Westwater Resources (WWR) 10-Q7 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 06, 2014
Document and Entity Information	'	'
Entity Registrant Name	'URANIUM RESOURCES INC /DE/	'
Entity Central Index Key	'0000839470	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	25,220,471
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$7,887,315	$1,117,303
Receivables, net	361,550	47,578
Prepaid and other current assets	836,037	638,100
Total Current Assets	9,084,902	1,802,981
Property, plant and equipment, at cost:	'	'
Property, plant and equipment	96,415,388	96,407,310
Less accumulated depreciation, depletion and impairment	-65,780,634	-65,566,411
Net property, plant and equipment	30,634,754	30,840,899
Restricted cash	4,010,968	4,010,937
Total Assets	43,730,624	36,654,817
Current Liabilities:	'	'
Accounts payable	754,272	1,243,169
Accrued liabilities	1,337,767	1,775,491
Current portion of asset retirement obligations	203,553	'
Current portion of capital leases	6,491	10,543
Total Current Liabilities	2,302,083	3,029,203
Asset retirement obligations, net of current portion	3,839,102	3,833,608
Derivative liability - convertible loan	3,811,876	2,169,408
Convertible loan, related party	3,885,197	1,024,715
Other long-term liabilities and deferred credits	1,350,000	1,350,000
Long-term capital leases, less current portion	'	4,495
Total Liabilities	15,188,258	11,411,429
Commitments and Contingencies	'	'
Stockholders' Equity:	'	'
Common stock, 200,000,000 shares authorized, $.001 par value;25,167,846 and 19,820,258 shares issued and outstanding, respectively	25,172	19,824
Paid-in capital	230,579,521	216,703,028
Accumulated deficit	-202,052,909	-191,470,046
Less: Treasury stock (3,813 shares), at cost	-9,418	-9,418
Total Stockholders' Equity	28,542,366	25,243,388
Total Liabilities and Stockholders' Equity	$43,730,624	$36,654,817

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS	'	'
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares issued	25,167,846	19,820,258
Common stock, shares outstanding	25,167,846	19,820,258
Treasury stock, shares at cost	3,813	3,813

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating expenses	'	'	'	'
Mineral property expenses	($986,623)	($940,017)	($2,928,995)	($3,682,470)
General and administrative	-2,202,952	-2,174,862	-7,001,670	-6,749,980
Accretion of asset retirement obligations	-205,995	-97,435	-307,612	-292,305
Depreciation and amortization	-68,271	-108,720	-245,977	-341,680
Impairment of uranium properties	'	-3,701	'	-683,356
Total operating expenses	-3,463,841	-3,324,735	-10,484,254	-11,749,791
Other income/(expenses)	'	'	'	'
Gain on derivatives	145,010	'	1,604,657	'
Interest expense	-679,168	-3,859	-1,717,234	-253,485
Other income, net	3,615	55,703	13,968	60,238
Total other income/(expense)	-530,543	51,844	-98,609	-193,247
Net loss	($3,994,384)	($3,272,891)	($10,582,863)	($11,943,038)
LOSS PER SHARE - BASIC AND DILUTED (in dollars per share)	($0.16)	($0.17)	($0.44)	($0.63)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares)	24,954,029	19,820,258	23,986,792	18,995,957

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net loss	($10,582,863)	($11,943,038)
Reconciliation of net loss to cash used in operations:	'	'
Accretion of asset retirement obligations	307,612	292,305
Amortization of debt discount	1,182,607	'
Change in fair value of derivative liability	-1,604,657	'
Decrease in restoration and reclamation accrual	-131,562	-1,269,663
Depreciation and amortization	245,977	341,680
Impairment of uranium properties	'	683,356
Stock compensation expense	737,270	299,286
Common stock issued for settlement of land obligation	342,595	'
Other non-cash items, net	23,174	73,875
Effect of changes in operating working capital items:	'	'
Decrease in receivables	45,016	258,532
Increase in prepaid and other current assets	-272,968	-17,274
Increase/(decrease) in payables, accrued liabilities and deferred credits	60,462	-231,931
Net cash used in operating activities	-9,647,337	-11,512,872
Cash flows from investing activities:	'	'
Reduction in restricted cash	'	5,481,015
Reductions in uranium properties	'	-122,165
Purchases of equipment	-6,834	'
Net cash provided by/(used in) investing activities	-6,834	5,358,850
Cash flows from financing activities:	'	'
Proceeds from convertible loan	5,000,000	'
Payments on borrowings	-8,547	-103,173
Issuance of common stock, net	11,519,950	3,599,432
Payment of minimum withholding taxes on net share settlements of equity awards	-87,220	'
Net cash provided by financing activities	16,424,183	3,496,259
Net increase/(decrease) in cash and cash equivalents	6,770,012	-2,657,763
Cash and cash equivalents, beginning of period	1,117,303	4,664,596
Cash and cash equivalents, end of period	7,887,315	2,006,833
Cash paid during the period for:	'	'
Interest	21,301	2,970
Other non-cash transactions:	'	'
Common stock issued for payment of convertible loan interest and fees	676,409	'
Common stock issued for repayment of short-term loan principal and interest	'	5,095,833
Common stock issued for the settlement of litigation	333,847	'
Common stock issued for services	'	291,500
Restricted stock issued for services	'	47
Total other non-cash transactions for the period:	$1,010,256	$5,387,380

