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Warrant Liability | 6 Months Ended
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Jun. 30, 2024
Warrant Liability |
Warrant Liability | 10. Warrant Liability In February 2021, the Company issued 16,930,530 warrants to purchase 8,465,265 common shares at $1.35 per whole common share for a term of three years. In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 common shares at $1.50 per whole common share for a term of three years. Because the warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc., the parent entity, is Canadian dollars, a derivative financial liability was created. Using Level 2 inputs of the fair value hierarchy under US GAAP, the liability created is measured and recorded at fair value, and adjusted monthly, using the Black-Scholes model described below as there is no active market for the warrants. Any gain or loss from the adjustment of the liability is reflected in net income for the period. The Company’s warrant liabilities consist of the following. The Company has no current warrant liability.
Warrant Liability Activity |  | Feb-2021 Warrants |  |  | Feb-2023 Warrants |  |  | Total |
December 31, 2023 |  |  | 1,743 |  |  |  | 11,549 |  |  |  | 13,292 |
Warrants exercised |  |  | (4,770 | ) |  |  | (21 | ) |  |  | (4,791 | )
Mark to market revaluation loss (gain) |  |  | 3,072 |  |  |  | (4,546 | ) |  |  | (1,474 | )
Effects for foreign exchange rate changes |  |  | (45 | ) |  |  | (418 | ) |  |  | (463 | )
June 30, 2024 |  |  | - |  |  |  | 6,564 |  |  |  | 6,564 |
The fair value of the warrant liabilities on June 30, 2024, was determined using the Black-Scholes model with the following assumptions:
|  | Feb-2023 |
Black-Scholes Assumptions as of June 30, 2024 |  | Warrants |
Expected forfeiture rate |  |  | 0.0 | %
Expected life (years) |  |  | 1.6 |
Expected volatility rate |  |  | 48.0 | %
Risk free rate |  |  | 4.0 | %
Expected dividend rate |  |  | 0.0 | %
Exercise price |  | $ | 1.50 |
Market price |  | $ | 1.40 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(5) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 + Details
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