Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 18, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | URANIUM RESOURCES INC /DE/ | ||
Entity Central Index Key | 839,470 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 21,000 | ||
Entity Common Stock, Shares Outstanding | 5,159,519 | ||
Trading Symbol | URRE | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 865 | $ 5,570 |
Short-term available-for-sale investments | 226 | |
Prepaid and other current assets | 914 | $ 863 |
Total Current Assets | 2,005 | 6,433 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 114,496 | 98,454 |
Less accumulated depreciation, depletion and impairment | (65,684) | (65,724) |
Net property, plant and equipment | 48,812 | 32,730 |
Restricted cash | 4,026 | $ 3,941 |
Long-term assets held for sale | 2,123 | |
Total Assets | 56,966 | $ 43,104 |
Current Liabilities: | ||
Accounts payable | 3,046 | 796 |
Accrued liabilities | 1,569 | $ 1,680 |
Convertible loan net of discount - related party | 6,154 | |
Current portion of asset retirement obligations | 121 | $ 196 |
Total Current Liabilities | 10,890 | 2,672 |
Asset retirement obligations, net of current portion | $ 4,242 | 3,895 |
Convertible loan net of discount - related party | 4,345 | |
Other long-term liabilities and deferred credits | $ 800 | 500 |
Long term liabilities related to assets held for sale | 555 | 555 |
Total Liabilities | $ 16,487 | $ 11,967 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 100,000,000 shares authorized, $.001 par value; Issued shares - 4,530,211 and 2,107,400, respectively Outstanding shares - 4,522,186 and 2,099,375, respectively | $ 5 | $ 2 |
Paid-in capital | 258,096 | $ 233,547 |
Accumulated other comprehensive income | (67) | |
Accumulated deficit | (217,297) | $ (202,154) |
Less: Treasury stock (8,025 and 8,025 shares, respectively), at cost | (258) | (258) |
Total Stockholders' Equity | 40,479 | 31,137 |
Total Liabilities and Stockholders' Equity | $ 56,966 | $ 43,104 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 4,530,211 | 2,107,400 |
Common stock, shares outstanding | 4,522,186 | 2,099,375 |
Treasury stock, shares | 8,025 | 8,025 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Expenses: | ||
Mineral property expenses | $ (4,470) | $ (3,502) |
General and administrative | (7,488) | (9,132) |
Acquisition related expenses | (3,048) | |
Accretion of asset retirement obligations | (450) | (425) |
Depreciation and amortization | (336) | (331) |
Impairment of uranium properties | (960) | (160) |
Total operating expenses | $ (16,752) | (13,550) |
Non-Operating Income/(Expenses): | ||
Gain on derivatives | 2,919 | |
Interest expense | $ (2,645) | (2,368) |
Gain on disposal/exchange of uranium properties | 4,268 | 2,313 |
Other income/(expense), net | (14) | 2 |
Total other income | 1,609 | 2,866 |
Net Loss | (15,143) | $ (10,684) |
Other Comprehensive Loss | ||
Unrealized fair value decrease on available-for-sale securities | (67) | |
Comprehensive Loss | $ (15,210) | $ (10,684) |
BASIC AND DILUTED LOSS PER SHARE | $ (5.63) | $ (5.28) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 2,690,559 | 2,023,533 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2013 | $ 2 | $ 216,721 | $ (191,470) | $ (9) | $ 25,244 | |
Balance shares at Dec. 31, 2013 | 1,651,688 | |||||
Net loss | $ (10,684) | (10,684) | ||||
Common stock issued, net of issuance costs | $ 11,892 | 11,892 | ||||
Common stock issued, net of issuance costs, shares | 394,116 | |||||
Common stock issued for loan interest and fees | 840 | 840 | ||||
Common stock issued for loan interest and fees, shares | 27,151 | |||||
Common stock issued for land obligations | 342 | 342 | ||||
Common stock issued for land obligations, shares | 10,613 | |||||
Common stock issued for settlement of litigation | 334 | 334 | ||||
Common stock issued for settlement of litigation, shares | 9,935 | |||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 1,031 | 1,031 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes, shares | 13,507 | |||||
Conversion feature | 2,497 | 2,497 | ||||
Minimum withholding taxes on net share settlements of equity awards | $ (110) | (110) | ||||
Purchase of treasury stock | $ (249) | (249) | ||||
Purchase of treasury stock, shares | (7,635) | |||||
Balance at Dec. 31, 2014 | $ 2 | $ 233,547 | $ (202,154) | $ (258) | 31,137 | |
Balance shares at Dec. 31, 2014 | 2,099,375 | |||||
Net loss | $ (15,143) | (15,143) | ||||
Common stock issued, net of issuance costs | $ 1 | $ 6,391 | 6,392 | |||
Common stock issued, net of issuance costs, shares | 559,428 | |||||
Common stock issued for acquisition of Anatolia Energy | $ 2 | 14,561 | 14,563 | |||
Common stock issued for acquisition of Anatolia Energy, shares | 1,709,724 | |||||
Common stock issued for acquisition related fees | 743 | 743 | ||||
Common stock issued for acquisition related fees, shares | 79,841 | |||||
Options issued for business combinations | 1,308 | 1,308 | ||||
Options issued for business combinations, shares | ||||||
Common stock issued for loan interest and fees | 722 | 722 | ||||
Common stock issued for loan interest and fees, shares | 52,861 | |||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 950 | 950 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes, shares | 20,957 | |||||
Minimum withholding taxes on net share settlements of equity awards | $ (126) | (126) | ||||
Unrealized holding loss on available-for-sale securities | $ (67) | (67) | ||||
Balance at Dec. 31, 2015 | $ 5 | $ 258,096 | $ (67) | $ (217,297) | $ (258) | $ 40,479 |
Balance shares at Dec. 31, 2015 | 4,522,186 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows and Supplemental Cash Flow Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | ||
Net loss | $ (15,143) | $ (10,684) |
Reconciliation of net loss to cash used in operations: | ||
Accretion of asset retirement obligations | 450 | 425 |
Amortization of debt discount | 1,809 | 1,567 |
Amortization of convertible loan establishment fee | $ 100 | 100 |
Change in fair value of derivative liability | (2,919) | |
Decrease in restoration and reclamation accrual | $ (178) | (96) |
Depreciation and amortization | 336 | 331 |
Stock compensation expense | $ 950 | 1,031 |
Common stock issued for land obligation | $ 342 | |
Common stock issued as payment of acquisition related costs | $ 745 | |
Gain on disposal/exchange of uranium properties | (4,268) | $ (2,313) |
Impairment of uranium properties | 960 | 160 |
(Gain)/loss on disposal of fixed assets | $ (18) | 18 |
Other non-cash items | 23 | |
Effect of changes in operating working capital items: | ||
(Increase)/decrease in receivables | $ (72) | 37 |
(Increase)/decrease in prepaid and other current assets | 203 | (231) |
Increase in payables, accrued liabilities and deferred credits | 2,107 | 203 |
Net Cash Used In Operating Activities | (12,019) | $ (12,006) |
Cash Flows From Investing Activities: | ||
Acquisition of Anatolia Energy, net of cash acquired | (1,436) | |
Purchases of equipment | (31) | $ (55) |
Proceeds from disposal of property, plant and equipment | 2,518 | 4 |
Net Cash Provided By/(Used In) Investing Activities | $ 1,051 | (51) |
Cash Flows From Financing Activities: | ||
Proceeds from convertible loan | 5,000 | |
Payments on borrowings | $ (4) | (11) |
Issuance of common stock, net | $ 6,393 | 11,880 |
Purchase of treasury stock, at cost | (249) | |
Payment of minimum withholding taxes on net share settlements of equity awards | $ (126) | (110) |
Net cash Provided By Financing Activities | 6,263 | 16,510 |
Net increase/(decrease) in cash and cash equivalents | (4,705) | 4,453 |
Cash and cash equivalents, beginning of period | 5,570 | 1,117 |
Cash and Cash Equivalents, End of Period | 865 | $ 5,570 |
Cash Paid During the Period for: | ||
Interest | ||
Supplemental Non-Cash Information with Respect to Investing and Financing Activities: | ||
Common stock issued for acquisition of Anatolia Energy | 14,563 | |
Stock options issued for acquisition of Anatolia Energy | 1,308 | |
Common stock issued for payment of convertible loan fees and interest | $ 722 | $ 840 |
Common stock issued for settlement of litigation | 334 | |
Total Non-Cash Investing and Financing Activities for the Period | $ 16,593 | $ 1,174 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) and include the accounts of URI and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (US GAAP) requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates included in the preparation of the financial statements are related to asset retirement obligations; stock-based compensation; derivative liabilities and asset impairment, including estimates used to derive future cash flows or market value associated with those assets. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. We maintain cash deposits in excess of federally insured limits. We monitor the soundness of the financial institution and believe the risk is negligible. Available-for-Sale Investments We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations each reporting date. Marketable equity securities are categorized as available-for-sale and carried at fair market value on the Balance Sheet. Unrealized gains and losses are included as a component of accumulated other comprehensive loss, unless an other-than-temporary impairment in value has occurred in which case the unrealized loss would be charged to current period loss as an impairment charge. Unrealized gains and losses originally included in accumulated other comprehensive income are reclassified to current period net loss when the sale of securities occurs or when a security is impaired. Property, Plant and Equipment Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are amortized using the units of production method. During the periods that our facilities are not in production, depreciation of our facilities and equipment is suspended as the assets are not in service. Uranium Properties Mineral rights acquisition costs are capitalized when incurred, and exploration costs are expensed as incurred. When we determine that a mineral right can be economically developed in accordance with U.S. GAAP, the costs then incurred to develop such property will be capitalized. During the periods that our facilities are not in production, depletion of our mineral interests, permits, licenses and development properties is suspended as the assets are not in service. If mineral properties are subsequently abandoned or impaired, any undepleted costs will be charged to loss in that period. Other Property, Plant and Equipment Other property, plant and equipment consists of corporate office equipment, furniture and fixtures and transportation equipment. Depreciation on other property is computed based upon the estimated useful lives of the assets. Repairs and maintenance costs are expensed as incurred. Gain or loss on disposal of such assets is recorded as other income or expense as such assets are disposed. Asset Impairment The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on quantities of recoverable minerals, expected uranium prices, production levels and operating costs of production and capital, based upon the projected remaining future uranium production from each project. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization that is not part of the measured, indicated or inferred resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term recoverable minerals refers to the estimated amount of uranium that will be obtained after taking into account losses during processing and treatment. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Companys estimates of future cash flows are based on numerous assumptions and it is likely that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, uranium prices, production levels and operating costs of production and availability and cost of capital are each subject to significant risks and uncertainties. Assets held for sale The Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the carrying value of the assets at the lower of its carrying value or its estimated fair value, less costs to sell. Restricted Cash At December 31, 2015 and 2014, the Company had pledged certificates of deposit and money market accounts of $4.0 million and $3.9 million, respectively, in order to collateralize performance bonds required for future restoration and reclamation obligations related to our South Texas production properties. These funds are not readily available to the Company and are not included in cash equivalents. Asset Retirement Obligations Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its ISR projects to the pre-existing or background average quality after the completion of mining. Asset retirement obligations, consisting primarily of estimated restoration and reclamation costs at the Companys South Texas ISR projects, are recognized in the period incurred and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. In addition, the asset retirement cost is capitalized as part of the assets carrying value and amortized over the life of the related asset. If the Company does not have a recorded value for the related asset, then the asset retirement cost is expensed as incurred. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of restoration and reclamation costs. As the Company completes its restoration and reclamation work at its properties, the liability is reduced by the carrying value of the related asset retirement liability which is based upon the percentage of completion of each restoration and reclamation activity. Any gain or loss upon settlement is charged to income or expense and is included as part of the Companys mineral property expense for the period. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. 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 December 31, 2015 and 2014, and indicates the fair value hierarchy: December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Short-term available-for-sale investments $ 226 $ - $ - $ 226 Restricted cash 4,026 - - 4,026 Total assets recorded at fair value $ 4,252 $ - $ - $ 4,252 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Restricted cash $ 3,941 $ - $ - $ 3,941 Total assets recorded at fair value $ 3,941 $ - $ - $ 3,941 Loss Per Share Basic loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted loss per share is not presented as the effect on the basic loss per share would be anti-dilutive. At December 31, 2015 and 2014, we had 1,126,543 and 315,195 in potentially dilutive securities, respectively. Foreign Currency The functional currency for the companies recently acquired in the Anatolia Transaction was determined to be the U.S. dollar upon completion of the acquisition since our newly acquired foreign subsidiaries are direct and integral components of URI and are dependent upon the economic environment of URIs functional currency. Accordingly, we have translated our monetary assets and liabilities at the period-end exchange rate and the non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period loss. 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 Entitys 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 entitys 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 entitys 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. The Company does not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our financial statements. We are still assessing the impact on the related disclosures. In September 2015, FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for annual periods ending after December 15, 2015. The Company is still assessing the impact on its consolidated financial statements and related disclosures. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern | 2. LIQUIDITY AND GOING CONCERN The Consolidated Financial Statements of the Company have been prepared on a going concern basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in the aggregate, raise substantial doubt about the Companys ability to continue as a going concern because it is possible that the Company will be unable to meet its obligations as they become due within one year after the date that these financial statements were issued. Following completion of the Anatolia Transaction, the Company faced liquidity challenges as it encountered difficulty raising sufficient capital as a result of weakening capital markets, particularly in the commodities sector. In addition, the Company incurred higher than expected transaction costs and assumed significant unpaid trade payables from Anatolia Energy. At December 31, 2015 the Companys cash balances were $0.9 million and the Company had a working capital deficit of $8.9 million. Contributing to the working capital deficit was the reclassification of the RCF Loan (defined in Note 6, below) from long-term to short-term liabilities as the RCF Loan matures on December 31, 2016. On February 4, 2016, the Company completed a registered direct offering whereby it sold 296,667 shares of common stock at a price of $2.82 per share. Net proceeds to the Company, after deducting offering expenses, were $0.8 million. The ending cash balance of $0.9 million along with the proceeds received from the registered direct offering of $0.8 million provided the Company with sufficient capital to fund its critical operations through March 31, 2016. Subsequent to March 31, 2016, the Company expects to receive funding from the following sources: ● Laramide Asset Sale On November 9, 2015, the Company entered into a letter of intent (LOI) with Laramide Resources for the sale of its Churchrock and Crownpoint properties in New Mexico. Under the terms of the binding LOI, the Company expects to receive a cash payment of $5.25 million upon closing, currently anticipated to occur in Q2 2016. ● Option Agreement with Aspire Capital On February 3, 2016, the Company and Aspire Capital entered into an option agreement by which Aspire Capital granted it the right at any time or times prior to April 30, 2017 to require Aspire Capital to enter into up to two SPAs, each having a term of up to 24 months and collectively requiring Aspire Capital to purchase up to $10 million in the aggregate of its common stock on an ongoing basis when required by the Company. ● At-the-Market Sales Agreement The Company has an existing ATM Sales Agreement that allows it to sell, from time-to-time, shares of its common stock in at-the-market offerings having an aggregate offering amount up to $15.0 million of which we have approximately $5.6 million available for future sales as of March 12, 2016. While the Company believes the sources of capital above may provide sufficient liquidity to fund ongoing operations through December 31, 2016 and settle the RCF Loan upon maturity, the Companys market capitalization, low trading volume and potential to fall below the reference price under the SPAs may make it difficult for the Company to fully utilize the $10.0 million and $5.6 million available under the SPAs and ATM Sales Agreement, respectively. Therefore the Company believes that it will need to raise additional funding or renegotiate the terms of the RCF Loan in order to continue as a going concern. The Company is currently evaluating its options with respect to the RCF Loan and also continues to explore opportunities to raise additional funds, further monetize its non-core assets and look for ways to reduce its monthly cash expenditures. The Company has been successful at raising capital in the past, most recently with the completion of the registered direct offering on February 4, 2016 for gross proceeds of $0.8 million and two registered direct offerings during 2015 which occurred on December 18, 2015 and March 6, 2015 for aggregate net proceeds of $6.1 million. In addition, the Company was able to successfully raise capital in 2013 and 2014 through debt and equity fundraising efforts. Specifically, the completion of a registered direct offering in February 2014 for net proceeds of $9.3 million as well as procuring a convertible secured debt facility in November 2013 that provided us with $8.0 million in cash, which debt matures in December 2016. While the Company has been successful in the past raising funds through equity and debt financings as well as through the sale of non-core assets, no assurance can be given that additional financing will be available to it in amounts sufficient to meet its needs, including upon the maturity of our outstanding debt, or on terms acceptable to the Company. In the event funds are not available, the Company may be required to change its planned business strategies or it could default under its secured debt facility. |
Acquisitions and Disposals
Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Disposals | 3. ACQUISITIONS AND DISPOSALS Acquisition of Anatolia Energy On November 9, 2015, the Company completed its acquisition of 100% of the outstanding securities of Anatolia Energy for total consideration of $17.4 million. The consideration was comprised of $1.5 million in cash used to fund Anatolia Energys operating activities prior to completion of the Anatolia Transaction, $15.9 million in common stock of the Company and listed and unlisted options in the Company. Each ordinary share of Anatolia Energy was exchanged for 0.00548 common shares of URI and each outstanding Anatolia Energy performance share, listed option or unlisted option was converted into a performance share, listed option or unlisted option (as applicable) to acquire common shares of the Company, on the same terms and conditions as were applicable prior to the Anatolia Transaction, except that the number of shares to be received upon conversion and the exercise price were adjusted based on the fair value of the performance share, listed option or unlisted option prior to completion of the Anatolia Transaction, as to preserve the economic value of such performance share or option. As a result, the Company issued 1,709,724 new shares, 266,742 listed options, 310,921 options and 58,286 performance shares. The value of the Companys stock issued as consideration was based upon the opening share price on November 10, 2015 of $9.00 for those shares issued on the NASDAQ and A$11.88 ($8.38) for those shares issued on the ASX. The Company did not include the fair value of the performance shares in its determination of the purchase price as in accordance with accounting rules, expense should not be recognized until it is reasonably certain that the performance condition will be satisfied. As the Company does not believe the performance condition will be satisfied prior to the date the performance shares expire, it did not include the fair value of the performance shares in the determination of the purchase price. The results of Anatolia Energy are included in the Consolidated Statement of Operations commencing November 10, 2015. Acquisition related costs were $3.0 million, of which $0.7 million was settled by the issuance of 79,841 shares of URIs common stock. Subsequent to December 31, 2015, URI issued an additional 117,097 shares of common stock as settlement of $0.7 million of required termination payments. Anatolia Energy is an Australian entity that indirectly holds a 100% interest in the Temrezli project located in Central Turkey, which URI plans to advance to near-term production. The acquisition of Anatolia Energy was accounted for as a business combination with URI deemed to be the acquirer, as, post-combination, URI continues to control the Board of Directors and senior management positions and has overall control over the day-to-day activities of the combined entity. The following summarizes the preliminary allocation of purchase price to the fair value of assets acquired and liabilities assumed as of the acquisition date (in thousands): Consideration: Cash $ 1,497 Issuance of 1,709,724 common shares for replacement of Anatolia Energy shares 14,563 Issuance of 266,742 listed options for replacement of Anatolia Energy listed options 424 Issuance of 310,921 options for replacement of Anatolia Energy options 884 Issuance of 58,286 performance shares to replace Anatolia Energy performance shares - $ 17,368 Fair value of net assets acquired: Assets: Cash and cash equivalents $ 61 Short-term receivables 64 Prepaid and other current assets 217 Restricted cash 85 Property, plant, equipment and uranium interests 17,992 Total assets 18,419 Liabilities: Accounts payable and other accrued liabilities 1,051 Total liabilities 1,051 Net assets $ 17,368 The carrying value of the current assets and liabilities assumed approximated the fair value due to the short-term nature of these items. The fair value of the uranium properties was estimated using a discounted cash flow approach. Key assumptions used in the discounted cash flow analysis include discount rates, mineral resources, future timing of production, recovery rates and future capital and operating costs. The unaudited pro forma financial information below represents the combined results of the Companys operations as if the acquisition had occurred at the beginning of the periods presented. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the periods presented, nor is it indicative of future operating results. For the year ended December 31, 2015 2014 Net loss (15,203 ) $ (15,601 ) Basic and diluted loss per share (5.65 ) (4.08 ) Purchase and Exchange Agreement with Energy Fuels On June 26, 2015, the Company and certain of its subsidiaries entered into a Purchase and Exchange Agreement (the PEA) with Energy Fuels Inc. and a subsidiary of Energy Fuels Inc. (collectively, Energy Fuels), pursuant to which at closing on July 31, 2015 subsidiaries of URI transferred ownership of URIs Roca Honda project, including mineral fee lands and unpatented lode mining claims in Sections 8 and 17 of Township 13 North, Range 8 West, covering approximately 1,240 acres and 3,382 acres of leased claims to Energy Fuels. In exchange, Energy Fuels delivered to URI (i) $2.5 million in cash, (ii) 76,455 shares of Energy Fuels common stock with a fair value upon closing of $0.3 million, which were subsequently sold on February 22, 2016 for $0.2 million, (iii) Energy Fuels 4% gross royalty covering 5,640 acres on seven mineral leases in the state of Wyoming at the Kendrick and Barber areas of the Lance uranium in-situ recovery project, which is currently under construction by Peninsula Energy Limited, and (iv) unpatented lode mining claims covering 640 acres in Section 4 of Township 16 North, Range 18 West, located near Churchrock, New Mexico, which are contiguous with the Companys Churchrock project, as well as claims in Section 34 and leases from the state of New Mexico in Sections 32 and 36, all situated in Township 17 North, Range 16 West. URI also retained a 4% royalty on Section 17 of the Roca Honda project. The royalty can be repurchased by Energy Fuels upon payment to URI of $5.0 million cash at any time at Energy Fuels sole discretion prior to the date on which the first royalty payment becomes due. The divestiture of the Roca Honda project was accounted for as an asset disposal and the non-cash considerations received from Energy Fuels was recorded at fair value. The fair value of the shares of Energy Fuels common stock received was determined using the closing share price of Energy Fuels stock on July 31, 2015. The fair value of the unpatented lode mining claims and mineral leases was determined based upon the per pound value of similar transactions involving unproved uranium assets within the last three years. The Company determined that the Lance Royalty had de minimus value and therefore determined the fair value to be nil. The following fair value amounts were recorded as the purchase consideration: (thousands of dollars) Fair Value Cash $ 2,500 Energy Fuels Inc. common stock 293 Churchrock properties 2,123 Lance Royalty - Total Consideration Received $ 4,916 The fair value of the shares of Energy Fuels common stock received were valued using Level 1 inputs of the fair-value hierarchy and the fair value of the unpatented lode mining claims and mineral leases were valued using Level 3 inputs of the fair-value hierarchy (as defined in Note 1 above). During the fourth quarter of 2015, the Company identified an adjustment of $0.6 million to its previously recorded gain on the sale of the Roca Honda assets. The Company previously did not include the carrying value of the West Endy project in its determination of the amount of the gain. The Company recorded this out-of-period adjustment in the quarter ended December 31, 2015. The Company assessed the materiality of this error on our current and prior period financial statements in accordance with Staff Accounting Bulletin (SAB) Topic 1.M and SAB Topic 1.N, and concluded the error was not material to the financial condition for the current and prior interim periods. As a result of this error, the Company reported net income of $0.3 million for the three month period and a net loss of $8.0 million for the nine-month period ended September 30, 2015, which should have been reported as a loss of $0.3 and $8.7 million, respectively. Additionally, the Company reported earnings per share of $0.01 for the three month period and loss per share of $0.28 per share for the nine-month period ended September 30, 2015, which should have been reported as a loss per share of $0.01 and $0.30, respectively. The Company evaluated the impact of this error on the loss for the full fiscal year and on the trends of its earnings and determined that it did not have a material impact on either. The Company recorded the following gain on disposal of uranium properties within its Consolidated Statement of Operations: (thousands of dollars) Total Consideration Received $ 4,916 Carrying value of Roca Honda project 648 Gain on disposal of Roca Honda project $ 4,268 Asset Exchange Agreement with Rio Grande Resources Corporation On September 5, 2014, the Company, its wholly owned subsidiary Uranco, Inc. and Rio Grande Resources Corporation (RGR) entered into an Asset Exchange Agreement whereby the Company agreed to acquire from RGR certain uranium properties located in South Texas near the Companys processing facilities, including, among others, the Alta Mesa Este, Butler Ranch and Sejita Dome exploration projects. In exchange for these South Texas properties, the Company agreed to transfer to RGR two parcels of fee-owned mineral rights and a royalty interest in the Roca Honda area of west-central New Mexico. The Company retained certain leases, mining claims and fee-owned mineral interest on separate parcels in the Roca Honda area. On November 6, 2014, after completing customary due diligence and satisfying certain closing conditions, the Company and RGR closed the transaction and effectuated the exchange of properties. The Asset Exchange Agreement was determined to be a non-monetary exchange of assets having commercial substance in accordance with ASC Topic 845 which requires the assets received in an asset exchange be recorded at the fair value of the assets relinquished. The Company determined the fair value of the Roca Honda assets relinquished to be $2.3 million. This fair value was determined based upon the per pound value of similar transactions involving unproved uranium assets within the last 3 years. The carrying value of the Roca Honda assets relinquished in the transaction had previously been written off to nil in prior years and, as a result, the entire $2.3 million was recognized as a gain on non-monetary exchange of assets and included in the Companys Consolidated Statements of Operations. