Market risk Market risk is the risk to the Company of adverse financial impact due to changes in the fair value or future cash flows of financial instruments because of fluctuations in interest rates and foreign currency exchange rates. Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, and restricted cash and cash equivalents. These assets include Canadian dollar and U.S. dollar denominated certificates of deposit, money market accounts, and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. Of the amount held on deposit, approximately $10.2 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation, or the U.S. Federal Deposit Insurance Corporation (“FDIC”), leaving approximately $98.0 million at risk on June 30, 2026, should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of June 30, 2026. Currency risk As of June 30, 2026, we maintained a balance of approximately $3.4 million Canadian dollars. The funds will be used to pay Canadian dollar expenses and are considered to be a low currency risk to the Company. 46 Table of Contents Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. As of June 30, 2026, the Company’s current financial liabilities consisted of accounts payable and accrued liabilities of $12.1 million, the current portion of leases payable of $0.6 million and the repayment of the inventory loan currently valued at $17.5 million. As of June 30, 2026, we had $95.3 million in unrestricted cash and cash equivalents, no trade receivables and $22.6 million in inventory. Interest rate risk The Company has completed a sensitivity analysis to estimate the impact that a change in interest rates would have on the net loss and considers the change to be a low interest rate risk to the Company. Commodity Price Risk The Company is subject to commodity price risk related to the market price of uranium. Future sales would be impacted by both spot and long-term uranium price fluctuations. Historically, uranium prices have been subject to fluctuation, and the price of uranium has been and will continue to be affected by numerous factors beyond our control, including the demand for nuclear power, political and economic conditions, governmental legislation in uranium producing and consuming countries, and production levels and costs of production of other producing companies. The average spot market price was $86.38 per pound as of July 31, 2026. ​