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REPORTABLE SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

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 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.

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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X

- References

No definition available.

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