on the remaining lease term as of January 1, 2019. Because most of the Company's leases do not provide an explicit rate of return, the Company's incremental secured borrowing rate based on lease term information available at the commencement date of the lease will be used in determining the present value of lease payments. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in General and administration expenses. Short-term leases, which have an initial term of 12 months or less, are not recorded in the condensed Consolidated Balance Sheets. Total lease cost includes the following components: Three months ended March 31, 2019 Operating leases $ 105 Short-term leases 61 Sublease income (28 ) Total lease expense $ 138 Total lease expense was $0.17 million for the three months ended March 31, 2018. The weighted average remaining lease term and weighted average discount rate were as follows: Three months ended March 31, 2019 Weighted average remaining lease term of operating leases 3.9 years Weighted average discount rate of operating leases 9.00 % Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 82 Maturities of operating lease liabilities as of March 31, 2019 are as follows: Years Ending December 31: 2019 (excluding the three months ended March 31, 2019) $ 289 2020 336 2021 343 2022 351 2023 147 Thereafter — Total Lease Payments $ 1,466 Less: Interest (237 ) Present Value of Lease Liabilities $ 1,229 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 , the Company issued 754,712 Common Shares under the Company’s “at-the-market” offering (the “ATM”) for net proceeds of $2.41 million . Share Purchase Warrants The following table summarizes the Company’s share purchase warrants denominated in US dollars. These warrants are accounted for as derivative liabilities as the functional currency of the entity issuing the warrants, Energy Fuels Inc., is Canadian dollars. Month Issued Expiry Date Exercise Price USD$ Warrants Outstanding Fair value at September 2016 (a) September 20, 2021 2.45 4,167,480 7,142 (a) The warrants issued in September 2016 are classified as Level 1 under the fair value hierarchy (Note 16 ). On March 14, 2019, 2,328,925 warrants issued in March 2016 expired unexercised. |
BASIC AND DILUTED LOSS PER COMM
BASIC AND DILUTED LOSS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Common Share | BASIC AND DILUTED LOSS PER COMMON SHARE The calculation of basic and diluted earnings per share after adjustment for the effects of all potential dilutive common shares, is as follows: Three months ended 2019 2018 Loss attributable to shareholders $ (12,127 ) $ (10,822 ) Basic and diluted weighted average number of common shares outstanding 92,152,844 75,209,456 Loss per common share $ (0.13 ) $ (0.14 ) For the three months ended March 31, 2019 , 5.85 million ( March 31, 2018 - 9.04 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 | 3 Months Ended |
Mar. 31, 2019 | |
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, restricted stock units (“RSUs”) and stock appreciation rights ("SARs"). The Company issues new shares of common stock to satisfy exercises and vesting under all of its stock incentive awards. At March 31, 2019 , a total of 9,310,268 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 0.35 million options granted in the three months ended March 31, 2019 ( three months ended March 31, 2018 – 0.42 million options). At March 31, 2019 , there were 1.68 million options outstanding with 1.40 million options exercisable, at a weighted average exercise price of $3.32 and $3.48 respectively, with a weighted average remaining contractual life of 3.69 years. The aggregate intrinsic value of the fully vested options was $0.90 million . The fair value of the options granted under the Compensation Plan for the three months ended March 31, 2019 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: Risk-free interest rate 2.620 Expected life 5.0 years Expected volatility 59.4 * Expected dividend yield 0.00% Weighted-average expected life of option 5.00 Weighted-average grant date fair value $1.54 * 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 March 31, 2019 and December 31, 2018 , 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, 2017 $1.77 - $15.61 $ 4.48 2,028,847 Granted 1.70 - 2.88 1.75 442,956 Exercised 1.70 - 2.55 2.15 (355,092 ) Forfeited 1.70 - 6.63 3.96 (213,393 ) Expired 5.86 - 10.36 8.18 (170,564 ) Balance, December 31, 2018 $1.70 - $15.61 $ 3.84 1,732,754 Granted 2.92 2.92 354,844 Exercised 1.70 - 2.88 2.40 (33,906 ) Forfeited 4.44 - 7.42 4.78 (227,117 ) Expired 6.77 6.77 (141,800 ) Balance, March 31, 2019 $1.70 - $15.61 $ 3.32 1,684,775 A summary of the status and activity of non-vested stock options for the three months ended March 31, 2019 is as follows: Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2018 297,044 $ 1.06 Granted 354,844 1.54 Vested (363,016 ) 1.31 Forfeited — — Non-vested March 31, 2019 288,872 $ 1.33 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 three months ended March 31, 2019 , the Company's Board of Directors issued 0.72 million RSUs under the Compensation Plan ( March 31, 2018 - 1.13 million ). A summary of the status and activity of non-vested RSUs at March 31, 2019 is as follows: RSU Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2018 1,580,187 $ 1.99 Granted 721,750 2.92 Vested (839,348 ) 1.99 Forfeited (105,706 ) 2.24 Non-vested March 31, 2019 1,356,882 $ 2.47 The total intrinsic value and fair value of RSUs that vested and were settled for equity in the three months ended March 31, 2019 was $2.44 million ( March 31, 2018 – $2.41 million ). Share Appreciation Rights During the three months ended March 31, 2019 , the Company's Board of Directors issued 2.20 million SARs under the Compensation Plan ( March 31, 2018 - $ nil ) with a fair value of $1.25 per SAR. These SARs are intended to provide additional long-term performance-based equity incentives for the Corporation’s senior management. The SARs are purely performance based, because they only vest upon the achievement of aggressive performance goals designed to significantly increase shareholder value. Each SAR granted entitles the holder, on exercise, to a payment in cash or shares (at the election of the Corporation) equal to the difference between the market price of the Common Shares at the time of exercise and $2.92 (the market price at the time of grant) over a five -year period, but vest only upon the achievement of the following performance goals: as to one-third of the SARs granted upon the volume weighted average price (“ VWAP ”) of the Common Shares on the NYSE American equaling or exceeding $5.00 for any continuous 90 -calendar day period; as to an additional one-third of the SARs granted, upon the VWAP of the Corporation’s common shares on the NYSE American equaling or exceeding $7.00 for any continuous 90 calendar-day period; and as to the final one-third of the SARs granted, upon the VWAP of the Corporation’s common shares on the NYSE American equaling or exceeding $10.00 for any continuous 90 calendar-day period. Further, notwithstanding the foregoing vesting schedule, no SARs may be exercised by the holder for an initial period of one year from the Date of Grant; the date first exercisable being January 22, 2020. The share-based compensation recorded during the three months ended March 31, 2019 was $1.12 million ( three months ended March 31, 2018 - $1.20 million ). At March 31, 2019 , there were $0.20 million , $1.64 million and $2.40 million of unrecognized compensation costs related to the unvested stock options, RSU awards and SARs, respectively. These costs are expected to be recognized over a period of approximately two years. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES As of March 31, 2019, 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 March 31, 2019, and December 31, 2018. |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The components of other (loss) income are as follows: Three months ended 2019 2018 Interest income $ 111 $ 50 Change in value of investments accounted for at fair value 375 (224 ) Change in value of warrant liabilities (732 ) 364 Change in value of convertible debentures (1,436 ) (145 ) Sale of surplus assets — 14 Other (1 ) 4 Other (loss) income $ (1,683 ) $ 63 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2019 | |
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 has met with representatives from all parties in order to determine whether the pending administrative proceedings can be settled. Discussions are ongoing. The Company does not consider these challenges to have any merit. 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. A schedule for briefing on the matter is expected to be set within the second quarter of 2019. 