These unaudited interim condensed consolidated financial statements do not conform in all respects to the requirements of accounting principles generally accepted in the United States of America (“US GAAP”) for annual financial statements. These unaudited interim condensed consolidated financial statements reflect all the normal and recurring adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented and contain sufficient disclosures so as to make the interim condensed consolidated financial statement not misleading. 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, 2025. 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 reportable segment. Our determination that we operate as a single segment is consistent with the financial information as presented in the consolidated statements of operations and comprehensive loss, which is regularly reviewed by the chief operating decision maker (CODM), considered to be the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Vice President Finance, 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 U.S., and all of the Company’s long-lived assets are within the U.S. As the Company operates as a single reportable segment, segment assets represent total assets as presented in the consolidated balance sheets. Significant expenses reviewed by the CODM are consistent with the presentation of expenses in the Company’s consolidated statements of operations and comprehensive loss, note 19, and note 20, as shown in the following table.


	Three Months Ended		Six Months Ended
	June 30,		June 30,
Single Reportable Segment	2026	2025	2026	2025

U₃O₈ sales	14,373	10,428	18,277	10,428
Disposal fees	—	7	27	7
Sales	14,373	10,435	18,304	10,435

U₃O₈ product costs	12,325	8,397	15,012	8,397
Lower of cost or NRV adjustments	154	98	154	2,696
Cost of sales	12,479	8,495	15,166	11,093

Gross profit (loss)	1,894	1,940	3,138	(658)

Exploration and evaluation	1,191	1,161	3,470	2,205
Development	15,940	14,062	30,886	23,805
General and administration	2,711	2,199	6,634	4,372
Accretion of asset retirement obligations	488	281	917	558
Operating costs	20,330	17,703	41,907	30,940

Operating profit (loss)	(18,436)	(15,763)	(38,769)	(31,598)

Interest income	1,029	701	1,794	1,568
Interest expense	(2,760)	(290)	(5,706)	(556)
Mark to market gain (loss)	4,797	(5,622)	(1,566)	(1,312)
Foreign exchange gain (loss)	(1,357)	(24)	(1,996)	(24)
Other income (loss)	35	42	776	68
Net income (loss)	(16,692)	(20,956)	(45,467)	(31,854)

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 June 30, 2026 and December 31, 2025 include cash, trade receivables, lease receivables, restricted cash, accounts payable and accrued liabilities, and lease liabilities. These financial assets and liabilities are carried at cost, which approximate fair value due to their short-term maturities. Long-term debt is also carried at cost in the consolidated balance sheets. Financial instruments, including the capped call derivative, marketable securities, conversion option derivative, inventory derivative obligation, warrant liabilities, and stock option liabilities are adjusted to fair value on a recurring basis. 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 and capital assets. The Company did not record impairment to any non-financial assets in the six months ended June 30, 2026 and 2025, 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 instrument assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:


	Fair Value Hierarchy as of June 30, 2026				Fair Value Hierarchy as of December 31, 2025
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Financial instrument assets
Cash equivalents	84,078	—	—	84,078	2,938	—	—	2,938
Marketable securities	342	—	—	342	—	—	—	—
Restricted cash equivalents	12,904	—	—	12,904	11,472	—	—	11,472
Capped call derivative	—	13,865	—	13,865	—	15,108	—	15,108
	97,324	13,865	—	111,189	14,410	15,108	—	29,518

Financial instrument liabilities
Inventory derivative obligation (net)	—	17,500	—	17,500	—	16,638	—	16,638
Warrant liability	—	—	—	—	—	1,541	—	1,541
Stock option liabilities	—	1,447	—	1,447	—	1,346	—	1,346
Conversion option derivative	—	—	48,618	48,618	—	—	52,258	52,258
	—	18,947	48,618	67,565	—	19,525	52,258	71,783