Ur-Energy (URG) 10-Q30 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Entity Registrant Name	UR-ENERGY INC.
Entity Central Index Key	0001375205
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		265,989,118
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-33905
Entity Incorporation State Country Code	Z4
Entity Interactive Data Current	Yes
Entity Address Address Line 2	Suite 200
Entity Address City Or Town	Littleton
Entity Address State Or Province	CO
Entity Address Postal Zip Code	80127
City Area Code	720
Local Phone Number	981-4588
Security 12b Title	Common stock
Security Exchange Name	NYSEAMER
Entity Address Address Line 1	10758 West Centennial Road
Trading Symbol	URG

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash	$ 54,627	$ 33,003
Accounts receivable	5,608	8
Inventory	4,701	9,903
Prepaid expenses	1,595	1,030
Total current assets	66,531	43,944
Non-current assets
Restricted cash	8,434	8,137
Mineral properties	34,892	35,682
Capital assets	21,216	20,132
Total non-current assets	64,542	63,951
Total assets	131,073	107,895
Current liabilities
Accounts payable and accrued liabilities	3,316	1,168
Current portion of notes payable	5,603	5,366
Current portion of lease liability	123	0
Current portion of warrant liability	2,539	0
Environmental remediation accrual	69	69
Total current liabilities	11,650	6,603
Non-current liabilities
Notes payable	1,463	5,694
Lease liability	556	16
Asset retirement obligations	31,110	30,701
Warrant liability	13,075	2,382
Total non-current liabilities	46,204	38,793
Shareholders' equity
Share capital	294,869	258,646
Contributed surplus	19,814	19,843
Accumulated other comprehensive income	3,975	4,265
Accumulated deficit	(245,439)	(220,255)
Total shareholders' equity	73,219	62,499
Total liabilities and shareholders' equity	$ 131,073	$ 107,895

Interim Consolidated Statements

Interim Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interim Consolidated Statements of Operations and Comprehensive Loss
Sales	$ 5,752	$ 0	$ 12,238	$ 19
Cost of sales	4,855	1,655	14,310	5,039
Gross profit (loss)	897	(1,655)	(2,072)	(5,020)
Operating costs	(11,289)	(2,910)	(20,373)	(9,668)
Operating profit (loss)	(10,392)	(4,565)	(22,445)	(14,688)
Net interest income (expense)	406	(114)	1,079	(451)
Warrant liability revaluation gain (loss)	(7,216)	(295)	(4,155)	1,620
Foreign exchange gain (loss)	13	19	335	29
Other income (loss)	2	(7)	2	1,247
Net income (loss)	(17,187)	(4,962)	(25,184)	(12,243)
Foreign currency translation adjustment	144	87	(290)	137
Comprehensive income (loss)	$ (17,043)	$ (4,875)	$ (25,474)	$ (12,106)
Earnings (loss) per common share:
Basic	$ (0.07)	$ (0.03)	$ (0.10)	$ (0.06)
Diluted	$ (0.07)	$ (0.03)	$ (0.10)	$ (0.06)
Weighted average common shares:
Basic	265,279,380	221,844,180	257,385,661	219,431,614
Diluted	265,279,380	221,844,180	257,385,661	219,431,614

Interim Consolidated Statemen_2

Interim Consolidated Statements of Changes in Shareholders Equity - USD ($) $ in Thousands	Total	Contributed Surplus [Member]	Accumulated other comprehensive Income [Member]	Accumulated Deficit [Member]	Share Capital [Member]
Balance, amount at Dec. 31, 2021	$ 69,386	$ 20,040	$ 4,142	$ (203,115)	$ 248,319
Balance, shares at Dec. 31, 2021					216,782,694
Exercise of stock options, shares					239,422
Exercise of stock options, amount	171	(73)	0	0	$ 244
Exercise of warrants, shares					259,000
Exercise of warrants, amount	308	0	0	0	$ 308
Shares issued for cash, shares					1,214,774
Shares issued for cash, amount	2,128	0	0	0	$ 2,128
Share issue costs	(53)	0	0	0	(53)
Comprehensive income (loss)	(7,036)	0	(108)	(6,928)	0
Stock compensation	261	261	0	0	$ 0
Balance, shares at Mar. 31, 2022					218,495,890
Balance, amount at Mar. 31, 2022	65,165	20,228	4,034	(210,043)	$ 250,946
Exercise of stock options, shares					80,603
Exercise of stock options, amount	56	(25)	0	0	$ 81
Shares issued for cash, shares					669,535
Shares issued for cash, amount	1,185	0	0	0	$ 1,185
Share issue costs	(30)	0	0	0	(30)
Comprehensive income (loss)	(195)	0	158	(353)	0
Stock compensation	464	464	0	0	$ 0
Balance, shares at Jun. 30, 2022					219,246,028
Balance, amount at Jun. 30, 2022	66,645	20,667	4,192	(210,396)	$ 252,182
Exercise of stock options, shares					320,000
Exercise of stock options, amount	188	(81)	0	0	$ 269
Exercise of warrants, shares					3,560,000
Exercise of warrants, amount	4,346	0	0	0	$ 4,346
Comprehensive income (loss)	(4,875)	0	87	(4,962)	0
Stock compensation	239	239	0	0	$ 0
Balance, shares at Sep. 30, 2022					223,126,028
Balance, amount at Sep. 30, 2022	66,543	20,825	4,279	(215,358)	$ 256,797
Balance, amount at Dec. 31, 2022	62,499	19,843	4,265	(220,255)	$ 258,646
Balance, shares at Dec. 31, 2022					224,699,621
Exercise of stock options, shares					536,183
Exercise of stock options, amount	298	(131)	0	0	$ 429
Shares issued for cash, shares					39,491,000
Shares issued for cash, amount	37,528	0	0	0	$ 37,528
Share issue costs	(2,992)	0	0	0	(2,992)
Comprehensive income (loss)	(1,030)	0	(317)	(713)	0
Stock compensation	253	253	0	0	$ 0
Balance, shares at Mar. 31, 2023					264,726,804
Balance, amount at Mar. 31, 2023	96,556	19,965	3,948	(220,968)	$ 293,611
Share issue costs	(10)	0	0	0	(10)
Comprehensive income (loss)	(7,401)	0	(117)	(7,284)	0
Stock compensation	266	266	0	0	$ 0
Balance, shares at Jun. 30, 2023					264,726,804
Balance, amount at Jun. 30, 2023	89,411	20,231	3,831	(228,252)	$ 293,601
Exercise of stock options, shares					1,005,541
Exercise of stock options, amount	672	(288)	0	0	$ 960
Comprehensive income (loss)	(17,043)	0	144	(17,187)	0
Stock compensation	260	260	0	0	$ 0
Redemption of RSUs, shares					241,857
Redemption of RSUs, amount	(81)	(389)	0	0	$ 308
Balance, shares at Sep. 30, 2023					265,974,202
Balance, amount at Sep. 30, 2023	$ 73,219	$ 19,814	$ 3,975	$ (245,439)	$ 294,869

