Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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) | 163,651,897 | |
Amendment Flag | false | |
Entity Central Index Key | 0001385849 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Uranium concentrates | $ 25,314 | $ 18,470 |
Vanadium concentrates | 0 | 871 |
Alternate Feed Materials, processing and other | 112 | 272 |
Total revenues | 25,426 | 19,613 |
Costs applicable to uranium concentrates | 11,052 | 7,715 |
Costs applicable to vanadium concentrates | 0 | 551 |
Total costs applicable to revenues | 11,052 | 8,266 |
Other operating costs and expenses | ||
Exploration, development and processing | 2,805 | 3,096 |
Standby | 1,333 | 2,287 |
Accretion of asset retirement obligations | 276 | 346 |
Selling, general and administration | 7,939 | 6,023 |
Total operating income (loss) | 2,021 | (405) |
Gain on sale of assets | 0 | 116,450 |
Other income (loss) (Note 11) | 1,617 | (1,781) |
Other income (loss) | 1,617 | 114,669 |
Net income and comprehensive income | $ 3,638 | $ 114,264 |
Basic loss per share (in dollars per share) | $ 0.02 | $ 0.72 |
Diluted loss per share (in dollars per share) | $ 0.02 | $ 0.72 |
Net income and comprehensive income attributable to: | ||
Owners of the Company | $ 3,639 | $ 114,265 |
Non-controlling interests | (1) | (1) |
Net income and comprehensive income | $ 3,638 | $ 114,264 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 54,780 | $ 57,445 |
Marketable securities (Notes 3 and 13) | 140,796 | 133,044 |
Trade and other receivables, net of allowance for credit losses of $223 and $223, as of March 31, 2024 and December 31, 2023, respectively | 854 | 816 |
Inventories (Note 4) | 28,245 | 38,868 |
Prepaid expenses and other current assets | 3,394 | 2,522 |
Total current assets | 228,069 | 232,695 |
Mineral properties (Note 5) | 122,406 | 119,581 |
Property, plant and equipment, net (Note 5) | 29,799 | 26,123 |
Inventories (Note 4) | 3,826 | 1,852 |
Operating lease right of use asset | 1,174 | 1,219 |
Investments (Note 13) | 1,297 | 1,356 |
Other long-term receivables | 1,499 | 1,534 |
Restricted cash (Note 6) | 17,717 | 17,579 |
Total assets | 405,787 | 401,939 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 11) | 5,317 | 10,161 |
Operating lease liability | 209 | 199 |
Total current liabilities | 5,526 | 10,360 |
Operating lease liability | 1,064 | 1,120 |
Asset retirement obligations (Note 6) | 11,175 | 10,922 |
Deferred revenue | 332 | 332 |
Total liabilities | 18,097 | 22,734 |
Equity | ||
Share capital Common shares, without par value, unlimited shares authorized; shares issued and outstanding 163,651,897 and 162,659,155 as of March 31, 2024 and December 31, 2023, respectively | 738,297 | 733,450 |
Accumulated deficit | (352,619) | (356,258) |
Accumulated other comprehensive loss | (1,946) | (1,946) |
Total shareholders' equity | 383,732 | 375,246 |
Non-controlling interests | 3,958 | 3,959 |
Total equity | 387,690 | 379,205 |
Total liabilities and equity | 405,787 | 401,939 |
Commitments and contingencies (Note 12) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 223 | $ 223 | |
Common stock, shares, issued (in shares) | 163,651,897 | 162,659,155 | |
Common stock, shares, outstanding (in shares) | 163,651,897 | 162,659,155 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock Stock Appreciation Rights (SARs) | Accumulated Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | Non-Controlling Interests |
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 and comprehensive income | 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 exercise of stock appreciation rights (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, 2023 | 162,659,155 | ||||||
Beginning balance at Dec. 31, 2023 | 379,205 | $ 733,450 | (356,258) | (1,946) | 375,246 | 3,959 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income and comprehensive income | 3,638 | 3,639 | 3,639 | (1) | |||
Shares Issued For Cash By At The Market Offering Shares | 619,910 | ||||||
Shares issued for cash by at-the-market offering | 4,898 | $ 4,898 | 4,898 | ||||
Cash paid to settle and fund employee income tax withholding due upon exercise of stock appreciation rights | (552) | (552) | (552) | ||||
Share issuance cost | 110 | 110 | 110 | ||||
Share-based compensation | 1,345 | $ 1,345 | 1,345 | ||||
shares issued for exrcise of stock options (in shares) | 29,116 | 89,794 | |||||
Shares issued for exercise of stock options | (103) | $ (103) | (103) | ||||
Shares issued for the vesting of restricted stock units (in shares) | 253,922 | ||||||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | 837 | $ 837 | 837 | ||||
Ending balance (in shares) at Mar. 31, 2024 | 163,651,897 | ||||||
Ending balance at Mar. 31, 2024 | $ 387,690 | $ 738,297 | $ (352,619) | $ (1,946) | $ 383,732 | $ 3,958 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 3,638 | $ 114,264 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depletion, depreciation and amortization | 668 | 655 |
Share-based compensation | 1,345 | 1,186 |
Accretion of asset retirement obligations | 276 | 346 |
Unrealized foreign exchange (gain) loss | 702 | (24) |
Unrealized loss on investments | 0 | 2,959 |
Realized gain on marketable securities | (212) | 0 |
Gain on sale of assets | 0 | (116,450) |
Other, net | (24) | 149 |
Changes in current assets and liabilities: | ||
Marketable securities | (540) | (325) |
Inventories | 8,719 | 538 |
Trade and other receivables | (60) | (1,540) |
Prepaid expenses and other current assets | (850) | (1,233) |
Accounts payable and accrued liabilities | (4,821) | (3,104) |
Net cash provided by (used in) operating activities | 8,841 | (2,579) |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (4,783) | (2,042) |
Additions to mineral properties | (2,476) | (1,171) |
Acquisition of mineral properties | 0 | (21,624) |
Purchases of marketable securities | (64,730) | (47,924) |
Maturities of marketable securities | 57,165 | 0 |
Proceeds from sale of assets | 0 | 53,759 |
Net cash used in investing activities | (14,824) | (19,002) |
FINANCING ACTIVITIES | ||
Issuance of common shares for cash, net of issuance costs | 4,788 | 0 |
Cash received from exercise of stock options | 103 | 72 |
Net cash provided by (used in) financing activities | 3,502 | (846) |
Effect of exchange rate fluctuations on cash held in foreign currencies | (46) | 22 |
Plus: release of restricted cash related to sale of assets | 0 | 3,475 |
Net change in cash, cash equivalents and restricted cash | (2,527) | (18,930) |
Cash, cash equivalents and restricted cash, beginning of period | 75,024 | 80,269 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 72,497 | 61,339 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 65 | 11 |
Increase (decrease) in accounts payable and accrued liabilities for property, plant and equipment and mineral properties | (18) | 1,456 |
Non-cash investing and financing transactions: | ||
Acquisition of convertible note | 0 | 59,259 |
Restricted Stock Units (RSUs) | ||
FINANCING ACTIVITIES | ||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | (837) | (918) |
Stock Appreciation Rights (SARs) | ||
FINANCING ACTIVITIES | ||
