1 unchanged sentence
URANIUM ENERGY CORP.
−Removed: CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: FOR THE three and nine months ended April 30, 2024
+Added: INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: FOR THE three months ended October 31, 2024
(Unaudited – Expressed in thousands of U.S.
1 unchanged sentence
URANIUM ENERGY CORP.
−Removed: CONDENSED CONSOLIDATED BALANCE SHEETS
+Added: INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited – Expressed in thousands of U.S.
−Removed: April 30, 2024
+Added: October 31, 2024
July 31, 2024
5 unchanged sentences
Other current assets
+Added: Investment in equity securities
TOTAL CURRENT ASSETS
24 unchanged sentences
OTHER NON-CURRENT LIABILITIES
−Removed: DERIVATIVE LIABILITIES
DEFERRED TAX LIABILITIES
17 unchanged sentences
SUBSEQUENT EVENTS
−Removed: The accompanying notes are an integral part of these condensed consolidated financial statements.
+Added: The accompanying notes are an integral part of these interim condensed consolidated financial statements.
URANIUM ENERGY CORP.
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
+Added: INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited – Expressed in thousands of U.S.
1 unchanged sentence
Three Months Ended
−Removed: Nine Months Ended
SALES AND SERVICE REVENUE
5 unchanged sentences
TOTAL OPERATING COSTS
−Removed: (LOSS) INCOME FROM OPERATIONS
−Removed: OTHER (EXPENSES) INCOME
+Added: LOSS FROM OPERATIONS
+Added: OTHER INCOME (EXPENSES)
Interest expenses and finance costs
Income (loss) from equity-accounted investments
−Removed: (Loss) gain on disposition of assets
−Removed: (Loss) gain on revaluation of equity securities
+Added: Gain on disposition of assets
+Added: Fair value gain (loss) on equity securities
Gain (loss) on revaluation of derivative liabilities
−Removed: Gain on settlement of liabilities
+Added: Interest income
OTHER INCOME (EXPENSES)
−Removed: OTHER (EXPENSES) INCOME
−Removed: LOSS BEFORE INCOME TAXES
+Added: INCOME (LOSS) BEFORE INCOME TAXES
DEFERRED TAX RECOVERY
−Removed: NET LOSS FOR THE PERIOD
+Added: NET INCOME (LOSS) FOR THE PERIOD
OTHER COMPREHENSIVE LOSS
2 unchanged sentences
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
−Removed: NET LOSS PER SHARE
+Added: NET INCOME (LOSS) PER SHARE
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING,
−Removed: The accompanying notes are an integral part of these condensed consolidated financial statements.
+Added: The accompanying notes are an integral part of these interim condensed consolidated financial statements.
URANIUM ENERGY CORP.
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
+Added: INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited – Expressed in thousands of U.S.
−Removed: Nine Months Ended April 30,
−Removed: NET CASH PROVIDED BY (USED IN):
+Added: Three Months Ended October 31,
OPERATING ACTIVITIES
−Removed: Net loss for the period
−Removed: Adjustments to reconcile net loss to cash flows in operating activities
+Added: Net income (loss) for the period
+Added: Adjustments to reconcile net income (loss) to cash flows in operating activities
Stock-based compensation
Depreciation, amortization and accretion
−Removed: (Income) loss from equity-accounted investment
−Removed: Loss (gain) on disposition of assets
+Added: (Income) loss from equity-accounted investments
+Added: Gain on disposition of assets
(Gain) loss on revaluation of equity securities
−Removed: Loss (gain) on revaluation of derivative liabilities
+Added: (Gain) loss on revaluation of derivative liabilities
Deferred tax recovery
−Removed: Gain on settlement of liabilities
Changes in operating assets and liabilities
3 unchanged sentences
Other liabilities
−Removed: NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
+Added: NET CASH USED IN OPERATING ACTIVITIES
FINANCING ACTIVITIES
Proceeds from share issuances, net of issuance costs
−Removed: Repayments of other loans
−Removed: Cash paid for withholding amounts on option exercise
+Added: Payments for withholding of employee taxes related to options, RSUs and PRSUs
NET CASH PROVIDED BY FINANCING ACTIVITIES
INVESTING ACTIVITIES
−Removed: Acquisition of UEX, net of cash acquired
−Removed: Acquisition of Roughrider
Investment in mineral rights and properties
5 unchanged sentences
Proceeds from disposition of assets
−Removed: NET CASH USED IN INVESTING ACTIVITIES
+Added: NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
2 unchanged sentences
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
−Removed: The accompanying notes are an integral part of these condensed consolidated financial statements.
+Added: The accompanying notes are an integral part of these interim condensed consolidated financial statements.
URANIUM ENERGY CORP.
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS ’ EQUITY
+Added: INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS ’ EQUITY
(Unaudited - Expressed in thousands of U.S.
1 unchanged sentence
Additional Paid-in Capital
−Removed: Share Issuance Obligation
Accumulated Deficit
−Removed: Accumulated Other Comprehensive (Loss) Income
+Added: Accumulated Other Comprehensive Loss
Stockholders’ Equity
2 unchanged sentences
Issued upon exercise of stock options
−Removed: Stock-based compensation
−Removed: Amortization of stock-based compensation
−Removed: Net income for the period
−Removed: Other comprehensive loss
−Removed: Balance, October 31, 2023
−Removed: Issued under ATM offering, net of issuance costs
−Removed: Issued upon exercise of stock options
Issued upon exercise of warrants
Stock-based compensation
−Removed: Amortization of stock-based compensation
−Removed: Net income for the period
−Removed: Other comprehensive income
−Removed: Balance, January 31, 2024
−Removed: Issued under ATM offering, net of issuance costs
−Removed: Issued upon exercise of stock options
−Removed: Issued upon exercise of warrants
−Removed: Stock-based compensation
+Added: Common stock issued for consulting services
Amortization of stock-based compensation
1 unchanged sentence
Other comprehensive loss
−Removed: Balance, April 30, 2024
−Removed: The accompanying notes are an integral part of these condensed consolidated financial statements.
+Added: Balance, October 31, 2024
+Added: The accompanying notes are an integral part of these interim condensed consolidated financial statements.
URANIUM ENERGY CORP.
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS ’ EQUITY
+Added: INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS ’ EQUITY
(Unaudited - Expressed in thousands of U.S.
1 unchanged sentence
Additional Paid-in Capital
−Removed: Share Issuance Obligation
Accumulated Deficit
−Removed: Accumulated Other Comprehensive (Loss) Income
+Added: Accumulated Other Comprehensive Loss
Stockholders’ Equity
Balance, July 31, 2023
−Removed: Issued for acquisition of UEX and Roughrider
Issued under ATM offerings, net of issuance costs
Issued upon exercise of stock options
−Removed: Issued upon exercise of warrants
Stock-based compensation
−Removed: Common stock issued for consulting services
−Removed: Common stock issued under Stock Incentive Plan
Amortization of stock-based compensation
−Removed: Replacement options issued for acquisition of UEX
−Removed: Net loss for the period
−Removed: Other comprehensive loss
−Removed: Balance, October 31, 2022
−Removed: Issued under ATM offering, net of issuance costs
−Removed: Issued upon exercise of stock options
−Removed: Issued upon exercise of warrants
−Removed: Stock-based compensation
−Removed: Common stock issued for consulting services
−Removed: Common stock issued under Stock Incentive Plan
−Removed: Amortization of stock-based compensation
Net income for the period
−Removed: Other comprehensive income
−Removed: Balance, January 31, 2023
−Removed: Issued under ATM offering, net of issuance costs
−Removed: Issued upon exercise of stock options
−Removed: Issued upon exercise of warrants
−Removed: Stock-based compensation
−Removed: Common stock issued under Stock Incentive Plan
−Removed: Amortization of stock-based compensation
−Removed: Net loss for the period
Other comprehensive loss
−Removed: Balance, April 30, 2023
−Removed: The accompanying notes are an integral part of these condensed consolidated financial statements.
+Added: Balance, October 31, 2023
+Added: The accompanying notes are an integral part of these interim condensed consolidated financial statements.
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
4 unchanged sentences
Uranium Energy Corp.
−Removed: and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium and titanium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates and titanium minerals, on projects located in the United States, Canada and the Republic of Paraguay.
−Removed: As at April 30, 2024 , we had working capital (current assets less current liabilities) of $ 141,162 including cash and cash equivalents of $ 87,726 and purchased uranium inventories of $ 63,019 .
−Removed: We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s uranium inventories, will provide sufficient funds to carry out our planned operations for 12 months from the date that these interim condensed consolidated financial statements are issued.
+Added: and its subsidiary companies and a controlled partnership (collectively, the “Company” or “we”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States, Canada and the Republic of Paraguay.
+Added: As at October 31, 2024 , we had working capital (current assets less current liabilities) of $ 248.49 million including cash and cash equivalents of $ 190.60 million and purchased uranium inventories of $ 64.63 million.
+Added: We believe our existing cash resources and net proceeds of $ 31.04 million received from the issuance of common stock under our at-the-market offering subsequent to October 31, 2024, and if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations including uranium mining and our inventory purchase commitments for 12 months from the date that these interim condensed consolidated financial statements are issued, including a $ 175 million cash acquisition of a portfolio of uranium projects from Rio Tinto America Inc.
+Added: with closing expected to occur during the quarter ending January 31, 2025.
+Added: Upon completion of the acquisition, the Company will replace approximately $ 25 million in surety bonds securing future reclamation costs relating to the project.
Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to achieve consistent positive cash flow from the sale of our uranium inventories and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
9 unchanged sentences
In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation have been made.
−Removed: Operating results for the nine months ended April 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2024 (“Fiscal 2024 ”).
−Removed: Exploration Stage
+Added: Operating results for the three months ended October 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2025 (“Fiscal 2025 ”).
+Added: All amounts in the tables are expressed in thousands of U.S.
+Added: dollars unless otherwise stated.
+Added: Mineral Rights and Properties
We have established the existence of mineralized materials for certain uranium projects, including our Palangana Mine, Christensen Ranch Mine (collectively, the “ISR Mines”) and our Roughrider and Christie Lake Projects.
3 unchanged sentences
Since we commenced extraction of mineralized materials at our ISR Mines without having established proven or probable reserves, any mineralized materials established or extracted from our ISR Mines should not in any way be associated with having established or produced from proven or probable reserves.
−Removed: URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
−Removed: (Unaudited – Expressed in thousands of U.S.
−Removed: dollars unless otherwise stated)
In accordance with U.S.
3 unchanged sentences
Companies in the Production Stage, as defined by the SEC, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold.
−Removed: We are in the Exploration Stage which has resulted in our Company reporting larger losses than if it had been in the Production Stage due to the expensing, instead of the capitalization of expenditures relating to ongoing mine development activities.
−Removed: Additionally, there would be no corresponding depletion allocated to future reporting periods of our Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we had been in the Production Stage.
−Removed: Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method when the underlying property is converted to the Production Stage.
+Added: We are in the Exploration Stage which has resulted in our Company reporting larger losses than if it would have been in the Production Stage due to the expensing, instead of the capitalization of expenditures relating to ongoing mine development activities.
+Added: Additionally, there would be no corresponding depletion allocated to future reporting periods of our Company since those costs had been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if we would have been in the Production Stage.
+Added: Any capitalized costs, such as acquisition costs of mineral rights, are depleted over the estimated extraction life using the straight-line method.
As a result, our consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.
+Added: URANIUM ENERGY CORP.
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
+Added: (Unaudited – Expressed in thousands of U.S.
+Added: dollars unless otherwise stated)
Accounting Pronouncements Not Yet Adopted
3 unchanged sentences
All disclosure requirements under this ASU are also required for public entities with a single reportable segment.
