XML 39 R25.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 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) REEs and (iii) HMS. 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). 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 by-product of uranium at the Mill. The Company is also exploring opportunities to separate radium-226 and radium-228 as a another product of uranium process streams from its existing mines.
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.
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 investments in the Donald Project JV and Tate. The Company recovers ilmenite, rutile, zircon and monazite.
Reportable Segments Financial Information
The summarized operating results of the Company’s reportable segments are as follows:
Three Months Ended June 30, 2025
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$3,934 $— $278 $4,212 
Operating costs and expenses:
Costs applicable to revenues2,659 — 996 3,655 
Exploration, development and processing (excluding share-based compensation)(1)
4,729 1,017 3,329 9,075 
Standby(1)
1,780 — — 1,780 
Accretion of asset retirement obligations356 — 506 862 
Selling, general and administrative (excluding share-based compensation)2,534 3,061 6,535 12,130 
Share-based compensation520 564 1,801 2,885 
Total operating costs and expenses12,578 4,642 13,167 30,387 
Operating loss$(8,644)$(4,642)$(12,889)$(26,175)
(1)    Includes depreciation, depletion and amortization expense of $0.79 million, $0.59 million and $0.05 million related to the uranium, REE and HMS segments, respectively. Depreciation, depletion and amortization expense is included in Exploration, development and processing and Standby on the unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss.
Three Months Ended June 30, 2024
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$8,719 $— $— $— $8,719 
Operating costs and expenses:
Costs applicable to revenues3,681 — — — 3,681 
Exploration, development and processing (excluding share-based compensation)(2)
617 1,344 526 — 2,487 
Standby(2)
1,663 — — — 1,663 
Accretion of asset retirement obligations313 — — — 313 
Selling, general and administrative (excluding share-based compensation)2,892 1,751 1,028 — 5,671 
Share-based compensation759 466 187 — 1,412 
Transactions and integration related costs— — — 2,536 2,536 
Total operating costs and expenses9,925 3,561 1,741 2,536 17,763 
Operating loss$(1,206)$(3,561)$(1,741)$(2,536)$(9,044)
(1)    Corporate expenses that are not directly attributable to the uranium, REE or HMS segments and are evaluated on a consolidated basis.
(2)    Includes depreciation, depletion and amortization expense of $0.57 million, none and $0.06 million related to the uranium, REE and HMS segments, respectively. Depreciation, depletion and amortization expense is included in Exploration, development and processing and Standby on the unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss.
Six Months Ended June 30, 2025
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$5,289 $— $15,821 $— $21,110 
Operating costs and expenses:
Costs applicable to revenues2,659 — 19,120 — 21,779 
Exploration, development and processing (excluding share-based compensation)(2)
9,925 1,017 4,579 — 15,521 
Standby(2)
3,647 — — — 3,647 
Accretion of asset retirement obligations702 — 1,233 — 1,935 
Selling, general and administrative (excluding share-based compensation)7,193 6,172 11,741 — 25,106 
Share-based compensation1,408 1,067 3,015 — 5,490 
Total operating costs and expenses25,534 8,256 39,688 — 73,478 
Operating loss$(20,245)$(8,256)$(23,867)$— $(52,368)
(1)     Corporate expenses that are not directly attributable to the uranium, REE or HMS segments and are evaluated on a consolidated basis.
(2)    Includes depreciation, depletion and amortization expense of $1.41 million, $1.10 million and $0.10 million related to the uranium, REE and HMS segments, respectively. Depreciation, depletion and amortization expense is included in Exploration, development and processing and Standby on the unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss.
Six Months Ended June 30, 2024
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$34,145 $— $— $— $34,145 
Operating costs and expenses:
Costs applicable to revenues14,733 — — — 14,733 
Exploration, development and processing(2) (excluding share-based compensation)
957 3,406 929 — 5,292 
Standby(2)
2,996 — — — 2,996 
Accretion of asset retirement obligations589 — — — 589 
Selling, general and administrative (excluding share-based compensation)6,093 3,388 2,035 — 11,516 
Share-based compensation1,518 856 383 — 2,757 
Transactions and integration related costs— — — 3,285 3,285 
Total operating costs and expenses26,886 7,650 3,347 3,285 41,168 
Operating income (loss)$7,259 $(7,650)$(3,347)$(3,285)$(7,023)
(1)     Corporate expenses that are not directly attributable to the uranium, REE or HMS segments and are evaluated on a consolidated basis.
(2)    Includes depreciation, depletion and amortization expense of $1.12 million, $0.08 million and $0.10 million related to the uranium, REE and HMS segments, respectively. Depreciation, depletion and amortization expense is included in Exploration, development and processing and Standby on the unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss.