2 unchanged sentences
Commodity Price Risk
−Removed: The Company is subject to market risk related to the market price of uranium.
+Added: The Company is subject to commodity price risk related to the market price of uranium.
Future sales would be impacted by both spot and long-term uranium price fluctuations.
Historically, uranium prices have been subject to fluctuation, and the price of uranium has been and will continue to be affected by numerous factors beyond our control, including the demand for nuclear power, political and economic conditions, governmental legislation in uranium producing and consuming countries, and production levels and costs of production of other producing companies.
−Removed: The average spot market price was $64.80 per pound as of April 9, 2025.
+Added: The average spot market price was $86.73 per pound as of March 4, 2026.
Transactions with Related Parties
−Removed: During the fiscal year ended December 31, 2024, we did not participate in any reportable transactions with related parties.
+Added: During the year ended December 31, 2025, we did not participate in any reportable material transactions with related parties.
Proposed Transactions
2 unchanged sentences
New Accounting Pronouncements Which were Implemented this Year
−Removed: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures.
−Removed: This ASU requires annual and interim disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss as well as the amount and composition of other segment items.
−Removed: 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 year ended December 31, 2024, and subsequent interim periods, with early adoption permitted.
+Added: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
+Added: Improvements to Income Tax Disclosures, which requires additional disaggregation of the reconciliation between the statutory and effective tax rate for an entity and of income taxes paid.
+Added: The amendments improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information by jurisdiction.
+Added: ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and is applied either prospectively or retrospectively at the option of the Company.
+Added: The Company adopted this standard on January 1, 2025, which resulted in expanded income tax disclosures in these consolidated financial statements.
+Added: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220):
+Added: Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement.
+Added: Specific costs and expenses that would be required to be disclosed include:
+Added: purchases of inventory, employee compensation, depreciation and intangible asset amortization.
+Added: Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs.
+Added: The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company.
+Added: We are evaluating the impact of the amendments on our consolidated financial statements and disclosures.
Critical Accounting Estimates
17 unchanged sentences
When potential impairment is indicated, management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, recoverable resources and operating, capital, and reclamation costs.
−Removed: When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is determined using discounted future net cash flows, or other measures of fair value.
+Added: When the carrying
+Added: value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is determined using discounted future net cash flows, or other measures of fair value.
Changes in these estimates may materially impact the carrying value of the assets.
Management did not identify impairment indicators that would require a formal impairment test.
−Removed: Lost Creek has been the Company’s sole source of uranium concentrates produced and sold to generate sales revenues since 2013.
+Added: Lost Creek has been the Company’s sole source of U 3 O 8 produced and sold to generate sales revenues since 2013.
The economic viability of the Company’s mining activities, including the expected duration and profitability of Lost Creek and of any future ISR mines, such as Shirley Basin, has many risks and uncertainties.
4 unchanged sentences
(iv) significantly higher than expected extraction costs;
−Removed: significantly lower than expected uranium extraction;
+Added: (v) significantly lower than expected uranium extraction;
(vi) significant delays, reductions or stoppages of uranium extraction activities;
9 unchanged sentences
Changes in these estimates may materially impact the value of the obligations.
+Added: Derivative Financial Instruments
+Added: We record derivative financial instruments on our consolidated balance sheets at fair value as either an asset or a liability with changes in fair value recognized currently in earnings.
+Added: As of December 31, 2025, we have recognized four separate derivative instruments on our consolidated balance sheets, two of which are associated with our 2025 Convertible Notes.
+Added: The valuation methodology used as the basis of determining the amount allocated to the Conversion Option Derivative instrument and the related mark-to-market gain (loss) was a with-and-without methodology utilizing a binomial lattice model (Level 3).
+Added: This model required the use of assumptions that were subjective and, had different assumptions been used, the resulting mark to market gain (loss) and amount reflected as a discount to the respective Convertible Notes could have been materially different.
+Added: The valuation methodology used as the basis of determining the amount allocated to the Capped Call Derivative and the related mark-to-market gain (loss) was a Black Scholes fair value model (Level 2).
+Added: This model used implied volatility assumptions that the Capped Call counterparty banks utilized and are subjective and, had different assumptions been used, the resulting mark to market gain (loss) could have been materially different.
+Added: The valuation methodology used as the basis of determining the amount allocated to the warrant liability and the related mark-to-market gain (loss) was a Black Scholes fair value model (Level 2).
+Added: The valuation methodology used to determine the inventory derivative obligation associated with the Company’s agreement whereby the Company has borrowed 250,000 pounds as of December 31, 2025, is based on the current average U 3 O 8 spot price and the number of pounds borrowed, adjusted for the inventory loan deposit paid (Level 2).
+Added: While these two derivative instruments incorporate certain assumptions into their valuations, these assumptions are less subjective in nature relative to the Conversion Option Derivative and the Capped Call Derivative but, nevertheless, had different assumptions been used, the resulting mark to market gain (loss) could have been materially different.
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.