Quantitative and Qualitative Disclosures About Market Risk
−Removed: Our exposure to market risks includes, but is not limited to, equity price risk, uranium price risk, foreign currency risk and country risk.
+Added: Our exposure to market risks includes, but is not limited to, equity price risk, uranium price risk and foreign currency risk.
Equity Price Risk
3 unchanged sentences
As a result, there is a risk that we may not be able to complete an equity financing at an acceptable price when required.
−Removed: In addition, we have investment in equity securities, which are common shares and warrants of publicly listed companies.
+Added: In addition, we have investment in equity securities, which include common shares and warrants of publicly listed companies.
Movements in the price of these equity securities have been volatile in the past and may continue to be volatile in the future.
−Removed: With all other variables held constant, the Company's loss before income taxes would decrease or increase by $2.85 million if the price of these equity securities increase or decrease by 10%.
+Added: With all other variables held constant, our loss before income taxes would decrease or increase by $5.02 million if the price of these equity securities increase or decrease by 10%.
Uranium Price Risk
We are subject to market risk related to the market price of uranium.
−Removed: As at July 31, 2025, we had no uranium supply or off-take agreements in place.
−Removed: Since future sales of uranium concentrates are expected to generally occur through the uranium spot market, fluctuations in the market price of uranium would have a direct impact on our revenues, results of operations and cash flows.
+Added: As of July 31, 2026, we had no uranium purchase or sale agreements in place.
+Added: Since future sales of uranium concentrates are expected to generally occur through the uranium spot market, fluctuations in the market price of uranium would have a direct impact on our revenue, results of operations and cash flows.
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our uranium price exposure to manage our uranium price risk.
1 unchanged sentence
We are subject to market risk related to foreign currency exchange rate fluctuations.
−Removed: Our functional currency is the United States dollar, however, a portion of our business is transacted in other currencies including the Canadian dollar and the Paraguayan Guarani.
+Added: Our functional currency is the United States dollar;
+Added: however, a portion of our business is transacted in other currencies including the Canadian dollar and the Paraguayan Guarani.
To date, these fluctuations have not had a material impact on our results of operations.
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.