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. On March 21, 2019, the Havasupai Tribe filed a Petition for a Writ of Certiorari regarding its claims in this matter with the Supreme Court of the United States, requesting that the Supreme Court hear this case. The petition was placed on the docket on March 25, 2019, and is currently under consideration by the Supreme Court. The Company does not expect the Supreme Court to grant the petition, as the Company believes the petition does not (i) raise an important federal question, (ii) identify a circuit split on the issue, or (iii) pertain to a question of federal law decided by a state court. Daneros Project On February 23, 2018, the BLM issued the EA, Decision Record and FONSI for the Mine Plan of Operations Modification for the Daneros Mine. On March 29, 2018, the Southern Utah Wilderness Alliance and Grand Canyon Trust (together the“Appellants”) filed a Notice of Appeal to the Interior Board of Land Appeals (“IBLA”) regarding the BLM’s Decision Record and FONSI and challenging the underlying EA, and the Company was subsequently permitted to intervene. This matter has been briefed and remains under consideration by IBLA at this time. The Company does not consider these challenges to have any merit; however, the scope and costs of amending or redoing the EA have not yet been determined and could be significant. 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 $19.68 million posted against an undiscounted asset retirement obligation of $41.32 million ( December 31, 2018 - $19.65 million posted against an undiscounted asset retirement obligation of $41.32 million ). Commitments The Company is contractually obligated under a Sales and Agency Agreement appointing an exclusive sales and marketing agent for all vanadium pentoxide produced by the Company. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 . 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 4,247,570 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). As of March 31, 2019 , the Company has accrued $0.55 million of this liability on the condensed Consolidated 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 ended March 31, 2019 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 2019 . 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 March 31, 2019 , the Company has accrued $1.35 million of this liability on the condensed Consolidated Balance Sheet. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 3 Months Ended |
Mar. 31, 2019 | |
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 of March 31, 2019 . 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 March 31, 2019 , 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 $ 1,166 $ — $ — $ 1,166 Marketable equity securities 1,268 — — 1,268 Marketable debt securities — 16,186 — 16,186 Warrant liabilities (7,142 ) — — (7,142 ) Convertible debentures (17,640 ) — — (17,640 ) $ (22,348 ) $ 16,186 $ — $ (6,162 ) 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 | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Sale of shares in the Company's ‘At-the-Market’ program (“ATM”). From April 1, 2019 through May 7, 2019, the Company issued 0.35 million common shares at an average price of $3.62 for proceeds of $1.28 million using the ATM. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | The following table summarizes our marketable securities by significant investment categories as of March 31, 2019 : Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable debt securities (1) $ 16,070 $ — $ 116 $ 16,186 Marketable equity securities 948 (571 ) 891 1,268 Marketable securities $ 17,018 $ (571 ) $ 1,007 $ 17,454 (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 table summarizes our marketable securities by significant investment categories as of December 31, 2018: Cost Basis Gross Unrealized losses Gross Unrealized gains Fair Value Marketable debt securities (1) $ 25,523 $ (5 ) $ 83 $ 25,601 Marketable equity securities 1,062 (549 ) 947 1,460 Marketable securities $ 26,585 $ (554 ) $ 1,030 $ 27,061 |
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 $ 13,051 Due in 12 months to two years 3,135 Due in greater than two years — $ 16,186 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | March 31, 2019 December 31, 2018 Concentrates and work-in-progress $ 16,683 $ 14,746 Inventory of ore in stockpiles 1,139 883 Raw materials and consumables 3,088 2,693 $ 20,910 $ 18,322 Inventories - by duration Current $ 19,138 $ 16,550 Long term - raw materials and consumables 1,772 1,772 $ 20,910 $ 18,322 |
PLANT AND EQUIPMENT AND MINER_2
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following is a summary of plant and equipment: March 31, 2019 December 31, 2018 Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Plant and equipment Nichols Ranch $ 29,210 $ (12,533 ) $ 16,677 $ 29,210 $ (12,021 ) $ 17,189 Alta Mesa 13,656 (2,552 ) 11,104 13,656 (2,319 ) 11,337 Equipment and other 13,444 (12,208 ) 1,236 13,444 (12,127 ) 1,317 Plant and equipment total $ 56,310 $ (27,293 ) $ 29,017 $ 56,310 $ (26,467 ) $ 29,843 |
