Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 02, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
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 | $ 10,800 | ||
Entity Common Stock, Shares Outstanding | 24,493,374 | ||
Trading Symbol | URRE | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 3,309 | $ 865 |
Short-term available-for-sale investments | 226 | |
Prepaid and other current assets | 602 | 914 |
Total Current Assets | 3,911 | 2,005 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 112,964 | 114,496 |
Less accumulated depreciation and depletion | (66,048) | (65,684) |
Net property, plant and equipment | 46,916 | 48,812 |
Restricted cash | 3,964 | 4,026 |
Long-term assets held for sale | 2,123 | 2,123 |
Total Assets | 56,914 | 56,966 |
Current Liabilities: | ||
Accounts payable | 610 | 3,046 |
Accrued liabilities | 1,981 | 1,569 |
Convertible loan net of discount | 5,431 | 6,154 |
Current portion of asset retirement obligations | 121 | 121 |
Total Current Liabilities | 8,143 | 10,890 |
Asset retirement obligations, net of current portion | 4,668 | 4,242 |
Other long-term liabilities and deferred credits | 500 | 800 |
Long-term liabilities related to assets held for sale | 555 | 555 |
Total Liabilities | 13,866 | 16,487 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 100,000,000 shares authorized, $.001 par value; Issued shares - 16,675,419 and 4,530,211, respectively Outstanding shares - 16,667,394 and 4,522,186, respectively | 17 | 5 |
Paid-in capital | 280,191 | 258,096 |
Accumulated other comprehensive loss | (67) | |
Accumulated deficit | (236,902) | (217,297) |
Less: Treasury stock (8,025 and 8,025 shares, respectively), at cost | (258) | (258) |
Total Stockholders' Equity | 43,048 | 40,479 |
Total Liabilities and Stockholders' Equity | $ 56,914 | $ 56,966 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 16,675,419 | 4,530,211 |
Common stock, shares outstanding | 16,667,394 | 4,522,186 |
Treasury stock, shares | 8,025 | 8,025 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Expenses: | ||
Mineral property expenses | $ (3,248) | $ (4,470) |
General and administrative | (7,650) | (7,488) |
Acquisition related expenses | (3,048) | |
Accretion of asset retirement obligations | (480) | (450) |
Depreciation and amortization | (247) | (336) |
Impairment of uranium properties | (1,673) | (960) |
Total operating expenses | (13,298) | (16,752) |
Non-Operating Income/(Expenses): | ||
Loss on extinguishment of convertible debt | (3,322) | |
Interest expense | (2,800) | (2,645) |
Commitment fees | (333) | |
Gain on disposal/exchange of uranium properties | 4,268 | |
Other income/(expense), net | 148 | (14) |
Total other income/(expense) | (6,307) | 1,609 |
Net Loss | (19,605) | (15,143) |
Other Comprehensive Loss | ||
Unrealized fair value decrease on available-for-sale securities | (49) | (67) |
Transfer to realized loss upon sale of available-for-sale securities | 116 | |
Comprehensive Loss | $ (19,538) | $ (15,210) |
BASIC AND DILUTED LOSS PER SHARE | $ (3.73) | $ (5.63) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 5,251,954 | 2,690,559 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
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 | |||||
Common stock issued for loan interest | 722 | 722 | ||||
Common stock issued for loan interest, shares | 52,861 | |||||
Options issued for business combinations | 1,308 | 1,308 | ||||
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 | |||||
Net loss | (19,605) | (19,605) | ||||
Common stock issued, net of issuance costs | $ 9 | 13,940 | 13,949 | |||
Common stock issued, net of issuance costs, shares | 8,930,061 | |||||
Common stock issued for loan interest | 304 | 304 | ||||
Common stock issued for loan interest, shares | 83,000 | |||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 195 | 195 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes, shares | 14,594 | |||||
Minimum withholding taxes on net share settlements of equity awards | (2) | (2) | ||||
Unrealized holding loss on available-for-sale securities | 67 | 67 | ||||
Common stock issued for extinguishment of convertible debt | $ 3 | 5,820 | 5,823 | |||
Common stock issued for extinguishment of convertible debt, shares | 2,487,562 | |||||
Common stock issued for settlement of accounts payable | 850 | 850 | ||||
Common stock issued for settlement of accounts payable, shares | 214,991 | |||||
Common stock issued for commitment fees | 856 | 856 | ||||
Common stock issued for commitment fees, shares | 315,000 | |||||
Common stock issued for purchase of lithium properties | 132 | 132 | ||||
Common stock issued for purchase of lithium properties, shares | 100,000 | |||||
Balance at Dec. 31, 2016 | $ 17 | $ 280,191 | $ (236,902) | $ (258) | $ 43,048 | |
Balance shares at Dec. 31, 2016 | 16,667,394 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows and Supplemental Cash Flow Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | ||
Net loss | $ (19,605) | $ (15,143) |
Reconciliation of net loss to cash used in operations: | ||
Accretion of asset retirement obligations | 480 | 450 |
Amortization of debt discount | 1,839 | 1,809 |
Amortization of convertible loan establishment fee | 100 | 100 |
Loss on extinguishment of convertible debt | 3,322 | |
Decrease in restoration and reclamation accrual | (54) | (178) |
Depreciation and amortization | 247 | 336 |
Stock compensation expense | 195 | 950 |
Common stock issued as payment of commitment fees | 333 | |
Common stock issued as payment of acquisition related costs | 745 | |
Gain on disposal/exchange of uranium properties | (4,268) | |
Impairment of uranium properties | 1,673 | 960 |
Common stock issued for lithium property acquisition | 278 | |
(Gain)/loss on disposal of fixed assets | (18) | |
Loss on sale of marketable securities | 116 | |
Effect of changes in operating working capital items: | ||
(Increase)/decrease in receivables | 89 | (72) |
Decrease in prepaid and other current assets | 53 | 203 |
Increase/(decrease) in payables, accrued liabilities and deferred credits | (1,375) | 2,107 |
Net Cash Used In Operating Activities | (12,309) | (12,019) |
Cash Flows From Investing Activities: | ||
Acquisition of Anatolia Energy, net of cash acquired | (1,436) | |
Purchases of equipment | (26) | (31) |
Proceeds from disposal of property, plant and equipment | 2,518 | |
Proceeds from the sale of other short-term assets | 247 | |
Release of restricted cash | 62 | |
Net Cash Provided By Investing Activities | 283 | 1,051 |
Cash Flows From Financing Activities: | ||
Payments on borrowings | (4) | |
Issuance of common stock, net | 14,472 | 6,393 |
Payment of minimum withholding taxes on net share settlements of equity awards | (2) | (126) |
Net Cash Provided By Financing Activities | 14,470 | 6,263 |
Net increase/(decrease) in cash and cash equivalents | 2,444 | (4,705) |
Cash and cash equivalents, beginning of period | 865 | 5,570 |
Cash and Cash Equivalents, End of Period | 3,309 | 865 |
Cash Paid During the Period for: | ||
Interest | 600 | |
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 loan interest | 304 | 722 |
Common stock issued for payment of commitment fees | 523 | |
Total Non-Cash Investing and Financing Activities for the Period | $ 827 | $ 16,593 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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. Mineral 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 Company’s 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, 2016 and 2015, the Company had pledged certificates of deposit and money market accounts of $4.0 million and $4.0 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. Fair Value of Financial Instruments Our financial instruments consist of cash equivalents and restricted cash. 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, 2016 and 2015, and indicates the fair value hierarchy: December 31, 2016 Level 1 Level 2 Level 3 Total Assets Restricted cash $ 3,964 $ - $ - $ 3,964 Total assets recorded at fair value $ 3,964 $ - $ - $ 3,964 December 31, 2015 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 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 Company’s 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 using level 3 inputs, are accreted to full value over time through charges to accretion expense. In addition, the asset retirement cost is capitalized as part of the asset’s 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 Company’s 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. 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, 2016 and 2015, we had 745,841 and 1,123,901 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 URI’s 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 Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Upon adopting ASU 2014-15, the Company prepared an annual assessment of its ability to continue as a going concern. Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01), Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business when determining whether a company has acquired or sold a business. The ASU applies to all entities and is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted under certain circumstances. The Company does not believe that the adoption of this guidance will have a material impact on our financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, which will require that a statement of cash flows explain the change during period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. As a result, upon adoption, the Company will include the restricted cash amount in its beginning-of-period and end-of-period reconciliations of cash on its statement of cash flows. For the year ended December 31, 2016, this would have resulted in the Company including an additional $4.0 million in its beginning-of-period cash balance and an additional $4.0 million in its end-of-period cash balance. The Company also would not have recorded a release of restricted cash of $0.1 million in the investing section of its statement of cash flows. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | 2. LIQUIDITY At December 31, 2016, the Company had a working capital deficit of $4.3 million as compared with a working capital deficit of $8.9 million as of December 31, 2015. The decrease in the working capital deficit of $4.6 million was primarily due to an increase in cash and cash equivalents of $2.4 million and an aggregate decrease in accounts payable and accrued liabilities of $2.0 million. The increase in cash and cash equivalents and the decrease in accounts payable and accrued liabilities are due to the Company’s fundraising efforts during 2016, which included the completion of registered direct offerings on April 4, 2016 and February 4, 2016 for net proceeds of $1.2 million and $0.8 million, respectively, $6.7 million in net proceeds from the sale of common stock to Aspire Capital under the terms of the CSPA and $5.8 million in net proceeds from the sale of common stock sold through the Company’s at-the-market sales program. Subsequent to December 31, 2016, the Company received $2.2 million upon the completion of the sale of its wholly-owned subsidiary Hydro Resources, Inc to Laramide on January 5, 2017 and received an aggregate $13.4 million upon completion of a public offering on January 19, 2017 and a registered direct offering on February 16, 2017. In addition, the Company repaid the remaining $5.5 million outstanding under the RCF Loan on February 9, 2017. As a result of the above, the Company’s cash balances were $10.4 million at February 28, 2017, which the Company expects will provide it the necessary liquidity through the first quarter of 2018. The Company also has $4.3 million available for future sales under the CPSA, but would need to obtain stockholder approval before issuing any additional shares to Aspire Capital. The Company continues to explore additional opportunities to raise capital, further monetize its non-core assets and identify ways to reduce its cash expenditures. 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 the Company’s needs or on terms acceptable to the Company. In the event that funds are not available, the Company may be required to materially change its business plans. |
