Debt |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Convertible Promissory Note On February 14, 2023, the Company issued a secured convertible promissory note (the “Note”) in connection with the Alta Mesa asset acquisition. The principal value of the Note was $60,000, and the Note was secured by certain assets of the Company pursuant to the terms of a Pledge Agreement, a Security Agreement, and a Guaranty Agreement between the parties. The principal portion of the Note was convertible at any time and at the option of the holder into common shares of the Company at a conversion price of $2.91 per share until maturity and bore interest at a rate of 8.0% per annum. The premium related to the conversion was determined to be $3,813, which was recognized in equity as part of additional paid in capital. The remainder of the proceeds of $56,187 was allocated to the debt component of the Note. The debt component was accreted to the principal balance over its estimated life. The Company incurred accretion expense of $64 for the six months ended June 30, 2024. The Company did not incur interest expense during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company incurred interest expense of $218. In February 2024, the debt was converted to equity by the issuance of 6,872,143 common shares to the debt holder. Note Payable - Related Party On December 5, 2023, the Company, through a subsidiary, entered into a loan agreement (the “Uranium Loan”) with Boss to borrow up to 200,000 pounds of uranium from Boss. The Uranium Loan initially bore interest of 9% per annum and was repayable in 12 months in cash or uranium at the election of Boss. Boss is considered a related party given its minority ownership of the Alta Mesa JV. On February 21, 2025, the Company, through a subsidiary, amended the Uranium Loan effective February 26, 2025, to revise the schedule of repayment of the loaned uranium and to update the redelivery and repayment methods. On June 27, 2025, the Company and Boss amended the Uranium Loan to extend the repayment date one week to July 3, 2025. Subsequent to June 30, 2025, the Company and Boss entered into a Fourth Amendment and Addendum to Uranium Loan Agreement (“Fourth Amendment”) to, among other things, extend the loan repayment date of the Uranium Loan to December 27, 2025, increase the interest rate to 10% per annum and provide for a cash facility of $3,600. The principal of the note payable as of June 30, 2025, was $10,054. During the three months ended June 30, 2025, and 2024, the Company incurred interest expense of $240 and $445, respectively. During the six months ended June 30, 2025, and 2024, the Company incurred interest expense of $586 and $626, respectively.
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