Schedule of Summary of Mineral Properties | The following is a summary of mineral properties: March 31, 2019 December 31, 2018 Mineral properties Uranerz ISR properties $ 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 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table summarizes the Company’s asset retirement obligations: March 31, 2019 December 31, 2018 Asset retirement obligation, beginning of period $ 19,104 $ 18,280 Revision of estimate — (662 ) Accretion of liabilities 513 1,835 Settlements — (349 ) Asset retirement obligation, end of period $ 19,617 $ 19,104 Asset retirement obligation: Current $ 270 $ 270 Non-current 19,347 18,834 Asset retirement obligation, end of period $ 19,617 $ 19,104 |
Schedule of Restricted Cash and Cash Equivalents | The following table summarizes the Company’s restricted cash: March 31, 2019 December 31, 2018 Restricted cash, beginning of period $ 19,652 $ 22,127 Additional collateral posted — 117 Refunds of collateral 30 (2,592 ) Restricted cash, end of period $ 19,682 $ 19,652 Cash, cash equivalents and restricted cash are included in the following accounts at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Cash and cash equivalents $ 15,310 $ 14,640 Restricted cash included in other long-term assets 19,682 19,652 Total cash, cash equivalents and restricted cash $ 34,992 $ 34,292 |
LOANS AND BORROWINGS (Tables)
LOANS AND BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s convertible debentures which are measured at fair value, are $17.64 million and $15.88 million as of March 31, 2019 and December 31, 2018, respectively. 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, LLC ("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. 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 months ended March 31, 2019 the Company recorded a gain on revaluation of convertible Debentures of $1.44 million ( March 31, 2018 – gain of $0.15 million for the three months ended). |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | Total lease cost includes the following components: Three months ended March 31, 2019 Operating leases $ 105 Short-term leases 61 Sublease income (28 ) Total lease expense $ 138 The weighted average remaining lease term and weighted average discount rate were as follows: Three months ended March 31, 2019 Weighted average remaining lease term of operating leases 3.9 years Weighted average discount rate of operating leases 9.00 % Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 82 |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities as of March 31, 2019 are as follows: Years Ending December 31: 2019 (excluding the three months ended March 31, 2019) $ 289 2020 336 2021 343 2022 351 2023 147 Thereafter — Total Lease Payments $ 1,466 Less: Interest (237 ) Present Value of Lease Liabilities $ 1,229 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 September 2016 (a) September 20, 2021 2.45 4,167,480 7,142 (a) 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 fair value of the options granted under the Compensation Plan for the three months ended March 31, 2019 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: Risk-free interest rate 2.620 Expected life 5.0 years Expected volatility 59.4 * Expected dividend yield 0.00% Weighted-average expected life of option 5.00 Weighted-average grant date fair value $1.54 * 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) | 3 Months Ended |
Mar. 31, 2019 | |
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, is as follows: Three months ended 2019 2018 Loss attributable to shareholders $ (12,127 ) $ (10,822 ) Basic and diluted weighted average number of common shares outstanding 92,152,844 75,209,456 Loss per common share $ (0.13 ) $ (0.14 ) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | . The fair value of the options granted under the Compensation Plan for the three months ended March 31, 2019 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: Risk-free interest rate 2.620 Expected life 5.0 years Expected volatility 59.4 * Expected dividend yield 0.00% Weighted-average expected life of option 5.00 Weighted-average grant date fair value $1.54 * 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 three months ended March 31, 2019 is as follows: Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2018 297,044 $ 1.06 Granted 354,844 1.54 Vested (363,016 ) 1.31 Forfeited — — Non-vested March 31, 2019 288,872 $ 1.33 The summary of the Company’s stock options at March 31, 2019 and December 31, 2018 , 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, 2017 $1.77 - $15.61 $ 4.48 2,028,847 Granted 1.70 - 2.88 1.75 442,956 Exercised 1.70 - 2.55 2.15 (355,092 ) Forfeited 1.70 - 6.63 3.96 (213,393 ) Expired 5.86 - 10.36 8.18 (170,564 ) Balance, December 31, 2018 $1.70 - $15.61 $ 3.84 1,732,754 Granted 2.92 2.92 354,844 Exercised 1.70 - 2.88 2.40 (33,906 ) Forfeited 4.44 - 7.42 4.78 (227,117 ) Expired 6.77 6.77 (141,800 ) Balance, March 31, 2019 $1.70 - $15.61 $ 3.32 1,684,775 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status and activity of non-vested RSUs at March 31, 2019 is as follows: RSU Number of shares Weighted Average Grant- Date Fair Value Non-vested December 31, 2018 1,580,187 $ 1.99 Granted 721,750 2.92 Vested (839,348 ) 1.99 Forfeited (105,706 ) 2.24 Non-vested March 31, 2019 1,356,882 $ 2.47 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components of other (loss) income are as follows: Three months ended 2019 2018 Interest income $ 111 $ 50 Change in value of investments accounted for at fair value 375 (224 ) Change in value of warrant liabilities (732 ) 364 Change in value of convertible debentures (1,436 ) (145 ) Sale of surplus assets — 14 Other (1 ) 4 Other (loss) income $ (1,683 ) $ 63 |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 of March 31, 2019 . 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 March 31, 2019 , 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 $ 1,166 $ — $ — $ 1,166 Marketable equity securities 1,268 — — 1,268 Marketable debt securities — 16,186 — 16,186 Warrant liabilities (7,142 ) — — (7,142 ) Convertible debentures (17,640 ) — — (17,640 ) $ (22,348 ) $ 16,186 $ — $ (6,162 ) |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 17,018 | $ 26,585 |
Gross Unrealized losses | (571) | (554) |
Gross Unrealized gains | 1,007 | 1,030 |
Fair Value | 17,454 | 27,061 |
Marketable debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 16,070 | 25,523 |
Gross Unrealized losses | 0 | (5) |
Gross Unrealized gains | 116 | 83 |
Fair Value | 16,186 | 25,601 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 948 | 1,062 |
Gross Unrealized losses | (571) | (549) |
Gross Unrealized gains | 891 | 947 |
Fair Value | $ 1,268 | $ 1,460 |
MARKETABLE SECURITIES - Sched_2
MARKETABLE SECURITIES - Schedule Of Maturity Dates (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in less than 12 months | $ 13,051 |
Due in 12 months to two years | 3,135 |
Due in greater than two years | 0 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date | $ 16,186 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Concentrates and work-in-progress | $ 16,683 | $ 14,746 |
Inventory Of Ore In Stockpiles | 1,139 | 883 |
Raw materials and consumables | 3,088 | 2,693 |
Inventory, net | 20,910 | 18,322 |
Current | 19,138 | 16,550 |
Long term - raw materials and consumables | $ 1,772 | $ 1,772 |
PLANT AND EQUIPMENT AND MINER_3
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 56,310 | $ 56,310 |
Accumulated Depreciation | (27,293) | (26,467) |
Net Book Value | 29,017 | 29,843 |
Nichols Ranch | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 29,210 | 29,210 |
Accumulated Depreciation | (12,533) | (12,021) |
Net Book Value | 16,677 | 17,189 |
Alta Mesa | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 13,656 | 13,656 |
Accumulated Depreciation | (2,552) | (2,319) |
Net Book Value | 11,104 | 11,337 |
Equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 13,444 | 13,444 |
Accumulated Depreciation | (12,208) | (12,127) |
Net Book Value | $ 1,236 | $ 1,317 |
PLANT AND EQUIPMENT AND MINER_4
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Summary of Mineral Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Mineral properties | $ 83,539 | $ 83,539 |
Uranerz ISR properties | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 25,974 | 25,974 |
Sheep Mountain | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 34,183 | 34,183 |
Roca Honda | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 22,095 | 22,095 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | $ 1,287 | $ 1,287 |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning of period | $ 19,104 | $ 18,280 | $ 18,280 | ||
Revision of estimate | 0 | (662) | |||
Accretion of liabilities | 513 | 459 | 1,835 | ||
Settlements | 0 | (349) | |||
Asset retirement obligation, end of period | 19,617 | 19,104 | |||
Asset Retirement Obligation [Abstract] | |||||
Current | $ 270 | $ 270 | |||
Non-current | 19,347 | 18,834 | |||
Asset retirement obligation, end of period | $ 19,104 | $ 18,280 | $ 18,280 | $ 19,617 | $ 19,104 |
ASSET RETIREMENT OBLIGATIONS _4
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Asset Retirement Obligations [Line Items] | |||
Inflation rate | 2.00% | ||
Asset retirement obligation | $ 19,617 | $ 19,104 | $ 18,280 |
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 | $ 41,320 | $ 41,320 |
ASSET RETIREMENT OBLIGATIONS _5
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Restricted Cash And Cash Equivalents [Roll Forward] | |||
Restricted cash, beginning of period | $ 19,652 | $ 22,127 | |
Additional collateral posted | 0 | $ 117 | |
Release of collateral related to change in surety agents | 30 | $ (2,592) | |
Restricted cash, end of period | $ 19,682 |
- Schedule of Cash and Cash Equ
- Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2017 | Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Cash and cash equivalents | $ 15,310 | $ 14,640 | |
Restricted cash included in other long-term assets | 19,682 | $ 19,652 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 34,992 | $ 34,292 |
LOANS AND BORROWINGS - Narrativ
LOANS AND BORROWINGS - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Aug. 04, 2016$ / shares | Jul. 24, 2012CAD ($)shares | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Aug. 03, 2016$ / shares |
Debt Instrument [Line Items] | ||||||
Convertible debentures | $ 17,640 | $ 15,880 | ||||
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% | |||||
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 | $ (1,436) | (145) | ||||
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 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Leased Assets [Line Items] | ||||
Operating lease right of use asset | $ 1,142 | $ 0 | ||
Current portion of operating lease liability | 275 | 0 | ||
Operating lease, liability, noncurrent | 954 | $ 0 | ||
Total lease expense | $ 138 | $ 170 | ||
Accounting Standards Update 2016-02 | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease right of use asset | $ 1,140 | |||
Current portion of operating lease liability | 270 | |||
Operating lease, liability, noncurrent | $ 960 | |||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Term of contract | 1 year | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Term of contract | 4 years | |||
Renewal term | 5 years |
LEASES LEASES - Schedule of Lea
LEASES LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating leases | $ 105 | |
Short-term leases | 61 | |
Sublease Income | (28) | |
Total lease expense | $ 138 | $ 170 |
Weighted average remaining lease term of operating leases | 3 years 10 months 25 days | |
Weighted average discount rate of operating leases | 9.00% | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 82 |
LEASES - Schedule of Operating
LEASES - Schedule of Operating Lease Maturity (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 289 |
2020 | 336 |
2021 | 343 |
2022 | 351 |
2023 | 147 |
Thereafter | 0 |
Total Lease Payments | 1,466 |
Less: Interest | (237) |
Present value of lease liabilities | $ 1,229 |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
Class of Warrant or Right [Line Items] | |
Warrant issued (in shares) | 2,328,925 |
At The Market Sale Of Stock | |
Class of Warrant or Right [Line Items] | |
Sale of stock, number of shares issued (in shares) | 754,712 |
Sale of stock, consideration received | $ | $ 2,410 |
CAPITAL STOCK - Schedule of Sto
CAPITAL STOCK - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - Share Purchase Warrants Denominated in United States Dollars - September 20, 2021 $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.45 |
Number of warrants outstanding (in shares) | shares | 4,167,480 |
Fair value of warrants | $ | $ 7,142 |
CAPITAL STOCK - Schedule of Sha
CAPITAL STOCK - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended |
Mar. 31, 2019 | |
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] | |
Expected volatility | 68.49% |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Loss attributable to shareholders | $ (12,127) | $ (10,822) |
Basic and diluted weighted average number of common shares outstanding (in shares) | 92,152,844 | 75,209,456 |
Loss per common share (in dollars per share) | $ (0.13) | $ (0.14) |
BASIC AND DILUTED LOSS PER CO_4
BASIC AND DILUTED LOSS PER COMMON SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,850 | 9,040 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 2.92 | $ 1.75 | ||