Interim Consolidated Statemen_3

Interim Consolidated Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income (loss) for the period	$ (25,184)	$ (12,243)
Items not affecting cash:
Stock based compensation	779	964
Net realizable value adjustments	8,158	5,039
Amortization of mineral properties	828	936
Depreciation of capital assets	1,546	1,362
Accretion expense	371	339
Amortization of deferred loan costs	33	34
Provision for reclamation	0	(1)
Warrant liability revaluation loss (gain)	4,155	(1,620)
Unrealized foreign exchange loss (gain)	(329)	(27)
Changes in non-cash working capital:
Accounts receivable	(5,600)	0
Inventory	(2,956)	(7,019)
Prepaid expenses	(565)	(481)
Accounts payable and accrued liabilities	2,105	381
Cash provided by used in operating activities	(16,659)	(12,336)
Investing activities
Purchase of capital assets	(1,923)	(213)
Cash provided by used in investing activities	(1,923)	(213)
Financing activities
Issuance of common shares and warrants for cash	46,637	3,313
Share issue costs	(3,002)	(83)
Proceeds from exercise of warrants and stock options	969	3,279
RSU redeemed for cash	(81)	0
Repayment of debt	4,027	0
Cash provided by used in financing activities	40,496	6,509
Effects of foreign exchange rate changes on cash	7	(130)
Increase (decrease) in cash, cash equivalents, and restricted cash	21,921	(6,170)
Beginning cash, cash equivalents, and restricted cash	41,140	54,155
Ending cash, cash equivalents, and restricted cash	$ 63,061	$ 47,985

Nature of Operations

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 2023
Nature of Operations
Nature of Operations	1. Nature of Operations Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004, under the laws of the Province of Ontario. The Company continued under the Canada Business Corporations Act on August 8, 2006. The Company is an exploration stage issuer, as defined by United States Securities and Exchange Commission (“SEC”). The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development, and production of uranium mineral resources located primarily in Wyoming. The Company commenced uranium production at its Lost Creek Project in Wyoming in 2013. Due to the nature of the uranium recovery methods used by the Company on the Lost Creek Property, and the definition of “mineral reserves” under Subpart 1300 to Regulation S-K (“S-K 1300”), the Company has not determined whether the property contains mineral reserves. The recoverability of amounts recorded for mineral properties is dependent upon the discovery of economic resources, the ability of the Company to obtain the necessary financing to develop the properties and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Summary of Significant Accounting Policies
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation These interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2022. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
Cash and Cash Equivalents	Sep. 30, 2023
Cash and Cash Equivalents
Cash And Cash Equivalents	3. Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following: Cash and cash equivalents September 30, 2023 December 31, 2022 Cash on deposit 5,360 2,560 Money market accounts 49,267 30,443 54,627 33,003

Accounts Receivable

Accounts Receivable	9 Months Ended
Accounts Receivable	Sep. 30, 2023
Accounts Receivable
Accounts Receivable	4. Accounts Receivable The Company’s accounts receivable consists of the following: Accounts Receivable September 30, 2023 December 31, 2022 Trade receivables 5,605 - Other receivables 3 8 5,608 8 Trade receivables included $5.4 million from the sale of U 3 8

Inventory

Inventory	9 Months Ended
Inventory	Sep. 30, 2023
Inventory
Inventory	5. Inventory The Company’s inventory consists of the following: Inventory by Type September 30, 2023 December 31, 2022 Plant inventory 949 - Conversion facility inventory 3,752 9,903 4,701 9,903 Using lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $8,158 and $5,039 for the nine months ended September 30, 2023, and September 30, 2022, respectively.

Restricted Cash

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2023
Restricted Cash
Restricted Cash	6. Restricted Cash The Company’s restricted cash consists of the following: Restricted Cash September 30, 2023 December 31, 2022 Cash pledged for reclamation 8,434 8,137 8,434 8,137 The Company’s restricted cash consists of money market accounts and short-term government bonds. The bonding requirements for reclamation obligations on various properties have been reviewed and approved by the Wyoming Department of Environmental Quality (“WDEQ”), including the Wyoming Uranium Recovery Program (“URP”), and the Bureau of Land Management (“BLM”) as applicable. The restricted accounts are pledged as collateral against performance surety bonds, which secure the estimated costs of reclamation related to the properties. Surety bonds totaling $28.4 million and $28.3 million as of September 30, 2023, and December 31, 2022, respectively, provide coverage for the reclamation obligations and are collateralized by restricted cash.

Mineral Properties

Mineral Properties	9 Months Ended
Mineral Properties	Sep. 30, 2023
Mineral Properties
Mineral Properties	7. Mineral Properties The Company’s mineral properties consist of the following: Mineral Properties Lost Creek Property Shirley Basin Property Other U.S. Properties Total December 31, 2022 3,280 17,688 14,714 35,682 Change in estimated reclamation costs - 38 - 38 Depletion and amortization (828 ) - - (828 ) September 30, 2023 2,452 17,726 14,714 34,892 Lost Creek Property The Company acquired certain Wyoming properties in 2005 when Ur-Energy USA Inc. purchased 100% of NFU Wyoming, LLC. Assets acquired in this transaction include the Lost Creek Project, other Wyoming properties, and development databases. NFU Wyoming, LLC was acquired for aggregate consideration of $20 million plus interest. Since 2005, the Company has increased its holdings adjacent to the initial Lost Creek acquisition through staking additional claims and making additional property purchases and leases. There is a royalty on each of the State of Wyoming sections under lease at the Lost Creek, LC West and EN Projects, as required by law. We are not recovering U 3 8 Shirley Basin Property The Company acquired additional Wyoming properties in 2013 when Ur-Energy USA Inc. purchased 100% of Pathfinder Mines Corporation (“Pathfinder”). Assets acquired in this transaction include the Shirley Basin property, other Wyoming properties, and development databases. Pathfinder was acquired for aggregate consideration of $6.7 million, the assumption of $5.7 million in estimated asset reclamation obligations, and other consideration. Other U.S. Properties Other U.S. properties include the acquisition costs of several prospective mineralized properties, which the Company continues to maintain through claim payments, lease payments, insurance, and other holding costs in anticipation of future exploration efforts.

Capital Assets

Capital Assets	9 Months Ended
Capital Assets	Sep. 30, 2023
Capital Assets
Capital Assets	8. Capital Assets The Company’s capital assets consist of the following: September 30, 2023 December 31, 2022 Capital Assets Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Rolling stock 4,996 (3,618 ) 1,378 3,486 (3,437 ) 49 Enclosures 35,167 (16,423 ) 18,744 34,379 (15,164 ) 19,215 Machinery and equipment 1,935 (1,067 ) 868 1,659 (1,007 ) 652 Furniture and fixtures 265 (159 ) 106 265 (144 ) 121 Information technology 1,145 (1,037 ) 108 1,114 (1,035 ) 79 Right of use assets 14 (2 ) 12 33 (17 ) 16 43,522 (22,306 ) 21,216 40,936 (20,804 ) 20,132

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
Accounts Payable and Accrued Liabilities	Sep. 30, 2023
Accounts Payable and Accrued Liabilities
Accounts Payable And Accrued Liabilities	9. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: Accounts Payable and Accrued Liabilities September 30, 2023 December 31, 2022 Accounts payable 2,372 660 Accrued payroll liabilities 780 449 Accrued severance, ad valorem, and other taxes payable 164 59 3,316 1,168

Notes Payable

Notes Payable	9 Months Ended
Notes Payable	Sep. 30, 2023
Notes Payable
Notes Payable	10. Notes Payable On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued, and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal was scheduled to be paid in 28 quarterly installments commencing January 1, 2015. On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved an eighteen-month deferral of principal payments beginning October 1, 2019. On October 6, 2020, the State Bond Loan was again modified to defer principal payments for an additional eighteen months. Quarterly principal payments resumed on October 1, 2022, and the last payment is due on October 1, 2024. The following table summarizes the Company’s current and long-term debt. Current and Long-term Debt September 30, 2023 December 31, 2022 Current State Bond Loan 5,646 5,409 Deferred financing costs (43 ) (43 ) 5,603 5,366 Long-term State Bond Loan 1,463 5,727 Deferred financing costs - (33 ) 1,463 5,694 The schedule of remaining payments on outstanding debt as of September 30, 2023, is presented below. Remaining Payments Total 2023 2024 Final Payment State Bond Loan Principal 7,109 1,382 5,727 Oct-2024 Interest 309 102 207 7,418 1,484 5,934