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)	Common Stock	Paid-In Capital	Accumulated Deficit	Treasury Stock	Total
Balances at Dec. 31, 2013	$19,824	$216,703,028	($191,470,046)	($9,418)	$25,243,388
Balances (in shares) at Dec. 31, 2013	19,820,258	'	'	'	19,820,258
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Net loss	'	'	-10,582,863	'	-10,582,863
Common stock issued, net of issuance costs	4,749	11,874,191	'	'	11,878,940
Common stock issued, net of issuance costs (in shares)	4,747,598	'	'	'	'
Common stock issued for payment of convertible loan interest and fees	253	676,156	'	'	676,409
Common stock issued for loan interest and fees (in shares)	253,376	'	'	'	'
Common stock issued for settlement of land obligation	127	342,468	'	'	342,595
Common stock issued for settlement of land obligations (in shares)	127,359	'	'	'	'
Common stock issued for the settlement of litigation	119	333,728	'	'	333,847
Common stock issued for settlement of litigation (in shares)	119,231	'	'	'	'
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes	100	737,170	'	'	737,270
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes (in shares)	100,024	'	'	'	'
Minimum withholding taxes on net share settlements of equity awards	'	-87,220	'	'	-87,220
Balances at Sep. 30, 2014	$25,172	$230,579,521	($202,052,909)	($9,418)	$28,542,366
Balances (in shares) at Sep. 30, 2014	25,167,846	'	'	'	25,167,846

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2014
BASIS OF PRESENTATION	'
BASIS OF PRESENTATION	'

	1. BASIS OF PRESENTATION

	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Uranium Resources, Inc.’s 2013 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2014.

	Restatement of Previously Reported Consolidated Financial Information

	On December 17, 2013, Uranium Resources, Inc. (collectively, the “Company,” “we,” “us,” or “URI”) filed an amended Quarterly Report on Form 10-Q/A (the “Form 10-Q/A”) to its Quarterly Report on Form 10-Q for the period ended September 30, 2013 to amend and restate the Company’s condensed consolidated financial statements and related disclosures as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 by reclassifying costs from property, plant and equipment to mineral property expenses. The consolidated financial statements and related disclosures in this Quarterly Report on Form 10-Q, as it relates to the period ended September 30, 2013, incorporate the effects of this restatement.

	Recently Issued Accounting Pronouncements

	In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2014
PROPERTY, PLANT AND EQUIPMENT	'
PROPERTY, PLANT AND EQUIPMENT	'

	2. PROPERTY, PLANT AND EQUIPMENT

		September 30, 2014		December 31, 2013
		Net book value		Net book value
	Uranium plant	$	9,108,225	$	9,190,480
	Mineral rights and properties	19,782,751		19,749,754
	Vehicles/depreciable equipment	1,486,519		1,591,061
	Other property, plant and equipment	257,259		309,604
	Total	$	30,634,754	$	30,840,899

DEBT

DEBT	9 Months Ended
	Sep. 30, 2014
DEBT	'
DEBT	'

	3. DEBT

	On November 13, 2013, the Company, together with each of its subsidiaries as guarantors, entered into a loan agreement (the “Loan Agreement”) with Resource Capital Fund V L.P. (“RCF”), whereby RCF agreed, subject to the terms and conditions set forth in the Loan Agreement, to provide a secured convertible loan facility of up to $15.0 million to the Company. The facility initially consisted of three tranches of $5.0 million each. RCF advanced $3.0 million of the first $5.0 million tranche shortly following the closing of the Loan Agreement and on January 29, 2014, the Company’s stockholders, excluding RCF, approved the Loan Agreement and the issuance of shares thereunder. Following such approval, RCF advanced the remaining $2.0 million of the first tranche on February 4, 2014. On April 29, 2014, the Company and RCF executed an amendment to the Loan Agreement which reduced the amount available thereunder from $15.0 million to $8.0 million, and on April 30, 2014, the Company requested, and RCF advanced, the final $3.0 million available under the Loan Agreement. The total amount drawn under the Loan Agreement after receipt of this advance is $8.0 million. No additional amounts may be drawn under the Loan Agreement.

	Amounts drawn under the Loan Agreement mature on December 31, 2016 and bear interest at 12% per annum through January 29, 2014 and 10% per annum thereafter, payable quarterly in arrears in shares of the Company’s common stock or, at RCF’s election, in cash. Additionally, the Company paid a commitment fee quarterly equal to 1% of the amount available, but not drawn, under the Loan Agreement. In connection with the Loan Agreement the Company also paid, in shares of the Company’s common stock, a 2% loan establishment fee in the amount of $300,000 to RCF. The number of shares to be issued as payment for interest and fees is determined based upon the volume weighted-average price (“VWAP”) of the Company’s common stock for the 20 trading days preceding the last day of each quarter for interest payments and commitment fees and the 20 trading days preceding October 17, 2013 for the loan establishment fee. Accordingly, the Company has issued the following shares of common stock for settlement of interest expense, commitment fees and the establishment fee:

		Amount ($)		Shares of	VWAP		Date of issuance
				common stock
				issued

	Establishment fee	$	300,000	117,188	$	2.5600	February 4, 2014
	Q4 2013 Interest payment and commitment fee	63,083		21,218	$	2.9731	February 4, 2014
	Q1 2014 Interest payment and commitment fee	138,167		45,737	$	3.0209	April 10, 2014
	Q2 2014 Interest payment and commitment fee	175,159		69,233	$	2.6561	July 25, 2014
	Q3 2014 Interest payment	200,000		72,477	$	2.7595	October 2, 2014
	Total	$	876,409	325,853

	As of September 30, 2014, interest expense of $200,000 relating to the three months ended September 30, 2014 was included in accrued liabilities on the Company’s Consolidated Balance Sheets.

	The Company’s obligations under the Loan Agreement are secured by pledges on the equity interests of the Company’s subsidiaries and a lien on substantially all of the assets of the Company and its subsidiaries. The Company may prepay all or any portion of the amounts drawn under the Loan Agreement without penalty, subject to a minimum prepayment amount of $5.0 million or (if lower) the full amount then outstanding. Prepaid amounts may not be redrawn. The loan agreement contains customary representations, warranties, covenants and events of default and grants RCF the right to designate two nominees to the Company’s Board of Directors so long as any obligations remain outstanding under the Loan Agreement.