Number of options (in shares) | 1,684,775 | 1,732,754 | 2,028,847 | |
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.32 | $ 3.84 | $ 4.48 | |
Number of grants in period, net of forfeitures (in shares) | 354,844 | 442,956 | ||
Share-based compensation | $ 1,120,000 | $ 1,200,000 | ||
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized (in shares) | 9,310,268.2 | |||
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 8 months 9 days | |||
Number of grants in period (in shares) | 350,000 | 420,000 | ||
Number of options (in shares) | 1,680,000 | |||
Number of exercisable options (in shares) | 1,400,000 | |||
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.32 | |||
Exercisable options, weighted average exercise price (in dollars per share) | $ 3.48 | |||
Options, vested and expected to Vest, aggregate intrinsic value | $ 896,473 | |||
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) | 720,000 | 1,130,000 | ||
Grants in period, grant date intrinsic value (in dollars per share) | $ 2,440,000 | $ 2,410,000 | ||
Unrecognized compensation costs related to unvested stock options | $ 200,000 | |||
Unrecognized compensation costs related to RSU awards | $ 1,640,000 | |||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Number of grants in period (in shares) | 2,200,000 | 0 | ||
Grants in period, weighted average exercise price (in dollars per share) | $ 1.25 | |||
Unrecognized compensation costs related to RSU awards | $ 2,400,000 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 2.88 | |||
Outstanding options, weighted average exercise price (in dollars per share) | $ 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 Compensation Award, Tranche One | Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 5 | |||
Period of exercise price | 90 days | |||
Share-based Compensation Award, Tranche Two | Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 7 | |||
Period of exercise price | 90 days | |||
Share-based Compensation Award, Tranche Three | Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 10 | |||
Common Stock | Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 2.92 |
SHARE-BASED PAYMENTS - Schedule
SHARE-BASED PAYMENTS - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
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) | $ 1.54 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 2.40 | $ 2.15 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 4.78 | 3.96 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 6.77 | $ 8.18 | |||
Outstanding options, weighted average exercise price (in dollars per share) | $ 3.32 | $ 3.84 | $ 4.48 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 1,120 | $ 1,200 |
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) | $ 3.84 | $ 4.48 |
Grants in period, weighted average exercise price (in dollars per share) | 2.92 | 1.75 |
Exercises in period, weighted average exercise price (in dollars per share) | 2.40 | 2.15 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 4.78 | 3.96 |
Expirations in period, weighted average exercise price (in dollars per share) | 6.77 | $ 8.18 |
Weighted average exercise price, end of period (in dollars per share) | $ 3.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options, beginning of period (in shares) | 1,732,754 | 2,028,847 |
Number of grants in period, net of forfeitures (in shares) | 354,844 | 442,956 |
Number of exercises in period (in shares) | (33,906) | (355,092) |
Number of forfeitures in period (in shares) | (227,117) | (213,393) |
Number of expirations in period (in shares) | (141,800) | (170,564) |
Number of options, end of period (in shares) | 1,684,775 | |
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) | $ 1.70 | $ 1.77 |
Grants in period, weighted average exercise price (in dollars per share) | 1.70 | |
Exercises in period, weighted average exercise price (in dollars per share) | 1.77 | 1.70 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 4.44 | 1.70 |
Expirations in period, weighted average exercise price (in dollars per share) | 5.86 | |
Weighted average exercise price, end of period (in dollars per share) | 1.70 | |
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 |
Grants in period, weighted average exercise price (in dollars per share) | 2.88 | |
Exercises in period, weighted average exercise price (in dollars per share) | 2.88 | 2.55 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 7.42 | 6.63 |
Expirations in period, weighted average exercise price (in dollars per share) | $ 10.36 | |