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
Asset Retirement Obligations	Sep. 30, 2023
Asset Retirement Obligations
Asset Retirement Obligations	11. Asset Retirement Obligations Asset retirement obligations (“ARO”) relate to the Lost Creek mine and Shirley Basin project and are equal to the current estimated reclamation cost escalated at inflation rates ranging from 0.74% to 2.44% and then discounted at credit adjusted risk-free rates ranging from 0.33% to 9.23%. Current estimated reclamation costs include costs of closure, reclamation, demolition and stabilization of the wellfields, processing plants, infrastructure, aquifer restoration, waste dumps, and ongoing post-closure environmental monitoring and maintenance costs. The schedule of payments required to settle the future reclamation extends through 2033. The present value of the estimated future closure estimate is presented in the following table. Asset Retirement Obligations Total December 31, 2022 30,701 Change in estimated reclamation costs 38 Accretion expense 371 September 30, 2023 31,110 The restricted cash discussed in note 6 relates to the surety bonds provided to the governmental agencies for these and other reclamation obligations.

Warrant Liability

Warrant Liability	9 Months Ended
Warrant Liability	Sep. 30, 2023
Warrant Liability
Warrant Liability	12. Warrant Liability In February 2021, we issued 16,930,530 warrants as part of an underwritten public offering with two warrants redeemable for one common share of the Company’s stock at a price of $1.35 per full share. The warrants will expire in February 2024. In February 2023, we issued 39,100,000 warrants as part of an underwritten public offering with two warrants redeemable for one common share of the Company’s stock at a price of $1.50 per full share. The warrants will expire in February 2026. Because the warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc. is Canadian dollars, a derivative financial liability was created. The liability created, and adjusted monthly, is calculated 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: Warrant Liability Activity Feb-2021 Warrants Feb-2023 Warrants Total December 31, 2022 2,382 - 2,382 Warrants issued - 9,109 9,109 Mark to market revaluation loss (gain) 154 4,000 4,154 Effects for foreign exchange rate changes 3 (34 ) (31 ) September 30, 2023 2,539 13,075 15,614 Warrant Liability Duration Feb-2021 Warrants Feb-2023 Warrants Total Current portion of warrant liability 2,539 - 2,539 Long-term warrant liability - 13,075 13,075 2,539 13,075 15,614 The fair value of the warrant liabilities on September 30, 2023, was determined using the Black-Scholes model with the following assumptions: Feb-2021 Feb-2023 Black-Scholes Assumptions as of September 30, 2023 Warrants Warrants Expected forfeiture rate 0.0 % 0.0 % Expected life (years) 0.3 2.4 Expected volatility rate 52.9 % 66.2 % Risk free rate 4.8 % 4.7 % Expected dividend rate 0.0 % 0.0 % Exercise price $ 1.35 $ 1.50 Market price $ 1.54 $ 1.54

Shareholders Equity and Capital

Shareholders Equity and Capital Stock	9 Months Ended
Shareholders Equity and Capital Stock	Sep. 30, 2023
Shareholders Equity and Capital Stock
Shareholders' Equity And Capital Stock	13. Shareholders’ Equity and Capital Stock Common shares The Company’s share capital consists of an unlimited amount of Class A preferred shares authorized, without par value, of which no shares are issued and outstanding; and an unlimited amount of common shares authorized, without par value, of which 265,974,202 shares and 224,699,621 shares were issued and outstanding as of September 30, 2023, and December 31, 2022, respectively. On February 4, 2021, the Company closed an underwritten public offering of 14,722,200 common shares and accompanying warrants to purchase up to 7,361,100 common shares, at a combined public offering price of $0.90 per common share and accompanying warrant. The warrants have an exercise price of $1.35 per whole common share and will expire three years from the date of issuance. Ur-Energy also granted the underwriters a 30-day option to purchase up to an additional 2,208,330 common shares and warrants to purchase up to 1,104,165 common shares on the same terms. The option was exercised in full. Including the exercised option, Ur-Energy issued a total of 16,930,530 common shares and accompanying warrants to purchase up to 8,465,265 common shares. The gross proceeds to Ur‑Energy from this offering were approximately $15.2 million. After fees and expenses of $1.3 million, net proceeds to the Company were approximately $13.9 million. On February 21, 2023, the Company closed an underwritten public offering of 34,000,000 common shares and accompanying warrants to purchase up to 17,000,000 common shares, at a combined public offering price of $1.18 per common share and accompanying warrant. The warrants have an exercise price of $1.50 per whole common share and will expire three years from the date of issuance. Ur-Energy also granted the underwriters a 30-day option to purchase up to an additional 5,100,000 common shares and warrants to purchase up to 2,550,000 common shares on the same terms. The option was exercised in full. Including the exercised option, Ur-Energy issued a total of 39,100,000 common shares and accompanying warrants to purchase up to 19,550,000 common shares. The gross proceeds to Ur‑Energy from this offering were approximately $46.1 million. After fees and expenses of $3.0 million, net proceeds to the Company were approximately $43.1 million. Stock options In 2005, the Company’s Board of Directors approved the adoption of the Company's stock option plan (the “Option Plan”). The Option Plan was most recently approved by the shareholders on June 2, 2023. Eligible participants under the Option Plan include directors, officers, employees, and consultants of the Company. Under the terms of the Option Plan, grants of options will vest over a three-year period: one-third on the first anniversary, one-third on the second anniversary, and one-third on the third anniversary of the grant. The term of the options is five years. Activity with respect to stock options is summarized as follows: Stock Option Activity Outstanding Options Weighted-average Exercise Price # $ December 31, 2022 8,574,904 0.66 Granted 1,371,432 1.15 Exercised (1,541,724 ) 0.64 Forfeited (11,826 ) 1.15 Expired (8,852 ) 0.69 September 30, 2023 8,383,934 0.74 The exercise price of a new grant is set at the closing price for the shares on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date and there is no intrinsic value as of the date of grant. We received $1.0 and $0.4 million from options exercised in the nine months ended September 30, 2023, and September 30, 2022, respectively. Stock-based compensation expense from stock options was $0.2 million and $0.5 million for the three and nine months ended September 30, 2023, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, there was approximately $0.9 million of unamortized stock-based compensation expense related to the Option Plan. The expenses are expected to be recognized over the remaining weighted-average vesting period of 1.9 years under the Option Plan. As of September 30, 2023, outstanding stock options are as follows: Options Outstanding Options Exercisable Exercise Price Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ # years $ 0.67 641,651 0.2 558,566 641,651 0.2 558,566 2023-12-14 0.58 2,270,584 1.1 2,177,029 2,270,584 1.1 2,177,029 2024-11-05 0.46 2,634,421 2.1 2,835,978 1,846,542 2.1 1,987,819 2025-11-13 1.06 1,302,672 2.9 626,054 925,045 2.9 444,569 2026-08-27 1.64 175,000 3.5 - 58,333 3.5 - 2027-03-14 1.14 1,359,606 4.3 543,387 - - - 2028-01-04 0.74 8,383,934 2.2 6,741,014 5,742,155 1.6 5,167,983 The aggregate intrinsic value of the options in the preceding table represents the total pre-tax intrinsic value for stock options, with an exercise price less than the Company’s TSX closing stock price as of the last trading day in the nine months ended September 30, 2023 (approximately US$1.54), that would have been received by the option holders had they exercised their options on that date. There were 8,208,934 in‑the‑money stock options outstanding and 5,683,822 in-the-money stock options exercisable as of September 30, 2023. The fair value of stock options granted in the nine months ended September 30, 2023 was determined using the Black-Scholes model with the following assumptions: Stock Options Fair Value Assumptions 2023 Expected forfeiture rate 5.3 % Expected life (years) 4.0 Expected volatility 74.7 % Risk free rate 3.5 % Expected dividend rate - Weighted average exercise price (CAD$) $ 1.55 Black-Scholes value (CAD$) $ 0.89 Restricted share units On June 24, 2010, the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”), as subsequently amended and now known as the Restricted Share Unit and Equity Incentive Plan (the “RSU&EI Plan”). The RSU&EI Plan was approved by our shareholders most recently on June 2, 2022. Eligible participants under the RSU&EI Plan include directors and employees of the Company. Granted RSUs are redeemed on the second anniversary of the grant. Upon an RSU redemption, the holder of the RSU will receive one common share, for no additional consideration, for each RSU held. Activity with respect to RSUs is summarized as follows: Restricted Share Unit Activity Outstanding RSUs Weighted-average Grant Date Fair Value # $ December 31, 2022 305,530 1.14 Granted 342,852 1.15 Released (305,530 ) 1.14 Forfeited (2,957 ) 1.15 September 30, 2023 339,895 1.15 Stock-based compensation expense from RSUs was $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, there was approximately $0.2 million of unamortized stock-based compensation expense related to the RSU&EI Plan. The expenses are expected to be recognized over the remaining weighted-average vesting periods of 1.3 years under the RSU&EI Plan. As of September 30, 2023, outstanding RSUs were as follows: Number of RSUs Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Redemption Date # years $ 339,895 1.3 523,438 2025-01-04 339,895 1.3 523,438 The fair value of restricted share units granted in the nine months ended September 30, 2023 was determined using the Intrinsic Value Method with the following assumptions: Restricted Share Unit Fair Value Assumptions 2023 Expected forfeiture rate 3.8 % Grant date fair value (CAD$) $ 1.55 Warrants In February 2021, the Company issued 16,930,530 warrants to purchase 8,465,265 of our common shares at $1.35 per full share. In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 of our common shares at $1.50 per full share. Activity with respect to warrants is summarized as follows: Warrant Activity Outstanding Warrants Number of Shares to be Issued Upon Exercise Per Share Exercise Price # # $ December 31, 2022 16,730,530 8,365,265 1.35 Issued 39,100,000 19,550,000 1.50 September 30, 2023 55,830,530 27,915,265 1.46 No warrants were exercised in the nine months ended September 30, 2023. As of September 30, 2023, outstanding warrants were as follows: Exercise Price Number of Warrants Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ 1.35 16,730,530 0.3 1,589,400 2024-02-04 1.50 39,100,000 2.4 782,000 2026-02-21 1.46 55,830,530 1.8 2,371,400 Fair value calculation assumptions for stock options, restricted share units, and warrants The Company estimates expected future volatility based on daily historical trading data of the Company’s common shares. The risk-free interest rates are determined by reference to Canadian Treasury Note constant maturities that approximate the expected life. The Company has never paid dividends and currently has no plans to do so. Share-based compensation expense is recognized net of estimated pre-vesting forfeitures, which results in expensing the awards that are ultimately expected to vest over the expected life. Estimated forfeitures and expected lives were based on actual historical experience.

