Cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, asset retirement costs, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales.

Cost of sales consists of the following:

​

​

In the three months ended March 31, 2026, there were no NRV adjustments related to produced or non-produced inventory. There was $0.5 million in produced inventory NRV adjustments and $2.1 million in non-produced NRV adjustments in the three months ended March 31, 2025.