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units | $ (552) | $ 0 |
THE COMPANY AND DESCRIPTION OF
THE COMPANY AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2024 | |
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. The Company recently acquired the Bahia Project in Brazil, which is an exploration/permitting stage property for the potential production of heavy mineral sands (“ HMS ”) which would be sold into the commercial HMS market and associated monazite which would be used as a feedstock ore for production of REEs and uranium at the Mill. The Company is also pursuing the potential acquisition of other HMS/monazite projects around the world. 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. Energy Fuels produces both uranium and REEs. 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. Concurrently, the Company’s recycling program (known as its “ Alternate Feed Program ”), works to reduce the levels of new production and natural disturbances needed to meet global energy demand by recycling 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 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. As of March 31, 2024, 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 (defined in Note 5 – Property, Plant and Equipment and Mineral Properties) 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 March 31, 2024, the Company continued ore production at its Pinyon Plain, La Sal and Pandora Projects, as well as exploration drilling and analysis at its 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 pursuing its TAT cancer-fighting therapeutics initiatives. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023, which was filed with the SEC on February 23, 2024. 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, 2023. 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. The Company reports operating and financial results in a single segment based on the consolidated information used by the chief operating decision maker (“ CODM ”) in evaluating the financial performance of our business and allocating resources. This single segment reflects the Company's core business: produce critical minerals. As the Company has one reportable segment, net income, total assets and working capital are equal to consolidated results. Recently Adopted Accounting Standard In November 2023, the FASB issued Accounting Standard Update (“ ASU ”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires annual and interim disclosures about significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss as well as the amount and composition of other segment items. The Company adopted this standard prospectively on January 1, 2024, which did not have a material impact on the Company's unaudited condensed consolidated financial statements. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The Company has elected the fair value option for its marketable debt securities and records these instruments on the Condensed Consolidated Balance Sheet at their fair value including 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. 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 March 31, 2024 and December 31, 2023 are due in one to two years. 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: Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value March 31, 2024 Marketable debt securities (1) $ 114,568 $ — $ 1,103 $ 115,671 Marketable equity securities 28,159 (3,034) — 25,125 Total marketable securities $ 142,727 $ (3,034) $ 1,103 $ 140,796 December 31, 2023 Marketable debt securities (1) $ 106,791 $ — $ 675 $ 107,466 Marketable equity securities 28,159 (2,581) — 25,578 Total marketable securities $ 134,950 $ (2,581) $ 675 $ 133,044 (1) Marketable debt securities are comprised primarily of U.S. Treasury Bills and Government Agency Bonds. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following items: March 31, 2024 December 31, 2023 Concentrates and work-in-progress $ 25,006 $ 35,807 Inventory of ore in stockpiles 5,418 3,072 Raw materials and consumables 1,647 1,841 Total inventories $ 32,071 $ 40,720 |
PLANT AND EQUIPMENT AND MINERAL
PLANT AND EQUIPMENT AND MINERAL PROPERTIES | 3 Months Ended |
Mar. 31, 2024 | |
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: Estimated Useful Lives March 31, 2024 December 31, 2023 Land N/A $ 642 $ 642 Plant facilities 12 - 15 years 29,756 29,750 Mining equipment 5 - 10 years 17,379 13,019 Light trucks and utility vehicles 5 years 3,650 3,256 Office furniture and equipment 4 - 7 years 1,773 1,754 Construction-in-progress N/A 13,490 13,627 Total property, plant and equipment $ 66,690 $ 62,048 Less: accumulated depreciation (36,891) (35,925) Property, plant and equipment, net $ 29,799 $ 26,123 The Company recognized depreciation expense of $0.67 million and $0.66 million for the three months ended March 31, 2024 and 2023, respectively. Depreciation expense is included in Exploration, development and processing as well as Standby in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three months ended March 31, 2024 and 2023, the Company capitalized $0.07 million for each period, of depreciation expense related to the Mill that was included in the capitalized costs to inventory on the Condensed Consolidated Balance Sheets. For the three months ended March 31, 2024, the Company capitalized $0.23 million of depreciation expense related to mineral properties on the Condensed Consolidated Balance Sheet. No depreciation was capitalized to mineral properties for the three months ended March 31, 2023. The following is a summary of mineral properties: March 31, 2024 December 31, 2023 Sheep Mountain $ 34,183 $ 34,183 Bahia Project 29,130 29,130 Nichols Ranch ISR Project 25,974 25,974 Roca Honda 22,095 22,095 Pinyon Plain 9,337 6,512 Other 1,687 1,687 Mineral Properties total $ 122,406 $ 119,581 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 acquisitions of $1.63 million. 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 Energy Corp. (“ 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 secured convertible note (“ 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 was 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. 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 March 31, 2024, the Company has not purchased, leased and/or licensed a PFN tool. |
ASSET RETIREMENT OBLIGATIONS AN
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2024 | |
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: Asset retirement obligations, December 31, 2023 $ 10,922 Revision of estimate (23) Accretion of liabilities 276 Asset retirement obligations, March 31, 2024 $ 11,175 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, 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 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: Restricted cash, December 31, 2023 $ 17,579 Additional collateral posted 138 Restricted cash, March 31, 2024 $ 17,717 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024, the Company issued 0.62 million Common Shares under its at-the-market (the “ ATM ”) public offering program for net proceeds of $4.79 million after share issuance costs. No Common Shares were issued pursuant to the ATM during the three months ended March 31, 2023. |