Weighted average exercise price, end of period (in dollars per share) | $ 15.61 | |
Equity Option | ||
Number of shares | ||
Number of nonvested shares, beginning of period (in shares) | 297,044 | |
Granted, nonvested, number of shares (in shares) | 354,844 | |
Vested, number of shares (in shares) | (363,016) | |
Nonvested options forfeited, number of shares (in shares) | 0 | |
Number of nonvested shares, end of period (in shares) | 288,872 | |
Weighted Average Grant- Date Fair Value | ||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 1.06 | |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 1.54 | |
Vested, weighted average grant date fair value (in dollars per share) | 1.31 | |
Nonvested options forfeited, weighted average grant date fair value (in dollars per share) | 0 | |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 1.33 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | 354,844 | 442,956 |
Allocated Share-based Compensation Expense | $ 1,120 | $ 1,200 |
R S U Weighted | ||
Number of shares | ||
Number of nonvested shares, beginning of period (in shares) | 1,580,187 | |
Granted, nonvested, number of shares (in shares) | 721,750 | |
Vested, number of shares (in shares) | (839,348) | |
Nonvested options forfeited, number of shares (in shares) | (105,706) | |
Number of nonvested shares, end of period (in shares) | 1,356,882 | |
Weighted Average Grant- Date Fair Value | ||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 1.99 | |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 2.92 | |
Vested, weighted average grant date fair value (in dollars per share) | 1.99 | |
Nonvested options forfeited, weighted average grant date fair value (in dollars per share) | 2.24 | |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 2.47 | |
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 | 720,000 | 1,130,000 |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest income | $ 111 | $ 50 |
Change in value of investments accounted at fair value | 375 | (224) |
Change in value of warrant liabilities | (732) | 364 |
Change in value of convertible debentures | (1,436) | (145) |
Sale of surplus assets | 0 | 14 |
Other | (1) | 4 |
Other income | $ (1,683) | $ 63 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Commitments [Line Items] | |||
Asset retirement obligation | $ 19,617 | $ 19,104 | $ 18,280 |
Canyon Project | |||
Other Commitments [Line Items] | |||
Loss contingency, estimate of possible loss | 19,680 | 19,650 | |
Asset retirement obligation | $ 41,320 | $ 41,320 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2016 | Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||||
Common stock, shares, outstanding (in shares) | 75,977,269 | 74,366,824 | ||||
Testing permit and lease option agreement, accrued liability | $ 1,350,000 | |||||
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) | 4,247,570 | |||||
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 | $ 550,000 | |||||
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 CONTRAC
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accumulated deficit | $ (344,185) | $ (332,058) |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACT WITH CUSTOMERS - Schedule of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Equity | ||
Accumulated deficit | $ (344,185) | $ (332,058) |
FAIR VALUE ACCOUNTING - Fair Va
FAIR VALUE ACCOUNTING - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 1,166 | |
Time deposits | 1,268 | |
Short-term Investments | 16,186 | |
Warrant liabilities | (7,142) | $ (5,621) |
Convertible debentures | (17,640) | |
Financial instruments fair value | (6,162) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,166 | |
Time deposits | 1,268 | |
Short-term Investments | 0 | |
Warrant liabilities | (7,142) | |
Convertible debentures | (17,640) | |
Financial instruments fair value | (22,348) | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Time deposits | 0 | |
Short-term Investments | 16,186 | |
Warrant liabilities | 0 | |
Convertible debentures | 0 | |
Financial instruments fair value | 16,186 | |
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 ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 02, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||||
Common stock, shares, issued (in shares) | 75,977,269 | 74,366,824 | ||
Proceeds from issuance of shares | $ 2,409 | $ 1,147 | ||
ATM | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares, issued (in shares) | 350,000 | |||
Average price (in dollars per share) | $ 3.62 | |||
Proceeds from issuance of shares | $ 1,280 |