−Removed: This ASU is effective for the Company’s Annual Report on Form 10 -K for the fiscal year ended July 31, 2025, and subsequent interim periods, with early adoption permitted.
+Added: This ASU is effective for the Company’s Annual Report on Form 10 -K for the fiscal year ending July 31, 2025, and subsequent interim periods, with early adoption permitted.
The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
13 unchanged sentences
The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
−Removed: As at April 30, 2024 , we held 1,166,000 ( July 31, 2023 :
+Added: In November 2024, the FASB issued ASU 2024 - 03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ):
+Added: Disaggregation of Income Statement Expenses.
+Added: This ASU requires public entities to disclose specified information about certain costs and expenses at each interim and annual reporting period, which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization, and expenses related to oil and gas activities.
+Added: This ASU will be effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted.
+Added: The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
+Added: As at October 31, 2024 , we held 1,256,000 ( July 31, 2024 :
1,466,000 ) pounds of purchased uranium concentrate inventory.
Costs of inventories consist of the following:
−Removed: April 30, 2024
+Added: October 31, 2024
July 31, 2024
Material and supplies
+Added: In-process inventory
Uranium concentrates from extraction
1 unchanged sentence
64,634 75,440
−Removed: As of April 30, 2024 , our uranium inventory purchase commitments for the next five fiscal years are as the follows:
+Added: $ 66,074 $ 75,833
+Added: As of October 31, 2024 , our uranium inventory purchase commitments for the next five fiscal years are as the follows:
Purchase Commitments
3 unchanged sentences
700,000 $ 27,164
−Removed: 1,000,000 $ 39,095
+Added: As of October 31, 2024, we were committed to sell 600,000 pounds of uranium inventory in the amount of $ 49.75 million for delivery between November 2024 to January 2025.
+Added: Subsequent to October 31, 2024 :
+Added: a) we sold 500,000 pounds of uranium inventory for $ 41.40 million at a weighted average price of $ 82.80 per pound;
+Added: b) we entered into contracts to purchase 300,000 pounds of uranium inventory in the amount of $ 23.43 million at a weighted average price of $ 78.08 per pound, with delivery in December 2024.
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
2 unchanged sentences
Mineral Rights
−Removed: As at April 30, 2024 , we own mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay.
−Removed: These mineral rights were acquired through staking, purchase or lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium or titanium.
−Removed: As of April 30, 2024 , annual maintenance payments of approximately $ 4,818 will be required to maintain these mineral rights.
−Removed: As at April 30, 2024 , the carrying value of our mineral rights and properties were as follows:
+Added: As at October 31, 2024 , we own mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay.
+Added: These mineral rights were acquired through staking, purchase or lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium.
+Added: As of October 31, 2024 , annual maintenance payments of approximately $ 5.93 million will be required to maintain these mineral rights.
+Added: As at October 31, 2024 , the carrying value of our mineral rights and properties were as follows:
United States
1 unchanged sentence
$ 172,540 $ 376,523 $ 15,014 $ 564,077
−Removed: 50 1,340 - 1,390
−Removed: Foreign exchange difference
+Added: Impact of foreign currency translation
- ( 1,514 ) - ( 1,514 )
−Removed: Balance, April 30, 2024
+Added: Balance, October 31, 2024
172,654 375,009 15,014 562,677
−Removed: Accumulated Amortization and Impairment
+Added: Accumulated Depletion and Amortization
United States
1 unchanged sentence
( 6,389 ) ( 105 ) - ( 6,494 )
−Removed: Foreign exchange difference
−Removed: Balance, April 30, 2024
( 226 ) - - ( 226 )
+Added: Impact of foreign currency translation
+Added: Balance, October 31, 2024
+Added: ( 6,615 ) ( 104 ) - ( 6,719 )
Carrying Value
1 unchanged sentence
$ 166,151 $ 376,418 $ 15,014 $ 557,583
−Removed: Balance, April 30, 2024
+Added: Balance, October 31, 2024
$ 166,039 $ 374,905 $ 15,014 $ 555,958
+Added: Mineral property expenditures recorded during the period are as follows:
+Added: Three Months Ended October 31,
+Added: Permitting and compliance
+Added: Property maintenance
+Added: Extraction readiness
+Added: $ 13,514 $ 5,686
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consists of the following:
−Removed: April 30, 2024
+Added: October 31, 2024
July 31, 2024
5 unchanged sentences
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
3 unchanged sentences
Restricted cash will be released upon completion of reclamation of a mineral property or restructuring of a surety and collateral arrangement.
−Removed: Restricted cash consisted of the following:
−Removed: April 30, 2024
−Removed: July 31, 2023
−Removed: Balance, beginning of year
−Removed: Balance, end of year
Cash, cash equivalents and restricted cash are included in the following accounts:
−Removed: April 30, 2024
+Added: October 31, 2024
July 31, 2024
6 unchanged sentences
These instruments are maintained at financial institutions in Canada and the U.S.
−Removed: The maximum credit risk of these assets is the carrying amount less amount covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S.
+Added: The maximum credit risk of these assets is the carrying amount less the amount covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S.
Federal Deposit Insurance Corporation, should the financial institutions with which these amounts are invested be rendered insolvent.
−Removed: As of April 30, 2024, approximately $ 73.6 million of our cash equivalents is held in a single financial institution at one of the largest banks in Canada and subject to concentration risk.
−Removed: The Company does not consider any of its financial assets to be impaired as of April 30, 2024 .
+Added: As of October 31, 2024, approximately $ 180.0 million of our cash and cash equivalents are held in a single financial institution at one of the largest banks in Canada and subject to concentration risk.
+Added: The Company does not consider any of its financial assets to be impaired as of October 31, 2024 .
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
1 unchanged sentence
EQUITY-ACCOUNTED INVESTMENTS
−Removed: During the nine months ended April 30, 2024 , we participated in equity financings and acquired an additional 1,930,750 common shares of Uranium Royalty Corp.
−Removed: (“URC”) at a price of $ 2.94 per share for total consideration of $ 5,676 and an additional 1,047,614 common shares of URC at a price of $ 3.40 per share for total consideration of $ 3,562 .
−Removed: As at April 30, 2024 , we owned 17,978,364 shares of URC, representing a 14.9 % ( July 31, 2023 :
+Added: As at October 31, 2024 , we owned 17,978,364 shares of Uranium Royalty Corp.
+Added: ("URC"), representing a 14.4 % ( July 31, 2024 :
14.8 %) interest in URC.
−Removed: In addition, two of our officers are members of URC’s board of directors.
−Removed: Furthermore, one of these officers also holds an executive position within URC.
−Removed: As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and nine months ended April 30, 2024 .
+Added: In addition, two of our executive officers are members of URC’s board of directors.
+Added: Furthermore, one of these executive officers also holds an executive position within URC.
+Added: As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three months ended October 31, 2024 .
Should URC’s outstanding options and warrants be fully exercised, the Company’s ownership interest would decrease from 14.4 % to 13.1 %.
URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”.
−Removed: As at April 30, 2024 , the fair value of our investment in URC was approximately $ 41.2 million ( July 31, 2023 :
−Removed: $ 34.2 million) and the carrying amount of URC was $ 38.7 million ( July 31, 2023 :
+Added: As at October 31, 2024 , the fair value of our investment in URC was approximately $ 49.98 million ( July 31, 2024 :
$ 43.33 million).
−Removed: As at April 30, 2024 , we owned 50 % of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”) acquired through our acquisition of UEX Corporation completed on August 19, 2022 ( the “UEX Acquisition”).
+Added: As at October 31, 2024 , we owned 50 % of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”) acquired through our acquisition of UEX Corporation completed on August 19, 2022 ( the “UEX Acquisition”).
JCU is a private Canadian company engaged in the exploration and development of uranium assets in Canada.
The Company’s 50 % interest in JCU is a joint venture, which is accounted for using the equity method.
−Removed: We incurred $ 11 and $ 54 in exploration expenditures on behalf of JCU for the three and nine months ended April 30, 2024 .
−Removed: As at April 30, 2024 , the amount receivable from JCU totaled $ 3 ( July 31, 2023 :
−Removed: During the nine months ended April 30, 2024 , the changes in carrying value of our equity-accounted investments are summarized as follows:
+Added: We incurred $ 9 in exploration expenditures on behalf of JCU for the three months ended October 31, 2024 .
+Added: As at October 31, 2024 , the amount receivable from JCU totaled $ 5 ( July 31, 2024 :
+Added: During the three months ended October 31, 2024 , the changes in carrying value of our equity-accounted investments are summarized as follows:
+Added: Investment in
Balance, July 31, 2024
−Removed: Addition in URC
−Removed: Capital contribution to JCU
−Removed: Share of income (loss) from URC and JCU
−Removed: Gain on dilution of ownership interest in URC
+Added: $ 34,978 $ 23,831 $ 58,809
+Added: Capital contribution
+Added: Share of loss
+Added: ( 62 ) ( 419 ) ( 481 )
+Added: Gain on dilution of ownership interest
Foreign exchange difference
−Removed: Balance, April 30, 2024
−Removed: For the three and nine months ended April 30, 2024 and 2023 , income (loss) from our equity-accounted investments consisted of the following:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
+Added: ( 253 ) ( 180 ) ( 433 )
+Added: Balance, October 31, 2024
+Added: $ 34,668 $ 23,770 $ 58,438
+Added: For the three months ended October 31, 2024 and 2023 , income (loss) from our equity-accounted investments consisted of the following:
+Added: Three Months Ended October 31,
Share of income (loss)
2 unchanged sentences
$ ( 476 ) $ 1,459
−Removed: $ 3,306 $ ( 900 ) $ 4,958 $ ( 985 )
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
1 unchanged sentence
INVESTMENTS IN EQUITY SECURITIES
−Removed: During the nine months ended April 30, 2024 , the changes in our investments in equity securities are summarized as follows:
+Added: During the three months ended October 31, 2024 , the changes in our investments in equity securities are summarized as follows:
Balance, July 31, 2024
−Removed: Gain on revaluation of equity securities
+Added: Sale of investment in publicly listed companies
+Added: Fair value loss on equity securities
Foreign exchange difference
−Removed: Balance, April 30, 2024
−Removed: The cumulative revaluation adjustment since acquisition of the equity securities held as at April 30, 2024 is a gain of $ 8,555 .
+Added: Balance, October 31, 2024
+Added: The cumulative revaluation adjustment since acquisition of the equity securities held as at October 31, 2024 is a loss of $ 0.54 million.
ASSET RETIREMENT OBLIGATIONS
1 unchanged sentence
Balance, July 31, 2024
−Removed: Liabilities settled in cash
−Removed: Balance, April 30, 2024
+Added: Balance, October 31, 2024
Asset retirement obligations, current
1 unchanged sentence
The estimated amounts and timing of cash flows and assumptions used for ARO estimates are as follows:
−Removed: April 30, 2024
+Added: October 31, 2024
July 31, 2024
10 unchanged sentences
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
3 unchanged sentences
The Replacement Warrants are accounted for as derivative liabilities as the exercise prices of the Replacement Warrants are denominated in Canadian dollars which differs from our functional currency.
−Removed: As at April 30, 2024 , the fair value of the Replacement Warrants was estimated using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:
−Removed: Exercise Price in U.S.
−Removed: 2.45 5 to 3.37 37
−Removed: Exercise Price in Canadian dollars
−Removed: CA$3.22 to CA$4.44
−Removed: Expected Risk Free Interest Rate
−Removed: Expected Volatility
−Removed: Expected Life in Years
−Removed: Expected Dividend Yield
+Added: As at October 31, 2024 , there were no Replacement Warrants outstanding.