BASIC AND DILUTED INCOME (LOSS)
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Common Share | BASIC AND DILUTED NET INCOME PER COMMON SHARE Basic and diluted net income per Common Share The calculation of basic net income per common share and diluted net income per common share after adjustment for the effects of all potential dilutive Common Shares is as follows: Three Months Ended 2024 2023 Net income attributable to owners of the Company $ 3,639 $ 114,265 Basic weighted average common shares outstanding 163,414,293 157,930,097 Dilutive impact of stock options and restricted stock units 1,218,484 1,298,970 Diluted weighted average common shares outstanding 164,632,777 159,229,067 Basic net income per common share $ 0.02 $ 0.72 Diluted net income per common share $ 0.02 $ 0.72 For the three months ended March 31, 2024 and 2023, a weighted average of 0.30 million and 0.26 million, respectively, stock options and restricted stock units (“ RSUs ”) have been excluded from the calculation of diluted net income per common share, as their effect would have been anti-dilutive. In addition, the Company excluded stock appreciation rights (“ SARs ”) of 1.02 million and 1.66 million, respectively, for the three months ended March 31, 2024 and 2023 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 | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payments | SHARE-BASED COMPENSATION The Company maintains an equity incentive plan, known as the 2024 Amended and Restated Omnibus Equity Incentive Compensation Plan (as most recently approved by the Company’s Board of Directors on April 10, 2024, subject to the ratification of the Company’s shareholders at its Annual General and Special Meeting of Shareholders to be held on June 11, 2024) (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 March 31, 2024, a total of 16,365,189 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 2024 2023 RSUs (1) $ 744 $ 644 SARs 153 436 Stock options 448 106 Total share-based compensation expense (2) $ 1,345 $ 1,186 (1) The fair value of the RSUs granted under the Compensation Plan for the three months ended March 31, 2024 and 2023 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. As of March 31, 2024, there were $3.04 million, $0.15 million and $1.85 million of unrecognized compensation costs related to the unvested RSUs, SARs, and stock options, respectively. This expense is expected to be recognized over a weighted average period of 2.59 years, 0.59 years and 1.76 years, respectively. 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 RSU activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2023 641,839 $ 6.57 Granted 371,658 7.48 Vested (373,067) 6.20 Forfeited — — Unvested, March 31, 2024 640,430 $ 7.32 The total fair value of RSUs that vested and were settled for equity was $2.72 million for the three months ended March 31, 2024. Stock Appreciation Rights The Company has granted SARs to executives and eligible employees from time-to-time. Most recently, 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 vests on the satisfaction of certain performance goals, and once vested, 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 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. 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, 2023 1,839,528 $ 5.01 Granted — — Exercised (250,036) 2.92 Forfeited — — Expired (569,595) 2.94 Outstanding, March 31, 2024 1,019,897 $ 6.67 3.05 $ — Exercisable, March 31, 2024 — $ — — $ — A summary of the Company’s unvested SARs activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2023 1,589,492 $ 2.89 Granted — — Vested — — Expired (569,595) 4.51 Forfeited — — Unvested, March 31, 2024 1,019,897 $ 3.83 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 grant date. Stock options granted under the Compensation Plan generally vest over a period of two years or more and are generally exercisable over a period of five years from the grant date, such period not to exceed 10 years. In January 2024, the Company granted stock options to its executives and certain other high-level employees stock options intended to incentivize senior management to achieve the Company's strategic long-term goals over the specified terms of the grants, based on significant common share price growth objectives, and to reward management for achieving those growth objectives. The grant entitles the recipients to purchase one Common Share of the Company at an exercise price of $8.23 per share (the “ Performance-Based Options ”), being a 10% premium to the higher of (i) the VWAP of the Common Shares of the Company on the NYSE American for the five trading days ending on the last trading day prior to the date of the meeting when granted, and (ii) the closing price of the common shares of the Company on the NYSE American on the last trading day prior to the date of such meeting, which, as of January 24, 2024, was $7.48. The Performance-Based Options vest as to 50% on January 25, 2025 and as to the remaining 50% on January 25, 2026. The term of the Performance-Based Options is five years, ending on January 24, 2029. The fair value of the all stock options, including Performance Based Options, granted under the Compensation Plan for the three months ended March 31, 2024 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Risk-free interest rate 4.73 % Expected life 3.08 Expected volatility (1) 69.15 % Expected dividend yield — % Weighted average grant date fair value $ 3.64 (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 all of the Company’s stock option activity, including Performance Based Options, is as follows: Range of Exercise Prices Number of Shares Weighted Average Weighted Average Remaining Contractual Life (Years) Intrinsic Value Outstanding, December 31, 2023 $1.76 - $8.60 523,468 $ 4.48 Granted 6.14 - 8.23 561,729 7.81 Exercised 2.92 - 4.48 (29,116) 3.53 Forfeited 7.36 - 7.48 (5,513) 7.45 Expired 2.92 - 2.92 (415) 2.92 Outstanding, March 31, 2024 $1.76 - $8.60 1,050,153 $ 6.27 3.38 $ 1,014 Exercisable, March 31, 2024 $1.76 - $8.41 414,565 $ 4.02 1.84 $ 1,009 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, 2023 169,182 $ 4.11 Granted 561,729 3.64 Vested (89,810) 4.43 Forfeited (5,513) 3.81 Unvested, March 31, 2024 635,588 $ 3.66 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES As of March 31, 2024, 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. For the three months ended March 31, 2024 and 2023, the Company did not record income tax benefit on income before tax of $3.64 million and $114.26 million, respectively. The effective tax rate was 0% for each of the three months ended March 31, 2024 and 2023, which was a result of the full valuation allowance on net deferred tax assets. |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Unrealized loss on investments $ — $ (2,959) Unrealized gain on marketable securities 540 325 Realized gain on maturities of marketable securities 212 — Unrealized loss on convertible note — (198) Foreign exchange gain (loss) (702) 26 Interest income, net and other 1,567 1,025 Other income (loss) $ 1,617 $ (1,781) The components of trade and other receivables are as follows: March 31, 2024 December 31, 2023 Trade receivables $ 361 $ 406 Notes receivable, net 343 343 Other 150 67 Total receivables $ 854 $ 816 The components of accounts payable and accrued liabilities are as follows: March 31, 2024 December 31, 2023 Accounts payable $ 1,389 $ 1,006 Accrued operating expenses 1,614 4,391 Accrued payroll liabilities 1,714 4,162 Accrued capital expenditures 406 205 Accrued taxes 188 393 Other accrued liabilities 6 4 Accounts payable and accrued liabilities $ 5,317 $ 10,161 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