Sales and other income

Sales and other income	9 Months Ended
Sales and other income	Sep. 30, 2023
Sales and other income
Sales and Other Income	14. Sales and Other Income Revenue is primarily derived from the sale of U 3 8 3 8 Revenues for the nine months ended September 30, 2023 were as follows: Nine Months Ended September 30, Revenue Summary 2023 2022 $ % $ % Customer A 6,447 52.7 % - 0.0 % Customer B 5,440 44.5 % - 0.0 % U 3 8 11,887 97.2 % - 0.0 % Disposal fees 351 2.8 % 19 100.0 % 12,238 100.0 % 19 100.0 % During March 2022, we sold a royalty interest related to Strata Energy’s Lance Uranium ISR Project for $1.3 million. There was no carrying value related to the royalty on our balance sheet therefore the entire amount was recognized as other income.

Cost of Sales

Cost of Sales	9 Months Ended
Cost of Sales	Sep. 30, 2023
Cost of Sales
Cost Of Sales	15. Cost of Sales Cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, reclamation, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales. Cost of sales consists of the following: Three Months Ended September 30, Nine Months Ended September 30, Cost of Sales 2023 2022 2023 2022 Cost of product sales 2,523 - 6,152 - Lower of cost or NRV adjustments 2,332 1,655 8,158 5,039 4,855 1,655 14,310 5,039

Operating Costs

Operating Costs	9 Months Ended
Operating Costs	Sep. 30, 2023
Operating Costs
Operating Costs	16. Operating Costs Operating expenses include exploration and evaluation expense, development expense, general and administration (“G&A”) expense, and mineral property write-offs. Exploration and evaluation expenses consist of labor and the associated costs of the exploration and evaluation departments as well as land holding and exploration costs including drilling and analysis on properties which have not reached the permitting or operations stage. Development expense relates to properties that have reached the permitting or operations stage and include costs associated with exploring, delineating, and permitting a property. Once permitted, development expenses also include the costs associated with the construction and development of the permitted property that are otherwise not eligible to be capitalized. G&A expense relates to the administration, finance, investor relations, land, and legal functions, and consists principally of personnel, facility, and support costs. Operating costs consist of the following: Three Months Ended September 30, Nine Months Ended September 30, Operating Costs 2023 2022 2023 2022 Exploration and evaluation 512 422 1,687 1,421 Development 9,339 1,188 13,577 3,137 General and administration 1,314 1,186 4,738 4,771 Accretion 124 114 371 339 11,289 2,910 20,373 9,668

Supplemental Information for St

Supplemental Information for Statement of Cash Flows	9 Months Ended
Supplemental Information for Statement of Cash Flows	Sep. 30, 2023
Supplemental Information for Statement of Cash Flows
Supplemental Information For Statement Of Cash Flows	17. Supplemental Information for Statement of Cash Flows Cash, cash equivalents, and restricted cash per the Statement of Cash Flows consists of the following: Cash and Cash Equivalents, and Restricted Cash September 30, 2023 September 30, 2022 Cash and cash equivalents 54,627 39,920 Restricted cash 8,434 8,065 63,061 47,985 Interest expense paid was $0.4 million and 0.5 million for the nine months ended September 30, 2023, and 2022, respectively.

Financial instruments

Financial instruments	9 Months Ended
Financial instruments	Sep. 30, 2023
Financial instruments
Financial Instruments	18. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued liabilities, warrant liability and notes payable. The Company is exposed to risks related to changes in interest rates and management of cash and cash equivalents and short-term investments. Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, accounts receivable, and restricted cash. These assets include Canadian dollar and U.S. dollar denominated certificates of deposit, money market accounts, and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. Of the amount held on deposit, approximately $0.6 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation, or the U.S. Federal Deposit Insurance Corporation, leaving approximately $68.1 million at risk on September 30, 2023, should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of September 30, 2023. Currency risk As of September 30, 2023, we maintained a foreign currency balance of approximately CDN$2.4 million. The funds will be used to pay Canadian dollar expenses and are considered to be a low currency risk to the Company. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. As of September 30, 2023, the Company’s current financial liabilities consisted of accounts payable and accrued liabilities of $3.3 million, and $5.6 million for the current portion of notes payable. As of September 30, 2023, we had $54.6 million of cash and cash equivalents. Sensitivity analysis The Company has completed a sensitivity analysis to estimate the impact that a change in interest rates would have on the net loss of the Company. This sensitivity analysis shows that a change of +/- 100 basis points in interest rate would have a negligible effect on the nine months ended September 30, 2023. The financial position of the Company may vary at the time that a change in interest rates occurs, causing the impact on the Company’s results to vary.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Summary of Significant Accounting Policies
Basis Of Presentation	These interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2022. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
Cash and Cash Equivalents (Tables)	Sep. 30, 2023
Cash and Cash Equivalents
Schedule Of Cash And Cash Equivalents	Cash and cash equivalents September 30, 2023 December 31, 2022 Cash on deposit 5,360 2,560 Money market accounts 49,267 30,443 54,627 33,003

