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CAPITAL MANAGEMENT AND FINANCIAL RISK (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] |
Capital management | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31 |  | At December 31
(in thousands) | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash and investments: |  | ​ |  |  | ​ |
Cash and cash equivalents (note 4) | ​ | $ | 131,054 | ​ | $ | 50,915
Equity instrument investments (note 7) | ​ |  | 10,517 | ​ |  | 8,109
Investments-uranium (note 7) | ​ |  | 276,815 | ​ |  | 162,536
Investments-convertible debentures (note 7) | ​ | ​ | 15,565 | ​ | ​ | —
Debt obligations-current (note 15) | ​ |  | (213) | ​ |  | (216)
Net cash and investments | ​ | $ | 433,738 | ​ | $ | 221,344
Credit risk | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31 |  | At December 31
(in thousands) | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | $ | 131,054 |  | $ | 50,915
Trade and other receivables |  |  | 1,913 |  |  | 4,143
Restricted cash and investments |  |  | 11,231 |  |  | 11,105
Investments-convertible debentures | ​ | ​ | 15,565 | ​ | ​ | —
​ |  | $ | 159,763 |  | $ | 66,163
Maturities of financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Within 1 |  | 1 to 5
(in thousands) | ​ | Year | ​ | Years
​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable and accrued liabilities (note 11) |  | $ | 10,822 |  | $ | —
Debt obligations (note 15) |  |  | 213 |  |  | 204
​ |  | $ | 11,035 |  | $ | 204
Currency risk | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Dec. 31'2023 |  | Sensitivity |  | ​ | ​
​ | ​ | Foreign | ​ | Foreign | ​ | Change in
​ | ​ | Exchange | ​ | Exchange | ​ | net income
(in thousands except foreign exchange rates) | ​ | Rate | ​ | Rate | ​ | (loss)
​ |  |  |  |  |  | ​ |
Currency risk | ​ | ​ | ​ | ​ | ​ | ​ | ​
CAD weakens |  | 1.3226 |  | 1.1903 | ​ | $ | 30,081
CAD strengthens |  | 1.3226 |  | 1.4549 | ​ | $ | (30,081)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Price risk |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Absolute change |  | Base |  | 10% increase |  | 10% decrease
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity price |  | $ | 0.40 | ​ | 0.44 | ​ | 0.36
Convertible debentures fair value (in thousands) | ​ | $ | 15,565 | ​ | 16,307 | ​ | 14,562
Fair value of financial assets and financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Financial |  | Fair |  | December 31, |  | December 31,
​ | ​ | Instrument | ​ | Value | ​ | 2023 | ​ | 2022
(in thousands) | ​ | Category(1) | ​ | Hierarchy | ​ | Fair Value | ​ | Fair Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and equivalents |  | Category B |  |  |  | $ | 131,054 |  | $ | 50,915
Trade and other receivables |  | Category B |  |  |  |  | 1,913 |  |  | 4,143
Investments |  |  |  |  |  |  |  |  |  |
Equity instruments-shares |  | Category A |  | Level 1 |  |  | 10,390 |  |  | 8,022
Equity instruments-warrants |  | Category A |  | Level 2 |  |  | 127 |  |  | 87
Convertible Debentures | ​ | Category A | ​ | Level 3 | ​ | ​ | 15,565 | ​ | ​ | —
Restricted cash and equivalents |  |  |  |  |  |  |  |  |  |
Elliot Lake reclamation trust fund |  | Category B |  |  |  |  | 3,259 |  |  | 3,133
Credit facility pledged assets |  | Category B |  |  |  |  | 7,972 |  |  | 7,972
​ | ​ | ​ | ​ | ​ |  | $ | 170,280 |  | $ | 74,272
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: |  |  |  |  | ​ |  |  | ​ |  |
Account payable and accrued liabilities |  | Category C |  |  | ​ |  | 10,822 | ​ |  | 10,299
Debt obligations |  | Category C |  |  | ​ |  | 417 | ​ |  | 576
​ | ​ | ​ | ​ | ​ |  | $ | 11,239 |  | $ | 10,875
| (1) | Financial instrument designations are as follows: Category A=Financial assets and liabilities at fair value through profit and loss; Category B=Financial assets at amortized cost; and Category C=Financial liabilities at amortized cost.
Interest rate risk |
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] |
Sensitivity analysis | below illustrates the impact of interest rate risk on the convertible debt instruments held by the Company at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Absolute change |  | Base |  | 1% increase |  | 1% decrease |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit spread |  | ​ | 20 | % | 21 | % | 19 | %
Convertible debentures fair value (in thousands) | ​ | $ | 15,565 |  | 15,339 |  | 15,801 | ​

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