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 State of 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 State of 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, 2023, renewal costs for the remainder of 2024 are expected to total approximately $1.09 million. Surety Bonds The Company has indemnified third-party companies to provide surety bonds as collateral for the Company’s asset retirement obligations (“ AROs ”). The Company is obligated to replace this collateral in the event of a default and is obligated to repay any reclamation or closure costs due. As of March 31, 2024, the Company has $17.72 million posted as collateral against undiscounted AROs of $33.38 million. As of December 31, 2023, the Company has $17.58 million posted as collateral against undiscounted AROs of $33.38 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 | 3 Months Ended |
Mar. 31, 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 March 31, 2024 and December 31, 2023, 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 include certain 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%. 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. Between February 14, 2023 and November 3, 2023, enCore early redeemed $40.00 million of the principal value of the Convertible Note. On November 9, 2023, the Company sold the remaining unpaid balance of $20 million owed under the secured Convertible Note for total consideration of $21.00 million plus $1.50 million in unpaid accrued interest, less a sales commission of $100,000 paid to a third-party broker. As a result of enCore’s earlier pay-down and the $22.40 million received in connection with the sale of the Convertible Note, the Company received payment in full for the Alta Mesa Transaction, and no further consideration is owed in connection therewith. 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. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Level 1 Level 2 Level 3 Total March 31, 2024 Cash equivalents (1) $ — $ 37,965 $ — $ 37,965 Marketable equity securities 25,062 63 — 25,125 Marketable debt securities — 115,671 — 115,671 $ 25,062 $ 153,699 $ — $ 178,761 December 31, 2023 Cash equivalents (1) $ — $ 40,512 $ — $ 40,512 Marketable equity securities 25,554 24 — 25,578 Marketable debt securities — 107,466 — 107,466 $ 25,554 $ 148,002 $ — $ 173,556 (1) Cash and cash equivalents are comprised of U.S. Treasury Bills, Government Agency Bonds, U.S. Non-Redeemable Term Deposits and mutual funds purchased within three months of their maturity date. Investments Accounted for at Fair Value The fair value of investments accounted for at fair value was calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. During the three months ended March 31, 2023, the Company held ownership interests in Virginia Energy Resources, Inc. (“ Virginia Energy ”) and Consolidated Uranium Inc. (“ CUR ”). These investments provided 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. On January 24, 2023, CUR acquired 100% of the issued and outstanding common shares of Virginia Energy for 0.26 common shares of CUR for every one 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. On December 5, 2023, IsoEnergy Ltd. (“ IsoEnergy ”) acquired all of the issued and outstanding common shares of CUR (the “ CUR Shares ”). Pursuant to the arrangement, CUR’s shareholders received 0.500 common shares of IsoEnergy for every CUR Share. When converted, the Company's CUR Shares result in an approximate ownership interest in IsoEnergy of 5.0%. On October 19, 2023, IsoEnergy completed its marketed private placement offering of 8,134,500 subscription receipts of IsoEnergy (the “ Subscription Receipts ”) at a price of Cdn$4.50 per Subscription Receipt; in order to retain its post-arrangement ownership interest in IsoEnergy, the Company purchased 406,650 Subscription Receipts for Cdn$1.83 million. Each outstanding Subscription Receipt has been converted into one common share of IsoEnergy. Following completion of this arrangement, the Company owned 8,501,424 shares of IsoEnergy for an approximate ownership interest of 5.0% as of December 5, 2023. Upon completion of this arrangement, the Company does not have significant influence over IsoEnergy as a result of no representation on the Board of Directors of IsoEnergy and its reduced ownership interest. Therefore, the investment is no longer accounted for as an equity method investment. The Company's judgment regarding the level of influence over its equity method investments includes considering key factors such as the Company's ownership interest, representation on the Board of Directors and participation in the policy-making decisions of equity method investees. As such, the Company's shares in IsoEnergy are accounted for as marketable securities with the fair value option elected on its Consolidated Balance Sheet and changes in value are included in Other income (loss) in the Consolidated Statement of Operations and Comprehensive Income. For the three months ended March 31, 2023, the Company had an unrealized loss of $2.96 million related to these investments, which is included in Other income (loss) in the Condensed Consolidated Statement of Operations and Comprehensive Income. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS All 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. As of March 31, 2024 and December 31, 2023, the Company's receivables from its contracts with customers was $0.36 million and $0.41 million, respectively. Uranium Concentrates The Company's sales of uranium concentrates are derived from contracts with major U.S. utilities. Revenue is recognized when delivery is evidenced by book transfer at the applicable uranium storage facility. The sales contracts specify the quantity to be delivered, the price, payment terms and the year of delivery. The Company's agreements with major U.S. utilities have terms greater than one year. The Company is not required to disclose the transaction price allocated to remaining performance obligations because the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these contracts, each delivery product transferred to the customer represents a separate performance obligation; therefore, future quantities are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. The Company will also sell uranium concentrate to the U.S. Uranium Reserve or other third parties and such contracts are short-term in nature with a contract term of one year or less. Accordingly, the Company is exempt from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Under the Company's uranium contracts, it invoices customers after the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s uranium contracts do not give rise to contract assets or liabilities. Vanadium Concentrates The Company's sales of vanadium concentrates are recognized when delivery is evidenced by book transfer at the applicable vanadium storage facility. Under the Company's vanadium contracts, it invoices customers after the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s vanadium contracts do not give rise to contract assets or liabilities. RE Carbonate The Company's sales of RE Carbonate revenue is recognized when delivery of the mixed RE Carbonate material has arrived at the applicable separation facility. Additionally, the Company will recognize revenue when the customer further processes the product from the RE Carbonate that the Company delivered and it is sold to a third party. Additionally, under this contract, each delivered product transferred to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. Alternate Feed Materials Revenue from the delivery of mineralized material received from the clean-up of a third-party uranium mine or for other Alternate Feed Materials is typically recognized upon delivery to the Mill. Revenue from toll milling services is recognized as material is processed in accordance with the specifics of the applicable toll milling agreement. Revenue and unbilled accounts receivable are recorded as related costs are incurred using billing formulas included in the applicable toll milling agreement. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
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 $0.02 million and $0.27 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, $0.07 million and $0.05 million was due from CUR, respectively. Additionally, the Company accrued $1.50 million and $1.53 million as of March 31, 2024 and December 31, 2023, 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 | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Planned Base Resources Acquisition On April 21, 2024, the Company announced that it has executed a definitive Scheme Implementation Deed (the “ SID ") with Base Resources Limited (ASX: BSE) (AIM: BSE) (“ Base Resources ”) pursuant to which Energy Fuels has agreed to acquire 100% of the issued shares of Base Resources (the “ Transaction ”) in consideration for (i) 0.0260 Energy Fuels common shares (the “ Share Consideration ”) and (ii) AUS$0.065 in cash, payable by way of a special dividend by Base Resources to its shareholders (the “ Cash Consideration ”, and together with the Share Consideration, the “ Scheme Consideration ”) for each Base Resources ordinary share held, for a total equity value of approximately AUS$375 million. The Transaction will be effected by way of a scheme of arrangement under Australia's Corporations Act (the “ Scheme ”). |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income and comprehensive income | $ 3,638 | $ 114,264 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | The following table summarizes our marketable securities by significant investment categories: Cost Basis Gross Unrealized Losses Gross Unrealized Gains Fair Value March 31, 2024 Marketable debt securities (1) $ 114,568 $ — $ 1,103 $ 115,671 Marketable equity securities 28,159 (3,034) — 25,125 Total marketable securities $ 142,727 $ (3,034) $ 1,103 $ 140,796 December 31, 2023 Marketable debt securities (1) $ 106,791 $ — $ 675 $ 107,466 Marketable equity securities 28,159 (2,581) — 25,578 Total marketable securities $ 134,950 $ (2,581) $ 675 $ 133,044 (1) Marketable debt securities are comprised primarily of U.S. Treasury Bills and Government Agency Bonds. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | March 31, 2024 December 31, 2023 Concentrates and work-in-progress $ 25,006 $ 35,807 Inventory of ore in stockpiles 5,418 3,072 Raw materials and consumables 1,647 1,841 Total inventories $ 32,071 $ 40,720 |
PLANT AND EQUIPMENT AND MINER_2
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following is a summary of property, plant and equipment, net: Estimated Useful Lives March 31, 2024 December 31, 2023 Land N/A $ 642 $ 642 Plant facilities 12 - 15 years 29,756 29,750 Mining equipment 5 - 10 years 17,379 13,019 Light trucks and utility vehicles 5 years 3,650 3,256 Office furniture and equipment 4 - 7 years 1,773 1,754 Construction-in-progress N/A 13,490 13,627 Total property, plant and equipment $ 66,690 $ 62,048 Less: accumulated depreciation (36,891) (35,925) Property, plant and equipment, net $ 29,799 $ 26,123 |
Schedule of Summary of Mineral Properties | The following is a summary of mineral properties: March 31, 2024 December 31, 2023 Sheep Mountain $ 34,183 $ 34,183 Bahia Project 29,130 29,130 Nichols Ranch ISR Project 25,974 25,974 Roca Honda 22,095 22,095 Pinyon Plain 9,337 6,512 Other 1,687 1,687 Mineral Properties total $ 122,406 $ 119,581 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table summarizes the Company’s asset retirement obligations: Asset retirement obligations, December 31, 2023 $ 10,922 Revision of estimate (23) Accretion of liabilities 276 Asset retirement obligations, March 31, 2024 $ 11,175 |
Schedule of Restricted Cash and Cash Equivalents | The following table summarizes the Company’s restricted cash: Restricted cash, December 31, 2023 $ 17,579 Additional collateral posted 138 Restricted cash, March 31, 2024 $ 17,717 |
BASIC AND DILUTED INCOME (LOS_2
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic net income per common share and diluted net income per common share after adjustment for the effects of all potential dilutive Common Shares is as follows: Three Months Ended 2024 2023 Net income attributable to owners of the Company $ 3,639 $ 114,265 Basic weighted average common shares outstanding 163,414,293 157,930,097 Dilutive impact of stock options and restricted stock units 1,218,484 1,298,970 Diluted weighted average common shares outstanding 164,632,777 159,229,067 Basic net income per common share $ 0.02 $ 0.72 Diluted net income per common share $ 0.02 $ 0.72 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 RSUs (1) $ 744 $ 644 SARs 153 436 Stock options 448 106 Total share-based compensation expense (2) $ 1,345 $ 1,186 (1) The fair value of the RSUs granted under the Compensation Plan for the three months ended March 31, 2024 and 2023 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. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s unvested RSU activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2023 641,839 $ 6.57 Granted 371,658 7.48 Vested (373,067) 6.20 Forfeited — — Unvested, March 31, 2024 640,430 $ 7.32 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, 2023 1,839,528 $ 5.01 Granted — — Exercised (250,036) 2.92 Forfeited — — Expired (569,595) 2.94 Outstanding, March 31, 2024 1,019,897 $ 6.67 3.05 $ — Exercisable, March 31, 2024 — $ — — $ — A summary of the Company’s unvested SARs activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2023 1,589,492 $ 2.89 Granted — — Vested — — Expired (569,595) 4.51 Forfeited — — Unvested, March 31, 2024 1,019,897 $ 3.83 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of the all stock options, including Performance Based Options, granted under the Compensation Plan for the three months ended March 31, 2024 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Risk-free interest rate 4.73 % Expected life 3.08 Expected volatility (1) 69.15 % Expected dividend yield — % Weighted average grant date fair value $ 3.64 (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 all of the Company’s stock option activity, including Performance Based Options, is as follows: Range of Exercise Prices Number of Shares Weighted Average Weighted Average Remaining Contractual Life (Years) Intrinsic Value Outstanding, December 31, 2023 $1.76 - $8.60 523,468 $ 4.48 Granted 6.14 - 8.23 561,729 7.81 Exercised 2.92 - 4.48 (29,116) 3.53 Forfeited 7.36 - 7.48 (5,513) 7.45 Expired 2.92 - 2.92 (415) 2.92 Outstanding, March 31, 2024 $1.76 - $8.60 1,050,153 $ 6.27 3.38 $ 1,014 Exercisable, March 31, 2024 $1.76 - $8.41 414,565 $ 4.02 1.84 $ 1,009 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, 2023 169,182 $ 4.11 Granted 561,729 3.64 Vested (89,810) 4.43 Forfeited (5,513) 3.81 Unvested, March 31, 2024 635,588 $ 3.66 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Unrealized loss on investments $ — $ (2,959) Unrealized gain on marketable securities 540 325 Realized gain on maturities of marketable securities 212 — Unrealized loss on convertible note — (198) Foreign exchange gain (loss) (702) 26 Interest income, net and other 1,567 1,025 Other income (loss) $ 1,617 $ (1,781) |
Schedule of Accounts, Notes, Loans and Financing Receivable | The components of trade and other receivables are as follows: March 31, 2024 December 31, 2023 Trade receivables $ 361 $ 406 Notes receivable, net 343 343 Other 150 67 Total receivables $ 854 $ 816 |
Schedule of Accounts Payable and Accrued Liabilities | The components of accounts payable and accrued liabilities are as follows: March 31, 2024 December 31, 2023 Accounts payable $ 1,389 $ 1,006 Accrued operating expenses 1,614 4,391 Accrued payroll liabilities 1,714 4,162 Accrued capital expenditures 406 205 Accrued taxes 188 393 Other accrued liabilities 6 4 Accounts payable and accrued liabilities $ 5,317 $ 10,161 |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Level 1 Level 2 Level 3 Total March 31, 2024 Cash equivalents (1) $ — $ 37,965 $ — $ 37,965 Marketable equity securities 25,062 63 — 25,125 Marketable debt securities — 115,671 — 115,671 $ 25,062 $ 153,699 $ — $ 178,761 December 31, 2023 Cash equivalents (1) $ — $ 40,512 $ — $ 40,512 Marketable equity securities 25,554 24 — 25,578 Marketable debt securities — 107,466 — 107,466 $ 25,554 $ 148,002 $ — $ 173,556 (1) Cash and cash equivalents are comprised of U.S. Treasury Bills, Government Agency Bonds, U.S. Non-Redeemable Term Deposits and mutual funds purchased within three months of their maturity date. |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Debt Securities and Convertible Note | ||
Cost Basis | $ 106,791 | |
Gross Unrealized Losses | 0 | |
Gross Unrealized Gains | 675 | |
Fair Value | 107,466 | |
Marketable equity securities | ||
Cost Basis | $ 28,159 | 28,159 |
Gross Unrealized Losses | (3,034) | (2,581) |
Gross Unrealized Gains | 0 | 0 |
Fair Value | 25,125 | 25,578 |
Cost Basis | 142,727 | 134,950 |
Gross Unrealized Losses | 3,034 | 2,581 |
Gross Unrealized Gains | 1,103 | 675 |
Fair Value | 140,796 | $ 133,044 |
Marketable Debt Securities | ||
Marketable Debt Securities and Convertible Note | ||
Cost Basis | 114,568 | |
Gross Unrealized Losses | 0 | |
Gross Unrealized Gains | 1,103 | |
Fair Value | $ 115,671 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Concentrates and work-in-progress | $ 25,006 | $ 35,807 |
Inventory of ore in stockpiles | 5,418 | 3,072 |
Raw materials and consumables | 1,647 | 1,841 |
Total inventories | $ 32,071 | $ 40,720 |
PLANT AND EQUIPMENT AND MINER_3
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 66,690 | $ 62,048 |
Less: accumulated depreciation | (36,891) | (35,925) |
Property, plant and equipment, net | 29,799 | 26,123 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 642 | 642 |
Plant facilities | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 29,756 | 29,750 |
Plant facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 12 years | |
Plant facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 years | |
Mining equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 17,379 | 13,019 |
Mining equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Mining equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Light trucks and utility vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 3,650 | 3,256 |
Estimated Useful Lives | 5 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,773 | 1,754 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 4 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 13,490 | $ 13,627 |
PLANT AND EQUIPMENT AND MINER_4
PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
May 03, 2023 USD ($) | Feb. 14, 2023 USD ($) subsidiary $ / shares | Feb. 10, 2023 USD ($) mi purchaseAgreement mineral_concession a | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Depreciation expense | $ 668 | $ 655 | ||||
Number of purchase agreements | purchaseAgreement | 2 | |||||
Number Of Mineral Concessions Acquired | mineral_concession | 17 | |||||
Purchase Agreement, acres to purchase | a | 37,300 | |||||
Purchase Agreement, miles to purchase | mi | 58.3 | |||||
Purchase Agreement, purchase price | $ 27,500 | |||||
Purchase Agreement, deposit payment | 5,900 | |||||
Purchase Agreement, payment due at closing | 21,600 | |||||
Purchase Agreement, direct deal costs | $ 1,630 | |||||
Gain on sale of assets | 0 | 116,450 | ||||
Plus: release of restricted cash related to sale of assets | 0 | (3,475) | ||||
Additions to property, plant and equipment | 4,783 | 2,042 | ||||
Restricted Cash And Cash Equivalents Held For Sale | $ 3,590 | |||||
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 | |||||
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 | 70 | $ 70 | ||||
Mineral Properties [Domain] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | $ 230 |
PLANT AND EQUIPMENT AND MINER_5
PLANT AND EQUIPMENT AND MINERAL PROPERTIES - Schedule of Summary of Mineral Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | $ 122,406 | $ 119,581 |
Sheep Mountain | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | 34,183 | 34,183 |
Bahia Project | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | 29,130 | 29,130 |
Nichols Ranch ISR Project | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | 25,974 | 25,974 |
Roca Honda | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | 22,095 | 22,095 |
Pinyon Plain | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | 9,337 | 6,512 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties total | $ 1,687 | $ 1,687 |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset Retirement Obligation, Beginning Balance | $ 10,922 | |
Revision of estimate | 23 | |
Accretion of liabilities | 276 | $ 346 |
Asset Retirement Obligation, Ending Balance | $ 11,175 |
ASSET RETIREMENT OBLIGATIONS _4
ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restricted Cash And Cash Equivalents [Roll Forward] | |
Restricted Cash and Cash Equivalents | $ 17,579 |
