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Asset Acquisition | 12 Months Ended
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Dec. 31, 2023
Asset Acquisition [Abstract] |
Asset acquisition |
| 8. | Asset acquisition
In November 2022, the Company, and Energy Fuels, Inc (“Energy Fuels”) entered into a Definitive Agreement. Pursuant to the terms and subject to the conditions in the Definitive Agreement, on February 14, 2023, the Company acquired the Alta Mesa in-Situ Recovery uranium project (“Alta Mesa”). The aggregate amount of the total consideration was $120,574,541 which consisted of a cash payment of $60,000,000, the issuance of a $60,000,000 secured vendor takeback convertible promissory note and 44,681 enCore stock options (the “Replacement Options”) for options held by Energy Fuels option holders, valued at $81,414 using the Black-Scholes option pricing model, and total transaction costs of $493,127 associated with the Arrangement. The transaction did not qualify as a business combination according to the definition in IFRS 3 Business Combinations. It has been accounted for as an asset acquisition with the purchase price allocated based on the estimated fair value of the assets and liabilities summarized as follows:
Consideration |  |  | $ |
Cash |  |  | 60,000,000 |
Convertible promissory note |  |  | 60,000,000 |
Fair value of replacement options |  |  | 81,414 |
Transaction costs |  |  | 493,127 |
Total consideration value |  |  | 120,574,541 |
Net assets acquired |  |  | $ |
Prepaids |  |  | 42,374 |
Property, plant, and equipment |  |  | 6,111,000 |
Mineral properties |  |  | 120,196,484 |
Asset retirement obligations |  |  | (5,488,969 | )
Accounts payable and accrued liabilities |  |  | (286,348 | )
Total net assets acquired |  |  | 120,574,541 |
The value of the replacement options has been derived using the Black-Scholes option pricing model. The weighted average assumptions used in the Black-Scholes option pricing model are as follows:
Weighted Average |  |  |
Exercise Price |  | $ | 3.10 |
Share price |  | $ | 3.20 |
Discount Rate |  |  | 3.39 | %
Expected life (years) |  |  | 5.00 |
Volatility |  |  | 99.48 | %
Fair value of replacement options (CAD per option): |  | $ | 2.43 |
The fair value of the Replacement Options is based on the issuance of 44,681 options with a fair value of $81,414 (C$108,636).

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- Definition The entire disclosure for business combinations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 3 -IssueDate 2023-01-01 -Section Disclosures -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS03_g59-63_TI -URIDate 2023-03-23 + Details
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