FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

FEDERAL INCOME TAXES.

Schedule of Components of Future Tax Assets and Liabilities

	December 31,
	2020		2019
	(thousands of dollars)
Deferred tax assets:
Non‑Current:
Net operating loss carryforwards	$	16,009	$	13,795
Mineral properties		3,177		11,682
Accrued vacation		18		22
Capital loss carryforwards		22,176		393
Restoration reserves		—		1,565
Capitalized transaction costs		1,138		1,162
Other		3,686		4,243
Deferred tax assets		46,204		32,862
Valuation allowance		(46,204)		(32,862)
Net deferred tax assets		—		—
Deferred tax liabilities		—		—
Net deferred tax asset (liability)	$	—	$	—

Schedule of Valuation Allowance by Tax Jurisdiction

	December 31,
	2020		2019
	(thousands of dollars)
United States	$	34,190	$	20,783
Australia		5,380		5,203
Turkey		6,634		6,876
Total valuation allowance	$	46,204	$	32,862

Schedule of Loss From Operations Before Income Taxes

	For the calendar year ended December 31,
	2020		2019
	(thousands of dollars)
United States	$	(13,882)	$	(5,869)
Australia		8		(6)
Turkey		(39)		(129)
	$	(13,913)	$	(6,004)

Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates

	Year ended December 31,
	2020			2019
	(thousands of dollars)
Net loss	$	(13,913)		$	(6,004)
Statutory tax rate		21	%		21	%
Tax recovery at statutory rate		(2,922)			(1,261)
State tax rate		938			(238)
Foreign tax rate		1			(5)
Change in US tax rates		309			(1,855)
Other adjustments		(9)			(101)
Capital loss carryforward adjustment		(21)			388
Operating loss carryforward adjustment		(218)			(964)
Operating loss Section 382 adjustment		978			—
Anatolia Energy Ltd Share issue Cost adjustment		270			—
Alabama Graphite Corporation conversion to US entity		—			1,999
Derivative tax adjustment		—			(590)
Nondeductible write‑offs		7			(55)
Sale of Uranium Entities		(10,553)
Change in valuation allowance		11,220			2,682
Income tax expense (recovery)	$	—		$	—