Additional collateral posted | 138 |
Restricted Cash and Cash Equivalents | $ 17,717 |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) - At The Market Sale Of Stock shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Class of Warrant or Right [Line Items] | |
Sale of stock, number of shares issued (in shares) | shares | 620 |
Sale of stock, consideration received | $ | $ 4,790 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income attributable to owners of the Company | $ 3,639 | $ 114,265 |
Basic weighted average common shares outstanding | 163,414,293 | 157,930,097 |
Dilutive impact of stock options and restricted stock units | 1,218,484 | 1,298,970 |
Diluted weighted average common shares outstanding | 164,632,777 | 159,229,067 |
Basic net income per common share | $ 0.02 | $ 0.72 |
Diluted net income per common share | $ 0.02 | $ 0.72 |
BASIC AND DILUTED INCOME (LOS_4
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 300 | 260 |
Stock Appreciation Rights (SARs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,020 | 1,660 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jan. 25, 2024 | Mar. 31, 2024 | Jan. 31, 2024 | Jan. 24, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 7.81 | |||
Award exercise period | 5 years | |||
Exercisable options, weighted average remaining contractual term | 1 year 10 months 2 days | |||
Share Price (in dollars per share) | $ 7.48 | |||
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized (in shares) | 16,365,189 | |||
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 | $ 1,850 | |||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 9 months 3 days | |||
Employee Stock Option | Share-based Compensation Award, Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | |||
Employee Stock Option | Share-based Compensation Award, Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Intrinsic value | $ 2,720,000 | |||
Unrecognized compensation costs related to RSU awards | $ 3,040 | |||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 7 months 2 days | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs related to RSU awards | $ 150 | |||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 7 months 2 days | |||
Performance Based Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 8.23 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period, weighted average exercise price (in dollars per share) | $ 8.23 | |||
Exercisable options, weighted average remaining contractual term | 10 years |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 1,345 | $ 1,186 |
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) | $ 4.11 | |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 3.66 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 448 | 106 |
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 | 1,850 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 744 | 644 |
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) | 641,839 | |
Granted, nonvested, number of shares (in shares) | 371,658 | |
Vested, number of shares (in shares) | (373,067) | |
Forfeited, number of shares (in shares) | 0 | |
Number of nonvested shares, end of period (in shares) | 640,430 | |
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) | $ 6.57 | |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 7.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 0 | |
Vested, weighted average grant date fair value (in dollars per share) | 6.20 | |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 7.32 | |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 153 | $ 436 |
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) | 1,839,528 | |
Granted, nonvested, number of shares (in shares) | 0 | |
Exercised, number of shares (in shares) | (250,036) | |
Forfeited, number of shares (in shares) | 0 | |
Expired (in shares) | (569,595) | |
Number of nonvested shares, end of period (in shares) | 1,019,897 | |
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) | $ 5.01 | |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 0 | |
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 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expired, Weighted Average Grant Date Fair | 2.94 | |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 6.67 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Number | 0 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercisable, Aggregate Intrinsic Value | $ 0 | |
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) | 1,589,492 | |
Granted, nonvested, number of shares (in shares) | 0 | |
Vested, number of shares (in shares) | 0 | |
Forfeited, number of shares (in shares) | 0 | |
Expired (in shares) | (569,595) | |
Number of nonvested shares, end of period (in shares) | 1,019,897 | |
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) | $ 2.89 | |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 0 | |
Vested, weighted average grant date fair value (in dollars per share) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expired, Weighted Average Grant Date Fair | 4.51 | |
Nonvested, weighted average grant date fair value, end of period (in dollars per share) | $ 3.83 |
SHARE-BASED PAYMENTS - Schedu_2
SHARE-BASED PAYMENTS - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 4.73% |
Expected life | 3 years 29 days |
Expected volatility(1) | 69.15% |
Expected dividend yield | 0% |
Weighted average grant date fair value | $ 3.64 |
SHARE-BASED PAYMENTS - Schedu_3
SHARE-BASED PAYMENTS - Schedule of Share-based Compensation, Stock Options, Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 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) | $ 4.48 |
Grants in period, weighted average exercise price (in dollars per share) | 7.81 |
Exercises in period, weighted average exercise price (in dollars per share) | 3.53 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 7.45 |
Expirations in period, weighted average exercise price (in dollars per share) | 2.92 |
Weighted average exercise price, end of period (in dollars per share) | 6.27 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 4.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options, beginning of period (in shares) | shares | 523,468 |
Number of grants in period, net of forfeitures (in shares) | shares | 561,729 |
Number of forfeitures in period (in shares) | shares | (5,513) |
Number of expirations in period (in shares) | shares | (415) |
Number of options, end of period (in shares) | shares | 1,050,153 |
Number of exercisable options (in shares) | shares | 414,565 |
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 | 3 years 4 months 17 days |
Exercisable options, weighted average remaining contractual term | 1 year 10 months 2 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 1,014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 1,009 |
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 | 29,116 |
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) | $ 1.76 |
Grants in period, weighted average exercise price (in dollars per share) | 6.14 |
Exercises in period, weighted average exercise price (in dollars per share) | 2.92 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 7.36 |