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Property, Plant and Equipment | 4. PROPERTY, PLANT AND EQUIPMENT Net Property, Plant and Equipment at December 31, 2015 (thousands of dollars) Turkey Texas New Mexico Corporate Net book value Uranium plant $ - $ 8,653 $ - $ - $ 8,653 Mineral rights and properties 17,968 1,513 16,996 - 36,477 Other property, plant and equipment 22 1,352 - 202 1,576 Total net book value $ 17,990 $ 11,518 $ 16,996 $ 202 $ 46,706 Net Property, Plant and Equipment at December 31, 2014 (thousands of dollars) Turkey Texas New Mexico Corporate Net book value Uranium plant $ - $ 8,921 $ - $ - $ 8,921 Mineral rights and properties - 2,313 19,750 - 22,063 Other property, plant and equipment - 1,490 - 256 1,746 Total net book value $ - $ 12,724 $ 19,750 $ 256 $ 32,730 Uranium Properties Temrezli Project As discussed in Note 3 above, the Temrezli project was acquired as part of the Anatolia Transaction. The Company controls six licenses that make up the Temrezli project area that were granted to our Turkey-based subsidiary Adur Madencilik Ltd Sti. by the Turkish General Directorate of Mining Affairs. The granted licenses cover an area of about 13,490 acres. We hold these licenses through the payment of fees to the Turkish government and the fulfillment of certain physical work obligations on an annual basis. Uranium production from the licenses is subject to the payment of a sliding scale royalty, ranging from 2% to 16% depending upon the sales price of uranium, as defined by Turkish mining law. The sliding scale royalty payments are to be made to certain agencies of the local and Turkish governments. A further 1% royalty is payable to the General Directorate of Mining Affairs, who discovered the Temrezli uranium deposit. Kingsville Dome Project The Kingsville Dome project consists of mineral leases from private landowners on about 2,434 gross and 2,227 net acres located in central Kleberg County, Texas. The leases provide for payment to the landowners of royalties based upon a percentage of uranium sales of 6.25% to 9.375%. The leases have expiration dates ranging from 2000 to 2007 however, we hold most of these leases by production and with a few minor exceptions all the leases contain clauses that permit us to extend the leases not held by production by payment of an annual per acre royalty ranging from $10 to $30. We have paid such royalties on all material acreage. Rosita Project The Rosita project consists of mineral leases from private landowners on about 3,377 gross and net acres located in north-central Duval County, Texas. The Rosita South property consists of mineral leases from private land owners on about 1,795 gross acres and 1,479 net acres located in Duval County near the Companys Rosita project. The leases provide for the payment to the landowners of sliding scale royalties based on a percentage of uranium sales. Royalty percentages on average increase from 6.25% up to 18.25% when uranium prices reach $80.00 per pound. The leases have primary and secondary terms to 2015, and provisions to extend the leases for an additional twenty years. We are holding these leases by payment of rentals ranging from $10 to $30 per acre. Vasquez Project The Vasquez project is comprised of a mineral lease on 872 gross and net acres located in southwestern Duval County, in South Texas. The primary term expired in February 2008; however we hold the lease by production and reclamation activities. The lease provides for the payment to the landowner royalties based upon 6.25% of uranium sales below $25.00 per pound and royalty rate increases on a sliding scale up to 10.25% for uranium sales occurring at or above $40.00 per pound. Butler Ranch Project As discussed in Note 3 above, the Butler Ranch exploration project was acquired as part of the Companys Asset Exchange Agreement. The property is comprised of nine fee leases that cover an area of about 2,653 gross or 2,592 net acres of mineral rights. We can hold the leases by payment of annual rental fees, ranging from $10 to $25 per acre. Each of the leases makes provision for the payment of royalties of 10% of sales to the property owners. Leases have initial terms of 8 to 10 years and have provisions to hold by drilling and identifying uranium mineralization on the specific properties. Churchrock Project The Churchrock project encompasses about 3,458 gross and net acres. The properties that comprise the Churchrock project are located in McKinley County, New Mexico and consist of three targets, known as Section 8, Section 17 and Mancos. None of these targets lies within the area generally recognized as constituting the Navajo Nation. We own the mineral estate in fee for both Section 17 and part of the the Mancos target (Sections 7 and 13). We also own patented and unpatented lode mining claims on the Section 8 target and unpatented lode mining claims on the remainder of the Mancos target. The assets and liabilities associated with the Churchrock project have been classified as held-for-sale as of December 31, 2015 and 2014. See Note 5 below. The surface estate on Section 17, Mancos Section 13 and Mancos Section 7 is owned by the U.S. Government and held in trust for the Navajo Nation (the Nation). On those sections we have royalty obligations ranging from 5% to 6 1 4 Crownpoint Project The Crownpoint project is located in the San Juan Basin, 22 miles northeast of the Companys Churchrock project and 35 miles northeast of Gallup, New Mexico, adjacent to the town of Crownpoint. The Crownpoint project consists of 640 gross and 556 net acres. The Company holds the mineral rights in the northwest 1 4 1 4 1 4 1 4 Cebolleta Project In connection with the merger of Neutron (and its wholly-owned subsidiary Cibola Resources LLC (Cibola)) we acquired the Cebolleta Lease with La Merced del Pueblo de Cebolleta (the Cebolleta Land Grant), a privately held land grant, to lease the Cebolleta Project, which is composed of approximately 6,717 acres of fee (deeded) surface and mineral rights. The Cebolleta Lease provides for: (i) a term of ten years and so long thereafter as Cibola is conducting operations on the Cebolleta Project; (ii) initial payments to the Cebolleta Land Grant of $5.0 million; (iii) a recoverable reserve payment equal to $1.00 multiplied by the number of pounds of recoverable uranium reserves upon completion of a feasibility study to be completed within six years, less (a) the $5.0 million referred to in (ii) above, and (b) not more than $1.5 million in annual advance royalties previously paid pursuant to (iv); (iv) annual advanced royalty payments of $0.5 million; (v) gross proceeds royalties from 4.50% to 8.00% based on the then current price of uranium; (vi) employment opportunities and job-skills training for the members of the Cebolleta Land Grant and (vii) funding of annual higher education scholarships for the members of the Cebolleta Land Grant. The Cebolleta Lease provides Cibola with the right to explore for, mine, and process uranium deposits present on the Cebolleta Project. In February 2012, Cibola entered into an Amendment of its Mining Lease Agreement (the Cebolleta Lease Amendment) amending the Cebolleta Lease, subject to approval of the Thirteenth Judicial District. Pursuant to the Cebolleta Lease Amendment, the date for the completion of the feasibility study was extended from April 2013 to April 2015. In addition, the date may be further extended subject to a reduction in the $6.5 million initial payment and annual advance royalty payments deduction to the recoverable reserve payment. Juan Tafoya Project In connection with the merger with Neutron we acquired the fee interest in 4,097 acres in northwestern New Mexico of fee (deeded) surface and mineral rights owned by the Juan Tafoya Land Corporation (JTLC). The Juan Tafoya Project is located approximately 45 miles west-northwest of the city of Albuquerque, and 25 miles northeast of the town of Laguna. The lease has a term of ten years, and it can be extended on a year-to-year basis thereafter, so long as we are conducting operations on the property. Additionally, the lease required: (i) an initial payment of $1.25 million; (ii) annual rental payments of $0.2 million for the first five years of the lease and $0.3 million for the second five years; (iii) after the second five years, annual base rent of $75 per acre; (iv) a gross proceeds royalty of 4.65% to 6.5% based on the then current price of uranium; (v) employment opportunities and job-skills training programs for shareholders of the JTLC or its heirs, (vi) periodic contributions to a community projects fund if mineral production commences from the Juan Tafoya property and (vii) funding of a scholarship program for the shareholders of the JTLC or its heirs. The Company is obligated to make the first ten years annual rental payments notwithstanding the right to terminate the JT Lease at any time, unless (a) the market value of uranium drops below $25 per pound, (b) a government authority bans uranium mining on the Juan Tafoya property, or (c) the deposit is deemed uneconomical by an independent engineering firm. Impairment of Property, Plant and Equipment The Company recorded the following impairment charges for 2015 and 2014 related to its uranium projects and processing facilities: For the years ended December 31, 2015 2014 Kingsville Dome project $ 160 $ 160 Alta Mesa Este project 800 - Total Impairment $ 960 $ 160 The Companys recorded impairment charge for 2015 and 2014 of $0.2 million on its Kingsville Dome project was due to the physical deterioration of its processing plant equipment resulting from the plants idled status and its proximity to the Texas coastline. The net carrying value of the Kingsville Dome plant equipment after impairment is $0.2 million which is calculated as $2.2 million book value less a $2.0 million liability related to dismantling and decontaminating. The Company also used a third-party estimate of resale value to determine that no further impairment was needed as the Companys third-party estimate of resale value exceeded the $0.2 million net carrying value of the Kingsville Dome plant equipment. The Companys recorded impairment charge for 2015 of $0.8 million on its Alta Mesa Este project was the result of URIs Board of Directors and management determining that recent exploration results indicated that the Alta Mesa Este Project should be terminated. As a result, the carrying value of the Alta Mesa Este Project was written down to nil. Mineral Property Expenses During the years ending December 31, 2015 and 2014, the Companys mineral property expenses were $4.5 million and $3.5 million, respectively. Included within mineral property costs are standby costs for our three idled South Texas ISR projects along with holding and evaluation costs for all properties. The Company spent the following amounts for each of its material properties: For the years ended December 31, 2015 2014 (thousands of dollars) Temrezli project, Turkey $ 407 $ - Total Turkey projects 407 - Kingsville Dome project, Texas 812 862 Rosita project, Texas 711 817 Vasquez project, Texas 510 518 Butler Ranch project, Texas 443 32 Other projects, Texas 553 12 Total Texas projects 3,029 2,241 Crownpoint project, New Mexico 5 5 Churchrock project, New Mexico 21 109 Cebolleta project, New Mexico 537 571 Juan Tafoya project, New Mexico 384 413 Other projects, New Mexico 87 163 Total New Mexico projects 1,034 1,261 Total expense for the period $ 4,470 $ 3,502 |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2015 | |
Assets Held For Sale | |
Assets Held for Sale | 5. ASSETS HELD FOR SALE On November 9, 2015, we entered into a letter of intent with Laramide Resources for the sale of our Churchrock and Crownpoint properties in New Mexico. Under the terms of the letter of intent, URI and certain of our subsidiaries have agreed, subject to the execution of definitive documentation, to transfer ownership of the Churchrock and Crownpoint properties to Laramide Resources or its subsidiaries. Laramide Resources will assume any liabilities related to reclamation and remediation on the subject lands. Definitive documentation on the terms above is expected to be executed in the first quarter of 2016 with closing of the transaction expected to occur during the first half of 2016, subject to customary conditions, including applicable regulatory approvals. As a result, the assets and liabilities associated with the Churchrock and Crownpoint projects have been classified as held for sale as of December 31, 2015 and 2014, for comparative purposes. As the Company recently acquired a portion of the Churchrock project from Energy Fuels Inc, and recorded the assets at a fair value of $2.1 million, no further fair value adjustment was necessary. The remaining Churchrock project mineral rights and the Crownpoint project mineral rights assets were previously impaired and the carrying value is nil. |
Convertible Loan, Related Party
Convertible Loan, Related Party | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Loan, Related Party | 6. CONVERTIBLE LOAN, RELATED PARTY On November 13, 2013, the Company entered into a loan agreement (the RCF Loan) with Resource Capital Fund V L.P. (RCF), whereby RCF agreed, subject to the terms and conditions set forth in the RCF Loan, to provide a secured convertible loan facility of up to $15.0 million to the Company, which was subsequently amended on April 29, 2014 to reduce the amount available thereunder from $15.0 million to $8.0 million, which has been fully drawn. Amounts drawn under the RCF Loan mature on December 31, 2016 and bear interest at 10% per annum, payable quarterly in arrears in shares of the Companys common stock or, at RCFs election, in cash. The number of shares to be issued as payment for interest is determined based upon the VWAP of the Companys common stock for the 20 trading days preceding the last day of each quarter. Accordingly, the Company issued the following shares during 2015 related to interest expense: Amount Shares of common stock issued VWAP Date of issuance (thousands of dollars, except share data) Q4 2014 Interest payment $ 199 8,576 $ 23.3208 January 2, 2015 Q1 2015 Interest payment 181 11,371 $ 17.5872 April 1, 2015 Q2 2015 Interest payment 161 14,159 $ 14.1252 July 2, 2015 Q3 2015 Interest payment 181 18,755 $ 10.6632 October 1, 2015 Total $ 722 52,861 As of December 31, 2015, interest expense of $0.2 million relating to the three months ended December 31, 2015 was included in accrued liabilities on the Companys Consolidated Balance Sheets. The Companys obligations under the RCF Loan are secured by pledges on the equity interests of the Companys 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 RCF Loan 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 nominate two nominees to the Companys Board of Directors so long as any obligations remain outstanding under the RCF Loan. RCF may convert amounts drawn under the RCF Loan into shares of the Companys common stock at any time prior to maturity on December 31, 2016. The conversion price was initially set at $31.20 per share and was subject to customary anti-dilution adjustments and further downward adjustment, subject to a floor of $12.00 per share, in the case of certain equity issuances by the Company before November 13, 2014. Prior to the expiration of an anti-dilution clause in 2014, the conversion feature was considered to be an embedded derivative. The initial fair value measurement of the derivative liability as determined on the date of each advance was previously recognized as a debt discount and is amortized over the life of the RCF Loan. The following table represents the key components of the RCF Loan: December 31, 2015 December 31, 2014 (thousands of dollars) Debt principal $ 8,000 $ 8,000 Unamortized discount (1,846 ) (3,655 ) Carrying value of convertible loan, end of period $ 6,154 $ 4,345 For the periods ended December 31, 2015 and 2014, the Company recorded amortization of debt discount of $1.8 million and $1.6 million, which has been included in interest expense in the Companys Consolidated Statement of Operations. As of March 18, 2016, RCF owned approximately 0.7 million shares or 13.9% of the Companys outstanding common stock. If RCF were to convert the entire $8.0 million outstanding under the Loan Agreement, RCF would receive 256,410 shares of the Companys common stock, and RCFs ownership percentage in the Company would increase to approximately 18.0%. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 7. ASSET RETIREMENT OBLIGATION The Companys mining and exploration activities are subject to various state and federal law and regulations governing the protection of the environment. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with the applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future restoration and reclamation costs are based principally on legal and regulatory requirements. Changes to the Companys asset retirement obligation are summarized below: December 31, 2015 December 31, 2014 (thousands of dollars) Balance, beginning of period $ 4,196 $ 3,834 Additions, changes in estimates and other - 136 Liabilities settled (178 ) (199 ) Included in liabilities held for sale (105 ) (105 ) Accretion expense 450 425 Balance, end of period 4,363 4,091 Less: Current portion (121 ) (196 ) Non-current portion $ 4,242 $ 3,895 As of December 31, 2015, the Companys asset retirement obligation was fully secured by surety bonds totaling $9.2 million, which were partially collateralized with restricted cash totaling $3.9 million. |
