Rare Element Resources (REEMF) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34852
Entity Registrant Name	Rare Element Resources Ltd
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	P.O. Box 271049
Entity Address, City or Town	Littleton
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80127
City Area Code	720
Local Phone Number	278-2460
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		516,111,557
Entity Central Index Key	0001419806
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 29,683	$ 3,633
Grant receivable (Note 5)	2,000	2,000
Prepaid expenses and other	327	503
Total Current Assets	32,145	9,750
Equipment, net	84	29
Restricted cash	193	186
Right of use asset (Note 6)	264	179
Investment in land (Note 8)	600	600
Total Assets	33,286	10,744
CURRENT LIABILITIES
Accounts payable and accrued liabilities	1,575	$ 291
Due from related party (Note 4)	$ 248
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Repurchase option (Note 8)	$ 1,751	$ 1,539
Lease liability, current (Note 6)	169	111
Total Current Liabilities	3,743	1,941
Reclamation obligation	182	182
Lease liability, long-term (Note 6)	127	92
Other long-term liabilities	92	92
Total Liabilities	4,144	2,307
Commitments and Contingencies (Note 8)
SHAREHOLDERS' EQUITY:
Common shares, no par value - unlimited shares authorized; shares outstanding at September 30, 2024 and December 31, 2023 of 511,111,557 and 212,968,451, respectively	172,223	136,937
Additional paid in capital	29,098	29,140
Accumulated deficit	(172,179)	(157,640)
Total Shareholders' Equity	29,142	8,437
Total Liabilities and Shareholders' Equity	33,286	10,744
Related Party
CURRENT ASSETS
Due from related party (Note 4)	$ 135	179
Prepaid to related party (Note 4)		$ 3,435

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Common shares, par value	$ 0	$ 0
Common shares, authorized	Unlimited	Unlimited
Common shares, outstanding	511,111,557	212,968,451

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Exploration and evaluation (See Note 4 for related party costs)	$ (6,455)	$ (2,508)	$ (15,179)	$ (6,183)
Corporate administration	(569)	(646)	(1,891)	(2,001)
Depreciation and amortization	(45)	(25)	(111)	(76)
Total operating expenses	(7,069)	(3,179)	(17,181)	(8,260)
Non-operating income (expense):
Interest income	414	130	866	391
Grant income	2,000		2,000
Accretion expense	(70)	(70)	(212)	(212)
Interest expense	(9)	(7)	(24)	(23)
Gain on sale of equipment			12	12
Total non-operating income	2,335	53	2,642	168
Net loss	$ (4,734)	$ (3,126)	$ (14,539)	$ (8,092)
LOSS PER SHARE - BASIC (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.03)
LOSS PER SHARE - DILUTED (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.03)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC (in shares)	511,111,557	256,838,725	480,133,103	256,682,793
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED (in shares)	511,111,557	256,838,725	480,133,103	256,682,793

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,539)	$ (8,092)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and accretion expense	221	213
Right of use asset amortization	102	75
Lease liability	(92)	(70)
Stock-based compensation	(42)	402
Reclamation obligation		50
Other	245	82
Total adjustments to reconcile net loss to net cash used in operating activities	(14,105)	(7,340)
Changes in working capital:
Due from related party	44	(194)
Prepaid expenses and other	3,600	(1,227)
Accounts payable and accrued liabilities	1,284	(5)
Net cash used in operating activities	(9,177)	(8,766)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of equipment	12	12
Purchase of equipment	(64)	(16)
Net cash used in investing activities	(52)	(4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing transaction, net (Note 7)	35,286
Stock option exercise		23
Net cash provided by financing activities	35,286	23
Net change in cash, cash equivalents and restricted cash	26,057	(8,747)
Cash, cash equivalents and restricted cash- beginning of the period	3,819	15,523
Cash, cash equivalents and restricted cash- end of the period	$ 29,876	$ 6,776

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Reconciliation of amounts in the Balance Sheet to amounts in the Cash Flow Statement
Cash and cash equivalents	$ 29,683	$ 3,633	$ 6,593
Restricted cash, long-term	193	186	183
Total of cash, cash equivalents and restricted cash - end of period	$ 29,876	$ 3,819	$ 6,776	$ 15,523

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid in Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2022	212,515,951
Beginning balance at Dec. 31, 2022	$ 136,906	$ 28,673	$ (148,644)	$ 16,935
Stock option exercises, shares	295,000			330,000
Stock option exercises, amount	$ 23			$ 23
Stock-based compensation		402		$ 402
Common shares cancelled	(2,500)			0
Net loss			(8,092)	$ (8,092)
Ending balance, shares at Sep. 30, 2023	212,808,451
Ending balance at Sep. 30, 2023	$ 136,929	29,075	(156,736)	9,268
Beginning balance, shares at Jun. 30, 2023	212,613,451
Beginning balance at Jun. 30, 2023	$ 136,913	29,004	(153,610)	12,307
Stock option exercises, shares	195,000
Stock option exercises, amount	$ 16			16
Stock-based compensation		71		71
Net loss			(3,126)	(3,126)
Ending balance, shares at Sep. 30, 2023	212,808,451
Ending balance at Sep. 30, 2023	$ 136,929	29,075	(156,736)	9,268
Beginning balance, shares at Dec. 31, 2023	212,968,451
Beginning balance at Dec. 31, 2023	$ 136,937	29,140	(157,640)	8,437
2024 Rights Offering, shares	298,106,831
2024 Rights Offering, amount	$ 35,286			$ 35,286
Stock option exercises, shares	36,275			50,000
Stock option exercises, amount				$ 0
Stock-based compensation		(42)		(42)
Net loss			(14,539)	(14,539)
Ending balance, shares at Sep. 30, 2024	511,111,557
Ending balance at Sep. 30, 2024	$ 172,223	29,098	(172,179)	29,142
Beginning balance, shares at Jun. 30, 2024	511,111,557
Beginning balance at Jun. 30, 2024	$ 172,223	29,094	(167,445)	33,872
Stock-based compensation		4		4
Net loss			(4,734)	(4,734)
Ending balance, shares at Sep. 30, 2024	511,111,557
Ending balance at Sep. 30, 2024	$ 172,223	$ 29,098	$ (172,179)	$ 29,142

