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Conversion from IFRS to US GAAP | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Conversion from IFRS to US GAAP | Conversion from IFRS to U.S. GAAP As part of the U.S. Domestication, the Company has retrospectively converted its Consolidated Financial Statements from IFRS to U.S. GAAP. Refer to Note 1 for additional details. The significant differences between IFRS and U.S. GAAP as they relate to these financial statements are as follows: {a} Exploration and Development Costs Under IFRS, the Company capitalized exploration and development costs related to the Company’s Mineral Properties. Under US GAAP, the Company is only eligible to capitalize costs related to the following for Mineral Properties: •Asset Acquisitions •Direct Development Costs after establishing proven/probable reserves. This requires obtaining a S-K 1300 that supports the existence of probable or proven mineral reserves. As of December 31, 2024, the Company’s S-K 1300s do not indicate proven/probable reserves. Therefore, the Company remains an Exploration Stage Issuer and is unable to capitalize development costs. Exploration costs, land lease costs and development costs are expensed as incurred for the years ended December 31, 2024, 2023 and 2022. {b} Income Taxes The Company recorded a deferred tax liability under U.S GAAP as a result of the Azarga asset acquisition. Under U.S GAAP, this requires book basis increase for the change in fair value. However, there is no tax basis bump related to the Azarga asset acquisition. This results in a difference that requires a deferred tax liability under U.S. GAAP ASC 740, Income Taxes. Under IFRS, this does not result in a deferred tax liability. {c} Share-based Compensation Under IFRS, the Company utilized the expected term for share-based compensation in the Black-Scholes valuation calculation. The Company under U.S. GAAP elected the simplified method for ‘vanilla’ stock options, as permitted by the SEC. This allows the average between the vesting period and the contractual period to be utilized for the expected term. {d} Investments in Uranium Under IFRS, the Company treated its purchases of uranium as investment property. Under IFRS, the Company adjusted its inventory to the fair market value as of each reporting period and upon sale, recorded the sale as a non-operating gain. Under U.S. GAAP, the Company treated its purchases of Uranium as inventory, which is held at the lower of carrying value and net realizable value. This resulted in reclassification of the income statement impacts to revenue and cost of goods sold and the deferral of gain/loss on the changes in the fair market value of uranium until the uranium was sold to customers. This impacted the consolidated statements of cash flows for the years ended December 31, 2023 and 2022, as the impacts from the decrease in the investment in uranium and the proceeds received from the sale were included as investing activity. For the year ended December 31, 2023, this would result in an increase in cash from operating activities of $5,576 and a decrease in cash from investing activities of $5,576. For the year ended December 31, 2022, this would result in an increase in cash from operating activities of $4,245 and a decrease in cash from investing activities of $4,245. {e} Warrants granted in Conjunction with Equity Financing Under IFRS, the Company allocated the proceeds received from warrants granted in conjunction with equity financing to common stock. Under U.S. GAAP, the proceeds received are required to be applied to the warrants and the share issuance based on their relative fair value. This results in a higher additional paid in capital balance upon the granting of the warrants than under IFRS and a lower amount attributed to common stock than under IFRS. The significant differences in the Consolidated Statements of Operations were as follows which show the (increase)/decrease to net loss during the period;
|  | Years Ended December 31,
| Note | 2024 |  | 2023 |  | 2022
Net loss - IFRS |  | $ | (58,787) |  |  | $ | (20,175) |  |  | $ | (16,615) |
Revenue | {d} | - |  |  | 22,148 |  |  | 4,245 |
Cost of goods sold | {a},{d} | 2,584 |  |  | (19,573) |  |  | (2,656) |
Mineral property expenditures | {a} | (19,576) |  |  | (11,075) |  |  | (9,897) |
General and administrative | {c} | 1,666 |  |  | 1,721 |  |  | 1,322 |
Depreciation, amortization and accretion |  | 191 |  |  | 167 |  |  | 89 |
Impairment of mineral properties | {a} | - |  |  | 1,538 |  |  | - |
Gain on sale of uranium | {d} | - |  |  | (2,575) |  |  | (35) |
Gain on sale of mineral properties | {a} | - |  |  | 1,746 |  |  | 227 |
Provision for income taxes | {b} | 5,929 |  |  | 467 |  |  | 165 |
Net loss - U.S. GAAP |  | $ | (67,993) |  |  | $ | (25,611) |  |  | $ | (23,155) |
The significant differences in the Consolidated Balance Sheet are as follows;
|  | December 31, 2024
| Note | IFRS |  | Adjustments |  | U.S. GAAP
Assets |  |  |  |  |  |
Inventory | {a} | $ | 21,315 |  |  | $ | (348) |  |  | $ | 20,967 |
Mineral rights and properties, net | {a} | 286,587 |  |  | (14,665) |  |  | 271,922 |
Right of use assets - operating lease |  | 293 |  |  | 17 |  |  | 310 |
Total assets |  | 407,718 |  |  | (14,996) |  |  | 392,722 |
Liabilities |  |  |  |  |  |
Accounts payable and accrued liabilities | {a} | 7,421 |  |  | 43 |  |  | 7,464 |
Deferred tax liability | {b} | - |  |  | 26,980 |  |  | 26,980 |
Total liabilities |  | 47,157 |  |  | 27,023 |  |  | 74,180 |
Equity |  |  |  |  |  |
Common stock | {e} | 397,622 |  |  | (17,297) |  |  | 380,325 |
Additional paid in capital | {c} | 52,431 |  |  | 7,425 |  |  | 59,856 |
Accumulated deficit | {a},{b},{c} | (118,702) |  |  | (32,146) |  |  | (150,848) |
Total equity |  | $ | 360,560 |  |  | $ | (42,018) |  |  | $ | 318,542 |
|  | December 31, 2023
| Note | IFRS |  | Adjustments |  | U.S. GAAP
Assets |  |  |  |  |  |
Mineral rights and properties, net | {a} | $ | 272,511 |  |  | $ | 1,979 |  |  | $ | 274,490 |
Right of use assets - operating lease |  | 444 |  |  | 15 |  |  | 459 |
Total assets |  | 324,573 |  |  | 1,994 |  |  | 326,567 |
Liabilities |  |  |  |  |  |
Accounts payable and accrued liabilities | {a} | 3,579 |  |  | 3 |  |  | 3,582 |
Deferred tax liability | {b} | - |  |  | 27,959 |  |  | 27,959 |
Total liabilities |  | 36,639 |  |  | 27,962 |  |  | 64,601 |
Equity |  |  |  |  |  |
Common stock | {e} | 333,122 |  |  | (24,924) |  |  | 308,198 |
Additional paid in capital | {c} | 19,308 |  |  | 21,895 |  |  | 41,203 |
Accumulated deficit | {a},{b},{c} | (66,516) |  |  | (22,940) |  |  | (89,456) |
Total equity |  | $ | 287,935 |  |  | $ | (25,969) |  |  | $ | 261,966 |

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