Other Long-Term Liabilities and
Other Long-Term Liabilities and Deferred Credits | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities and Deferred Credits | 8. OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS Other long-term liabilities and deferred credits on the balance sheet consisted of: December 31, 2015 2014 Royalties payable(1) $ 500 $ 500 UNC purchase contract(2) 300 Crownpoint property(1) 450 $ 800 $ 950 (1) Royalties payable and Crownpoint property liability were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. Additionally, as the Company currently has entered into a binding letter of intent to sell the Crownpoint property, the $450,000 liability has been included in liabilities held for sale as of December 31, 2015. (2) On November 5, 2015, the Company and UNC agreed to amend the terms of the Data Purchase Agreement. As a result, the $0.4 million payment due on August 18, 2015 under the original agreement has been extended and is payable in quarterly installments, bearing interest of 5% per annum, over a period of four years beginning on January 1, 2016. The Company has classified $0.1 million as short-liabilities and the remaining $0.3 million as a long-term liability. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS EQUITY Common Stock Issued, Net of Issuance Costs Registered Direct Offerings On December 18, 2015, URI completed a registered direct offering for gross proceeds of $1.0 million. Net proceeds to URI, after deducting agent fees and offering expenses, were $0.7 million. URI sold 208,332 shares of common stock at a price of $4.80 per share. On March 6, 2015, URI completed a registered direct offering for gross proceeds of $6.0 million. Net proceeds to URI, after deducting agents fees and offering expenses, were $5.4 million. URI sold 333,333 units at a price of $18.00 per unit, with each unit comprised of one share of URIs common stock and a warrant to purchase 0.55 shares of common stock at an exercise price of $24.00 per whole share. The warrants are exercisable for a period of five years beginning on the six-month anniversary of original issuance and ending on a date that five years after the first date of exercisability. 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 Companys currently effective registration statement on Form S-3. The Company filed a prospectus supplement dated November 17, 2015 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 $6.0 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 year ended December 31, 2015 the Company sold 17,763 shares of common stock for net proceeds of approximately $0.3 million under the ATM Sales Agreement. Subsequent to December 31, 2015, the Company sold 105,195 shares of common stock for net proceeds of approximately $0.4 million under the ATM Sales Agreement. As of March 18, 2016, approximately $5.6 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement. Common Stock Issued for Acquisition of Anatolia Energy As discussed in Note 3 above, the Company issued 1,709,724 shares of common stock in exchange for 100% of the outstanding shares of Anatolia Energy as part of the purchase consideration paid to acquire Anatolia Energy. Common Stock Issued Acquisition Related Fees In November 2015, the Company issued 79,841 shares with an average fair market value per share of $9.36 based on the closing price on the date of issuance to RCF Management (see Note 13 below) and Insight Transportation as satisfaction of $0.7 million in fees related to the Anatolia Transaction discussed in Note 3 above. Subsequent to December 31, 2015, the Company issued an additional 117,097 shares with a fair market value per share of $6.00 as satisfaction of $0.7 million in required termination payments related to the Anatolia Transaction. Common Stock Issued for Loan Interest and Fees As discussed in Note 6 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 year ended December 31, 2015, the Company issued 52,861 shares of common stock for the payment of $0.7 million in interest and fees. Subsequent to December 31, 2015, the Company issued 38,086 shares of common stock for the payment of $0.2 million in interest relating to the three months ended December 31, 2015. Listed Options As discussed in Note 3 above, the Company issued 266,742 listed options as replacement for 100% of the outstanding listed options of Anatolia Energy as part of the purchase consideration paid to acquire Anatolia Energy. These listed options trade on the Australian Stock Exchange under the ticker symbol URIO and entitle each holder to convert their option into a share of common stock of the Company at an exercise price of $24.96 on or before the expiry date of June 15, 2017. The Company calculated the fair value of the listed options using the Black-Scholes method using the following assumptions: Expected volatility 90 % Risk-free interest rate 0.87 % Expected life (years) 1.60 Dividend yield N/A |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK BASED COMPENSATION Stock-based compensation awards consist of stock options, restricted stock units, restricted stock awards and bonus shares issued under the Companys 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); and the 2004 Stock Incentive Plan (the 2004 Plan). Upon approval of the 2013 Plan by the Companys stockholders on June 4, 2013, the Companys authority to grant new awards under all plans other than the 2013 Plan was terminated. Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards (RSAs), restricted stock units (RSUs), unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. The maximum number of the Companys common stock that may be reserved for issuance under the 2013 Plan is 1,000,000 shares of common stock, plus unissued shares under the prior plans. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Company (the Committee), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other Committees or to such other officers and employees of the Company as designated by the Committee. As of December 31, 2015, 44,593 shares of common stock were available for future issuances under the 2013 Plan. For the years ended December 31, 2015 and 2014, the Company recorded stock-based compensation cost of $0.9 million and $1.0 million, respectively, which has been included in general and administrative expense. In addition, upon completion of the Anatolia Transaction, the Company issued 374,749 replacement options and performance shares to the option holders and performance share holders of Anatolia Energy. The number of replacement options and performance shares was based upon the Black-Scholes value with the exercise prices of the replacement options and performance shares determined using the exchange rate of 0.00548. The options and performance shares were issued with the same terms and conditions as were applicable prior to the Anatolia Transaction. Bonus Shares In March 2015, in accordance with the Companys 2013 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 Companys common stock on the date of grant. The bonus shares vested immediately and had a grant date fair value of $0.3 million. Stock Options The following table summarizes stock options outstanding and changes during the years ended December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 13,388 $ 302.16 25,781 $ 237.00 Granted 314,086 14.21 - - Expired (1,075 ) 356.93 (11,227 ) 144.84 Canceled or forfeited - - (1,166 ) 375.72 Stock options outstanding at end of period 326,399 $ 24.89 13,388 $ 302.16 Stock options exercisable at end of period 316,005 $ 25.16 9,611 $ 405.72 The following table summarizes stock options outstanding and exercisable by stock option plan at December 31, 2015: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Stock Options Outstanding Weighted Average Exercise Price Number of Stock Options Exercisable Weighted Average Exercise Price 2004 Plan 5,790 $ 121.20 4,263 $ 152.89 2004 Directors Plan 6,107 482.34 5,899 497.57 2013 Plan 416 35.88 208 35.88 Replacement Stock Options 314,086 14.21 305,635 14.26 326,399 $ 24.89 316,005 $ 25.16 The fair value of the replacement options granted upon completion of the Anatolia Transaction was estimated as of November 9, 2015 using the Black-Scholes option pricing model using the following assumptions: Expected volatility 90% - 100 % Risk-free interest rate 0.51% - 1.72 % Expected life (years) 0.89 - 4.20 Dividend yield N/A Stock Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Expected price volatility is based on the historical volatility of our common stock. Changes in the subjective input assumptions can materially affect the fair value estimate. The expected term of the options granted is derived from the output of the option pricing model and represents the period of time that the options granted are expected to be outstanding. The risk-free rate for the periods within the contractual term of the option is based on the U.S. Treasury yield curve in effect at the date of grant. Total estimated unrecognized compensation cost from unvested stock options as of December 31, 2015 was $27,508, which is expected to be recognized over a weighted-average period of 0.53 years. Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Companys common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Companys 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 for the years ending December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Number of RSUs Weighted- Average Grant Date Fair Value Number of RSUs Weighted- Average Grant Date Fair Value Unvested RSUs at beginning of period 45,397 $ 34.12 23,329 $ 39.69 Granted - - 35,989 31.36 Forfeited (1,667 ) 32.20 (2,480 ) 40.54 Vested (11,024 ) 34.04 (11,441 ) 35.38 Unvested RSUs at end of period 32,706 $ 34.25 45,397 $ 34.12 Total estimated unrecognized compensation cost from unvested RSUs as of December 31, 2015 was approximately $0.3 million, which is expected to be recognized over a weighted-average period of 2.47 years. Restricted Stock Awards Time-based and performance-based RSAs are valued using the closing share price of the Companys common stock on the date of grant. Vesting based on performance criteria is generally based on the Companys performance as determined by the Compensation Committee 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 years ended December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Number of RSAs Weighted- Average Grant Date Fair Value Number of RSAs Weighted- Average Grant Date Fair Value Unvested RSAs at beginning of period 2,223 $ 62.65 4,508 $ 65.87 Forfeited (104 ) 80.40 (466 ) 64.66 Vested (753 ) 101.26 (1,819 ) 70.11 Unvested RSAs at end of period 1,366 $ 40.01 2,223 $ 62.65 The total estimated unrecognized compensation cost from the unvested RSA grants at December 31, 2015 was $2,600, which is expected to be recognized over the weighted-average vesting period of 0.15 years. Performance Shares The Company issued 58,286 replacement performance shares upon completion of the Anatolia Transaction. These performance shares entitle each holder to convert their performance share into a share of the Companys common stock upon the Company declaring a mineral resource estimate for the Temrezli project of at least 15.0 million lbs. As the Company does not anticipate this performance condition will be met prior to the February 10, 2016 expiry date, the Company did not recognize the fair value of these performance shares. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | 11. FEDERAL INCOME TAXES The Company recognizes future tax assets and liabilities for each tax jurisdiction based on the difference between the financial reporting and tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the taxes are paid or recovered. A valuation allowance is provided against net future tax assets for which the Company does consider the realization of such assets to meet the required more likely than not standard. The Companys future tax assets and liabilities at December 31, 2015 and 2014 include the following components: December 31, 2015 2014 Deferred tax assets: Non-Current: Net operating loss carryforwards $ 80,491 $ 71,882 Mineral properties 13,970 11,375 Capital loss carryforwards 618 Restoration reserves 1,478 1,360 Capitalized transaction costs 1,145 - Other 946 199 Deferred tax assets 98,648 84,816 Valuation allowance (96,203 ) (82,435 ) Net deferred tax assets 2,445 2,381 Deferred tax liabilities: Current: Prepaids and other 68 100 68 100 Non-Current: Derivatives (956 ) (956 ) Property, plant and equipment (1,557 ) (1,525 ) (2,513 ) (2,481 ) Deferred tax liabilities (2,445 ) (2,381 ) Net deferred tax asset (liability) $ $ The composition of our valuation allowance by tax jurisdiction is summarized as follows: December 31, 2015 2014 United States $ 87,304 $ 82,435 Australia 11,066 $ - Turkey (2,167 ) $ - Total valuation allowance $ 96,203 $ 82,435 The valuation allowance increased $13.8 million from the year ended December 31, 2014 to the year ended December 31, 2015. This was the result of an increase in the net deferred tax assets, primarily net operating loss carryforwards (NOLs), differences between the fair value amounts recorded for the Anatolia Transaction and the carryover tax basis, equity based compensation, and exploration spending on mineral properties. Because we are unable to determine whether it is more likely than not that the net deferred tax assets will be realized, we continue to record a 100% valuation against the net deferred tax assets. At December 31, 2015, we had U.S. net operating loss carryforwards of approximately $219.2 million, which expire from 2018 to 2035. This included approximately $32.8 million in net operating loss carryforwards associated with the Neutron merger. In addition, at December 31, 2015 we had Australian net operating loss carryforwards associated with the Anatolia Transaction of approximately $13.3 million, which are available indefinitely, subject to continuing to meet relevant statutory tests, and net operating loss carryforwards in Turkey of approximately $1.2 million, which expire from 2016 to 2019. Section 382 of the Internal Revenue Code could apply and limit our ability to utilize a portion of the U.S. net operating loss carryforwards. Following the issuance of the Companys Common Stock in 2001, the Neutron merger in 2012 and the Anatolia Transaction in 2015, the ability to utilize the net operating loss carryforwards will be severely limited on an annual and aggregate basis. A formal Section 382 study has not been completed, therefore the actual usage of US net operating loss carryforwards has not been determined. Similar limitations apply to the state net operating loss carryforwards related to the Neutron acquisition. For financial reporting purposes, loss from operations before income taxes consists of the following components: For the calendar year ended December 31, 2015 2014 United States $ (14,858 ) $ (10,684 ) Australia (76 ) - Turkey (209 ) - $ (15,143 ) $ (10,684 ) A reconciliation of expected income tax on net income at statutory rates is as follows: Year ended December 31, 2015 2014 Net loss $ (15,143 ) $ (10,684 ) Statutory tax rate 34 % 34 % Tax recovery at statutory rate (5,149 ) (3,633 ) Foreign tax rate (33 ) Mineral property adjustments (2,394 ) 1,975 Foreign deferred costs and other adjustments (800 ) 12 Operating loss carryforward adjustment (5,488 ) (2,251 ) Nondeductible write-offs 96 6 Change in valuation allowance 13,768 3,891 Income tax expense (recovery) $ $ We do not have any uncertain tax positions. Should we incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of the interest expense and operating expense, respectively. Uranium Resources, Inc., and its wholly owned subsidiaries, files in the U.S. federal jurisdiction and various state jurisdictions. Anatolia