Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
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) | 117,524,014 | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Revenues, Vanadium Concentrates | $ 0 | $ 1,168 |
Alternate feed materials processing and other | 393 | 502 |
Total revenues | 393 | 1,670 |
Costs and expenses applicable to revenues | ||
Costs and expenses applicable to vanadium concentrates | 0 | 532 |
Costs and expenses applicable to vanadium concentrates | 0 | 384 |
Total costs and expenses applicable to revenues | 0 | 916 |
Other operating costs | ||
Impairment of inventories | 1,078 | 1,176 |
Development, permitting and land holding | 677 | 4,342 |
Standby costs | 1,924 | 1,084 |
Accretion of asset retirement obligation | 478 | 513 |
Selling costs | 12 | 10 |
General and administration | 4,030 | 3,751 |
Total operating loss | (7,806) | (10,122) |
Interest expense | (350) | (329) |
Other income (loss) | 2,492 | (1,683) |
Net loss | (5,664) | (12,134) |
Items that may be reclassified in the future to profit and loss | ||
Foreign currency translation adjustment | 152 | (136) |
Other comprehensive income (loss) | 152 | (136) |
Comprehensive loss | (5,512) | (12,270) |
Net loss attributable to: | ||
Owners of the Company | (5,657) | (12,127) |
Non-controlling interests | (7) | (7) |
Net loss | (5,664) | (12,134) |
Comprehensive loss attributable to: | ||
Owners of the Company | (5,505) | (12,263) |
Non-controlling interests | (7) | (7) |
Comprehensive loss | $ (5,512) | $ (12,270) |
Basic and diluted loss per share (in USD per share) | $ (0.05) | $ (0.13) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 23,537 | $ 12,810 |
Marketable securities | 2,432 | 4,838 |
Trade and other receivables, net | 1,217 | 1,254 |
Inventories, net | 24,361 | 22,808 |
Prepaid expenses and other assets | 1,957 | 1,462 |
Total current assets | 53,504 | 43,172 |
Inventories, net | 1,149 | 1,149 |
Operating lease right of use asset | 849 | 922 |
Investments accounted for at fair value | 366 | 654 |
Property, plant and equipment, net | 25,395 | 26,203 |
Mineral properties, net | 83,539 | 83,539 |
Restricted cash | 20,126 | 20,081 |
Total assets | 184,928 | 175,720 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,282 | 5,438 |
Current portion of operating lease liability | 277 | 288 |
Current portion of asset retirement obligation | 46 | 46 |
Current portion of loans and borrowings | 14,800 | 16,866 |
Total current liabilities | 18,405 | 22,638 |
Warrant liabilities | 1,468 | 2,791 |
Operating lease liability | 689 | 758 |
Asset retirement obligation | 19,404 | 18,926 |
Total liabilities | 39,966 | 45,113 |
Equity | ||
Share capital Common shares, without par value, unlimited shares authorized; shares issued and outstanding 114,945,157 at March 31, 2020 and 100,735,889 at December 31, 2019 | 513,692 | 493,958 |
Accumulated deficit | (375,693) | (370,036) |
Accumulated other comprehensive income | 3,141 | 2,989 |
Total shareholders' equity | 141,140 | 126,911 |
Non-controlling interests | 3,822 | 3,696 |
Total equity | 144,962 | 130,607 |
Total liabilities and equity | 184,928 | 175,720 |
Commitments and contingencies (Note 14) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, shares, issued (in shares) | 114,945,157 | 100,735,889 |
Common stock, shares, outstanding (in shares) | 114,945,157 | 100,735,889 |
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, 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 |
Beginning balance ( in shares) at Dec. 31, 2019 | 100,735,889 | |||||
Beginning balance at Dec. 31, 2019 | 130,607 | $ 493,958 | (370,036) | 2,989 | 126,911 | 3,696 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (5,664) | (5,657) | (5,657) | (7) | ||
Other comprehensive loss | 152 | 152 | 152 | |||
Shares issued for cash by at-the-market offering (in shares) | 13,688,815 | |||||
Shares issued for cash by at-the-market offering | 20,658 | $ 20,658 | 20,658 | |||
Share issuance cost | (1,563) | (1,563) | (1,563) | |||
Share-based compensation | 997 | $ 997 | 997 | |||
Shares issued for the vesting of restricted stock units (in shares) | 490,453 | |||||
Shares issued for consulting services (in shares) | 30,000 | |||||
Shares issued for consulting services | 57 | $ 57 | 57 | |||
Contributions attributable to non-controlling interest | 133 | 133 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 114,945,157 | |||||
Ending balance at Mar. 31, 2020 | $ 144,962 | $ 513,692 | $ (375,693) | $ 3,141 | $ 141,140 | $ 3,822 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Net loss for the period | $ (5,664) | $ (12,134) | |
Items not involving cash: | |||
Depletion, depreciation and amortization | 299 | 314 | |
Share-based compensation | 997 | 1,121 | |
Change in value of Convertible Debentures | (465) | 1,436 | |
Change in value of warrant liabilities | (1,146) | 732 | |
Accretion of asset retirement obligation | 478 | 513 | $ 1,931 |
Unrealized foreign exchange loss | (394) | (500) | |
Impairment of inventories | 1,078 | 1,176 | |
Other non-cash expenses | 795 | 90 | |
Changes in assets and liabilities | |||
Increase in inventories | (2,122) | (3,252) | |
Decrease in trade and other receivables | 37 | 329 | |
(Increase) decrease in prepaid expenses and other assets | (495) | 154 | |
Decrease in accounts payable and accrued liabilities | (2,510) | (2,031) | |
Changes in deferred revenue | 0 | (501) | |
Net cash (used in) provided by operating activities | (8,324) | (11,553) | |
INVESTING ACTIVITIES | |||
Maturities and sales of marketable securities | 2,200 | 9,950 | |
Net cash (used in) provided by investing activities | 2,200 | 9,950 | |
FINANCING ACTIVITIES | |||
Issuance of common shares for cash, net of issuance cost | 19,095 | 2,409 | |
Proceeds from notes payable | (415) | 0 | |
Repayment of loans and borrowings | (241) | 0 | |
Cash received from exercise of stock options | 0 | 102 | |
