Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36204 | |
Entity Registrant Name | ENERGY FUELS INC. | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 98-1067994 | |
Entity Address, Address Line One | 225 Union Blvd., Suite 600 | |
Entity Address, City or Town | Lakewood, | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80228 | |
City Area Code | 303 | |
Local Phone Number | 974-2140 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 161,251,942 | |
Amendment Flag | false | |
Entity Central Index Key | 0001385849 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares, no par value | |
Trading Symbol | UUUU | |
Security Exchange Name | NYSEAMER | |
TORONTO STOCK EXCHANGE [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common shares, no par value |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Uranium concentrates | $ 10,473 | $ 0 | $ 33,278 | |
Vanadium concentrates | 0 | 1,071 | 871 | $ 8,778 |
RE Carbonate | 288 | 1,673 | 2,559 | 2,122 |
Alternate Feed Materials, processing and other | 226 | 189 | 755 | 1,437 |
Total revenues | 10,987 | 2,933 | 37,463 | 12,337 |
Costs applicable to uranium concentrates | 5,266 | 0 | 15,318 | 0 |
Costs applicable to vanadium concentrates | 0 | 438 | 551 | 3,769 |
Costs applicable to RE Carbonate | 282 | 1,091 | 2,312 | 1,313 |
Underutilized capacity production costs applicable to RE Carbonate | 0 | 0 | 0 | (2,758) |
Total costs applicable to revenues | 5,548 | 1,529 | 18,181 | 7,840 |
Other operating costs and expenses | ||||
Exploration, development and processing | 2,516 | 4,032 | 9,432 | 6,424 |
Standby | 2,281 | 3,564 | 6,175 | 10,362 |
Accretion of asset retirement obligations | 282 | 397 | 902 | 1,301 |
Selling, general and administration | 7,304 | 7,075 | 20,784 | 16,994 |
Total operating loss | (6,944) | (13,664) | (18,011) | (30,584) |
Gain on sale of assets | 0 | 119,257 | 0 | |
Other income (loss) (Note 11) | 17,413 | 4,410 | 18,603 | (11,459) |
Other income (loss) | 17,413 | 4,410 | 137,860 | (11,459) |
Net income (loss) | $ 10,469 | $ (9,254) | $ 119,849 | $ (42,043) |
Basic loss per share (in dollars per share) | $ 0.07 | $ (0.06) | $ 0.76 | $ (0.27) |
Diluted loss per share (in dollars per share) | $ 0.07 | $ (0.06) | $ 0.75 | $ (0.27) |
Items that may be reclassified in the future to income (loss) | ||||
Foreign currency translation adjustment | $ 0 | $ (2,802) | $ 0 | $ (4,524) |
Other comprehensive loss | 0 | (2,802) | 0 | (4,524) |
Comprehensive income (loss) | 10,469 | (12,056) | 119,849 | (46,567) |
Net income (loss) attributable to: | ||||
Owners of the Company | 10,563 | (9,167) | 119,968 | (41,950) |
Non-controlling interests | (94) | (87) | (119) | (93) |
Net income (loss) | 10,469 | (9,254) | 119,849 | (42,043) |
Comprehensive income (loss) attributable to: | ||||
Owners of the Company | 10,563 | (11,969) | 119,968 | (46,474) |
Non-controlling interests | (94) | (87) | (119) | (93) |
Comprehensive income (loss) | $ 10,469 | $ (12,056) | $ 119,849 | $ (46,567) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 54,537 | $ 62,820 |
Marketable securities (Notes 3 and 13) | 70,623 | 12,192 |
Trade and other receivables, net of allowance for credit losses of $223 and $223, as of September 30, 2023 and December 31, 2022, respectively | 11,465 | 519 |
Inventories (Note 4) | 27,660 | 38,155 |
Prepaid expenses and other current assets | 4,484 | 9,529 |
Property, plant and equipment and other assets held for sale, net (Note 5) | 0 | 12,375 |
Total current assets | 168,769 | 135,590 |
Other long-term receivables | 1,508 | 1,537 |
Inventories (Note 4) | 2,153 | 2,465 |
Operating lease right of use asset | 1,262 | 1,376 |
Investments accounted for at fair value (Note 13) | 26,069 | 19,329 |
Property, plant and equipment, net (Note 5) | 20,208 | 12,662 |
Mineral properties (Note 5) | 117,096 | 83,539 |
Convertible note (Notes 3 and 13) | 46,610 | 0 |
Restricted cash (Note 6) | 17,519 | 17,449 |
Total assets | 401,194 | 273,947 |
Current liabilities | ||
Accounts payable and other accrued liabilities (Note 11) | 6,084 | 6,929 |
Operating lease liability | 190 | 59 |
Deposits for assets held for sale | 0 | 6,000 |
Asset retirement obligation and other liabilities held for sale (Note 6) | 0 | 5,636 |
Total current liabilities | 6,274 | 18,624 |
Operating lease liability | 1,174 | 1,319 |
Asset retirement obligations (Note 6) | 10,418 | 9,595 |
Total liabilities | 17,866 | 29,538 |
Equity | ||
Share capital Common shares, without par value, unlimited shares authorized; shares issued and outstanding 160,463,370 and 157,682,531 as of September 30, 2023 and December 31, 2022, respectively | 717,564 | 698,493 |
Accumulated deficit | (336,153) | (456,120) |
Accumulated other comprehensive loss | (1,946) | (1,946) |
Total shareholders' equity | 379,465 | 240,427 |
Non-controlling interests | 3,863 | 3,982 |
Total equity | 383,328 | 244,409 |
Total liabilities and equity | 401,194 | 273,947 |
Commitments and contingencies (Note 12) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 223 | $ 223 |
Common stock, shares, issued (in shares) | 160,463,370 | 157,682,531 |
Common stock, shares, outstanding (in shares) | 160,463,370 | 157,682,531 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Deficit | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | Non-Controlling Interests |
Beginning balance ( in shares) at Dec. 31, 2021 | 156,262,199 | |||||
Beginning balance at Dec. 31, 2021 | $ 295,526 | $ 685,903 | $ (396,271) | $ 1,943 | $ 291,575 | $ 3,951 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (14,730) | (14,729) | (14,729) | (1) | ||
Other comprehensive loss | 1,766 | 1,766 | 1,766 | |||
Shares Issued For Cash By At The Market Offering Shares | 413,751 | |||||
Shares issued for cash by at-the-market offering | 4,260 | $ 4,260 | 4,260 | |||
Share issuance cost | 96 | 96 | 96 | |||
Share-based compensation | 862 | $ 862 | 862 | |||
shares issued for exrcise of stock options (in shares) | 135,926 | |||||
Shares issued for exercise of stock options | (328) | $ (328) | (328) | |||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | 884 | $ 884 | 884 | |||
Shares issued for consulting services (in shares) | 6,022 | |||||
Shares issued for consulting services | $ 51 | $ 51 | 51 | |||
Shares issued for exercise of stock appreciation rights (in shares) | 362,350 | |||||
Ending balance (in shares) at Mar. 31, 2022 | 157,180,248 | |||||
Ending balance at Mar. 31, 2022 | $ 287,083 | $ 690,424 | (411,000) | 3,709 | 283,133 | 3,950 |
Beginning balance ( in shares) at Dec. 31, 2021 | 156,262,199 | |||||
Beginning balance at Dec. 31, 2021 | 295,526 | $ 685,903 | (396,271) | 1,943 | 291,575 | 3,951 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (42,043) | |||||
Other comprehensive loss | (4,524) | |||||
Ending balance (in shares) at Sep. 30, 2022 | 157,607,156 | |||||
Ending balance at Sep. 30, 2022 | 259,864 | $ 696,808 | (438,221) | (2,581) | 256,006 | 3,858 |
Beginning balance ( in shares) at Mar. 31, 2022 | 157,180,248 | |||||
Beginning balance at Mar. 31, 2022 | 287,083 | $ 690,424 | (411,000) | 3,709 | 283,133 | 3,950 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (18,059) | (18,054) | (18,054) | (5) | ||
Other comprehensive loss | (3,488) | (3,488) | (3,488) | |||
Shares Issued For Cash By At The Market Offering Shares | 356,028 | |||||
Shares issued for cash by at-the-market offering | 3,808 | $ 3,808 | 3,808 | |||
Share issuance cost | 86 | 86 | 86 | |||
Share-based compensation | 1,147 | $ 1,147 | 1,147 | |||
shares issued for exrcise of stock options (in shares) | 24,326 | |||||
Shares issued for exercise of stock options | (67) | $ (67) | (67) | |||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | 11 | $ 11 | 11 | |||
Shares issued for consulting services (in shares) | 5,183 | |||||
Shares issued for consulting services | 55 | $ 55 | 55 | |||
Shares issued for exercise of stock appreciation rights (in shares) | 3,635 | |||||
Ending balance (in shares) at Jun. 30, 2022 | 157,569,420 | |||||
Ending balance at Jun. 30, 2022 | 270,516 | $ 695,404 | (429,054) | 221 | 266,571 | 3,945 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (9,254) | (9,167) | (87) | |||
Other comprehensive loss | (2,802) | (2,802) | (2,802) | |||
Share-based compensation | 1,283 | $ 1,283 | 1,283 | |||
shares issued for exrcise of stock options (in shares) | 28,781 | |||||
Shares issued for exercise of stock options | (77) | $ (77) | (77) | |||
Shares issued for consulting services (in shares) | 8,955 | |||||
Shares issued for consulting services | 44 | $ 44 | 44 | |||
Ending balance (in shares) at Sep. 30, 2022 | 157,607,156 | |||||
Ending balance at Sep. 30, 2022 | 259,864 | $ 696,808 | (438,221) | (2,581) | 256,006 | 3,858 |
Beginning balance ( in shares) at Dec. 31, 2022 | 157,682,531 | |||||
Beginning balance at Dec. 31, 2022 | 244,409 | $ 698,493 | (456,120) | (1,946) | 240,427 | 3,982 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 114,264 | 114,265 | 114,265 | (1) | ||
Share-based compensation | 1,186 | $ 1,186 | 1,186 | |||
shares issued for exrcise of stock options (in shares) | 34,219 | |||||
Shares issued for exercise of stock options | (72) | $ (72) | (72) | |||
Shares issued for the vesting of restricted stock units (in shares) | 312,662 | |||||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | 918 | $ 918 | 918 | |||
Ending balance (in shares) at Mar. 31, 2023 | 158,029,412 | |||||
Ending balance at Mar. 31, 2023 | 359,013 | $ 698,833 | (341,855) | (1,946) | 355,032 | 3,981 |
Beginning balance ( in shares) at Dec. 31, 2022 | 157,682,531 | |||||
Beginning balance at Dec. 31, 2022 | 244,409 | $ 698,493 | (456,120) | (1,946) | 240,427 | 3,982 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 119,849 | |||||
Other comprehensive loss | 0 | |||||
Ending balance (in shares) at Sep. 30, 2023 | 160,463,370 | |||||
Ending balance at Sep. 30, 2023 | 383,328 | $ 717,564 | (336,153) | (1,946) | 379,465 | 3,863 |
Beginning balance ( in shares) at Mar. 31, 2023 | 158,029,412 | |||||
Beginning balance at Mar. 31, 2023 | 359,013 | $ 698,833 | (341,855) | (1,946) | 355,032 | 3,981 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (4,885) | (4,861) | (4,861) | (24) | ||
Share-based compensation | 1,554 | $ 1,554 | 1,554 | |||
shares issued for exrcise of stock options (in shares) | 45,126 | |||||
Shares issued for exercise of stock options | (312) | $ (312) | (312) | |||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | $ 848 | $ 848 | 848 | |||
Shares issued for exercise of stock appreciation rights (in shares) | 164,258 | |||||
Ending balance (in shares) at Jun. 30, 2023 | 158,238,796 | |||||
Ending balance at Jun. 30, 2023 | $ 355,146 | $ 699,851 | (346,716) | (1,946) | 351,189 | 3,957 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 10,469 | 10,563 | 10,563 | (94) | ||
Other comprehensive loss | 0 | |||||
Shares Issued For Cash By At The Market Offering Shares | 2,048,172 | |||||
Shares issued for cash by at-the-market offering | 16,416 | $ 16,416 | 16,416 | |||
Share issuance cost | 369 | 369 | 369 | |||
Share-based compensation | 1,293 | $ 1,293 | 1,293 | |||
shares issued for exrcise of stock options (in shares) | 100,522 | |||||
Shares issued for exercise of stock options | (247) | $ (247) | (247) | |||
Shares issued for consulting services (in shares) | 70,336 | |||||
Shares issued for consulting services | (126) | $ (126) | (126) | |||
Shares issued for exercise of stock appreciation rights (in shares) | 5,544 | |||||
Ending balance (in shares) at Sep. 30, 2023 | 160,463,370 | |||||
Ending balance at Sep. 30, 2023 | $ 383,328 | $ 717,564 | $ (336,153) | $ (1,946) | $ 379,465 | $ 3,863 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Net income (loss) for the period | $ 10,469 | $ 114,264 | $ (9,254) | $ (14,730) | $ 119,849 | $ (42,043) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
Depletion, depreciation and amortization | 690 | 850 | 2,024 | 2,529 | |||
Share-based compensation | 4,033 | 3,292 | |||||
Accretion of asset retirement obligations | 282 | 397 | 902 | 1,301 | $ 1,556 | ||
Revision and settlement of asset retirement obligation | 0 | (238) | (238) | ||||
Unrealized foreign exchange gain | (85) | (2,284) | |||||