Energy Limited and Anatolia Uranium Pty Ltd file in the Australian jurisdiction and Adur Madencilik files in the Turkish jurisdiction. The years still open for U.S. audit are generally the current year plus the previous three. However, because we have NOLs carrying forward, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax losses carried forward to open years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Environmental Considerations The Companys uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. These laws are constantly changing and generally becoming more restrictive. The ongoing costs of complying with such regulations have not been significant to the Companys 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 their accrual for costs. The Company believes its operations are in compliance with current environmental regulations. Sales Contracts In March 2006, the Company first amended its sales contracts with Itochu Corporation (Itochu) and UG U.S.A.,Inc. (UG) that superseded the previously existing contracts. Each contract provides for delivery of one- half of our actual production from our properties in Texas currently owned or hereafter acquired by the Company (excluding two specifically identified large ranch properties in South Texas). Uranium deliveries from the inception of the contracts through December 31, 2015 have totaled approximately 510,000 pounds to Itochu and 480,000 pounds to UG. In July 2013, the Company amended its uranium supply contract with Itochu to include a new sales pricing structure, new delivery dates and quantity levels. Pursuant to the amended agreement, Itochu would purchase one-half of all production from the Companys Vasquez, Rosita or Kingsville properties up to three million pounds of U3O8. Any new production outside of Texas is not subject to the agreement. The purchase price will be based on published market prices at the time of delivery subject to a five percent discount when the market price is $56.50 per pound of U3O8 or less, or seven percent when greater than $56.50 per pound.Under the UG contract all production from our Texas properties will be sold at a price equal to the month-end long-term contract price for the second month prior to the month of delivery less $6 per pound until (i) 600,000 pounds have been sold in a particular delivery year and (ii) an aggregate of 3 million pounds of uranium has been sold. After the 600,000 pounds in any year and 3 million pounds total have been sold, UG will have a right of first refusal to purchase other Texas production at a price equal to the average spot price for a period prior to the date of delivery less 4%. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 13. RELATED PARTY TRANSACTION On August 11, 2015, the Company entered into a Management Support Agreement (MSA) with RCF Management L.L.C., a related company of RCF (RCFM), whereby RCFM and the Company agreed that it would be beneficial for RCFM to utilize its experience and knowledge in mining and management to assist the Company with the development of the Temrezli project. Under the terms of the agreement, RCFM will provide guidance to the Company on the development of the Temrezli project, from time to time, as the Company requires. As consideration, the Company will compensate RCFM for the services rendered under the MSA with three payments of $0.5 million, each due upon completion of the following milestones: ● Completion of the Anatolia Transaction; ● Completion of a Board of Directors approved study suitable to initiate construction on the Temrezli project; and ● Completion of project financing for the Temrezli project. The payments to RCFM will be made in cash or shares of the Companys common stock, at the Companys discretion. The number of shares of common stock to be issued will be calculated by dividing the payment amount by 90% of the average of the VWAP during the 20 consecutive trading days ending on the trading day immediately prior to the applicable milestone achievement date. On November 11, 2015, as a result of the completion of the Anatolia Transaction, and in accordance with the MSA, the Company issued 58,865 shares of common stock to RCFM. The fair market value of these shares on the date of issuance was $0.6 million which was based on the closing price on the date of issuance of $9.48. |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 14. GEOGRAPHIC AND SEGMENT INFORMATION The Company has one reportable operating segment, consisting of uranium exploration and development activities. These activities are focused principally in the United States and the Republic of Turkey. We reported no revenues during the years ended December 31, 2015 and 2014. Geographic location of property, plant and equipment, including mineral rights, and mineral property expenses, is provided in Note 4, above. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENT Registered Direct Offering On February 3, 2016, URI and Aspire Capital entered into a stock purchase agreement whereby URI sold 296,666 shares of its common stock in a registered direct offering for gross and net proceeds of $0.8 million. There were no underwriting discounts or placement agent fees. Option Agreement with Aspire Capital On February 3, 2016, URI and Aspire Capital, entered into an option agreement by which Aspire Capital granted us the right at any time or times prior to April 30, 2017 to require Aspire Capital to enter into up to two common stock purchase agreements, each having a term of up to 24 months and collectively requiring Aspire Capital to purchase up to $10 million in the aggregate of our common stock (or such lesser amount as we may determine) on an ongoing basis when required by URI. As consideration for Aspire Capital entering into the option agreement, we issued 75,000 shares of our common stock to Aspire Capital. Special Meeting of Stockholders URI held a special meeting of stockholders at which our stockholders approved an amendment to the our Restated Certificate of Incorporation to effect a reverse stock split of our issued and outstanding common stock by a ratio of not less than 1-for-2 and not more than 1-for-20, such ratio to be determined in the discretion of the Board of Directors at any time on or before July 31, 2016. URI also received stockholder approval for a reduction in the number of authorized shares of our common stock if the reverse stock split is implemented. The special meeting, as previously adjourned, was held on February 11, 2016. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) and include the accounts of URI and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (US GAAP) requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates included in the preparation of the financial statements are related to asset retirement obligations; stock-based compensation; derivative liabilities and asset impairment, including estimates used to derive future cash flows or market value associated with those assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. We maintain cash deposits in excess of federally insured limits. We monitor the soundness of the financial institution and believe the risk is negligible. |
Available-for-Sale Investments | Available-for-Sale Investments We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations each reporting date. Marketable equity securities are categorized as available-for-sale and carried at fair market value on the Balance Sheet. Unrealized gains and losses are included as a component of accumulated other comprehensive loss, unless an other-than-temporary impairment in value has occurred in which case the unrealized loss would be charged to current period loss as an impairment charge. Unrealized gains and losses originally included in accumulated other comprehensive income are reclassified to current period net loss when the sale of securities occurs or when a security is impaired. |
Property, Plant and Equipment | Property, Plant and Equipment Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are amortized using the units of production method. During the periods that our facilities are not in production, depreciation of our facilities and equipment is suspended as the assets are not in service. Uranium Properties Mineral rights acquisition costs are capitalized when incurred, and exploration costs are expensed as incurred. When we determine that a mineral right can be economically developed in accordance with U.S. GAAP, the costs then incurred to develop such property will be capitalized. During the periods that our facilities are not in production, depletion of our mineral interests, permits, licenses and development properties is suspended as the assets are not in service. If mineral properties are subsequently abandoned or impaired, any undepleted costs will be charged to loss in that period. Other Property, Plant and Equipment Other property, plant and equipment consists of corporate office equipment, furniture and fixtures and transportation equipment. Depreciation on other property is computed based upon the estimated useful lives of the assets. Repairs and maintenance costs are expensed as incurred. Gain or loss on disposal of such assets is recorded as other income or expense as such assets are disposed. |
Asset Impairment | Asset Impairment The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on quantities of recoverable minerals, expected uranium prices, production levels and operating costs of production and capital, based upon the projected remaining future uranium production from each project. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization that is not part of the measured, indicated or inferred resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term recoverable minerals refers to the estimated amount of uranium that will be obtained after taking into account losses during processing and treatment. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Companys estimates of future cash flows are based on numerous assumptions and it is likely that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, uranium prices, production levels and operating costs of production and availability and cost of capital are each subject to significant risks and uncertainties. |
Assets Held for Sale | Assets held for sale The Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the carrying value of the assets at the lower of its carrying value or its estimated fair value, less costs to sell. |
Restricted Cash | Restricted Cash At December 31, 2015 and 2014, the Company had pledged certificates of deposit and money market accounts of $4.0 million and $3.9 million, respectively, in order to collateralize performance bonds required for future restoration and reclamation obligations related to our South Texas production properties. These funds are not readily available to the Company and are not included in cash equivalents. |
Asset Retirement Obligations | Asset Retirement Obligations Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its ISR projects to the pre-existing or background average quality after the completion of mining. Asset retirement obligations, consisting primarily of estimated restoration and reclamation costs at the Companys South Texas ISR projects, are recognized in the period incurred and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. In addition, the asset retirement cost is capitalized as part of the assets carrying value and amortized over the life of the related asset. If the Company does not have a recorded value for the related asset, then the asset retirement cost is expensed as incurred. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of restoration and reclamation costs. As the Company completes its restoration and reclamation work at its properties, the liability is reduced by the carrying value of the related asset retirement liability which is based upon the percentage of completion of each restoration and reclamation activity. Any gain or loss upon settlement is charged to income or expense and is included as part of the Companys mineral property expense for the period. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. |
Fair Value of Financial Instruments | 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 December 31, 2015 and 2014, and indicates the fair value hierarchy: December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Short-term available-for-sale investments $ 226 $ - $ - $ 226 Restricted cash 4,026 - - 4,026 Total assets recorded at fair value $ 4,252 $ - $ - $ 4,252 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Restricted cash $ 3,941 $ - $ - $ 3,941 Total assets recorded at fair value $ 3,941 $ - $ - $ 3,941 |
Loss Per Share | Loss Per Share Basic loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted loss per share is not presented as the effect on the basic loss per share would be anti-dilutive. At December 31, 2015 and 2014, we had 1,126,543 and 315,195 in potentially dilutive securities, respectively. |
Foreign Currency | Foreign Currency The functional currency for the companies recently acquired in the Anatolia Transaction was determined to be the U.S. dollar upon completion of the acquisition since our newly acquired foreign subsidiaries are direct and integral components of URI and are dependent upon the economic environment of URIs functional currency. Accordingly, we have translated our monetary assets and liabilities at the period-end exchange rate and the non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period loss. |
Recently Issued Accounting Pronouncements | 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 Entitys 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 entitys 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 entitys 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. The Company does not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our financial statements. We are still assessing the impact on the related disclosures. In September 2015, FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for annual periods ending after December 15, 2015. The Company is still assessing the impact on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Financial Instruments Recognized at Fair Value on Recurring Basis | The following table presents information about financial instruments recognized at fair value on a recurring basis as of December 31, 2015 and 2014, and indicates the fair value hierarchy: December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Short-term available-for-sale investments $ 226 $ - $ - $ 226 Restricted cash 4,026 - - 4,026 Total assets recorded at fair value $ 4,252 $ - $ - $ 4,252 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Restricted cash $ 3,941 $ - $ - $ 3,941 Total assets recorded at fair value $ 3,941 $ - $ - $ 3,941 |
Acquisitions and Disposals (Tab
Acquisitions and Disposals (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following summarizes the preliminary allocation of purchase price to the fair value of assets acquired and liabilities assumed as of the acquisition date (in thousands): Consideration: Cash $ 1,497 Issuance of 1,709,724 common shares for replacement of Anatolia Energy shares 14,563 Issuance of 266,742 listed options for replacement of Anatolia Energy listed options 424 Issuance of 310,921 options for replacement of Anatolia Energy options 884 Issuance of 58,286 performance shares to replace Anatolia Energy performance shares - $ 17,368 Fair value of net assets acquired: Assets: Cash and cash equivalents $ 61 Short-term receivables 64 Prepaid and other current assets 217 Restricted cash 85 Property, plant, equipment and uranium interests 17,992 Total assets 18,419 Liabilities: Accounts payable and other accrued liabilities 1,051 Total liabilities 1,051 Net assets $ 17,368 |
Schedule of Pro Forma Financial Information | The unaudited pro forma financial information below represents the combined results of the Companys operations as if the acquisition had occurred at the beginning of the periods presented. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the periods presented, nor is it indicative of future operating results. For the year ended December 31, 2015 2014 Net loss (15,203 ) $ (15,601 ) Basic and diluted loss per share (5.65 ) (4.08 ) |
