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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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