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REPORTABLE SEGMENTS | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Reportable Segments | 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 judgments about the Company as a whole. The CODM is the Chief Executive Officer and President. 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 V 2 O 5 as a co-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. Heavy Mineral Sands The HMS segment is engaged in the permitting, exploration, development and recovery of HMS, which includes ilmenite, rutile, zircon and monazite, at the Vara Mada Project, the Bahia Project, and the Company’s equity method investment in the Donald Project JV. The HMS segment is also engaged in the reclamation of the Kwale Project, which ceased mining operations at the end of 2024. Reportable Segments Financial Information The summarized operating results of the Company’s reportable segments are as follows:
|  | Three Months Ended June 30, 2026
|  |  |  | Rare |  | Heavy |  |  |  |
|  |  |  | Earth |  | Mineral |  |  |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  | Unallocated(1) |  | Total
Revenues |  | $ | 25,108 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,108 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 10,690 |  |  | — |  |  | — |  |  | — |  |  | 10,690 |
Exploration, development and processing(2)(3) |  | 6,238 |  |  | 544 |  |  | 1,333 |  |  | — |  |  | 8,115 |
Standby(3) |  | 2,872 |  |  | — |  |  | — |  |  | — |  |  | 2,872 |
Accretion of asset retirement obligations |  | 391 |  |  | — |  |  | 3,320 |  |  | — |  |  | 3,711 |
Selling, general and administrative(2) |  | 3,487 |  |  | 4,737 |  |  | 7,698 |  |  | — |  |  | 15,922 |
Share-based compensation |  | 1,159 |  |  | 1,257 |  |  | 1,225 |  |  | — |  |  | 3,641 |
Transaction and integration related costs |  | — |  |  | — |  |  | — |  |  | 10,732 |  |  | 10,732 |
Total operating costs and expenses |  | 24,837 |  |  | 6,538 |  |  | 13,576 |  |  | 10,732 |  |  | 55,683 |
Operating income (loss) |  | $ | 271 |  |  | $ | (6,538) |  |  | $ | (13,576) |  |  | $ | (10,732) |  |  | $ | (30,575) |
(1) Corporate expenses that are not directly attributable to the uranium, REE or HMS segments are evaluated on a consolidated basis. (2) Excludes share-based compensation. (3) Includes depreciation, depletion and amortization expense of $0.79 million, $0.77 million and $0.11 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, 2025
|  |  |  | Rare |  | Heavy |  |  |  |
|  |  |  | Earth |  | Mineral |  |  |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  |  |  | Total
Revenues |  | $ | 3,934 |  |  | $ | — |  |  | $ | 278 |  |  |  |  | $ | 4,212 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 2,659 |  |  | — |  |  | 996 |  |  |  |  | 3,655 |
Exploration, development and processing(1)(2) |  | 4,729 |  |  | 1,017 |  |  | 3,329 |  |  |  |  | 9,075 |
Standby(2) |  | 1,780 |  |  | — |  |  | — |  |  |  |  | 1,780 |
Accretion of asset retirement obligations |  | 356 |  |  | — |  |  | 506 |  |  |  |  | 862 |
Selling, general and administrative(1) |  | 2,534 |  |  | 3,061 |  |  | 6,535 |  |  |  |  | 12,130 |
Share-based compensation |  | 520 |  |  | 564 |  |  | 1,801 |  |  |  |  | 2,885 |
Total operating costs and expenses |  | 12,578 |  |  | 4,642 |  |  | 13,167 |  |  |  |  | 30,387 |
Operating loss |  | $ | (8,644) |  |  | $ | (4,642) |  |  | $ | (12,889) |  |  |  |  | $ | (26,175) |
(1) Excludes share-based compensation. (2) 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.
|  | Six Months Ended June 30, 2026
|  |  |  | Rare |  | Heavy |  |  |  |
|  |  |  | Earth |  | Mineral |  |  |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  | Unallocated(1) |  | Total
Revenues |  | $ | 60,946 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 60,946 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 32,165 |  |  | — |  |  | — |  |  | — |  |  | 32,165 |
Exploration, development and processing(2)(3) |  | 12,528 |  |  | 1,084 |  |  | 2,597 |  |  | — |  |  | 16,209 |
Standby(3) |  | 6,208 |  |  | — |  |  | — |  |  | — |  |  | 6,208 |
Accretion of asset retirement obligations |  | 771 |  |  | — |  |  | 3,537 |  |  | — |  |  | 4,308 |
Selling, general and administrative(2) |  | 6,202 |  |  | 8,691 |  |  | 14,399 |  |  | — |  |  | 29,292 |
Share-based compensation |  | 2,354 |  |  | 2,632 |  |  | 2,166 |  |  | — |  |  | 7,152 |
Transactions and integration related costs |  | — |  |  | — |  |  | — |  |  | 13,115 |  |  | 13,115 |
Total operating costs and expenses |  | 60,228 |  |  | 12,407 |  |  | 22,699 |  |  | 13,115 |  |  | 108,449 |
Operating income (loss) |  | $ | 718 |  |  | $ | (12,407) |  |  | $ | (22,699) |  |  | $ | (13,115) |  |  | $ | (47,503) |
(1) Corporate expenses that are not directly attributable to the uranium, REE or HMS segments are evaluated on a consolidated basis. (2) Excludes share-based compensation. (3) Includes depreciation, depletion and amortization expense of $1.55 million, $1.36 million and $0.19 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
|  |  |  | Rare |  | Heavy |  |  |  |
|  |  |  | Earth |  | Mineral |  |  |  | Consolidated
|  | Uranium |  | Elements |  | Sands |  |  |  | Total
Revenues |  | $ | 5,289 |  |  | $ | — |  |  | $ | 15,821 |  |  |  |  | $ | 21,110 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |
Costs applicable to revenues |  | 2,659 |  |  | — |  |  | 19,120 |  |  |  |  | 21,779 |
Exploration, development and processing(1)(2) |  | 9,925 |  |  | 1,017 |  |  | 4,579 |  |  |  |  | 15,521 |
Standby(2) |  | 3,647 |  |  | — |  |  | — |  |  |  |  | 3,647 |
Accretion of asset retirement obligations |  | 702 |  |  | — |  |  | 1,233 |  |  |  |  | 1,935 |
Selling, general and administrative(1) |  | 7,193 |  |  | 6,172 |  |  | 11,741 |  |  |  |  | 25,106 |
Share-based compensation |  | 1,408 |  |  | 1,067 |  |  | 3,015 |  |  |  |  | 5,490 |
Total operating costs and expenses |  | 25,534 |  |  | 8,256 |  |  | 39,688 |  |  |  |  | 73,478 |
Operating loss |  | $ | (20,245) |  |  | $ | (8,256) |  |  | $ | (23,867) |  |  |  |  | $ | (52,368) |
(1) Excludes share-based compensation. (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.

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