Schedule of Fair Value of Purchase Consideration | The following fair value amounts were recorded as the purchase consideration: (thousands of dollars) Fair Value Cash $ 2,500 Energy Fuels Inc. common stock 293 Churchrock properties 2,123 Lance Royalty - Total Consideration Received $ 4,916 |
Schedule of Asset disposal | The Company recorded the following gain on disposal of uranium properties within its Consolidated Statement of Operations: (thousands of dollars) Total Consideration Received $ 4,916 Carrying value of Roca Honda project 648 Gain on disposal of Roca Honda project $ 4,268 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of Property, Plant and Equipment | Net Property, Plant and Equipment at December 31, 2015 (thousands of dollars) Turkey Texas New Mexico Corporate Net book value Uranium plant $ - $ 8,653 $ - $ - $ 8,653 Mineral rights and properties 17,968 1,513 16,996 - 36,477 Other property, plant and equipment 22 1,352 - 202 1,576 Total net book value $ 17,990 $ 11,518 $ 16,996 $ 202 $ 46,706 Net Property, Plant and Equipment at December 31, 2014 (thousands of dollars) Turkey Texas New Mexico Corporate Net book value Uranium plant $ - $ 8,921 $ - $ - $ 8,921 Mineral rights and properties - 2,313 19,750 - 22,063 Other property, plant and equipment - 1,490 - 256 1,746 Total net book value $ - $ 12,724 $ 19,750 $ 256 $ 32,730 |
Summary of impairment expense by project | The Company recorded the following impairment charges for 2015 and 2014 related to its uranium projects and processing facilities: For the years ended December 31, 2015 2014 Kingsville Dome project $ 160 $ 160 Alta Mesa Este project 800 - Total Impairment $ 960 $ 160 |
Schedule of Mineral Property Expenditures | The Company spent the following amounts for each of its material properties: For the years ended December 31, 2015 2014 (thousands of dollars) Temrezli project, Turkey $ 407 $ - Total Turkey projects 407 - Kingsville Dome project, Texas 812 862 Rosita project, Texas 711 817 Vasquez project, Texas 510 518 Butler Ranch project, Texas 443 32 Other projects, Texas 553 12 Total Texas projects 3,029 2,241 Crownpoint project, New Mexico 5 5 Churchrock project, New Mexico 21 109 Cebolleta project, New Mexico 537 571 Juan Tafoya project, New Mexico 384 413 Other projects, New Mexico 87 163 Total New Mexico projects 1,034 1,261 Total expense for the period $ 4,470 $ 3,502 |
Convertible Loan, Related Par26
Convertible Loan, Related Party (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Shares Issued Related to Interest Expense | The Company issued the following shares during 2015 related to interest expense: Amount Shares of common stock issued VWAP Date of issuance (thousands of dollars, except share data) Q4 2014 Interest payment $ 199 8,576 $ 23.3208 January 2, 2015 Q1 2015 Interest payment 181 11,371 $ 17.5872 April 1, 2015 Q2 2015 Interest payment 161 14,159 $ 14.1252 July 2, 2015 Q3 2015 Interest payment 181 18,755 $ 10.6632 October 1, 2015 Total $ 722 52,861 |
Summary of Convertible Loan | The following table represents the key components of the RCF Loan: December 31, 2015 December 31, 2014 (thousands of dollars) Debt principal $ 8,000 $ 8,000 Unamortized discount (1,846 ) (3,655 ) Carrying value of convertible loan, end of period $ 6,154 $ 4,345 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Asset Retirement Obligation | Changes to the Companys asset retirement obligation are summarized below: December 31, 2015 December 31, 2014 (thousands of dollars) Balance, beginning of period $ 4,196 $ 3,834 Additions, changes in estimates and other - 136 Liabilities settled (178 ) (199 ) Included in liabilities held for sale (105 ) (105 ) Accretion expense 450 425 Balance, end of period 4,363 4,091 Less: Current portion (121 ) (196 ) Non-current portion $ 4,242 $ 3,895 |
Other Long-Term Liabilities a28
Other Long-Term Liabilities and Deferred Credits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities and Deferred Credits | Other long-term liabilities and deferred credits on the balance sheet consisted of: December 31, 2015 2014 Royalties payable(1) $ 500 $ 500 UNC purchase contract(2) 300 Crownpoint property(1) 450 $ 800 $ 950 (1) Royalties payable and Crownpoint property liability were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. Additionally, as the Company currently has entered into a binding letter of intent to sell the Crownpoint property, the $450,000 liability has been included in liabilities held for sale as of December 31, 2015. (2) On November 5, 2015, the Company and UNC agreed to amend the terms of the Data Purchase Agreement. As a result, the $0.4 million payment due on August 18, 2015 under the original agreement has been extended and is payable in quarterly installments, bearing interest of 5% per annum, over a period of four years beginning on January 1, 2016. The Company has classified $0.1 million as short-liabilities and the remaining $0.3 million as a long-term liability |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Fair Value Assumptions of Listed Options Using Black-Scholes Method | The Company calculated the fair value of the listed options using the Black-Scholes method using the following assumptions: Expected volatility 90 % Risk-free interest rate 0.87 % Expected life (years) 1.60 Dividend yield N/A |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Options Outstanding | The following table summarizes stock options outstanding and changes during the years ended December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 13,388 $ 302.16 25,781 $ 237.00 Granted 314,086 14.21 - - Expired (1,075 ) 356.93 (11,227 ) 144.84 Canceled or forfeited - - (1,166 ) 375.72 Stock options outstanding at end of period 326,399 $ 24.89 13,388 $ 302.16 Stock options exercisable at end of period 316,005 $ 25.16 9,611 $ 405.72 |
Summary of Stock Options Outstanding and Exercisable by Stock Option Plan | The following table summarizes stock options outstanding and exercisable by stock option plan at December 31, 2015: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Stock Options Outstanding Weighted Average Exercise Price Number of Stock Options Exercisable Weighted Average Exercise Price 2004 Plan 5,790 $ 121.20 4,263 $ 152.89 2004 Directors Plan 6,107 482.34 5,899 497.57 2013 Plan 416 35.88 208 35.88 Replacement Stock Options 314,086 14.21 305,635 14.26 326,399 $ 24.89 316,005 $ 25.16 |
Schedule of Fair Value Assumption Using Black-Scholes Option Pricing Model | The fair value of the replacement options granted upon completion of the Anatolia Transaction was estimated as of November 9, 2015 using the Black-Scholes option pricing model using the following assumptions: Expected volatility 90% - 100 % Risk-free interest rate 0.51% - 1.72 % Expected life (years) 0.89 - 4.20 Dividend yield N/A |
Summary of Status of Non-Vested Restricted Shares | The following table summarizes RSU activity for the years ending December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Number of RSUs Weighted- Average Grant Date Fair Value Number of RSUs Weighted- Average Grant Date Fair Value Unvested RSUs at beginning of period 45,397 $ 34.12 23,329 $ 39.69 Granted - - 35,989 31.36 Forfeited (1,667 ) 32.20 (2,480 ) 40.54 Vested (11,024 ) 34.04 (11,441 ) 35.38 Unvested RSUs at end of period 32,706 $ 34.25 45,397 $ 34.12 |
Summary of Restricted Stock Awards | The following table summarizes RSA activity during the years ended December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Number of RSAs Weighted- Average Grant Date Fair Value Number of RSAs Weighted- Average Grant Date Fair Value Unvested RSAs at beginning of period 2,223 $ 62.65 4,508 $ 65.87 Forfeited (104 ) 80.40 (466 ) 64.66 Vested (753 ) 101.26 (1,819 ) 70.11 Unvested RSAs at end of period 1,366 $ 40.01 2,223 $ 62.65 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Future Tax Assets and Liabilities | The Companys future tax assets and liabilities at December 31, 2015 and 2014 include the following components: December 31, 2015 2014 Deferred tax assets: Non-Current: Net operating loss carryforwards $ 80,491 $ 71,882 Mineral properties 13,970 11,375 Capital loss carryforwards 618 Restoration reserves 1,478 1,360 Capitalized transaction costs 1,145 - Other 946 199 Deferred tax assets 98,648 84,816 Valuation allowance (96,203 ) (82,435 ) Net deferred tax assets 2,445 2,381 Deferred tax liabilities: Current: Prepaids and other 68 100 68 100 Non-Current: Derivatives (956 ) (956 ) Property, plant and equipment (1,557 ) (1,525 ) (2,513 ) (2,481 ) Deferred tax liabilities (2,445 ) (2,381 ) Net deferred tax asset (liability) $ $ |
Schedule of Valuation Allowance by Tax Jurisdiction | The composition of our valuation allowance by tax jurisdiction is summarized as follows: December 31, 2015 2014 United States $ 87,304 $ 82,435 Australia 11,066 $ - Turkey (2,167 ) $ - Total valuation allowance $ 96,203 $ 82,435 |
Schedule of Loss From Operations Before Income Taxes | For financial reporting purposes, loss from operations before income taxes consists of the following components: For the calendar year ended December 31, 2015 2014 United States $ (14,858 ) $ (10,684 ) Australia (76 ) - Turkey (209 ) - $ (15,143 ) $ (10,684 ) |
Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates | A reconciliation of expected income tax on net income at statutory rates is as follows: Year ended December 31, 2015 2014 Net loss $ (15,143 ) $ (10,684 ) Statutory tax rate 34 % 34 % Tax recovery at statutory rate (5,149 ) (3,633 ) Foreign tax rate (33 ) Mineral property adjustments (2,394 ) 1,975 Foreign deferred costs and other adjustments (800 ) 12 Operating loss carryforward adjustment (5,488 ) (2,251 ) Nondeductible write-offs 96 6 Change in valuation allowance 13,768 3,891 Income tax expense (recovery) $ $ |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Deposit and money market accounts | $ 4,026 | $ 3,941 |
Potentially dilutive securities | 1,126,543 | 315,195 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Schedule of Financial Instruments Recognized at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term available-for-sale investments | $ 226 | |
Restricted cash | 4,026 | $ 3,941 |
Total financial assets | 4,252 | 3,941 |
Fair Value, Inputs, Level 1 [Member] | ||
Short-term available-for-sale investments | 226 | |
Restricted cash | 4,026 | 3,941 |
Total financial assets | $ 4,252 | $ 3,941 |
Fair Value, Inputs, Level 2 [Member] | ||
Short-term available-for-sale investments | ||
Restricted cash | ||
Total financial assets | ||
Fair Value, Inputs, Level 3 [Member] | ||
Short-term available-for-sale investments | ||
Restricted cash | ||
Total financial assets |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Dec. 18, 2015 | Nov. 09, 2015 | Mar. 06, 2015 | Feb. 28, 2014 | Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash balances | $ 900 | ||||||
Working capital deficit | 8,900 | ||||||
Net proceeds from direct offering | $ 6,100 | $ 6,100 | $ 9,300 | ||||
Purchase of common stock | $ 6,393 | $ 11,880 | |||||
Convertible Secured Debt Facility [Member] | |||||||
Debt maturity date | Dec. 31, 2016 | ||||||
Secured loan agreement | $ 8,000 | ||||||
February 4, 2016 [Member] | |||||||
Number of shares sold by company during peirod | 296,667 | ||||||
Sale of stock price per share | $ 2.82 | ||||||
Net proceeds from direct offering | $ 800 | ||||||
March 31, 2016 [Member] | |||||||
Cash balances | 900 | ||||||
Net proceeds from direct offering | $ 800 | ||||||
Two Common Stock Purchase Agreements [Member] | February 3, 2016 [Member] | Aspire Capital [Member] | |||||||
Agreement term | 24 months | ||||||
Purchase of common stock | $ 10,000 | ||||||
ATM Sales Agreement [Member] | |||||||
Available for future sales | 5,600 | ||||||
ATM Sales Agreement [Member] | Maximum [Member] | |||||||
Net proceeds from direct offering | 15,000 | ||||||
ATM Sales Agreement [Member] | March 12, 2016 [Member] | |||||||
Available for future sales | 5,600 | ||||||
SPAs [Member] | |||||||
Available for future sales | $ 10,000 | ||||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | |||||||
Debt maturity date | Dec. 31, 2016 | ||||||
Laramide Resources [Member] | Letter of Intent [Member] | |||||||
Proceeds from sale properties | $ 5,250 |
Acquisitions and Disposals (Det
Acquisitions and Disposals (Details Narrative) $ / shares in Units, $ in Thousands | Nov. 10, 2015$ / shares | Nov. 09, 2015USD ($)$ / sharesshares | Jun. 26, 2015USD ($)ashares | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares |
Acquisition related costs | $ (3,048) | |||||||
Gain loss of sale of asset | 4,268 | $ 2,313 | ||||||
Previously Reported net income | $ 300 | $ 8,000 | ||||||
Net income loss | $ 300 | $ 8,700 | $ (15,143) | $ (10,684) | ||||
Previously reported earning per share | $ / shares | $ 0.01 | $ 0.28 | ||||||
Earning per share basic and diluted | $ / shares | $ 0.01 | $ 0.30 | $ (5.63) | $ (5.28) | ||||
Fair value of assets relinquished | $ 4,252 | $ 4,252 | $ 3,941 | |||||
Anatolia Energy [Member] | ||||||||
Percentage of acquisition of outstanding securities | 100.00% | |||||||
Total consideration | $ 17,400 | |||||||
Business combination comprised in cash used to fund operating activities | 1,500 | |||||||
Business consideration listed and unlisted option | $ 15,900 | |||||||
Common stock price per share | $ / shares | $ 0.00548 | |||||||
Number of shares issued during peirod for acquisition | shares | 1,709,724 | |||||||
Number of shares listed options | shares | 266,742 | |||||||
Options | shares | 310,921 | |||||||
Number of performance shares | shares | 58,286 | |||||||
Acquisition related costs | 3,000 | |||||||
Settled by issuance of shares value | $ 700 | |||||||
Number of shares issued during period for settlement | shares | 79,841 | |||||||
Anatolia Energy [Member] | Temrezli Project [Member] | ||||||||
Percentage of interest hold indirectly | 100.00% | |||||||
Anatolia Energy [Member] | Additional Shares Termination Payments [Member] | ||||||||
Settled by issuance of shares value | $ 700 | |||||||
Number of shares issued during period for settlement | shares | 117,097 | |||||||
Anatolia Energy [Member] | NASDAQ [Member] | ||||||||
Issued consideration based upon opening share price | $ / shares | $ 9 | |||||||
Anatolia Energy [Member] | ASX [Member] | ||||||||
Issued consideration based upon opening share price | $ / shares | 8.38 | |||||||
Anatolia Energy [Member] | ASX [Member] | Australian [Member] | ||||||||
Issued consideration based upon opening share price | $ / shares | $ 11.88 | |||||||
Energy Fuels [Member] | ||||||||
Number of shares issued during peirod for acquisition | shares | 76,455 | |||||||
Cash | $ 2,500 | |||||||
Fair value of common stock | 300 | |||||||
Payments for royalties | 5,000 | |||||||
Energy Fuels [Member] | February 22, 2016 [Member] | ||||||||
Subsequently sold value | $ 200 | |||||||
Energy Fuels [Member] | Sections 8 of Township 13 North [Member] | ||||||||
Area covered under lease | a | 1,240 | |||||||
Energy Fuels [Member] | Sections 17 of Township 13 North [Member] | ||||||||
Area covered under lease | a | 3,382 | |||||||
Energy Fuels [Member] | Seven Mineral Leases [Member] | Lance Uranium In-situ Recovery Project [Member] | ||||||||
Area covered under lease | a | 5,640 | |||||||
Percentage of gross royalty | 4.00% | |||||||
Churchrock Project [Member] | Section 4 of Township 16 North [Member] | ||||||||
Area covered under lease | a | 640 | |||||||
Roca Honda Project [Member] | ||||||||
Gain loss of sale of asset | 600 | |||||||
Roca Honda Project [Member] | Asset Exchange Agreement [Member] | ||||||||
Fair value of assets relinquished | $ 2,300 | $ 2,300 | ||||||
Gain on non-monetary exchange of assets | $ 2,300 | |||||||
Roca Honda Project [Member] | Section 17 [Member] | ||||||||
Percentage of gross royalty | 4.00% |
Acquisitions and Disposals - Sc
Acquisitions and Disposals - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Total Consideration | $ 17,368,000 |
Cash and cash equivalents | 61,000 |
Short-term receivables | 64,000 |
Prepaid and other current assets | 217,000 |
Restricted cash | 85,000 |
Property, plant, equipment and uranium interests | 17,992,000 |