Unrealized (gain) loss on investments accounted for at fair value | (6,701) | 13,716 | |||||
Unrealized gain on convertible note | (6,972) | 0 | |||||
Gain on sale of assets | 0 | (119,257) | 0 | ||||
Other, net | (682) | 116 | |||||
Changes in current assets and liabilities: | |||||||
Marketable securities | (875) | 181 | |||||
Inventories | 10,807 | 2,729 | |||||
Trade and other receivables | (10,570) | 565 | |||||
Prepaid expenses and other current assets | (1,526) | (7,614) | |||||
Accounts payable and accrued liabilities | (1,929) | (1,703) | |||||
Net cash used in operating activities | (10,982) | (29,453) | |||||
INVESTING ACTIVITIES | |||||||
Additions to property, plant and equipment | (8,908) | (1,237) | |||||
Additions to mineral properties | (4,401) | 0 | |||||
Acquisition of mineral properties | (22,491) | 0 | |||||
Purchases of marketable securities | (98,896) | (11,435) | |||||
Maturities of marketable securities | 41,931 | 0 | |||||
Proceeds from sale of assets | 56,873 | 0 | |||||
Proceeds from convertible note redemption | 20,000 | 20,000 | 0 | ||||
Net cash used in investing activities | (15,892) | (12,672) | |||||
FINANCING ACTIVITIES | |||||||
Issuance of common shares for cash, net of issuance costs | 16,047 | 7,886 | |||||
Cash received from exercise of stock options | 757 | 472 | |||||
Net cash provided by financing activities | 15,038 | 7,463 | |||||
Effect of exchange rate fluctuations on cash held in foreign currencies | 33 | (84) | |||||
Plus: release of restricted cash related to sale of assets | 3,590 | 0 | |||||
Net change in cash, cash equivalents and restricted cash | (8,213) | (34,746) | |||||
Cash, cash equivalents and restricted cash, beginning of period | $ 80,269 | $ 132,822 | 80,269 | 132,822 | 132,822 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ 72,056 | $ 98,076 | 72,056 | 98,076 | $ 80,269 | ||
Non-cash investing and financing transactions: | |||||||
Issuance of common shares for consulting services | 0 | 150 | |||||
Acquisition of convertible note | 59,259 | 0 | |||||
Supplemental disclosure of cash flow information: | |||||||
Cash paid during the period for interest | 13 | 22 | |||||
Increase (decrease) in accounts payable and accrued liabilities for property, plant and equipment and mineral properties | 697 | (116) | |||||
Stock Appreciation Rights (SARs) | |||||||
FINANCING ACTIVITIES | |||||||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | (848) | (11) | |||||
Restricted Stock Units (RSUs) | |||||||
FINANCING ACTIVITIES | |||||||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | $ (918) | $ (884) |
THE COMPANY AND DESCRIPTION OF
THE COMPANY AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2023 | |
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 “ Energy Fuels ”) are together engaged in conventional and in situ recovery (“ ISR ”) uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium-bearing materials generated by third parties, along with the exploration, permitting and evaluation of uranium properties in the United States (the “ U.S. ”). 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 ”), known more commonly as “yellowcake,” is sold to customers for further processing into fuel for nuclear reactors. The Company also produces vanadium pentoxide (“ V 2 O 5 ”) as a co-product of uranium at the White Mesa Mill (the “ White Mesa Mill ” or the “ Mill ”) from certain of its Colorado Plateau properties and at times from solutions in its Mill tailings impoundment system, each as market conditions warrant. The Mill is also ramping up to commercial production of rare earth element (“ REE ”) carbonate (“ RE Carbonate ”) from various uranium- and REE-bearing materials acquired from third parties and is working on modifications and enhancements to its existing infrastructure for the potential production of separated REE oxides. Additionally, the Company is evaluating the potential to recover radioisotopes from its existing uranium process streams at the Mill for use in targeted alpha therapy (“ TAT ”) therapeutics for the treatment of cancer. With its uranium, vanadium, REE and potential radioisotope production, the Mill is working to establish itself as a critical minerals hub in the U.S. Uranium is the fuel for carbon-free, emission-free baseload nuclear power – one of the cleanest forms of energy in the world; REEs are used to manufacture permanent magnets for electric vehicles (“ EVs ”), wind turbines and other clean energy and modern technologies. Energy Fuels produces both. Concurrently, the Company’s recycling program (known as the “ Alternate Feed Program ”), works to reduce the levels of new production and natural disturbances needed to meet global energy demand by repurposing feed sources that would have otherwise been lost to direct disposal and extracting additional valuable minerals from them. In short, through its uranium and REE production and long-standing recycling program, Energy Fuels works to help address global climate change by producing materials that ultimately reduce reliance on carbon dioxide (“ CO 2 ”) emitters, such as fossil fuels, while also ensuring that raw materials already extracted but only partially utilized are instead used to the fullest extent practicable so as to limit the global mining footprint and reduce the number of constituents ultimately disposed of. Additionally, certain radioisotopes, which the Company is evaluating for recovery from its uranium processing streams, have the potential to provide the isotopes needed for emerging TAT cancer-fighting therapeutics. The Company is a “development stage issuer” as defined by S-K 1300, as it is engaged in the preparation of Mineral Reserves for extraction of at least one material property. Mining Activities The Company’s mining activities consist of the Mill, multiple conventional mining projects and an ISR mining project (complete with an ISR recovery facility on standby). The conventional mining projects are located on the Colorado Plateau, including the Pinyon Plain, Whirlwind, La Sal, Bullfrog, Arizona Strip and Roca Honda Projects, all of which are in the vicinity of the Mill, as well as the Sheep Mountain Project located in Wyoming and the Bahia Project located in Brazil. The Company’s Nichols Ranch Project (including the Jane Dough and Hank Satellite deposits) is an ISR project located in Wyoming. As of September 30, 2023, the Company was performing rehabilitation and development work on its La Sal, Whirlwind and Pinyon Plain Projects, as well as exploration drilling and analysis at the Bahia Project. Other conventional mining projects in the vicinity of the Mill and Sheep Mountain are on standby and are being evaluated for continued mining and other activities and/or are in the process of being permitted. The Mill continues to receive third-party uranium-bearing mineralized materials from mining and other industry activities for its own processing and recycling, while also expanding its REE initiatives and developing its TAT cancer-fighting therapeutics initiatives. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“ SEC ”) applicable to interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto and the summary of significant accounting policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 8, 2023, as amended on March 30 and June 1, 2023. These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“ U.S. GAAP ”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements are presented in thousands of U.S. dollars, except for share and per share amounts. 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, 2022. However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany 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 | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The Company elected the fair value option for its marketable debt securities and convertible note and records these instruments on the Condensed Consolidated Balance Sheet at their fair value including accrued interest income. Changes in fair value and interest income are recorded in Other income (loss) in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value option was elected for these marketable debt securities, as the Company may sell them prior to their stated maturities after consideration of the Company’s risk versus reward objectives, as well as its liquidity requirements. The stated contractual maturity dates of marketable debt securities held as of September 30, 2023 and December 31, 2022 are due in one to two years. The secured convertible note reflected above (the “ Convertible Note ”) was received as partial consideration for the Alta Mesa Transaction (defined in Note 5 – Property, Plant and Equipment and Mineral Properties). The Company elected the fair value option for the Convertible Note, as it has the option of converting the principal due into fully paid and non-assessable common shares of enCore Energy Corp. (“ enCore ”). Marketable equity securities are measured at fair value as of each reporting date, and realized and unrealized gains (losses) and interest income are recorded in Other income (loss) in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The following table summarizes our marketable securities by significant investment categories as of September 30, 2023: Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 68,981 $ — $ 437 $ 69,418 Convertible note (2) 39,638 — 6,972 46,610 Marketable equity securities 2,876 (1,671) — 1,205 Total marketable securities $ 111,495 $ (1,671) $ 7,409 $ 117,233 (1) Marketable debt securities are comprised primarily of U.S. Treasury Bills and Government Agency Bonds and mutual funds. (2) The Convertible Note was received as partial consideration in the Alta Mesa Transaction (defined in Note 5 – Property, Plant and Equipment and Mineral Properties) and is valued using a binomial lattice model using Level 3 inputs. As of September 30, 2023, the enCore share price was above the Conversion Option (defined below) resulting in an unrealized gain. During the three and nine months ended September 30, 2023, enCore redeemed $20.00 million of the principal amount of the Convertible Note. See Note 5 – Property, Plant and Equipment and Mineral Properties and Note 13 – Fair Value Accounting for more information. The following table summarizes our marketable securities by significant investment categories as of December 31, 2022: Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 11,435 $ (310) $ — $ 11,125 Marketable equity securities 2,876 (1,809) — 1,067 Total marketable securities $ 14,311 $ (2,119) $ — $ 12,192 (1) Marketable debt securities are comprised primarily of U.S. government agency bonds. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following items: September 30, 2023 December 31, 2022 Concentrates and work-in-progress $ 27,660 $ 35,476 Inventory of ore in stockpiles 249 940 Consumables 1,904 4,204 Total inventories $ 29,813 $ 40,620 |
PLANT AND EQUIPMENT AND MINERAL