Acquisitions and Disposals
Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Disposals | 3. ACQUISITIONS AND DISPOSALS Acquisition of Lithium Properties During 2016, the Company staked approximately 11,220 acres of placer mining claims covering a prospective target for lithium-enriched brines in the Columbus Salt Marsh area of west-central Nevada. The target area, known as the Columbus Basin project, is situated within a region of known lithium mineralization and is located approximately 45 miles west of Tonopah, Nevada. On September 21, 2016, the Company entered into the Mesa SPA with Mesa to acquire certain placer mining claims comprising the Sal Rica project. The target area is situated within a region of known brine-hosted lithium mineralization and is approximately 25 miles north of the town of Wendover, Utah. The Sal Rica project is comprised of approximately 9,900 acres of placer mining claims covering a prospective target for lithium-enriched brines. Additionally, subsequent to the purchase of these claims from Mesa, the Company staked an additional 3,360 acres of unpatented mining claims within the project area. Under the terms of the Mesa SPA, the Company acquired a 100% interest in the Sal Rica project, subject to a 2% NSR Royalty, for the following consideration: (i) $50,000 cash paid to Mesa at closing; (ii) 100,000 unregistered shares of the Company’s common stock at closing, with a registration statement filed with the SEC on November 16, 2016; and (iii) 100,000 unregistered shares of the Company’s common stock on the first anniversary date of the closing, with a registration statement to be filed with the SEC within 28 days of issue. The closing of the transaction occurred on October 19, 2016 at which time the Company issued 100,000 unregistered shares of common stock and paid $50,000 to Mesa. As of December 31, 2016, the Company recorded exploration expense of $0.3 million related to the Mesa SPA, which includes the $50,000 paid to Mesa on October 19, 2016 and $278,000 of expense related to the fair value of the shares issued and to be issued to Mesa. 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 Energy’s 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 Company’s 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 URI’s 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. Purchase and Exchange Agreement (PEA) with Energy Fuels On June 26, 2015, the Company and certain of its subsidiaries entered into the PEA with Energy Fuels, pursuant to which at closing on July 31, 2015 subsidiaries of URI transferred ownership of URI’s 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 ISR 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 Company’s 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 Fuel’s 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 Total consideration received $ 4,916 The fair value of the shares of Energy Fuel’s 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). 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 | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (thousands of dollars) Turkey Texas New Mexico Corporate Net book value Uranium plant $ - $ 8,459 $ - $ - $ 8,459 Mineral rights and properties 17,968 - 19,102 - 37,070 Other property, plant and equipment 22 1,224 - 141 1,387 Total net book value $ 17,990 $ 9,683 $ 19,102 $ 141 $ 46,916 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 19,102 - 38,583 Other property, plant and equipment 22 1,352 - 202 1,576 Total net book value $ 17,990 $ 11,518 $ 19,102 $ 202 $ 48,812 Lithium Properties Columbus Basin project As discussed in Note 3 above, the Company staked approximately 11,220 acres of unpatented placer mining claims in July and September 2016 in the Columbus Salt Marsh area of west-central Nevada. We hold these claims through the payment of annual claim maintenance fees to the U.S. Bureau of Land Management. There are no royalty obligations associated with this project. Sal Rica project As discussed in Note 3 above, the Company acquired approximately 9,900 acres of unpatented placer mining claims from Mesa. Additionally, subsequent to the purchase of these mining claims from Mesa, the Company staked an additional 3,360 acres of unpatented placer mining claims. We hold these claims through the payment of annual claim maintenance fees to the U.S. Bureau of Land Management. Additionally, the claims purchased from Mesa are subject to a 2% NSR royalty on future production. The remaining claims staked by the Company are not subject to any royalties or work commitments. Uranium Properties Temrezli project As discussed in Note 3 above, the Temrezli project was acquired as part of the Anatolia Transaction. The Company controls five 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 are held through the payment of annual rents, and the lease provide for the payment of production royalties ranging from 6.25% to 9.375%, based upon uranium sales from the respective leases. The leases have expiration dates ranging from 2000 to 2007 however we continue to hold most of these leases through our ongoing restoration activities. With a few minor exceptions, 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 2,759 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 Company’s 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. Under the terms of the leases, the lands can be held after the expiration of the primary and secondary terms, as long as are carrying out restoration and reclamation activities. The leases have primary and secondary terms ranging from 2012 to 2015, and provisions to extend the leases beyond the initial terms. 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 carrying out restoration and reclamation activities. We pay an annual rental fee to the landowner and 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 The Butler Ranch project was acquired as part of the Company’s Asset Exchange Agreement with Rio Grande Resources Corporation in November 2014. The property is comprised of nine fee leases that cover an area of about 1,322 gross or 1,262 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. 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 has been further extended subject to a reduction in the $6.5 million initial payment and annual advance royalty payments deduction to the recoverable reserve payment The Company intends to negotiate with the Cebolleta Land Grant on the terms for the continuation of the Cebolleta Lease. 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”) and 24 leases with private owners of small tracts covering a combined area of 115 acres. 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 JTLC 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. The Company intends to negotiate with the JTLC on the terms for the continuation of the JTLC lease. Impairment of Property, Plant and Equipment The Company recorded the following impairment charges for 2016 and 2015 related to its uranium projects and processing facilities: For the years ended December 31, 2016 2015 Kingsville Dome project $ 160 $ 160 Butler Ranch project 579 - Sejita Dome project 534 - Nell project 209 - Jack Pump project 191 - Alta Mesa Este project - 800 Total Impairment $ 1,673 $ 960 The Company’s recorded impairment charge for 2016 and 2015 of $0.2 million on its Kingsville Dome project was due to the physical deterioration of its processing plant equipment resulting from the plant’s 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 Company’s third-party estimate of resale value exceeded the $0.2 million net carrying value of the Kingsville Dome plant equipment. The Company’s recorded impairment charge for 2016 of $0.6 million on its Butler Ranch project was the result of declining uranium prices during 2016 as the carrying value exceeded the projects cash flows on an undiscounted and discounted basis. As a result, the entire carrying value of the Butler Ranch project was written to nil as it was determined that the entire investment was unrecoverable. The Company’s recorded impairment charges for 2016 of $0.5 million on its Sejita Dome project, $0.2 million on its Nell project and $0.2 million on its Jack Pump project were the result of URI’s Board of Directors and management determining that exploration results indicated that these projects should be terminated. The Company’s impairment charge for 2015 of $0.8 million on its Alta Mesa Este project was the result of URI’s 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 values of the projects were written down to nil. Mineral Property Expenses During the years ending December 31, 2016 and 2015, the Company’s mineral property expenses were $3.2 million and $4.5 million, respectively. Included within mineral property costs are standby costs for our three idled South Texas ISR projects along with holding, exploration and evaluation costs for all properties. The Company spent the following amounts for each of its material properties: For the year ended December 31, 2016 2015 (thousands of dollars) Temrezli project, Turkey $ 498 $ 407 Total Turkey projects 498 407 Kingsville Dome project, Texas 779 812 Rosita project, Texas 402 711 Vasquez project, Texas 461 510 Butler Ranch project, Texas 12 443 Other projects, Texas 94 553 Total Texas projects 1,748 3,029 Crownpoint project, New Mexico 5 5 Churchrock project, New Mexico 20 21 Cebolleta project, New Mexico 138 537 Juan Tafoya project, New Mexico 47 384 Other projects, New Mexico 5 87 Total New Mexico projects 215 1,034 Columbus Basin project, Nevada 232 - Other projects, Nevada 31 - Total Nevada projects 263 - Sal Rica project, Utah 524 - Total Utah projects 524 - Total expense for the period $ 3,248 $ 4,470 |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2016 | |