Total assets | 18,419,000 |
Accounts payable and other accrued liabilities | 1,051,000 |
Total liabilities | 1,051,000 |
Net assets | 17,368,000 |
Cash [Member] | |
Total Consideration | 1,497,000 |
Common Shares for Replacement of Anatolia Energy [Member] | |
Total Consideration | 14,563,000 |
Listed Options for Replacement of Anatolia Energy listed Options [Member] | |
Total Consideration | 424,000 |
Options for Replacement of Anatolia Energy Options [Member] | |
Total Consideration | $ 884,000 |
Performance Shares to Replace Anatolia Energy [Member] | |
Total Consideration |
Acquisitions and Disposals - 37
Acquisitions and Disposals - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2015shares | |
Common Shares for Replacement of Anatolia Energy [Member] | |
Issuance of common stock for replacements | 1,709,724 |
Listed Options for Replacement of Anatolia Energy listed Options [Member] | |
Issuance of option for replacements | 266,742 |
Options for Replacement of Anatolia Energy Options [Member] | |
Issuance of option for replacements | 310,921 |
Performance Shares to Replace Anatolia Energy [Member] | |
Issuance of common stock for replacements | 58,286 |
Acquisitions and Disposals - 38
Acquisitions and Disposals - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Net loss | $ (15,203) | $ (15,601) |
Basic and diluted loss per share | $ (5.65) | $ (4.08) |
Acquisitions and Disposels - Sc
Acquisitions and Disposels - Schedule of Fair Value of Purchase Consideration (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Total Consideration Received | $ 4,916 |
Cash [Member] | |
Total Consideration Received | 2,500 |
Energy Fuels Inc Common Stock [Member] | |
Total Consideration Received | 293 |
Churchrock Properties [Member] | |
Total Consideration Received | $ 2,123 |
Lance Royalty [Member] | |
Total Consideration Received |
Acquisitions and Disposals - 40
Acquisitions and Disposals - Schedule of Asset Disposal (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Business Combinations [Abstract] | |
Total Consideration Received | $ 4,916 |
Carrying value of Roca Honda project | 648 |
Gain on disposal of Roca Honda project | $ 4,268 |
Property, Plant and Equipment41
Property, Plant and Equipment (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)aTrenchmi$ / shares | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Asset impairement charges | $ | $ 960 | $ 160 |
General Directorate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalty, ranging | 1.00% | |
Temrezli [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Granted licenses cover area | 13,490 | |
Temrezli [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalty, ranging | 2.00% | |
Temrezli [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalty, ranging | 16.00% | |
Kingsville Dome [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net area on mineral leases | 2,227 | |
Asset impairement charges | $ | $ 200 | 200 |
Carrying value impairement | $ | $ 2,200 | |
Kingsville Dome [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 6.25% | |
Annual per acre royalty payable | $ / shares | $ 10 | |
Kingsville Dome [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 9.375% | |
Annual per acre royalty payable | $ / shares | $ 30 | |
Rosita Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | 3,377 | |
Net area on mineral leases | 3,377 | |
Rosita South Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | 1,795 | |
Net area on mineral leases | 1,479 | |
Rosita [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 6.25% | |
Annual per acre royalty payable | $ / shares | $ 10 | |
Rosita [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 18.25% | |
Annual per acre royalty payable | $ / shares | $ 30 | |
Mineral sales price per pound | $ / shares | $ 80 | |
Vasquez Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | 872 | |
Net area on mineral leases | 872 | |
Vasquez Project [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 6.25% | |
Mineral sales price per pound | $ / shares | $ 25 | |
Vasquez Project [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 10.25% | |
Mineral sales price per pound | $ / shares | $ 40 | |
Butler Ranch Exploration Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | 2,653 | |
Net area on mineral leases | 2,592 | |
Butler Ranch Exploration Project [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Annual per acre royalty payable | $ / shares | $ 10 | |
Lease term | 8 years | |
Butler Ranch Exploration Project [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Annual per acre royalty payable | $ / shares | $ 25 | |
Lease term | 10 years | |
Churchrock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | 3,458 | |
Net area on mineral leases | 3,458 | |
Churchrock [Member] | Section 17 and Mancos [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 33.00% | |
Percentage of overriding royalty obligation | 2.00% | |
payment of sliding scale range | 25.00% | |
Churchrock [Member] | Minimum [Member] | Section 17 and Mancos [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 5.00% | |
Churchrock [Member] | Maximum [Member] | Section 17 and Mancos [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 6.25% | |
Crownpoint [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | 640 | |
Net area on mineral leases | 556 | |
Annual maintenance fee per claim | $ / shares | $ 155 | |
Crownpoint [Member] | Gallup [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Distance of property from a specified location | mi | 35 | |
Crownpoint [Member] | Churchrock Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Distance of property from a specified location | mi | 22 | |
Crownpoint [Member] | Section 9 Northwest [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of section the Company holds mineral rights | 0.25% | |
Number of unpatented lode mining claims | Trench | 9 | |
Crownpoint [Member] | Section 24 Southwest [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of section the Company holds mineral rights | 0.25% | |
Number of unpatented lode mining claims | Trench | 10 | |
Crownpoint [Member] | Section 25 North East [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of section the Company holds mineral rights | 0.25% | |
Number of unpatented lode mining claims | Trench | 8 | |
Crownpoint [Member] | Section 24 Southeast [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of section the Company holds mineral rights | 0.25% | |
Number of unpatented lode mining claims | Trench | 2 | |
Percentage of interest earned in project | 40.00% | |
Area of land in mineral fee interest acquired | 140 | |
Percentage of mineral fee interest Company owns on additional acres | 100.00% | |
Additional area of land in fee interest acquired | 20 | |
Cebolleta Property [Member] | Neutron Energy Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Lease term | 10 years | |
Area covered under lease | 6,717 | |
Initial payments per lease agreement | $ | $ 5,000 | |
Amount used in the calculation of recoverable reserve payment per unit | 1 | |
Annual advance royalties previously paid | $ | $ 500 | |
Royality payable | $ | $ 1,500 | |
Cebolleta Property [Member] | Minimum [Member] | Neutron Energy Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 4.50% | |
Cebolleta Property [Member] | Maximum [Member] | Neutron Energy Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 8.00% | |
Feasibility study term | 6 years | |
Annual advance royalties previously paid | $ | $ 5,000 | |
Amount of deduction to recoverable reserve payment | $ | $ 6,500 | |
Juan Tafoya Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Lease term | 10 years | |
Area of land in mineral fee interest acquired | 4,097 | |
Initial payments per lease agreement | $ | $ 1,250 | |
Annual base rent per acre | $ / shares | $ 75 | |
Reduction of market value per pound | $ / shares | $ 25 | |
Juan Tafoya Property [Member] | First Five Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Annual rental payments | $ | $ 200 | |
Juan Tafoya Property [Member] | Second Five Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Annual rental payments | $ | $ 300 | |
Juan Tafoya Property [Member] | Albuquerque [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Distance of property from a specified location | mi | 45 | |
Juan Tafoya Property [Member] | Laguna [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Distance of property from a specified location | mi | 25 | |
Juan Tafoya Property [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 4.65% | |
Juan Tafoya Property [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalties on lease of sales | 6.50% | |
Alta Mesa Este Exploration Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairement charges | $ | $ 800 | |
Mineral Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Mineral property expenses | $ | $ 4,500 | $ 3,500 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net property, plant and equipment | $ 48,812 | $ 32,730 |
Turkey [Member] | ||
Net property, plant and equipment | 17,990 | |
Texas [Member] | ||
Net property, plant and equipment | 11,518 | $ 12,724 |
New Mexico [Member] | ||
Net property, plant and equipment | 16,996 | 19,750 |
Corporate [Member] | ||
Net property, plant and equipment | 202 | 256 |
Uranium Plant [Member] | ||
Net property, plant and equipment | $ 8,653 | $ 8,921 |
Uranium Plant [Member] | Turkey [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Texas [Member] | ||
Net property, plant and equipment | $ 8,653 | $ 8,921 |
Uranium Plant [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Mineral Rights and Properties [Member] | ||
Net property, plant and equipment | $ 36,477 | $ 22,063 |
Mineral Rights and Properties [Member] | Turkey [Member] | ||
Net property, plant and equipment | 17,968 | |
Mineral Rights and Properties [Member] | Texas [Member] | ||
Net property, plant and equipment | 1,513 | $ 2,313 |
Mineral Rights and Properties [Member] | New Mexico [Member] | ||
Net property, plant and equipment | $ 16,996 | $ 19,750 |
Mineral Rights and Properties [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | ||
Net property, plant and equipment | $ 1,576 | $ 1,746 |
Other Property Plant and Equipment [Member] | Turkey [Member] | ||
Net property, plant and equipment | 22 | |
Other Property Plant and Equipment [Member] | Texas [Member] | ||
Net property, plant and equipment | $ 1,352 | $ 1,490 |
Other Property Plant and Equipment [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | Corporate [Member] | ||
Net property, plant and equipment | $ 202 | $ 256 |
Property, Plant and Equipment43
Property, Plant and Equipment - Summary of Impairment Expense by Project (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total Impairment | $ 960 | $ 160 |
Kingsville Dome Project [Member] | ||
Total Impairment | 160 | $ 160 |
Alta Mesa Este Project [Member] | ||
Total Impairment | $ 800 |
Property, Plant and Equipment44
Property, Plant and Equipment - Schedule of Mineral Property Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total expense for the period | $ 4,470 | $ 3,502 |
Temrezli Project Turkey [Member] | ||
Total expense for the period | 407 | |
Total Turkey Projects [Member] | ||
Total expense for the period | 407 | |
Kingsville Dome Project Texas [Member] | ||
Total expense for the period | 812 | $ 862 |
Rosita Project Texas [Member] | ||
Total expense for the period | 711 | 817 |
Vasquez Project Texas [Member] | ||
Total expense for the period | 510 | 518 |
Butler Ranch Project Texas [Member] | ||
Total expense for the period | 443 | 32 |
Other Projects Texas [Member] | ||
Total expense for the period | 553 | 12 |
Total Texas Projects [Member] | ||
Total expense for the period | 3,029 | 2,241 |
Crownpoint Project New Mexico [Member] | ||
Total expense for the period | 5 | 5 |
Churchrock Project New Mexico [Member] | ||
Total expense for the period | 21 | 109 |
Cebolleta Project New Mexico [Member] | ||
Total expense for the period | 537 | 571 |
Juan Tafoya Project New Mexico [Member] | ||
Total expense for the period | 384 | 413 |
Other Projects New Mexico [Member] | ||
Total expense for the period | 87 | 163 |
Total New Mexico Projects [Member] | ||
Total expense for the period | $ 1,034 | $ 1,261 |
Assets Held for Sale (Details N
Assets Held for Sale (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value of asset adjustments | $ 4,252 | $ 3,941 |
Energy Fuels Inc [Member] | ||
Fair value of asset adjustments | $ 2,100 | $ 2,100 |
Convertible Loan, Related Par46
Convertible Loan, Related Party (Details Narrative) - USD ($) | Apr. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Nov. 13, 2013 |
Line of Credit Facility [Line Items] | |||||
Amortization of debt discount | $ 1,809,000 | $ 1,567,000 | |||
Common stock, shares outstanding | 4,522,186 | 2,099,375 | |||
Resource Capital Fund V LP [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amortization of debt discount | $ 1,800,000 | $ 1,600,000 | |||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt interest rate | 10.00% | ||||
Interest expense | $ 200,000 | ||||
Share issuence price | $ 12 | ||||
Debt conversation price per shares | $ 31.20 | ||||
Resource Capital Fund V LP [Member] | March 18, 2016 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Common stock, shares outstanding | 700,000 | ||||
Percentage of outstanding stock | 13.90% | ||||
Debt conversation amount | $ 8,000,000 | ||||
Issuance of common stock, shares | 256,410 | ||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt maturity date | Dec. 31, 2016 | ||||
Minimum prepayment amount | $ 5,000,000 | ||||
Resource Capital Fund V LP [Member] | Maximum [Member] | March 18, 2016 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of outstanding stock | 18.00% | ||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | ||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | Loan Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit fee available | $ 15,000,000 | ||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Minimum [Member] | Loan Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit fee available | $ 8,000,000 |
Convertible Loan, Related Par47
Convertible Loan, Related Party - Schedule of Shares Issued Related to Interest Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||||
Amount | $ 181 | $ 161 | $ 181 | $ 199 | $ 722 |
Shares of common stock issued | 18,755 | 14,159 | 11,371 | 8,576 | 52,861 |
VWAP | $ 10.6632 | $ 14.1252 | $ 17.5872 | $ 23.3208 | |
Date of issuance | Oct. 1, 2015 | Jul. 2, 2015 | Apr. 1, 2015 | Jan. 2, 2015 |
Convertible Loan, Related Par48
Convertible Loan, Related Party - Summary of Convertible Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Debt principal | $ 8,000 | $ 8,000 |
Unamortized discount | (1,846) | (3,655) |
Carrying value of convertible loan, end of period | $ 6,154 | $ 4,345 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Asset retirement obligation current | $ 4,363 | $ 4,091 | $ 3,834 |
Surety Bond [Member] | |||
Asset retirement obligation current | 9,200 | ||
Collateralized with restricted cash | $ 3,900 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance, beginning of period | $ 4,091 | $ 3,834 |
Additions, changes in estimates and other | 136 | |
Liabilities settled | $ (178) | (199) |
Included in liabilities held for sale | (105) | 105 |
Accretion expense | 450 | 425 |
Balance, end of period | 4,363 | 4,091 |
Less: Current portion | (121) | (196) |
Non-current Portion | $ 4,242 | $ 3,895 |
Other Long-Term Liabilities a51
Other Long-Term Liabilities and Deferred Credits (Details Narrative) - USD ($) $ in Thousands | Nov. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities held for sale | $ (105) | $ 105 | |
UNC [Member] | Data Purchase Agreement [Member] | |||
Other long term debt | $ 400 | ||
Debt instrument maturity date | Aug. 18, 2015 | ||
Debt instrument bearing interest per annum | 5.00% | ||
Debt instrument term | 4 years | ||
Short term liabilities | $ 100 | ||
Long term liabilities | $ 300 | ||
Crownpoint [Member] | |||
Liabilities held for sale | $ 450 |
Other Long-Term Liabilities a52
Other Long-Term Liabilities and Deferred Credits - Schedule of Other Long-Term Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Other long-term liabilities and deferred credits | $ 800 | $ 500 | |