PLANT AND EQUIPMENT AND MINERAL PROPERTIES | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment and Mineral Properties | PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTIES The following is a summary of property, plant and equipment, net: September 30, 2023 December 31, 2022 Cost Accumulated Net Book Value Cost Accumulated Net Book Property, plant and equipment Nichols Ranch $ 29,210 $ (21,747) $ 7,463 $ 29,210 $ (20,221) $ 8,989 Pinyon Plain 3,288 (846) 2,442 1,617 (714) 903 Equipment and other 22,895 (12,592) 10,303 15,009 (12,239) 2,770 Property, plant and equipment total $ 55,393 $ (35,185) $ 20,208 $ 45,836 $ (33,174) $ 12,662 As of December 31, 2022, the net book value of the property, plant and equipment attributable to the Alta Mesa ISR Project “ Alta Mesa ”), which the Company sold to enCore effective February 14, 2023, was $8.21 million and is included in Property, plant and equipment and other assets held for sale, net on the Condensed Consolidated Balance Sheets. The Company recognized depreciation expense of $0.69 million and $0.85 million for the three months ended September 30, 2023 and 2022, respectively, and $2.02 million and $2.53 million for the nine months ended September 30, 2023, and 2022, respectively. Depreciation expense is included in Exploration, development and processing and in Standby in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three months ended September 30, 2023 and 2022, the Company capitalized $0.09 million and $0.06 million, respectively, of depreciation expense related to the Mill that was included in the capitalized costs to inventory on the Condensed Consolidated Balance Sheet. For the nine months ended September 30, 2023 and 2022, the Company capitalized $0.24 million and $0.16 million, respectively, of depreciation expense related to the Mill that was included in the capitalized costs to inventory on the Condensed Consolidated Balance Sheet. The following is a summary of mineral properties: September 30, 2023 December 31, 2022 Mineral properties Sheep Mountain $ 34,183 $ 34,183 Bahia Project 29,130 — Nichols Ranch ISR Project 25,974 25,974 Roca Honda 22,095 22,095 Pinyon Plain 4,427 — Other 1,287 1,287 Mineral properties total $ 117,096 $ 83,539 Bahia Project On February 10, 2023, the Company closed on two purchase agreements to acquire a total of 17 mineral concessions in the State of Bahia, Brazil totaling approximately 37,300 acres or 58.3 square miles (the “ Bahia Project ”). Under the terms of the purchase agreements, the Company entered into mineral rights transfer agreements with the sellers to acquire the 17 heavy mineral sands concessions. The total purchase price under the purchase agreements was $27.50 million, which consisted of deposit payments of $5.90 million due upon reaching certain stipulated milestones and the remaining $21.60 million due at closing. Upon final payment on February 10, 2023, the transfer and assignment of the mineral rights was completed (the “ Bahia Closing ”). Additionally, the Company incurred direct deal costs related to such asset acquisition of $1.63 million. The purchase deposit payments and direct transaction costs were capitalized as Prepaid expenses and other current assets in the Consolidated Balance Sheets as of December 31, 2022 and reclassified to Mineral properties upon closing within the Condensed Consolidated Balance Sheets. The Bahia Closing followed the Brazilian Government ’ s approval of the transfers to Energy Fuels ’ wholly owned Brazilian subsidiary Energy Fuels Brazil Ltda. Alta Mesa Transaction On February 14, 2023, the Company closed on its sale to enCore of three wholly-owned subsidiaries that together held Alta Mesa for total consideration of $120 million (the “ Alta Mesa Transaction ”), paid as follows: a. $60 million in cash, which included $6 million prior to closing and $54 million at closing; and b. $60 million Convertible Note, payable in two years from the closing, bearing annual interest of eight percent (8%). The Convertible Note is convertible at Energy Fuels’ election into fully paid and non-assessable enCore common shares at a conversion price of $2.9103 per share, being a 20% premium to the 10-day volume-weighted average price of enCore shares ending the day before the Closing (the “ Conversion Option ”). enCore is currently traded on the TSX-V and NYSE American. The Convertible Note is guaranteed by enCore and fully secured by Alta Mesa. Unless a block trade or similar distribution is executed by Energy Fuels to sell the enCore common shares received on conversion of the Convertible Note, Energy Fuels will be limited to selling a maximum of $10 million of enCore common shares per thirty (30)-day period. The Company recognized a gain on sale of assets from the Alta Mesa Transaction of $116.50 million, which is calculated as the total fair value of the consideration received of $119.46 million consisting of $60 million in cash and the Convertible Note with a fair value of $59.46 million, less the net book value attributable to the Alta Mesa assets and liabilities after working capital adjustments of $3.40 million, net of transaction costs. Receipt of the Convertible Note represents a non-cash investing activity at its initial fair value. See Note 13 – Fair Value Accounting for more information on the fair value of the Convertible Note. As a post-closing condition of the Alta Mesa Transaction, enCore was required to replace the $3.59 million of reclamation bonds then in place for Alta Mesa. Upon replacement, the original bonds were released and the Company received back the underlying collateral during the nine months ended September 30, 2023. The Company reclassified $3.59 million cash as a release of collateral from those bonds from Property, plant and equipment and other assets held for sale, net to cash and cash equivalents on its Condensed Consolidated Balance Sheets. In connection with the Alta Mesa Transaction, on May 3, 2023, the Company completed the sale of its Prompt Fission Neutron assets, including the underlying contracts, technology, licenses and intellectual property (collectively, the “ PFN Assets ”), to enCore in exchange for cash consideration received at closing of $3.10 million, which resulted in a gain of $2.75 million. At closing, the PFN Assets, which the Company had purchased in 2020 for cash consideration of $0.50 million, had a net book value of $0.35 million. The PFN Assets were used exclusively at the Alta Mesa ISR Project. Should the Company have the need for the use of a PFN tool in the future, the Company retained a 20-year usage right as a condition of this sale during which, subject to the availability of the PFN Assets, the Company has the right to purchase, lease and/or license at least one fully functional PFN tool and all related and/or required equipment, technology and licenses, as reasonably requested, on commercially reasonable terms and conditions no less favorable than those offered by enCore to third parties. As of September 30, 2023, the Company has not purchased, leased and/or licensed a PFN tool. |
ASSET RETIREMENT OBLIGATIONS AN
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations and Restricted Cash | ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH Asset Retirement Obligations The following table summarizes the Company’s asset retirement obligations: September 30, 2023 December 31, 2022 Asset retirement obligations, beginning of period $ 9,595 $ 13,687 Revision of estimate — (238) Accretion of liabilities 902 1,556 Held for sale (1) — (5,410) Disposal of Alta Mesa asset retirement obligations (1) (79) — Asset retirement obligations, end of period $ 10,418 $ 9,595 (1) Asset retirement obligations held for sale as of December 31, 2022 are related to Alta Mesa and are included as asset retirement obligation and other liabilities held for sale on the Condensed Consolidated Balance Sheets. Disposal of Alta Mesa asset retirement obligations are related to the accretion expense on Alta Mesa through the closing date and is included within Gain on sale of assets on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 5 – Property, Plant and Equipment and Mineral Properties for more information. The Company’s asset retirement obligations are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the Company and the applicable regulatory authorities. Restricted Cash 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. The restricted cash will be released when the Company has reclaimed a mineral property, sold a mineral property to a party having assumed the applicable bond requirements, or restructured the surety and collateral arrangements. See Note 12 – Commitments and Contingencies for more information. The following table summarizes the Company’s restricted cash: September 30, 2023 December 31, 2022 Restricted cash, beginning of period $ 17,449 $ 20,305 Additional collateral posted, net 70 734 Held for sale (1) — (3,590) Restricted cash, end of period $ 17,519 $ 17,449 (1) Restricted cash held for sale is related to Alta Mesa and is included as Asset retirement obligation and other liabilities held for sale on the Condensed Consolidated Balance Sheets. See Note 5 – Property, Plant and Equipment and Mineral Properties for more information. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Sep. 30, 2023 | |
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 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. The Series A Preferred Shares issuable are non-redeemable, non-callable, non-voting and have no right to dividends. Issued Capital Stock During the three and nine months ended September 30, 2023, the Company issued 2.05 million Common Shares under its at-the-market (the “ ATM |
BASIC AND DILUTED INCOME (LOSS)
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Common Share | BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE Basic and diluted income (loss) per Common Share The calculation of basic and diluted loss per share after adjustment for the effects of all potential dilutive Common Shares is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income (loss) attributable to owners of the Company $ 10,563 $ (9,167) $ 119,968 $ (41,950) Basic weighted average common shares outstanding 158,616,883 157,590,318 158,235,301 157,242,332 Dilutive impact of stock options and restricted stock units 1,167,832 — 1,217,624 — Diluted weighted average common shares outstanding 159,784,715 157,590,318 159,452,925 157,242,332 Basic net income (loss) per common share $ 0.07 $ (0.06) $ 0.76 $ (0.27) Diluted net income (loss) per common share $ 0.07 $ (0.06) $ 0.75 $ (0.27) For the three months ended September 30, 2023 and 2022, a weighted average of 0.78 million and 0.88 million, respectively, stock options and restricted stock units (“ RSUs ”) have been excluded from the calculation of diluted net loss per common share, as their effect would have been anti-dilutive. For the nine months ended September 30, 2023 and 2022, with a weighted average of 0.01 million and 1.52 million, respectively, stock options and RSUs have been excluded from the calculation of diluted net income (loss) per common share, as their effect would have been anti-dilutive. In addition, the Company excluded stock appreciation rights (“ SARs ”) of 2.17 million and 2.45 million, respectively, for the three months ended September 30, 2023 and 2022, as well as 2.24 million and 2.36 million, respectively, for the nine months ended September 30, 2023 and 2022, as they are contingently issuable based on specified market prices of the Company’s Common Shares, which were not achieved as of the end of each period. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payments | SHARE-BASED PAYMENTS The Company maintains an equity incentive plan, known as the 2021 Amended and Restated Omnibus Equity Incentive Compensation Plan (the “ Compensation Plan ”), for directors, executives, eligible employees and consultants. Existing equity incentive awards include employee non-qualified stock options, RSUs and SARs. The Company issues new Common Shares to satisfy exercises and vesting under its equity incentive awards. As of September 30, 2023, a total of 16,046,337 Common Shares were authorized for future equity incentive plan awards. The Company’s share-based compensation expense, by type of award, is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 RSUs (1) $ 523 $ 618 $ 2,329 $ 1,589 SARs 653 566 1,393 1,463 Stock options 117 98 311 239 Total share-based compensation expense (2) $ 1,293 $ 1,282 $ 4,033 $ 3,291 (1) The fair value of the RSUs granted under the Compensation Plan for the three and nine months ended September 30, 2023 and 2022 was estimated at the date of grant using the stated market price on the NYSE American. (2) Share-based compensation is included in Selling, general and administration in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Restricted Stock Units The Company grants RSUs to directors, executives and eligible employees. Awards for executives and eligible employees are determined as a target percentage of base salary and generally vest over three years. Holders of unvested RSUs do not have voting rights on those RSUs. The RSUs are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one Common Share of the Company for each RSU at no additional payment. A summary of the Company’s unvested RSUs activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2022 747,425 $ 4.77 Granted 450,232 7.36 Vested (448,883) 4.24 Forfeited (51,329) 7.23 Unvested, September 30, 2023 697,445 $ 6.60 The total fair value of RSUs that vested and were settled for equity was $3.38 million for the nine months ended September 30, 2023. Stock Appreciation Rights The Company grants SARs to executives and eligible employees. On January 26, 2023, the Company’s Board of Directors issued SARs under the Compensation Plan, which are intended to provide additional long-term equity incentives for the Company’s senior management. Each SAR granted entitles the holder to receive, upon a valid exercise, payment from the Company in cash or Common Shares (at the sole discretion of the Company) in an amount representing the difference between the fair market value (“ FMV ”) of the Company’s Common Shares on the date of exercise and $7.36 (being the greater of (i) the volume-weighted average price (“ VWAP ”) of the Company’s Common Shares on the NYSE American for the five trading days immediately prior to the date of grant, and (ii) the closing price of the Company’s Common Shares on the NYSE American on the trading day immediately prior to the date of grant, or “ Grant Price ”). Fair Market Value as used herein means the closing price of the Common Shares on the TSX or the NYSE American on the last trading day immediately prior to the date of exercise. The term of the SARs grant is five years, with SARs vesting only upon the achievement of the following goals: as to one-third of the SARs granted, automatically upon the 90-calendar-day VWAP of the Company’s Common Shares on the NYSE American equaling or exceeding $12.00 for any continuous 90-calendar-day period; as to an additional one-third of the SARs granted, automatically upon the 90-calendar-day VWAP of the Company’s Common Shares on the NYSE American equaling or exceeding $14.00 for any continuous 90-calendar-day period; and as to the final one-third of the SARs granted, automatically upon the 90-calendar-day VWAP of the Company’s Common Shares on the NYSE American equaling or exceeding $16.00 for any continuous 90-calendar-day period. Further, notwithstanding the foregoing vesting schedule, no SARs were able to be exercised by the holder for an initial period of one year from the date of grant, the date first exercisable being January 24, 2024. The fair value of the SARs granted during the nine months ended September 30, 2023 was estimated at the date of grant using a Monte Carlo simulation with the following weighted average assumptions: Risk-free interest rate 3.58 % Expected life (1) 5.0 years Expected volatility (2) 55.00 % Expected dividend yield — % Weighted average grant date fair value $ 3.45 (1) Monte Carlo analysis of SARs assumes employee suboptimal exercise at first vesting time for each tranche. (2) Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the SARs. A summary of the Company’s SARs activity is as follows: Number of Shares Weighted Average Weighted Average Remaining Contractual Life (Years) Intrinsic Value Outstanding, December 31, 2022 2,452,768 $ 4.07 Granted 308,333 7.36 Exercised (546,636) 2.92 Forfeited (42,510) 7.24 Expired — — Outstanding, September 30, 2023 2,171,955 $ 4.76 1.91 $ 7,508 Exercisable, September 30, 2023 545,507 $ 2.92 0.31 $ 2,891 A summary of the Company’s unvested SARs activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2022 1,360,625 $ 2.81 Granted 308,333 3.45 Vested — — Forfeited (42,510) 3.68 Unvested, September 30, 2023 1,626,448 $ 2.91 Employee Stock Options The Company, under the Compensation Plan, may grant stock options to directors, executives, employees and consultants to purchase Common Shares of the Company. The exercise price of the stock options is set as the higher of the Company’s closing share price on the NYSE American on the last trading day before the date of grant and the five-day VWAP on the NYSE American ending on the last trading day before the date of grant. 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 date of grant, such period not to exceed 10 years. The fair value of the stock options granted under the Compensation Plan for the nine months ended September 30, 2023 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Risk-free interest rate 3.92 % Expected life 3.25 years Expected volatility (1) 74.10 % Expected dividend yield — % Weighted average grant date fair value $ 3.90 (1) Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the stock options. A summary of the Company’s stock option activity is as follows: Range of Exercise Prices Number of Shares Weighted Average Weighted Average Remaining Contractual Life (Years) Intrinsic Value Outstanding, December 31, 2022 $1.70 - $8.41 767,678 $ 3.24 Granted 5.34 - 7.36 142,782 7.10 Exercised 1.70 - 6.47 (250,203) 3.09 Forfeited 3.89 - 7.36 (31,014) 6.76 Expired 1.76 - 6.47 (16,720) 3.75 Outstanding, September 30, 2023 $1.76 - $8.41 612,523 $ 4.04 2.15 $ 2,572 Exercisable, September 30, 2023 $1.76 - $8.41 441,245 $ 3.09 1.39 $ 2,351 A summary of the Company’s unvested stock option activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2022 140,586 $ 4.12 Granted 142,782 3.63 Vested (81,077) 3.71 Forfeited (31,014) 3.81 Unvested, September 30, 2023 171,277 $ 3.96 As of September 30, 2023, there were $0.28 million, $1.49 million, and $0.62 million of unrecognized compensation costs related to the unvested stock options, RSUs and SARs, respectively. This expense is expected to be recognized over a weighted average period of 1.25 years, 2.10 years and 0.80 years, respectively. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESAs of September 30, 2023, the Company maintained a full valuation allowance against its net deferred tax assets. The Company continually reviews the adequacy of the valuation allowance and intends to continue maintaining a full valuation allowance on its net deferred tax assets until there is sufficient evidence to support the reversal of all or a portion of the allowance. Should the Company’s assessment change in a future period, it may release all or a portion of the valuation allowance, which would result in a deferred tax benefit in the period of adjustment. The Company will recognize the tax gain on the Alta Mesa Transaction under the installment method of accounting. This method will result in a deferral of a portion of the tax gain until the year in which the remaining proceeds are received. For the three months ended September 30, 2023, the Company did not record income tax benefit on income before tax of $10.47 million. For the nine months ended September 30, 2023, the Company did not record income tax on income before taxes of $119.85 million. As of September 30, 2023, the Company estimates that approximately $25.85 million of Net Operating Loss carryforwards will be utilized during the 2023 tax year. For the three and nine months ended September 30, 2022, the Company did not record an income tax benefit on a loss before taxes of $9.25 million and $42.04 million, respectively. The effective tax rate was 0% for each of the three and nine months ended September 30, 2023 and 2022, which was a result of the full valuation allowance on net deferred tax assets. |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The components of other income (loss) are as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Unrealized gain (loss) on investments accounted for at fair value $ 8,890 $ 3,121 $ 6,701 $ (13,716) Unrealized gain (loss) on marketable securities 540 (36) 875 (207) Realized gain on maturities of marketable securities 374 — 588 — Unrealized gain (loss) on convertible note 7,223 — 6,972 — Realized gain on convertible note 181 — 181 — Foreign exchange gain (loss) (239) 1,229 80 2,361 Interest income, net and other 444 96 3,206 103 Other income (loss) $ 17,413 $ 4,410 $ 18,603 $ (11,459) The components of trade and other receivables are as follows: September 30, 2023 December 31, 2022 Trade receivables $ 11,052 $ 92 Notes receivable, net 343 343 Other 70 84 Total receivables $ 11,465 $ 519 The components of accounts payable and accrued liabilities are as follows: September 30, 2023 December 31, 2022 Accounts payable $ 1,417 $ 3,224 Payroll liabilities 2,506 2,929 Accrued capital expenditures 719 22 Accrued property taxes 505 240 Accrued operating expenses 505 409 Deferred revenue 332 — Other accrued liabilities 100 105 Accounts payable and other accrued liabilities $ 6,084 $ 6,929 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
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 2011, the Ute Mountain Ute Tribe filed an administrative appeal of the Utah Division of Air Quality’s (“ UDAQ ”) decision to approve a Modification to the Air Quality Approval Order at the Mill. Then, in 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 Mill. In August 2014, the Ute Mountain Ute Tribe filed an administrative appeal to the Utah Division of Radiation Control’s (“ DRC ”) Radioactive Materials License Amendment 7 approval regarding alternate feed material from Dawn Mining. The challenges remain open at this time and may involve the appointment of an administrative law judge (“ ALJ ”) to hear the matters. The Company does not consider these actions to have any merit. If the petitions are successful, the likely outcome would be a requirement to modify or replace the existing Air Quality Approval Order, Corrective Action Plan or license amendment, as applicable. At this time, the Company does not believe any such modifications or replacements would materially affect its financial position, results of operations or cash flows. However, the scope and costs of remediation under a revised or replaced Air Quality Approval Order, Corrective Action Plan and/or license amendment have not yet been determined and could be significant. The UDEQ renewed in January 2018, then reissued with minor corrections in February 2018, the Mill’s radioactive materials license (the “ Mill License ”) for another ten years and the Groundwater Discharge Permit (the “ GWDP ”) for another five years, after which further applications for renewal of the Mill License and GWDP are required to be submitted. During the review period for each application for renewal, the Mill can continue to operate under its existing Mill License and GWDP until such time as the renewed Mill License or GWDP is issued. Most recently, on July 15, 2022, the routine GWDP renewal application was submitted to UDEQ, which remains under consideration at this time. In 2018, the Grand Canyon Trust, Ute Mountain Ute Tribe and Uranium Watch (collectively, the “ Mill Plaintiffs ”) served Petitions for Review challenging UDEQ’s renewal of the Mill License and GWDP and Requests for Appointment of an ALJ, which they later agreed to suspend pursuant to a Stipulation and Agreement with UDEQ, effective June 4, 2018. The Company and the Mill Plaintiffs held multiple discussions over the course of 2018 and 2019 in an effort to settle the dispute outside of any judicial proceeding. In February 2019, the Mill Plaintiffs submitted to the Company their proposal for reaching a settlement agreement. The proposal remains under consideration by the Company. The Company does not consider these challenges to have any merit and, if a settlement cannot be reached, the Company intends to participate with UDEQ in defending against the challenges. If the challenges are successful, the likely outcome would be a requirement to modify the renewed Mill License and/or GWDP. At this time, the Company does not believe that any such modification would materially affect its financial position, results of operations or cash flows. On August 26, 2021, the Ute Mountain Ute Tribe filed a Petition to Intervene and Petition for Review challenging the UDEQ’s approval of Amendment No. 10 to the Mill License, which expanded the list of Alternate Feed Materials that the Mill is authorized to accept and process for its source material content. Then, on November 18, 2021, the Tribe filed its Request for Appointment of an ALJ, followed shortly thereafter by a stay on the request in accordance with a Stipulation and Agreement between the Tribe, UDEQ and Company. Thereafter, discussions between the Company and the Tribe commenced in an effort to resolve the dispute and other outstanding matters without formal adjudication. However, the Company does not consider this action to have any merit. If resolution is not achieved, the stay is lifted and the petition is successful before an ALJ, the likely outcome would be a requirement to modify or revoke the Mill License amendment. At this time, the Company does not believe any such modification or revocation would materially affect its financial position, results of operations or cash flows. Mineral Property Commitments The Company enters into commitments with federal and state agencies and private individuals to lease mineral rights. These leases are renewable annually, and, as reported in the Company’s Form 10-K for the year ended December 31, 2022, renewal costs for the remainder of 2023 are expected to total approximately $0.33 million. Surety Bonds The Company has indemnified third-party companies to provide surety bonds as collateral for the Company’s asset retirement obligations. As of September 30, 2023, the Company has $17.52 million posted as collateral against an undiscounted asset retirement obligation of $33.00 million. As of December 31, 2022, the Company has $21.04 million posted as collateral against an undiscounted asset retirement obligation of $42.91 million. The Company will be liable to pay any reclamation expense that exceeds the amount of the collateral posted against the surety bonds. 