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Segment Reporting
 3 Months Ended
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 U3O8, which is sold to customers for further processing into fuel for nuclear reactors generating carbon emission-free energy. The Company also produces vanadium pentoxide, V2O5, 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
HeavyRare
MineralEarthConsolidated
UraniumSandsElementsTotal
Revenues$1,355 $15,543 $— $16,898 
Operating costs and expenses:
Costs applicable to revenues— 18,124 — 18,124 
Exploration, development and processing (excluding share-based compensation)(1)
5,196 1,250 — 6,446 
Standby(1)
1,867 — — 1,867 
Accretion of asset retirement obligations346 727 — 1,073 
Selling, general and administrative (excluding share-based compensation)4,659 5,206 3,111 12,976 
Share-based compensation888 1,213 504 2,605 
Total operating costs and expenses12,956 26,520 3,615 43,091 
Operating loss$(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
HeavyRare
MineralEarthConsolidated
UraniumSandsElements
Unallocated(1)
Total
Revenues$25,426 $— $— $— $25,426 
Operating costs and expenses:
Costs applicable to revenues11,052 — — — 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 obligations276 — — — 276 
Selling, general and administrative (excluding share-based compensation)3,231 1,014 1,653 696 6,594 
Share-based compensation759 196 390 — 1,345 
Total operating costs and expenses16,991 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).