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FEDERAL INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
FEDERAL INCOME TAXES. |
Schedule of Components of Future Tax Assets and Liabilities |
|  | December 31,
|  | 2020 |  | 2019
|  | (thousands of dollars)
Deferred tax assets: |  |  |  |  |  |
Non‑Current: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 16,009 |  | $ | 13,795
Mineral properties |  |  | 3,177 |  |  | 11,682
Accrued vacation |  |  | 18 |  |  | 22
Capital loss carryforwards |  |  | 22,176 |  |  | 393
Restoration reserves |  |  | — |  |  | 1,565
Capitalized transaction costs |  |  | 1,138 |  |  | 1,162
Other |  |  | 3,686 |  |  | 4,243
Deferred tax assets |  |  | 46,204 |  |  | 32,862
Valuation allowance |  |  | (46,204) |  |  | (32,862)
Net deferred tax assets |  |  | — |  |  | —
Deferred tax liabilities |  |  | — |  |  | —
Net deferred tax asset (liability) |  | $ | — |  | $ | —
Schedule of Valuation Allowance by Tax Jurisdiction |
|  | December 31,
|  | 2020 |  | 2019
|  | (thousands of dollars)
United States |  | $ | 34,190 |  | $ | 20,783
Australia |  |  | 5,380 |  |  | 5,203
Turkey |  |  | 6,634 |  |  | 6,876
Total valuation allowance |  | $ | 46,204 |  | $ | 32,862
Schedule of Loss From Operations Before Income Taxes |
|  | For the calendar year ended December 31,
|  | 2020 |  | 2019
|  | (thousands of dollars)
United States |  | $ | (13,882) |  | $ | (5,869)
Australia |  |  | 8 |  |  | (6)
Turkey |  |  | (39) |  |  | (129)
|  | $ | (13,913) |  | $ | (6,004)
Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates |
|  | Year ended December 31, |
|  | 2020 |  | 2019 |
|  | (thousands of dollars) |
Net loss |  | $ | (13,913) |  | $ | (6,004) |
Statutory tax rate |  |  | 21 | % |  | 21 | %
Tax recovery at statutory rate |  |  | (2,922) |  |  | (1,261) |
State tax rate |  |  | 938 |  |  | (238) |
Foreign tax rate |  |  | 1 |  |  | (5) |
Change in US tax rates |  |  | 309 |  |  | (1,855) |
Other adjustments |  |  | (9) |  |  | (101) |
Capital loss carryforward adjustment |  |  | (21) |  |  | 388 |
Operating loss carryforward adjustment |  |  | (218) |  |  | (964) |
Operating loss Section 382 adjustment |  |  | 978 |  |  | — |
Anatolia Energy Ltd Share issue Cost adjustment |  |  | 270 |  |  | — |
Alabama Graphite Corporation conversion to US entity |  |  | — |  |  | 1,999 |
Derivative tax adjustment |  |  | — |  |  | (590) |
Nondeductible write‑offs |  |  | 7 |  |  | (55) |
Sale of Uranium Entities |  |  | (10,553) |  |  |  |
Change in valuation allowance |  |  | 11,220 |  |  | 2,682 |
Income tax expense (recovery) |  | $ | — |  | $ | — |

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