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. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | FAIR VALUE ACCOUNTING Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value accounting utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The Company’s financial instruments include cash, restricted cash, accounts receivable, accounts payable and current accrued liabilities. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. As of September 30, 2023 and December 31, 2022, the fair values of cash, restricted cash, short-term deposits, receivables, accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these instruments. The Company’s investments in marketable equity securities are publicly traded stocks measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy. Level 1 marketable equity securities use quoted prices for identical assets in active markets, while Level 2 marketable equity securities utilize inputs based upon quoted prices for similar instruments in active markets. The Company’s investments in marketable debt securities are valued using quoted prices of a pricing service and, as such, are classified within Level 2 of the fair value hierarchy. The Company’s investments accounted for at fair value consisting of Common Shares are valued using quoted market prices in active markets and, as such, are classified within Level 1 of the fair value hierarchy. The Company’s investments accounted for at fair value consisting of warrants are valued using the Black-Scholes option model based on observable inputs and, as such, are classified within Level 2 of the hierarchy. The Convertible Note received as part of the Alta Mesa Transaction was valued as of February 14, 2023, upon closing, using a binomial lattice model. The fair value calculation uses significant unobservable inputs, including: (i) volatility 60%, and (ii) yield of 9.5%. The Company used the same binomial lattice model to value the Convertible Note as of September 30, 2023. As of September 30, 2023, the fair value calculation uses significant unobservable inputs, including: (i) volatility of 55%, and (ii) yield of 10.3%. Increases or decreases in the volatility and/or the selected yield can result in an increase or decrease in the fair value of the Convertible Note. 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 September 30, 2023 and December 31, 2022. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. September 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents (1) $ — $ 11,995 $ — $ 11,995 Investments accounted for at fair value 26,063 6 — 26,069 Marketable debt securities — 69,418 — 69,418 Convertible note — — 46,610 46,610 Marketable equity securities 1,180 25 — 1,205 $ 27,243 $ 81,444 $ 46,610 $ 155,297 (1) Cash equivalents are comprised of U.S. Treasury Bills, Government Agency Bonds and mutual funds purchased within three months of their maturity dates. December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents (1) $ — $ 30,336 $ — $ 30,336 Investments accounted for at fair value 19,263 66 — 19,329 Marketable debt securities — 11,125 — 11,125 Marketable equity securities 1,033 34 — 1,067 $ 20,296 $ 41,561 $ — $ 61,857 (1) Cash equivalents are comprised of U.S. Treasury Bills and Government Agency Bonds purchased within three months of their maturity dates. Changes in Level 3 Fair Value Measurements The following table is a reconciliation of the beginning and ending balance recorded for the Convertible Note classified as Level 3 in the fair value hierarchy: Beginning balance, February 14, 2023 $ 59,457 Principal redeemed (1) (20,000) Realized gain included in other income (loss) (1) 181 Unrealized gain included in other income (loss) 6,972 Ending balance, September 30, 2023 $ 46,610 (1) During the three and nine months ended September 30, 2023, enCore redeemed $20.00 million of the principal amount of the Convertible Note. Unpaid interest for the redeemed principal is $0.39 million. As of September 30, 2023, the difference between the fair value of the Convertible Note and the unpaid principal amount was $6.61 million. Investments Accounted for at Fair Value 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. As of December 31, 2022, the Company held a 17.4% ownership interest in its investment in Consolidated Uranium Inc. (“ CUR ”) and a 13.5% ownership interest in its investment in Virginia Energy Resources Inc. (“ Virginia Energy ”). These investments provide the Company with the ability to have significant influence, but not control, over their operations. The Company has elected the fair value option for each of these investments. As of December 31, 2022, the fair value of the Company’s investments in CUR and Virginia Energy were $16.50 million and $2.83 million, respectively. On January 24, 2023, CUR acquired 100% of the issued and outstanding common shares of Virginia Energy for 0.26 common shares of CUR per common share of Virginia Energy. As a result, the Company’s 9,439,857 common shares of Virginia Energy were converted into 2,454,362 million common shares of CUR (the “ Conversion ”). Following the Conversion, the Company owned 16,189,548 common shares of CUR, which represented an ownership interest of 16.7% in CUR as of closing. As of September 30, 2023, the fair value of the Company’s investment in CUR was $26.07 million and its ownership interest was 15.7%. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERSAll revenue recognized is a result of contracts with customers by way of uranium, vanadium and RE Carbonate sales contracts, Alternate Feed Material processing contracts and/or byproduct disposal agreements with other ISR facilities. The Company had satisfied all of its performance obligations as of September 30, 2023. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Robert W. Kirkwood, a member of the Company’s Board of Directors, 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 and entered into by United Nuclear and Uranerz Energy Corporation, a wholly owned, indirectly held subsidiary of the Company. On October 27, 2021, after closing on the sale of certain conventional uranium assets to CUR, the Company began providing services to CUR under a mine operating agreement. Pursuant to that agreement, the Company earned $0.06 million and $0.05 million for the three months ended September 30, 2023 and 2022, respectively, and $0.52 million and $0.45 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, $0.06 million and $0.08 million was due from CUR, respectively. Additionally, the Company accrued $1.51 million and $1.50 million as of September 30, 2023 and December 31, 2022, respectively, in Other long-term receivables related to deferred cash payments for production thresholds pursuant to the terms of the asset purchase agreement with CUR. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Issued Capital Stock The Company issued a total of 0.89 million Common Shares under the ATM for net proceeds of $6.88 million, after share issuance costs, through various transactions from September 30, 2023 to November 3, 2023. Convertible Note Redemptions On October 11, 2023, November, 1, 2023 and November 3, 2023, enCore redeemed $4.00 million, $4.00 million and $12.00 million, respectively, of the principal amount of the Convertible Note, resulting in $20.00 million principal amount of the Convertible Note outstanding. CUR Merger with IsoEnergy On September 27, 2023, IsoEnergy Ltd. ( “IsoEnergy ”) and CUR announced that they had entered into a definitive arrangement agreement for a share-for-share merger of IsoEnergy and CUR (the “ Arrangement Agreement ”) pursuant to which IsoEnergy will acquire all of the issued and outstanding common shares of CUR not already held by IsoEnergy or its affiliates. Under the terms of the Arrangement Agreement, CUR shareholders will receive 0.500 of a common share of IsoEnergy for each CUR Share held. In connection with the Arrangement Agreement, IsoEnergy entered into an agreement with a syndicate of agents to lead a “best efforts” private placement of 4,667,000 subscription receipts of IsoEnergy (the “Subscription Receipts ”) at an issue price of Cdn$4.50 per Subscription Receipt for gross proceeds of $21.00 million. On October 19, 2023, the Company purchased 406,650 Subscription Receipts for Cdn$1.83 million, which will be held in escrow pending the closing of the merger, which is expected to close in or about December 2023. If the merger does not close, the Cdn$1.83 million subscription proceeds will be returned to the Company. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income (loss) | $ 10,469 | $ (4,885) | $ 114,264 | $ (9,254) | $ (18,059) | $ (14,730) | $ 119,849 | $ (42,043) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | The following table summarizes our marketable securities by significant investment categories as of September 30, 2023: Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 68,981 $ — $ 437 $ 69,418 Convertible note (2) 39,638 — 6,972 46,610 Marketable equity securities 2,876 (1,671) — 1,205 Total marketable securities $ 111,495 $ (1,671) $ 7,409 $ 117,233 (1) Marketable debt securities are comprised primarily of U.S. Treasury Bills and Government Agency Bonds and mutual funds. (2) The Convertible Note was received as partial consideration in the Alta Mesa Transaction (defined in Note 5 – Property, Plant and Equipment and Mineral Properties) and is valued using a binomial lattice model using Level 3 inputs. As of September 30, 2023, the enCore share price was above the Conversion Option (defined below) resulting in an unrealized gain. During the three and nine months ended September 30, 2023, enCore redeemed $20.00 million of the principal amount of the Convertible Note. See Note 5 – Property, Plant and Equipment and Mineral Properties and Note 13 – Fair Value Accounting for more information. The following table summarizes our marketable securities by significant investment categories as of December 31, 2022: Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value Marketable debt securities (1) $ 11,435 $ (310) $ — $ 11,125 Marketable equity securities 2,876 (1,809) — 1,067 Total marketable securities $ 14,311 $ (2,119) $ — $ 12,192 (1) Marketable debt securities are comprised primarily of U.S. government agency bonds. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | September 30, 2023 December 31, 2022 Concentrates and work-in-progress $ 27,660 $ 35,476 Inventory of ore in stockpiles 249 940 Consumables 1,904 4,204 Total inventories $ 29,813 $ 40,620 |
PLANT AND EQUIPMENT AND MINER_2
