15 unchanged sentences
We expect the ramp-up phase will continue while new production areas are being constructed and completed in 2025.
−Removed: As more fully described under “Liquidity and Capital Resources” of Item 2, Management’s Discussion and Analysis of Financial Condition and Result of Operations, herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $349.29 million as of January 31, 2025.
+Added: As more fully described under “Liquidity and Capital Resources” of Item 2, Management’s Discussion and Analysis of Financial Condition and Result of Operations, herein, we have a history of significant negative cash flow and net losses, with an accumulated deficit balance of $379.51 million as of April 30, 2025.
Historically, we have been reliant primarily on equity financings from the sale of our common stock in order to fund our operations.
−Removed: Although we generated revenues from sales of U 3 O 8 we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.08 million, $9.03 million and $13.76 million, respectively, and generated revenues from sales of purchased uranium inventory totaling $66.84 million during the six months ended January 31, 2025 , we have yet to achieve consistent profitability or develop consistent positive cash flow from our operations, and we do not expect to achieve consistent profitability or develop consistent positive cash flow from operations in the near term.
+Added: Although we generated revenues from sales of U 3 O 8 we extracted during Fiscal 2015, Fiscal 2013 and Fiscal 2012 of $3.08 million, $9.03 million and $13.76 million, respectively, and generated revenues from sales of purchased uranium inventory totaling $66.84 million during the nine months ended April 30, 2025 , we have yet to achieve consistent profitability or develop consistent positive cash flow from our operations, and we do not expect to achieve consistent profitability or develop consistent positive cash flow from operations in the near term.
As a result of our limited financial and operating history, including our significant negative cash flow from operations and net losses to date, it may be difficult to evaluate our future performance.
−Removed: As at January 31, 2025, we had working capital (current assets less current liabilities) of $126.45 million including cash and cash equivalents of $61.51 million and purchased uranium inventory holdings of $72.90 million.
−Removed: Subsequent to January 31, 2025, we received additional net cash proceeds of $2.04 million under our 2024 ATM Offering.
+Added: As at April 30, 2025, we had working capital (current assets less current liabilities) of $137.57 million including cash and cash equivalents of $71.40 million and purchased uranium inventory holdings of $72.90 million.
+Added: Subsequent to April 30, 2025, we received additional net cash proceeds of $54.82 million under our 2024 ATM Offering.
We believe that 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 of this Quarterly Report.
21 unchanged sentences
We have a limited history of uranium extraction and generating revenue.
−Removed: In November 2010, we commenced uranium extraction at our Palangana Mine, which has been our sole source of revenues from the sales of produced U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012, with no revenues from sales of produced U 3 O 8 during the six months ended January 31, 2025, or any other fiscal years.
+Added: In November 2010, we commenced uranium extraction at our Palangana Mine, which has been our sole source of revenues from the sales of produced U 3 O 8 during Fiscal 2015, Fiscal 2013 and Fiscal 2012, with no revenues from sales of produced U 3 O 8 during the nine months ended April 30, 2025, or any other fiscal years.
In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.
101 unchanged sentences
Furthermore, only a portion of the financial assurance required for the future reclamation obligations has been funded.
−Removed: We are responsible for certain remediation and decommissioning activities in the future, primarily for our Hobson and Irigaray Processing Facilities, our ISR Mines, Roughrider Project and our recently acquired Sweetwater Acquisition assets, and have recorded a liability of $30.63 million on our balance sheet at January 31, 2025, to recognize the present value of the estimated costs of such reclamation obligations.
+Added: We are responsible for certain remediation and decommissioning activities in the future, primarily for our Hobson and Irigaray Processing Facilities, our ISR Mines, Roughrider Project and our recently acquired Sweetwater Acquisition assets, and have recorded a liability of $38.72 million on our balance sheet at April 30, 2025, to recognize the present value of the estimated costs of such reclamation obligations.
Should the actual costs to fulfill these future reclamation obligations materially exceed these estimated costs, it may have an adverse effect on our financial condition and operating results, including not having the financial resources required to fulfill such obligations when required to do so.
−Removed: As at January 31, 2025, the total estimated reclamation costs for all of our projects was $50.30 million.