The movement in derivative liabilities during the period is as follows:
2 unchanged sentences
Change in fair value during the period
−Removed: Balance, April 30, 2024
−Removed: As at April 30, 2024, the number of Replacement Warrants outstanding was 2,222,298 with an expiry date of September 7, 2024 ( refer to Note 11 ).
−Removed: CAPITAL STOCK
−Removed: Equity Financing
−Removed: On May 17, 2021, we filed a Form S- 3 shelf registration statement under the United States Securities Act of 1933, as amended (the “Securities Act”), which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $ 200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $ 100 million as part of the $ 200 million under the 2021 Shelf.
−Removed: On May 14, 2021, we entered into an at-the-market offering agreement (the “2021 ATM Offering Agreement”) with H.C.
−Removed: Wainwright & Co., LLC and certain co-managers (collectively, the “2021 ATM Managers”) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $ 100 million through the 2021 ATM Managers selected by us.
−Removed: On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the 2021 ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $ 100 million for a total of $ 200 million through the 2021 ATM Managers selected by us (the “November 2021 ATM Offering”;
−Removed: and, collectively, with the May 2021 ATM Offering, the “2021 ATM Offering”).
−Removed: On November 16, 2022, we filed a Form S- 3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “2022 ATM Offering”;
−Removed: and, collectively, with the 2021 ATM Offering, the “ATM Offerings”) covering the offering, issuance and sale of up to a maximum offering of $ 300 million under the 2022 Shelf.
+Added: Balance, October 31, 2024
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
dollars unless otherwise stated)
+Added: CAPITAL STOCK
+Added: Equity Financing
+Added: On November 16, 2022, we filed a Form S- 3 automatic shelf registration statement under the United States Securities Act of 1933, as amended (the “Securities Act”), which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $ 300 million under the 2022 Shelf.
On November 16, 2022, we also entered into an at-the-market offering agreement (the “ATM Offering Agreement”) with H.C.
Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”) as set forth in the ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $ 300 million through the ATM Managers selected by us.
−Removed: During the three and nine months ended April 30, 2024 , we issued 3,396,370 and 24,584,399 shares of the Company’s common stock under the ATM Offerings for net cash proceeds of $ 25,542 and $ 155,050 , respectively.
−Removed: Subsequent to April 30, 2024 , we issued a further 1,791,300 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $ 12,824 .
+Added: During the three months ended October 31, 2023 , we issued 10,770,000 of the Company’s common stock under the ATM Offering for gross cash proceeds of $ 57.57 million.
+Added: The total issuance costs were $ 1.30 million, all of which were related to compensation paid to the ATM Managers.
+Added: During the three months ended October 31, 2024 , we issued 7,595,626 of the Company’s common stock under the ATM Offering for gross cash proceeds of $ 62.64 million.
+Added: The total issuance costs were $ 1.41 million, all of which were related to compensation paid to the ATM Managers.
+Added: Subsequent to October 31, 2024, we issued 3,920,749 of the Company’s common stock under the ATM Offering for gross cash proceeds of $ 31.76 million.
+Added: The total issuance costs were $ 0.71 million, all of which were related to compensation paid to the ATM Managers.
Share Purchase Warrants
−Removed: A continuity schedule of our outstanding share purchase warrants for the three and nine months ended April 30, 2024 , is as follows:
+Added: A continuity schedule of our outstanding share purchase warrants for the three months ended October 31, 2024 , is as follows:
Weighted Average
3 unchanged sentences
( 1,065,899 ) 3.21
−Removed: Balance, April 30, 2024
( 40,329 ) 2.35
−Removed: A summary of our share purchase warrants outstanding and exercisable as of April 30, 2024 , is as follows:
+Added: Balance, October 31, 2024
+Added: 159,091 $ 4.13
+Added: A summary of our share purchase warrants outstanding and exercisable as of October 31, 2024 , is as follows:
Weighted Average Remaining
1 unchanged sentence
Exercise Price
−Removed: $ 3.32 2,222,298 0.36 September 7, 2024
4.13 159,091 1.43 April 5, 2026
−Removed: $ 3.38 2,404,116 0.48
−Removed: During the three and nine months ended April 30, 2024 , we received cash proceeds of $ 3,771 and $ 4,508 , respectively, from the exercise of share purchase warrants.
−Removed: Subsequent to April 30, 2024 , 39,393 warrants with an expiry date of September 7, 2024 were exercised and proceeds of $ 93 were received.
+Added: During the three months ended October 31, 2024 , we received cash proceeds totaling $ 3.39 million from the exercise of share purchase warrants ( three months ended October 31, 2023:
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
2 unchanged sentences
Stock Options
−Removed: A continuity schedule of our outstanding stock options for the three and nine months ended April 30, 2024 , is as follows:
+Added: A continuity schedule of our outstanding stock options for the three months ended October 31, 2024 , is as follows:
Number of Stock
6 unchanged sentences
( 12,062 ) 4.32
−Removed: ( 27,000 ) 3.69
Balance, October 31, 2024
4,942,317 2.67
−Removed: ( 878,503 ) 1.45
−Removed: Balance, January 31, 2024
−Removed: 6,649,539 2.01
−Removed: ( 406,411 ) 1.61
−Removed: Cancelled/Forfeited
−Removed: ( 8,600 ) 3.45
−Removed: ( 25,000 ) 1.44
−Removed: Balance, April 30, 2024
−Removed: 6,249,671 2.07
The table below sets forth the number of shares issued and cash received upon exercise of our stock options:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
−Removed: Number of Options Exercised on Cash Basis
+Added: Three Months Ended October 31,
+Added: Number of Options Exercised on a Cash Basis
46,275 189,250
−Removed: Number of Options Exercised on Forfeiture Basis
+Added: Number of Options Exercised on a Non-Cash Basis
127,100 418,932
1 unchanged sentence
173,375 608,182
−Removed: Number of Shares Issued on Cash Exercise
+Added: Number of Shares Issued on a Cash Basis
46,275 189,250
−Removed: Number of Shares Issued on Forfeiture Basis
+Added: Number of Shares Issued on a Non-Cash Basis
74,762 256,611
2 unchanged sentences
Cash Received from Exercise of Stock Options
−Removed: $ 281 $ - $ 681 $ 206
Total Intrinsic Value of Options Exercised
1 unchanged sentence
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
dollars unless otherwise stated)
−Removed: A continuity schedule of our outstanding unvested stock options as of April 30, 2024 , and the changes during the period, is as follows:
+Added: A continuity schedule of our outstanding unvested stock options as of October 31, 2024 , and the changes during the period, is as follows:
Number of Unvested Stock Options
7 unchanged sentences
1,012,016 $ 2.83
−Removed: ( 429,513 ) 2.39
−Removed: Balance, January 31, 2024
−Removed: 1,255,890 2.28
−Removed: Cancelled/Forfeited
−Removed: ( 8,600 ) 2.27
−Removed: ( 29,687 ) 2.29
−Removed: Balance, April 30, 2024
−Removed: 1,257,746 2.35
−Removed: For the nine months ended April 30, 2024 , the fair value of the stock options granted was estimated using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:
+Added: During the three months ended October 31, 2024, we granted stock options under our 2024 Stock Incentive Plan (the “Stock Incentive Plan”) to one of our officers to purchase an aggregate of 24,415 shares of the Company which are subject to a 24 -month vesting provision whereby, at the end of each of the first 3 and 6 months after the grant date, 12.5 % of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date, 25 % of the total stock options become exercisable.
+Added: For the three months ended October 31, 2024 , the fair value of the stock options granted was $ 4.09 per share and it was estimated at the date of grant using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:
Exercise Price
−Removed: 4.72 2 to 7.63 63
Expected Risk Free Interest Rate
−Removed: 3.99 % to 4.67 %
Expected Volatility
−Removed: 79.30 % to 79.57 %
Expected Life in Years
Expected Dividend Yield
−Removed: As at April 30, 2024 , the aggregate intrinsic value of all of our outstanding stock options was estimated at $ 29,252 (vested:
−Removed: $ 25,374 and unvested:
−Removed: As at April 30, 2024 , our unrecognized compensation cost related to unvested stock options was $ 1,193 , which is expected to be recognized over 0.98 years.
−Removed: A summary of our stock options outstanding and exercisable as of April 30, 2024 , is as follows:
+Added: As at October 31, 2024 , the aggregate intrinsic value of all of our outstanding stock options was estimated at $ 23.47 million (vested:
+Added: $ 20.39 million and unvested:
+Added: $ 3.09 million).
+Added: As at October 31, 2024 , our unrecognized compensation cost related to unvested stock options was $ 1.55 million ( July 31, 2024:
+Added: $ 2.18 million), which is expected to be recognized over 1.06 years.
+Added: A summary of our stock options outstanding and exercisable as of October 31, 2024 , is as follows:
Options Outstanding
2 unchanged sentences
Exercisable at
−Removed: April 30, 2024
+Added: October 31, 2024
Exercise Price
−Removed: April 30, 2024
+Added: October 31, 2024
Exercise Price
17 unchanged sentences
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
1 unchanged sentence
Restricted Stock Units
−Removed: A summary of our outstanding and unvested restricted stock units (“RSU”s) as of April 30, 2024 , is as follows:
+Added: During the three months ended October 31, 2024, the Company granted 16,103 restricted stock units (“RSU”s) to one of our officers under our Stock Incentive Plan.
+Added: RSUs granted during the period have a vesting period of three years from the grant date, whereby one - third of the RSUs will vest at the end of the first, second and third year, respectively, from the date of grant.
+Added: The fair value of these RSUs was determined using the share prices at the respective grant dates.
+Added: A summary of our outstanding and unvested RSUs as of October 31, 2024 , is as follows:
Restricted Stock
1 unchanged sentence
Intrinsic Value
−Removed: July 21, 2021
19,608 4.25 0.58 145
−Removed: 39,216 4.25 1.09 265
July 29, 2022
2 unchanged sentences
413,593 3.32 1.83 3,069
−Removed: January 2, 2024
1,166 6.44 2.26 9
−Removed: January 22, 2024
8,919 7.63 0.31 66
−Removed: March 13, 2024
2,288 6.49 0.45 17
−Removed: April 1, 2024
20,000 7.07 2.50 148
610,091 5.49 2.82 4,527
−Removed: During the three and nine months ended April 30, 2024 , our stock-based compensation related to RSUs was $ 453 and $ 1,326 ( three and nine months ended April 30, 2023 :
−Removed: $ 283 and $ 869 ), respectively.
−Removed: As at April 30, 2024 , our unrecognized compensation costs related to unvested RSUs totaled $ 1,562 , which is expected to be recognized over a period of approximately 1.46 years.
+Added: 1,417 5.23 0.92 11
+Added: 16,103 6.21 3.00 119
+Added: 1,185,200 $ 4.65 2.25 $ 8,794
+Added: During the three months ended October 31, 2024 , our stock-based compensation related to RSUs was $ 0.75 million ( three months ended October 31, 2023 :
+Added: $ 0.44 million).
+Added: As at October 31, 2024 , our unrecognized compensation costs related to unvested RSUs totaled $ 3.77 million ( July 31, 2024:
+Added: $ 4.42 million), which is expected to be recognized over a period of approximately 1.68 years.
Performance Based Restricted Stock Units
−Removed: During the three and nine months ended April 30, 2024 , our stock-based compensation related to the amortization of target performance based restricted stock units (“PRSU”s) totaled $ 176 and $ 529 ( three and nine months ended April 30, 2023 :
−Removed: $ 99 and $ 298 ), respectively.
−Removed: As at April 30, 2024 , our unrecognized compensation costs relating to unvested PRSUs totaled $ 978 , which is expected to be recognized over a period of approximately 1.93 years.