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following is a summary of property, plant and equipment, net: September 30, 2023 December 31, 2022 Cost Accumulated Net Book Value Cost Accumulated Net Book Property, plant and equipment Nichols Ranch $ 29,210 $ (21,747) $ 7,463 $ 29,210 $ (20,221) $ 8,989 Pinyon Plain 3,288 (846) 2,442 1,617 (714) 903 Equipment and other 22,895 (12,592) 10,303 15,009 (12,239) 2,770 Property, plant and equipment total $ 55,393 $ (35,185) $ 20,208 $ 45,836 $ (33,174) $ 12,662 As of December 31, 2022, the net book value of the property, plant and equipment attributable to the Alta Mesa ISR Project “ Alta Mesa ”), which the Company sold to enCore effective February 14, 2023, was $8.21 million and is included in Property, plant and equipment and other assets held for sale, net on the Condensed Consolidated Balance Sheets. |
Schedule of Summary of Mineral Properties | The following is a summary of mineral properties: September 30, 2023 December 31, 2022 Mineral properties Sheep Mountain $ 34,183 $ 34,183 Bahia Project 29,130 — Nichols Ranch ISR Project 25,974 25,974 Roca Honda 22,095 22,095 Pinyon Plain 4,427 — Other 1,287 1,287 Mineral properties total $ 117,096 $ 83,539 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table summarizes the Company’s asset retirement obligations: September 30, 2023 December 31, 2022 Asset retirement obligations, beginning of period $ 9,595 $ 13,687 Revision of estimate — (238) Accretion of liabilities 902 1,556 Held for sale (1) — (5,410) Disposal of Alta Mesa asset retirement obligations (1) (79) — Asset retirement obligations, end of period $ 10,418 $ 9,595 (1) Asset retirement obligations held for sale as of December 31, 2022 are related to Alta Mesa and are included as asset retirement obligation and other liabilities held for sale on the Condensed Consolidated Balance Sheets. Disposal of Alta Mesa asset retirement obligations are related to the accretion expense on Alta Mesa through the closing date and is included within Gain on sale of assets on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 5 – Property, Plant and Equipment and Mineral Properties for more information. |
Schedule of Restricted Cash and Cash Equivalents | The following table summarizes the Company’s restricted cash: September 30, 2023 December 31, 2022 Restricted cash, beginning of period $ 17,449 $ 20,305 Additional collateral posted, net 70 734 Held for sale (1) — (3,590) Restricted cash, end of period $ 17,519 $ 17,449 (1) Restricted cash held for sale is related to Alta Mesa and is included as Asset retirement obligation and other liabilities held for sale on the Condensed Consolidated Balance Sheets. See Note 5 – Property, Plant and Equipment and Mineral Properties for more information. |
BASIC AND DILUTED INCOME (LOS_2
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted loss per share after adjustment for the effects of all potential dilutive Common Shares is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income (loss) attributable to owners of the Company $ 10,563 $ (9,167) $ 119,968 $ (41,950) Basic weighted average common shares outstanding 158,616,883 157,590,318 158,235,301 157,242,332 Dilutive impact of stock options and restricted stock units 1,167,832 — 1,217,624 — Diluted weighted average common shares outstanding 159,784,715 157,590,318 159,452,925 157,242,332 Basic net income (loss) per common share $ 0.07 $ (0.06) $ 0.76 $ (0.27) Diluted net income (loss) per common share $ 0.07 $ (0.06) $ 0.75 $ (0.27) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company’s share-based compensation expense, by type of award, is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 RSUs (1) $ 523 $ 618 $ 2,329 $ 1,589 SARs 653 566 1,393 1,463 Stock options 117 98 311 239 Total share-based compensation expense (2) $ 1,293 $ 1,282 $ 4,033 $ 3,291 (1) The fair value of the RSUs granted under the Compensation Plan for the three and nine months ended September 30, 2023 and 2022 was estimated at the date of grant using the stated market price on the NYSE American. (2) Share-based compensation is included in Selling, general and administration in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s unvested RSUs activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2022 747,425 $ 4.77 Granted 450,232 7.36 Vested (448,883) 4.24 Forfeited (51,329) 7.23 Unvested, September 30, 2023 697,445 $ 6.60 A summary of the Company’s SARs activity is as follows: Number of Shares Weighted Average Weighted Average Remaining Contractual Life (Years) Intrinsic Value Outstanding, December 31, 2022 2,452,768 $ 4.07 Granted 308,333 7.36 Exercised (546,636) 2.92 Forfeited (42,510) 7.24 Expired — — Outstanding, September 30, 2023 2,171,955 $ 4.76 1.91 $ 7,508 Exercisable, September 30, 2023 545,507 $ 2.92 0.31 $ 2,891 A summary of the Company’s unvested SARs activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2022 1,360,625 $ 2.81 Granted 308,333 3.45 Vested — — Forfeited (42,510) 3.68 Unvested, September 30, 2023 1,626,448 $ 2.91 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The fair value of the SARs granted during the nine months ended September 30, 2023 was estimated at the date of grant using a Monte Carlo simulation with the following weighted average assumptions: Risk-free interest rate 3.58 % Expected life (1) 5.0 years Expected volatility (2) 55.00 % Expected dividend yield — % Weighted average grant date fair value $ 3.45 (1) Monte Carlo analysis of SARs assumes employee suboptimal exercise at first vesting time for each tranche. (2) Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the SARs. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of the stock options granted under the Compensation Plan for the nine months ended September 30, 2023 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Risk-free interest rate 3.92 % Expected life 3.25 years Expected volatility (1) 74.10 % Expected dividend yield — % Weighted average grant date fair value $ 3.90 (1) Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the stock options. |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity is as follows: Range of Exercise Prices Number of Shares Weighted Average Weighted Average Remaining Contractual Life (Years) Intrinsic Value Outstanding, December 31, 2022 $1.70 - $8.41 767,678 $ 3.24 Granted 5.34 - 7.36 142,782 7.10 Exercised 1.70 - 6.47 (250,203) 3.09 Forfeited 3.89 - 7.36 (31,014) 6.76 Expired 1.76 - 6.47 (16,720) 3.75 Outstanding, September 30, 2023 $1.76 - $8.41 612,523 $ 4.04 2.15 $ 2,572 Exercisable, September 30, 2023 $1.76 - $8.41 441,245 $ 3.09 1.39 $ 2,351 A summary of the Company’s unvested stock option activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2022 140,586 $ 4.12 Granted 142,782 3.63 Vested (81,077) 3.71 Forfeited (31,014) 3.81 Unvested, September 30, 2023 171,277 $ 3.96 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components of other income (loss) are as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Unrealized gain (loss) on investments accounted for at fair value $ 8,890 $ 3,121 $ 6,701 $ (13,716) Unrealized gain (loss) on marketable securities 540 (36) 875 (207) Realized gain on maturities of marketable securities 374 — 588 — Unrealized gain (loss) on convertible note 7,223 — 6,972 — Realized gain on convertible note 181 — 181 — Foreign exchange gain (loss) (239) 1,229 80 2,361 Interest income, net and other 444 96 3,206 103 Other income (loss) $ 17,413 $ 4,410 $ 18,603 $ (11,459) |
Schedule of Accounts, Notes, Loans and Financing Receivable | The components of trade and other receivables are as follows: September 30, 2023 December 31, 2022 Trade receivables $ 11,052 $ 92 Notes receivable, net 343 343 Other 70 84 Total receivables $ 11,465 $ 519 |
Schedule of Accounts Payable and Accrued Liabilities | The components of accounts payable and accrued liabilities are as follows: September 30, 2023 December 31, 2022 Accounts payable $ 1,417 $ 3,224 Payroll liabilities 2,506 2,929 Accrued capital expenditures 719 22 Accrued property taxes 505 240 Accrued operating expenses 505 409 Deferred revenue 332 — Other accrued liabilities 100 105 Accounts payable and other accrued liabilities $ 6,084 $ 6,929 |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | September 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents (1) $ — $ 11,995 $ — $ 11,995 Investments accounted for at fair value 26,063 6 — 26,069 Marketable debt securities — 69,418 — 69,418 Convertible note — — 46,610 46,610 Marketable equity securities 1,180 25 — 1,205 $ 27,243 $ 81,444 $ 46,610 $ 155,297 (1) Cash equivalents are comprised of U.S. Treasury Bills, Government Agency Bonds and mutual funds purchased within three months of their maturity dates. December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents (1) $ — $ 30,336 $ — $ 30,336 Investments accounted for at fair value 19,263 66 — 19,329 Marketable debt securities — 11,125 — 11,125 Marketable equity securities 1,033 34 — 1,067 $ 20,296 $ 41,561 $ — $ 61,857 (1) Cash equivalents are comprised of U.S. Treasury Bills and Government Agency Bonds purchased within three months of their maturity dates. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table is a reconciliation of the beginning and ending balance recorded for the Convertible Note classified as Level 3 in the fair value hierarchy: Beginning balance, February 14, 2023 $ 59,457 Principal redeemed (1) (20,000) Realized gain included in other income (loss) (1) 181 Unrealized gain included in other income (loss) 6,972 Ending balance, September 30, 2023 $ 46,610 (1) During the three and nine months ended September 30, 2023, enCore redeemed $20.00 million of the principal amount of the Convertible Note. Unpaid interest for the redeemed principal is $0.39 million. |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Marketable Debt Securities and Convertible Note | ||||
Cost Basis | $ 11,435 | |||
Gross Unrealized Losses | (310) | |||
Gross Unrealized Gains | 0 | |||
Fair Value | 11,125 | |||
Marketable equity securities | ||||
Cost Basis | $ 2,876 | $ 2,876 | 2,876 | |
Gross Unrealized Losses | (1,671) | (1,671) | (1,809) | |
Gross Unrealized Gains | 0 | 0 | 0 | |
Fair Value | 1,205 | 1,205 | 1,067 | |
Cost Basis | 111,495 | 111,495 | 14,311 | |
Gross Unrealized Losses | 1,671 | 1,671 | 2,119 | |
Gross Unrealized Gains | 7,409 | 7,409 | 0 | |
Fair Value | 117,233 | 117,233 | $ 12,192 | |
Proceeds from convertible note redemption | 20,000 | 20,000 | $ 0 | |
Marketable Debt Securities | ||||
Marketable Debt Securities and Convertible Note | ||||
Cost Basis | 68,981 | 68,981 | ||
Gross Unrealized Losses | 0 | 0 | ||
Gross Unrealized Gains | 437 | 437 | ||
Fair Value | 69,418 | 69,418 | ||
Convertible Note | ||||
Marketable Debt Securities and Convertible Note | ||||
Cost Basis | 39,638 | 39,638 | ||
Gross Unrealized Losses | 0 | 0 | ||
Gross Unrealized Gains | 6,972 | 6,972 | ||
Fair Value | $ 46,610 | $ 46,610 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Concentrates and work-in-progress | $ 27,660 | $ 35,476 |
Inventory of ore in stockpiles | 249 | 940 |
Consumables | 1,904 | 4,204 |
Total inventories | 29,813 | 40,620 |
Current | 27,660 | 38,155 |
Long term | $ 2,153 | $ 2,465 |
PLANT AND EQUIPMENT AND MINER_3
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 55,393 | $ 45,836 |
Accumulated Depreciation | (35,185) | (33,174) |
Net Book Value | 20,208 | 12,662 |
Nichols Ranch | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 29,210 | 29,210 |
Accumulated Depreciation | (21,747) | (20,221) |
Net Book Value | 7,463 | 8,989 |
Alta Mesa(1) | ||
Property, Plant and Equipment [Line Items] | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 8,210 | |
Pinyon Plain | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 3,288 | 1,617 |
Accumulated Depreciation | (846) | (714) |
Net Book Value | 2,442 | 903 |
Equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 22,895 | 15,009 |
Accumulated Depreciation | (12,592) | (12,239) |
Net Book Value | $ 10,303 | $ 2,770 |
PLANT AND EQUIPMENT AND MINER_4
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Summary of Mineral Properties (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Mineral properties | $ 117,096 | $ 83,539 |
Sheep Mountain | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 34,183 | 34,183 |