Cash received from non-controlling interest | 133 | 0 | |
Net cash (used in) provided by financing activities | 18,572 | 2,511 | |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH DURING THE PERIOD | 12,448 | 908 | |
Effect of exchange rate fluctuations on cash held in foreign currencies | (1,676) | (208) | |
Cash, cash equivalents and restricted cash - beginning of period | 32,891 | 34,292 | 34,292 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD | 43,663 | 34,992 | $ 32,891 |
Supplemental disclosure of cash flow information: | |||
Interest | $ 22 | $ 0 |
THE COMPANY AND DESCRIPTION OF
THE COMPANY AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2020 | |
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 concentrate (“U 3 O 8 ” or “uranium concentrate”), 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 its properties. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and are presented in thousands of U.S. dollars, 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 U.S. 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, 2019 . 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, 2019 . The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified in order to conform to the current period presentation. These reclassifications had no effect on the reported results of operations. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The following table summarizes our marketable securities by significant investment categories as of March 31, 2020 : Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 1,993 $ — $ 20 $ 2,013 Marketable equity securities 824 (587 ) 182 419 Marketable securities $ 2,817 $ (587 ) $ 202 $ 2,432 (1) Marketable debt securities are comprised primarily of U.S. government notes, and also include U.S. government agencies and tradeable certificates of deposits. The following table summarizes our marketable securities by significant investment categories as of December 31, 2019 : Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 4,171 $ — $ 37 $ 4,208 Marketable equity securities 824 (543 ) 349 630 Marketable securities $ 4,995 $ (543 ) $ 386 $ 4,838 (1) Marketable debt securities are comprised primarily of U.S. government notes, and also include U.S. government agencies, and tradeable certificates of deposits. During the three months ended March 31, 2020 and 2019 , we did not recognize any 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 $ 2,013 Due in 12 months to two years — Due in greater than two years — $ 2,013 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES March 31, 2020 December 31, 2019 Concentrates and work-in-progress (1) $ 22,399 $ 20,893 Inventory of ore in stockpiles 241 241 Raw materials and consumables 2,870 2,823 $ 25,510 $ 23,957 Inventories - by duration Current $ 24,361 $ 22,808 Long term - raw materials and consumables 1,149 1,149 $ 25,510 $ 23,957 (1) For the three months ended March 31, 2020 , the Company recorded an impairment loss of $1.08 million in the statement of operations related to concentrates and work in progress inventories ( March 31, 2019 - $1.18 million ). |
PLANT AND EQUIPMENT AND MINERAL
PLANT AND EQUIPMENT AND MINERAL PROPERTIES | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment and Mineral Properties | PLANT AND EQUIPMENT AND MINERAL PROPERTIES The following is a summary of property, plant and equipment: March 31, 2020 December 31, 2019 Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Property, plant and equipment Nichols Ranch $ 29,210 $ (14,624 ) $ 14,586 $ 29,210 $ (14,115 ) $ 15,095 Alta Mesa 13,626 (3,406 ) 10,220 13,626 (3,179 ) 10,447 Equipment and other 12,900 (12,311 ) 589 12,900 (12,239 ) 661 Property, plant and equipment total $ 55,736 $ (30,341 ) $ 25,395 $ 55,736 $ (29,533 ) $ 26,203 The following is a summary of mineral properties: March 31, 2020 December 31, 2019 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, 2020 | |
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, 2020 December 31, 2019 Asset retirement obligation, beginning of period $ 18,972 $ 19,104 Revision of estimate — (2,063 ) Accretion of liabilities 478 1,931 Asset retirement obligation, end of period $ 19,450 $ 18,972 Asset retirement obligation: Current $ 46 $ 46 Non-current 19,404 18,926 Asset retirement obligation, end of period $ 19,450 $ 18,972 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, 2020 is $41.75 million ( December 31, 2019 - $41.75 million ). The following table summarizes the Company’s restricted cash: March 31, 2020 December 31, 2019 Restricted cash, beginning of period $ 20,081 $ 19,652 Additional collateral posted 45 429 Restricted cash, end of period $ 20,126 $ 20,081 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, 2020 and December 31, 2019 : March 31, 2020 December 31, 2018 Cash and cash equivalents $ 23,537 $ 12,810 Restricted cash included in other long-term assets 20,126 20,081 Total cash, cash equivalents and restricted cash $ 43,663 $ 32,891 |
LOANS AND BORROWINGS