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
Accounts Receivable (Tables)	Sep. 30, 2023
Accounts Receivable
Schedule Of Accounts Receivable	Accounts Receivable September 30, 2023 December 31, 2022 Trade receivables 5,605 - Other receivables 3 8 5,608 8

Inventory (Tables)

Inventory (Tables)	9 Months Ended
Inventory (Tables)	Sep. 30, 2023
Inventory
Schedule Of Inventory, Current	Inventory by Type September 30, 2023 December 31, 2022 Plant inventory 949 - Conversion facility inventory 3,752 9,903 4,701 9,903

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
Restricted Cash (Tables)	Sep. 30, 2023
Restricted Cash
Schedule Of Restricted Cash	Restricted Cash September 30, 2023 December 31, 2022 Cash pledged for reclamation 8,434 8,137 8,434 8,137

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
Mineral Properties (Tables)	Sep. 30, 2023
Mineral Properties
Mineral Property	Mineral Properties Lost Creek Property Shirley Basin Property Other U.S. Properties Total December 31, 2022 3,280 17,688 14,714 35,682 Change in estimated reclamation costs - 38 - 38 Depletion and amortization (828 ) - - (828 ) September 30, 2023 2,452 17,726 14,714 34,892

Capital Assets (Tables)

Capital Assets (Tables)	9 Months Ended
Capital Assets (Tables)	Sep. 30, 2023
Capital Assets
Schedule Of Capital Assets	September 30, 2023 December 31, 2022 Capital Assets Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value Rolling stock 4,996 (3,618 ) 1,378 3,486 (3,437 ) 49 Enclosures 35,167 (16,423 ) 18,744 34,379 (15,164 ) 19,215 Machinery and equipment 1,935 (1,067 ) 868 1,659 (1,007 ) 652 Furniture and fixtures 265 (159 ) 106 265 (144 ) 121 Information technology 1,145 (1,037 ) 108 1,114 (1,035 ) 79 Right of use assets 14 (2 ) 12 33 (17 ) 16 43,522 (22,306 ) 21,216 40,936 (20,804 ) 20,132

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Sep. 30, 2023
Accounts Payable and Accrued Liabilities
Schedule Of Accounts Payable And Accrued Liabilities	Accounts Payable and Accrued Liabilities September 30, 2023 December 31, 2022 Accounts payable 2,372 660 Accrued payroll liabilities 780 449 Accrued severance, ad valorem, and other taxes payable 164 59 3,316 1,168

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
Notes Payable (Tables)	Sep. 30, 2023
Notes Payable
Schedule Of Debt	Current and Long-term Debt September 30, 2023 December 31, 2022 Current State Bond Loan 5,646 5,409 Deferred financing costs (43 ) (43 ) 5,603 5,366 Long-term State Bond Loan 1,463 5,727 Deferred financing costs - (33 ) 1,463 5,694
Schedule Of Outstanding Debt	Remaining Payments Total 2023 2024 Final Payment State Bond Loan Principal 7,109 1,382 5,727 Oct-2024 Interest 309 102 207 7,418 1,484 5,934

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
Asset Retirement Obligations (Tables)	Sep. 30, 2023
Asset Retirement Obligations
Schedule Of Asset Retirement Obligations	Asset Retirement Obligations Total December 31, 2022 30,701 Change in estimated reclamation costs 38 Accretion expense 371 September 30, 2023 31,110

Warrant Liability (Tables)

Warrant Liability (Tables)	9 Months Ended
Warrant Liability (Tables)	Sep. 30, 2023
Warrant Liability
Schedule Of Warrant Liabilities	Warrant Liability Activity Feb-2021 Warrants Feb-2023 Warrants Total December 31, 2022 2,382 - 2,382 Warrants issued - 9,109 9,109 Mark to market revaluation loss (gain) 154 4,000 4,154 Effects for foreign exchange rate changes 3 (34 ) (31 ) September 30, 2023 2,539 13,075 15,614 Warrant Liability Duration Feb-2021 Warrants Feb-2023 Warrants Total Current portion of warrant liability 2,539 - 2,539 Long-term warrant liability - 13,075 13,075 2,539 13,075 15,614
Schedule Of Fair Value Of Warrant	Feb-2021 Feb-2023 Black-Scholes Assumptions as of September 30, 2023 Warrants Warrants Expected forfeiture rate 0.0 % 0.0 % Expected life (years) 0.3 2.4 Expected volatility rate 52.9 % 66.2 % Risk free rate 4.8 % 4.7 % Expected dividend rate 0.0 % 0.0 % Exercise price $ 1.35 $ 1.50 Market price $ 1.54 $ 1.54

Shareholders Equity and Capit_2

Shareholders Equity and Capital Stock (Tables)	9 Months Ended
Shareholders Equity and Capital Stock (Tables)	Sep. 30, 2023
Shareholders Equity and Capital Stock
Schedule Of Activity with respect to stock options	Stock Option Activity Outstanding Options Weighted-average Exercise Price # $ December 31, 2022 8,574,904 0.66 Granted 1,371,432 1.15 Exercised (1,541,724 ) 0.64 Forfeited (11,826 ) 1.15 Expired (8,852 ) 0.69 September 30, 2023 8,383,934 0.74
Schedule Of outstanding stock options	Options Outstanding Options Exercisable Exercise Price Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Number of Options Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ # years $ 0.67 641,651 0.2 558,566 641,651 0.2 558,566 2023-12-14 0.58 2,270,584 1.1 2,177,029 2,270,584 1.1 2,177,029 2024-11-05 0.46 2,634,421 2.1 2,835,978 1,846,542 2.1 1,987,819 2025-11-13 1.06 1,302,672 2.9 626,054 925,045 2.9 444,569 2026-08-27 1.64 175,000 3.5 - 58,333 3.5 - 2027-03-14 1.14 1,359,606 4.3 543,387 - - - 2028-01-04 0.74 8,383,934 2.2 6,741,014 5,742,155 1.6 5,167,983
Schedule Of fair value of the stock options	Stock Options Fair Value Assumptions 2023 Expected forfeiture rate 5.3 % Expected life (years) 4.0 Expected volatility 74.7 % Risk free rate 3.5 % Expected dividend rate - Weighted average exercise price (CAD$) $ 1.55 Black-Scholes value (CAD$) $ 0.89
Schedule Of Restricted Share Unit Activity	Restricted Share Unit Activity Outstanding RSUs Weighted-average Grant Date Fair Value # $ December 31, 2022 305,530 1.14 Granted 342,852 1.15 Released (305,530 ) 1.14 Forfeited (2,957 ) 1.15 September 30, 2023 339,895 1.15
Schedule Of Schedule Of Restricted Share Unit Outstanding	Number of RSUs Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Redemption Date # years $ 339,895 1.3 523,438 2025-01-04 339,895 1.3 523,438
Schedule Of Restricted Share Unit Fair Value Assumptions	Restricted Share Unit Fair Value Assumptions 2023 Expected forfeiture rate 3.8 % Grant date fair value (CAD$) $ 1.55
Schedule Of warrant activity	Warrant Activity Outstanding Warrants Number of Shares to be Issued Upon Exercise Per Share Exercise Price # # $ December 31, 2022 16,730,530 8,365,265 1.35 Issued 39,100,000 19,550,000 1.50 September 30, 2023 55,830,530 27,915,265 1.46
Schedule Of outstanding warrants	Exercise Price Number of Warrants Weighted-average Remaining Contractual Life Aggregate Intrinsic Value Expiry $ # years $ 1.35 16,730,530 0.3 1,589,400 2024-02-04 1.50 39,100,000 2.4 782,000 2026-02-21 1.46 55,830,530 1.8 2,371,400

