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FAIR VALUE ACCOUNTING | 12 Months Ended
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Dec. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value Accounting | FAIR VALUE ACCOUNTING Assets and liabilities measured at fair value on a recurring basis The following tables set forth the fair value of the Company's assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy as at December 31, 2017. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As at December 31, 2017, the fair values of cash and cash equivalents, restricted cash, short-term deposits, receivables, accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these instruments.
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments | $ | 1,937 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,937 |
Warrant liabilities (Note 13) | (2,991 | ) |  | (385 | ) |  | — |  |  | (3,376 | )
Convertible debentures (Note 12) | (16,636 | ) |  | — |  |  | — |  |  | (16,636 | )
| $ | (17,690 | ) |  | $ | (385 | ) |  | $ | — |  |  | $ | (18,075 | )
The Company's investments are marketable equity securities which are exchange traded, and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the investments is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. Assets and liabilities measured at fair value on a non-recurring basis In the year ended December 31, 2015, the Company recorded an impairment charge of $47.73 million associated with the Goodwill recognized in the acquisition of Uranerz on June 18, 2015. The estimated fair value used in the December 31, 2015 impairment analysis was determined using discounted cash flow projections. Key assumptions used in the calculation of recoverable amounts include discount rates, uranium prices, future timing of production volume including the date when a mineral property can be brought into production and the expected cost to produce uranium and future care and maintenance and operating costs. In the second quarter of 2015, the Company recorded the fair value of Nichols Ranch Project upon acquisition of Uranerz. The estimated fair value used in the June 18, 2015 valuation was determined using discounted cash flow projections and various other pricing scenarios. Key assumptions used in the calculation of recoverable amounts include discount rates, uranium prices, future timing of production volume including the date when a mineral property can be brought into production and the expected cost to produce uranium, future care and maintenance and operating costs as well as precedent market transactions data. The following table sets forth a summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements for the year ended December 31, 2017 and 2016.
| Date of Fair Value Measurement |  | Valuation Technique |  | Unobservable Input |  | Range/Weighted Average
| For the years ended December 31, 2017 and 2016
Nichols Ranch Project and mineral properties in the ISR and Conventional segments | December 31, 2015 |  | Discounted Cash Flow Model |  | Discount Rate |  | 10 | %
|  | Short and Long Term Uranium Price |  | $38.90 to $62.10 |
|  | United States Inflation Rate |  | 2 | %
Nichols Ranch Project | June 18, 2015 |  | Discounted Cash Flow Model |  | Discount Rate |  | 10 | %
|  | Short and Long Term Uranium Price |  | $37.95 to $65.00 |
|  | United States Inflation Rate |  | 2 | %
Acquired Uranerz exploration properties | June 18, 2015 and December 31, 2015 |  | Enterprise value to resource model and acreage multiple |  | Precedent Transaction Research |  | Measured and Indicated pounds U3O8 - 2.00x |
|  |  | Inferred Pounds U3O8 - 1.5x $77.0x - Acre |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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