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2024
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Rare Element Resources Ltd. (“we,” “us,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999. Rare Element holds a 100% interest in the Bear Lodge rare earth elements project (the “Bear Lodge REE Project”) located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large, disseminated rare earth elements (“REE”) deposits that comprise one of the highest-grade REE deposits identified in North America. The Bear Lodge REE Project has a favorable distribution of neodymium-praseodymium (NdPr), as well as a number of other critical rare earth elements. Additionally, the Company has developed and enhanced, along with General Atomics and its affiliates (as defined below), innovative and proprietary REE processing and separation capabilities for the processing of the Bear Lodge REE Project feed material and possibly feed materials from other sources. If and when developed, the Bear Lodge REE Project will likely consist of a mine and a separation plant to produce a commercial NdPr product. As market conditions dictate, the Company will decide whether it is prudent to develop and put into production the mine and separation plant independent of each other or whether linking the two production processes into a single project is the more prudent path. The Company also holds a 100% interest in the Sundance Gold Project that is adjacent to the Bear Lodge REE Project and contains a historical inferred mineral resource primarily composed of three gold targets within the area of the Bear Lodge property. Given the Company’s longstanding focus on the Bear Lodge REE Project and the current interest in REEs, the advancement of the Sundance Gold Project has been on hold since 2011 and will likely remain so for the foreseeable future. The Company is currently focused on the advancement of a rare earth processing and separation demonstration-scale plant (the “Demonstration Plant”) project. The Demonstration Plant will process already stockpiled high-grade sample materials from the Bear Lodge REE Project. In January 2021, a consortium of companies, of which the Company is a part, received notice from the Department of Energy (“DoE”) that the consortium had been selected for negotiation of a potential financial award for the engineering, construction and operation of a rare earth separation and processing demonstration plant, which is now the Demonstration Plant project. The consortium of companies is led by General Atomics, an affiliate of Synchron, the Company’s majority shareholder, and includes certain of General Atomics’ affiliates, and LNV, an Ardurra Group, Inc. company, as engineering and construction subcontractor. The Company, as a subrecipient of the award, along with the other consortium members, commenced work on the planning and design of the Demonstration Plant project in November 2021, with the Company’s contractual arrangement with General Atomics finalized in December 2021. The DoE’s original funding commitment was in the amount of $21,900 and represented approximately one ​ To address the Company’s funding needs, including the funding required for the Demonstration Plant, the Company completed rights offerings in December 2021 (the “2021 Rights Offering”) and March 2024 (the “2024 Rights Offering,” and together with the 2021 Rights Offering, the “Rights Offerings”) for gross proceeds of approximately $25,400 and $35,800, respectively. The previously noted $21,900 financial award from the DoE was expected to fund approximately one ​ Ultimately, in the event the Company cannot secure additional financial resources, or complete a strategic transaction in the longer term, the Company may need to curtail or suspend the development and commercialization of its Bear Lodge REE Project or other initiatives, or potentially liquidate its business interests, and investors may lose all or part of their investment. ​ During the nine months ended September 30, 2024, the Company continued its work on the Demonstration Plant project. This work is planned to continue until the Demonstration Plant’s expected completion of operations in 2025. In December 2022, the Demonstration Plant achieved its final engineering design milestone, marking the DoE’s first go/no-go decision point. A second go/no-go gating milestone was achieved in December 2023 with the issuance by the DoE of a Project Continuation Notice, allowing for the construction of the Demonstration Plant. ​ In September 2024, the DoE issued its final Project Continuation Notice following its approval of the revised project budget of $53,600 and confirmation of readiness for the operations phase of the Demonstration Plant. This notice, along with the U.S. Nuclear Regulatory Commission’s (the “NRC”) operations approval under its previously issued license (received in October 2024), allows for the commencement of Demonstration Plant operations. Operations to process and separate the sample materials and recover the NdPr and other REEs are expected to follow the completion of the Demonstration Plant’s construction for up to an additional 12 months. ​ The Company has incurred losses since its inception, and further losses are anticipated in the development of its business. As of September 30, 2024, the Company had cash and cash equivalents of $29,683 . During the nine months ended September 30, 2024, we consumed cash of $9,177 in our operating activities, of which $8,500 was advanced to General Atomics for the payment of costs associated with the Demonstration Plant project, while the remainder was used for the payment of the Company’s general and administrative expenses and other ongoing costs of sustaining its properties. Additional Demonstration Plant cost increases above the $53,600 revised project budget total are expected and will likely have to be funded by the Company if the Company is unable to secure additional project funding from other sources, which are currently being pursued .