Sales and Other Income (Tables)

Sales and Other Income (Tables)	9 Months Ended
Sales and Other Income (Tables)	Sep. 30, 2023
Sales and Other Income (Tables)
Schedule Of Sales and Other Income	Nine Months Ended September 30, Revenue Summary 2023 2022 $ % $ % Customer A 6,447 52.7 % - 0.0 % Customer B 5,440 44.5 % - 0.0 % U 3 8 11,887 97.2 % - 0.0 % Disposal fees 351 2.8 % 19 100.0 % 12,238 100.0 % 19 100.0 %

Cost of Sales (Tables)

Cost of Sales (Tables)	9 Months Ended
Cost of Sales (Tables)	Sep. 30, 2023
Cost of Sales
Schedule Of Cost Of Sales	Three Months Ended September 30, Nine Months Ended September 30, Cost of Sales 2023 2022 2023 2022 Cost of product sales 2,523 - 6,152 - Lower of cost or NRV adjustments 2,332 1,655 8,158 5,039 4,855 1,655 14,310 5,039

Operating Costs (Tables)

Operating Costs (Tables)	9 Months Ended
Operating Costs (Tables)	Sep. 30, 2023
Operating Costs
Schedule Of Operating Costs	Three Months Ended September 30, Nine Months Ended September 30, Operating Costs 2023 2022 2023 2022 Exploration and evaluation 512 422 1,687 1,421 Development 9,339 1,188 13,577 3,137 General and administration 1,314 1,186 4,738 4,771 Accretion 124 114 371 339 11,289 2,910 20,373 9,668

Supplementary Information For S

Supplementary Information For Statement of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Information for Statement of Cash Flows
Cash Per The Statement Of Cash Flows	Cash and Cash Equivalents, and Restricted Cash September 30, 2023 September 30, 2022 Cash and cash equivalents 54,627 39,920 Restricted cash 8,434 8,065 63,061 47,985

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents
Cash on deposit	$ 5,360	$ 2,560
Money market accounts	49,267	30,443
Cash and Cash Equivalents	$ 54,627	$ 33,003

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable
Trade receivables	$ 5,605	$ 0
Other receivables	3	8
Accounts receivable	$ 8	$ 5,608

Accounts Receivable (Details Na

Accounts Receivable (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Trade receivables	$ 5,605	$ 0
Sale of U3O8 [Member]
Trade receivables	$ 5,400

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory, Net, Total	$ 4,701	$ 9,903
Plant inventory [Member]
Inventory, Net, Total	949	0
Conversion Facility Inventory [Member]
Inventory, Net, Total	$ 3,752	$ 9,903

Inventory (Details Narrative)

Inventory (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
Inventory (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Inventory
Reduction in inventory valuation	$ 8,158	$ 5,039

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash
Cash pledged for reclamation	$ 8,434	$ 8,137
Restricted cash	$ 8,434	$ 8,137

Restricted Cash (Details Narrat

Restricted Cash (Details Narrative) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Surety Bond [Member]
Represents the amount of reclamation obligations, which are required to be covered by surety performance bonding, as of the balance sheet date.	$ 28.4	$ 28.3

Mineral Properties (Details)

Mineral Properties (Details) $ in Thousands	9 Months Ended
Mineral Properties (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Beginning balance	$ 35,682
Change in estimated reclamation costs	38
Depletion And Amortization	(828)
Ending balance	34,892
Shirley Basin [Member]
Beginning balance	17,688
Change in estimated reclamation costs	38
Ending balance	17,726
Lost Creek Property [Member]
Beginning balance	3,280
Change in estimated reclamation costs	0
Depletion And Amortization	(828)
Ending balance	2,452
Other U.S. Properties [Member]
Beginning balance	14,714
Change in estimated reclamation costs	0
Ending balance	$ 14,714

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2005
Pathfinder Properties [Member]
Percentage Of Asset Acquired	100%
Aggregate Consideration	$ 6.7
Estimated Asset Reclamation Obligation	$ 5.7
Nfu Wyoming Llc [Member]
Percentage Of Asset Acquired		100%
Aggregate Consideration		$ 20

Capital Assets (Details)

Capital Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cost	$ 43,522	$ 40,936
Accumulated Depreciation	(22,306)	(20,804)
Net Book Value	21,216	20,132
Rolling Stock [Member]
Cost	4,996	3,486
Accumulated Depreciation	(3,618)	(3,437)
Net Book Value	1,378	49
Enclosures [Member]
Cost	35,167	34,379
Accumulated Depreciation	(16,423)	(15,164)
Net Book Value	18,744	19,215
Machinery And Equipment [Member]
Cost	1,935	1,659
Accumulated Depreciation	(1,067)	(1,007)
Net Book Value	868	652
Furniture And Fixtures [Member]
Cost	265	265
Accumulated Depreciation	(159)	(144)
Net Book Value	106	121
Information Technology [Member]
Cost	1,145	1,114
Accumulated Depreciation	(1,037)	(1,035)
Net Book Value	108	79
Right Of Use Assets [Member]
Cost	14	33
Accumulated Depreciation	(2)	(17)
Net Book Value	$ 12	$ 16

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities
Accounts payable	$ 2,372	$ 660
Accrued payroll liabilities	780	449
Accrued severance, ad valorem, and other taxes payable	164	59
Accounts payable and accrued liabilities	$ 3,316	$ 1,168

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current
State Bond Loan	$ 5,646	$ 5,409
Deferred financing costs	(43)	(43)
Loans payable, current	5,603	5,366
Long term
State bond loan	1,463	5,727
Deferred financing cost	0	(33)
Loans payable, non-current	$ 1,463	$ 5,694

Notes Payable (Details 1)

Notes Payable (Details 1) $ in Thousands	9 Months Ended
Notes Payable (Details 1) $ in Thousands	Sep. 30, 2023 USD ($)
2023 [Member]
Debt outstanding	$ 1,484
Principal	1,382
Interest	102
2024 [Member]
Debt outstanding	5,934
Principal	5,727
Interest	207
State Bond Loan [Member]
Debt outstanding	7,418
Principal	7,109
Interest	$ 309
Debt Instrument, Maturity Date	Oct-2024

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) $ in Millions	Oct. 15, 2015 USD ($)	Oct. 23, 2013 integer
Due Quarterly Commencing From January 1, 2014 [Member]
Fixed interest rate (as a percent)		5.75%
Due Quarterly Commencing From January 1, 2015 [Member]
Number of installments \| integer		28
Sweetwater Bond loan [Member]
Proceeds from Issuance of Long-term Debt \| $	$ 34

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
Asset Retirement Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Asset Retirement Obligations
Beginning of period	$ 30,701
Change in estimated reclamation costs	38
Accretion expense	371
End of period	$ 31,110

Asset Retirement Obligations _2

Asset Retirement Obligations (Details Narrative)	9 Months Ended
Asset Retirement Obligations (Details Narrative)	Sep. 30, 2023
Minimum [Member]
Discount Rate Of Asset Retirement Obligations	0.33%
Reclamation cost escalated inflation rate	0.74%
Maximum [Member]
Discount Rate Of Asset Retirement Obligations	9.23%
Reclamation cost escalated inflation rate	2.44%

