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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2016
SEGMENT INFORMATION [Text Block]
13.

SEGMENT INFORMATION

The Company Is engaged in uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium bearing materials generated by third parties. As a part of these activities the Company also acquires, explores, evaluates and, if warranted, permits uranium properties. The Company’s primary mining activities are in the United States.

The reportable segments are those operations whose operating results are reviewed by the Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance provided those operations pass certain quantitative thresholds. Operations whose revenues, earnings or losses or assets exceed 10% of the total consolidated revenue, earnings or losses or assets are reportable segments. Information about assets and liabilities of the segment has not been provided because the information is not used to assess performance.

In order to determine reportable operating segments, management reviewed various factors, including geographical location and managerial structure. It was determined by management that a reportable operating segment generally consists of an individual property managed by a single general manager and management team. Finance income (expense), other income (expenses) are managed on a consolidated basis and are not allocated to operating segments.

Non-mining activities and other operations are reported in Corporate and other.

The Company has two operating segments, the conventional uranium recovery segment (the “Conventional Uranium Segment”) and the in-situ uranium recovery segment (“ISR Uranium Segment”).

The Conventional Uranium Segment

The Conventional Uranium Segment consists of a standalone conventional uranium recovery facility (the “White Mesa Mill”), conventional mining projects in the vicinity of the White Mesa Mill located in the Colorado Plateau, Henry Mountains, Arizona Strip, and the Roca Honda Project (“Roca Honda”) in New Mexico, and the Sheep Mountain Project (“Sheep Mountain”) in Wyoming. At June 30, 2016 the conventional mining projects in the vicinity of the White Mesa Mill are on standby, being evaluated for continued mining activities and/or in process of being permitted. The White Mesa Mill also processes third party uranium bearing mineralized materials from mining and recycling activities.

The ISR Uranium Segment

The ISR Uranium Segment consists of an operating uranium recovery facility to recover concentrated uranium from wellfields of the Nichols Ranch Project located in Wyoming and a uranium recovery facility and wellfields maintained on standby as part of the Alta Mesa Project in Texas. The Nichols Ranch Project also includes the Jane Dough property and the Hank Project. Additionally, the segment includes other mineral properties in the vicinity on the Nichols Ranch Project and the Alta Mesa Project. The Nichols Ranch Project and surrounding assets were acquired as part of the Company’s 2015 acquisition of Uranerz Energy Corporation and the Alta Mesa Project was acquired in June of 2016.

The following tables set forth operating results by reportable segment for the three months ended June 30, 2016:

 

               Non-Operating        

 

   Operating Segments     Segments        

 

                        

Three months ended June 30, 2016

   Conventional     ISR     Corporate & Other     Total  

Revenue

$ 6   $ 7,000   $   -     7,006  

 Costs and expenses applicable to revenue

   -     4,099     -     4,099  

 Impairment of inventories

   -     1,619     -     1,619  

 Development, permitting and land holding

   2,423     1,052     -     3,475  

 Standby costs

   1,365     -     -     1,365  

 Accretion of asset retirement obligation

   129     47     -     176  

 Selling costs

   95     -     -     95  

 Intangible asset amortization

   -     2,219     -     2,219  

 General and administration

   -     457     3,828     4,285  

Total operating loss

  (4,006 )   (2,493 )   (3,828 )   (10,327 )

 

                        

Interest Expense

   -     -     (585 )   (585 )

Other income (expense)

   -     -     471     471  

Net loss

$ (4,006 ) $ (2,493 ) $ (3,942 ) $ (10,441 )

Attributable to shareholders

$ (4,006 ) $ (2,460 ) $ (3,942 ) $ (10,408 )

Non-controlling interests

   -     (33 )   -     (33 )

Net loss for the period

$ (4,006 ) $ (2,493 ) $ (3,942 ) $ (10,441 )

The following tables set forth operating results by reportable segment for the six months ended June 30, 2016:

 

               Non-Operating        

 

   Operating Segments     Segments        

 

                        

Six months ended June 30, 2016

   Conventional     ISR     Corporate & Other     Total  

Revenue

$ 18,002   $ 7,000   $   -     25,002  

 Costs and expenses applicable to revenue

   12,143     4,099     -     16,242  

 Impairment of inventories

   -     1,619     -     1,619  

 Development, permitting and land holding

   5,279     5,638     -     10,917  

 Standby costs

   3,531     -     -     3,531  

 Accretion of asset retirement obligation

   259     92     -     351  

 Selling costs

   169     -     -     169  

 Intangible asset amortization

   219     2,219     -     2,438  

 General and administration

   -     796     7,317     8,113  

Total operating loss

  (3,598 )   (7,463 )   (7,317 )   (18,378 )

 

                        

Interest Expense

   -     -     (1,161 )   (1,161 )

Other income (expense)

   -     -     233     233  

Net loss

$ (3,598 ) $ (7,463 ) $ (8,245 ) $ (19,306 )

Attributable to shareholders

$ (3,598 ) $ (7,373 ) $ (8,245 ) $ (19,216 )

Non-controlling interests

   -     (90 )   -     (90 )

Net loss for the period

$ (3,598 ) $ (7,463 ) $ (8,245 ) $ (19,306 )