	RCF may convert amounts drawn under the Loan Agreement into shares of the Company’s common stock at any time prior to maturity on December 31, 2016. The conversion price is initially set at $2.60 per share and is subject to customary anti-dilution adjustments and further downward adjustment, subject to a floor of $1.00 per share, in the case of certain equity issuances by the Company before November 13, 2014. As of November 5, 2014, RCF owned approximately 6.8 million shares or 27% of the Company’s outstanding common stock. If RCF were to convert the entire $8.0 million outstanding under the Loan Agreement, assuming a conversion price of $2.60 per share, RCF would receive approximately 3.1 million shares of the Company’s common stock, and RCF’s ownership percentage in the Company would increase to approximately 35%.

DERIVATIVE_LIABILITY

DERIVATIVE LIABILITY	9 Months Ended
	Sep. 30, 2014
DERIVATIVE LIABILITY.	'
DERIVATIVE LIABILITY	'

	4. DERIVATIVE LIABILITY

	The conversion feature of the Loan Agreement was determined to be an embedded derivative under ASC 815 as the exercise price is subject to downward adjustment as discussed in Note 3 above and, therefore, does not meet the “fixed-for-fixed” criteria. As a result, the conversion feature of the convertible Loan Agreement is required to be bifurcated and classified as a derivative liability recorded at an initial fair value and subsequently marked-to-market each period with the changes in fair value reported in the Company’s results of operations. The initial fair value measurement of the derivative liability as determined on the date of each advance has been recognized as a debt discount and will be amortized over the life of the Loan Agreement.

	The fair value of the derivative liability as of September 30, 2014 has been calculated using the Black-Scholes option pricing model with the following assumptions:

	Risk-free interest rate	1.07%
	Expected life of derivative liability	2.25 years
	Expected volatility	87.85%
	Dividend rate	0.00%

	The change in the derivative liability related to the conversion feature is as follows:

		Derivative
		Liability
	Fair value of derivative liability at December 31, 2013	$	2,169,408
	Fair value of $2,000,000 drawdown	1,555,806
	Fair value of $3,000,000 drawdown	1,691,319
	Change in fair value of derivative liability	(1,604,657		)
	Fair value of derivative liability at September 30, 2014	$	3,811,876

	As discussed in Note 3 above, the potential for downward adjustment of the exercise price expires on November 13, 2014 and the exercise price will remain fixed at $2.60 for the remainder of the term of the Loan Agreement. As a result, the conversion feature will no longer qualify as an embedded derivative instrument and the fair value of the derivative as of November 13, 2014 will be reclassified to equity with no further mark-to-market adjustments.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'

	5. FAIR VALUE OF FINANCIAL INSTRUMENTS

	Our financial instruments consist of cash equivalents, restricted cash and derivative liabilities. 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.

	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits.

	The following table presents information about financial instruments recognized at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, and indicates the fair value hierarchy:

			September 30, 2014
			Level 1		Level 2		Level 3		Total
	Assets
	Restricted cash		$	4,010,968	$	—	$	—	$	4,010,968
	Total financial assets		$	4,010,968	$	—	$	—	$	4,010,968

	Liabilities
	Derivative liabilities		$	—	$	—	$	3,811,876	$	3,811,876
	Total financial liabilities		$	—	$	—	$	3,811,876	$	3,811,876

			December 31, 2013
			Level 1		Level 2		Level 3		Total
	Assets
	Restricted cash		$	4,010,937	$	—	$	—	$	4,010,937
	Total financial assets		$	4,010,937	$	—	$	—	$	4,010,937

	Liabilities
	Derivative liabilities		$	—	$	—	$	2,169,408	$	2,169,408
	Total financial liabilities		$	—	$	—	$	2,169,408	$	2,169,408

MINERAL_PROPERTY_EXPENDITURES

MINERAL PROPERTY EXPENDITURES	9 Months Ended
	Sep. 30, 2014
MINERAL PROPERTY EXPENDITURES	'
MINERAL PROPERTY EXPENDITURES	'

	6. MINERAL PROPERTY EXPENDITURES

	Mineral property expenditures for the three and nine months ended September 30, 2014 and 2013 are as follows:

		Three months ended September 30,				Nine months ended September 30,
		2014		2013		2014		2013
				(restated)				(restated)
	Restoration/Recovery expenses
	Kingsville Dome project	$	—	$	429,342	$	328,304	$	1,463,185
	Rosita project	131,407		8,023		131,407		8,023
	Vasquez project	—		—		26,766		—
	Total Restoration/Recovery expenses	131,407		437,365		486,477		1,471,208

	Standby care and maintenance expenses
	Kingsville Dome project	209,565		54,569		502,628		130,177
	Rosita project	20,667		61,537		258,119		257,970
	Vasquez project	93,194		14,561		245,702		26,801
	Total standby care and maintenance expenses	323,426		130,667		1,006,449		414,948

	Land maintenance and holding costs	531,790		371,985		1,436,069		1,796,314

	Total mineral property expenses	$	986,623	$	940,017	$	2,928,995	$	3,682,470

ASSET_RETIREMENT_OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2014
ASSET RETIREMENT OBLIGATIONS	'
ASSET RETIREMENT OBLIGATIONS	'

	7. ASSET RETIREMENT OBLIGATIONS

	The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:

		September 30,			December 31,
		2014			2013

	Balance, beginning of period	$	3,833,608		$	4,498,057
	Changes in cash flow estimates	32,997			584,025
	Costs incurred	(131,562		)	(1,638,214		)
	Accretion expense	307,612			389,740
	Balance, end of period	4,042,655			3,833,608
	Less: Current portion	(203,553		)	—
	Non-current Portion	$	3,839,102		$	3,833,608

	The Company’s current liability of $203,553 consists of the estimated costs associated with current plugging and abandonment activities and planned surface reclamation activities during 2015 at the Company’s Rosita project. The change in cash flow estimates for the period ended September 30, 2014 was due to a change in the timing of planned restoration activities at the Rosita project. The Company is currently performing plugging and abandonment activities at its Rosita project.