+Added: As at April 30, 2025, the total estimated reclamation costs for all of our projects was $88.86 million.
We have secured $59.14 million of surety bonds as an alternate source of financial assurance for the estimated costs of the reclamation obligations, of which $9.21 million is funded and held as restricted cash for collateral purposes as required by the surety.
139 unchanged sentences
Changes in tariffs, duties and other trade policies may impact the demand for uranium and the costs of products we require to operate and develop our projects.
−Removed: On February 1, 2025, the President of the United States signed executive orders directing the United States to impose tariffs on goods originating from Canada, Mexico and China.
+Added: On February 1, 2025, the President of the United States signed executive orders directing the U.S.
+Added: to impose tariffs on goods originating from Canada, Mexico and China.
In the case of Canadian goods, these measures took effect on March 4, 2025 and include an additional 25% tariff on goods originating from Canada, except for Canadian energy products, which include critical minerals such as uranium that are subject to a lower rate of 10%.
These tariffs took effect in March 2025, with tariffs on certain goods of Mexican origin delayed until April 2, 2025.
−Removed: On March 4, 2025, Canada also announced additional 25% tariffs against certain goods of United States origin, including uranium.
−Removed: The United States has also discussed additional potential future tariffs on goods originating from the European Union.
+Added: On March 4, 2025, Canada also announced additional 25% tariffs against certain goods of U.S.
+Added: origin, including uranium.
+Added: To date, Canada and the U.S.
+Added: agreed to delay the imposition of certain tariffs on imported goods but the situation remains temporary and uncertain.
+Added: has also agreed to an extension on the 50% tariff deadline on the European Union until July 9, 2025.
These developments are ongoing and are subject to change, including the imposition of additional tariffs and retaliatory measures by these and other countries.
Depending on their extent, scope and duration, these tariffs and retaliatory measures may result in increased costs for any equipment and other goods we require to operate and develop our projects in accordance with our current plans.
−Removed: At the same time, it is possible that these tariffs and other measures may benefit certain aspects of our business, including by increasing demand for uranium produced in the United States.
+Added: At the same time, it is possible that these tariffs and other measures may benefit certain aspects of our business, including by increasing demand for uranium produced in the U.S.
Although discussions continue regarding potential economic arrangements between these countries, there remains significant uncertainty over the scope, impact and duration of any tariffs and retaliatory measures, and they may, among other things, adversely impact general economic conditions, including the market and demand for uranium and our business financial condition and results of operations.
−Removed: In addition, in 2025, the United States government instituted a ban on the import of low-enriched uranium from Russia.
+Added: In addition, in 2025, the U.S.
+Added: government instituted a ban on the import of low-enriched uranium from Russia.
If the United States Government reduces or rescinds any sanctions or restrictive measures that currently limit U.S.
−Removed: imports of uranium from other countries, such modification could adversely affect the market for uranium of United States origin and could have a material adverse impact on our business, financial condition, and results of operations.
+Added: imports of uranium from other countries, such modification could adversely affect the market for uranium of U.S.
+Added: origin and could have a material adverse impact on our business, financial condition, and results of operations.
Risks Related to our Industry
66 unchanged sentences
In 2020 significant production cuts were announced in response to the global COVID-19 pandemic, including uranium facilities in Canada, Kazakhstan and Namibia.
−Removed: In 2024 most production impacted by COVID-19 has returned to an operating status.
+Added: By 2024 most production impacted by COVID-19 has returned to an operating status.
The Company also believes that a large degree of uncertainty exists in the market, primarily due to the size of mobile uranium inventories, transportation issues, premature reactor shutdowns in the U.S.
48 unchanged sentences
Additional issuances of our common stock may result in significant dilution to our existing shareholders and reduce the market value of their investment.
−Removed: We are authorized to issue 750,000,000 shares of common stock of which 428,412,265 shares were issued and outstanding as of January 31, 2025.
+Added: We are authorized to issue 750,000,000 shares of common stock of which 435,027,962 shares were issued and outstanding as of April 30, 2025.
Future issuances for financings, mergers and acquisitions, exercise of stock options and share purchase warrants and for other reasons may result in significant dilution to and be issued at prices substantially below the price paid for our shares held by our existing stockholders.
12 unchanged sentences
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.