Warrant Liabilities (Details)

Warrant Liabilities (Details) $ in Thousands	9 Months Ended
Warrant Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Beginning balance	$ 2,382
Warrants issued	9,109
Mark to market revaluation loss (gain)	4,154
Effects for foreign exchange rate changes	(31)
Ending balance	15,614
February 2021 Warrant [Member]
Beginning balance	2,382
Warrants issued	0
Mark to market revaluation loss (gain)	154
Effects for foreign exchange rate changes	3
Ending balance	2,539
February 2023 Warrant [Member]
Beginning balance	0
Warrants issued	9,109
Mark to market revaluation loss (gain)	4,000
Effects for foreign exchange rate changes	(34)
Ending balance	$ 13,075

Warrant Liabilities (Details 1)

Warrant Liabilities (Details 1) $ in Thousands	Sep. 30, 2023 USD ($)
Current portion of warrant liability	$ 2,539
Long-term warrant liability	13,075
Total warrant laibility	15,614
February 2021 Warrant [Member]
Current portion of warrant liability	2,539
Long-term warrant liability	0
Total warrant laibility	2,539
February 2023 [Member]
Current portion of warrant liability	0
Long-term warrant liability	13,075
Total warrant laibility	$ 13,075

Warrant Liabilities (Details 2)

Warrant Liabilities (Details 2)	9 Months Ended
Warrant Liabilities (Details 2)	Sep. 30, 2023 $ / shares
Expected life (years)	4 years
Expected volatility	74.70%
Expected dividend rate	0%
Exercise price	$ 0.64
February 2021 Warrant [Member]
Expected forfeiture rate	0%
Expected life (years)	3 months 18 days
Expected volatility	52.90%
Risk free rate	4.80%
Expected dividend rate	0%
Exercise price	$ 1.35
Market price	$ 1.54
February 2023 Warrant [Member]
Expected forfeiture rate	0%
Expected life (years)	2 years 4 months 24 days
Expected volatility	66.20%
Risk free rate	4.70%
Expected dividend rate	0%
Exercise price	$ 1.50
Market price	$ 1.54

Warrant Liabilities (Details Na

Warrant Liabilities (Details Narrative)	9 Months Ended
Warrant Liabilities (Details Narrative)	Sep. 30, 2023 $ / shares shares
February 2021 Warrant [Member]
Number of securities called by each warrant \| shares	16,930,530
Exercise price \| $ / shares	$ 1.35
Number of warrants redeemable shares	two warrants redeemable for one common share
February 2023 Warrant [Member]
Number of securities called by each warrant \| shares	39,100,000
Exercise price \| $ / shares	$ 1.50
Number of warrants redeemable shares	two warrants redeemable for one common share

Shareholders Equity and Capit_3

Shareholders Equity and Capital Stock (Details)	9 Months Ended
Shareholders Equity and Capital Stock (Details)	Sep. 30, 2023 $ / shares shares
Shareholders Equity and Capital Stock
Outstanding, Beginning Balance \| shares	8,574,904
Granted, Options \| shares	1,371,432
Exercised, options \| shares	(1,541,724)
Forfeited, options \| shares	(11,826)
Expired, options \| shares	(8,852)
Outstanding Ending Balance, Options \| shares	8,383,934
Outstanding, Beginning Balance, Weighted-average exercise price \| $ / shares	$ 0.66
Granted, Weighted-average exercise price \| $ / shares	1.15
Exercised, Weighted-average exercise price \| $ / shares	0.64
Forfeited, Weighted-average exercise price \| $ / shares	1.15
Expired, Weighted-average exercise price \| $ / shares	0.69
Outstanding Ending Balance, Weighted-average exercise price \| $ / shares	$ 0.74

Shareholders Equity and Capit_4

Shareholders Equity and Capital Stock (Details 1)	9 Months Ended
Shareholders Equity and Capital Stock (Details 1)	Sep. 30, 2023 USD ($) $ / shares shares
Equity Option [Member]
Exercise price \| $ / shares	$ 0.74
Number of options, Outstanding \| shares	8,383,934
Weighted- average remaining contractual life (years), Outstanding	2 years 2 months 12 days
Aggregate intrinsic value	$ 6,741,014
Number of options, Exercisable \| shares	5,742,155
Weighted- average remaining contractual life (years), Exercisable	1 year 7 months 6 days
Aggregate intrinsic value, exercisable	$ 5,167,983
Exercise price $0.70
Exercise price \| $ / shares	$ 0.67
Number of options, Outstanding \| shares	641,651
Weighted- average remaining contractual life (years), Outstanding	2 months 12 days
Aggregate intrinsic value	$ 558,566
Number of options, Exercisable \| shares	641,651
Weighted- average remaining contractual life (years), Exercisable	2 months 12 days
Aggregate intrinsic value, exercisable	$ 558,566
Expiry	Dec. 14, 2023
Exercise price $0.69
Exercise price \| $ / shares	$ 0.58
Number of options, Outstanding \| shares	2,270,584
Weighted- average remaining contractual life (years), Outstanding	1 year 1 month 6 days
Aggregate intrinsic value	$ 2,177,029
Number of options, Exercisable \| shares	2,270,584
Weighted- average remaining contractual life (years), Exercisable	1 year 1 month 6 days
Aggregate intrinsic value, exercisable	$ 2,177,029
Expiry	Nov. 05, 2024
Exercise price $0.60
Exercise price \| $ / shares	$ 0.46
Number of options, Outstanding \| shares	2,634,421
Weighted- average remaining contractual life (years), Outstanding	2 years 1 month 6 days
Aggregate intrinsic value	$ 2,835,978
Number of options, Exercisable \| shares	1,846,542
Weighted- average remaining contractual life (years), Exercisable	2 years 1 month 6 days
Aggregate intrinsic value, exercisable	$ 1,987,819
Expiry	Nov. 13, 2025
Exercise price $0.48
Exercise price \| $ / shares	$ 1.06
Number of options, Outstanding \| shares	1,302,672
Weighted- average remaining contractual life (years), Outstanding	2 years 10 months 24 days
Aggregate intrinsic value	$ 626,054
Number of options, Exercisable \| shares	925,045
Weighted- average remaining contractual life (years), Exercisable	2 years 10 months 24 days
Aggregate intrinsic value, exercisable	$ 444,569
Expiry	Aug. 27, 2026
Exercise price $1.09
Exercise price \| $ / shares	$ 1.64
Number of options, Outstanding \| shares	175,000
Weighted- average remaining contractual life (years), Outstanding	3 years 6 months
Aggregate intrinsic value	$ 0
Number of options, Exercisable \| shares	58,333
Weighted- average remaining contractual life (years), Exercisable	3 years 6 months
Aggregate intrinsic value, exercisable	$ 0
Expiry	Mar. 14, 2027
Exercise price $1.68
Exercise price \| $ / shares	$ 1.14
Number of options, Outstanding \| shares	1,359,606
Weighted- average remaining contractual life (years), Outstanding	4 years 3 months 18 days
Aggregate intrinsic value	$ 543,387
Aggregate intrinsic value, exercisable	$ 0
Expiry	Jan. 04, 2028

Shareholders Equity and Capit_5

Shareholders Equity and Capital Stock (Details 2)	9 Months Ended
Shareholders Equity and Capital Stock (Details 2)	Sep. 30, 2023 $ / shares
Shareholders Equity and Capital Stock
Expected forfeiture rate	5.30%
Expected life (years)	4 years
Expected volatility	74.70%
Risk free rate	3.50%
Expected dividend rate	0%
Weighted average exercise price (CAD$)	$ 1.55
Black-Scholes value (CAD$)	$ 0.89