Assets Held For Sale | |
Assets Held for Sale | 5. ASSETS HELD FOR SALE On April 7, 2016, the Company entered into the Laramide SPA with Laramide Resources for the sale of its wholly-owned subsidiary Hydro Resources, Inc., which holds the Company’s Churchrock and Crownpoint projects. On December 5, 2016, the Company and Laramide agreed to amend the terms of the Laramide SPA. Under the terms of the amended Laramide SPA, the Company is set to transfer ownership of the Churchrock and Crownpoint projects in exchange for the following consideration from Laramide Resources at closing: · · · · · The closing under the Laramide SPA occurred on January 5, 2017. 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, 2016 and December 31, 2015. Assets held-for-sale includes $2.1 million related to the portion of the Churchrock project acquired from Energy Fuels Inc. in 2015. Liabilities held for sale consisted of $105,000 related to a reclamation obligation at the Crownpoint project and $450,000 related to a royalty obligation payable upon commencement of production at the Crownpoint project. |
Convertible Loan
Convertible Loan | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Loan | 6. CONVERTIBLE LOAN On November 13, 2013, the Company entered into a loan agreement (the “RCF Loan”) with 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, all of which has been drawn. No additional amounts may be drawn under the RCF Loan. Amounts drawn under the RCF Loan originally matured on December 31, 2016 and bore interest at 10% per annum, payable quarterly in arrears in shares of the Company’s common stock or, at RCF’s election, in cash. The number of shares to be issued as payment for interest is determined based upon the VWAP of the Company’s common stock for the 20 trading days preceding the last day of each quarter. Accordingly, the Company issued 38,086 shares of common stock on January 4, 2016 for settlement of interest expense of $0.2 million related to the three-month period ended December 31, 2015. RCF elected to receive cash in lieu of shares for the March 31, 2016, June 30, 2016 and September 30, 2016 interest payments. On June 10, 2016, the Company paid $0.3 million to RCF which included $0.2 million in interest owing from March 31, 2016 and a $0.1 million interest penalty on the late payment. On July 10, 2016, the Company paid $0.2 million to RCF in interest owing from June 30, 2016 and on October 11, 2016, the Company paid $0.2 million to RCF in interest owing from September 30, 2016. As of December 31, 2016, interest expense of $0.1 million relating to the three-month period ended December 31, 2016 was included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company and RCF agreed to defer the payment of interest and include the amount owing in the Tranche 2 commitment of the Esousa MEA (as defined and discussed below). On December 5, 2016, the Company entered into an agreement to retire the RCF Loan. In accordance with the terms of a Note Purchase Agreement between RCF and Esousa, Esousa agreed to purchase an initial $2.5 million amount of notes from RCF. In addition, and separately, the Company and Esousa entered into a Master Exchange Agreement (“Esousa MEA”) to exchange the initial $2.5 million amount of notes for shares of the Company’s common stock. Esousa also agreed to purchase the remaining $5.5 million amount of notes from RCF and exchange such notes for shares of the Company’s common stock, subject to certain conditions, as described below. Under the terms of the Note Purchase Agreement and the Esousa MEA, the retirement consists of two tranches: · Tranche 1 consisted of 2,487,562 shares of common stock exchanged for the $2.5 million in principal purchased by Esousa on December 5, 2016. The number of shares issued was determined based on the VWAP over the pricing period which began on December 5, 2016 and ended on December 22, 2016, when Esousa notified the Company that it was ending the pricing period. · Tranche 2 will consist of the exchange of the remaining $5.5 million in notes for shares of the Company’s common stock at an exchange price based on the lessor of: (i) the VWAP of the common stock for the trading day of January 19, 2017; and (ii) the VWAP of the common stock for the trading day immediately preceding the date on which the Company files the final amended registration statement. In addition to the above, the Company and RCF amended the terms of the $5.5 million notes held by RCF as of December 5, 2016 in order to extend the maturity date from December 31, 2016 to March 31, 2017 to allow the Tranche 2 process to be completed in an orderly fashion. The amendment also required interest to accrue at a rate of 15% per annum beginning January 1, 2017, such rate being the default rate per the original note agreement. No other terms of the notes were changed. The Tranche 2 exchange was subject to the Company’s receipt of stockholder approval at a Special Meeting which was to be held on February 8, 2017. However, the Company did not reach a quorum at the Special Meeting and as a result, the Esousa MEA was terminated without executing Tranche 2. Following the Special Meeting, the Company’s Board of Directors agreed to repay the remaining $5.5 million outstanding under the RCF Loan, which was completed on February 9, 2017. No further obligations remain under the RCF Loan, subsequent to the repayment on February 9, 2016. Upon completion of Tranche 1, the Company recorded a loss on extinguishment of $3.3 million, which was the result of the transaction being accounted for as an inducement of convertible debt which required the Company to record a loss equal to the difference between the fair value of the shares issued under the Esousa MEA and the fair value of the shares pursuant to the original conversion terms. The following table represents the key components of the RCF Loan: December 31, December 31, 2016 2015 (thousands of dollars) Debt principal, beginning of period $ 8,000 $ 8,000 Repayment of principal amount (2,500) - Unamortized discount (69) (1,846) Carrying value of convertible loan, end of period $ 5,431 $ 6,154 For the periods ended December 31, 2016 and 2015, the Company recorded amortization of debt discount of $1.8 million and $1.8 million, which has been included in interest expense in the Company’s Consolidated Statement of Operations. The remaining discount will be amortized over a period of 0.25 years. |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | 7. ASSET RETIREMENT OBLIGATION The Company’s 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 Company’s asset retirement obligation are summarized below: December 31, December 31, 2016 2015 (thousands of dollars) Balance, beginning of period $ 4,468 $ 4,196 Liabilities settled (54) (178) Accretion expense 480 450 Balance, end of period 4,894 4,468 Less: Included in liabilities held for sale (105) (105) Less: Current portion (121) (121) Non-current portion $ 4,668 $ 4,242 As of December 31, 2016, the Company’s asset retirement obligation was fully secured by surety bonds totaling $9.2 million, which were partially collateralized with restricted cash totaling $4.0 million. |
Other Long-Term Liabilities and
Other Long-Term Liabilities and Deferred Credits | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 Royalties payable(1) $ 500 $ 500 UNC data purchase contract(2) — 300 $ 500 $ 800 _________________ (1) Royalties payable were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. (2) On December 21, 2016, the Company returned the data to UNC. Pursuant to the terms of the Data Purchase Agreement, upon return of the data to UNC, the Data Purchase Agreement would be canceled and the Company would be released from any unpaid obligation. As a result, the Company was released from its $0.4 million liability and recorded the amount as a reduction in land holding and maintenance costs at its Cebolleta project. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY Common Stock Issued, Net of Issuance Costs Reverse Stock Split Immediately following the close of trading on March 7, 2016, the Company effected a one-for-twelve reverse stock split of its common stock. With the reverse stock split, every twelve shares of the Company’s issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split reduced the number of shares outstanding from approximately 61.8 million shares to approximately 5.2 million shares. In addition, effective upon the reverse stock split, the number of authorized shares of the Company’s common stock was reduced from 200 million to 100 million. The reverse stock split did not have any effect on the par value of the Company’s common stock. No fractional shares were issued as a result of the reverse stock split. Any fractional shares that would have resulted were settled in cash. All share data herein has been retroactively adjusted for the reverse stock split. Registered Direct Offerings 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. On April 4, 2016, URI and Aspire Capital completed a registered direct offering whereby URI sold 375,000 shares of its common stock at a price of $2.17 per share and 200,000 pre-funded common stock purchase warrants at a price of $2.16 per warrant, which was paid at closing. Gross proceeds from the offering were $1.2 million, including $0.4 million from the sale of the pre-funded warrants. The warrants have an exercise price of $0.01 per share and a term of three years. On June 3, 2016, Aspire Capital exercised all outstanding common stock purchase warrants and the Company issued 200,000 shares of common stock to Aspire Capital as a result. Common Stock Purchase Agreement with Aspire Capital On April 8, 2016, the Company entered into the CSPA with Aspire Capital to place up to $12.0 million in the aggregate of the Company’s common stock on an ongoing basis when required by the Company over a term of 30 months. The Company will control the timing and amount of sales to Aspire Capital, and at a price based on market prices at that time. As consideration for Aspire Capital entering into the purchase agreement, the Company issued 240,000 shares of its common stock to Aspire Capital upon the Company’s receipt of stockholder approval at its Annual General Meeting of Stockholders which was held on June 7, 2016. Following effectiveness of an S-1 registration statement relating to the resale of the shares subject to the CSPA on June 3, 2016 and receipt of stockholder approval for the issuance of up to 5.0 million shares of its common stock on June 7, 2016, the Company began selling shares of its common stock to Aspire Capital under the terms of the CSPA. During the year ended December 31, 2016, the Company sold 4,760,000 shares of common stock for net proceeds of $6.7 million under the CSPA. As of March 2, 2017, approximately $4.3 million of the aggregate $12.0 million remained available for future sales under the CSPA. The Company would need to obtain stockholder approval before issuing additional shares to Aspire Capital. Option Agreement On February 3, 2016, the Company issued 75,000 shares of common stock, with a fair value on the date of issuance of $0.3 million, to Aspire Capital as consideration for Aspire Capital entering into an option agreement (the “Option Agreement”) by which Aspire Capital granted the Company 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 at such times and in such amounts as elected by the Company under the terms of the option agreement. The parties terminated the Option Agreement upon entering into the CSPA. 