LOANS AND BORROWINGS | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Loans and Borrowings | LOANS AND BORROWINGS The Company’s interest-bearing loans and borrowings, which are recorded at amortized cost, and the Company’s Convertible Debentures, which are recorded at fair value, are as follows. March 31, 2020 December 31, 2019 Current portion of loans and borrowings: Convertible Debentures $ 14,557 $ 16,382 Notes payable 243 484 Total current loans and borrowings $ 14,800 $ 16,866 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 “Convertible Debentures”) at a price of Cdn $1,000 per Debenture for gross proceeds of Cdn$21.55 million (the “Offering”). The Convertible 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 Convertible 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 Convertible 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 Convertible Debentures from June 30, 2017 to December 31, 2020, and reduced the conversion price of the Convertible 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 Convertible 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 Convertible 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 Convertible 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 Convertible 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 Convertible 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 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 Convertible Debentures by paying to the debenture trustee in Canadian dollars an amount equal to the aggregate principal amount of the outstanding Convertible 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 Convertible 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 Convertible 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 Convertible Debentures are classified as fair value through profit or loss where the Convertible 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, 2020 , the Company recorded a gain on revaluation of Convertible Debentures of $0.47 million ( March 31, 2019 – loss of $1.44 million ). |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Company’s leases primarily include operating leases for corporate offices. These leases have remaining lease terms 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. 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 2020 2019 Operating leases $ 95 $ 105 Short-term leases 74 61 Sublease income — (28 ) Total Lease Expense $ 169 $ 138 The weighted average remaining lease term and weighted average discount rate were as follows: Three months ended 2020 2019 Weighted average remaining lease term of operating leases 3.1 years 3.9 years Weighted average discount rate of operating leases 9.0 % 9.0 % Supplemental cash flow information related to leases was as follows: Three months ended 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 101 $ 82 Future minimum payments of operating lease liabilities as of March 31, 2020 are as follows: Years Ending December 31: 2020 (excluding the three months ended March 31, 2020) $ 265 2021 343 2022 350 2023 147 2024 — Thereafter — Total Lease Payments $ 1,105 Less: Interest (139 ) Present Value of Lease Liabilities $ 966 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2020 | |
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 On February 20, 2020, the Company completed a bought deal public offering of 11.30 million common shares at a price of $1.47 per share. The Company received net proceeds, after commissions and fees, of $15.14 million . In the three months ended March 31, 2020 , the Company issued 2,388,815 Common Shares under the Company’s ATM for net proceeds of $3.96 million after share issuance costs. Share Purchase Warrants The following table summarizes the Company’s share purchase warrants denominated in U.S. dollars. These warrants are accounted for as derivative liabilities as the functional currency of the entity issuing the warrants, Energy Fuels Inc., is Canadian dollars. Month Issued Expiry Date Exercise Price USD$ Warrants Outstanding Fair value at September 2016 (1) September 20, 2021 2.45 4,166,030 $ 1,468 (1) The warrants issued in September 2016 are classified as Level 1 under the fair value hierarchy (Note 16 ). Each warrant is exercisable until September 20, 2021 and entitles the holder thereof to acquire one common share upon exercise at an exercise price of $2.45 per common share. These warrants are accounted for as a derivative liability, as the functional currency of the entity issuing the warrant is Cdn$. |
BASIC AND DILUTED LOSS PER COMM
BASIC AND DILUTED LOSS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019 Loss attributable to shareholders $ (5,657 ) $ (12,127 ) Basic and diluted weighted average number of common shares outstanding 107,618,908 92,152,844 Loss per common share $ (0.05 ) $ (0.13 ) For the three months ended March 31, 2020 , 6.12 million ( March 31, 2019 - 5.85 million ) options and warrants and the potential conversion of the Convertible 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, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | SHARE-BASED PAYMENTS The Company, under the 2018 Amended and Restated Omnibus Equity Incentive Compensation Plan (the “Compensation Plan”), maintains an equity incentive plan for directors, executives, eligible employees and consultants. Equity 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 equity incentive awards. At March 31, 2020 , a total of 11,494,516 Common Shares were authorized for equity 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 0.57 million options granted in the three months ended March 31, 2020 ( March 31, 2019 – 0.35 million options). At March 31, 2020 , there were 1.96 million options outstanding with 1.60 million options exercisable, at a weighted average exercise price of $2.88 and $3.08 respectively, with a weighted average remaining contractual life of 3.52 years . The fully vested options had no intrinsic value at March 31, 2020. The fair value of the options granted under the Compensation Plan for the three months ended March 31, 2020 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Risk-free interest rate 1.6 % Expected life 5.0 years Expected volatility 61.6 % * Expected dividend yield — % Weighted average expected life of option 5.0 years Weighted average grant date fair value $0.64 * 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, 2020 and December 31, 2019 , 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, 2018 $1.70 - $15.61 $ 3.84 1,732,754 Granted 2.92 2.92 296,450 Exercised 1.70 - 2.92 2.27 (54,805 ) Forfeited 1.70 - 7.42 3.94 (342,866 ) Expired 6.97 6.97 (144,100 ) Balance, December 31, 2019 $1.70 - $15.61 $ 3.43 1,487,433 Granted 1.76 1.76 566,102 Exercised — — — Forfeited — — — Expired 4.12 - 5.22 4.40 (98,512 ) Balance, March 31, 2020 $1.70 - $15.61 $ 2.88 1,955,023 A summary of the status and activity of non-vested stock options for the three months ended March 31, 2020 is as follows: Number of Shares Weighted Average Grant Date Fair Value Non-vested December 31, 2019 223,381 $ 1.32 Granted 566,102 0.64 Vested (435,973 ) 0.85 Forfeited — — Non-vested March 31, 2020 353,510 $ 0.82 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 voting rights. 