+Added: During the three months ended October 31, 2024 , our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $ 0.29 million ( three months ended October 31, 2023 :
+Added: $ 0.18 million).
+Added: As at October 31, 2024 , our unrecognized compensation costs related to unvested PRSUs totaled $ 2.45 million ( July 31, 2024:
+Added: $ 2.74 million), which is expected to be recognized over a period of approximately 2.31 years.
Stock-Based Compensation
−Removed: A summary of our stock-based compensation expense as of April 30, 2024 , is as follows:
+Added: A summary of our stock-based compensation expense for the three months ended October 31, 2024 , is as follows:
Three Months Ended
−Removed: Nine Months Ended
Stock-Based Compensation for Consultants
Common stock issued to consultants
−Removed: $ - $ 107 $ - $ 382
Amortization of stock option expenses
−Removed: 87 95 302 467
−Removed: 87 202 302 849
+Added: Amortization of RSU expenses
Stock-Based Compensation for Management
Amortization of stock option expenses
−Removed: 120 95 488 323
Amortization of RSU and PRSU expenses
−Removed: 585 346 1,774 1,053
−Removed: 705 441 2,262 1,376
Stock-Based Compensation for Employees
−Removed: Common stock issued to employees
Amortization of stock option expenses
−Removed: 285 314 1,362 1,441
Amortization of RSU expenses
$ 1,821 $ 1,572
−Removed: $ 1,103 $ 1,182 $ 3,987 $ 4,455
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
2 unchanged sentences
The table below provides a breakdown of our sales and service revenue and cost of sales and service revenue:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
+Added: Three Months Ended October 31,
Sales of purchased uranium inventory
−Removed: $ - $ 20,095 $ - $ 125,140
Revenue from toll processing services
−Removed: - 122 224 300
Total sales and service revenue
−Removed: $ - $ 20,217 $ 224 $ 125,440
Cost of purchased uranium inventory
−Removed: $ - $ ( 13,896 ) $ - $ ( 90,543 )
Cost of toll processing services
−Removed: - ( 102 ) ( 187 ) ( 250 )
Total cost of sales and services
−Removed: $ - $ ( 13,998 ) $ ( 187 ) $ ( 90,793 )
The table below provides a breakdown of major customers:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
−Removed: 0 % 0 % 0 % 16 %
−Removed: 0 % 0 % 0 % 20 %
−Removed: 0 % 25 % 0 % 8 %
−Removed: 0 % 50 % 0 % 16 %
−Removed: 0 % 0 % 0 % 14 %
−Removed: 0 % 24 % 0 % 10 %
−Removed: 0 % 0 % 0 % 4 %
−Removed: 0 % 1 % 100 % 12 %
−Removed: 0 % 100 % 100 % 100 %
+Added: Three Months Ended October 31,
URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
+Added: NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: October 31, 2024
(Unaudited – Expressed in thousands of U.S.
dollars unless otherwise stated)
−Removed: LOSS PER SHARE
+Added: INCOME (LOSS) PER SHARE
The following table reconciles the weighted average number of shares used in the calculation of our basic and diluted loss per share:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
−Removed: Net Loss for the Period
+Added: Three Months Ended October 31,
+Added: Net Income (Loss) for the Period
Basic Weighted Average Number of Shares
1 unchanged sentence
Diluted Weighted Average Number of Shares
−Removed: Net Loss Per Share - Basic
−Removed: Net Loss Per Share - Diluted
+Added: Net Income (Loss) Per Share – Basic
+Added: Net Income (Loss) Per Share – Diluted
SEGMENTED INFORMATION
−Removed: We currently operate in one reportable segment which is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates.
−Removed: The tables below provide a breakdown of the long-term assets by geographic area:
−Removed: April 30, 2024
−Removed: Balance Sheet Items
−Removed: United States
−Removed: Mineral Rights and Properties
−Removed: $ 166,101 $ 377,321 $ 15,014 $ 558,436
−Removed: Property, Plant and Equipment
−Removed: 18,762 824 373 19,959
−Removed: Restricted Cash
−Removed: 7,251 - - 7,251
−Removed: Equity-Accounted Investments
−Removed: - 62,548 - 62,548
−Removed: Investment in Equity Securities
−Removed: - 71,343 - 71,343
−Removed: Other Non-Current Assets
−Removed: 2,941 316 - 3,257
−Removed: Total Long-Term Assets
−Removed: $ 195,055 $ 512,352 $ 15,387 $ 722,794
−Removed: July 31, 2023
−Removed: Balance Sheet Items
−Removed: United States
−Removed: Mineral Rights and Properties
−Removed: $ 166,051 $ 384,495 $ 15,014 $ 565,560
−Removed: Property, Plant and Equipment
−Removed: 19,221 145 362 19,728
−Removed: Restricted Cash
−Removed: 7,251 - - 7,251
−Removed: Equity-Accounted Investment
−Removed: - 48,110 - 48,110
−Removed: Investment in Equity Securities
−Removed: - 38,656 - 38,656
−Removed: Other Non-Current Assets
−Removed: 2,965 114 - 3,079
−Removed: Total Long-Term Assets
−Removed: $ 195,488 $ 471,520 $ 15,376 $ 682,384
−Removed: URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
−Removed: (Unaudited – Expressed in thousands of U.S.
−Removed: dollars unless otherwise stated)
−Removed: The table below provides a breakdown of our operating results by geographic area.
+Added: We currently operate in four reportable segments, three of which are focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, plus a corporate and administrative segment.
+Added: Segment results for the prior periods have been updated to reflect the change in reportable segments.
+Added: The tables below provide financial information relating to the Company’s segments.
All intercompany transactions have been eliminated.:
−Removed: Three Months Ended April 30, 2024
−Removed: Statement of Operations
−Removed: United States
−Removed: Operating Costs:
−Removed: Mineral property expenditures
−Removed: $ 5,767 $ 3,122 $ 182 $ 9,071
−Removed: General and administrative
−Removed: 3,021 1,207 ( 9 ) 4,219
+Added: Three months ended October 31, 2024
+Added: Sales and service revenue
Depreciation, amortization and accretion
−Removed: Total operating costs
−Removed: 9,309 4,358 174 13,841
−Removed: Loss from operations
−Removed: ( 9,309 ) ( 4,358 ) ( 174 ) ( 13,841 )
−Removed: Other expenses
−Removed: ( 237 ) ( 7,430 ) - ( 7,667 )
+Added: Loss from equity-accounted investment
+Added: Interest income
Loss before income taxes
−Removed: $ ( 9,546 ) $ ( 11,788 ) $ ( 174 ) $ ( 21,508 )
−Removed: Three Months Ended April 30, 2023
−Removed: Statement of Operations
−Removed: United States
−Removed: Sales and service revenue
−Removed: $ 20,217 $ - $ - $ 20,217
−Removed: Cost of sales and services
−Removed: ( 13,998 ) - - ( 13,998 )
−Removed: 6,219 - - 6,219
−Removed: Operating Costs:
−Removed: Mineral property expenditures
+Added: Total expenditures for additions to long-lived assets
$ - $ 424 $ - $ - $ ( 6,289 ) $ 688
−Removed: General and administrative
- 133 - - ( 4,621 ) 372
−Removed: Depreciation, amortization and accretion
−Removed: Total operating costs
- 36 - - ( 4,441 ) 273
−Removed: Loss from operations
- 3 - - ( 471 ) -
−Removed: Other (expenses) income
+Added: Corporate and administrative
17,087 2 ( 476 ) 1,124 ( 5,673 ) -
−Removed: Loss before income taxes
$ 17,087 $ 598 $ ( 476 ) $ 1,124 $ ( 21,495 ) $ 1,333
−Removed: URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
−Removed: (Unaudited – Expressed in thousands of U.S.
−Removed: dollars unless otherwise stated)
−Removed: Nine Months Ended April 30, 2024
−Removed: Statement of Operations
−Removed: United States
+Added: Three months ended October 31, 2023
Sales and service revenue
−Removed: $ 224 $ - $ - $ 224
−Removed: Cost of sales and services
+Added: Depreciation, amortization
+Added: and accretion
+Added: Income from equity-
+Added: accounted investment
+Added: Interest income
+Added: Income (loss) before income
+Added: Total expenditures for
+Added: additions to long-lived assets
$ 108 $ 386 $ - $ - $ ( 2,520 ) $ -
−Removed: Operating Costs:
−Removed: Mineral property expenditures
- 121 - - ( 2,313 ) 18
−Removed: General and administrative
- 6 - - ( 2,052 ) 1,732
−Removed: Depreciation, amortization and accretion
- 1 - - ( 441 ) 16
−Removed: Total operating costs
+Added: Corporate and administrative
- 3 1,459 214 7,841 3
−Removed: Loss from operations
$ 108 $ 517 $ 1,459 $ 214 $ 515 $ 1,769
−Removed: Other (expenses) income
+Added: As of October 31, 2024
+Added: Equity-Accounted Investments
+Added: Long-lived assets other than financial instruments
$ 171,700 $ - $ 162,472
−Removed: (Loss) income before income taxes
24,064 - 21,050
−Removed: Nine Months Ended April 30, 2023
−Removed: Statement of Operations
−Removed: United States
−Removed: Sales and service revenue
378,066 - 376,264
−Removed: Cost of sales and services
20,830 - 20,396
+Added: Corporate and administrative
323,138 58,438 189
−Removed: Operating Costs:
−Removed: Mineral property expenditures
$ 917,798 $ 58,438 $ 580,371
−Removed: General and administrative
+Added: As of July 31, 2024
+Added: Equity-Accounted Investments
+Added: Long-lived assets other than financial instruments
$ 169,740 $ - $ 162,816
−Removed: Depreciation, amortization and accretion
23,776 - 21,028
−Removed: Total operating costs
378,368 - 377,550
−Removed: Income (loss) from operations
20,789 - 20,397
−Removed: Other (expenses) income
+Added: Corporate and administrative
297,155 58,809 200
−Removed: Income (loss) before income taxes
$ 889,828 $ 58,809 $ 581,991
−Removed: URANIUM ENERGY CORP.
−Removed: NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: April 30, 2024
−Removed: (Unaudited – Expressed in thousands of U.S.
−Removed: dollars unless otherwise stated)
Management ’ s Discussion and Analysis of Financial Condition and Results of Operations
2 unchanged sentences
The following management ’ s discussion and analysis of the Company ’ s financial condition and results of operations (the “ MD&A ” ) contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations.
−Removed: In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the nine months ended April 30, 2024, and our Form 10-K Annual Report for Fiscal 2023, including the consolidated financial statements and related notes contained therein.
+Added: In evaluating these statements you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Form 10-Q Quarterly Report for the three months ended October 31, 2024, and our Form 10-K Annual Report for Fiscal 2024, including the consolidated financial statements and related notes contained therein.
These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this Quarterly Report.
Refer to “ Cautionary Note Regarding Forward-looking Statements ” as disclosed in our Form 10-K Annual Report for Fiscal 2024, and Item 1A, Risk Factors, under Part II - Other Information, of this Quarterly Report.
−Removed: This MD&A is focused on material changes in our financial condition from July 31, 2023, our most recently completed year end, to April 30, 2024, and our results of operations for the three and nine months ended April 30, 2024, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2023.
+Added: This MD&A is focused on material changes in our financial condition from July 31, 2024, our most recently completed year end, to October 31, 2024, and our results of operations for the three months ended October 31, 2024, and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as contained in our Form 10-K Annual Report for Fiscal 2024.
We are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay, as more fully described in our Form 10-K Annual Report for Fiscal 2024.
−Removed: On January 16, 2024, we announced restarting uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.