BASIS OF ACCOUNTING AND PRESENT

BASIS OF ACCOUNTING AND PRESENTATION	9 Months Ended
	Sep. 30, 2024
BASIS OF ACCOUNTING AND PRESENTATION
BASIS OF ACCOUNTING AND PRESENTATION	2. BASIS OF ACCOUNTING AND PRESENTATION In accordance with U.S. GAAP for interim financial statements, these unaudited condensed consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2023, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects the Company’s financial position as of September 30, 2024, and the results of its operations and cash flows for the three and nine months ended September 30, 2024 and 2023 in conformity with U.S. GAAP on a going concern basis. These interim results of operations for the nine months ended September 30, 2024 may not be indicative of the results that will be realized for the full year ending December 31, 2024. ​ Research & Development (“R&D”) Expenditures Materials, equipment, and facilities acquired or constructed for R&D activities associated with the Company’s Demonstration Plant project are expensed as incurred. These materials, equipment and facilities are not expected to have an alternative future use beyond the end of the current Demonstration Plant project. Restricted Cash The Company periodically maintains cash deposits that are held and earmarked for a specific purpose. At September 30, 2024, the Company had $193 in restricted cash for amounts held by a third party as security for a surety bond for our Demonstration Plant. Loss per Share Loss per share is computed using the weighted average number of shares outstanding during the period. In March 2024, the Company completed the 2024 Rights Offering (Note 7) whereby the Company offered existing shareholders the right to purchase additional common shares at $0.12 per share (the “Offer Price”). Because the Offer Price was significantly lower than the market trading price of the common shares at that time, the discounted Offer Price was considered a bonus element similar in nature to a stock dividend. As a result, the earnings per share calculations have been retroactively adjusted for the bonus element for all periods presented.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	3. FAIR VALUE OF FINANCIAL INSTRUMENTS U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): ● Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. ● Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. ● Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of September 30, 2024 and December 31, 2023 are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value at September 30, 2024 ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ Money market funds ​ $ 29,535 ​ $ 29,535 ​ $ — ​ $ — Grant and related party receivables ​ ​ 2,135 ​ ​ 2,135 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value at December 31, 2023 ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ Money market funds ​ $ 3,301 ​ $ 3,301 ​ $ — ​ $ — Grant and related party receivables ​ ​ 2,179 ​ ​ 2,179 ​ ​ — ​ ​ — ​ Money market funds are valued at cost, which approximates fair value. These amounts are included on the balance sheet in cash and cash equivalents at September 30, 2024 and December 31, 2023.

RELATED PARTY

RELATED PARTY	9 Months Ended
	Sep. 30, 2024
RELATED PARTY
RELATED PARTY	4. RELATED PARTY Cost Share Agreement with General Atomics In January 2021, a consortium of companies, of which the Company is a party, received notice from the DoE that the consortium had been selected for negotiation of a potential financial award for the engineering, construction, and operation of the Demonstration Plant. This consortium of companies is led by General Atomics, an affiliate of Synchron (the Company’s majority shareholder), and includes certain of General Atomics’ affiliates, and LNV, an Ardurra Group, Inc. company, as engineering and construction subcontractor. A formal proposal was submitted by the consortium in response to a published Funding Opportunity Announcement in mid-2020 for the construction and operation of the Demonstration Plant utilizing proprietary technology to produce commercial-grade products. Under this original proposal, the DoE’s share of the Demonstration Plant project funding was estimated at $21,900 and represented approximately one On November 30, 2021, the Company and General Atomics entered into a Cost Share Funding Assumption Agreement (the “Cost Share Agreement”) pursuant to which the Company agreed to assume and pay for the 50% of the non-federal funds incurred by, and on behalf of, General Atomics for the design, construction, and operation of the Demonstration Plant under the Cooperative Agreement. The Demonstration Plant will process already stockpiled high-grade sample materials from the Bear Lodge REE Project. Since inception, the Company has advanced funds totaling $24,200 to General Atomics under the Cost Share Agreement. On March 17, 2022, the Company executed a subcontract purchase order in the amount of $5,318 with General Atomics under which the Company agreed to provide certain services and materials to the Demonstration Plant project, including but not limited to, providing the plant’s sample materials, engaging in site location leases and other logistics, providing operational support, and providing decommissioning, bonding and other Demonstration Plant support activities (“Subcontract Purchase Order”). In connection with the Subcontract Purchase Order, the Company submitted monthly invoices to General Atomics for the subcontracted services performed, which were reimbursed by General Atomics with one one Due to inflationary cost pressures on labor, equipment, and consumables, as well as cost increases associated with certain optimized plant engineering and design parameters, General Atomics, on behalf of the consortium, submitted to the DoE an updated Demonstration Plant project budget of approximately $53,600, which is approximately 21% higher than the original budget of approximately $43,800. In response, the DoE pledged an additional cost-share funding commitment of $2,400 to fund a portion of the budget increase, with the balance coming from the Company, including funds raised by the Company in the 2024 Rights Offering. These additional funds are expected to support the operations of the Demonstration Plant for a sufficient amount of time to gather the information necessary for a commercialization decision. On May 16, 2024, the Company and General Atomics entered into an extension agreement to the Cost Share Agreement (the “Extension Agreement”) under which the Company agreed to make additional cash advances, up to $2,500, to General Atomics while the parties progressed an amended project funding agreement covering the Company’s share of the additional non-federal project funding needed for the project’s completion. Pursuant to the terms of the Cost Share Agreement and Extension Agreement, the Company had advanced payments to General Atomics, as leader of the consortium, totaling $24,200 through September 30, 2024, the maximum amount of advances authorized under these agreements. The Company and General Atomics expect to enter into an amended Cost Share Agreement in the fourth quarter of 2024. As of November 6, 2024, amendments to both the Cost Share Agreement and the Subcontract Purchase Order were still in the process of being finalized with General Atomics. The following table summarizes transactions under the Cost Share Agreement during the nine months ended September 30, 2024: ​ ​ ​ ​ ​ Balance of funds remaining on deposit with General Atomics as a prepaid expense at beginning of period ​ $ 3,435 Funds transferred to General Atomics during the period ​ ​ 8,500 The Company's share of Demonstration Plant project costs incurred during the period ​ ​ (12,183) Balance of funds owed to General Atomics at end of period ​ $ (248) ​ The following table summarizes related party receivables due from General Atomics for reimbursable costs incurred by the Company under the Subcontract Purchase Order during the nine months ended September 30, 2024: ​ ​ ​ ​ ​ Balance of receivables due from General Atomics at beginning of period ​ $ 179 Reimbursable costs incurred by the Company during the period ​ ​ 683 Reimbursements received from General Atomics during the period ​ ​ (727) Balance of receivables due from General Atomics at end of period ​ $ 135 ​ ​

WYOMING ENERGY AUTHORITY GRANT

WYOMING ENERGY AUTHORITY GRANT	9 Months Ended
	Sep. 30, 2024
WYOMING ENERGY AUTHORITY GRANT
WYOMING ENERGY AUTHORITY GRANT	5. WYOMING ENERGY AUTHORITY GRANT In June 2023, the Company, and the WEA entered into a Funding Agreement (the “WEA Funding Agreement”) pursuant to which the WEA agreed to fund, subject to certain conditions, a $4,400 grant to the Company, the proceeds of which are to be used for the Demonstration Plant. Pursuant to the WEA Funding Agreement, the grant is to be paid upon the WEA’s receipt of invoices from the Company detailing its actual expenses relating to the Demonstration Plant (half of which funds will be allocated to two milestone periods during the development process), less a 10% retainer, the payment of which is conditioned upon the WEA’s receipt, following the commencement of the Demonstration Plant’s operations, of an invoice and the Company’s final executive summary report in a form to be approved by the WEA. Pursuant to the WEA Funding Agreement, the funding for the Demonstration Plant will be provided to the WEA from the Energy Resources Council (the “ERC”) and is further conditioned upon the availability of government funds that are appropriated or allocated for the payment of the grant and which may be limited for any reason, including congressional, legislative, gubernatorial, or administration action. The WEA Funding Agreement will terminate when the funding has been fully disbursed, but no later than December 31, 2025, unless terminated sooner by either party in accordance with the terms of the WEA Funding Agreement. The WEA Funding Agreement may be terminated (i) by either party if the WEA does not receive the requested funding from the ERC or if the grant funds are not allocated or available for the continued performance of the WEA Funding Agreement, or (ii) by the WEA immediately for cause if the Company fails to perform in accordance with the terms of the WEA Funding Agreement. The following table summarizes transactions under the WEA Funding Agreement for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ Grant receivable due from the WEA at beginning of period ​ $ 2,000 Grant amounts invoiced to the WEA during the period ​ ​ 2,000 Grant reimbursements received from the WEA during the period ​ ​ (2,000) Grant receivable due from the WEA at end of period ​ $ 2,000 ​ The Company received payment in January 2024 of the $2,000 grant receivable balance at December 31, 2023. In September 2024, the Company submitted a second funding request to the WEA for an additional $2,000 with the achievement of the second milestone. The remaining $400 retainer is expected in the first quarter of 2025.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
LEASES
LEASES	6. LEASES The Company accounts for leases in accordance with ASC 842 – Leases. In considering the lease asset value, the Company considers fixed or variable payment terms, prepayments, and options to extend, terminate or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. Effective September 21, 2021, the Company entered into a lease agreement for real property, including land and buildings in Upton, Wyoming for the Demonstration Plant (the “Property Lease”). The Property Lease is a 12-month lease with annual renewal terms. In June 2024, the Property Lease was renewed, extending the termination date to September 30, 2025. The Property Lease, which is classified as an operating lease, generally provides for base rent, and requires the Company to pay all insurance, personal property taxes on any structure or improvements made by the Company and other maintenance costs. The Property Lease provides for an annual cost of living adjustment, but contains no residual value guarantees or restrictive covenants. Pursuant to the Property Lease, the Company is obligated to remove certain Company completed property improvements; however, those items requiring removal, if any, will be confirmed with the lessor prior to the termination of the Property Lease. On May 14, 2024, the Company entered into a second lease agreement for modular office units for use at its Demonstration Plant site in Upton, Wyoming (the “Office Lease”). The Office Lease is for an initial 12-month term and provides for monthly extension options thereafter. During the initial 12-month term, the Company, at its option, can terminate the Office Lease for convenience upon ninety (90) days’ prior written notice and the payment of an early termination fee. The Office Lease, which is classified as an operating lease, generally provides for base rent, and requires the Company to pay all insurance, property taxes and other applicable costs, including the transportation charges to return the units to their original point of origin in an amount not to exceed $7. For purposes of the following table, payments under the Property Lease and Office Lease are assumed to run through September 30, 2026 and September 30, 2025, respectively. If the completion of the Demonstration Plant operations dictates further extensions beyond these dates, the Company may seek to extend the term of one or both lease agreements accordingly. Total future lease payments under the Company’s leases as of September 30, 2024 are as follows: ​ ​ ​ ​ ​ 2024 ​ $ 54 2025 ​ ​ 177 2026 ​ ​ 96 Total lease payments ​ ​ 327 Less interest ​ ​ (31) Present value of lease payments ​ $ 296 ​ For the nine months ended September 30, 2024, $92 was included in operating cash flows for amounts paid for operating leases. As of September 30, 2024 the weighted average lease term for the Company’s operating leases was 1.5 years (including expected renewal options) and the weighted average discount rate was estimated at 12%.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2024
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	7. SHAREHOLDERS’ EQUITY Stock-based compensation As of September 30, 2024, the Company had 3,385,000 issued and outstanding stock options that were issued under the 10% Rolling Stock Option Plan, as amended and restated (the “2011 Plan”) and 1,020,000 issued and outstanding stock options that were issued under its 2022 Equity Incentive Plan (the “2022 Plan”). The 2011 Plan was replaced in 2022 by the 2022 Plan and, as such, no additional stock options can be granted under the 2011 Plan. The maximum term of any stock option grant under the 2011 Plan was 10 years. Under the 2022 Plan, as approved by our shareholders at the annual meeting of shareholders on August 23, 2022, our Board of Directors (the “Board”) is authorized to grant stock options, stock appreciation rights, restricted stock units, performance stock units and other cash and share-based awards to eligible directors, officers, employees, or consultants up to a maximum of 17,236,689 common shares. The maximum term of any grant under the 2022 Plan is 10 years. The Company estimates the fair value of its stock option grants using the Black-Scholes option valuation model and the closing price of our common shares on the business day prior to the grant date. The Company did not grant any stock options during the nine months ended September 30, 2024. The significant assumptions used to estimate the fair value of the 1,020,000 stock options granted during the nine months ended September 30, 2023 were as follows: ​ ​ ​ ​ ​ Risk-free interest rate ​ 1.54 % Expected volatility ​ 123 % Expected dividend yield ​ Nil ​ Expected term in years ​ 8 ​ ​ The following table summarizes our stock option activity for each of the nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Average ​ ​ Number of Stock ​ Exercise ​ ​ Number of Stock ​ Exercise ​ Options Price ​ Options Price