Expirations in period, weighted average exercise price (in dollars per share) | 2.92 |
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) | 8.60 |
Grants in period, weighted average exercise price (in dollars per share) | 8.23 |
Exercises in period, weighted average exercise price (in dollars per share) | 4.48 |
Forfeitures in period, weighted average exercise price (in dollars per share) | 7.48 |
Expirations in period, weighted average exercise price (in dollars per share) | 2.92 |
Weighted average exercise price, end of period (in dollars per share) | 8.60 |
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 | 169,182 |
Granted, nonvested, number of shares (in shares) | shares | 561,729 |
Vested, number of shares (in shares) | shares | (89,810) |
Nonvested options forfeited, number of shares (in shares) | shares | (5,513) |
Number of nonvested shares, end of period (in shares) | shares | 635,588 |
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) | $ 4.11 |
Granted, nonvested, weighted average grant date fair value (in dollars per share) | 3.64 |
Vested, weighted average grant date fair value (in dollars per share) | 4.43 |
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) | $ 3.66 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 0 | |
Net income and comprehensive income | $ 3,638,000 | $ 114,264,000 |
Effective income tax rate | 0% | 0% |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Unrealized loss on investments | $ 0 | $ (2,959) |
Unrealized gain on marketable securities | 540 | 325 |
Realized gain on maturities of marketable securities | 212 | 0 |
Unrealized loss on convertible note | 0 | (198) |
Foreign exchange gain (loss) | (702) | 26 |
Interest income, net and other | 1,567 | 1,025 |
Other income (loss) | $ 1,617 | $ (1,781) |
SUPPLEMENTAL FINANCIAL INFORM_4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Trade receivables | $ 361 | $ 406 |
Notes receivable, net | 343 | 343 |
Other | 150 | 67 |
Total receivables | $ 854 | $ 816 |
SUPPLEMENTAL FINANCIAL INFORM_5
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 1,389 | $ 1,006 |
Accrued payroll liabilities | 1,714 | 4,162 |
Accrued capital expenditures | 406 | 205 |
Accrued taxes | 188 | 393 |
Accrued operating expenses | 1,614 | 4,391 |
Other accrued liabilities | 6 | 4 |
Accounts payable and accrued liabilities | $ 5,317 | $ 10,161 |
SUPPLEMENTAL FINANCIAL INFORM_6
SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Accounts And Other Receivables, Net | $ 150 | $ 67 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Commitments [Line Items] | ||
Asset retirement obligation | $ 11,175 | $ 10,922 |
Mining Properties and Mineral Rights | ||
Other Commitments [Line Items] | ||
Renewal costs | 1,090 | |
Canyon Project | ||
Other Commitments [Line Items] | ||
Loss contingency, estimate of possible loss | 17,720 | 17,580 |
Asset retirement obligation | $ 33,380 | $ 33,380 |
FAIR VALUE ACCOUNTING - Fair Va
FAIR VALUE ACCOUNTING - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments fair value | $ 178,761 | $ 173,556 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents(1) | 37,965 | 40,512 |
Fair Value, Recurring | Marketable Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value | 115,671 | 25,578 |
Fair Value, Recurring | Marketable Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value | 25,125 | 107,466 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments fair value | 25,062 | 25,554 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents(1) | 0 | 0 |
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 | 25,554 |
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 | 25,062 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments fair value | 153,699 | 148,002 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents(1) | 37,965 | 40,512 |
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 | 115,671 | 24 |
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 | 63 | 107,466 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments fair value | 0 | 0 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents(1) | 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 |
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 |
FAIR VALUE ACCOUNTING - Narrati
FAIR VALUE ACCOUNTING - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 3 Months Ended | |||||||
Dec. 05, 2023 shares | Nov. 29, 2023 USD ($) | Nov. 09, 2023 USD ($) | Oct. 19, 2023 CAD ($) $ / shares shares | Feb. 14, 2023 percentagepoint | Jan. 24, 2023 shares | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Change In Value Of Investments Accounted At Fair Value | $ 0 | $ (2,959) | ||||||
Convertible Note Receivable, Redeemed | $ 40,000 | |||||||
Convertible Note Receivable, Consideration Received | 21,000 | |||||||
Convertible Note Receivable, Unpaid Accrued Interest | 1,500 | |||||||
Convertible Note Receivable, Sales Commission | $ 100 | |||||||
Proceeds From Convertible Note Receivable | 22,400 | |||||||
Convertible Notes Receivable, Sold | $ 20,000 | |||||||
Issuance of common shares for cash, net of issuance costs | $ 4,788 | $ 0 | ||||||
IsoEnergy | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Subsidiary, Ownership Percentage, Parent | 5% | |||||||
Private Placement | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Price per share (in USD per share) | $ / shares | $ 4.50 | |||||||
Issuance of common shares for cash, net of issuance costs | $ 1,830 | |||||||
Number of shares available (in shares) | shares | 8,501,424 | 8,134,500 | ||||||
Sale of stock, number of shares issued (in shares) | shares | 406,650 | |||||||
Measurement Input, Price Volatility | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Notes Receivable, Fair Value Measurement Input | percentagepoint | 0.60 | |||||||
Measurement Input, Yield | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Notes Receivable, Fair Value Measurement Input | percentagepoint | 0.095 | |||||||
CUR | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Shares received per common stock share issued (in shares) | shares | 0.500 | |||||||
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% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 25,426 | $ 19,613 | |
Accounts And Other Receivables, Net | 150 | $ 67 | |
Current receivables | 854 | 816 | |
Other long-term receivables | 1,499 | 1,534 | |
Consolidated Uranium Inc. | |||
Related Party Transaction [Line Items] | |||
Revenues | 20 | 270 | |
Current receivables | 70 | $ 50 | |
Other long-term receivables | $ 1,500 | $ 1,530 | |
United Nuclear | Director | Arkose Mining Venture | |||
Related Party Transaction [Line Items] | |||
Equity method, ownership percentage | 19% | ||
Energy Fuels | Director | Arkose Mining Venture | |||
Related Party Transaction [Line Items] | |||
Equity method, ownership percentage | 81% |
SUBSEQUENT EVENTS - (Details)
SUBSEQUENT EVENTS - (Details) - Subsequent Event - Base Resources Limited $ / shares in Units, $ in Millions | Apr. 21, 2024 AUD ($) $ / shares shares |
Subsequent Event [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 | 0.0260 |
Business Combination, Dividend Paid, Per Share | $ / shares | $ 0.065 |
Business Combination, Consideration Transferred | $ | $ 375 |