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 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 amount up to $15.0 million in “at-the-market” offerings, which shares are registered under the Company’s currently effective registration statement on Form S-3. The Company filed a prospectus supplement dated 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, 2016 the Company sold 3,298,396 shares of common stock for net proceeds of $5.8 million under the ATM Sales Agreement. As of December 31, 2016, the Company had fully utilized its ATM Sales Agreement and, as a result, no capacity remained available for future sales. Common Stock Issued for Extinguishment of Debt As discussed in Note 6, above, on December 5, 2016 the Company issued 2,487,562 shares of its common stock to Esousa in exchange for the retirement of $2.5 million in principal of the Company’s RCF Loan. The exchange was accounted for as an inducement and resulted in the Company recording a $5.8 million increase to additional paid in capital. This $5.8 million increase represents the $2.5 million principal amount that was extinguished and the $3.3 million loss recorded upon the extinguishment of the debt. Common Stock Issued for RCF 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 RCF Loan. For the year ended December 31, 2016, the Company issued 38,086 shares of common stock for the payment of $0.2 million in accrued interest and fees for the three-month period ended December 31, 2015. On December 5, 2016, the Company issued 44,914 shares to Esousa for the payment of interest owing on the $2.5 million in principal amount of the RCF Loan that Esousa purchased from RCF. The fair value of the shares issued was $61,981 which has been included in interest expense. Common Stock Issued for Purchase of Lithium Properties As discussed in Note 4, above, the Company entered into the Mesa SPA on September 21, 2016 to acquire certain placer mining claims comprising the Sal Rica project. Under the terms of the Mesa SPA, the Company issued 100,000 shares of common stock with a fair value of $0.1 million to Mesa upon closing which occurred on October 19, 2016. Common Stock Issued for fees related to the Anatolia Transaction On January 8, 2016, the Company issued 117,097 shares of common stock with a fair market value per share of $6.00 in satisfaction of $0.7 million in required termination payments related to the Anatolia Transaction. On June 30, 2016, the Company issued 47,229 shares of common stock with a fair market value per share of $1.60 in satisfaction of $0.1 million in fees related to the Anatolia Transaction. On August 1, 2016, the Company issued 50,665 shares of common stock with a fair market value per share of $1.42 in satisfaction of $0.1 million in required termination payments related to the Anatolia Transaction. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
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 Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); and the 2004 Stock Incentive Plan (the “2004 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. 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 Company’s 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 Board (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, 2016, 54,460 shares of common stock were available for future issuances under the 2013 Plan. For the years ended December 31, 2016 and 2015, the Company recorded stock-based compensation cost of $0.2 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 Company’s 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 Company’s 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 Stock options are valued using the Black-Scholes option pricing model on the date of grant. The Company estimates forfeitures based on historical trends. There were no stock option grants during 2016 and 2015. The following table summarizes stock options outstanding and changes during the years ended December 31, 2016 and 2015: December 31, December 31, 2016 2015 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 326,424 $ 24.89 13,413 $ 302.16 Granted - - 314,086 14.21 Expired (210,872) 19.13 (1,075) 356.93 Canceled or forfeited (4,724) 438.89 - - Stock options outstanding at end of period 110,828 $ 18.24 326,424 $ 24.89 Stock options exercisable at end of period 110,723 $ 18.22 316,005 $ 25.16 The following table summarizes stock options outstanding and exercisable by stock option plan at December 31, 2016: 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 4,792 $ 35.14 4,792 $ 35.14 2004 Directors' Plan 1,390 629.52 1,390 629.52 2013 Plan 417 35.88 312 35.88 Replacement Stock Options 104,229 9.33 104,229 9.33 110,828 $ 18.24 110,723 $ 18.22 Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Committee 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, 2016 and 2015: December 31, December 31, 2016 2015 Number of RSUs Weighted-Average Grant Date Fair Value Number of RSUs Weighted-Average Grant Date Fair Value Unvested RSUs at beginning of period 32,699 $ 34.25 45,390 $ 34.12 Granted - - - Forfeited (7,627) 34.61 (1,667) 32.20 Vested (16,423) 29.09 (11,024) 34.04 Unvested RSUs at end of period 8,649 $ 43.71 32,699 $ 34.25 Restricted Stock Awards Time-based and performance-based RSAs are valued using the closing share price of the Company’s common stock on the date of grant. Vesting based on performance criteria is generally based on the Company’s performance as determined by the 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, 2016 and 2015: December 31, December 31, 2016 2015 Number of RSAs Weighted-Average Grant Date Fair Value Number of RSAs Weighted-Average Grant Date Fair Value Unvested RSAs at beginning of period 1,366 $ 40.01 2,223 $ 62.65 Forfeited (410) 44.84 (104) 80.40 Vested (956) 37.94 (753) 101.26 Unvested RSAs at end of period - $ - 1,366 $ 40.01 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 Company’s common stock upon the Company declaring a mineral resource estimate for the Temrezli project of at least 15.0 million lbs. As the Company did not anticipate this performance condition to be met prior to the February 10, 2016 expiry date, the Company did not recognize the fair value of these performance shares. All performance shares expired on February 10, 2016 without the performance conditions met. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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 Company’s future tax assets and liabilities at December 31, 2016 and 2015 include the following components: December 31, 2016 2015 Deferred tax assets: Non-Current: Net operating loss carryforwards $ 85,995 $ 80,491 Mineral properties 11,608 13,970 Capital loss carryforwards 618 618 Restoration reserves 1,623 1,478 Capitalized transaction costs 1,140 1,145 Other 5,562 946 Deferred tax assets 106,546 98,648 Valuation allowance (101,523) (96,203) Net deferred tax assets 5,023 2,445 Deferred tax liabilities: Current: Prepaids and other 70 68 70 68 Non-Current: Derivatives (956) (956) Property, plant and equipment (4,137) (1,557) Deferred tax liabilities (5,093) (2,513) Net deferred tax asset (liability) $ - $ - The composition of our valuation allowance by tax jurisdiction is summarized as follows: December 31, 2016 2015 United States $ 92,448 $ 87,304 Australia 11,113 11,066 Turkey (2,038) (2,167) Total valuation allowance $ 101,523 $ 96,203 The valuation allowance increased $5.3 million from the year ended December 31, 2015 to the year ended December 31, 2016. This was the result of an increase in the net deferred tax assets, primarily net operating loss carryforwards (“NOLs”), 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, 2016, we had U.S. net operating loss carryforwards of approximately $235.1 million, which expire from 2018 to 2036. This included approximately $32.8 million in net operating loss carryforwards associated with the Neutron merger. In addition, at December 31, 2016 we had Australian net operating loss carryforwards of $14.1 million, including approximately $13.3 million associated with the Anatolia Transaction, which are available indefinitely, subject to continuing to meet relevant statutory tests, and net operating loss carryforwards in Turkey of approximately $1.8 million, which expire from 2017 to 2020. 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 Company’s 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, 2016 2015 United States $ (18,798) $ (14,858) Australia (158) (76) Turkey (649) (209) $ (19,605) $ (15,143) A reconciliation of expected income tax on net income at statutory rates is as follows: Year ended December 31, 2016 2015 Net loss $ (19,605) $ (15,143) Statutory tax rate 34% 34% Tax recovery at statutory rate (6,666) (5,149) Foreign tax rate 97 (33) Mineral property adjustments 9 (2,394) Foreign deferred costs and other adjustments - (800) Operating loss carryforward adjustment (10) (5,488) Nondeductible write-offs 1,250 96 Change in valuation allowance 5,320 13,768 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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Environmental Considerations The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. 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 materially compliant 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 Company’s 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%. |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 13. GEOGRAPHIC AND SEGMENT INFORMATION The Company has one reportable operating segment, consisting of uranium and lithium 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, 2016 and 2015. Geographic location of property, plant and equipment, including mineral rights, and mineral property expenses, is provided in Note 4, above. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. SUBSEQUENT EVENTS Laramide Asset Sale As discussed in Note 5 above, on January 5, 2017, the Company completed the sale of its wholly-owned subsidiary Hydro Resources, Inc., which holds the Churchrock and Crownpoint projects, to Laramide. RCF Loan Retirement As discussed in Note 6 above, on February 9, 2017 the Company and Esousa terminated the Esousa MEA after the Company failed to reach a quorum at a Special Meeting of Stockholders on February 8, 2017. Following termination of the Esousa MEA, the Company’s Board of Directors agreed to repay the $5.5 million principal and accrued unpaid interest in cash on February 9, 2017. As a result, the Company no longer has any obligations outstanding under the RCF Loan Equity Financings On February 16, 2017, we completed a registered direct offering for gross proceeds of $4.5 million with Aspire Capital whereby Aspire Capital purchased 2,100,000 shares of common stock at a price of $1.58 and 748,101 pre-funded common stock purchase warrants at a price of $1.57. The warrants have an exercise price of $0.01 per share and a term of three years. As of March 2, 2017 all of the pre-funded warrants have been exercised. On January 19, 2017, the Company completed a registered public offering for gross proceeds of $9.7 million. The Company sold 1,399,140 shares of common stock at a price of $2.01 per share and 3,426,731 pre-funded warrants at a price of $2.00 per warrant. The warrants have an exercise price of $0.01. As of March 2, 2017, all of the pre-funded warrants have been exercised. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. Mineral 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 Company’s 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, 2016 and 2015, the Company had pledged certificates of deposit and money market accounts of $4.0 million and $4.0 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our financial instruments consist of cash equivalents and restricted cash. 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, 2016 and 2015, and indicates the fair value hierarchy: December 31, 2016 Level 1 Level 2 Level 3 Total Assets Restricted cash $ 3,964 $ - $ - $ 3,964 Total assets recorded at fair value $ 3,964 $ - $ - $ 3,964 December 31, 2015 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 |
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 Company’s 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 using level 3 inputs, are accreted to full value over time through charges to accretion expense. In addition, the asset retirement cost is capitalized as part of the asset’s 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 Company’s 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. |
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, 2016 and 2015, we had 745,841 and 1,123,901 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 URI’s 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 Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Upon adopting ASU 2014-15, the Company prepared an annual assessment of its ability to continue as a going concern. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01), Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business when determining whether a company has acquired or sold a business. The ASU applies to all entities and is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted under certain circumstances. The Company does not believe that the adoption of this guidance will have a material impact on our financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, which will require that a statement of cash flows explain the change during period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. As a result, upon adoption, the Company will include the restricted cash amount in its beginning-of-period and end-of-period reconciliations of cash on its statement of cash flows. For the year ended December 31, 2016, this would have resulted in the Company including an additional $4.0 million in its beginning-of-period cash balance and an additional $4.0 million in its end-of-period cash balance. The Company also would not have recorded a release of restricted cash of $0.1 million in the investing section of its statement of cash flows. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015, and indicates the fair value hierarchy: December 31, 2016 Level 1 Level 2 Level 3 Total Assets Restricted cash $ 3,964 $ - $ - $ 3,964 Total assets recorded at fair value $ 3,964 $ - $ - $ 3,964 December 31, 2015 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 |
Acquisitions and Disposals (Tab
Acquisitions and Disposals (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 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 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, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of Property, Plant and Equipment | Net Property, Plant and Equipment at December 31, 2016 (thousands of dollars) Turkey Texas New Mexico Corporate Net book value Uranium plant $ - $ 8,459 $ - $ - $ 8,459 Mineral rights and properties 17,968 - 19,102 - 37,070 Other property, plant and equipment 22 1,224 - 141 1,387 Total net book value $ 17,990 $ 9,683 $ 19,102 $ 141 $ 46,916 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 19,102 - 38,583 Other property, plant and equipment 22 1,352 - 202 1,576 Total net book value $ 17,990 $ 11,518 $ 19,102 $ 202 $ 48,812 |
Summary of Impairment Expense by Project | The Company recorded the following impairment charges for 2016 and 2015 related to its uranium projects and processing facilities: For the years ended December 31, 2016 2015 Kingsville Dome project $ 160 $ 160 Butler Ranch project 579 - Sejita Dome project 534 - Nell project 209 - Jack Pump project 191 - Alta Mesa Este project - 800 Total Impairment $ 1,673 $ 960 |
Schedule of Mineral Property Expenditures | The Company spent the following amounts for each of its material properties: For the year ended December 31, 2016 2015 (thousands of dollars) Temrezli project, Turkey $ 498 $ 407 Total Turkey projects 498 407 Kingsville Dome project, Texas 779 812 Rosita project, Texas 402 711 Vasquez project, Texas 461 510 Butler Ranch project, Texas 12 443 Other projects, Texas 94 553 Total Texas projects 1,748 3,029 Crownpoint project, New Mexico 5 5 Churchrock project, New Mexico 20 21 Cebolleta project, New Mexico 138 537 Juan Tafoya project, New Mexico 47 384 Other projects, New Mexico 5 87 Total New Mexico projects 215 1,034 Columbus Basin project, Nevada 232 - Other projects, Nevada 31 - Total Nevada projects 263 - Sal Rica project, Utah 524 - Total Utah projects 524 - Total expense for the period $ 3,248 $ 4,470 |
Convertible Loan (Tables)
Convertible Loan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Loan | The following table represents the key components of the RCF Loan: December 31, December 31, 2016 2015 (thousands of dollars) Debt principal, beginning of period $ 8,000 $ 8,000 Repayment of principal amount (2,500) - Unamortized discount (69) (1,846) Carrying value of convertible loan, end of period $ 5,431 $ 6,154 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Asset Retirement Obligation | Changes to the Company’s asset retirement obligation are summarized below: December 31, December 31, 2016 2015 (thousands of dollars) Balance, beginning of period $ 4,468 $ 4,196 Liabilities settled (54) (178) Accretion expense 480 450 Balance, end of period 4,894 4,468 Less: Included in liabilities held for sale (105) (105) Less: Current portion (121) (121) Non-current portion $ 4,668 $ 4,242 |
Other Long-Term Liabilities a27
Other Long-Term Liabilities and Deferred Credits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 Royalties payable(1) $ 500 $ 500 UNC data purchase contract(2) — 300 $ 500 $ 800 _________________ (1) Royalties payable were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. (2) On December 21, 2016, the Company returned the data to UNC. Pursuant to the terms of the Data Purchase Agreement, upon return of the data to UNC, the Data Purchase Agreement would be canceled and the Company would be released from any unpaid obligation. As a result, the Company was released from its $0.4 million liability and recorded the amount as a reduction in land holding and maintenance costs at its Cebolleta project. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015: December 31, December 31, 2016 2015 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 326,424 $ 24.89 13,413 $ 302.16 Granted - - 314,086 14.21 Expired (210,872) 19.13 (1,075) 356.93 Canceled or forfeited (4,724) 438.89 - - Stock options outstanding at end of period 110,828 $ 18.24 326,424 $ 24.89 Stock options exercisable at end of period 110,723 $ 18.22 316,005 $ 25.16 |
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, 2016: 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 4,792 $ 35.14 4,792 $ 35.14 2004 Directors' Plan 1,390 629.52 1,390 629.52 2013 Plan 417 35.88 312 35.88 Replacement Stock Options 104,229 9.33 104,229 9.33 110,828 $ 18.24 110,723 $ 18.22 |
Summary of Status of Non-Vested Restricted Shares | The following table summarizes RSU activity for the years ending December 31, 2016 and 2015: December 31, December 31, 2016 2015 Number of RSUs Weighted-Average Grant Date Fair Value Number of RSUs Weighted-Average Grant Date Fair Value Unvested RSUs at beginning of period 32,699 $ 34.25 45,390 $ 34.12 Granted - - - Forfeited (7,627) 34.61 (1,667) 32.20 Vested (16,423) 29.09 (11,024) 34.04 Unvested RSUs at end of period 8,649 $ 43.71 32,699 $ 34.25 |
Summary of Restricted Stock Awards | The following table summarizes RSA activity during the years ended December 31, 2016 and 2015: December 31, December 31, 2016 2015 Number of RSAs Weighted-Average Grant Date Fair Value Number of RSAs Weighted-Average Grant Date Fair Value Unvested RSAs at beginning of period 1,366 $ 40.01 2,223 $ 62.65 Forfeited (410) 44.84 (104) 80.40 Vested (956) 37.94 (753) 101.26 Unvested RSAs at end of period - $ - 1,366 $ 40.01 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Future Tax Assets and Liabilities | The Company’s future tax assets and liabilities at December 31, 2016 and 2015 include the following components: December 31, 2016 2015 Deferred tax assets: Non-Current: Net operating loss carryforwards $ 85,995 $ 80,491 Mineral properties 11,608 13,970 Capital loss carryforwards 618 618 Restoration reserves 1,623 1,478 Capitalized transaction costs 1,140 1,145 Other 5,562 946 Deferred tax assets 106,546 98,648 Valuation allowance (101,523) (96,203) Net deferred tax assets 5,023 2,445 Deferred tax liabilities: Current: Prepaids and other 70 68 70 68 Non-Current: Derivatives (956) (956) Property, plant and equipment (4,137) (1,557) Deferred tax liabilities (5,093) (2,513) 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, 2016 2015 United States $ 92,448 $ 87,304 Australia 11,113 11,066 Turkey (2,038) (2,167) Total valuation allowance $ 101,523 $ 96,203 |