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, 2020 , the Company's Board of Directors issued 0.74 million RSUs under the Compensation Plan ( March 31, 2019 - 0.72 million ). A summary of the status and activity of non-vested RSUs at March 31, 2020 is as follows: Number of Shares Weighted Average Grant Date Fair Value Non-vested December 31, 2019 1,315,536 $ 2.45 Granted 735,146 1.66 Vested (746,477 ) 2.46 Forfeited — — Non-vested March 31, 2020 1,304,205 $ 2.01 The total intrinsic value and fair value of RSUs that vested and were settled for equity in the three months ended March 31, 2020 was $1.21 million ( March 31, 2019 – $2.44 million ). Stock 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 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 performance goals designed to significantly increase shareholder value. Each SAR outstanding entitles the holder, on exercise, to a payment in cash or shares (at the election of the Company) 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 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 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, 2020 was $1.00 million ( March 31, 2019 - $1.12 million ). At March 31, 2020 , there were $0.14 million , $1.68 million and $1.05 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, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES As of March 31, 2020 , 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, 2020 and December 31, 2019 . |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The components of other income are as follows: Three months ended 2020 2019 Interest income $ 72 $ 111 Change in value of investments accounted for at fair value (391 ) 375 Change in value of warrant liabilities 1,146 (732 ) Change in value of Convertible Debentures 465 (1,436 ) Foreign exchange gain 1,236 — Other (36 ) (1 ) Other income (loss) $ 2,492 $ (1,683 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
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 White Mesa Mill’s 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 Grant Canyon Trust, Ute Mountain Ute Tribe and Uranium Watch (the “Petitioners”) served Petitions for Review challenging UDEQ’s renewal of the license and permit. Petitioners subsequently filed with UDEQ Requests for Appointment of an Administrative Law Judge, which they later 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 pending administrative proceedings can be settled. Discussions are ongoing. The Company does not consider these challenges to have any merit. If such challenges are heard by the agency and 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 its financial position, results of operations or cash flows. Canyon Project In March of 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 Service ("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 one of the Plaintiffs’ claims, which had been dismissed by the District Court for lack of standing. The Ninth Circuit panel reversed itself on its standing analysis, concluded that the Plaintiffs have standing to assert this claim and remanded the claim back to the District Court to hear the merits of Plaintiffs’ claim. On September 11, 2019, the Canyon Plaintiffs filed their Motion for Summary Judgment and Memorandum in Support with the District Court, after which the Company filed its Intervenors-Defendants’ Motion for Summary Judgment on October 23, 2019. On November 15, 2019, the Canyon Plaintiffs filed their Reply in Support of their Motion for Summary Judgment. The parties now await the Court’s determination. If the Canyon Plaintiffs are successful on their fourth 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, on May 20, 2019, the Supreme Court of the United States denied the Havasupai Tribe’s March 21, 2019 Petition. That portion of the case is now over. Daneros Project On February 23, 2018, the BLM issued the Environmental Assessment ("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 $20.13 million posted against an undiscounted asset retirement obligation of $41.75 million ( December 31, 2019 - $20.08 million posted against an undiscounted asset retirement obligation of $41.75 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, 2020 | |
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 contrib uted $0.13 million to the expenses of the Arkose Joint Venture based on the approved budget for the three months ended March 31, 2020 ( March 31, 2019 - nil ). 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. Pursuant to the Purchase Agreement, the Alta Mesa Properties 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 Mr. Eshleman and his extended family. 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 not pay any royalty payments to the Sellers or to Mr. Eshleman or his immediate family members in the three months ended March 31, 2020 and does not anticipate paying any royalty payments to the Sellers or to Mr. Eshleman or his immediate family members during the remainder of 2020 . The Company makes surface use payments on an annual basis to Mr. Eshleman and his immediate family members and has accrued $0.14 million as of March 31, 2020 . |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 . 