XML 91 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | REPORTABLE SEGMENTS The Company's operations are located in the United States, Brazil, Kenya, Madagascar and Australia and are organized into three reportable segments: (i) uranium, (ii) heavy mineral sands and (iii) rare earth elements. These segments are monitored separately for performance and are consistent with internal financial reporting. Each segment has been identified based on the differing products and services, regulatory environment, and the expertise required for these distinct operations with the objective of providing information about the different types of business activities in which the Company engages and the different economic environments in which it operates to help the users of the financial statements better understand performance, better assess future net cash flows, and make more informed judgements about the Company as a whole. The CODM is the Chief Executive Officer. The CODM evaluates the performance of the Company's reportable segments based on operating income (loss). Other income (loss) and income taxes are primarily managed and evaluated on a consolidated basis. Accounting policies for each segment are the same as the Company's accounting policies described in Note 2 – Summary of Significant Accounting Policies to the consolidated financial statements. Summary of Reportable Segments Uranium The uranium segment engages in conventional and in situ recovery uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium-bearing materials generated by third parties along with the exploration, permitting and evaluation of uranium properties in the United States. As part of these activities, the Company also acquires, explores, evaluates and, if warranted, permits uranium properties. The Company's final uranium product is U 3 O 8, which is sold to customers for further processing into fuel for nuclear reactors. The Company also produces vanadium pentoxide, V 2 O 5, as a co-product of uranium at the Mill. In addition to uranium, the Company is also exploring opportunities to separate radium-226 and radium-228 as a byproduct of uranium and thorium process streams in its existing uranium mines. Heavy Mineral Sands The HMS segment engages in the exploration, development and recovery of HMS at the Kwale Project, Bahia Project, Toliara Project and the Company's equity method investment in the Donald Project JV. The Company recovers ilmenite, rutile, zircon and monazite. Rare Earth Elements The rare earth element segment is engaged in the Company's initiatives to progress towards full REE separation capabilities at the Mill to produce both “light” and “heavy” separated REE oxides in the coming years. The Company has been producing a mixed RE Carbonate from monazite at the Mill since 2021. During the year ended December 31, 2024, the Company completed the construction and commissioning of Phase 1 of the modification and enhancement of its infrastructure at the Mill. Reportable Segments Financial Information The summarized operating results of the Company's reportable segments are as follows:
|  | Year Ended December 31, 2024
|  | Uranium |  | Heavy Mineral Sands |  | Rare Earth Elements |  | Unallocated(1) |  | Consolidated Total
Revenues |  | $ | 38,240 |  |  | $ | 39,874 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,114 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 16,580 |  |  | 39,338 |  |  | — |  |  | — |  |  | 55,918 |
Exploration, development and processing(2) |  | 7,232 |  |  | 2,628 |  |  | 4,319 |  |  | — |  |  | 14,179 |
Standby(2) |  | 6,520 |  |  | — |  |  | — |  |  | — |  |  | 6,520 |
Accretion of asset retirement obligations |  | 1,253 |  |  | 815 |  |  | — |  |  | — |  |  | 2,068 |
Selling, general and administrative (excluding share-based compensation) |  | 12,733 |  |  | 10,995 |  |  | 7,459 |  |  | — |  |  | 31,187 |
Share-based compensation |  | 2,660 |  |  | 1,196 |  |  | 1,558 |  |  | — |  |  | 5,414 |
Transactions and integration related costs |  | — |  |  | — |  |  | — |  |  | 10,343 |  |  | 10,343 |
Total operating costs and expenses |  | 46,978 |  |  | 54,972 |  |  | 13,336 |  |  | 10,343 |  |  | 125,629 |
Operating loss |  | $ | (8,738) |  |  | $ | (15,098) |  |  | $ | (13,336) |  |  | $ | (10,343) |  |  | $ | (47,515) |
(1) Corporate expenses that are not directly attributable to the uranium, heavy mineral sands or rare earth elements segments and are evaluated on a consolidated basis. (2) Includes depreciation, depletion and amortization expense of $1.07 million, $1.85 million and $0.21 million related to the uranium, HMS and REE segments, respectively. Depreciation, depletion and amortization expense is included in the Exploration, development and processing and standby expense financial statement line items on the consolidated statement of operations and comprehensive income (loss).