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, 2016 2015 United States $ (18,798) $ (14,858) Australia (158) (76) Turkey (649) (209) $ (19,605) $ (15,143) |
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, 2016 2015 Net loss $ (19,605) $ (15,143) Statutory tax rate 34% 34% Tax recovery at statutory rate (6,666) (5,149) Foreign tax rate 97 (33) Mineral property adjustments 9 (2,394) Foreign deferred costs and other adjustments - (800) Operating loss carryforward adjustment (10) (5,488) Nondeductible write-offs 1,250 96 Change in valuation allowance 5,320 13,768 Income tax expense (recovery) $ - $ - |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Restricted cash | $ 3,964 | $ 4,026 |
Beginning-of-period restricted cash balance | $ 4,000 | $ 4,000 |
Potentially dilutive securities | 745,841 | 1,123,901 |
End-of-period restricted cash balance | $ 4,000 | $ 4,000 |
Release of restricted cash | $ 62 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Schedule of Financial Instruments Recognized at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term available-for-sale investments | $ 226 | |
Restricted cash | 3,964 | 4,026 |
Total assets recorded at fair value | 3,964 | 4,252 |
Fair Value, Inputs, Level 1 [Member] | ||
Short-term available-for-sale investments | 226 | |
Restricted cash | 3,964 | 4,026 |
Total assets recorded at fair value | 3,964 | 4,252 |
Fair Value, Inputs, Level 2 [Member] | ||
Short-term available-for-sale investments | ||
Restricted cash | ||
Total assets recorded at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Short-term available-for-sale investments | ||
Restricted cash | ||
Total assets recorded at fair value |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) | Apr. 04, 2016 | Feb. 04, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Working capital deficit | $ 4,300,000 | $ 8,900,000 | ||
Decrease in working capital deficit | 4,600,000 | |||
Increase in cash and cash equivalents | 2,444,000 | (4,705,000) | ||
Decrease in accounts payable and accrued liabilities | 2,000,000 | |||
Net proceeds from direct offering | $ 1,200,000 | $ 800,000 | ||
Net proceeds from sale of common stock | 14,472,000 | $ 6,393,000 | ||
January 19, 2017 [Member] | ||||
Net proceeds from direct offering | 13,400,000 | |||
February 9, 2017 [Member] | RCF Loan [Member] | ||||
Repayment of remaining outstanding amount | 5,500,000 | |||
February 28, 2017 [Member] | ||||
Cash balances | 10,400,000 | |||
Aspire Capital [Member] | ||||
Net proceeds from sale of common stock | 5,800,000 | |||
Laramide Resources Ltd [Member] | January 5, 2017 [Member] | ||||
Proceeds from sale properties | 2,200,000 | |||
Common Stock Purchase Agreement [Member] | ||||
Net proceeds from direct offering | 6,700,000 | |||
Common Stock Purchase Agreement [Member] | Aspire Capital [Member] | ||||
Net proceeds from sale of common stock | 6,700,000 | |||
Available for future sales | $ 4,300,000 |
Acquisitions and Disposals (Det
Acquisitions and Disposals (Details Narrative) $ / shares in Units, $ in Thousands | Nov. 16, 2016USD ($)shares | Oct. 19, 2016USD ($)shares | Jun. 26, 2016a | Feb. 22, 2016USD ($) | Nov. 10, 2015$ / shares | Nov. 10, 2015AUD / shares | Nov. 09, 2015USD ($)$ / sharesshares | Jun. 26, 2015USD ($)ashares | Dec. 31, 2016USD ($)ashares | Dec. 31, 2015USD ($)shares | Sep. 21, 2016a |
Common stock issued for purchase of lithium properties | $ 132 | ||||||||||
Total consideration | 17,368 | ||||||||||
Acquisition related costs | $ 3,048 | ||||||||||
Columbus Salt Marsh [Member] | |||||||||||
Area of land | a | 11,220 | ||||||||||
Mesa SPA [Member] | |||||||||||
Area of land | a | 9,900 | ||||||||||
Area of unpatented mining claims | a | 3,360 | ||||||||||
Percentage of acquisition of outstanding securities | 100.00% | ||||||||||
Percentage of NSR royalty | 2.00% | ||||||||||
Cash | $ 50 | $ 50 | |||||||||
Common stock issued for purchase of lithium properties, shares | shares | 100,000 | 100,000 | |||||||||
Exploration expense | $ 300 | ||||||||||
Common stock issued for purchase of lithium properties | $ 278 | ||||||||||
Mesa SPA [Member] | First Anniversary Date Of Closing [Member] | |||||||||||
Common stock issued for purchase of lithium properties, shares | shares | 100,000 | ||||||||||
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 period 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 | AUD / shares | AUD 11.88 | ||||||||||
Energy Fuels [Member] | |||||||||||
Cash | $ 2,500 | ||||||||||
Number of shares issued during period for acquisition | shares | 76,455 | ||||||||||
Fair value of common stock | $ 300 | ||||||||||
Subsequently sold value | $ 200 | ||||||||||
Payments for royalties | $ 5,000 | ||||||||||
Energy Fuels [Member] | Sections 8 of Township 13 North [Member] | |||||||||||
Area of land | a | 1,240 | ||||||||||
Energy Fuels [Member] | Sections 17 of Township 13 North [Member] | |||||||||||
Area of land | a | 3,382 | ||||||||||
Energy Fuels [Member] | Seven Mineral Leases [Member] | Lance Uranium In-situ Recovery Project [Member] | |||||||||||
Area of land | a | 5,640 | ||||||||||
Percentage of gross royalty | 4.00% | ||||||||||
Churchrock Project [Member] | Section 4 of Township 16 North [Member] | |||||||||||
Area of land | a | 640 | ||||||||||
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Total Consideration | $ 17,368 |
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 |
Accounts payable and other accrued liabilities | 1,051 |
Total liabilities | 1,051 |
Net assets | 17,368 |
Cash [Member] | |
Total Consideration | 1,497 |
Common Shares for Replacement of Anatolia Energy [Member] | |
Total Consideration | 14,563 |
Listed Options for Replacement of Anatolia Energy listed Options [Member] | |
Total Consideration | 424 |
Options for Replacement of Anatolia Energy Options [Member] | |
Total Consideration | 884 |
Performance Shares to Replace Anatolia Energy [Member] | |
Total Consideration |
Acquisitions and Disposals - 35
Acquisitions and Disposals - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2016shares | |
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 Disposels - Sc
Acquisitions and Disposels - Schedule of Fair Value of Purchase Consideration (Details) $ in Thousands | Dec. 31, 2016USD ($) |
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 |
Acquisitions and Disposals - 37
Acquisitions and Disposals - Schedule of Asset Disposal (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 Equipment38
Property, Plant and Equipment (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)a$ / shares | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Asset impairment charges | $ 1,673 | $ 960 |
General Directorate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of royalty, ranging | 1.00% | |
Columbus Basin Project [Member] | July and September 2016 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Area of land | a | 11,220 | |
Sal Rica Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Area of land | a | 9,900 | |
Area of unpatented mining claims | a | 3,360 | |
Percentage of nsr royalty | 2.00% | |
Temrezli [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Granted licenses cover area | a | 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] | ||
Gross area on mineral leases | a | 2,434 | |
Net area on mineral leases | a | 2,227 | |
Asset impairment charges | $ 200 | 200 |
Carrying value impairment | 2,200 | |
Liability related to dismantling and decontaminating | $ 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 | a | 2,759 | |
Net area on mineral leases | a | 2,759 | |
Rosita South Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross area on mineral leases | a | 1,795 | |
Net area on mineral leases | a | 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 | a | 872 | |
Net area on mineral leases | a | 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 | a | 1,322 | |
Net area on mineral leases | a | 1,262 | |
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] | ||
Percentage of royalties on lease of sales | 10.00% | |
Annual per acre royalty payable | $ / shares | $ 25 | |
Lease term | 10 years | |
Cebolleta Property [Member] | Neutron Energy Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Area of land | a | 6,717 | |
Lease term | 10 years | |
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] | ||
Area of land | a | 115 | |
Lease term | 10 years | |
Initial payments per lease agreement | $ 1,250 | |
Area of land in mineral fee interest acquired | a | 4,097 | |
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] | 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% | |
Butler Ranch Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairment charges | $ 579 | |
Sejita Dome Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairment charges | 534 | |
Nell Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairment charges | 209 | |
Jack Pump Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairment charges | 191 | |
Alta Mesa Este Project [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairment charges | 800 | |
Mineral Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Mineral property expenses | $ 3,200 | $ 4,500 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Net property, plant and equipment | $ 46,916 | $ 48,812 |
Turkey [Member] | ||
Net property, plant and equipment | 17,990 | 17,990 |
Texas [Member] | ||
Net property, plant and equipment | 9,683 | 11,518 |
New Mexico [Member] | ||
Net property, plant and equipment | 19,102 | 19,102 |
Corporate [Member] | ||
Net property, plant and equipment | 141 | 202 |
Uranium Plant [Member] | ||
Net property, plant and equipment | 8,459 | 8,653 |
Uranium Plant [Member] | Turkey [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Texas [Member] | ||
Net property, plant and equipment | 8,459 | 8,653 |
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 | 37,070 | 38,583 |
Mineral Rights and Properties [Member] | Turkey [Member] | ||
Net property, plant and equipment | 17,968 | 17,968 |
Mineral Rights and Properties [Member] | Texas [Member] | ||
Net property, plant and equipment | 1,513 | |
Mineral Rights and Properties [Member] | New Mexico [Member] | ||
Net property, plant and equipment | 19,102 | 19,102 |
Mineral Rights and Properties [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | ||
Net property, plant and equipment | 1,387 | 1,576 |
Other Property Plant and Equipment [Member] | Turkey [Member] | ||
Net property, plant and equipment | 22 | 22 |
Other Property Plant and Equipment [Member] | Texas [Member] | ||
Net property, plant and equipment | 1,224 | 1,352 |
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 | $ 141 | $ 202 |
Property, Plant and Equipment40
Property, Plant and Equipment - Summary of Impairment Expense by Project (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total Impairment | $ 1,673 | $ 960 |
