Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) reported its financial results for the quarter ended June 30, 2023. The Company’s Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission and may be viewed on the Electronic Document Gathering and Retrieval System at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval at www.sedar.com, and on the Company’s website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
Uranium Highlights:
Rare Earth Element Highlights:
Vanadium Highlights:
Medical Isotope Highlights:
Mark S. Chalmers, Energy Fuels’ President and CEO, stated:
“Energy Fuels continued to make excellent progress on all aspects of our core uranium and rare earth businesses during Q2-2023.
“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. Depending on inflation and spot price activity, we expect that sale to be at a price of $54 – $58 per pound. We also continued preparing four (4) of our conventional uranium mines for production, and we expect at least one to be ready to commercially produce uranium ore 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. We are also refurbishing the Mill’s existing SX building as part of this process, and we have completed the installation of a new roof and new concrete pads for the SX cells, tanks, pumps, and other equipment. We also received the first new SX cells, which has allowed us to perform tests to confirm and optimize the physical characteristics of the separations. We expect to receive and install the remainder of the new SX cells and other equipment in Q3. Upon successful ramp-up of the modified SX circuit and receipt of sufficient monazite feed, Energy Fuels is expected to be the first U.S. company in many years with the ability to produce commercial quantities of NdPr oxide, which is a key ingredient in powerful permanent rare earth magnets used in electric vehicles, wind generators, and other technologies.
“Later this year, we expect to begin pilot work on ‘heavy’ rare earth separation, including the production of separated dysprosium (Dy) and terbium (Tb) 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 ‘re-shore’ critical mineral capabilities required for many advanced clean energy, defense, and other technologies is truly an understatement.”
Selected Summary Financial Information:
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
$000’s, except per share data | 2023 | 2022 | 2023 | 2022 | |||
Results of Operations: | |||||||
Uranium concentrates revenues | $ 4,335 | $ — | $ 22,805 | $ — | |||
Vanadium concentrates revenues | — | 5,295 | 871 | 7,707 | |||
RE Carbonate revenues | 2,271 | 449 | 2,271 | 449 | |||
Total revenues | 6,863 | 6,467 | 26,476 | 9,404 | |||
Gross profit | 2,496 | 3,048 | 13,843 | 3,093 | |||
Operating loss | (10,663) | (6,707) | (11,068) | (16,920) | |||
Net income (loss) | (4,885) | (18,059) | 109,379 | (32,789) | |||
Basic net income (loss) per common share | (0.03) | (0.11) | 0.69 | (0.21) | |||
Diluted net income (loss) per common share | (0.03) | (0.11) | 0.69 | (0.21) |
As of | As of | ||||
$000’s | June 30, 2023 | December 31, 2022 | Percent Change | ||
Financial Position: | |||||
Working capital | $ 134,363 | $ 116,966 | 15 % | ||
Property, plant and equipment, net | 17,427 | 12,662 | 38 % | ||
Mineral properties | 115,715 | 83,539 | 39 % | ||
Current assets | 139,932 | 135,590 | 3 % | ||
Total assets | 372,075 | 273,947 | 36 % | ||
Current liabilities | 5,569 | 18,624 | (70) % | ||
Total liabilities | 16,929 | 29,538 | (43) % |
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, 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 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, near Denver, 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 Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per 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 U3O8 per 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 US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.
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