v3.26.3
REPORTABLE SEGMENTS
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Reportable Segments REPORTABLE SEGMENTS
The Company’s operations are located in the U.S., Brazil, Kenya, Madagascar, Australia and South Korea 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 the exploration, permitting, development, extraction and recovery of uranium through conventional and ISR of uranium properties in the U.S. and recycling of uranium-bearing materials generated by third parties. The Company sells U3O8 to customers for further processing into fuel for nuclear reactors. 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 focused on full REE separation capabilities at the Mill to produce both “light” and “heavy” separated REE oxides, as well as rare earth metal and alloy making at the KMP. The REE segment also includes the development of the Dubbo Project.
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 investment in the Donald Project JV. The HMS segment is also engaged in the reclamation of the Kwale Project.
Reportable Segments Financial Information
The summarized operating results of the Company’s reportable segments are as follows:
Three Months Ended September 30, 2026
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$28,744 $436 $— $— $29,180 
Operating costs and expenses:
Costs applicable to revenues10,893 411 — — 11,304 
Exploration, development and processing(2)(3)
7,837 1,986 1,984 — 11,807 
Standby(3)
3,088 — — — 3,088 
Accretion of asset retirement obligations402 6 171 — 579 
Selling, general and administrative(2)
2,755 4,740 7,630 — 15,125 
Share-based compensation969 1,327 1,264 — 3,560 
Transactions and integration related costs— — — 9,030 9,030 
Total operating costs and expenses25,944 8,470 11,049 9,030 54,493 
Operating income (loss)$2,800 $(8,034)$(11,049)$(9,030)$(25,313)
(1)    Corporate expenses that are not directly attributable to the uranium, REE or HMS segments are evaluated on a consolidated basis.
(2)    Excludes share-based compensation.
(3)    Includes depreciation, depletion and amortization expense of $1.17 million, $0.90 million and $0.12 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 September 30, 2025
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$17,710 $— $— $17,710 
Operating costs and expenses:
Costs applicable to revenues12,784 — — 12,784 
Exploration, development and processing(1)(2)
7,406 880 4,160 12,446 
Standby(2)
2,525 — — 2,525 
Accretion of asset retirement obligations364 — 323 687 
Selling, general and administrative(1)
2,591 3,333 6,710 12,634 
Share-based compensation800 823 1,677 3,300 
Total operating costs and expenses26,470 5,036 12,870 44,376 
Operating loss$(8,760)$(5,036)$(12,870)$(26,666)
(1)    Excludes share-based compensation.
(2)    Includes depreciation, depletion and amortization expense of $0.72 million, $0.62 million and $0.05 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.
Nine Months Ended September 30, 2026
RareHeavy
EarthMineralConsolidated
UraniumElementsSands
Unallocated(1)
Total
Revenues$89,690 $436 $— $— $90,126 
Operating costs and expenses:
Costs applicable to revenues43,058 411 — — 43,469 
Exploration, development and processing(2)(3)
20,365 3,070 4,581 — 28,016 
Standby(2)
9,296 — — — 9,296 
Accretion of asset retirement obligations1,173 6 3,708 — 4,887 
Selling, general and administrative(2)
8,957 13,431 22,029 — 44,417 
Share-based compensation3,323 3,959 3,430 — 10,712 
Transactions and integration related costs— — — 22,145 22,145 
Total operating costs and expenses86,172 20,877 33,748 22,145 162,942 
Operating income (loss)$3,518 $(20,441)$(33,748)$(22,145)$(72,816)
(1)    Corporate expenses that are not directly attributable to the uranium, REE or HMS segments are evaluated on a consolidated basis.
(2)    Excludes share-based compensation.
(3)    Includes depreciation, depletion and amortization expense of $2.72 million, $2.26 million and $0.31 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.
Nine Months Ended September 30, 2025
RareHeavy
EarthMineralConsolidated
UraniumElementsSandsTotal
Revenues$22,999 $— $15,821 $38,820 
Operating costs and expenses:
Costs applicable to revenues15,443 — 19,120 34,563 
Exploration, development and processing(1)(2)
17,331 1,897 8,739 27,967 
Standby(2)
6,172 — — 6,172 
Accretion of asset retirement obligations1,066 — 1,556 2,622 
Selling, general and administrative(1)
9,785 9,504 18,451 37,740 
Share-based compensation2,207 1,891 4,692 8,790 
Total operating costs and expenses52,004 13,292 52,558 117,854 
Operating loss$(29,005)$(13,292)$(36,737)$(79,034)
(1)    Excludes share-based compensation.
(2)    Includes depreciation, depletion and amortization expense of $2.13 million, $1.72 million and $0.15 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.