Outstanding, beginning of period 4,725,000 ​ $ 1.18 ​ 4,160,000 ​ $ 1.26 Granted — ​ $ — ​ 1,020,000 ​ $ 0.38 Exercised (50,000) ​ $ 0.07 ​ (330,000) ​ $ 0.07 Cancelled/Expired (270,000) ​ $ 0.42 ​ — ​ $ — Outstanding, end of period 4,405,000 ​ $ 1.24 ​ 4,850,000 ​ $ 1.15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, end of period 4,363,333 ​ $ 1.24 ​ 4,006,250 ​ $ 1.29 Non-vested, end of period 41,667 ​ $ 1.20 ​ 843,750 ​ $ 0.48 ​ The 50,000 options exercised during the nine months ended September 30, 2024, resulted in the issuance of 36,275 common shares on a net settlement basis. On February 8, 2024, the exercise date, these 50,000 options had an intrinsic value of $9.5. ​ The following table summarizes the intrinsic value and weighted average remaining life for stock options as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Remaining As of September 30, 2024: ​ Intrinsic Value ​ Life (Years) Stock options outstanding ​ $ — ​ 6.3 Stock options exercisable ​ $ — ​ 6.3 Stock options non-vested ​ $ — ​ 7.5 ​ Stock-based compensation expense is included in corporate administration expenses within the Company’s interim condensed consolidated statements of operations. For the three and nine months ended September 30, 2024, the Company recognized stock-based compensation expense of $4 and $(42), respectively. The negative expense for the nine months ended September 30, 2024 was due to the forfeiture of certain stock options that resulted in the reversal of previously recognized stock-based compensation expense. For the three and nine months ended September 30, 2023, the Company recognized stock-based compensation expense of $71 and $402, respectively. As of September 30, 2024, there was approximately $8 of total unrecognized compensation cost related to the 41,667 unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of approximately six months. 2024 Rights Offering On March 11, 2024, the Company completed the 2024 Rights Offering for gross proceeds of approximately $35,800 in which each holder of the Company’s common shares as of the record date of December 15, 2023 was eligible to participate. Terms of the 2024 Rights Offering included the issuance of one and four-tenth (or 1.4) subscription rights for each common share owned by each holder on the record date with each subscription right entitling the holder to purchase one common share of the Company at a subscription price of $0.12 per share (the “Basic Subscription Privilege”). For any holder exercising its Basic Subscription Privilege in full, the holder could also exercise an oversubscription privilege to purchase additional common shares that were unsubscribed for at the expiration of the 2024 Rights Offering, subject to availability and pro rata allocation of shares among persons exercising the oversubscription privilege. The 2024 Rights Offering, which generated $35,286 in net proceeds after deducting approximately $514 in transactions costs, resulted in the issuance of 298,106,831 common shares of the Company. The net proceeds from the 2024 Rights Offering are expected to support the operations of the Demonstration Plant for a sufficient amount of time to gather the information necessary for a commercialization decision as well as support the Company’s other general corporate purposes.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Potential environmental contingency The Company’s exploration and development activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations change from time to time and generally have become more restrictive. The Company conducts its operations to protect public health and the environment and believes that its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain. Contract commitment – related party Pursuant to the Cost Share Agreement between the Company and General Atomics, as extended and as expected to be amended in the fourth quarter of 2024, and as discussed in Note 4, the Company has agreed to assume and pay for approximately one ​ Asset purchase agreement On October 25, 2021, Rare Element Resources, Inc. (“RER”), a Wyoming corporation and wholly owned subsidiary of the Company, and Whitelaw Creek LLC, a Wyoming limited liability company (“Whitelaw Creek”), entered into an amendment (the “Amendment”) to the asset purchase agreement dated October 20, 2016 between RER and Whitelaw Creek (the “Asset Purchase Agreement”). The Amendment modified certain provisions of the Asset Purchase Agreement related to the terms and conditions of RER’s option to repurchase (the “Repurchase Option”) approximately 640 acres of non-core real property located in Crook County, Wyoming, that is adjacent to the Bear Lodge REE Project (the “Property”). Pursuant to and subject to the terms of the Amendment, among other things, the term of the Repurchase Option (which was to expire on October 26, 2021) was extended for up to three subject to annual option extension payments from RER to Whitelaw Creek of $25 in cash per year (each, a “Repurchase Option Extension Payment”); and the exercise price of the Repurchase Option was increased from $1,000 to a price to be determined by a mutually agreed upon real estate appraiser (the “Repurchase Price”), provided that (i) the Repurchase Price must not be less than $1,200 or greater than $1,850 and (ii) any Repurchase Option Extension Payments paid by RER to Whitelaw Creek must be credited toward RER’s payment of the Repurchase Price if the Repurchase Option is later exercised ​ Officer Appointment and Employment Agreement with Kelli Kast On June 30, 2024, the Board appointed Kelli Kast as the Vice President, General Counsel and Chief Administrative Officer of the Company, effective as of July 1, 2024. On July 1, 2024, the Company and Ms. Kast entered into an employment agreement, which provides that (i) Ms. Kast’s initial annual base salary is $310; (ii) Ms. Kast will be eligible to receive an annual performance bonus and such long-term incentive awards as may be determined by the Board; and (iii) she will be eligible to participate in the employee benefit programs of the Company.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS ​ Officer Appointment and Offer Letter with Jaye T. Pickarts On September 26, 2024, the Board appointed Jaye T. Pickarts as the Chief Operating Officer of the Company, effective as of October 1, 2024. On September 26, 2024, RER and Mr. Pickarts executed an employment offer letter, effective as of October 1, 2024, which provides that (i) Mr. Pickarts’ initial annual base salary is $282; (ii) Mr. Pickarts will be eligible to receive an annual incentive plan cash bonus of up to 20% of his annual base salary; and (iii) Mr. Pickarts will be eligible to participate in the employee benefit programs of the Company. Land Repurchase from Whitelaw Creek Pursuant to the terms of the Asset Purchase Agreement with Whitelaw Creek, as extended, RER exercised its option to repurchase the Property, and on October 21, 2024, entered into a purchase agreement with Whitelaw Creek to repurchase the Property (the “Land Repurchase”). The Land Repurchase closed on October 25, 2024 (the “Closing Date”). As consideration for the Land Repurchase, on the Closing Date, the Company (i) issued 5,000,000 of its common shares to Whitelaw Creek and (ii) paid Whitelaw Creek $1,507 in cash. NRC Operations Approval On October 30, 2024, the NRC issued an amendment to its previously issued license, allowing for the commencement of operations at the Company’s Demonstration Plant.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,734)	$ (3,126)	$ (14,539)	$ (8,092)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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