COMMON_STOCK

COMMON STOCK	9 Months Ended
COMMON STOCK	Sep. 30, 2014
COMMON STOCK.	'
COMMON STOCK	'

	8. COMMON STOCK

	Common stock issued, net of issuance costs

	Registered Direct Offering

	On February 12, 2014, the Company completed a registered direct offering with the issuance of 3,960,000 shares of common stock at a price of $2.60 per share for net proceeds of $9,307,245.

	At-the-market Sales

	On October 31, 2011, the Company entered into an At-The-Market Sales Agreement with BTIG LLC (the “ATM Sales Agreement”), a major global securities trading firm that acts as our sales agent. Under the ATM Sales Agreement, the Company may from time to time sell shares of its common stock having an aggregate offering price up to $15.0 million in “at-the-market” offerings, which shares are registered under the Company’s currently effective registration statement on Form S-3. The Company filed a prospectus supplement dated July 2, 2014 with the Securities and Exchange Commission in connection with the offering, relating to shares of its common stock having an aggregate offering price of up to $4.1 million. The Company pays BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement.

	During the nine months ended September 30, 2014 the Company sold 788,186 shares of common stock for net proceeds of $2,586,358 under the ATM Sales Agreement, of which $358,988 of the proceeds were included in accounts receivable as of September 30, 2014. The Company subsequently received this amount on October 1, 2014. As of November 5, 2014, approximately $6.3 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement.

	Common stock issued for loan interest and fees

	As discussed in Note 3 above, unless RCF elects to receive cash, RCF receives common shares of the Company for the payment of interest owing on the Loan Agreement. For the nine months ended September 30, 2014, the Company issued 253,376 common shares for the payment of $676,409 in interest and fees.

	Common stock issued for settlement of litigation

	On April 15, 2014, the Company and a former executive of the Company, entered into a Settlement Agreement and General Release, under the terms of which it was agreed by the Company’s former executive to dismiss with prejudice claims he brought in a lawsuit against the Company. As a result of this Settlement Agreement, the Company issued common shares to the Company’s former executive with a grant date fair value of $333,847. The issuance of 119,231 shares of common stock was based upon a common share price of $2.80.

	Common stock issued for settlement of land obligations

	On August 8, 2014, the Company issued 127,359 shares of common stock with a grant date fair value of $342,595 to the Juan Tafoya Land Corporation in satisfaction of $337,500 of base rental payments due under the Uranium Mining Lease and Agreement, dated October 12, 2006, by and between Neutron Energy, Inc., a wholly owned subsidiary of the Company, and the Juan Tafoya Land Corporation, as amended by the First Amendment thereto, dated August 8, 2014, by and among the Company, Neutron Energy, Inc. and the Juan Tafoya Land Corporation.

	On October 3, 2014, the Company entered into a Second Amendment to the Uranium Mining Lease and Agreement whereby, on October 6, 2014, the Company repurchased 91,631 shares of common stock from the Juan Tafoya Land Corporation for an aggregate purchase price of $248,383.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2014
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'

	9. STOCK-BASED COMPENSATION

	Stock-based compensation awards consist of stock options, restricted stock units and restricted stock awards issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); the 2004 Stock Incentive Plan (the “2004 Plan”); and the 1995 Stock Incentive Plan (the “1995 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. As of September 30, 2014, 642,699 shares were available for future issuances under the 2013 Plan. For the three and nine months ending September 30, 2014, the Company recorded stock-based compensation cost of $273,996 and $737,270, respectively, which has been included in general and administrative expense.

	Bonus Shares

	In March 2014, in accordance with the Company’s short-term incentive plan, the Company awarded its executives bonuses that were paid out in common stock of the Company. The bonus shares were valued using the closing share price of the Company’s common stock on the date of grant. The bonus shares vested immediately and had a grant date fair value of $191,730.

	Stock Options

	The following table summarizes stock options outstanding and changes during the nine months ended September 30, 2014:

			Number of		Weighted
			stock		Average
			options		Exercise
					Price
	Stock options outstanding at January 1, 2014		309,479		$	19.75
	Granted		—		—
	Exercised		—		—
	Expired		(131,250	)	11.6
	Canceled or forfeited		(14,000	)	31.31
	Stock options outstanding at September 30, 2014		164,229		$	25.28
	Stock options exercisable at September 30, 2014		117,564		$	34.01

	The following table summarizes stock options outstanding and exercisable by stock option plan at September 30, 2014:

			Outstanding Options				Options Exercisable
	Stock Option Plan		Number of		Weighted		Number of	Weighted
			Options		Average		Options	Average
			Outstanding		Exercise		Exercisable	Exercise
					Price			Price
	1995 Stock Incentive Plan		8,750		$	31.20	8,750	$	31.20
	2004 Stock Incentive Plan		75,481		11.76		38,814	20.28
	2004 Director’s Plan		74,998		39.68		70,000	41.98
	2013 Omnibus Incentive Plan		5,000		2.99		—	—
			164,229		$	25.28	117,564	$	34.01

	Total estimated unrecognized compensation cost from unvested stock options as of September 30, 2014 was approximately $107,589, which is expected to be recognized over a weighted-average period of 1.73 years.

	Restricted Stock Units

	Time-based and performance-based restricted stock units (“RSUs”) are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria.