−Removed: The first extraction is expected during August 2024 and will be funded with existing cash on the Company’s balance sheet.
+Added: In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.
+Added: We expect the ramp-up phase will continue while new production areas are being constructed and completing in early 2025.
+Added: At the same time, we have continued to advance our Roughrider and Burke Hollow Projects with resource expansions and development programs, respectively.
Uranium recovered from the Christensen Ranch Mine ISR Project will be processed at our Irigaray central processing plant (“CPP”).
−Removed: The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek, Moore Ranch and Ludeman projects.
−Removed: An application to increase the licensed capacity of the Irigaray CPP from the 2.5 million pounds U 3 O 8 per year to 4.0 million pounds U 3 O 8 per year was submitted to the Wyoming Department of Environmental Quality in November 2023;
−Removed: and approval is expected later in 2024.
−Removed: To enable a faster extraction restart, extensive preparations at the Christensen Ranch Mine wellfields and satellite processing plant were completed in 2023.
−Removed: This included the re-installation of equipment, re-attachment of piping and a variety of electrical testing, repairs and upgrades to the existing facilities.
−Removed: Since that time, additional work has progressed, including the hiring of additional operational personnel, preparation of a detailed wellfield startup plan, final preparations for plant and wellfield operations, and the installation of cased wells in two new wellfield header houses in Mine Unit 10 (Modules 10-7 and 10-8).
+Added: The Irigaray CPP is the hub central to our four fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek, Moore Ranch and Ludeman p rojects.
+Added: On October 16, 2024, we received approval from the Wyoming Department of Environmental Quality, Uranium Recovery Program, to increase the licensed production capacity at the Irigaray CPP to 4.0 million pounds of U 3 O 8 annually.
In Texas, our fully-licensed and 100% owned Hobson Processing Facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt, where we utilize ISR mining.
−Removed: We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
−Removed: On August 4, 2023, we acquired a portfolio of exploration-stage projects in the Athabasca Basin for CA$1.5 million from Rio Tinto Exploration Canada Inc., a subsidiary of Rio Tinto Inc.
−Removed: With this acquisition, we added an additional 44,444 acres of prospective ground in the Athabasca Basin to our existing portfolio.
+Added: We utilize a “hub-and-spoke” strategy whereby the Hobson Processing Facility, which has a physical capacity to process uranium-loaded resins of up to a total of two million pounds of U 3 O 8 annually and is licensed to process up to four million pounds of U 3 O 8 annually, acts as the central processing site (the “hub”) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow and Goliad Projects, located within the South Texas Uranium Belt (the “spokes”).
+Added: On September 20, 2024, we entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Rio Tinto America Inc., a Delaware corporation (the “Seller”), pursuant to which we will acquire from the Seller all of the issued and outstanding shares of capital stock (the “Shares”) of (i) Kennecott Uranium Company, a Delaware corporation (“KUC”), which is a joint venture participant of, and owns a 50% ownership interest in, the Green Mountain Mining Venture, an unincorporated Wyoming contractual joint venture (“GMMV”), and (ii) Wyoming Coal Resources Company, a Delaware corporation (“WCRC”), which is a joint participant of, and owns a 50% ownership interest in GMMV (collectively, the “Acquisition”).
+Added: KUC, WCRC and GMMV, collectively, own or hold the assets, rights and obligations comprised of:
+Added: (i) the facilities, equipment, improvements and fixtures for the processing of uranium located in Sweetwater County, Wyoming, owned by KUC, WCRC and GMMV, and related facilities and impoundments;
+Added: (ii) the Jackpot and Big Eagle properties located in Wyoming;
+Added: (iii) the mineral and real property interests which are owned or leased by KUC, WCRC or GMMV, subject to the permitted encumbrances, including patented and unpatented mining and millsite claims, leaseholds, material easements and rights-of-way of record;
+Added: and (iv) the other rights and interests in uranium mineralization located in Fremont and Sweetwater Counties, Wyoming, owned or held by any of KUC, WCRC or GMMV (collectively, the “Project”).
+Added: The consideration for the Acquisition payable at closing of the Stock Purchase Agreement is $175 million in cash, subject to customary working capital adjustments as provided for in the Stock Purchase Agreement, with closing expected to occur during the quarter ending January 31, 2025.
+Added: Upon completion of the Acquisition, we will replace approximately $25 million in surety bonds securing future reclamation costs relating to the Project.
+Added: In addition, from and after the completion of the Acquisition we shall continue to indemnify the Seller from most of the liabilities associated with the Project.
+Added: The closing of the Acquisition is subject to certain conditions customary for an Acquisition of this nature, including that the approval by the Wyoming Nuclear Regulator for the transfer of a Radioactive Materials License to us, which was issued on November 25, 2024.
+Added: On November 7, 2024, we filed an initial assessment technical report summary that includes an economic analysis and mineral resource estimate for our Roughrider Project, located in Northern Saskatchewan, Canada.
+Added: The economic analysis is included in a technical report summary titled “S-K 1300 Initial Assessment Report – Roughrider Uranium Project, Saskatchewan, Canada”, issued on November 5, 2024 and prepared for the Company by Tetra Tech Canada Inc., Understood Mineral Resources Ltd., Snowden Optiro, Terracon Geotechnique Ltd.
+Added: and Clifton Engineering Group Inc., in accordance with Item 1302 of S-K 1300.
We also hold certain mineral rights in various stages in the States of Arizona, New Mexico, Texas and Wyoming, and in Canada and in the Republic of Paraguay, many of which are located in historically successful mining areas and have been the subject of past exploration and pre-extraction activities by other mining companies.
2 unchanged sentences
in December 2021 (the “U1A Acquisition”), we expanded our footprints in Wyoming with our Wyoming hub-and-spoke operations.
−Removed: The acquisition of UEX in August 2022 and the acquisition of Roughrider Mineral Holdings Inc.
−Removed: in October 2022 further expanded our footprint in Canada and, in particular, the Athabasca Basin in Saskatchewan.
+Added: The acquisition of UEX Corporation ("UEX") in August 2022 and the acquisition of Roughrider Mineral Holdings Inc.
+Added: in October 2022 further expanded our footprints in Canada and, in particular, the Athabasca Basin in Saskatchewan.
In the meantime, we continue to establish additional uranium mines through exploration and pre-extraction activities and direct acquisitions in both the U.S.
1 unchanged sentence
Risk Factors herein.
−Removed: Our operations are capital intensive, and we will require significant additional financing to continue with our exploration and pre-extraction activities and acquire additional uranium projects.
−Removed: Historically, we have been reliant primarily on equity financings from the sale of our common stock in order to fund our operations.
−Removed: In the last two fiscal years, we have also relied on cash flows generated from the sales of our purchased uranium inventories under our physical uranium program to fund our operations, which resulted in $57.0 million in gross profits.
+Added: Our operations are capital intensive, and we will require significant additional financing to continue with our exploration, pre-extraction and extraction activities and acquire additional uranium projects.
+Added: Historically, we have been reliant primarily on equity financings from the sale of our common stock to fund our operations.
+Added: We have also relied on cash flows generated from the sales of our purchased uranium inventories under our physical uranium program to fund our operations.
However, we have yet to achieve consistent profitability or develop consistent positive cash flow from operations.
−Removed: Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.
+Added: Our reliance on equity financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.
We may also be required to seek other forms of financing, such as asset divestitures or additional joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.
4 unchanged sentences
Since we commenced uranium extraction at our ISR Mines without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.
−Removed: The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines, of any future satellite ISR mines, such as our Burke Hollow, Goliad, Ludeman, Antelope and Charlie Projects, and of our recently acquired traditional uranium mines in the Athabasca Basin in Saskatchewan, Canada, has many risks and uncertainties.
+Added: The economic viability of our mining activities, including the expected duration and profitability of our ISR Mines, of any future satellite ISR mines, such as our Burke Hollow, Goliad, Ludeman, Antelope and Charlie Projects, and of our traditional uranium mines in the Athabasca Basin in Saskatchewan, Canada, has many risks and uncertainties.
These include, but are not limited to:
7 unchanged sentences
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.
−Removed: As at April 30, 2024, we had no uranium supply or off-take agreements in place.
+Added: As at October 31, 2024, we had no uranium supply or off-take agreements in place.
Future sales of U 3 O 8 are therefore expected to generally occur through the uranium spot market, with any fluctuations in the market price continuing to have a direct impact on our revenues and cash flows.
+Added: Physical Uranium Program
+Added: The Company is investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and which will use the ISR mining process which is expected to reduce the impact on the environment as compared to conventional mining.
+Added: Despite our focus on low cost ISR mining with its low capital requirements, we saw a unique opportunity to purchase drummed uranium at prevailing spot prices which are below most global industry mining costs.
+Added: Hence, we established a physical uranium portfolio (the “Physical Uranium Program”) and, as of October 31, 2024, we had 1,256,000 pounds of uranium and had entered into agreements to purchase 700,000 pounds of warehoused uranium from Fiscal 2025 to Fiscal 2026 at conversion facilities located in North America at a volume weighted average price of approximately $38.81 per pound.
+Added: As of October 31, 2024, we were committed to sell 600,000 pounds of uranium inventory in the amount of $49.75 million for delivery between November 2024 to January 2025.
+Added: Subsequent to October 31, 2024, we sold 500,000 pounds of uranium inventory for $41.40 million at a weighted average price of $82.80 per pound and we entered into contracts to purchase 300,000 pounds of uranium inventory in the amount of $23.43 million at a weighted average price of $78.08 per pound with delivery in December 2024.
+Added: Our Physical Uranium Program will support three objectives for our Company:
+Added: (i) to bolster our balance sheet as uranium prices appreciate;
+Added: (ii) to provide strategic inventory to support future marketing efforts with utilities that could compliment production and accelerate cash flows;
+Added: and (iii) to increase the availability of our Texas and Wyoming production capacity for emerging U.S.
+Added: origin specific opportunities which may command premium pricing due to the scarcity of domestic uranium.
+Added: One such U.S.
+Added: origin specific opportunity is the Company’s plan to participate in supplying the Uranium Reserve, as outlined in the Nuclear Fuel Working Group report published by the U.S.
+Added: Department of Energy (“DOE”).
Uranium Market Developments
−Removed: The uranium market is currently being driven by a macro demand for more electricity generation and an unprecedented global push to decarbonize electrical grids, among other factors.
−Removed: There is noteworthy demand showing substantial growth is Artificial Intelligence and the electricity needed to power Data Centers.
−Removed: demand from this source, measured by power consumption, is expected to reach 35 GWe by 2030, up from 17 GWe in 2022 (Citi Data Center Demand and Nuclear Power:
−Removed: February 2024).
+Added: The uranium market is currently being driven by a macro demand for more electricity generation, an unprecedented global push to decarbonize electrical grids and geopolitical situations, among other factors.
+Added: New electricity demand projections outlined from the "US Data Center Power Outlook" report issued in July 2024 showed new data center demand growth ranging from 60 to 90 gigawatt (“GW”) between 2023 and 2030.
There is a growing realization that the highly reliable, safe, baseload power nuclear energy provides should be a part of any clean energy platform.
Governments around the globe are also pursuing strategies to increase energy independence for national security interests that dovetail well with nuclear power as a key component in their energy mix.
+Added: the White House recently announced that “the United States will aim to deploy 200 GW of net new nuclear energy capacity by 2050, at least tripling current U.S.
+Added: The net new capacity gains are anticipated to come from multiple sources, including building new nuclear power plants, uprating existing reactors, and restarting reactors that have retired for economic reasons.”
Over the past few years, global uranium market fundamentals have improved as the market began a transition from being an inventory driven to a production driven market.
