The Company’s inventory consists of the following:

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Using lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $2,696 and $2,061 for the nine months ended September 30, 2025 and 2024, respectively. In the nine months ended September 30, 2025, $596 of the NRV adjustment related to produced inventory and $2,100 related to non-produced inventory. In the nine months ended September 30, 2024, all NRV adjustment related to produced inventory. The Company did not have any non-produced inventory during the nine months ended September 30, 2024.  As described in note 21, the Company purchased 100,000 pounds uranium oxide (“U₃O₈”) for $8.2 million in October 2025.