50
Design planned demonstration plant.
Initiate the FS, pending Board approval, incorporating PFS information, project budgets, schedules and
other information.
Certain planned activities and potential strategic initiatives are subject to additional financing and other factors
including:
Construction of the planned demonstration plant.
Confirmation of positive results of rare earth separation test work done to date in larger-scale pilot plant
testing.
Submission of the application for a license to possess [radioactive] source material to the U.S. Nuclear
Regulatory Commission. This task is dependent upon completion of the alternative assessment portion of
the EIS.
RISKS AND UNCERTAINTIES
Our activities are subject to certain risks and uncertainties that might impact our financial results. For a more
detailed list of such risks and uncertainties, please see “Item 1A. Risk Factors” of this Annual Report.
Our failure to successfully address these risks and uncertainties could have a material adverse effect on our business,
financial condition and/or results of operations. Consequently, the trading price of our common shares may decline
and investors may lose part of or all their investment in the Company. We cannot assure you that we will
successfully address these risks and uncertainties or other unknown risks and uncertainties that may affect our
business.
RESULTS OF OPERATIONS
As noted above, with the change in fiscal year beginning January 1, 2013, the Company filed a Transition Report on
Form 10-K covering the six-month period ended December 31, 2012. Therefore, comparative financial statements
for the twelve months ended December 31, 2012 have not been audited. However, in order to provide more
meaningful comparative financial information and management’s analysis thereof, we have included unaudited
financial information within the financial statements for the year ended December 31, 2012, to compare with the
audited year ended December 31, 2013.
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Summary
Our consolidated net loss for the year ended December 31, 2014 was $14,029, or $0.29 per share, compared with
our consolidated net loss of $22,246, or $0.48 per share, for the same period in 2013. For the year ended December
31, 2014, the decrease in consolidated net loss was primarily the result of a decrease in corporate administration
costs of $1,670 (of which $861 related to stock-based compensation), a decrease in exploration and evaluation
expense of $5,568 and a positive variance in the loss on currency translation of $1,024. These decreases were
partially offset by a decrease in interest income of $156.
Exploration and evaluation
Exploration and evaluation costs were $8,558 for the year ended December 31, 2014, compared with $14,126 for the
same period in 2013. The decrease of $5,568 from the prior period was mostly the result of decreased expenses
associated with reduced (1) drilling program costs in 2014 of $2,965, (2) metallurgical testing of $1,501, (3)
environmental, health and safety of $771, and (4) engineering and development of $1,430. These decreases were
partially offset by increased site administrative costs of $1,099.
