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REPORTABLE SEGMENTS
 6 Months Ended
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 U3O8, which is sold to customers for further processing into fuel for nuclear reactors generating carbon emission-free energy. The Company also produces V2O5 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
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$25,108 $— $— $— $25,108 
Operating costs and expenses:
Costs applicable to revenues10,690 — — — 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 obligations391 — 3,320 — 3,711 
Selling, general and administrative(2)
3,487 4,737 7,698 — 15,922 
Share-based compensation1,159 1,257 1,225 — 3,641 
Transaction and integration related costs— — — 10,732 10,732 
Total operating costs and expenses24,837 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
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$3,934 $— $278 $4,212 
Operating costs and expenses:
Costs applicable to revenues2,659 — 996 3,655 
Exploration, development and processing(1)(2)
4,729 1,017 3,329 9,075 
Standby(2)
1,780 — — 1,780 
Accretion of asset retirement obligations356 — 506 862 
Selling, general and administrative(1)
2,534 3,061 6,535 12,130 
Share-based compensation520 564 1,801 2,885 
Total operating costs and expenses12,578 4,642 13,167 30,387 
Operating loss$(8,644)$(4,642)$(12,889)$(26,175)
(1)    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
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$60,946 $— $— $— $60,946 
Operating costs and expenses:
Costs applicable to revenues32,165 — — — 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 obligations771 — 3,537 — 4,308 
Selling, general and administrative(2)
6,202 8,691 14,399 — 29,292 
Share-based compensation2,354 2,632 2,166 — 7,152 
Transactions and integration related costs— — — 13,115 13,115 
Total operating costs and expenses60,228 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
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$5,289 $— $15,821 $21,110 
Operating costs and expenses:
Costs applicable to revenues2,659 — 19,120 21,779 
Exploration, development and processing(1)(2)
9,925 1,017 4,579 15,521 
Standby(2)
3,647 — — 3,647 
Accretion of asset retirement obligations702 — 1,233 1,935 
Selling, general and administrative(1)
7,193 6,172 11,741 25,106 
Share-based compensation1,408 1,067 3,015 5,490 
Total operating costs and expenses25,534 8,256 39,688 73,478 
Operating loss$(20,245)$(8,256)$(23,867)$(52,368)
(1)    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.