The spot market bottomed out in November 2016 at about $17.75 per pound U 3 O 8 , but has since shown appreciation, reaching $107.00 per pound U 3 O 8 on February 2, 2024.
−Removed: During the three and nine months ended April 30, 2024, uranium prices averaged $92.80 and $81.64 per pound U 3 O 8 , respectively.
−Removed: As at April 30, 2024, the uranium price was $90.00 per pound, representing an approximate 67% increase from April 30, 2023 when the price was $53.85 per pound U 3 O 8 .
−Removed: The period from February 2024 through April 2024 was marked by continued volatility as the price fluctuated between $85.00 and $107.00 per pound U 3 O 8 (All price information is sourced from UxC LLC Historical Ux Daily Prices).
+Added: During the three months ended October 31, 2024, uranium prices averaged $81.13 per pound U 3 O 8 .
+Added: As at October 31, 2024, the spot uranium price was $80.00 per pound U 3 O 8 , representing an approximate 7.3% increase from October 31, 2023 when the price was $74.55 per pound U 3 O 8 .
+Added: The period from August 2024 through October 2024 was marked by continued spot price fluctuations between $85.00 and $78.00 per pound U 3 O 8 (all price information is sourced from UxC LLC Historical Ux Daily Prices).
Underinvestment in uranium mining operations over the past decade has been a major factor contributing to a structural deficit between global production and uranium requirements.
Reduced production from existing uranium mines has also been a contributing factor with some large producers cutting back and/or unable to reach previously planned production levels.
−Removed: In 2024 and 2025 the mid-case gap between production and requirements is projected to be more than 66 million pounds U 3 O 8 , and by 2034 accumulates to a total above 400 million pounds U 3 O 8 (UxC 2024 Q1 Uranium Market Outlook).
+Added: In 2025, the mid-case gap between production and requirements is projected to be more than 58 million pounds of U 3 O 8 , and by 2034 accumulates to a total above 355 million pounds of U 3 O 8 ( UxC 2024 Q3 Uranium Market Outlook ).
For context, the U.S.
−Removed: reactor fleet consumes about 45 million pounds U 3 O 8 per year (U.S.
+Added: utilities purchased 51.6 million pounds of U 3 O 8 in 2023 ( U.S.
Energy Information Administration, June 6, 2024 - Uranium Marketing Annual Report ).
4 unchanged sentences
Since 2022, uranium supply has become more complicated due to Russia's invasion of Ukraine with its State Atomic Energy Corporation, Rosatom, being a significant supplier of nuclear fuel around the globe.
−Removed: Economic sanctions, transportation restrictions and recent U.S.
+Added: Economic sanctions, transportation restrictions and U.S.
legislation banning the importation of Russian nuclear fuel is causing a fundamental change to the nuclear fuel markets.
+Added: The situation has been compounded with a November 15, 2024 announcement from the Russian government stating they have placed “temporary restrictions on the export of enriched uranium to the United States".
Additionally, the 2023 coup in Niger, and the new government’s demand for the U.S.
−Removed: and France to vacate the country, has underscored jurisdictional risk with that country accounting for about 5% of global uranium production and about 25% of European Union supply in 2022 (World Nuclear Association - Uranium in Niger May 7, 2024 / Reuters – “Russian troops enter base housing US military in Niger, US official says” - May 3, 2024 and “Niger has not banned uranium exports to France and EU” - August 18, 2023).
−Removed: and European utilities are shifting more focus to security of supply with production from areas of low geopolitical risk.
−Removed: On the demand side of the equation, the global nuclear energy industry continues robust growth, with 70 new reactors connected to the grid from 2014 through April of 2024, and with another 59 reactors under construction.
−Removed: So far in 2024, four new reactors have been connected to the grid, and one reactor has been permanently shut down (International Atomic Energy Association Power Reactor Information System - May 28, 2024).
−Removed: Total nuclear generating capacity for the world’s 440 operable reactors as of May 7, 2024 stands at 396 GWe (World Nuclear Association).
−Removed: At COP28 United Nations Climate Change Conference, 22 countries, including the U.S., Canada, France, Japan and the United Kingdom, signed a declaration to triple nuclear energy by 2050, further supporting additional growth for the nuclear industry and uranium demand.
+Added: and France to vacate the country, as well as the revocation of Canadian and French companies mining rights, operating permits and export capabilities, has underscored jurisdictional risk.
+Added: Niger is the world's seventh largest producer and accounted for about 5% of global uranium production and about 14% of European Union supply in 2023 ( Euratom Supply Agency, World Nuclear Association - Uranium in Niger July 23, 2024, World Nuclear News ).
+Added: As a result of the instability and assurance of supply risks, U.S.
+Added: and European utilities are shifting more focus to production from areas of low geopolitical risk.
+Added: On the demand side of the equation, the global nuclear energy industry continues robust growth, with 69 new reactors connected to the grid in 2014 through October of 2024, and with another 66 reactors under construction.
+Added: Thus far in 2024, four new reactors have been connected to the grid and two reactors have been permanently shut down ( International Atomic Energy Association Power Reactor Information System - November 14, 2024 ).
+Added: Total nuclear generating capacity for the world’s 439 operable reactors as of November 4, 2024, stands at 396 GWe ( World Nuclear Association ).
+Added: At the COP29 United Nations Climate Change Conference, 6 more countries joined the pledge to triple their nuclear capacity by 2050, bringing the total to 31 countries, further supporting additional growth for the nuclear industry and uranium demand.
In the U.S., H.R.
−Removed: 1042, “The Prohibiting Russian Uranium Imports Act” was signed into law on May 13, 2024, goes into effect on August 11, 2024 and extends through 2040.
+Added: 1042, The Prohibiting Russian Uranium Imports Act , was signed into law and went into effect on August 11, 2024 and extends through 2040.
The legislation bans Russian uranium imports but allows a U.S.
−Removed: Department of Energy (“DOE”) waiver process through 2027 in the event no alternative viable source of low-enriched uranium (“LEU”) is available to:
+Added: DOE waiver process through 2027 in the event no alternative viable source of low-enriched uranium (“LEU”) is available to:
(i) sustain the continued operation of a nuclear reactor or a U.S.
1 unchanged sentence
or (ii) importation of Russian LEU is determined to be in the national interest.
−Removed: In a separate but related action, “The Nuclear Fuel Security Act” (“NFSA”) was enacted as part of the “National Defense Authorization Act” in December of 2023 and was designed to help rebuild the domestic nuclear fuel cycle, including uranium production, conversion and enrichment.
+Added: However, the waiver process will be moot if Russia follows through on their recent announcement to suspend exports of enriched uranium to the U.S.
+Added: In other U.S.
+Added: legislation, The Nuclear Fuel Security Act (“NFSA”) was enacted as part of the National Defense Authorization Act in December of 2023 and was designed to help rebuild the domestic nuclear fuel cycle, including uranium production, conversion and enrichment.
The passage of H.R.
3 unchanged sentences
Additional upside market pressure is also occurring as utilities continue their return to a longer-term contracting cycle to replace expiring contracts.
−Removed: Cumulative uncommitted demand through 2034 totals approximately 926 million pounds U 3 O 8 (UxC Uranium Market Overview Q1 2024).
−Removed: Increasing demand is also evident from financial entities and various producers continuing to purchase significant quantities of drummed uranium inventory, further removing near term supply and adding to the strong fundamentals supporting the uranium market.
+Added: Cumulative uncommitted demand through 2034 is more than 865 million pounds of U 3 O 8 ( UxC Uranium Market Overview Q3 2024 ).
+Added: This utility demand, along with that from financial entities, government programs and various producers, as well as the increasing interest in nuclear energy for data centers, are adding to the strong fundamentals supporting the uranium market.
+Added: The timing of our uranium concentrate sales is dependent upon factors such as extraction results from our mining activities, cash requirements, contractual requirements and perception of the uranium market.
+Added: As a result, our sales are neither tied to nor dependent upon any particular season.
+Added: In addition, our ability to extract and process uranium does not change on a seasonal basis.
+Added: Over the past ten years uranium prices have tended to decline during the calendar third quarter before rebounding during the fourth quarter, but there does not appear to be a strong correlation.
Results of Operations
−Removed: For the three and nine months ended April 30, 2024, we recorded sales and service revenue of $Nil and $224, and realized gross profit of $Nil and $37, respectively, from toll processing services.
−Removed: We did not sell purchased uranium inventory to date in Fiscal 2024.
−Removed: For the three and nine months ended April 30, 2023, we recorded sales and service revenue of $20,217 and $125,440 and realized gross profit of $6,219 and $34,647, respectively, from sales of purchased uranium inventory and toll processing services.
−Removed: For the three and nine months ended April 30, 2024, we recorded a net loss of $19,677 ($0.05 per share) and $14,106 ($0.04 per share), and losses from operations of $13,841 and $37,345, respectively.
−Removed: During the three and nine months ended April 30, 2023, we recorded net loss of $10,960 ($0.03 per share) and $3,824 ($0.01 per share) and loss from operations of $3,484 and income from operations of $5,197, respectively.
−Removed: While we remain in a state of operational readiness, uranium extraction expenditures incurred at our ISR Mines, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.
−Removed: We established our physical uranium program to purchase drummed uranium at prevailing spot prices which are below most global industry mining costs in Fiscal 2021 (the “Physical Uranium Program”).
−Removed: As of April 30, 2024, we have 1,000,000 pounds of uranium inventory purchase commitments outstanding for a total purchase price of $39,095.
−Removed: Various deliveries are scheduled to occur from Fiscal 2024 into Fiscal 2026 at a weighted average price of $39.10 per pound of uranium.
−Removed: During the three and nine months ended April 30, 2024, as part of our Physical Uranium Program, we purchased 995,000 pounds of uranium concentrates with a total cost of $57,003.
−Removed: As of April 30, 2024, the carrying value of our uranium concentrate inventories was $63,019 (July 31, 2023:
+Added: For the three months ended October 31, 2024, we recorded revenue of $17.09 million and realized gross profit of $6.25 million, which were all related to sales of purchased uranium inventory.
+Added: For the three months ended October 31, 2023, we recorded revenue of $0.11 million and realized gross profit of $0.02 million, which were all generated from toll processing services.
+Added: For the three months ended October 31, 2024, we recorded a net loss of $20.16 million ($0.05 per share) and loss from operations of $13.20 million.
+Added: During the three months ended October 31, 2023, we recorded net income of $3.32 million ($0.01 per share) and loss from operations of $11.39 million.
+Added: While we have commenced uranium extraction at Christensen Ranch in August 2024, we are still ramping up our mining activities during the three months ended October 31, 2024.
+Added: We expect the ramp-up phase will continue while new production areas are being constructed and completing in early 2025.
+Added: The rest of our uranium projects are expected to remain in a state of operational readiness and the relevant expenditures, which are directly related to regulatory/mine permit compliance, lease maintenance obligations and maintaining a necessary labor force, are being charged to our consolidated statement of operations.
+Added: As of October 31, 2024, we have 700,000 pounds of uranium inventory purchase commitments outstanding at a volume weighted average price of approximately $38.81 per pound.
+Added: Various deliveries are scheduled to occur from Fiscal 2025 to Fiscal 2026.
+Added: As of October 31, 2024, the carrying value of our inventories was $66.07 million (July 31, 2024:
+Added: $75.83 million, of which purchased uranium concentrate inventories was $64.63 million (July 31, 2024:
+Added: $75.44 million).
Sales and Service Revenue
−Removed: For the three and nine months ended April 30, 2024, we recorded revenue from toll processing services of $Nil and $224, respectively, which was generated from processing uranium resins.