BASIS OF ACCOUNTING AND PRESE_2

BASIS OF ACCOUNTING AND PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2024
BASIS OF ACCOUNTING AND PRESENTATION
Restricted Cash	Restricted Cash The Company periodically maintains cash deposits that are held and earmarked for a specific purpose. At September 30, 2024, the Company had $193 in restricted cash for amounts held by a third party as security for a surety bond for our Demonstration Plant.
Loss per Share	Loss per Share Loss per share is computed using the weighted average number of shares outstanding during the period. In March 2024, the Company completed the 2024 Rights Offering (Note 7) whereby the Company offered existing shareholders the right to purchase additional common shares at $0.12 per share (the “Offer Price”). Because the Offer Price was significantly lower than the market trading price of the common shares at that time, the discounted Offer Price was considered a bonus element similar in nature to a stock dividend. As a result, the earnings per share calculations have been retroactively adjusted for the bonus element for all periods presented.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair value of financial assets and liabilities on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value at September 30, 2024 ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ Money market funds ​ $ 29,535 ​ $ 29,535 ​ $ — ​ $ — Grant and related party receivables ​ ​ 2,135 ​ ​ 2,135 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value at December 31, 2023 ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ Money market funds ​ $ 3,301 ​ $ 3,301 ​ $ — ​ $ — Grant and related party receivables ​ ​ 2,179 ​ ​ 2,179 ​ ​ — ​ ​ —

RELATED PARTY (Tables)

RELATED PARTY (Tables)	9 Months Ended
	Sep. 30, 2024
RELATED PARTY
Schedule of related party transactions	​ ​ ​ ​ ​ Balance of funds remaining on deposit with General Atomics as a prepaid expense at beginning of period ​ $ 3,435 Funds transferred to General Atomics during the period ​ ​ 8,500 The Company's share of Demonstration Plant project costs incurred during the period ​ ​ (12,183) Balance of funds owed to General Atomics at end of period ​ $ (248)
Schedule of related party receivables	​ ​ ​ ​ ​ Balance of receivables due from General Atomics at beginning of period ​ $ 179 Reimbursable costs incurred by the Company during the period ​ ​ 683 Reimbursements received from General Atomics during the period ​ ​ (727) Balance of receivables due from General Atomics at end of period ​ $ 135

WYOMING ENERGY AUTHORITY GRANT

WYOMING ENERGY AUTHORITY GRANT (Tables)	9 Months Ended
	Sep. 30, 2024
WYOMING ENERGY AUTHORITY GRANT
Schedule of grants transactions	The following table summarizes transactions under the WEA Funding Agreement for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ Grant receivable due from the WEA at beginning of period ​ $ 2,000 Grant amounts invoiced to the WEA during the period ​ ​ 2,000 Grant reimbursements received from the WEA during the period ​ ​ (2,000) Grant receivable due from the WEA at end of period ​ $ 2,000

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
LEASES
Schedule of total future minimum lease payments	Total future lease payments under the Company’s leases as of September 30, 2024 are as follows: ​ ​ ​ ​ ​ 2024 ​ $ 54 2025 ​ ​ 177 2026 ​ ​ 96 Total lease payments ​ ​ 327 Less interest ​ ​ (31) Present value of lease payments ​ $ 296

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
SHAREHOLDERS' EQUITY
Schedule of significant assumptions used to estimate fair value	The significant assumptions used to estimate the fair value of the 1,020,000 stock options granted during the nine months ended September 30, 2023 were as follows: ​ ​ ​ ​ ​ Risk-free interest rate ​ 1.54 % Expected volatility ​ 123 % Expected dividend yield ​ Nil ​ Expected term in years ​ 8 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Average ​ ​ Number of Stock ​ Exercise ​ ​ Number of Stock ​ Exercise ​ Options Price ​ Options Price Outstanding, beginning of period 4,725,000 ​ $ 1.18 ​ 4,160,000 ​ $ 1.26 Granted — ​ $ — ​ 1,020,000 ​ $ 0.38 Exercised (50,000) ​ $ 0.07 ​ (330,000) ​ $ 0.07 Cancelled/Expired (270,000) ​ $ 0.42 ​ — ​ $ — Outstanding, end of period 4,405,000 ​ $ 1.24 ​ 4,850,000 ​ $ 1.15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, end of period 4,363,333 ​ $ 1.24 ​ 4,006,250 ​ $ 1.29 Non-vested, end of period 41,667 ​ $ 1.20 ​ 843,750 ​ $ 0.48
Schedule of intrinsic value and weighted average remaining life for stock options	​ The following table summarizes the intrinsic value and weighted average remaining life for stock options as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Remaining As of September 30, 2024: ​ Intrinsic Value ​ Life (Years) Stock options outstanding ​ $ — ​ 6.3 Stock options exercisable ​ $ — ​ 6.3 Stock options non-vested ​ $ — ​ 7.5

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Oct. 01, 2021 USD ($)
Nature of Operations
Amount of potential DoE funding	$ 24,200					$ 21,900
Percentage of total estimated cost for the project covered by DoE funding	0.50%					50%
Rights offering authorized amount			$ 35,800		$ 25,400
Grants Receivable						$ 4,400
Amount of initial estimate for the Demonstration Plant						$ 43,800
Demonstration Plant project budget	$ 53,600
Cash and cash equivalents	29,683	$ 6,593		$ 3,633
Cash used in operations	(9,177)	$ (8,766)
Payments for demonstration plant project costs	$ 8,500
Bear Lodge REE Project
Nature of Operations
Ownership interest (as a percent)	100%
Sundance Gold Project
Nature of Operations
Ownership interest (as a percent)	100%
Number of gold targets | item	3

BASIS OF ACCOUNTING AND PRESE_3

BASIS OF ACCOUNTING AND PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Mar. 11, 2024	Dec. 31, 2023	Sep. 30, 2023
BASIS OF ACCOUNTING AND PRESENTATION
Restricted cash	$ 193			$ 186	$ 183
Offer price per share		$ 0.12	$ 0.12

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Money market funds
Assets
Money market funds	$ 29,535	$ 3,301
Grant and related party receivables
Assets
Assets fair value		2,179
Grant Receivables
Assets
Assets fair value	2,135
Level 1 | Money market funds
Assets
Money market funds	29,535	3,301
Level 1 | Grant and related party receivables
Assets
Assets fair value		$ 2,179
Level 1 | Grant Receivables
Assets
Assets fair value	$ 2,135

RELATED PARTY (Details)

RELATED PARTY (Details) - USD ($) $ in Thousands					9 Months Ended
	May 16, 2024	Mar. 17, 2022	Nov. 30, 2021	Oct. 01, 2021	Sep. 30, 2024
Related Party
Amount of potential DoE funding				$ 21,900	$ 24,200
Percentage of total estimated cost for the project covered by DoE funding				50%	0.50%
Allowable costs for planned demonstration funded on cost share basis				$ 43,800
Percentage of total cost of the demonstration plant funded by DoE		50%		50%
Percentage of total cost of the demonstration plant funded by non federal entity				50%
Subcontracted services		50%
Demonstration Plant project budget					$ 53,600
Payments for advance payments under project funding	$ 24,200
Maximum additional cash advances for project funding agreement for project completion	$ 2,500
Payments for demonstration plant project costs					$ 8,500
General Atomics
Related Party
Percentage of total cost of the demonstration plant funded by non federal entity			50%
Commitment amount		$ 5,318
Demonstration Plant project budget		53,600
Demonstration plant project original budget		43,800
Additional cost-share funding		$ 2,400
Demonstration plant project budget increase percentage		21%
Payments for demonstration plant project costs			$ 24,200

RELATED PARTY - Schedule of tra

RELATED PARTY - Schedule of transactions - General Atomics (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Related Party
Balance of funds remaining on deposit with General Atomics as a prepaid expense at end of period	$ (248)
General Atomics
Related Party
Balance of funds remaining on deposit with General Atomics as a prepaid expense at beginning of period	3,435
Funds transferred to General Atomics during the period	8,500
The Company's share of Demonstration Plant project costs incurred during the period	(12,183)
Balance of funds remaining on deposit with General Atomics as a prepaid expense at end of period	$ (248)

RELATED PARTY - Schedule of Rel

RELATED PARTY - Schedule of Related Party Receivables - General Atomics (Details) - General Atomics $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Related Party
Balance of receivables due from General Atomics at beginning of period	$ 179
Reimbursable costs incurred by the Company during the period	683
Reimbursements received from General Atomics during the period	(727)
Balance of receivables due from General Atomics at end of period	$ 135

WYOMING ENERGY AUTHORITY GRAN_2

WYOMING ENERGY AUTHORITY GRANT (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) Milestone	Sep. 30, 2024 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)	Oct. 01, 2021 USD ($)
Grant receivable, current	$ 2,000		$ 2,000		$ 2,000
Grants receivable						$ 4,400
Grant amounts invoiced to the WEA during the year	2,000
Wyoming Energy Authority
Grant receivable, current	$ 2,000		2,000		$ 2,000
Grant amounts invoiced to the WEA during the year			$ 2,000
Wyoming Energy Authority | Forecast
Grants receivable, noncurrent				$ 400
Wyoming Energy Authority | Funding Agreement
Grants receivable		$ 4,400
Number of milestones during development process | Milestone		2
Percentage of actual expenses		10%