	The following table summarizes RSU activity during the period ended September 30, 2014:

			Number of		Weighted-
			restricted		Average
			stock units		Grant Date
					Fair Value
	RSUs outstanding at January 1, 2014		280,000		$	3.31
	Granted		431,941		2.61
	Forfeited		(29,778	)	3.38
	Vested		(76,886	)	3.2
	RSUs outstanding at September 30, 2014		605,277		$	2.82

	Total estimated unrecognized compensation cost from unvested RSUs as of September 30, 2014 was approximately $1,133,404, which is expected to be recognized over a weighted-average period of 2.37 years.

	Restricted Stock Awards

	Time-based and performance-based restricted stock awards (“RSAs”) are valued using the closing share price of the Company’s common stock on the date of grant. Vesting based on performance criteria is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such grants assumes full satisfaction of all performance criteria. Employee participants who receive restricted stock awards have all of the rights of a shareholder, including the right to vote shares of restricted stock that are the subject of the grant and the right to receive any regular cash dividends paid out of current earnings.

	The following table summarizes RSA activity during the period ended September 30, 2014:

		Number of		Weighted-
		RSAs		Average Grant
				Date Fair Value
RSAs outstanding at January 1, 2014		54,151		$	5.49
Forfeited		(5,601	)	5.39
Vested		(20,230	)	5.58
RSAs outstanding at September 30, 2014		28,320		$	5.44

The total estimated unrecognized compensation cost from the unvested RSA grants at September 30, 2014 was $118,380, which is expected to be recognized over the weighted-average vesting period of 1.15 years.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2014
EARNINGS PER SHARE	'
EARNINGS PER SHARE	'

	10. EARNINGS PER SHARE

	All per share data herein has been retroactively adjusted for the 1 for 10 reverse stock split that occurred following the close of trading on January 22, 2013.

	Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Potentially dilutive shares of 3,846,429 were excluded from the calculation of earnings per share because the effect on the basic loss per share would be anti-dilutive due to our net loss position for the quarter ended September 30, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'

	11. COMMITMENTS AND CONTINGENCIES

	The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. These laws frequently change and generally become more restrictive. The ongoing costs of complying with such regulations have not been significant to the Company’s annual operating costs. Future closure and reclamation costs are provided for as each pound of uranium is produced on a unit-of- production basis. The Company reviews its reclamation obligations each year and determines the appropriate unit charge. The Company also evaluates the status of current environmental laws and their potential impact on the Company’s accrual for costs. The Company believes its operations are in compliance with current environmental regulations.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 30, 2014
SUBSEQUENT EVENT	'
SUBSEQUENT EVENTS	'
	12. SUBSEQUENT EVENT

	On September 5, 2014, the Company, its wholly owned subsidiary Uranco Inc. and Rio Grande Resources Corporation entered into an Asset Exchange Agreement whereby the Company will acquire from Rio Grande Resources certain uranium properties located in South Texas near the Company’s processing facilities. In exchange for the South Texas properties, the Company will transfer to Rio Grande Resources two parcels of fee-owned mineral rights and a royalty interest in the Roca Honda area of west-central New Mexico. The Company is retaining certain leases, mining claims and fee-owned mineral interests on separate parcels in the Roca Honda area. After completing customary due diligence and satisfying certain closing conditions, on November 6, 2014, the Company and Rio Grande Resources closed the transaction and effectuated the exchange of properties.

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2014
PROPERTY, PLANT AND EQUIPMENT	'
Schedule of property, plant and equipment	'
		September 30, 2014		December 31, 2013
		Net book value		Net book value
	Uranium plant	$	9,108,225	$	9,190,480
	Mineral rights and properties	19,782,751		19,749,754
	Vehicles/depreciable equipment	1,486,519		1,591,061
	Other property, plant and equipment	257,259		309,604
	Total	$	30,634,754	$	30,840,899

DEBT_Tables

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2014
DEBT	'
Schedule of shares issued of common stock for settlement of interest, commitment fees and the establishment fee	'

		Amount ($)		Shares of	VWAP		Date of issuance
				common stock
				issued

	Establishment fee	$	300,000	117,188	$	2.5600	February 4, 2014
	Q4 2013 Interest payment and commitment fee	63,083		21,218	$	2.9731	February 4, 2014
	Q1 2014 Interest payment and commitment fee	138,167		45,737	$	3.0209	April 10, 2014
	Q2 2014 Interest payment and commitment fee	175,159		69,233	$	2.6561	July 25, 2014
	Q3 2014 Interest payment	200,000		72,477	$	2.7595	October 2, 2014
	Total	$	876,409	325,853

DERIVATIVE_LIABILITY_Tables

DERIVATIVE LIABILITY (Tables)	9 Months Ended
DERIVATIVE LIABILITY (Tables)	Sep. 30, 2014
DERIVATIVE LIABILITY.	'
Schedule of assumptions used in calculation of the derivative liability using the Black-Scholes option pricing model	'

	Risk-free interest rate	1.07%
	Expected life of derivative liability	2.25 years
	Expected volatility	87.85%
	Dividend rate	0.00%


Schedule of changes in the derivative liability related to the conversion feature	'

		Derivative
		Liability
	Fair value of derivative liability at December 31, 2013	$	2,169,408
	Fair value of $2,000,000 drawdown	1,555,806
	Fair value of $3,000,000 drawdown	1,691,319
	Change in fair value of derivative liability	(1,604,657		)
	Fair value of derivative liability at September 30, 2014	$	3,811,876

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
Schedule of financial instruments recognized at fair value on a recurring basis	'

		September 30, 2014
		Level 1		Level 2		Level 3		Total
	Assets
	Restricted cash	$	4,010,968	$	—	$	—	$	4,010,968
	Total financial assets	$	4,010,968	$	—	$	—	$	4,010,968