Kingsville Dome Project [Member] | ||
Total Impairment | 160 | 160 |
Butler Ranch Project [Member] | ||
Total Impairment | 579 | |
Sejita Dome Project [Member] | ||
Total Impairment | 534 | |
Nell Project [Member] | ||
Total Impairment | 209 | |
Jack Pump Project [Member] | ||
Total Impairment | 191 | |
Alta Mesa Este Project [Member] | ||
Total Impairment | $ 800 |
Property, Plant and Equipment41
Property, Plant and Equipment - Schedule of Mineral Property Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total expense for the period | $ 3,248 | $ 4,470 |
Temrezli Project Turkey [Member] | ||
Total expense for the period | 498 | 407 |
Total Turkey Projects [Member] | ||
Total expense for the period | 498 | 407 |
Kingsville Dome Project Texas [Member] | ||
Total expense for the period | 779 | 812 |
Rosita Project Texas [Member] | ||
Total expense for the period | 402 | 711 |
Vasquez Project Texas [Member] | ||
Total expense for the period | 461 | 510 |
Butler Ranch Project Texas [Member] | ||
Total expense for the period | 12 | 443 |
Other Projects Texas [Member] | ||
Total expense for the period | 94 | 553 |
Total Texas Projects [Member] | ||
Total expense for the period | 1,748 | 3,029 |
Crownpoint Project New Mexico [Member] | ||
Total expense for the period | 5 | 5 |
Churchrock Project New Mexico [Member] | ||
Total expense for the period | 20 | 21 |
Cebolleta Project New Mexico [Member] | ||
Total expense for the period | 138 | 537 |
Juan Tafoya Project New Mexico [Member] | ||
Total expense for the period | 47 | 384 |
Other Projects New Mexico [Member] | ||
Total expense for the period | 5 | 87 |
Total New Mexico Projects [Member] | ||
Total expense for the period | 215 | 1,034 |
Columbus Basin Project, Nevada [Member] | ||
Total expense for the period | 232 | |
Other Projects, Nevada [Member] | ||
Total expense for the period | 31 | |
Total Nevada Projects [Member] | ||
Total expense for the period | 263 | |
Sal Rica Project, Utah [Member] | ||
Total expense for the period | 524 | |
Total Utah Projects [Member] | ||
Total expense for the period | $ 524 |
Assets Held for Sale (Details N
Assets Held for Sale (Details Narrative) - USD ($) $ in Thousands | Oct. 21, 2016 | Apr. 07, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities held for sale | $ (105) | $ (105) | ||
Laramide Resources Ltd [Member] | ||||
Proceeds from sale properties | $ 2,500 | |||
Paid in advance | $ 250 | |||
Number of common stock and warrants issued during the period | 500 | |||
Promissory note | $ 5,000 | |||
Note term | 3 years | |||
Note initial interest rate | 5.00% | |||
Note interest rate increases | 10.00% | |||
Note payable and due date description | Principal payments of approximately $1.5 million are due and payable on January 5 in each of 2018, 2019 and $2.0 million on January 5, 2020. | |||
Note principal payments | $ 1,500 | |||
Laramide Resources Ltd [Member] | January 5, 2020 [Member] | ||||
Note principal payments | $ 2,000 | |||
Laramide Resources Ltd [Member] | January 5, 2018 [Member] | ||||
Percentage of NSR royalty retained during the period | 4.00% | |||
Repurchased of royalty | $ 4,950 | |||
Laramide's La Sal [Member] | ||||
Option to purchase | 3,000 | |||
La Jara Mesa [Member] | ||||
Option to purchase | 5,000 | |||
Energy Fuels Inc [Member] | ||||
Assets held-for-sale | $ 2,100 | |||
Crownpoint Project [Member] | ||||
Liabilities held for sale | 105 | |||
Royalty obligation payable | $ 450 |
Convertible Loan (Details Narra
Convertible Loan (Details Narrative) - USD ($) | Dec. 05, 2016 | Dec. 05, 2016 | Oct. 11, 2016 | Jul. 10, 2016 | Jun. 10, 2016 | Mar. 31, 2016 | Jan. 04, 2016 | Apr. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 13, 2013 |
Line of Credit Facility [Line Items] | ||||||||||||
Number of common stock shares issued for settlement of interest expense | 38,086 | |||||||||||
Number of common stock issued for settlement of interest expense | $ 200,000 | |||||||||||
Interest expense | $ 100,000 | |||||||||||
Convertible debt | $ 6,154,000 | 5,431,000 | $ 6,154,000 | |||||||||
Loss on extinguishment debt | (3,322,000) | |||||||||||
Amortization of debt discount | $ 1,839,000 | $ 1,809,000 | ||||||||||
Amortization of discount period | 3 months | 3 months | ||||||||||
Tranche 1 [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Common stock issued for extinguishment of debt | 2,487,562 | |||||||||||
Common stock issued for extinguishment of debt, value | $ 2,500,000 | |||||||||||
Tranche Two [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Common stock issued for extinguishment of debt, value | 5,500,000 | |||||||||||
RCF Loan [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Proceeds from notes payable | 2,500,000 | |||||||||||
Debt conversation amount | 5,500,000 | |||||||||||
Common stock issued for extinguishment of debt | 2,487,562 | 38,086 | ||||||||||
Common stock issued for extinguishment of debt, value | $ 2,500,000 | $ 200,000 | ||||||||||
Loss on extinguishment debt | $ 3,300,000 | $ 3,300,000 | ||||||||||
RCF Loan [Member] | Board of Directors [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Convertible debt | 5,500,000 | |||||||||||
Resource Capital Fund V LP [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest paid | $ 200,000 | $ 200,000 | $ 300,000 | $ 200,000 | 100,000 | |||||||
Amortization of debt discount | $ 1,800,000 | |||||||||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt maturity date | Dec. 31, 2016 | |||||||||||
Debt interest rate | 10.00% | |||||||||||
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 | |||||||||||
RCF Management L.L.C [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt interest rate | 15.00% | 15.00% | ||||||||||
Proceeds from notes payable | $ 5,500,000 | |||||||||||
Debt instruments maturity date description | extend the maturity date from December 31, 2016 to March 31, 2017 |
Convertible Loan - Summary of C
Convertible Loan - Summary of Convertible Loan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||
Debt principal | $ 8,000 | $ 8,000 |
Repayment of principal amount | (2,500) | |
Unamortized discount | (69) | (1,846) |
Carrying value of convertible loan, end of period | $ 5,431 | $ 6,154 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Asset retirement obligation current | $ 4,894 | $ 4,468 | $ 4,196 |
Collateralized with restricted cash | 4,000 | $ 4,000 | $ 4,000 |
Surety Bond [Member] | |||
Asset retirement obligation current | 9,200 | ||
Collateralized with restricted cash | $ 4,000 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance, beginning of period | $ 4,468 | $ 4,196 |
Liabilities settled | (54) | (178) |
Accretion expense | 480 | 450 |
Balance, end of period | 4,894 | 4,468 |
Less: Included in liabilities held for sale | (105) | (105) |
Less: Current portion | (121) | (121) |
Non-current Portion | $ 4,668 | $ 4,242 |
Other Long-Term Liabilities a47
Other Long-Term Liabilities and Deferred Credits (Details Narrative) $ in Thousands | Dec. 21, 2016USD ($) |
UNC [Member] | Data Purchase Agreement [Member] | |
Other long term debt | $ 400 |
Other Long-Term Liabilities a48
Other Long-Term Liabilities and Deferred Credits - Schedule of Other Long-Term Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Other long-term liabilities and deferred credits | $ 500 | $ 800 | |
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 | |
[1] | Royalties payable were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. | ||
[2] | On December 21, 2016, the Company returned the data to UNC. Pursuant to the terms of the Data Purchase Agreement, upon return of the data to UNC, the Data Purchase Agreement would be canceled and the Company would be released from any unpaid obligation. As a result, the Company was released from its $0.4 million liability and recorded the amount as a reduction in land holding and maintenance costs at its Cebolleta project. |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Dec. 05, 2016 | Dec. 05, 2016 | Oct. 19, 2016 | Aug. 01, 2016 | Jun. 30, 2016 | Jun. 07, 2016 | Apr. 08, 2016 | Apr. 04, 2016 | Mar. 07, 2016 | Feb. 04, 2016 | Feb. 03, 2016 | Jan. 08, 2016 | Nov. 17, 2015 | Oct. 31, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 03, 2016 |
Reverse stock split description | Immediately following the close of trading on March 7, 2016, the Company effected a one-for-twelve reverse stock split of its common stock. With the reverse stock split, every twelve shares of the Companys issued and outstanding common stock were combined into one issued and outstanding share of common stock. | ||||||||||||||||
Reverse stock split number of authorized shares | 100,000,000 | 100,000,000 | |||||||||||||||
Proceeds from direct offering | $ 1,200,000 | $ 800,000 | |||||||||||||||
Loss on extinguishment of the debt | $ (3,322,000) | ||||||||||||||||
Mesa SPA [Member] | |||||||||||||||||
Sale of common stock, units | 100,000 | ||||||||||||||||
Fair value of shares issued | $ 100,000 | ||||||||||||||||
RCF Loan [Member] | |||||||||||||||||
Common stock issued for extinguishment of debt | 2,487,562 | 38,086 | |||||||||||||||
Common stock issued for extinguishment of debt, value | $ 2,500,000 | $ 200,000 | |||||||||||||||
Induced conversion of debt | 5,800,000 | ||||||||||||||||
Extinguishment of debt amount | 2,500,000 | ||||||||||||||||
Loss on extinguishment of the debt | $ 3,300,000 | $ 3,300,000 | |||||||||||||||
Esousa [Member] | |||||||||||||||||
Common stock issued for extinguishment of debt | 44,914 | ||||||||||||||||
Common stock issued for extinguishment of debt, value | $ 2,500,000 | ||||||||||||||||
Fair value of shares issued | $ 61,981 | ||||||||||||||||
Anatolia [Member] | |||||||||||||||||
Number of shares issued for fees related during the period | 50,665 | 47,229 | 117,097 | ||||||||||||||
Number of shares issued for fees related during the period value | $ 100,000 | $ 100,000 | $ 700,000 | ||||||||||||||
Shares issued price per share | $ 1.42 | $ 1.60 | $ 6 | ||||||||||||||
Common Stock Purchase Agreement [Member] | |||||||||||||||||
Sale of common stock, units | 4,760,000 | ||||||||||||||||
Proceeds from direct offering | $ 6,700,000 | ||||||||||||||||
Common Stock Purchase Agreement [Member] | March 2, 2017 [Member] | |||||||||||||||||
Proceeds from sales of common stock | 4,300,000 | ||||||||||||||||
Available for future sales | $ 12,000,000 | ||||||||||||||||
Option Agreement [Member] | Aspire Capital [Member] | |||||||||||||||||
Sale of common stock, units | 75,000 | ||||||||||||||||
Payments to acquire common stock | $ 10,000,000 | ||||||||||||||||
Proceeds from sales of common stock | $ 300,000 | ||||||||||||||||
Aspire Capital [Member] | Common Stock Purchase Agreement [Member] | |||||||||||||||||
Payments to acquire common stock | $ 12,000,000 | ||||||||||||||||
Number of common stock shares issued during the period | 5,000,000 | 240,000 | |||||||||||||||
