Cash and cash equivalents, and restricted cash and cash equivalents within the consolidated statements of cash flows consists of the following:

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On December 1, 2024, the Company exercised an option to borrow 250,000 pounds, which were subsequently sold into a uranium sales agreement. The loan value was initially recorded at $77.13 per pound, which was the value applied to the cost of the sale (see note 15). The cost of sale on the borrowed inventory was a non-cash transaction.

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Estimated reclamation costs increased $6.4 million and $4.9 million in the years ended December 31, 2025 and 2024, respectively.  The increase in reclamation costs was a non-cash transaction.

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Interest expense paid was $1.2 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively. As discussed in note 13, interest expense recognized associated with the Convertible Notes’ debt discount amortization of $0.5 million is non-cash in nature.  Further, $0.2 million of Convertible Notes’ accrued interest is non-cash in nature and included within accounts payable as of December 31, 2025.

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Accounts payable included $4.6 million and $0.2 million in equipment and other purchases as of December 31, 2025 and 2024, respectively.  As these did not affect cash balances at the respective dates, they have been adjusted on the consolidated statements of cash flows.