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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Convertible Senior Notes
On August 19, 2025, the Company issued $115,000 aggregate principal amount of Convertible Senior Notes. The Convertible Senior Notes bear interest at a rate of 5.5%, annually, payable semiannually in arrears, and matures on August 15, 2030.
The net proceeds from the offering of the Convertible Notes were approximately $109,200, after deducting the debt issuance costs. The Company used $11,549 of the net proceeds from the Convertible Senior Notes offering to pay the costs of entering into capped call transactions in connection with the Notes and approximately $10,600 of the net proceeds from the Convertible Notes Offering to repay amounts outstanding under its Uranium Loan Agreement. See Note Payable - Related Party below for additional information.
The Convertible Senior Notes were issued pursuant to, and are governed by, an indenture, dated August 22, 2025 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The initial conversion rate for the Convertible Senior Notes will be 303.9976 shares per $1,000 principal amount of the Convertible Senior Notes, which represents an initial conversion price of approximately $3.29 per common share, and is subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. Upon conversion, the Company will pay or deliver, as applicable, cash, common shares or a combination of cash and common shares.
Upon the occurrence of a “make-whole fundamental change” (as defined in the Indenture), the Company will in certain circumstances increase the conversion rate for a specified period of time. In addition, upon the occurrence of a “fundamental change” (as defined in the Indenture), holders of the Convertible Senior Notes may require the Company to repurchase their Convertible Senior Notes at a cash repurchase price equal to the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest, if any.

The Convertible Senior Notes may be redeemed, in whole or in part, at the Company’s option at any time, and from time to time, on or after August 21, 2028 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per common share exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (ii) the trading day immediately before the date the Company sends such notice. The indenture contains specified events of default and our failure to pay principal, interest or other amounts when due or within the relevant grace period on our Senior Convertible Notes would constitute an
event of default under the Indenture, which could result in an acceleration of the maturity of the Senior Convertible Notes.
September 30, 2025
Convertible Senior Notes due 2030$115,000
Less: Unamortized debt issuance costs(5,685)
Total debt109,315 
Less: Current portion of debt- 
Long-term debt$109,315

For the three and nine months ended September 30, 2025, the Company recognized interest expense of $728 and amortization of debt issuance costs of $115.

Capped Call Transactions
In connection with the Convertible Senior Notes in August 2025, the Company entered the Capped Call Transactions.
The Capped Call Transactions cover, subject to anti-dilution adjustments, the number of common shares underlying the Convertible Senior Notes, and are expected generally to reduce potential dilution to the common shares upon any conversion of Senior Convertible Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. If, however, the market price per share of our common shares, as measured under the terms of the Capped Call Transactions, exceeds the cap price of $4.52 there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Call Transactions.
Note Payable - Related Party
On December 5, 2023, the Company, through a subsidiary, entered into a loan agreement (the “Uranium Loan”) with Boss to borrow up to 200,000 pounds of uranium from Boss. The Uranium Loan initially bore interest of 9% per annum and was repayable in 12 months in cash or uranium at the election of Boss. Boss is considered a related party given its minority ownership of the Alta Mesa JV. On February 21, 2025, the Company, through a subsidiary, amended the Uranium Loan effective February 26, 2025, to revise the schedule of repayment of the loaned uranium and to update the redelivery and repayment methods.
On June 27, 2025, the Company and Boss amended the Uranium Loan to extend the repayment date one week to July 3, 2025. On July 2, 2025, the Company and Boss entered into a Fourth Amendment and Addendum to Uranium Loan Agreement (“Fourth Amendment”) to, among other things, extend the loan repayment date of the Uranium Loan to December 27, 2025, increase the interest rate to 10% per annum and provide for a cash facility of $3,600.
On August 22, 2025, the Company repaid the Uranium Loan in full and terminated the Uranium Loan Agreement. The total payoff amount was $10,573, consisting of $10,054 in principal and $519 in accrued interest. As a result, the outstanding balance was $0 as of September 30, 2025.

During the three months ended September 30, 2025, and 2024, the Company incurred interest expense of $211 and $445, respectively. During the nine months ended September 30, 2025, and 2024, the Company incurred interest expense of $797 and $1,072, respectively.

Convertible Promissory Note
On February 14, 2023, the Company issued a secured convertible promissory note (the “Convertible Promissory Note”) in connection with the Alta Mesa asset acquisition.
The principal value of the Convertible Promissory Note was $60,000, and the Convertible Promissory Note was secured by certain assets of the Company pursuant to the terms of a Pledge Agreement, a Security Agreement, and a Guaranty Agreement between the parties.

The principal portion of the Convertible Promissory Note was convertible at any time and at the option of the holder into common shares of the Company at a conversion price of $2.91 per share until maturity and bore interest at a rate of 8.0% per annum.

The premium related to the conversion was determined to be $3,813, which was recognized in equity as part of additional paid in capital. The remainder of the proceeds of $56,187 was allocated to the debt component of the Convertible Promissory Note. The debt component was accreted to the principal balance over its estimated life. The Company incurred accretion expense of $65 for the nine months ended September 30, 2024.

The Company did not incur interest expense during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company incurred interest expense of $217.
In February 2024, the debt was converted to equity by the issuance of 6,872,143 common shares to the debt holder.