The table below provides a breakdown of our sales and service revenue and cost of sales and services:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
+Added: Three Months Ended October 31,
Sales of purchased uranium inventory
8 unchanged sentences
The following table provides the nature of mineral property expenditures for the periods indicated:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
+Added: Three Months Ended October 31,
Permitting and compliance
1 unchanged sentence
Extraction readiness
−Removed: During the three and nine months ended April 30, 2024, exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:
+Added: During the three months ended October 31, 2024, exploration expenditures, such as drilling and preliminary economic assessments, were primarily spent on the following projects:
Burke Hollow Project:
−Removed: $1,586 and $3,675 (April 30, 2023:
−Removed: $904 and $2,147), respectively;
+Added: $1.30 million (October 31, 2023:
+Added: $1.29 million);
Roughrider Project:
−Removed: $2,358 and $3,616 (April 30, 2023:
−Removed: $219 and $230), respectively;
+Added: $2.89 million (October 31, 2023:
+Added: $0.03 million).
+Added: During the three months ended October 31, 2024, development expenditures were primarily spent on the following projects:
+Added: Burke Hollow Project:
+Added: $1.84 million (October 31, 2023:
Christensen Ranch Mine:
−Removed: $170 and $1,030 (April 30, 2023:
−Removed: $160 and $207), respectively.
−Removed: During the three and nine months ended April 30, 2024, extraction readiness expenditures were primarily spent on the following projects:
+Added: $1.81 million (October 31, 2023:
+Added: $0.01 million);
+Added: Roughrider Project:
+Added: $0.52 million (October 31, 2023:
+Added: $0.50 million).
+Added: During the three months ended October 31, 2024, extraction readiness expenditures were primarily spent on the following projects:
Christensen Ranch Mine:
−Removed: $557 and $1,521 (April 30, 2023:
−Removed: $462 and $1,305), respectively;
+Added: $1.60 million (October 31, 2023:
+Added: $0.44 million);
+Added: Irigaray Plant:
+Added: $0.23 million (October 31, 2023:
+Added: $0.05 million);
Palangana Mine:
−Removed: $297 and $1,026 (April 30, 2023:
−Removed: $181 and $691), respectively.
−Removed: During the three and nine months ended April 30, 2024, property maintenance expenditures were primarily spent on the following projects:
−Removed: Buke Hollow Project:
−Removed: $155 and $527 (April 30, 2023:
−Removed: $203 and $558), respectively;
−Removed: Reno Creek Project:
−Removed: $282 and $481 (April 30, 2023:
−Removed: $99 and $299), respectively;
−Removed: Christensen Ranch Mine:
−Removed: $90 and $278 (April 30, 2023:
−Removed: $103 and $246), respectively;
−Removed: Ludeman Project:
−Removed: $83 and $260 (April 30, 2023:
−Removed: $83 and $244), respectively;
−Removed: Allemand Ross Project:
−Removed: $94 and $303 (April 30, 2023:
−Removed: $91 and $268), respectively.
+Added: $0.23 million (October 31, 2023:
+Added: $0.27 million).
General and Administrative
−Removed: During the three and nine months ended April 30, 2024, general and administrative expenses (“G&A”) totaled $4,219 and $14,314, respectively, compared to $3,745 and $14,296 for the three and nine months ended April 30, 2023.
−Removed: G&A expenses were comprised of the following:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
+Added: General and Administrative expenses were comprised of the following:
+Added: Three Months Ended October 31,
Salaries and management fees
−Removed: Office, IR, communication, insurance and travel
−Removed: Foreign exchange loss
+Added: Office, investor-communication, insurance and travel
+Added: Foreign exchange gain
Professional fees
2 unchanged sentences
The following summary provides a discussion of our major expense categories including analyses of the factors that caused significant variances compared to the same period last year:
−Removed: for the three and nine months ended April 30, 2024, office, insurance, filing and listing fees, investor relations, corporate development and travel expenses totaled $1,161 and $3,783, respectively, which decreased compared to $1,178 and $5,220 for the three and nine months ended April 30, 2023, respectively, which was primarily the result of decreases in investor relations and corporate development expenses;
−Removed: for the three and nine months ended April 30, 2024, professional fees totaled $545 and $2,301, respectively, which increased compared to $640 and $1,714 for the three and nine months ended April 30, 2023, respectively.
−Removed: Professional fees are comprised primarily of legal services related to transactional activities, regulatory compliance and for audit, accounting and tax compliance services.
−Removed: The overall increasing trend in professional fees is due to the growth in business activities and the expansion of our operations;
−Removed: for the three and nine months ended April 30, 2024, salaries, wages and management fees totaled $1,441 and $4,236, respectively, which increased compared to $739 and $2,942 for the three and nine months ended April 30, 2023, respectively, which was primarily the result of an increase in personnel and corporate-wide salary increases to adjust for inflation.
+Added: for the three months ended October 31, 2024, salaries, wages and management fees increased compared to the three months ended October 31, 2023, which was primarily the result of an increase in personnel and corporate-wide salary increases to adjust for inflation;
+Added: for the three months ended October 31, 2024, professional fees decreased compared to the three months ended October 31, 2023, which was primarily the result of a non-recurring advisory fee of $0.50 million incurred during the three months ended October 31, 2023.
Income (Loss) from Equity-Accounted Investments
Income (loss) from equity-accounted investments was comprised of the following:
−Removed: Three Months Ended April 30,
−Removed: Nine Months Ended April 30,
+Added: Three Months Ended October 31,
Share of income (loss)
Gain on dilution of ownership interest
−Removed: During the three and nine months ended April 30, 2024 and 2023, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options.
−Removed: On October 17, 2023 and February 9, 2024, we participated in URC’s equity financings, which increased our ownership in URC from 15,000,000 shares to 16,930,750 shares and to 17,978,364 shares, respectively.
−Removed: As at April 30, 2024, we had a 14.9% of equity interest in URC compared to 14.9% as at July 31, 2023.
−Removed: During the three and nine months ended April 30, 2024, we recorded a share of URC’s income of $520 and $2,397, respectively.
−Removed: During the three and nine months ended April 30, 2024, we also recorded a share of JCU’s losses of $416 and $1,072, respectively.
−Removed: Gain (Loss) on Revaluation of Equity Securities
−Removed: As at April 30, 2024, our investments in certain equity securities were revalued using the market values at period end, which resulted in an unrealized loss of $13,804 and gain of $23,585 on revaluation of equity securities, respectively, for the three and nine months ended April 30, 2024.
+Added: During the three months ended October 31, 2024 and 2023, we recorded a gain on dilution of ownership interest in URC as a result of URC issuing more shares from its equity financing and exercises of warrants and/or stock options.
+Added: As at October 31, 2024, we had a 14.4% equity interest in URC compared to a 14.8% equity interest as at July 31, 2024.
+Added: During the three months ended October 31, 2024, we recorded a share of URC’s loss of $0.06 million (three months ended October 31, 2023:
+Added: income of $1.32 million) and a share of JCU’s loss of $0.42 million (three months ended October 31, 2023:
+Added: $0.28 million).
+Added: Fair Value Gain (Loss) on Equity Securities
+Added: As at October 31, 2024, our investments in certain equity securities were revalued using the market values at period end, which resulted in a fair value loss of $10.35 million on revaluation of equity securities for the three months ended October 31, 2024 (three months ended October 31, 2023:
+Added: gain of $17.31 million).
Gain (Loss) on Revaluation of Derivative Liabilities
−Removed: In connection with the UEX Acquisition, we issued Replacement Warrants, which are accounted for as derivative liabilities as the exercise prices of the UEX warrants are denominated in Canadian dollars which differs from the functional currency of the Company.
−Removed: As at April 30, 2024, the Replacement Warrants were revalued, which resulted in a gain of $2,071 and a loss of $9,892, respectively, for the three and nine months ended April 30, 2024.
−Removed: Changes in fair value of derivative liabilities were primarily due to changes in our share price.
−Removed: During the three and nine months ended April 30, 2023, we recorded a gain on revaluation of derivative liabilities of $5,550 and $4,651, respectively.
−Removed: Other income (expenses)
−Removed: The following summary provides a discussion of the major categories of other income (expenses) including analyses of the factors that caused significant variances compared to the same period last year:
−Removed: during the three and nine months ended April 30, 2024, interest income totaled $992 and $1,558, respectively, compared to $119 and $203, respectively, for the three and nine months ended April 30, 2023.
−Removed: The interest earned resulted from cash proceeds received from our ATM Offerings in 2024, which were invested in short-term GIC deposits;
−Removed: during the three and nine months ended April 30, 2023, we entered into amendment agreements to amend certain uranium sales and purchase agreements with third parties.
−Removed: As a result, we paid a net amount of $585 for the differences between the gross purchase price and gross sales prices of the uranium, which were recorded as other expenses on our condensed consolidated financial statements.
+Added: In connection with the UEX Acquisition, we issued Replacement Warrants, which are accounted for as derivative liabilities as the exercise prices of the UEX warrants were denominated in Canadian dollars which differs from the functional currency of the Company.
+Added: As at October 31, 2024, the Replacement Warrants that had not been exercised expired.
+Added: A gain of $1.71 million on revaluation of derivative liabilities was recorded for the three months ended October 31, 2024 due to the decrease in time value of the Replacement Warrants as they expired in the quarter.
+Added: During the three months ended October 31, 2023, we recorded a loss on revaluation of derivative liabilities of $6.90 million primarily due to changes in our share price.
+Added: Interest income (expenses)
+Added: During the three months ended October 31, 2024, interest income totaled $1.12 million, compared to $0.21 million for the three months ended October 31, 2023.
+Added: The interest earned resulted from the reinvestment of cash proceeds received from our ATM Offering and the sale of equity securities in short-term deposits.
Summary of Quarterly Results
For the Quarters Ended
−Removed: April 30, 2024
−Removed: January 31, 2024
October 31, 2024
July 31, 2024
+Added: April 30, 2024
+Added: January 31, 2024
Sales and service revenue
3 unchanged sentences
For the Quarters Ended
−Removed: April 30, 2023
−Removed: January 31, 2023
October 31, 2023
July 31, 2023
+Added: April 30, 2023
+Added: January 31, 2023
Sales and service revenue
3 unchanged sentences
Liquidity and Capital Resources
−Removed: April 30, 2024
+Added: October 31, 2024
July 31, 2024
2 unchanged sentences
Current liabilities
−Removed: Working capital
−Removed: During the nine months ended April 30, 2024, we received net proceeds of $160,239 from our ATM Offerings and from exercises of stock options and share purchase warrants.
−Removed: Subsequent to April 30, 2024, we received additional cash proceeds of $12,824 under our ATM Offerings.
+Added: Working capital (Current assets less Current liabilities)
+Added: During the three months ended October 31, 2024, we received net proceeds of $64.65 million (three months ended October 31, 2023:
+Added: $56.53 million) from our ATM Offering and from exercises of stock options and share purchase warrants.
+Added: Subsequent to October 31, 2024, we received additional net proceeds of $31.04 million under our ATM Offering.
We have a history of operating losses resulting in an accumulated deficit balance since inception.
−Removed: We recorded net losses in Fiscal 2023 and in all prior years, and we had an accumulated deficit balance of $303,786 as at April 30, 2024.
+Added: We had an accumulated deficit balance of $339.06 million as at October 31, 2024.
Furthermore, we may not achieve and maintain profitability or develop positive cash flow from our operations in the near term.
2 unchanged sentences
Currently, we also rely on cash flows generated from the sales of our purchased uranium concentrates to fund our operations.
−Removed: Our reliance on equity and debt financings is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control and including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.
+Added: Our reliance on equity is expected to continue for the foreseeable future, and their availability whenever such additional financing is required will be dependent on many factors beyond our control and including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity and credit markets.
We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements, to continue advancing our uranium projects which would depend entirely on finding a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.
1 unchanged sentence
Our operations are capital intensive and future capital expenditures are expected to be substantial.
−Removed: We will require significant additional financing to fund our operations, including continuing with our exploration and pre-extraction activities and acquiring additional uranium projects.
−Removed: In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration and pre-extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.
+Added: We will require significant additional financing to fund our operations, including continuing with our exploration, pre-extraction and extraction activities and acquiring additional uranium projects.
+Added: In the absence of such additional financing, we would not be able to fund our operations, including continuing with our exploration, pre-extraction and extraction activities, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.
We hold mineral rights in the States of Arizona, New Mexico, Texas and Wyoming, in Canada and in the Republic of Paraguay, with annual land-related payments totaling $5.93 million to maintain these rights in good standing.
−Removed: Our anticipated operations, including exploration and pre-extraction activities, however, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such changes may include accelerating the pace or broadening the scope of reducing our operations.
+Added: Our anticipated operations, including exploration, pre-extraction and extraction activities, however, will be dependent on and may change as a result of our financial position, the market price of uranium and other considerations, and such changes may include accelerating the pace or broadening the scope of reducing our operations.
Our ability to secure adequate funding for these activities will be impacted by our operating performance, other uses of cash, the market price of uranium, the market price of our common stock and other factors which may be beyond our control.
3 unchanged sentences
if a nuclear incident, such as the events that occurred in Japan in March 2011, were to occur, continuing public support of nuclear power as a viable source of electrical generation may be adversely affected, which may result in significant and adverse effects on both the nuclear and uranium industries.
−Removed: We believe our existing cash resources and, if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date that this Quarterly Report is issued.
+Added: We believe our existing cash resources and net proceeds of $31.04 million received from the issuance of common stock under the ATM Offering subsequent to October 31, 2024, and if necessary, cash generated from the sale of the Company’s liquid assets, will provide sufficient funds to carry out our planned operations for 12 months from the date that this Quarterly Report is issued.
Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to generate cash flow from the sales of our uranium inventories under our Physical Uranium Program and to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial.
−Removed: Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities.
+Added: Our long-term success, including the recoverability of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration, pre-extraction, extraction and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into profitable mining activities.
Equity Financings
−Removed: On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the 2021 Shelf), which included an at-the-market offering agreement prospectus (the May 2021 ATM Offering) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.
−Removed: On May 14, 2021, we entered into an at-the-market offering agreement (the 2021 ATM Offering Agreement) with H.C.
+Added: On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the 2022 Shelf), which included an at-the-market offering agreement prospectus (the ATM Offering) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.
+Added: On November 16, 2022, we also entered into an at-the-market offering agreement (the ATM Offering Agreement) with H.C.
Wainwright & Co., LLC and certain co-managers (collectively, the ATM Manager) as set forth in the ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the ATM Managers selected by us.
−Removed: On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the 2021 ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the 2021 ATM Managers selected by us (the November 2021 ATM Offering;
−Removed: and, collectively with the May 2021 ATM Offering, the 2021 ATM Offering).
−Removed: On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the 2022 Shelf), which included an at-the-market offering agreement prospectus (the 2022 ATM Offering;
−Removed: and, collectively, with the 2021 ATM Offering, the ATM Offerings) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.
−Removed: On November 16, 2022, we entered into an at-the-market offering agreement (the 2022 ATM Offering Agreement) with H.C.
−Removed: Wainwright & Co., LLC and certain co-managers (collectively, the 2022 ATM Managers) as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.
−Removed: During the three and nine months ended April 30, 2024, we issued 3,396,370 and 24,584,399 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $25,543 and $155,050, respectively.
−Removed: During the three and nine months ended April 30, 2024, we received cash proceeds totaling $3,771 and $4,508, respectively, from the exercise of share purchase warrants.
−Removed: During the three and nine months ended April 30, 2024, we received cash proceeds totaling $281 and $681, respectively, from the exercise of stock options.
−Removed: Subsequent to April 30, 2024, we issued a further 1,791,300 shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $12,824.
+Added: During the three months ended October 31, 2024, we issued 7,595,626 of the Company’s common stock under the ATM Offering for gross cash proceeds of $62.64 million.
+Added: The total issuance costs were $1.41 million, all of which were related to compensation paid to the ATM Managers.
+Added: Subsequent to October 31, 2024, we issued 3,920,749 of the Company’s common stock under the ATM Offering for gross cash proceeds of $31.76 million.
+Added: The total issuance costs were $0.71 million, all of which were related to compensation paid to the ATM Managers.
Operating Activities
−Removed: During the nine months ended April 30, 2024, net cash used in operating activities was $93,871, of which $57,179 was from the purchases of uranium concentrate inventory.
−Removed: During the nine months ended April 30, 2023, net cash provided by operating activities was $43,778, of which $39,933 was for the change in uranium concentrate inventory.
−Removed: Other significant operating expenditures included mineral property expenditures and G&A expenses.
+Added: During the three months ended October 31, 2024, net cash used in operating activities totaled to $11.45 million, which was primarily related to mineral property expenditures incurred in this quarter of $13.51 million, general and administrative expenses of $5.34 million and change in operating assets and liabilities, partially offset by a gross profit from sale of purchased uranium inventory of $6.25 million.
+Added: During the three months ended October 31, 2023, net cash used in operating activities was $45.73 million, of which $36.73 million was for the change in uranium concentrate inventory.
Financing Activities
−Removed: During the nine months ended April 30, 2024, net cash provided by financing activities totaled $159,292, comprised primarily of net proceeds from equity financings.
−Removed: During the nine months ended April 30, 2023, net cash provided by financing activities totaled $64,640, comprised primarily of net proceeds from equity financings.
+Added: During the three months ended October 31, 2024, net cash provided by financing activities totaled $62.01 million, primarily from the net proceeds of $64.65 million from our ATM Offering, as well as the exercises of stock options and share purchase warrants, partially offset by payments of $2.64 million for tax withholding amounts related to RSU and PRSU shares.
+Added: During the three months ended October 31, 2023, net cash provided by financing activities totaled $55.87 million, primarily from the net proceeds of $56.53 million from our ATM Offering and the exercises of stock options, partially offset by payments of $0.67 million for tax withholding amounts related to RSU and PRSU shares.
Investing Activities
−Removed: During the nine months ended April 30, 2024, net cash used in investing activities totaled $23,282, comprised of cash used in the acquisition of the Henday, Milliken and Carswell Projects of $1,334, a capital contribution to JCU of $2,388, cash used to purchase an additional interest in URC of $9,238, cash used in investment in equity securities of $12,115, proceeds from sale of equity securities of $3,008 and cash used for investment in mineral properties and the purchase of equipment of $2,557.
−Removed: During the nine months ended April 30, 2023, net cash used in investing activities totaled $123,333, comprised of cash used in the Roughrider Acquisition of $82,117, a capital contribution to JCU of $595, cash used in investment in equity securities of $42,219, cash used for investment in mineral properties and the purchase of equipment of $388 and net cash of $1,984 received from the UEX Acquisition.
+Added: During the three months ended October 31, 2024, net cash provided by investing activities totaled $52.51 million, comprised of proceeds from the sale of equity securities of $54.37 million, cash used for the capital contribution to JCU of $0.54 million and investment in mineral properties and the purchase of equipment for a total of $1.33 million.
+Added: During the three months ended October 31, 2023, net cash used in investing activities totaled $5.48 million, comprised of cash used for the capital contribution to JCU of $0.65 million, investment in equity securities of $0.81 million, additional investment in URC of $5.68 million, and cash from the sale of equity securities of $3.43 million.
Stock Options and Warrants
−Removed: As of April 30, 2024, we had in-the-money stock options outstanding representing 6,249,671 shares at a weighted-average exercise price of $2.07 per share, and in-the-money share purchase warrants outstanding representing 2,404,116 shares at a weighted-average exercise price of $3.38 per share.
−Removed: As of April 30, 2024, outstanding in-the-money stock options and warrants represented a total 8,653,787 shares issuable for gross proceeds of approximately $21.1 million should these stock options and warrants be exercised in full on a cash basis.
+Added: As of October 31, 2024, we had in-the-money stock options outstanding representing 4,932,317 shares at a weighted-average exercise price of $2.66 per share, and in-the-money share purchase warrants outstanding representing 159,091 shares at a weighted-average exercise price of $4.13 per share.
+Added: As of October 31, 2024, outstanding in-the-money stock options and warrants represented a total 5,091,408 shares issuable for gross proceeds of approximately $13.8 million should these stock options and warrants be exercised in full on a cash basis.
The exercise of stock options and warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of the stock options or warrants will be exercised in the future.
Transactions with Related Parties
−Removed: During the three and nine months ended April 30, 2024, we incurred $11 and $54, respectively, in exploration expenditures on behalf of JCU.
−Removed: As at April 30, 2024, the amount receivable from JCU totaled $3 (July 31, 2023:
−Removed: During the three and nine months ended April 30, 2024, we incurred $2 and $27, respectively, and during the three and nine months ended April 30, 2023, we incurred $2 and $84, respectively, in general and administrative costs, paid to Blender Media Inc.
−Removed: (“Blender”), a company controlled by Arash Adnani, a direct family member of our President and Chief Executive Officer, for various services, including information technology, financial subscriptions, corporate branding, media, website design, maintenance and hosting, provided by Blender to the Company.
−Removed: As at April 30, 2024, the amount owing to Blender was $Nil (July 31, 2023:
−Removed: Material Commitments
−Removed: As at April 30, 2024, significant payment obligations of the Company over the next five years and beyond are as follows:
+Added: Related party transactions are based on the amounts agreed to by the parties.
+Added: During the three months ended October 31, 2024 and 2023, the Company did not enter into any material contracts or undertake any significant commitment or obligation with any related parties.
+Added: Material Contractual Obligations and Commitments
+Added: As at October 31, 2024, significant payment obligations of the Company over the next five years and beyond are as follows:
Payment Due by Period
3 unchanged sentences
Uranium Inventory Purchase Obligations
−Removed: As of April 30, 2024, we were renting or leasing office premises in the States of Texas, Arizona and Wyoming, British Columbia and Saskatchewan, Canada, and Paraguay, for total monthly payments of $34.
+Added: As of October 31, 2024, we were committed to sell 600,000 pounds of uranium inventory in the amount of $49.75 million for delivery between November 2024 to January 2025.
+Added: As of October 31, 2024, we were renting or leasing office premises in the States of Texas, Arizona and Wyoming, British Columbia and Saskatchewan, Canada, and Paraguay, for total monthly payments of $0.04 million.
Office lease agreements for the U.S.
and Canada expire between July 2026 and November 2029.
−Removed: Commitments for Management Services
−Removed: As at April 30, 2024, we were committed to paying our key executives a total of $1,065 per year for management services.
Off-Balance Sheet Arrangements
5 unchanged sentences
Subsequent Events
−Removed: Subsequent to April 30, 2024, we received additional cash proceeds of $12,824 under our ATM Offerings.
−Removed: In addition, 39,393 warrants with an expiry date of September 7, 2024 were exercised and proceeds of $93 were received.
+Added: Subsequent to October 31, 2024,
+Added: a) we received additional net cash proceeds of $31.04 million under our ATM Offering;
+Added: b) we sold 500,000 pounds of uranium inventory for $41.40 million at a weighted average price of $82.80 per pound;
+Added: c) we entered into contracts to purchase 300,000 pounds of uranium inventory in the amount of $23.43 million at a weighted average price of $78.08 per pound with delivery in December 2024.
Quantitative and Qualitative Disclosures About Market Risk
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.