WYOMING ENERGY AUTHORITY GRAN_3

WYOMING ENERGY AUTHORITY GRANT - Roll forward (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Grant receivable due from the WEA at beginning of year		$ 2,000
Grant amounts invoiced to the WEA during the year	$ 2,000
Grant receivable due from the WEA at end of year	2,000	2,000
Wyoming Energy Authority
Grant receivable due from the WEA at beginning of year		2,000
Grant amounts invoiced to the WEA during the year		2,000
Grant reimbursements received from the WEA during the quarter		(2,000)
Grant receivable due from the WEA at end of year	$ 2,000	$ 2,000

LEASES - (Details)

LEASES - (Details) - USD ($) $ in Thousands		9 Months Ended
	May 14, 2024	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Option to extend		true
Operating lease payments		$ 92
Weighted average lease term		1 year 6 months
Weighted average discount rate		12%
Property Lease
Property, Plant and Equipment [Line Items]
Term of contract		12 months
Office Lease
Property, Plant and Equipment [Line Items]
Option to terminate	true
Term of contract	12 years
Option to Terminate	90 days
Office Lease | Maximum
Property, Plant and Equipment [Line Items]
Operating Lease	$ 7

LEASES - Lease Payments (Detail

LEASES - Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lease payments
2024	$ 54
2025	177
2026	96
Total lease payments	327
Less interest	(31)
Present value of lease payments	$ 296

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)			3 Months Ended		9 Months Ended
	Mar. 11, 2024	Feb. 08, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			4,405,000	4,850,000	4,405,000	4,850,000		4,725,000	4,160,000
Option granted					0	1,020,000
Compensation expense for stock option awards			$ 4,000	$ 71,000	$ (42,000)	$ 402,000
Unrecognized compensation cost			$ 8,000		$ 8,000
Unvested stock options			41,667	843,750	41,667	843,750
Unrecognized compensation cost period of recognition					6 months
Exercised		50,000			50,000	330,000
Common shares issued on a net settlement basis					36,275
Intrinsic value of options exercised		$ 9,500
Net proceeds	$ 35,286,000				$ 35,286,000
Number of non-transferable subscription right issued	1.4
Number of subscription right to purchase	1
Subscription price	$ 0.12						$ 0.12
Common shares issued	298,106,831
Gross proceeds from rights offering	$ 35,800,000
Payments of stock	$ 514,000
Equity Incentive Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued					1,020,000
Maximum share based awards			17,236,689		17,236,689
Term of stock option					10 years
10% Rolling Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			3,385,000		3,385,000
Percentage of Vesting On Rolling Stock					10%
Option granted					0
Term of stock option					10 years

SHAREHOLDERS' EQUITY - Fair val

SHAREHOLDERS' EQUITY - Fair value assumptions (Details)	9 Months Ended
	Sep. 30, 2023
SHAREHOLDERS' EQUITY
Risk-free interest rate	1.54%
Expected volatility	123%
Expected dividend yield	0%
Expected term in years	8 years

SHAREHOLDERS' EQUITY - Stock op

SHAREHOLDERS' EQUITY - Stock option activity (Details) - $ / shares		9 Months Ended
	Feb. 08, 2024	Sep. 30, 2024	Sep. 30, 2023
Number of Stock Options
Outstanding, beginning of period		4,725,000	4,160,000
Granted		0	1,020,000
Exercised	(50,000)	(50,000)	(330,000)
Cancelled/Forfeited/Expired		(270,000)
Outstanding, end of period		4,405,000	4,850,000
Exercisable, end of period		4,363,333	4,006,250
Non-vested, end of period		41,667	843,750
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)		$ 1.18	$ 1.26
Granted (in dollars per share)		0	0.38
Exercised (in dollars per share)		0.07	0.07
Cancelled/Forfeited/Expired (in dollars per share)		0.42
Outstanding, end of period (in dollars per share)		1.24	1.15
Exercisable, end of period (in dollars per share)		1.24	1.29
Non-vested, end of period (in dollars per share)		$ 1.20	$ 0.48

SHAREHOLDERS' EQUITY - Intrinsi

SHAREHOLDERS' EQUITY - Intrinsic value and weighted average remaining life for stock (Details)	9 Months Ended
	Sep. 30, 2024
SHAREHOLDERS' EQUITY
Weighted Average Remaining life (Years) of Stock options outstanding	6 years 3 months 18 days
Weighted Average Remaining life (Years) of Stock options exercisable	6 years 3 months 18 days
Weighted Average Remaining life (Years) of Stock options non-vested	7 years 6 months

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		1 Months Ended
	Oct. 25, 2021 USD ($) a	Oct. 31, 2023 USD ($)	Sep. 30, 2024	Jul. 01, 2024 USD ($)	Oct. 01, 2021
Commitments and Contingencies
Percentage of total estimated cost for the project covered by DoE funding			0.50%		50%
Kelli Kast
Commitments and Contingencies
Annual base salary				$ 310
Amendment to Whitelaw Creek Asset Purchase Agreement
Commitments and Contingencies
Area of non core property | a	640
Repurchase of option extension term	3 years
Repurchase of option extension payment per annum	$ 25
Exercise price of repurchase option	1,000
Payments for repurchase option extension		$ 25
Amendment to Whitelaw Creek Asset Purchase Agreement | Minimum
Commitments and Contingencies
Exercise price of repurchase option	1,200
Amendment to Whitelaw Creek Asset Purchase Agreement | Maximum
Commitments and Contingencies
Exercise price of repurchase option	$ 1,850

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Oct. 21, 2024	Sep. 26, 2024
Subsequent Event
Subsequent Event [Line Items]
Issued of common shares	5,000,000
Cash	$ 1,507
Chief Operating Officer
Subsequent Event [Line Items]
Annual base salary		$ 282
Percentage on annual base salary		20%