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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure | REPORTABLE SEGMENTS The Company’s operations are located in the U.S., Brazil, Kenya, Madagascar and Australia and are organized into three reportable segments: (i) uranium, (ii) HMS and (iii) REEs. 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 U.S. 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 generating carbon emission-free energy. 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 process streams from its existing 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 REE 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 produced a mixed RE Carbonate from monazite at the Mill from 2021 to 2023. During the third quarter of 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:
|  | Three Months Ended March 31, 2025
|  |  |  | Heavy |  | Rare |  |  |  |
|  |  |  | Mineral |  | Earth |  |  |  | Consolidated
|  | Uranium |  | Sands |  | Elements |  |  |  | Total
Revenues |  | $ | 1,355 |  |  | $ | 15,543 |  |  | $ | — |  |  |  |  | $ | 16,898 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | — |  |  | 18,124 |  |  | — |  |  |  |  | 18,124 |
Exploration, development and processing (excluding share-based compensation)(1) |  | 5,196 |  |  | 1,250 |  |  | — |  |  |  |  | 6,446 |
Standby(1) |  | 1,867 |  |  | — |  |  | — |  |  |  |  | 1,867 |
Accretion of asset retirement obligations |  | 346 |  |  | 727 |  |  | — |  |  |  |  | 1,073 |
Selling, general and administrative (excluding share-based compensation) |  | 4,659 |  |  | 5,206 |  |  | 3,111 |  |  |  |  | 12,976 |
Share-based compensation |  | 888 |  |  | 1,213 |  |  | 504 |  |  |  |  | 2,605 |
Total operating costs and expenses |  | 12,956 |  |  | 26,520 |  |  | 3,615 |  |  |  |  | 43,091 |
Operating loss |  | $ | (11,601) |  |  | $ | (10,977) |  |  | $ | (3,615) |  |  |  |  | $ | (26,193) |
(1) Includes depreciation, depletion and amortization expense of $0.48 million, $0.09 million and $0.71 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).
|  | Three Months Ended March 31, 2024
|  |  |  | Heavy |  | Rare |  |  |  |
|  |  |  | Mineral |  | Earth |  |  |  | Consolidated
|  | Uranium |  | Sands |  | Elements |  | Unallocated(1) |  | Total
Revenues |  | $ | 25,426 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,426 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 11,052 |  |  | — |  |  | — |  |  | — |  |  | 11,052 |
Exploration, development and processing (excluding share-based compensation)(2) |  | 340 |  |  | 404 |  |  | 2,061 |  |  | — |  |  | 2,805 |
Standby(2) |  | 1,333 |  |  | — |  |  | — |  |  | — |  |  | 1,333 |
Accretion of asset retirement obligations |  | 276 |  |  | — |  |  | — |  |  | — |  |  | 276 |
Selling, general and administrative (excluding share-based compensation) |  | 3,231 |  |  | 1,014 |  |  | 1,653 |  |  | 696 |  |  | 6,594 |
Share-based compensation |  | 759 |  |  | 196 |  |  | 390 |  |  | — |  |  | 1,345 |
Total operating costs and expenses |  | 16,991 |  |  | 1,614 |  |  | 4,104 |  |  | 696 |  |  | 23,405 |
Operating income (loss) |  | $ | 8,435 |  |  | $ | (1,614) |  |  | $ | (4,104) |  |  | $ | (696) |  |  | $ | 2,021 |
(1) Corporate expenses that are not directly attributable to the uranium, HMS or REE segments and are evaluated on a consolidated basis. (2) Includes depreciation, depletion and amortization expense of $0.55 million, $0.04 million and $0.08 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).

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- 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 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