|  | Year Ended December 31, 2023
|  | Uranium |  | Heavy Mineral Sands |  | Rare Earth Elements |  | Unallocated(1) |  | Consolidated Total
Revenues |  | $ | 35,080 |  |  | $ | — |  |  | $ | 2,848 |  |  | $ | — |  |  | $ | 37,928 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 15,869 |  |  | — |  |  | 2,312 |  |  | — |  |  | 18,181 |
Exploration, development and processing(2) |  | 5,584 |  |  | 583 |  |  | 9,364 |  |  | — |  |  | 15,531 |
Standby(2) |  | 7,476 |  |  | — |  |  | — |  |  | — |  |  | 7,476 |
Accretion of asset retirement obligations |  | 1,192 |  |  | — |  |  | — |  |  | — |  |  | 1,192 |
Selling, general and administrative (excluding share-based compensation) |  | 12,899 |  |  | 2,590 |  |  | 7,801 |  |  | — |  |  | 23,290 |
Share-based compensation |  | 2,562 |  |  | 514 |  |  | 1,549 |  |  | — |  |  | 4,625 |
Total operating costs and expenses |  | 45,582 |  |  | 3,687 |  |  | 21,026 |  |  | — |  |  | 70,295 |
Operating loss |  | $ | (10,502) |  |  | $ | (3,687) |  |  | $ | (18,178) |  |  | $ | — |  |  | $ | (32,367) |
(1) Corporate expenses that are not directly attributable to the uranium, heavy mineral sands or rare earth elements segments and are evaluated on a consolidated basis. (2) Includes depreciation, depletion and amortization expense of $1.95 million, $0.58 million and $0.22 million related to the uranium, HMS and REE segments, respectively. Depreciation, depletion and amortization expense is included in the Exploration, development and processing and standby expense financial statement line items on the consolidated statement of operations and comprehensive income (loss).
|  | Year Ended December 31, 2022
|  | Uranium |  | Heavy Mineral Sands |  | Rare Earth Elements |  | Unallocated(1) |  | Consolidated Total
Revenues |  | $ | 10,393 |  |  | $ | — |  |  | $ | 2,122 |  |  | $ | — |  |  | $ | 12,515 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 3,769 |  |  | — |  |  | 4,075 |  |  | — |  |  | 7,844 |
Exploration, development and processing(2) |  | 6,543 |  |  | — |  |  | 2,803 |  |  | — |  |  | 9,346 |
Standby(2) |  | 13,221 |  |  | — |  |  | — |  |  | — |  |  | 13,221 |
Accretion of asset retirement obligations |  | 1,556 |  |  | — |  |  | — |  |  | — |  |  | 1,556 |
Selling, general and administrative (excluding share-based compensation) |  | 11,966 |  |  | 540 |  |  | 8,339 |  |  | — |  |  | 20,845 |
Share-based compensation |  | 2,664 |  |  | 120 |  |  | 1,857 |  |  | — |  |  | 4,641 |
Total operating costs and expenses |  | 39,719 |  |  | 660 |  |  | 17,074 |  |  | — |  |  | 57,453 |
Operating loss |  | $ | (29,326) |  |  | $ | (660) |  |  | $ | (14,952) |  |  | $ | — |  |  | $ | (44,938) |
(1) Corporate expenses that are not directly attributable to the uranium, heavy mineral sands or rare earth elements segments and are evaluated on a consolidated basis. (2) Includes depreciation, depletion and amortization expense of $3.27 million related to the uranium segment. Depreciation, depletion and amortization expense is included in the Exploration, development and processing and standby expense financial statement line items on the consolidated statement of operations and comprehensive income (loss). No depreciation, depletion and amortization expense was recorded related to the HMS and REE segments.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration