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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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