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Segment Reporting | 9 Months Ended
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Sep. 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 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 by-product of uranium at the Mill, as market conditions warrant. The Company is also exploring opportunities to separate radium-226 and radium-228 as other products from 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 has recovered ilmenite, rutile and zircon from its Kwale Project, which is now mined out and undergoing reclamation. The Company is engaged in exploration, permitting and/or development of its Bahia Project, Toliara Project and its interests in the Donald Project JV and Tate for the recovery of ilmenite, rutile, zircon and monazite in the future. Reportable Segments Financial Information The summarized operating results of the Company’s reportable segments are as follows:
|  | Three Months Ended September 30, 2025
|  |  |  | Rare |  |  |  | Heavy |  |
|  |  |  | Earth |  |  |  | Mineral |  | Consolidated
|  | Uranium |  | Elements |  |  |  | Sands |  | Total
Revenues |  | $ | 17,710 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 17,710 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 12,784 |  |  | — |  |  |  |  | — |  |  | 12,784 |
Exploration, development and processing (excluding share-based compensation)(1) |  | 7,406 |  |  | 880 |  |  |  |  | 4,160 |  |  | 12,446 |
Standby(1) |  | 2,525 |  |  | — |  |  |  |  | — |  |  | 2,525 |
Accretion of asset retirement obligations |  | 364 |  |  | — |  |  |  |  | 323 |  |  | 687 |
Selling, general and administrative (excluding share-based compensation) |  | 2,591 |  |  | 3,333 |  |  |  |  | 6,710 |  |  | 12,634 |
Share-based compensation |  | 800 |  |  | 823 |  |  |  |  | 1,677 |  |  | 3,300 |
Total operating costs and expenses |  | 26,470 |  |  | 5,036 |  |  |  |  | 12,870 |  |  | 44,376 |
Operating loss |  | $ | (8,760) |  |  | $ | (5,036) |  |  |  |  | $ | (12,870) |  |  | $ | (26,666) |
(1) Includes depreciation, depletion and amortization expense of $0.72 million, $0.62 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 September 30, 2024
|  |  |  | Rare |  | Heavy |  |  |  |
|  |  |  | Earth |  | Mineral |  |  |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  | Unallocated(1) |  | Total
Revenues |  | $ | 4,047 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,047 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 1,847 |  |  | — |  |  | — |  |  | — |  |  | 1,847 |
Exploration, development and processing (excluding share-based compensation)(2) |  | 2,097 |  |  | 915 |  |  | 607 |  |  | — |  |  | 3,619 |
Standby(2) |  | 1,645 |  |  | — |  |  | — |  |  | — |  |  | 1,645 |
Accretion of asset retirement obligations |  | 327 |  |  | — |  |  | — |  |  | — |  |  | 327 |
Selling, general and administrative (excluding share-based compensation) |  | 3,156 |  |  | 1,962 |  |  | 915 |  |  | — |  |  | 6,033 |
Share-based compensation |  | 545 |  |  | 340 |  |  | 142 |  |  | — |  |  | 1,027 |
Transactions and integration related costs |  | — |  |  | — |  |  | — |  |  | 1,462 |  |  | 1,462 |
Total operating costs and expenses |  | 9,617 |  |  | 3,217 |  |  | 1,664 |  |  | 1,462 |  |  | 15,960 |
Operating loss |  | $ | (5,570) |  |  | $ | (3,217) |  |  | $ | (1,664) |  |  | $ | (1,462) |  |  | $ | (11,913) |
(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 $0.61 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.
|  | Nine Months Ended September 30, 2025
|  |  |  | Rare |  | Heavy |  |
|  |  |  | Earth |  | Mineral |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  | Total
Revenues |  | $ | 22,999 |  |  | $ | — |  |  | $ | 15,821 |  |  | $ | 38,820 |
Operating costs and expenses: |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 15,443 |  |  | — |  |  | 19,120 |  |  | 34,563 |
Exploration, development and processing (excluding share-based compensation)(1) |  | 17,331 |  |  | 1,897 |  |  | 8,739 |  |  | 27,967 |
Standby(1) |  | 6,172 |  |  | — |  |  | — |  |  | 6,172 |
Accretion of asset retirement obligations |  | 1,066 |  |  | — |  |  | 1,556 |  |  | 2,622 |
Selling, general and administrative (excluding share-based compensation) |  | 9,785 |  |  | 9,504 |  |  | 18,451 |  |  | 37,740 |
Share-based compensation |  | 2,207 |  |  | 1,891 |  |  | 4,692 |  |  | 8,790 |
Total operating costs and expenses |  | 52,004 |  |  | 13,292 |  |  | 52,558 |  |  | 117,854 |
Operating loss |  | $ | (29,005) |  |  | $ | (13,292) |  |  | $ | (36,737) |  |  | $ | (79,034) |
(1) Includes depreciation, depletion and amortization expense of $2.13 million, $1.72 million and $0.15 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.
|  | Nine Months Ended September 30, 2024
|  |  |  | Rare |  | Heavy |  |  |  |
|  |  |  | Earth |  | Mineral |  |  |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  | Unallocated(1) |  | Total
Revenues |  | $ | 38,192 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38,192 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 16,580 |  |  | — |  |  | — |  |  | — |  |  | 16,580 |
Exploration, development and processing (excluding share-based compensation)(2) |  | 3,054 |  |  | 4,320 |  |  | 1,537 |  |  | — |  |  | 8,911 |
Standby(2) |  | 4,641 |  |  | — |  |  | — |  |  | — |  |  | 4,641 |
Accretion of asset retirement obligations |  | 916 |  |  | — |  |  | — |  |  | — |  |  | 916 |
Selling, general and administrative (excluding share-based compensation) |  | 9,251 |  |  | 5,348 |  |  | 2,950 |  |  | — |  |  | 17,549 |
Share-based compensation |  | 2,063 |  |  | 1,196 |  |  | 525 |  |  | — |  |  | 3,784 |
Transactions and integration related costs |  | — |  |  | — |  |  | — |  |  | 4,747 |  |  | 4,747 |
Total operating costs and expenses |  | 36,505 |  |  | 10,864 |  |  | 5,012 |  |  | 4,747 |  |  | 57,128 |
Operating income (loss) |  | $ | 1,687 |  |  | $ | (10,864) |  |  | $ | (5,012) |  |  | $ | (4,747) |  |  | $ | (18,936) |
(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 $1.72 million, $0.07 million and $0.16 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.

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- Definition The entire disclosure for reporting segments including data and tables. 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