Bahia Project | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 29,130 | 0 |
Nichols Ranch ISR Project | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 25,974 | 25,974 |
Roca Honda | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 22,095 | 22,095 |
Pinyon Plain | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | 4,427 | 0 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties | $ 1,287 | $ 1,287 |
PLANT AND EQUIPMENT AND MINER_5
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May 03, 2023 USD ($) | Feb. 14, 2023 USD ($) subsidiary $ / shares | Feb. 10, 2023 USD ($) mi purchaseAgreement a | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation expense | $ 690 | $ 850 | $ 2,024 | $ 2,529 | ||||
Number of purchase agreements | purchaseAgreement | 2 | |||||||
Purchase Agreement, acres to purchase | a | 37,300 | |||||||
Purchase Agreement, miles to purchase | mi | 58.3 | |||||||
Purchase Agreement, purchase price | $ 27,500 | |||||||
Purchase Agreement, payment due at closing | 21,600 | |||||||
Purchase Agreement, deposit payment | 5,900 | |||||||
Purchase Agreement, direct deal costs | $ 1,630 | |||||||
Gain on sale of assets | 0 | 119,257 | 0 | |||||
Restricted Cash And Cash Equivalents Held For Sale | 0 | $ 3,590 | ||||||
Plus: release of restricted cash related to sale of assets | (3,590) | 0 | ||||||
Additions to property, plant and equipment | 8,908 | 1,237 | ||||||
Alta Mesa Divestiture | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number Of Subsidiaries Sold | subsidiary | 3 | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 120,000 | |||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 60,000 | |||||||
Disposal Group, Cash Due Prior To Closing | 6,000 | |||||||
Disposal Group, Cash Due At Closing | 54,000 | |||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 60,000 | |||||||
Convertible Note Receivable, Term | 2 years | |||||||
Convertible Notes Receivable, Interest Rate | 8% | |||||||
Convertible Notes Receivable, Conversion Price Per Share | $ / shares | $ 2.9103 | |||||||
Convertible Notes Receivable, Premium | 20% | |||||||
Convertible Notes Receivable, Conversion Limitation Per Transaction | $ 10,000 | |||||||
Convertible Notes Receivable, Conversion Period | 30 days | |||||||
Gain on sale of assets | $ 116,500 | |||||||
Disposal Group, Cash To Be Received | 119,460 | |||||||
Notes Receivable, Amortized cost | 59,460 | |||||||
Disposal Group, Including Discontinued Operation, Assets | 3,400 | |||||||
Restricted Cash And Cash Equivalents Held For Sale | 3,590 | |||||||
Plus: release of restricted cash related to sale of assets | $ 3,590 | |||||||
Proceeds from Sale of Productive Assets | $ 3,100 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 2,750 | |||||||
Additions to property, plant and equipment | 500 | |||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 350 | |||||||
Disposal Group, Including Discontinued Operation, Property, Plant And Equipment, Usage Period | 20 years | |||||||
White Mesa Mill | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation | $ 90 | $ 60 | $ 240 | $ 160 |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligations, beginning of period | $ 9,595 | $ 13,687 | $ 13,687 | ||
Revision of estimate | 0 | 238 | 238 | ||
Accretion of liabilities | $ 282 | $ 397 | 902 | $ 1,301 | 1,556 |
Held for sale(1) | 0 | 0 | (5,410) | ||
Disposal of Alta Mesa asset retirement obligations (1) | (79) | 0 | |||
Asset retirement obligations, end of period | $ 10,418 | $ 10,418 | $ 9,595 |
ASSET RETIREMENT OBLIGATIONS _4
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Restricted Cash And Cash Equivalents [Roll Forward] | ||
Restricted cash, beginning of period | $ 17,449 | $ 20,305 |
Additional collateral posted, net | 70 | 734 |
Restricted Cash And Cash Equivalents Held For Sale | 0 | (3,590) |
Restricted cash, end of period | $ 17,519 | $ 17,449 |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Warrant or Right [Line Items] | ||||
Sale of stock, consideration received | $ 21,000 | |||
At The Market Sale Of Stock | ||||
Class of Warrant or Right [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 2,050 | 2,050 | 770 | |
Sale of stock, consideration received | $ 16,050 | $ 16,050 | $ 7,890 |
BASIC AND DILUTED INCOME (LOS_3
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to owners of the Company | $ 10,563 | $ (9,167) | $ 119,968 | $ (41,950) |
Basic weighted average common shares outstanding | 158,616,883 | 157,590,318 | 158,235,301 | 157,242,332 |
Dilutive impact of stock options and restricted stock units | 1,167,832 | 0 | 1,217,624 | 0 |
Diluted weighted average common shares outstanding | 159,784,715 | 157,590,318 | 159,452,925 | 157,242,332 |
Basic net income (loss) per common share | $ 0.07 | $ (0.06) | $ 0.76 | $ (0.27) |
Diluted net income (loss) per common share | $ 0.07 | $ (0.06) | $ 0.75 | $ (0.27) |
BASIC AND DILUTED INCOME (LOS_4
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 780 | 880 | 10 | 1,520 |
Stock Appreciation Rights (SARs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 2,170 | 2,450 | 2,240 | 2,360 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period, weighted average exercise price (in dollars per share) | $ 7.10 |
Award exercise period | 5 years |
Exercisable options, weighted average remaining contractual term | 1 year 4 months 20 days |
Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares authorized (in shares) | shares | 16,046,337 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 2 years |
Unrecognized compensation costs related to unvested stock options | $ | $ 280 |
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 3 months |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Intrinsic value | $ 3,380,000 |
Unrecognized compensation costs related to RSU awards | $ | $ 1,490 |
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 5 years |
Unrecognized compensation costs related to RSU awards | $ | $ 620 |
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 9 months 18 days |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period, weighted average exercise price (in dollars per share) | $ 7.36 |
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) | $ 12 |
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) | $ 14 |
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) | $ 16 |
Period of exercise price | 90 days |
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) | $ 7.36 |
SHARE-BASED PAYMENTS - Schedule
SHARE-BASED PAYMENTS - Schedule of Share-based Compensation, Restricted Stock, Restricted Stock Units Activity and SAR's (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 1,293 | $ 1,282 | $ 4,033 | $ 3,291 |
Equity Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 4.12 | |||
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 3.96 | $ 3.96 | ||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 117 | 98 | $ 311 | 239 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unrecognized Compensation Costs Related To Unvested Stock Options | 280 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 523 | 618 | $ 2,329 | 1,589 |
Restricted Stock Units (RSUs) | Equity Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of nonvested shares, beginning of period (in shares) | 747,425 | |||
Granted, nonvested, number of shares (in shares) | 450,232 | |||
Vested, number of shares (in shares) | (448,883) | |||
Forfeited, number of shares (in shares) | (51,329) | |||
Number of nonvested shares, end of period (in shares) | 697,445 | 697,445 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 4.77 | |||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 7.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 7.23 | |||
Vested, weighted average grant date fair value (in dollars per share) | 4.24 | |||
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 6.60 | $ 6.60 | ||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 653 | $ 566 | $ 1,393 | $ 1,463 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of nonvested shares, beginning of period (in shares) | 2,452,768 | |||
Granted, nonvested, number of shares (in shares) | 308,333 | |||
Exercised, number of shares (in shares) | (546,636) | |||
Forfeited, number of shares (in shares) | (42,510) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 0 | |||
Number of nonvested shares, end of period (in shares) | 2,171,955 | 2,171,955 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 4.07 | |||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 7.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised, Weighted Average Exercise Price | 2.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 7.24 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expired, Weighted Average Grant Date Fair | 0 | |||
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 4.76 | $ 4.76 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Number | 545,507 | 545,507 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Weighted Average Exercise Price | $ 2.92 | $ 2.92 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 10 months 28 days | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Weighted Average Remaining Contractual Term | 3 months 21 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 7,508 | $ 7,508 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Aggregate Intrinsic Value | $ 2,891 | $ 2,891 | ||
Stock Appreciation Rights (SARs) | Equity Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of nonvested shares, beginning of period (in shares) | 1,360,625 | |||
Granted, nonvested, number of shares (in shares) | 308,333 | |||
Vested, number of shares (in shares) | 0 | |||
Forfeited, number of shares (in shares) | (42,510) | |||
Number of nonvested shares, end of period (in shares) | 1,626,448 | 1,626,448 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 2.81 | |||
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 3.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 3.68 | |||
Vested, 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) | $ 2.91 | $ 2.91 |
SHARE-BASED PAYMENTS - Schedu_2
SHARE-BASED PAYMENTS - Schedule of Share-based Payment, SARs, Valuation Assumptions (Details) - Stock Appreciation Rights (SARs) | 9 Months Ended |
Sep. 30, 2023 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 3.58% |
Expected life | 5 years |
Expected volatility(1) | 55% |
Expected dividend yield | 0% |
Weighted average grant date fair value | $ 3.45 |
SHARE-BASED PAYMENTS - Schedu_3
SHARE-BASED PAYMENTS - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option | 9 Months Ended |
Sep. 30, 2023 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 3.92% |
Expected life | 3 years 3 months |
Expected volatility(1) | 74.10% |
Expected dividend yield | 0% |
Weighted average grant date fair value | $ 3.90 |
SHARE-BASED PAYMENTS - Schedu_4
SHARE-BASED PAYMENTS - Schedule of Share-based Compensation, Stock Options, Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
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) | $ 3.24 |
Grants in period, weighted average exercise price (in dollars per share) | 7.10 |
Exercises in period, weighted average exercise price (in dollars per share) | 3.09 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 6.76 |
Expirations in period, weighted average exercise price (in dollars per share) | 3.75 |
Weighted average exercise price, end of period (in dollars per share) | 4.04 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 3.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options, beginning of period (in shares) | shares | 767,678 |
Number of grants in period, net of forfeitures (in shares) | shares | 142,782 |
Number of forfeitures in period (in shares) | shares | (31,014) |
Number of expirations in period (in shares) | shares | (16,720) |
Number of options, end of period (in shares) | shares | 612,523 |
Number of exercisable options (in shares) | shares | 441,245 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 24 days |
Exercisable options, weighted average remaining contractual term | 1 year 4 months 20 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 2,572 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 2,351 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 250,203 |
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 |
Grants in period, weighted average exercise price (in dollars per share) | 5.34 |
Exercises in period, weighted average exercise price (in dollars per share) | 1.70 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 3.89 |
Expirations in period, weighted average exercise price (in dollars per share) | 1.76 |
Weighted average exercise price, end of period (in dollars per share) | 1.76 |
Exercisable options, weighted average exercise price (in dollars per share) | 1.76 |
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) | 8.41 |
Grants in period, weighted average exercise price (in dollars per share) | 7.36 |
Exercises in period, weighted average exercise price (in dollars per share) | 6.47 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 7.36 |
Expirations in period, weighted average exercise price (in dollars per share) | 6.47 |
Weighted average exercise price, end of period (in dollars per share) | 8.41 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 8.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Exercisable options, weighted average remaining contractual term | 10 years |
Equity Option | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Number of nonvested shares, beginning of period (in shares) | shares | 140,586 |
Granted, nonvested, number of shares (in shares) | shares | 142,782 |
Vested, number of shares (in shares) | shares | (81,077) |
Nonvested options forfeited, number of shares (in shares) | shares | (31,014) |
Number of nonvested shares, end of period (in shares) | shares | 171,277 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, weighted average grant date fair value, beginning of period (in dollars per share) | $ 4.12 |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 3.63 |
Vested, weighted average grant date fair value (in dollars per share) | 3.71 |
Nonvested options forfeited, weighted average grant date fair value (in dollars per share) | 3.81 |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 3.96 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||||||
Income tax provision | $ 0 | $ 0 | $ 0 | |||||
Net income (loss) | $ 10,469,000 | $ (4,885,000) | $ 114,264,000 | $ (9,254,000) | $ (18,059,000) | $ (14,730,000) | $ 119,849,000 | $ (42,043,000) |
Effective income tax rate | 0% | 0% | ||||||
Net Operating Loss carryforwards | $ 25,850,000 | $ 25,850,000 |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Unrealized gain (loss) on investments accounted for at fair value | $ 8,890 | $ 3,121 | $ 6,701 | $ (13,716) |
Unrealized gain (loss) on marketable securities | 540 | (36) | 875 | (207) |
Realized gain on maturities of marketable securities | 374 | 0 | 588 | 0 |
Unrealized gain (loss) on convertible note | 7,223 | 0 | 6,972 | 0 |
Realized gain on convertible note | 181 | 0 | 181 | 0 |
Foreign exchange gain (loss) | (239) | 1,229 | 80 | 2,361 |
Interest income, net and other | 444 | 96 | 3,206 | 103 |
Other income (loss) | $ 17,413 | $ 4,410 | $ 18,603 | $ (11,459) |
SUPPLEMENTAL FINANCIAL INFORM_4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Trade receivables | $ 11,052 | $ 92 |
Notes receivable, net | 343 | 343 |
Other | 70 | 84 |
Total receivables | $ 11,465 | $ 519 |
SUPPLEMENTAL FINANCIAL INFORM_5
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 1,417 | $ 3,224 |
Payroll liabilities | 2,506 | 2,929 |
Accrued capital expenditures | 719 | 22 |
Accrued property taxes | 505 | 240 |
Accrued operating expenses | 505 | 409 |
Deferred revenue | 332 | 0 |
Other accrued liabilities | 100 | 105 |
Accounts payable and other accrued liabilities | $ 6,084 | $ 6,929 |
SUPPLEMENTAL FINANCIAL INFORM_6
SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Accounts And Other Receivables, Net | $ 70 | $ 84 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | |||
Asset retirement obligation | $ 10,418 | $ 9,595 | $ 13,687 |
Mining Properties and Mineral Rights | |||
Other Commitments [Line Items] | |||
Renewal costs | 330 | ||
Canyon Project | |||
Other Commitments [Line Items] | |||
Loss contingency, estimate of possible loss | 17,520 | 21,040 | |
Asset retirement obligation | $ 33,000 | $ 42,910 |
FAIR VALUE ACCOUNTING - Fair Va
FAIR VALUE ACCOUNTING - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instruments fair value | $ 155,297 | $ 155,297 | $ 61,857 | |
Debt Security FV-NI, Interest | 390 | 390 | ||
Proceeds from convertible note redemption | 20,000 | 20,000 | $ 0 | |
Fair Value, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents(1) | 11,995 | 11,995 | 30,336 | |
Investments accounted for at fair value | 26,069 | 26,069 | 19,329 | |
Fair Value, Recurring | Marketable Debt Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 69,418 | 69,418 | 11,125 | |
Fair Value, Recurring | Convertible Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 46,610 | 46,610 | ||
Fair Value, Recurring | Marketable Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 1,205 | 1,205 | 1,067 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instruments fair value | 27,243 | 27,243 | 20,296 | |
Level 1 | Fair Value, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents(1) | 0 | 0 | 0 | |
Investments accounted for at fair value | 26,063 | 26,063 | 19,263 | |
Level 1 | Fair Value, Recurring | Marketable Debt Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 0 | 0 | 0 | |
Level 1 | Fair Value, Recurring | Convertible Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 0 | 0 | ||
Level 1 | Fair Value, Recurring | Marketable Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 1,180 | 1,180 | 1,033 | |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instruments fair value | 81,444 | 81,444 | 41,561 | |
Level 2 | Fair Value, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents(1) | 11,995 | 11,995 | 30,336 | |
Investments accounted for at fair value | 6 | 6 | 66 | |
Level 2 | Fair Value, Recurring | Marketable Debt Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 69,418 | 69,418 | 11,125 | |
Level 2 | Fair Value, Recurring | Convertible Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 0 | 0 | ||
Level 2 | Fair Value, Recurring | Marketable Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 25 | 25 | 34 | |
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instruments fair value | 46,610 | 46,610 | 0 | |
Level 3 | Fair Value, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents(1) | 0 | 0 | 0 | |
Investments accounted for at fair value | 0 | 0 | 0 | |
Level 3 | Fair Value, Recurring | Marketable Debt Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 0 | 0 | 0 | |
Level 3 | Fair Value, Recurring | Convertible Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | 46,610 | 46,610 | ||
Level 3 | Fair Value, Recurring | Marketable Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Fair Value | $ 0 | $ 0 | $ 0 |
FAIR VALUE ACCOUNTING - Narrati
FAIR VALUE ACCOUNTING - Narrative (Details) $ in Thousands | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 USD ($) percentagepoint | Feb. 14, 2023 percentagepoint | Jan. 24, 2023 shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Change In Value Of Investments Accounted At Fair Value | $ 8,890 | $ 3,121 | $ 6,701 | $ (13,716) | |||||
Convertible Note, decrease in fair value | $ (6,610) | ||||||||
Measurement Input, Price Volatility | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Notes Receivable, Fair Value Measurement Input | percentagepoint | 0.55 | 0.60 | |||||||
Measurement Input, Yield | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Notes Receivable, Fair Value Measurement Input | percentagepoint | 0.103 | 0.095 | |||||||
Virginia Energy Resources Inc. | CUR | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Entity Shares Issued Per Acquiree Share | shares | 0.26 | ||||||||
Business Combination, Number of Common Stock Shares Acquired | shares | 9,439,857 | ||||||||
Business Combination, Acquired Shares Converted To Common Stock | shares | 2,454,362 | ||||||||
Virginia Energy Resources Inc. | Energy Fuels | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Business Combination, Shares Converted Into Common Stock | shares | 16,189,548 | ||||||||
CUR | Energy Fuels | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 16.70% | ||||||||
Virginia Energy Resources Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Percentage Of Fair Value Investment | 13.50% | ||||||||
Virginia Energy Resources Inc. | Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Investments accounted for at fair value | $ 2,830 | ||||||||
Consolidated Uranium Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Percentage Of Fair Value Investment | 15.70% | 17.40% | |||||||
Investments accounted for at fair value | $ 26,070 | $ 26,070 | $ 26,070 | ||||||
Consolidated Uranium Inc. | Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Investments accounted for at fair value | $ 16,500 |
FAIR VALUE ACCOUNTING - Schedul
FAIR VALUE ACCOUNTING - Schedule of Fair Value Reconciliation Rollforwardd (Details) $ in Thousands | 8 Months Ended |
Sep. 30, 2023 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Principal redeemed (1) | $ (20,000) |
Realized gain included in other income (loss) (1) | 181 |
Unrealized gain included in other income (loss) | 6,972 |
Notes Receivable | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance, February 14, 2023 | 59,457 |
Ending balance, September 30, 2023 | $ 46,610 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Revenues | $ 10,987 | $ 2,933 | $ 37,463 | $ 12,337 | |
Accounts And Other Receivables, Net | 70 | 70 | $ 84 | ||
Current receivables | 11,465 | 11,465 | 519 | ||
Other long-term receivables | 1,508 | 1,508 | 1,537 | ||
Consolidated Uranium Inc. | |||||
Related Party Transaction [Line Items] | |||||
Revenues | 60 | 50 | 520 | 450 | |
Current receivables | 60 | $ 80 | 60 | $ 80 | |
Other long-term receivables | $ 1,510 | $ 1,510 | $ 1,500 | ||
United Nuclear | Director | Arkose Mining Venture | |||||
Related Party Transaction [Line Items] | |||||
Equity method, ownership percentage | 19% | 19% | |||
Energy Fuels | Director | Arkose Mining Venture | |||||
Related Party Transaction [Line Items] | |||||
Equity method, ownership percentage | 81% | 81% |
SUBSEQUENT EVENTS - (Details)
SUBSEQUENT EVENTS - (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Nov. 03, 2023 USD ($) shares | Nov. 01, 2023 USD ($) | Oct. 19, 2023 CAD ($) shares | Oct. 11, 2023 USD ($) | Sep. 27, 2023 USD ($) shares | Nov. 03, 2023 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) | Sep. 27, 2023 $ / shares | Dec. 31, 2022 USD ($) shares | |
Subsequent Event [Line Items] | |||||||||||
Common stock, shares, issued (in shares) | shares | 160,463,370 | 160,463,370 | 157,682,531 | ||||||||
Proceeds from issuance of shares | $ 16,047 | $ 7,886 | |||||||||
Proceeds from convertible note redemption | $ 20,000 | 20,000 | $ 0 | ||||||||
Principal amount outstanding | $ 11,435 | ||||||||||
Shares received per common stock share issued (in shares) | shares | 0.500 | ||||||||||
Sale of stock, consideration received | $ 21,000 | ||||||||||
Convertible Note | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Principal amount outstanding | $ 39,638 | $ 39,638 | |||||||||
Private Placement | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of shares available (in shares) | shares | 4,667,000 | ||||||||||
Price per share (in USD per share) | $ / shares | $ 4.50 | ||||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from convertible note redemption | $ 12,000 | $ 4,000 | $ 4,000 | ||||||||
Subsequent Event | Convertible Note | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Principal amount outstanding | $ 20,000 | ||||||||||
Subsequent Event | At the Market Program | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock, shares, issued (in shares) | shares | 890,000 | 890,000 | |||||||||
Proceeds from issuance of shares | $ 6,880 | ||||||||||
Subsequent Event | Private Placement | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from issuance of shares | $ 1,830 | ||||||||||
Sale of stock, number of shares issued (in shares) | shares | 406,650 |