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FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

FEDERAL INCOME TAXES.

Schedule of Components of Future Tax Assets and Liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(thousands of dollars)
Deferred tax assets:	​	​	​	​	​	​
Non‑Current:		​			​
Net operating loss carryforwards	​	$	22,584	​	$	21,016
Capital loss carryforwards	​		22,508	​		22,523
Mineral properties	​		3,694	​		5,017
Capitalized joint venture costs	​		3,427	​		3,427
Fixed assets	​		1,921	​		148
Capitalized transaction costs	​		1,150	​		1,157
Share based compensation	​	​	418	​	​	405
Accrued vacation	​		62	​		25
Other	​		26	​		61
Deferred tax assets	​		55,790	​		53,779
Valuation allowance	​		(55,769)	​		(53,723)
Net deferred tax assets	​		21	​		56
​	​	​	​	​	​	​
Deferred tax liabilities:	​			​
Non‑Current:	​			​
Other	​		(21)	​		(56)
Deferred tax liabilities	​		(21)	​		(56)
​	​	​	​	​	​	​
Net deferred tax asset (liability)	​	$	—	​	$	—

​

Schedule of Valuation Allowance by Tax Jurisdiction

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(thousands of dollars)
United States	​	$	44,644	​	$	42,069
Australia	​		4,790	​		5,096
Turkey	​		6,335	​		6,558
Total valuation allowance	​	$	55,769	​	$	53,723

​

Schedule of Loss From Operations Before Income Taxes

​

​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2022			2021
​	​	(thousands of dollars)
United States	​	$	(11,082)	​	$	(16,103)
Australia	​		(5)	​		(6)
Turkey	​		(34)	​		(35)
​	​	$	(11,121)	​	$	(16,144)

​

Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates

​

​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2022			2021
​	​	(thousands of dollars)
Net loss	​	$	(11,121)	​	$	(16,144)
Statutory tax rate	​		21%	​		21%
Tax recovery at statutory rate	​		(2,335)	​		(3,390)
State tax rate	​	​	(672)	​	​	(1,173)
Foreign tax rate	​		(1)	​		(2)
Change in U.S. tax rates	​		(32)	​		(759)
Other adjustments	​		180	​		97
Operating loss carryforward adjustment	​		685	​		(1,409)
Operating loss Section 382 adjustment	​		110	​		(7)
Nondeductible expenses and other permanent items	​		19	​		(78)
Sale of Uranium Entities	​	​	—	​	​	(799)
Change in valuation allowance	​		2,046	​		7,520
Income tax expense (recovery)	​	$	—	​	$	—

​

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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