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Note 5 - Acquisition of Uranium One Americas, Inc. - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 17, 2021
Jul. 31, 2022
Jul. 31, 2023
Restricted cash   $ 13,755 $ 0
U1A Acquisition [Member]      
Cash   125,593  
Working capital adjustment (1) [1]   2,902  
Total consideration paid $ 128,495 128,495  
Cash & cash equivalents (1) [1]   1,183  
Prepaid expenses and deposits (1) [1]   1,550  
Other current assets (1) [1]   73  
Inventories (1) [1]   192  
Mineral rights and properties (2) [2]   110,693  
Property, plant and equipment (3) [3]   13,004  
Restricted cash   13,755  
Debt receivable (4) [4]   0  
Other non-current assets (5) [5]   1,613  
Total assets   142,063  
Accounts payable and accrued liabilities (1) [1]   96  
Other liabilities (5) [5]   765  
Asset retirement obligations (6)   12,707 $ 0
Total liabilities   13,568  
Total net assets   $ 128,495  
[1] The working capital adjustment represents the working capital of U1A at the date of the U1A Acquisition, which was comprised of: (i) cash and cash equivalents of $1,183; (ii) prepaid expenses and deposits of $1,550; (iii) other current assets of $73; (iv) inventories of $192; and (v) accounts payable and accrued liabilities of $96. The fair value of these working capital items approximates their respective carrying values at the date of the acquisition.
[2] The fair value of mineral rights and properties was determined using the discounted cash flow model (being the net present value of expected future cash flows). Expected future cash flows are based on estimates of future uranium prices, production based on current estimates of recoverable mineral resources, future operating costs and capital expenditures and the discount rate. The Company’s estimates of recoverable mineral resources are based on information prepared by qualified persons (management’s specialists).
[3] The fair value of property, plant and equipment was determined using a replacement cost approach.
[4] Other non-current assets included certain material and supply inventories classified as non-current and ROU assets associated with U1A’s operating leases. The fair value of long-term inventory was determined to approximate its carrying value. ROU assets and lease liabilities for operating leases are measured based on the present value of the future lease payments over the remaining lease terms at the acquisition date.
[5] The fair value of asset retirement obligations was measured based on the expected costs and timing for final well closure, plant and equipment decommissioning and removal, and environmental remediation, which are discounted to present value using credit adjusted risk-free rates.