v3.26.1
REPORTABLE SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reportable Segments REPORTABLE SEGMENTS
The Company’s operations are located in the U.S., Brazil, Kenya, Madagascar and Australia and are organized into three reportable segments: (i) uranium, (ii) REEs and (iii) HMS. These segments are monitored separately for performance and are consistent with internal financial reporting. Each segment has been identified based on the differing products and services, regulatory environment, and the expertise required for these distinct operations with the objective of providing information about the different types of business activities in which the Company engages and the different economic environments in which it operates to help the users of the financial statements better understand performance, better assess future net cash flows, and make more informed judgments about the Company as a whole. The CODM is the Chief Executive Officer and President. The CODM evaluates the performance of the Company’s reportable segments based on operating income (loss). Accounting policies for each segment are the same as the Company’s accounting policies described in Note 2 — Summary of Significant Accounting Policies to the consolidated financial statements.
Summary of Reportable Segments
Uranium
The uranium segment engages in conventional and in situ recovery uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium-bearing materials generated by third parties along with the exploration, permitting and evaluation of uranium properties in the U.S. As part of these activities, the Company also acquires, explores, evaluates and, if warranted, permits uranium properties. The Company’s final uranium product is U3O8, which is sold to customers for further processing into fuel for nuclear reactors generating carbon emission-free energy. The Company also produces vanadium pentoxide, V2O5, as a co-product of uranium at the Mill, as market conditions warrant. The Company is also exploring opportunities to separate radium-226 and radium-228 as other products from uranium process streams from its existing mines.
Rare Earth Elements
The REE segment is engaged in the Company’s initiatives to progress towards full REE separation capabilities at the Mill to produce both “light” and “heavy” separated REE oxides in the coming years.
Heavy Mineral Sands
The HMS segment is engaged in the permitting, exploration, development and recovery of HMS, which includes ilmenite, rutile, zircon and monazite, at the Vara Mada Project, the Bahia Project, and the Company’s equity method investments in the Donald Project JV and Tate. The HMS segment is also engaged in the reclamation of the Kwale Project, which ceased mining operations at the end of 2024.
Reportable Segments Financial Information
The summarized operating results of the Company’s reportable segments are as follows:
Three Months Ended March 31, 2026
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$35,838 $— $— $— $35,838 
Operating costs and expenses:
Costs applicable to revenues21,475 — — — 21,475 
Exploration, development and processing (excluding share-based compensation)(2)
6,290 540 1,264 — 8,094 
Standby(2)
3,336 — — — 3,336 
Accretion of asset retirement obligations380 — 217 — 597 
Selling, general and administrative (excluding share-based compensation)2,715 3,954 6,701 — 13,370 
Share-based compensation1,195 1,375 941 — 3,511 
Transaction and integration related costs— — — 2,383 2,383 
Total operating costs and expenses35,391 5,869 9,123 2,383 52,766 
Operating income (loss)$447 $(5,869)$(9,123)$(2,383)$(16,928)
(1)    Corporate expenses that are not directly attributable to the uranium, REE or HMS segments and are evaluated on a consolidated basis.
(2)    Includes depreciation, depletion and amortization expense of $0.75 million, $0.60 million and $0.08 million related to the uranium, REE and HMS segments, respectively. Depreciation, depletion and amortization expense is included in Exploration, development and processing and Standby on the unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss.
Three Months Ended March 31, 2025
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$1,355 $— $15,543 $16,898 
Operating costs and expenses:
Costs applicable to revenues— — 18,124 18,124 
Exploration, development and processing (excluding share-based compensation)(1)
5,196 — 1,250 6,446 
Standby(1)
1,867 — — 1,867 
Accretion of asset retirement obligations346 — 727 1,073 
Selling, general and administrative (excluding share-based compensation)4,659 3,111 5,206 12,976 
Share-based compensation888 504 1,213 2,605 
Total operating costs and expenses12,956 3,615 26,520 43,091 
Operating loss$(11,601)$(3,615)$(10,977)$(26,193)
(1) Includes depreciation, depletion and amortization expense of $0.48 million, $0.71 million and $0.09 million related to the uranium, REE and HMS segments, respectively. Depreciation, depletion and amortization expense is included in Exploration, development and processing and Standby on the unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss.