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Segment Reporting
 9 Months Ended
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 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, 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
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$17,710 $— $— $17,710 
Operating costs and expenses:
Costs applicable to revenues12,784 — — 12,784 
Exploration, development and processing (excluding share-based compensation)(1)
7,406 880 4,160 12,446 
Standby(1)
2,525 — — 2,525 
Accretion of asset retirement obligations364 — 323 687 
Selling, general and administrative (excluding share-based compensation)2,591 3,333 6,710 12,634 
Share-based compensation800 823 1,677 3,300 
Total operating costs and expenses26,470 5,036 12,870 44,376 
Operating loss$(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
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$4,047 $— $— $— $4,047 
Operating costs and expenses:
Costs applicable to revenues1,847 — — — 1,847 
Exploration, development and processing (excluding share-based compensation)(2)
2,097 915 607 — 3,619 
Standby(2)
1,645 — — — 1,645 
Accretion of asset retirement obligations327 — — — 327 
Selling, general and administrative (excluding share-based compensation)3,156 1,962 915 — 6,033 
Share-based compensation545 340 142 — 1,027 
Transactions and integration related costs— — — 1,462 1,462 
Total operating costs and expenses9,617 3,217 1,664 1,462 15,960 
Operating loss$(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
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$22,999 $— $15,821 $38,820 
Operating costs and expenses:
Costs applicable to revenues15,443 — 19,120 34,563 
Exploration, development and processing (excluding share-based compensation)(1)
17,331 1,897 8,739 27,967 
Standby(1)
6,172 — — 6,172 
Accretion of asset retirement obligations1,066 — 1,556 2,622 
Selling, general and administrative (excluding share-based compensation)9,785 9,504 18,451 37,740 
Share-based compensation2,207 1,891 4,692 8,790 
Total operating costs and expenses52,004 13,292 52,558 117,854 
Operating loss$(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
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$38,192 $— $— $— $38,192 
Operating costs and expenses:
Costs applicable to revenues16,580 — — — 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 obligations916 — — — 916 
Selling, general and administrative (excluding share-based compensation)9,251 5,348 2,950 — 17,549 
Share-based compensation2,063 1,196 525 — 3,784 
Transactions and integration related costs— — — 4,747 4,747 
Total operating costs and expenses36,505 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.