	Liabilities
	Derivative liabilities	$	—	$	—	$	3,811,876	$	3,811,876
	Total financial liabilities	$	—	$	—	$	3,811,876	$	3,811,876

		December 31, 2013
		Level 1		Level 2		Level 3		Total
	Assets
	Restricted cash	$	4,010,937	$	—	$	—	$	4,010,937
	Total financial assets	$	4,010,937	$	—	$	—	$	4,010,937

	Liabilities
	Derivative liabilities	$	—	$	—	$	2,169,408	$	2,169,408
	Total financial liabilities	$	—	$	—	$	2,169,408	$	2,169,408

MINERAL_PROPERTY_EXPENDITURES_

MINERAL PROPERTY EXPENDITURES (Tables)	9 Months Ended
	Sep. 30, 2014
MINERAL PROPERTY EXPENDITURES	'
Summary of mineral property expenditures	'

		Three months ended September 30,				Nine months ended September 30,
		2014		2013		2014		2013
				(restated)				(restated)
	Restoration/Recovery expenses
	Kingsville Dome project	$	—	$	429,342	$	328,304	$	1,463,185
	Rosita project	131,407		8,023		131,407		8,023
	Vasquez project	—		—		26,766		—
	Total Restoration/Recovery expenses	131,407		437,365		486,477		1,471,208

	Standby care and maintenance expenses
	Kingsville Dome project	209,565		54,569		502,628		130,177
	Rosita project	20,667		61,537		258,119		257,970
	Vasquez project	93,194		14,561		245,702		26,801
	Total standby care and maintenance expenses	323,426		130,667		1,006,449		414,948

	Land maintenance and holding costs	531,790		371,985		1,436,069		1,796,314

	Total mineral property expenses	$	986,623	$	940,017	$	2,928,995	$	3,682,470

ASSET_RETIREMENT_OBLIGATIONS_T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2014
ASSET RETIREMENT OBLIGATIONS	'
Schedule of change in the balance of the asset retirement obligation	'

		September 30,			December 31,
		2014			2013

	Balance, beginning of period	$	3,833,608		$	4,498,057
	Changes in cash flow estimates	32,997			584,025
	Costs incurred	(131,562		)	(1,638,214		)
	Accretion expense	307,612			389,740
	Balance, end of period	4,042,655			3,833,608
	Less: Current portion	(203,553		)	—
	Non-current Portion	$	3,839,102		$	3,833,608

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2014
STOCK-BASED COMPENSATION	'
Summary of stock options outstanding and changes during the period	'

		Number of		Weighted
		stock		Average
		options		Exercise
				Price
	Stock options outstanding at January 1, 2014	309,479		$	19.75
	Granted	—		—
	Exercised	—		—
	Expired	(131,250	)	11.6
	Canceled or forfeited	(14,000	)	31.31
	Stock options outstanding at September 30, 2014	164,229		$	25.28
	Stock options exercisable at September 30, 2014	117,564		$	34.01


Summary of stock options outstanding and currently exercisable	'

		Outstanding Options				Options Exercisable
	Stock Option Plan	Number of		Weighted		Number of	Weighted
		Options		Average		Options	Average
		Outstanding		Exercise		Exercisable	Exercise
				Price			Price
	1995 Stock Incentive Plan	8,750		$	31.20	8,750	$	31.20
	2004 Stock Incentive Plan	75,481		11.76		38,814	20.28
	2004 Director’s Plan	74,998		39.68		70,000	41.98
	2013 Omnibus Incentive Plan	5,000		2.99		—	—
		164,229		$	25.28	117,564	$	34.01


Summary of RSU activity	'

		Number of		Weighted-
		restricted		Average
		stock units		Grant Date
				Fair Value
	RSUs outstanding at January 1, 2014	280,000		$	3.31
	Granted	431,941		2.61
	Forfeited	(29,778	)	3.38
	Vested	(76,886	)	3.2
	RSUs outstanding at September 30, 2014	605,277		$	2.82


Summary of RSA activity	'

		Number of		Weighted-
		RSAs		Average Grant
				Date Fair Value
	RSAs outstanding at January 1, 2014	54,151		$	5.49
	Forfeited	(5,601	)	5.39
	Vested	(20,230	)	5.58
	RSAs outstanding at September 30, 2014	28,320		$	5.44

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	$30,634,754	$30,840,899
Uranium plant	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	9,108,225	9,190,480
Mineral rights and properties	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	19,782,751	19,749,754
Vehicles/depreciable equipment	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	1,486,519	1,591,061
Other property, plant and equipment	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	$257,259	$309,604

DEBT_Details

DEBT (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

8 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Nov. 05, 2014

Jul. 25, 2014

Apr. 10, 2014

Feb. 04, 2014

Nov. 14, 2013

Nov. 13, 2013

Sep. 30, 2014

Apr. 30, 2014

Apr. 29, 2014

Nov. 14, 2013

Oct. 02, 2014

Feb. 04, 2014

Nov. 13, 2013

Apr. 30, 2014

Sep. 30, 2014

RCF

Subsequent event

Facility

Forecast

item

tranche

item

Minimum

Subsequent event

Tranche one

Tranche two

Period through January 29, 2014

Period after January 29, 2014

Subsequent event

Facility

Subsequent event

Debt

Maximum borrowing capacity

$15,000,000

$8,000,000

$5,000,000

Number of tranches

Proceeds from borrowings

2,000,000

3,000,000

Amount drawn

8,000,000

Additional amounts that may be drawn

Annualized interest rate (as a percent)

12.00%

10.00%

Commitment fee (as a percent)

1.00%

Loan establishment fee (as a percent)

2.00%

Loan establishment fee

300,000

Period of trading days for which volume weighted average price was considered to determine shares issuable for payment of commitment fee and accrued interest

Period of trading days for which volume weighted average price was considered to determine shares issuable for payment of loan establishment fee

