Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based critical minerals company, reported its financial results for the quarter ended June 30, 2023. Highlights of the report included a “robust” balance sheet showing working capital of $134.36 million, up from $116.97 million in December 2022 ); a net loss of $4.89 million, or $0.03 per share; and an inventory of 766,000 pounds of finished U3O8, 906,000 pounds of finished V2O5, and 37 MT of finished high-purity, partially separated mixed REE carbonate, with an additional 403,000 pounds of U3O8 as raw materials and work-in-progress inventory. The report also noted that, regarding uranium, UUUU sold 80,000 pounds of U3O8 to a major U.S. nuclear utility for $4.34 million; the company anticipates sell an additional 180,000 pounds of U3O8 for an estimated $54–$58 per pound, resulting in an estimated 46%–50% gross margin. Regarding REEs, UUUU produced approximately 99 MT of high-purity, partially separated mixed RE carbonate from monazite during the quarter, and the company also noted in the report that it is continuing to advance its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy cancer therapeutics.
In addition, the company announced that it is hosting a conference call and webcast today at 4 p.m. ET to discuss its second-quarter results as well as the outlook for the remainder of 2023; the call will also provide an overview of UUUU’s uranium, rare earths, vanadium and medical isotopes initiatives. Those interesting in accessing the call can dial 1-888-664-6392, and an operator will connect you to the call. A replay of the call will be available until Aug. 21, 2023; interested parties can dial 1-888-390-0541 or 1-416-764-8677 and enter the replay code 682077#.
“Energy Fuels continued to make excellent progress on all aspects of our core uranium and rare earth businesses during Q2 2023,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “We completed the sale of 80,000 pounds of uranium to one of our utility customers under one of our long-term contracts. We expect to make another sale of 180,000 pounds of uranium under another long-term contract later this year. . . . Energy Fuels also remains on schedule to complete ‘phase 1’ of our rare earth project at the White Mesa Mill in Utah, which involves modifications and enhancements to the mill’s existing SX building that are expected to have the capacity to produce approximately 800–1,000 metric tons of separated NdPr oxide per annum. . . .Later this year, we expect to begin pilot work on ‘heavy’ rare earth separation, including the production of separated dysprosium and terbium oxides. At the same time, we continue to move our Bahia Rare Earth Project in Brazil forward toward production and to secure additional sources of monazite supply to process at the Mill for rare earth production. . . . To say Energy Fuels continues to make rapid and extraordinary progress on creating a ‘critical mineral hub’ in Utah to help the United States ‘reshore’ critical mineral capabilities required for many advanced clean energy, defense and other technologies is truly an understatement.”
To view the webcast, visit https://ibn.fm/pjZqI
To view the full press release, visit https://ibn.fm/joBHQ
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based critical minerals company. As the leading producer of uranium in the United States, Energy Fuels mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE”) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR”) project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the country today, has a licensed capacity of more than 8 million pounds of U3O8per year, has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR project is on standby and has a licensed capacity of 2 million pounds of U3O8per year. The company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101-compliant uranium resource portfolios in the United States and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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