These unaudited interim condensed 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 unaudited interim condensed consolidated financial statements reflect all the normal adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024. 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.

We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. The Company operates as a single operating segment. Our determination that we operate as a single segment is consistent with the financial information as presented in the Consolidated Statement of Operations, which is regularly reviewed by the chief operating decision maker (CODM), considered to be the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and General Counsel, for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Our CODM allocates resources and assesses financial performance on a consolidated basis with consideration given to key financial metrics, including gross loss, operating loss, and net loss. All revenues are earned within the United States, and all of the Company’s long-lived assets are within the United States. As the Company operates as a single operating segment, segment assets represent total assets as presented in the consolidated balance sheet. Significant expenses reviewed by the CODM are consistent with the presentation of expenses in the Company’s consolidated statement of operations and comprehensive loss, note 17, and note 18, as shown in the following table.


	Three Months Ended
	March 31,
Single Operating Segment	2025	2024

U₃O₈ sales	—	—
Disposal fees	—	—
Sales	—	—

Lost Creek product costs	—	—
Lower of cost or NRV adjustments	2,598	1,139
Cost of sales	2,598	1,139

Gross profit (loss)	(2,598)	(1,139)

Exploration and evaluation	1,044	903
Development	9,743	11,552
General and administration	2,173	2,569
Accretion	277	121
Operating costs	13,237	15,145

Operating profit (loss)	(15,835)	(16,284)

Interest income	867	619
Interest expense	(266)	(131)
Mark to market gain (loss)	4,310	(2,756)
Foreign exchange gain (loss)	—	12
Other income (loss)	26	(1)
Net income (loss)	(10,898)	(18,541)

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company follows ASC 820 for measuring the fair value of financial assets and liabilities. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined below:

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The Company's financial assets and liabilities as of March 31, 2025 and December 31, 2024 include cash, trade receivables, lease receivables, restricted cash, accounts payable and accrued liabilities, lease liabilities, and notes payable. The financial assets and liabilities are carried at cost, which approximate fair value due to their short-term maturities. Financial instruments, including cash equivalents, restricted cash equivalents, the inventory derivative obligation, and warrant liabilities are adjusted to fair value on a recurring basis as described in the preceding “Classification of financial instruments.”

The Company has certain non-financial assets that are measured at fair value on a non-recurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. These assets include mineral properties. The Company did not record impairment to any non-financial assets in the three months ended March 31, and does not have any non-financial liabilities measured and recorded at fair value on a non-recurring basis.

The following table sets forth the estimated fair value hierarchies of the Company’s financial assets and liabilities as of March 31, 2025 and December 31, 2024:


	Fair Value Hierarchy as of March 31, 2025				Fair Value Hierarchy as of December 31, 2024
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Financial assets
Cash	16,867	—	—	16,867	10,959	—	—	10,959
Trade receivables	—	—	—	—	16,511	—	—	16,511
Leases receivable	2,576	—	—	2,576	1,481	—	—	1,481
Restricted cash	12	—	—	12	12	—	—	12
	19,455	—	—	19,455	28,963	—	—	28,963

Financial liabilities
Accounts payable and accrued liabilities	7,940	—	—	7,940	4,474	—	—	4,474
Financing lease liabilities	1,447	—	—	1,447	1,240	—	—	1,240
	9,387	—	—	9,387	5,714	—	—	5,714

The following table sets forth the estimated fair value hierarchies of the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


	Fair Value Hierarchy as of March 31, 2025				Fair Value Hierarchy as of December 31, 2024
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Financial instrument assets
Cash equivalents	57,981	—	—	57,981	65,096	—	—	65,096
Restricted cash equivalents	11,127	—	—	11,127	11,011	—	—	11,011
	69,108	—	—	69,108	76,107	—	—	76,107

Financial instrument liabilities
Inventory derivative obligation (net)	—	12,308	—	12,308	—	14,408	—	14,408
Warrant liability	—	324	—	324	—	2,529	—	2,529
	—	12,632	—	12,632	—	16,937	—	16,937