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, 2020 , 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 $ 366 $ — $ — $ 366 Marketable equity securities 419 — — 419 Marketable debt securities — 2,013 — 2,013 Warrant liabilities (1,468 ) — — (1,468 ) Convertible Debentures (14,557 ) — — (14,557 ) $ (15,240 ) $ 2,013 $ — $ (13,227 ) 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 EVENTS | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Sale of shares in the Company's ATM program. From April 1, 2020 through May 1, 2020 , the Company issued 2.55 million common shares at an average price of $1.57 for net proceeds of $3.90 million using the ATM. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | The following table summarizes our marketable securities by significant investment categories as of March 31, 2020 : Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 1,993 $ — $ 20 $ 2,013 Marketable equity securities 824 (587 ) 182 419 Marketable securities $ 2,817 $ (587 ) $ 202 $ 2,432 (1) Marketable debt securities are comprised primarily of U.S. government notes, and also include U.S. government agencies and tradeable certificates of deposits. The following table summarizes our marketable securities by significant investment categories as of December 31, 2019 : Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 4,171 $ — $ 37 $ 4,208 Marketable equity securities 824 (543 ) 349 630 Marketable securities $ 4,995 $ (543 ) $ 386 $ 4,838 |
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 $ 2,013 Due in 12 months to two years — Due in greater than two years — $ 2,013 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | 4. |
PLANT AND EQUIPMENT AND MINER_2
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following is a summary of property, plant and equipment: March 31, 2020 December 31, 2019 Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Property, plant and equipment Nichols Ranch $ 29,210 $ (14,624 ) $ 14,586 $ 29,210 $ (14,115 ) $ 15,095 Alta Mesa 13,626 (3,406 ) 10,220 13,626 (3,179 ) 10,447 Equipment and other 12,900 (12,311 ) 589 12,900 (12,239 ) 661 Property, plant and equipment total $ 55,736 $ (30,341 ) $ 25,395 $ 55,736 $ (29,533 ) $ 26,203 |
Schedule of Summary of Mineral Properties | The following is a summary of mineral properties: March 31, 2020 December 31, 2019 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, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table summarizes the Company’s asset retirement obligations: March 31, 2020 December 31, 2019 Asset retirement obligation, beginning of period $ 18,972 $ 19,104 Revision of estimate — (2,063 ) Accretion of liabilities 478 1,931 Asset retirement obligation, end of period $ 19,450 $ 18,972 Asset retirement obligation: Current $ 46 $ 46 Non-current 19,404 18,926 Asset retirement obligation, end of period $ 19,450 $ 18,972 |
Schedule of Restricted Cash and Cash Equivalents | Cash, cash equivalents and restricted cash are included in the following accounts at March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2018 Cash and cash equivalents $ 23,537 $ 12,810 Restricted cash included in other long-term assets 20,126 20,081 Total cash, cash equivalents and restricted cash $ 43,663 $ 32,891 The following table summarizes the Company’s restricted cash: March 31, 2020 December 31, 2019 Restricted cash, beginning of period $ 20,081 $ 19,652 Additional collateral posted 45 429 Restricted cash, end of period $ 20,126 $ 20,081 |
LOANS AND BORROWINGS (Tables)
LOANS AND BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s interest-bearing loans and borrowings, which are recorded at amortized cost, and the Company’s Convertible Debentures, which are recorded at fair value, are as follows. March 31, 2020 December 31, 2019 Current portion of loans and borrowings: Convertible Debentures $ 14,557 $ 16,382 Notes payable 243 484 Total current loans and borrowings $ 14,800 $ 16,866 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | Supplemental cash flow information related to leases was as follows: Three months ended 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 101 $ 82 Total lease cost includes the following components: Three months ended 2020 2019 Operating leases $ 95 $ 105 Short-term leases 74 61 Sublease income — (28 ) Total Lease Expense $ 169 $ 138 The weighted average remaining lease term and weighted average discount rate were as follows: Three months ended 2020 2019 Weighted average remaining lease term of operating leases 3.1 years 3.9 years Weighted average discount rate of operating leases 9.0 % 9.0 % |
Lessee, Operating Lease, Liability, Maturity | operating lease liabilities as of March 31, 2020 are as follows: Years Ending December 31: 2020 (excluding the three months ended March 31, 2020) $ 265 2021 343 2022 350 2023 147 2024 — Thereafter — Total Lease Payments $ 1,105 Less: Interest (139 ) Present Value of Lease Liabilities $ 966 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table summarizes the Company’s share purchase warrants denominated in U.S. 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 (1) September 20, 2021 2.45 4,166,030 $ 1,468 (1) The warrants issued in September 2016 are classified as Level 1 under the fair value hierarchy (Note 16 ). Each warrant is exercisable until September 20, 2021 and entitles the holder thereof to acquire one common share upon exercise at an exercise price of $2.45 per common share. These warrants are accounted for as a derivative liability, as the functional currency of the entity issuing the warrant is Cdn$. |
BASIC AND DILUTED LOSS PER CO_2
BASIC AND DILUTED LOSS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019 Loss attributable to shareholders $ (5,657 ) $ (12,127 ) Basic and diluted weighted average number of common shares outstanding 107,618,908 92,152,844 Loss per common share $ (0.05 ) $ (0.13 ) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [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, 2020 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Risk-free interest rate 1.6 % Expected life 5.0 years Expected volatility 61.6 % * Expected dividend yield — % Weighted average expected life of option 5.0 years Weighted average grant date fair value $0.64 |