Number of shares of common stock issued for payment of loan establishment fee

117,188

Volume weighted average price for payment of loan establishment fee (in dollars per share)

$2.56

Interest payment and commitment fee, amount

175,159

138,167

63,083

Number of shares of common stock issued for payment of commitment fee and accrued interest

69,233

45,737

21,218

Volume weighted average price for payment of commitment fee and accrued interest (in dollars per share)

$2.66

$3.02

$2.97

Interest on loan paid

21,301

2,970

200,000

Number of shares of common stock issued for payment of accrued interest

72,477

Volume weighted average price for payment of accrued interest (in dollars per share)

$2.76

Amount

876,409

Shares of common stock issued

325,853

Prepayment amount

$5,000,000

Number of nominees designated

Price at which principal amounts of the debt are convertible into shares, at any time prior to the maturity date of December 31, 2016 (in dollars per share)

$2.60

Floor conversion price, subject to customary anti-dilution adjustments and further downward adjustment (in dollars per share)

Number of shares held

6,800,000

Ownership percentage

27.00%

Number of shares of common stock issued upon conversion

3,100,000

Ownership percentage after conversion of debt outstanding

35.00%

DERIVATIVE_LIABILITY_Details

DERIVATIVE LIABILITY (Details) (RCF, Facility, USD $)	9 Months Ended		9 Months Ended	0 Months Ended			9 Months Ended
	Sep. 30, 2014	Nov. 14, 2013	Sep. 30, 2014	Feb. 04, 2014	Nov. 13, 2013	Apr. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
	Sep. 30, 2014	Nov. 14, 2013	Minimum	Tranche one	Tranche one	Tranche two	Tranche one $2,000,000	Tranche two $3,000,000
Assumptions used in calculation of the derivative liability using the Black-Scholes option pricing model	'	'	'	'	'	'	'	'
Risk-free interest rate (as a percent)	'	'	1.07%	'	'	'	'	'
Expected life of derivative liability	'	'	'2 years 3 months	'	'	'	'	'
Expected volatility (as a percent)	'	'	87.85%	'	'	'	'	'
Dividend rate (as a percent)	0.00%	'	'	'	'	'	'	'
Changes in the derivative liability related to the conversion feature	'	'	'	'	'	'	'	'
Balance at the beginning of the period	$2,169,408	'	'	'	'	'	'	'
Fair value drawdown	'	'	'	'	'	'	1,555,806	1,691,319
Change in fair value of derivative liability	-1,604,657	'	'	'	'	'	'	'
Balance at the end of the period	3,811,876	'	'	'	'	'	'	'
Proceeds from Issuance of Debt	'	'	'	$2,000,000	$3,000,000	$3,000,000	'	'
Conversion rate of amount drawn under the agreement into common shares (in dollars per share)	'	$2.60	'	'	'	'	'	'

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets	'	'
Restricted cash	$4,010,968	$4,010,937
Liabilities	'	'
Derivative liabilities	3,811,876	2,169,408
Recurring	'	'
Assets	'	'
Restricted cash	4,010,968	4,010,937
Total financial assets	4,010,968	4,010,937
Liabilities	'	'
Derivative liabilities	3,811,876	2,169,408
Total financial liabilities	3,811,876	2,169,408
Recurring \| Level 1	'	'
Assets	'	'
Restricted cash	4,010,968	4,010,937
Total financial assets	4,010,968	4,010,937
Recurring \| Level 3	'	'
Liabilities	'	'
Derivative liabilities	3,811,876	2,169,408
Total financial liabilities	$3,811,876	$2,169,408

MINERAL_PROPERTY_EXPENDITURES_1

MINERAL PROPERTY EXPENDITURES (Details) (USD $)	3 Months Ended		9 Months Ended
MINERAL PROPERTY EXPENDITURES (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Mineral property expenditures	'	'	'	'
Total Restoration/Recovery expenses	$131,407	$437,365	$486,477	$1,471,208
Total standby care and maintenance expenses	323,426	130,667	1,006,449	414,948
Land maintenance and holding costs	531,790	371,985	1,436,069	1,796,314
Total mineral property expenses	986,623	940,017	2,928,995	3,682,470
Kingsville Dome Project	'	'	'	'
Mineral property expenditures	'	'	'	'
Total Restoration/Recovery expenses	'	429,342	328,304	1,463,185
Total standby care and maintenance expenses	209,565	54,569	502,628	130,177
Rosita Project	'	'	'	'
Mineral property expenditures	'	'	'	'
Total Restoration/Recovery expenses	131,407	8,023	131,407	8,023
Total standby care and maintenance expenses	20,667	61,537	258,119	257,970
Vasquez Project	'	'	'	'
Mineral property expenditures	'	'	'	'
Total Restoration/Recovery expenses	'	'	26,766	'
Total standby care and maintenance expenses	$93,194	$14,561	$245,702	$26,801

ASSET_RETIREMENT_OBLIGATIONS_D

ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Change in the reserve for future restoration and reclamation costs	'	'	'	'	'
Balance at beginning of period	'	'	$3,833,608	$4,498,057	$4,498,057
Changes in cash flow estimates	'	'	32,997	'	584,025
Costs incurred	'	'	-131,562	'	-1,638,214
Accretion expense	205,995	97,435	307,612	292,305	389,740
Balance at ending of period	4,042,655	'	4,042,655	'	3,833,608
Less: Current portion	-203,553	'	-203,553	'	'
Non-current portion	$3,839,102	'	$3,839,102	'	$3,833,608