Percentage of commission to be paid on gross proceeds | 3.00% | ||||||||||||||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | |||||||||||||||||
Sale of common stock, units | 3,298,396 | ||||||||||||||||
Proceeds from direct offering | $ 6,000,000 | ||||||||||||||||
Proceeds from sales of common stock | $ 5,800,000 | ||||||||||||||||
Available for future sales | $ 15,000,000 | ||||||||||||||||
Percentage of commission to be paid on gross proceeds | 3.00% | ||||||||||||||||
Registered Direct Offerings [Member] | |||||||||||||||||
Sale of common stock, units | 375,000 | 296,666 | |||||||||||||||
Proceeds from direct offering | $ 1,200,000 | $ 800,000 | |||||||||||||||
Sale of stock price per share | $ 2.17 | ||||||||||||||||
Number of warrants issued for common stock | 200,000 | 200,000 | |||||||||||||||
Prefunded warrants price per share | $ 2.16 | ||||||||||||||||
Purchase warrants price per share | $ 0.01 | ||||||||||||||||
Proceeds from issuance of warrants | $ 400,000 | ||||||||||||||||
Warrant exercisable term | 3 years | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Reverse stock split reduced number of shares | 61,800,000 | ||||||||||||||||
Reverse stock split number of authorized shares | 200,000,000 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Reverse stock split reduced number of shares | 5,200,000 | ||||||||||||||||
Reverse stock split number of authorized shares | 100,000,000 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)lb$ / sharesshares | Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ | $ 200 | $ 1,000 | |
Temrezli Project [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated mineral resources | lb | 15,000,000 | ||
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 | 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 | 374,749 | ||
Sale of stock 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 | 54,560 | ||
Bonus shares vested grant date fair value | $ | $ 300 | ||
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 | 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, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options outstanding, Beginning of period | 326,424 | 13,413 |
Number of stock options outstanding, Granted | 314,086 | |
Number of stock options outstanding, Expired | (210,872) | (1,075) |
Number of stock options outstanding, Canceled or forfeited | (4,724) | |
Number of stock options outstanding, End of period | 110,828 | 326,424 |
Number of stock options outstanding, Exercisable | 110,723 | 316,005 |
Weighted average exercise price, Beginning of period | $ 24.89 | $ 302.16 |
Weighted average exercise price, Granted | 14.21 | |
Weighted average exercise price, Expired | 19.13 | 356.93 |
Weighted average exercise price, Canceled or forfeited | 438.89 | |
Weighted average exercise price, End of period | 18.24 | 24.89 |
Weighted average exercise price, Exercisable | $ 18.22 | $ 25.16 |
Stock Based Compensation - Su52
Stock Based Compensation - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Outstanding Stock Options, Number of Options Outstanding | 110,828 | 326,424 | 13,413 |
Outstanding Stock Options, Weighted Average Exercise Price | $ 18.24 | $ 24.89 | $ 302.16 |
Exercisable Stock Options Exercisable, Number of Options Exercisable | 110,723 | 316,005 | |
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 18.22 | $ 25.16 | |
2004 Plan [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 4,792 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.14 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 4,792 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 35.14 | ||
2004 Director's Plan [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 1,390 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 629.52 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 1,390 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 629.52 | ||
2013 Plan [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 417 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.88 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 312 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 35.88 | ||
Replacement Stock Options [Member] | |||
Outstanding Stock Options, Number of Options Outstanding | 104,229 | ||
Outstanding Stock Options, Weighted Average Exercise Price | $ 9.33 | ||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 104,229 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 9.33 |
Stock Based Compensation - Su53
Stock Based Compensation - Summary of Status of Non-Vested Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of restricted stock, Unvested Beginning of period | 32,699 | 45,390 |
Number of restricted stock, Granted | ||
Number of restricted stock, Forfeited | (7,627) | (1,667) |
Number of restricted stock, Vested | (16,423) | (11,024) |
Number of restricted stock, Unvested End of period | 8,649 | 32,699 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 34.25 | $ 34.12 |
Weighted Average Grant Date Fair Value, Granted | ||
Weighted Average Grant Date Fair Value, Forfeited | 34.61 | 32.20 |
Weighted Average Grant Date Fair Value, Vested | 29.09 | 34.04 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 43.71 | $ 34.25 |
Stock Based Compensation - Su54
Stock Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of restricted stock, Unvested Beginning of period | 1,366 | 2,223 |
Number of restricted stock, Forfeited | (410) | (104) |
Number of restricted stock, Vested | (956) | (753) |
Number of restricted stock, Unvested End of period | 1,366 | |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 40.01 | $ 62.65 |
Weighted Average Grant Date Fair Value, Forfeited | 44.84 | 80.40 |
Weighted Average Grant Date Fair Value, Vested | 37.94 | 101.26 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 40.01 |
Federal Income Taxes (Details N
Federal Income Taxes (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Increase in valuation allowance | $ 5,300 |
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 | $ 235,100 |
U.S. [Member] | Minimum [Member] | |
Operating loss carryforwards expiration year | 2,018 |
U.S. [Member] | Maximum [Member] | |
Operating loss carryforwards expiration year | 2,036 |
Australian [Member] | |
Net operating loss carryforwards | $ 14,100 |
Anatolia [Member] | |
Net operating loss carryforwards | 13,300 |
Turkey [Member] | |
Net operating loss carryforwards | $ 1,800 |
Turkey [Member] | Minimum [Member] | |
Operating loss carryforwards expiration year | 2,017 |
Turkey [Member] | Maximum [Member] | |
Operating loss carryforwards expiration year | 2,020 |
Federal Income Taxes - Schedule
Federal Income Taxes - Schedule of Components of Future Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 85,995 | $ 80,491 |
Mineral properties | 11,608 | 13,970 |
Capital loss carryforwards | 618 | 618 |
Restoration reserves | 1,623 | 1,478 |
Capitalized transaction costs | 1,140 | 1,145 |
Other | 5,562 | 946 |
Deferred tax assets | 106,546 | 98,648 |
Valuation allowance | (101,523) | (96,203) |
Net deferred tax assets | 5,023 | 2,445 |
Prepaids and other | 70 | 68 |
Deferred tax liabilities current | 70 | 68 |
Derivatives | (956) | (956) |
Property, plant and equipment | (4,137) | (1,557) |
Deferred tax liabilities | (5,093) | (2,513) |
Net deferred tax asset (liability) |
Federal Income Taxes - Schedu57
Federal Income Taxes - Schedule of Valuation Allowance by Tax Jurisdiction (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total valuation allowance | $ 101,523 | $ 96,203 |
United States [Member] | ||
Total valuation allowance | 92,448 | 87,304 |
Australia [Member] | ||
Total valuation allowance | 11,113 | 11,066 |
Turkey [Member] | ||
Total valuation allowance | $ (2,038) | $ (2,167) |
Federal Income Taxes - Schedu58
Federal Income Taxes - Schedule of Loss From Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss from operations before income taxes | $ (19,605) | $ (15,143) |
United States [Member] | ||
Loss from operations before income taxes | (18,798) | (14,858) |
Australia [Member] | ||
Loss from operations before income taxes | (158) | (76) |
Turkey [Member] | ||
Loss from operations before income taxes | $ (649) | $ (209) |
Federal Income Taxes - Schedu59
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, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net loss | $ (19,605) | $ (15,143) |
Statutory tax rate | 34.00% | 34.00% |
Tax recovery at statutory rate | $ (6,666) | $ (5,149) |
Foreign tax rate | 97 | (33) |
Mineral property adjustments | 9 | (2,394) |
Foreign deferred costs and other adjustments | (800) | |
Operating loss carryfoward adjustment | (10) | (5,488) |
Nondeductible write-offs | 1,250 | 96 |
Change in valuation allowance | 5,320 | 13,768 |
Income tax expense (recovery) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - lb | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2013 | Dec. 31, 2016 | 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 $6 per pound | ||
Market price on sales contracts, per pound | 56.50 | ||
Sale of contracts | 3,000,000 | ||
Percentage of average spot price | 4.00% | ||
Minimum [Member] | |||
Percentage on published market prices | 5.00% | ||
Maximum [Member] | |||
Percentage on published market prices | 7.00% | ||
Itochu Corporation [Member] | |||
Acquisition amount on sales contracts | 510,000 | ||
U.S.A Inc [Member] | |||
Acquisition amount on sales contracts | 480,000 | ||
Vasquez, Rosita or Kingsville Properties [Member] | |||
Purchase on contracts | 3,000,000 | ||
Texas Properties [Member] | |||
Contract price of sales contracts, per pound | 6 | ||
Sale of contracts | 600,000 |
Geographic and Segment Inform61
Geographic and Segment Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2016ReportableSegments | |
Segment Reporting [Abstract] | |
Number of reportable operating segment | 1 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 16, 2017 | Feb. 09, 2017 | Jan. 19, 2017 | Apr. 04, 2016 | Feb. 04, 2016 |
Gross proceeds from offering cost | $ 1,200 | $ 800 | |||
Subsequent Event [Member] | |||||
Repay of principal and accrued unpaid interest | $ 5,500 | ||||
Gross proceeds from offering cost | $ 9,700 | ||||
Sale of common stock, shares | 1,399,140 | ||||
Sale of common stock, price per share | $ 2.01 | ||||
Pre-funded warrants to purchase of common stock, shares | 3,426,731 | ||||
Pre-funded common stock purchase warrants price, per share | $ 2 | ||||
Warrant exercise price, per share | $ 0.01 | ||||
Subsequent Event [Member] | Aspire Capital [Member] | |||||
Gross proceeds from offering cost | $ 4,500 | ||||
Sale of common stock, shares | 2,100,000 | ||||
Sale of common stock, price per share | $ 1.58 | ||||
Pre-funded warrants to purchase of common stock, shares | 748,101 | ||||
Pre-funded common stock purchase warrants price, per share | $ 1.57 | ||||
Warrant exercise price, per share | $ 0.01 |