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, 2020 is as follows: Number of Shares Weighted Average Grant Date Fair Value Non-vested December 31, 2019 223,381 $ 1.32 Granted 566,102 0.64 Vested (435,973 ) 0.85 Forfeited — — Non-vested March 31, 2020 353,510 $ 0.82 The summary of the Company’s stock options at March 31, 2020 and December 31, 2019 , 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, 2018 $1.70 - $15.61 $ 3.84 1,732,754 Granted 2.92 2.92 296,450 Exercised 1.70 - 2.92 2.27 (54,805 ) Forfeited 1.70 - 7.42 3.94 (342,866 ) Expired 6.97 6.97 (144,100 ) Balance, December 31, 2019 $1.70 - $15.61 $ 3.43 1,487,433 Granted 1.76 1.76 566,102 Exercised — — — Forfeited — — — Expired 4.12 - 5.22 4.40 (98,512 ) Balance, March 31, 2020 $1.70 - $15.61 $ 2.88 1,955,023 |
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, 2020 is as follows: Number of Shares Weighted Average Grant Date Fair Value Non-vested December 31, 2019 1,315,536 $ 2.45 Granted 735,146 1.66 Vested (746,477 ) 2.46 Forfeited — — Non-vested March 31, 2020 1,304,205 $ 2.01 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components of other income are as follows: Three months ended 2020 2019 Interest income $ 72 $ 111 Change in value of investments accounted for at fair value (391 ) 375 Change in value of warrant liabilities 1,146 (732 ) Change in value of Convertible Debentures 465 (1,436 ) Foreign exchange gain 1,236 — Other (36 ) (1 ) Other income (loss) $ 2,492 $ (1,683 ) |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | As of March 31, 2020 , 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 $ 366 $ — $ — $ 366 Marketable equity securities 419 — — 419 Marketable debt securities — 2,013 — 2,013 Warrant liabilities (1,468 ) — — (1,468 ) Convertible Debentures (14,557 ) — — (14,557 ) $ (15,240 ) $ 2,013 $ — $ (13,227 ) |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | $ 2,817 | $ 4,995 |
Gross Unrealized Losses | (587) | (543) |
Gross Unrealized Gains | 202 | 386 |
Fair Value | 2,432 | 4,838 |
Marketable debt securities(1) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 1,993 | 4,171 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Gains | 20 | 37 |
Fair Value | 2,013 | 4,208 |
Marketable equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 824 | 824 |
Gross Unrealized Losses | (587) | (543) |
Gross Unrealized Gains | 182 | 349 |
Fair Value | $ 419 | $ 630 |
MARKETABLE SECURITIES - Sched_2
MARKETABLE SECURITIES - Schedule Of Maturity Dates (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in less than 12 months | $ 2,013 |
Due in 12 months to two years | 0 |
Due in greater than two years | 0 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 2,013 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Inventory [Line Items] | |||
Concentrates and work-in-progress(1) | $ 22,399 | $ 20,893 | |
Inventory of ore in stockpiles | 241 | 241 | |
Raw materials and consumables | 2,870 | 2,823 | |
Inventory, net | 25,510 | 23,957 | |
Current | 24,361 | 22,808 | |
Long term - raw materials and consumables | 1,149 | $ 1,149 | |
Impairment of inventories | $ 1,078 | $ 1,176 |
PLANT AND EQUIPMENT AND MINER_3
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 55,736 | $ 55,736 |
Accumulated Depreciation | (30,341) | (29,533) |
Net Book Value | 25,395 | 26,203 |
Nichols Ranch | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 29,210 | 29,210 |
Accumulated Depreciation | (14,624) | (14,115) |
Net Book Value | 14,586 | 15,095 |
Alta Mesa | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 13,626 | 13,626 |
Accumulated Depreciation | (3,406) | (3,179) |
Net Book Value | 10,220 | 10,447 |
Equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 12,900 | 12,900 |
Accumulated Depreciation | (12,311) | (12,239) |
Net Book Value | $ 589 | $ 661 |
PLANT AND EQUIPMENT AND MINER_4
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Summary of Mineral Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning of period | $ 18,972 | $ 19,104 | $ 19,104 | ||
Revision of estimate | 0 | (2,063) | |||
Accretion of liabilities | 478 | 513 | 1,931 | ||
Asset retirement obligation, end of period | 19,450 | 18,972 | |||
Asset Retirement Obligation [Abstract] | |||||
Current | $ 46 | $ 46 | |||
Non-current | 19,404 | 18,926 | |||
Asset retirement obligation, end of period | $ 19,450 | $ 19,104 | $ 18,972 | $ 19,450 | $ 18,972 |
ASSET RETIREMENT OBLIGATIONS _4
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Asset Retirement Obligations [Line Items] | |||
Inflation rate | 2.00% | ||
Asset retirement obligation | $ 19,450 | $ 18,972 | $ 19,104 |
Canyon Project | |||
Schedule of Asset Retirement Obligations [Line Items] | |||
Asset retirement obligation | $ 41,750 | $ 41,750 | |
Measurement Input, Risk Free Interest Rate | Minimum | |||
Schedule of Asset Retirement Obligations [Line Items] | |||
Fair value assumptions, risk free interest rate | 0.095 | ||
Measurement Input, Risk Free Interest Rate | Maximum | |||
Schedule of Asset Retirement Obligations [Line Items] | |||
Fair value assumptions, risk free interest rate | 0.115 |
ASSET RETIREMENT OBLIGATIONS _5
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Restricted Cash And Cash Equivalents [Roll Forward] | ||
Restricted cash, beginning of period | $ 20,081 | $ 19,652 |
Additional collateral posted | 45 | 429 |
Restricted cash, end of period | $ 20,126 | $ 20,081 |
ASSET RETIREMENT OBLIGATIONS _6
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 23,537 | $ 12,810 | ||
Restricted cash included in other long-term assets | $ 20,126 | $ 20,081 | $ 20,126 | $ 20,081 |
Total cash, cash equivalents and restricted cash | $ 43,663 | $ 32,891 |
LOANS AND BORROWINGS - Schedule