COMMON_STOCK_Details

COMMON STOCK (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Apr. 15, 2014

Feb. 12, 2012

Oct. 31, 2011

Sep. 30, 2014

Jul. 02, 2014

Nov. 05, 2014

Oct. 31, 2011

Oct. 06, 2014

Aug. 08, 2014

Sep. 30, 2014

Former executive

Registered direct offering

BTIG, LLC

Juan Tafoya Land Corporation

RCF

ATM Sales Agreement

Uranium Mining Lease and Agreement

Facility

Subsequent event

Maximum

COMMON STOCK

Common stock issued

3,960,000

788,186

Common share price (in dollars per share)

$2.80

$2.60

Proceeds from sale of shares of common stock

$11,519,950

$3,599,432

$9,307,245

$2,586,358

Aggregate offering price of the shares of common stock available to be sold under ATM Sales Agreement

6,300,000

15,000,000

Aggregate price of the common stock in the prospectus filed with the SEC

4,100,000

Percentage of commission to be paid on the gross proceeds from the sale of shares under ATM Sales Agreement

3.00%

Common stock issued for loan interest and fees

253,376

Proceeds included in accounts receivable

358,988

Interest and fees

676,409

Amount settled on settlement

333,847

Common stock issued for settlement of litigation

119,231

Common stock issued for settlement of land obligations (in shares)

127,359

Common stock issued for settlement of land obligation

342,595

Rental payments

337,500

Repurchase of common stock (in shares)

91,631

Repurchase of common stock

$248,383

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Mar. 31, 2014
	Sep. 30, 2014	Sep. 30, 2014	2013 Omnibus Incentive Plan	Short-term incentive plan
Stock-Based Compensation Plans	'	'	'	'
Number of shares available for future grants	'	'	642,699	'
Stock compensation expense (in dollars)	$273,996	$737,270	'	'
Grant date fair value of vested bonus shares issued	'	'	'	$191,730

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 2) (USD $)	9 Months Ended
STOCK-BASED COMPENSATION (Details 2) (USD $)	Sep. 30, 2014
Outstanding Options, Number of stock options	'
Balance at the beginning of the period (in shares)	309,479
Expired (in shares)	-131,250
Canceled or forfeited (in shares)	-14,000
Balance at the end of the period (in shares)	164,229
Exercisable at the end of the period (in shares)	117,564
Outstanding Options, Weighted Average Exercise Price	'
Balance at the beginning of the period (in dollars per share)	$19.75
Expired (in dollars per share)	$11.60
Canceled or forfeited (in dollars per share)	$31.31
Balance at the end of the period (in dollars per share)	$25.28
Exercisable at the end of the period (in dollars per share)	$34.01

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 3) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
STOCK-BASED COMPENSATION (Details 3) (USD $)	Sep. 30, 2014	Dec. 31, 2013	1995 Stock Incentive Plan	2004 Stock Incentive Plan	2004 Director's Plan-Options	2013 Omnibus Incentive Plan	Stock options
Options Outstanding	'	'	'	'	'	'	'
Number of options outstanding (in shares)	164,229	309,479	8,750	75,481	74,998	5,000	'
Weighted Average Exercise price (in dollars per share)	$25.28	$19.75	$31.20	$11.76	$39.68	$2.99	'
Options Exercisable	'	'	'	'	'	'	'
Number of Options Exercisable (in shares)	117,564	'	8,750	38,814	70,000	'	'
Weighted Average Exercise Price (in dollars per share)	$34.01	'	$31.20	$20.28	$41.98	'	'
Total estimated unrecognized compensation cost (in dollars)	'	'	'	'	'	'	$107,589
Weighted average vesting period over which compensation cost is expected to be recognized	'	'	'	'	'	'	'1 year 8 months 23 days

STOCKBASEDCOMPENSATION_Details

STOCK-BASEDCOMPENSATION (Details 4) (Restricted stock units, USD $)	9 Months Ended
	Sep. 30, 2014
Restricted stock units	'
Number of Shares	'
Balance at the beginning of the period (in shares)	280,000
Granted (in shares)	431,941
Forfeited (in shares)	-29,778
Vested (in shares)	-76,886
Balance at the end of the period (in shares)	605,277
Weighted Average Grant Date Fair Value	'
Balance at the beginning of the period (in dollars per share)	$3.31
Granted (in dollars per share)	$2.61
Forfeited (in dollars per share)	$3.38
Vested (in dollars per share)	$3.20
Balance at the end of the period (in dollars per share)	$2.82
Total estimated unrecognized compensation cost (in dollars)	$1,133,404
Weighted average vesting period over which compensation cost is expected to be recognized	'2 years 4 months 13 days

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details 5) (Restricted stock, USD $)	9 Months Ended
	Sep. 30, 2014
Restricted stock	'
Number of Shares	'
Balance at the beginning of the period (in shares)	54,151
Forfeited (in shares)	-5,601
Vested (in shares)	-20,230
Balance at the end of the period (in shares)	28,320
Weighted Average Grant Date Fair Value	'
Balance at the beginning of the period (in dollars per share)	$5.49
Forfeited (in dollars per share)	$5.39
Vested (in dollars per share)	$5.58
Balance at the end of the period (in dollars per share)	$5.44
Total estimated unrecognized compensation cost (in dollars)	$118,380
Weighted average vesting period over which compensation cost is expected to be recognized	'1 year 1 month 24 days

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details)	0 Months Ended	3 Months Ended
EARNINGS PER SHARE (Details)	Jan. 22, 2013	Sep. 30, 2014
EARNINGS PER SHARE	'	'
Reverse stock split ratio	0.1	'
Potential dilutive common stock excluded from the calculation of earnings per share (in shares)	'	3,846,429

SUBSEQUENT_EVENT_Detail

SUBSEQUENT EVENT (Detail) (Subsequent event, Uranco, Rio Grande Resources)	0 Months Ended
	Nov. 06, 2014
	item
Subsequent event \| Uranco \| Rio Grande Resources	'
Subsequent event	'
Number of parcels	2