Royalties Payable [Member] | |||
Other long-term liabilities and deferred credits | [1] | 500 | $ 500 |
UNC Purchase Contract [Member] | |||
Other long-term liabilities and deferred credits | [2] | $ 300 | |
Crownpoint Property [Member] | |||
Other long-term liabilities and deferred credits | [1] | $ 450 | |
[1] | Royalties payable and Crownpoint property liability were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. Additionally, as the Company currently has entered into a binding letter of intent to sell the Crownpoint property, the $450,000 liability has been included in liabilities held for sale as of December 31, 2015. | ||
[2] | On November 5, 2015, the Company and UNC agreed to amend the terms of the Data Purchase Agreement. As a result, the $0.4 million payment due on August 18, 2015 under the original agreement has been extended and is payable in quarterly installments, bearing interest of 5% per annum, over a period of four years beginning on January 1, 2016. The Company has classified $0.1 million as short-liabilities and the remaining $0.3 million as a long-term liability |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Dec. 18, 2015 | Nov. 17, 2015 | Mar. 06, 2015 | Oct. 31, 2011 | Nov. 30, 2015 | Feb. 28, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 |
Proceeds from direct offering | $ 6,100,000 | $ 6,100,000 | $ 9,300,000 | ||||||
Common stock issued for acquisition related fees | $ 743,000 | ||||||||
Anatoila Energy Limited [Member] | |||||||||
Sale of stock price per share | $ 0.00548 | $ 0.00548 | |||||||
Number of common stock shares issued for acquisition | 1,709,724 | ||||||||
Percentage of outstanding stock | 100.00% | 100.00% | |||||||
Anatoila Energy Limited [Member] | Exchange Traded Options [Member] | |||||||||
Percentage of outstanding stock | 100.00% | 100.00% | |||||||
Number of listed options issued | 266,742 | ||||||||
Options into shares of common stock exercise price per share | $ 24.96 | ||||||||
Options expiry date | Jun. 15, 2017 | ||||||||
RCF Management L.L.C [Member] | |||||||||
Common stock issued for acquisition related fees, shares | 79,841 | 117,097 | |||||||
Shares issued price per share | $ 9.36 | $ 6 | $ 6 | ||||||
Common stock issued for acquisition related fees | $ 700,000 | $ 700,000 | |||||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | |||||||||
Issuance of common stock for settlement of interest expenses, shares | 38,086 | 52,861 | |||||||
Issuance of common stock for settlement of interest expenses | $ 200,000 | $ 700,000 | |||||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | |||||||||
Proceeds from direct offering | $ 6,000,000 | $ 15,000,000 | |||||||
Sale of common stock, units | 17,763 | ||||||||
Percentage of commission to be paid on gross proceeds | 3.00% | ||||||||
Proceeds from sales of common stock | $ 300,000 | ||||||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | March 18, 2016 [Member] | |||||||||
Proceeds from sales of common stock | $ 5,600,000 | ||||||||
Proceeds from future sale of equity | $ 15,000,000 | ||||||||
BTIG, LLC [Member] | ATM Sales Agreement One [Member] | |||||||||
Sale of common stock, units | 105,195 | ||||||||
Proceeds from sales of common stock | $ 400,000 | ||||||||
Registered Direct Offerings [Member] | |||||||||
Proceeds from direct offering | 1,000,000 | 6,000,000 | |||||||
Proceeds from agent's fees and offering expenses | $ 700,000 | $ 5,400,000 | |||||||
Sale of common stock, units | 208,332 | 333,333 | |||||||
Sale of stock price per share | $ 4.80 | $ 18 | |||||||
Issuance of warrant to purchases of common stock each unit consist of one shares | 0.55 | ||||||||
Common stock exercise price per whole shares | $ 24 | ||||||||
Warrant exercisable term | 5 years |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Fair Value Assumptions of Listed Options Using Black-Scholes Method (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Expected volatility | 90.00% |
Risk-free interest rate | 0.87% |
Expected life (years) | 1 year 7 months 6 days |
Dividend yield |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)lb$ / sharesshares | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 900,000 | $ 1,000,000 | |
Temrezli Project [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated mineral resources | lb | 15,000,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | $ 27,508 | ||
Weighted average period of unvested stock options | 6 months 11 days | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | $ 300,000 | ||
Weighted average period of unvested stock options | 2 years 5 months 19 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | $ 2,600 | ||
Weighted average period of unvested stock options | 1 month 24 days | ||
Performance Shares [Member] | Anatolia Transaction [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares replacement performance shares upon completion | shares | 58,286 | ||
Stock performance expiration date | Feb. 10, 2016 | ||
Anatoila Energy Limited [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of replacement options issued | shares | 374,749 | ||
Exchanged price per share | $ / shares | $ 0.00548 | ||
2013 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock shares reserved for future issuance | shares | 44,593 | ||
Bonus shares vested grant date fair value | $ 300,000 | ||
2013 Omnibus Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock shares reserved for future issuance | shares | 1,000,000 | ||
Stock option vesting period | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options outstanding, Beginning of period | 13,388 | 25,781 |
Number of stock options outstanding, Granted | 314,086 | |
Number of stock options outstanding, Expired | (1,075) | (11,227) |
Number of stock options outstanding, Canceled or forfeited | (1,166) | |
Number of stock options outstanding, End of period | 326,399 | 13,388 |
Number of stock options outstanding, Exercisable | 316,005 | 9,611 |
Weighted average exercise price, Beginning of period | $ 302.16 | $ 237 |
Weighted average exercise price, Granted | 14.21 | |
Weighted average exercise price, Expired | $ 356.93 | $ 144.84 |
Weighted average exercise price, Canceled or forfeited | 375.72 | |
Weighted average exercise price, End of period | $ 24.89 | 302.16 |
Weighted average exercise price, Exercisable | $ 25.16 | $ 405.72 |
Stock-Based Compensation - Su57
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Outstanding Stock Options, Number of Options Outstanding | 326,399 | 13,388 | 25,781 |
Outstanding Stock Options, Weighted Average Exercise Price | $ 24.89 | $ 302.16 | $ 237 |
Exercisable Stock Options Exercisable, Number of Options Exercisable | 316,005 | 9,611 | |
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 25.16 | $ 405.72 | |
2004 Plan [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 5,790 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 121.20 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 4,263 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 152.89 | ||
2004 Director's Plan [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 6,107 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 482.34 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 5,899 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 497.57 | ||
2013 Plan [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 416 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.88 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 208 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 35.88 | ||
Replacement Stock Options [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 314,086 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 14.21 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 305,635 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 14.26 |
Stock-Based Compensation - Sch
Stock-Based Compensation - Schedule of Fair Value Assumption Using Black-Scholes Option Pricing Model (Details) | Nov. 09, 2015 |
Expected volatility, Minimum | 90.00% |
Expected volatility, Maximum | 100.00% |
Risk-free interest rate, Minimum | 0.51% |
Risk-free interest rate, Maximum | 1.72% |
Dividend yield | |
Minimum [Member] | |
Expected life (years) | 10 months 21 days |
Maximum [Member] | |
Expected life (years) | 4 years 2 months 12 days |
Stock-Based Compensation - Su59
Stock-Based Compensation - Summary of Status of Non-Vested Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of restricted stock, Unvested Beginning of period | 45,397 | 23,329 |
Number of restricted stock, Granted | 35,989 | |
Number of restricted stock, Forfeited | (1,667) | (2,480) |
Number of restricted stock, Vested | (11,024) | (11,441) |
Number of restricted stock, Unvested End of period | 32,706 | 45,397 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 34.12 | $ 39.69 |
Weighted Average Grant Date Fair Value, Granted | 31.36 | |
Weighted Average Grant Date Fair Value, Forfeited | $ 32.20 | 40.54 |
Weighted Average Grant Date Fair Value, Vested | 34.04 | 35.38 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 34.25 | $ 34.12 |
Stock-Based Compensation - Su60
Stock-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of restricted stock, Unvested Beginning of period | 2,223 | 4,508 |
Number of restricted stock, Forfeited | (104) | (466) |
Number of restricted stock, Vested | (753) | (1,819) |
Number of restricted stock, Unvested End of period | 1,366 | 2,223 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 62.65 | $ 65.87 |
Weighted Average Grant Date Fair Value, Forfeited | 80.40 | 64.66 |
Weighted Average Grant Date Fair Value, Vested | 101.26 | 70.11 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 40.01 | $ 62.65 |
Federal Income Taxes (Details N
Federal Income Taxes (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Increase in valuation allowance | $ 13,800 |
Percentage of valuation allowance recorded against the net deferred tax assets | 100.00% |
Neutron Energy Inc [Member] | |
Net operating loss carryforwards | $ 32,800 |
U.S. [Member] | |
Net operating loss carryforwards | $ 219,200 |
U.S. [Member] | Minimum [Member] | |
Operating loss carryforwards expiration year | 2,018 |
U.S. [Member] | Maximum [Member] | |
Operating loss carryforwards expiration year | 2,035 |
Australian [Member] | Anatolia Transaction [Member] | |
Net operating loss carryforwards | $ 13,300 |
Turkey [Member] | |
Net operating loss carryforwards | $ 1,200 |
Turkey [Member] | Minimum [Member] | |
Operating loss carryforwards expiration year | 2,016 |
Turkey [Member] | Maximum [Member] | |
Operating loss carryforwards expiration year | 2,019 |
Federal Income Taxes - Schedule
Federal Income Taxes - Schedule of Components of Future Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 80,491 | $ 71,882 |
Mineral properties | 13,970 | 11,375 |
Capital loss carryforwards | 618 | |
Restoration reserves | 1,478 | $ 1,360 |
Capitalized transaction costs | 1,145 | |
Other | 946 | $ 199 |
Deferred tax assets | 98,648 | 84,816 |
Valuation allowance | (96,203) | (82,435) |
Net deferred tax assets | 2,445 | 2,381 |
Prepaids and other | 68 | 100 |
Deferred tax liabilities current | 68 | 100 |
Derivatives | (956) | (956) |
Property, plant and equipment | (1,557) | (1,525) |
Deferred tax liabilities noncurrent | (2,513) | (2,481) |
Deferred tax liabilities | $ (2,445) | $ (2,381) |
Net deferred tax asset (liability) |
Federal Income Taxes - Schedu63
Federal Income Taxes - Schedule of Valuation Allowance by Tax Jurisdiction (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total valuation allowance | $ 96,203 | $ 82,435 |
United States [Member] | ||
Total valuation allowance | 87,304 | $ 82,435 |
Australia [Member] | ||
Total valuation allowance | 11,066 | |
Turkey [Member] | ||
Total valuation allowance | $ (2,167) |
Federal Income Taxes - Schedu64
Federal Income Taxes - Schedule of Loss From Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss from operations before income taxes | $ (15,143) | $ (10,684) |
United States [Member] | ||
Loss from operations before income taxes | (14,858) | $ (10,684) |
Australia [Member] | ||
Loss from operations before income taxes | (76) | |
Turkey [Member] | ||
Loss from operations before income taxes | $ (209) |
Federal Income Taxes - Schedu65
Federal Income Taxes - Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Net loss | $ (15,143) | $ (10,684) |
Statutory tax rate | 34.00% | 34.00% |
Tax recovery at statutory rate | $ (5,149) | $ (3,633) |
Foreign tax rate | (33) | |
Mineral property adjustments | (2,394) | $ 1,975 |
Foreign deferred costs and other adjustments | (800) | 12 |
Operating loss carryfoward adjustment | (5,488) | (2,251) |
Nondeductible write-offs | 96 | 6 |
Change in valuation allowance | $ 13,768 | $ 3,891 |
Income tax expense (recovery) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - lb | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | Dec. 31, 2015 | |
Business acquisition purchase price description | The purchase price will be based on published market prices at the time of delivery subject to a five percent discount when the market price is $56.50 per pound of U3O8 or less, or seven percent when greater than $56.50 per pound.Under the UG contract all production from our Texas properties will be sold at a price equal to the month-end long-term contract price for the second month prior to the month of delivery less $6 per pound | ||
Market price on sales contracts, per pound | 56.50 | ||
Sale of contracts | 3,000,000 | ||
Percentage of average spot price | 4.00% | ||
Minimum [Member] | |||
Percentage on published market prices | 5.00% | ||
Maximum [Member] | |||
Percentage on published market prices | 7.00% | ||
Itochu Corporation [Member] | |||
Acquisition amount on sales contracts | 510,000 | ||
U.S.A Inc [Member] | |||
Acquisition amount on sales contracts | 480,000 | ||
Vasquez, Rosita or Kingsville Properties [Member] | |||
Purchase on contracts | 3,000,000 | ||
Texas Properties [Member] | |||
Contract price of sales contracts, per pound | 6 | ||
Sale of contracts | 600,000 |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) $ / shares in Units, $ in Thousands | Nov. 11, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)Days | Dec. 31, 2014USD ($) |
Number of common stock shares value during the period | $ 6,392 | $ 11,892 | |
RCF Management L.L.C [Member] | |||
Percentage of average of VWAP during the trading period | 90.00% | ||
Trading days | Days | 20 | ||
Number of common stock shares issued during the period | shares | 58,865 | ||
Number of common stock shares value during the period | $ 600 | ||
Shares issued price per share | $ / shares | $ 9.48 | ||
Management Support Agreement [Member] | RCF Management L.L.C [Member] | Tranche One [Member] | |||
Compensation for services rendered | $ 500 | ||
Management Support Agreement [Member] | RCF Management L.L.C [Member] | Tranche Two [Member] | |||
Compensation for services rendered | 500 | ||
Management Support Agreement [Member] | RCF Management L.L.C [Member] | Tranche Three [Member] | |||
Compensation for services rendered | $ 500 |
Geographic and Segment Inform68
Geographic and Segment Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2015ReportableSegments | |
Segment Reporting [Abstract] | |
Number of reportable operating segment | 1 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | Feb. 11, 2016 | Feb. 03, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Purchase of common stock | $ 6,393 | $ 11,880 | ||
Subsequent Event [Member] | Stockholders [Member] | ||||
Reverse stock split | reverse stock split of our issued and outstanding common stock by a ratio of not less than 1-for-2 and not more than 1-for-20, such ratio to be determined in the discretion of the Board of Directors at any time on or before July 31, 2016. | |||
Subsequent Event [Member] | Aspire Capital [Member] | Stock Purchase Agreement [Member] | ||||
Sale of common stock, shares | 296,666 | |||
Proceeds from sale of common stock shares | $ 800 | |||
Subsequent Event [Member] | Aspire Capital [Member] | Two Common Stock Purchase Agreements [Member] | ||||
Sale of common stock, shares | 75,000 | |||
Agreement term | 24 months | |||
Purchase of common stock | $ 10,000 |