LOANS AND BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current portion of loans and borrowings: | ||
Total current loans and borrowings | $ 14,800 | $ 16,866 |
LOANS AND BORROWINGS - Narrativ
LOANS AND BORROWINGS - Narrative (Details) $ / shares in Units, $ in Thousands | Aug. 04, 2016$ / shares | Jul. 24, 2012CAD ($)shares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017CAD ($) | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018USD ($) | Aug. 03, 2016$ / shares |
Debt Instrument [Line Items] | ||||||||||
Public offering of floating-rate convertible unsecured subordinated debentures (in shares) | shares | 22,000 | |||||||||
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 | $ (465) | $ 1,436 | ||||||||
Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Change in value of Convertible Debentures | $ 470 | $ (1,440) | ||||||||
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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Operating lease right of use asset | $ 849 | $ 922 | |
Current portion of operating lease liability | 277 | 288 | |
Operating lease, liability, noncurrent | 689 | $ 758 | |
Total Lease Expense | $ 169 | $ 138 | |
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 ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating leases | $ 95,000 | $ 105,000 |
Short-term leases | 74,000 | 61,000 |
Sublease income | 0 | (28,000) |
Total Lease Expense | $ 169,000 | $ 138,000 |
Weighted average remaining lease term of operating leases | 3 years 1 month | 3 years 10 months 25 days |
Weighted average discount rate of operating leases | 9.00% | 9.00% |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 101 | $ 82,000 |
LEASES - Schedule of Operating
LEASES - Schedule of Operating Lease Maturity (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 (excluding the three months ended March 31, 2020) | $ 265 |
2020 | 343 |
2021 | 350 |
2022 | 147 |
2023 | 0 |
Thereafter | 0 |
Total Lease Payments | 1,105 |
Less: Interest | (139) |
Present Value of Lease Liabilities | $ 966 |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 20, 2020 | Mar. 31, 2020 |
Bought Deal Public Offering | ||
Class of Warrant or Right [Line Items] | ||
Sale of stock, number of shares issued (in shares) | 11,300,000 | |
Price per share (in dollars per share) | $ 1.47 | |
Sale of stock, consideration received | $ 15,140 | |
At The Market Sale Of Stock | ||
Class of Warrant or Right [Line Items] | ||
Sale of stock, number of shares issued (in shares) | 2,388,815 | |
Sale of stock, consideration received | $ 3,960 |
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, 2020USD ($)$ / 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 | 4,166,030 |
Fair value of warrants | $ | $ 1,468 |
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, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Income (loss) attributable to shareholders, basic | $ (5,657) | $ (12,127) |
Basic weighted average number of common shares outstanding (in shares) | 107,618,908 | 92,152,844 |
Income (loss) per common share, basic (in dollars per share) | $ (0.05) | $ (0.13) |
BASIC AND DILUTED LOSS PER CO_4
BASIC AND DILUTED LOSS PER COMMON SHARE - Narrative (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities (in shares) | 6,120 | 5,850 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 1.76 | $ 2.92 | ||
Number of options (in shares) | 1,955,023 | 1,487,433 | 1,732,754 | |
Outstanding options, weighted average exercise price (in dollars per share) | $ 2.88 | $ 3.43 | $ 3.84 | |
Number of grants in period, net of forfeitures (in shares) | 566,102 | 296,450 | ||
Share-based compensation | $ 1,000,000 | $ 1,120,000 | ||
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized (in shares) | 11,494,516 | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Award exercise period | 5 years | |||
Exercisable options, weighted average remaining contractual term | 3 years 6 months 7 days | |||
Number of grants in period (in shares) | 570,000 | 350,000 | ||
Number of options (in shares) | 1,960,000 | |||
Number of exercisable options (in shares) | 1,600,000 | |||
Outstanding options, weighted average exercise price (in dollars per share) | $ 2.88 | |||
Exercisable options, weighted average exercise price (in dollars per share) | $ 3.08 | |||
Options, vested and expected to Vest, aggregate intrinsic value | $ 0 | |||
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) | 740,000 | 720,000 | ||
Grants in period, grant date intrinsic value (in dollars per share) | $ 1,210,000 | $ 2,440,000 | ||
Unrecognized compensation costs related to unvested stock options | $ 140,000 | |||
Unrecognized compensation costs related to RSU awards | $ 1,680,000 | |||
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 | |||
Grants in period, weighted average exercise price (in dollars per share) | $ 1.25 | |||
Unrecognized compensation costs related to RSU awards | $ 1,050,000 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding options, weighted average exercise price (in dollars per share) | $ 15.61 | $ 15.61 | $ 15.61 | |
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) | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Share-based Payment Arrangement [Abstract] | |
Risk-free interest rate | 1.60% |
Expected life | 5 years |
Expected volatility | 61.60% |
Expected dividend yield | 0.00% |
Weighted average expected life of option | 5 years |
Weighted-average grant date fair value (in dollars per share) | $ 0.64 |
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 | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 1,000 | $ 1,120 | |
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) | $ 3.43 | $ 3.84 | $ 3.84 |
Grants in period, weighted average exercise price (in dollars per share) | 1.76 | 2.92 | |
Exercises in period, weighted average exercise price (in dollars per share) | 0 | 2.27 | |