Shareholders Equity and Capit_6

Shareholders Equity and Capital Stock (Details 3)	9 Months Ended
Shareholders Equity and Capital Stock (Details 3)	Sep. 30, 2023 $ / shares shares
Shareholders Equity and Capital Stock
Number of RSUs Unvested, Beginning Balance \| shares	305,530
Number of RSUs Granted \| shares	342,852
Number of RSUs Released \| shares	(305,530)
Number of RSUs Forfeited \| shares	(2,957)
Number of RSUs Unvested, Ending Balance \| shares	339,895
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value \| $ / shares	$ 1.14
Granted, Weighted average grant date fair value \| $ / shares	1.15
Released, Weighted average grant date fair value \| $ / shares	1.14
Forfeited, Weighted average grant date fair value \| $ / shares	1.15
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1.15

Shareholders Equity and Capit_7

Shareholders Equity and Capital Stock (Details 4) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Number of unvested units \| shares	339,895
Remaining life (years)	1 year 3 months 18 days
Aggregate Intrinsic Value \| $	$ 523,438
January 04, 2025 [Member]
Number of unvested units \| shares	339,895
Remaining life (years)	1 year 3 months 18 days
Aggregate Intrinsic Value \| $	$ 523,438
Redemption date	Jan. 04, 2025

Shareholders Equity and Capit_8

Shareholders Equity and Capital Stock (Details 5)	9 Months Ended
Shareholders Equity and Capital Stock (Details 5)	Sep. 30, 2023 $ / shares
Shareholders Equity and Capital Stock
Expected forfeiture rate	3.80%
Grant date fair value (CAD$)	$ 1.55

Shareholders Equity and Capit_9

Shareholders Equity and Capital Stock (Details 6)	9 Months Ended
Shareholders Equity and Capital Stock (Details 6)	Sep. 30, 2023 $ / shares shares
Outstanding warrants
Outstanding Beginning Balance, Warrants	16,730,530
Number of warrants, issued	39,100,000
Outstanding Ending Balance, Warrants	55,830,530
Number of shares to be issued upon exercise
Outstanding Beginning Balance, Number of shares to be issued upon exercise	8,365,265
Number of shares to be issued upon exercise, issued	19,550,000
Outstanding Ending Balance, Number of shares to be issued upon exercise	27,915,265
Per share exercise price
Per share exercise price, Outstanding Beginning \| $ / shares	$ 1.35
Per share exercise price, issued \| $ / shares	1.50
Per share exercise price, Outstanding Ending \| $ / shares	$ 1.46

Shareholders Equity and Capi_10

Shareholders Equity and Capital Stock (Details 7)	9 Months Ended
Shareholders Equity and Capital Stock (Details 7)	Sep. 30, 2023 USD ($) $ / shares shares
Warrants
Exercise price \| $ / shares	$ 1.46
Number of warrants \| shares	55,830,530
Remaining contractual life (years)	1 year 9 months 18 days
Aggregate Intrinsic Value \| $	$ 2,371,400
Exercise price $1.35
Exercise price \| $ / shares	$ 1.35
Number of warrants \| shares	16,730,530
Remaining contractual life (years)	3 months 18 days
Aggregate Intrinsic Value \| $	$ 1,589,400
Expiry	Feb. 04, 2024
Exercise price $1.50
Exercise price \| $ / shares	$ 1.50
Number of warrants \| shares	39,100,000
Remaining contractual life (years)	2 years 4 months 24 days
Aggregate Intrinsic Value \| $	$ 782,000
Expiry	Feb. 21, 2026

Shareholders Equity and Capi_11

Shareholders Equity and Capital Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended
	Feb. 04, 2021	Feb. 28, 2023	Feb. 21, 2023	Feb. 28, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Public offering price per share	$ 0.90		$ 1.18
Additional common shares purchase	2,208,330		5,100,000
Additional warrants purchase	1,104,165		2,550,000
Weighted-average vesting period							1 year 10 months 24 days
Number of options, Outstanding					8,208,934		8,208,934
Number of options, Exercisable					5,683,822		5,683,822
Shares issued upon public offering	14,722,200		34,000,000
Warrants to purchase	7,361,100		17,000,000
Gross proceeds with warrants	$ 15,200		$ 46,100
Fees and expenses	1,300		3,000
Net proceeds from offerings	$ 13,900		$ 43,100
Exercise price	$ 1.35		$ 1.50
Series A Preferred Stock [Member]
Common share issued					265,974,202		265,974,202		224,699,621
Common share outstanding					265,974,202		265,974,202		224,699,621
Restricted Stock Units RSU One [Member]
Unamortized stock based comoensation expenses					$ 200		$ 200
Employee Service Share-based Compensation Period for Recognition							1 year 3 months 18 days
Stock-based compensation expense					100	$ 100	$ 200	$ 300
Warrants One [Member]
Warrants issued to purchase common shares	16,930,530		39,100,000	16,930,530
Common shares purchase	8,465,265		19,550,000	8,465,265
Share price				$ 1.35
Warrants Two [Member]
Warrants issued to purchase common shares		39,100,000
Common shares purchase		19,550,000
Share price		$ 1.50
Equity Option [Member]
Unamortized stock based comoensation expenses					900		900
Stock-based compensation expense					$ 200	$ 200	500	700
Options exercised							$ 100	$ 40

Sales And Other Income (Details

Sales And Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Sales And Other Income (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 5,752	$ 0	$ 12,238	$ 19
Revenue percentage			100%	100%
Customer A
Revenues			$ 6,447	$ 0
Revenue percentage			52.70%	0%
U3O8 sales
Revenues			$ 11,887	$ 0
Revenue percentage			97.20%	0%
Disposal fees
Revenues			$ 351	$ 19
Revenue percentage			2.80%	100%
Customer B
Revenues			$ 5,440	$ 0
Revenue percentage			44.50%	0%

Sales And Other Income (Detai_2

Sales And Other Income (Details Narrative) $ in Millions	1 Months Ended
Sales And Other Income (Details Narrative) $ in Millions	Mar. 31, 2022 USD ($)
Strata Energy Lance Uranium [Member]
Royalty interest	$ 1.3

Cost of Sales (Details)

Cost of Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Cost of Sales (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cost of Sales
Cost Of Product Sale	$ 2,523	$ 0	$ 6,152	$ 0
Lower Of Cost Or NRV Adjustments	2,332	1,655	8,158	5,039
Cost Of Sales	$ 4,855	$ 1,655	$ 14,310	$ 5,039

Operating Costs (Details)

Operating Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Operating Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Costs
Exploration And Evaluation	$ 512	$ 422	$ 1,687	$ 1,421
Development	9,339	1,188	13,577	3,137
General And Administration	1,314	1,186	4,738	4,771
Accretion	124	114	371	339
Operating Costs	$ 11,289	$ 2,910	$ 20,373	$ 9,668

Financial instruments (Details

Financial instruments (Details Narrative) - Sep. 30, 2023 $ in Millions, $ in Millions	USD ($)	CAD ($)
Cash secured by FDIC	$ 0.6
Foreign currency		$ 2.4
Accounts payable and accrued liabilities	3.3
Notes payable	5.6
Cash and Cash equivalents	54.6
US Federal Deposit Insurance Corporation [Member]
Credit risk	$ 68.1

Supplemental Information for _2

Supplemental Information for Statement of Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Supplemental Information for Statement of Cash Flows
Cash And Cash Equivalents	$ 54,627	$ 33,003	$ 39,920
Restricted Cash	8,434		8,065
Total	$ 63,061	$ 41,140	$ 47,985	$ 54,155

Supplemental Information for _3

Supplemental Information for Statement of Cash Flows (Details Narrative) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental Information for Statement of Cash Flows
Interest Expense	$ 0.4	$ 0.5