Forfeitures in period, weighted average exercise price (in dollars per share) | 0 | 3.94 | |
Expirations in period, weighted average exercise price (in dollars per share) | 4.40 | 6.97 | |
Weighted average exercise price, end of period (in dollars per share) | $ 2.88 | $ 3.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options, beginning of period (in shares) | 1,487,433 | 1,732,754 | 1,732,754 |
Number of grants in period, net of forfeitures (in shares) | 566,102 | 296,450 | |
Number of exercises in period (in shares) | 0 | (54,805) | |
Number of forfeitures in period (in shares) | 0 | (342,866) | |
Number of expirations in period (in shares) | (98,512) | (144,100) | |
Number of options, end of period (in shares) | 1,955,023 | 1,487,433 | |
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 | $ 1.70 | $ 1.70 |
Exercises in period, weighted average exercise price (in dollars per share) | 1.70 | ||
Forfeitures in period, weighted average exercise price (in dollars per share) | 1.70 | ||
Expirations in period, weighted average exercise price (in dollars per share) | 4.12 | ||
Weighted average exercise price, end of period (in dollars per share) | 1.70 | 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 | 15.61 |
Exercises in period, weighted average exercise price (in dollars per share) | 2.92 | ||
Forfeitures in period, weighted average exercise price (in dollars per share) | 7.42 | ||
Expirations in period, weighted average exercise price (in dollars per share) | 5.22 | ||
Weighted average exercise price, end of period (in dollars per share) | $ 15.61 | $ 15.61 | |
Equity Option | |||
Number of Shares | |||
Number of nonvested shares, beginning of period (in shares) | 223,381 | ||
Granted, nonvested, number of shares (in shares) | 566,102 | ||
Vested, number of shares (in shares) | (435,973) | ||
Nonvested options forfeited, number of shares (in shares) | 0 | ||
Number of nonvested shares, end of period (in shares) | 353,510 | 223,381 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 1.32 | ||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 0.64 | ||
Vested, weighted average grant date fair value (in dollars per share) | 0.85 | ||
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) | $ 0.82 | $ 1.32 |
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 | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
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 | 566,102 | 296,450 | |
Share-based Payment Arrangement, Expense | $ 1,000 | $ 1,120 | |
R S U Weighted | |||
Number of Shares | |||
Number of nonvested shares, beginning of period (in shares) | 1,315,536 | ||
Granted, nonvested, number of shares (in shares) | 735,146 | ||
Vested, number of shares (in shares) | (746,477) | ||
Nonvested options forfeited, number of shares (in shares) | 0 | ||
Number of nonvested shares, end of period (in shares) | 1,304,205 | 1,315,536 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 2.45 | ||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 1.66 | ||
Vested, weighted average grant date fair value (in dollars per share) | 2.46 | ||
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) | $ 2.01 | $ 2.45 | |
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 | 740,000 | 720,000 |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest income | $ 72 | $ 111 |
Change in value of investments accounted for at fair value | (391) | 375 |
Change in value of warrant liabilities | 1,146 | (732) |
Change in value of Convertible Debentures | 465 | (1,436) |
Foreign exchange gain | 1,236 | 0 |
Other | (36) | (1) |
Other income (loss) | $ 2,492 | $ (1,683) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Commitments [Line Items] | |||
Asset retirement obligation | $ 19,450 | $ 18,972 | $ 19,104 |
Canyon Project | |||
Other Commitments [Line Items] | |||
Loss contingency, estimate of possible loss | 20,130 | 20,080 | |
Asset retirement obligation | $ 41,750 | $ 41,750 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | |||
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% | ||
Director | |||
Related Party Transaction [Line Items] | |||
Equity method, ownership percentage | 81.00% | ||
Proceeds from contributed capital | $ 133,000 | $ 0 | |
Leoncito Project, L.L.C. | Director | |||
Related Party Transaction [Line Items] | |||
Testing permit and lease option agreement, accrued liability | $ 140,000 | ||
United Nuclear | Director | |||
Related Party Transaction [Line Items] | |||
Equity method, ownership percentage | 19.00% |
FAIR VALUE ACCOUNTING - Fair Va
FAIR VALUE ACCOUNTING - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 366 | |
Time deposits | 419 | |
Short-term Investments | 2,013 | |
Marketable debt securities | (1,468) | $ (2,791) |
Convertible Debentures | (14,557) | |
Financial instruments fair value | (13,227) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 366 | |
Time deposits | 419 | |
Short-term Investments | 0 | |
Marketable debt securities | (1,468) | |
Convertible Debentures | (14,557) | |
Financial instruments fair value | (15,240) | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | |
Time deposits | 0 | |
Short-term Investments | 2,013 | |
Marketable debt securities | 0 | |
Convertible Debentures | 0 | |
Financial instruments fair value | 2,013 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | |
Time deposits | 0 | |
Short-term Investments | 0 | |
Marketable debt securities | 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 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | ||||
Common stock, shares, issued (in shares) | 114,945,157 | 100,735,889 | ||
Proceeds from issuance of shares | $ 19,095 | $ 2,409 | ||
At the Market Program | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares, issued (in shares) | 2,550,000 | |||
Average price (in dollars per share) | $ 1.57 | |||
Proceeds from issuance of shares | $ 3,900 |