Energy Fuels (NYSE American: UUUU) (TSX: EFR) is reporting on its financial results for the quarter ended March 31, 2023; the company also announced that it will host an earning conference call and webcast on May 9, 2023. According to the report, Energy Fuels sold 300,000 pounds of uranium resulting in a gross margin of 58% and 79,344 pounds of vanadium totaling a 37% gross margin of 37%; the company also sold its Alta Mesa property for a total gain of $116.45 million. The report showed that UUUU’s working capital grew with total assets increasing and total liabilities decreasing. Other highlights of the report indicated that Energy Fuels produced an estimated 250 MT of high-purity, partially separated mixed RE carbonate from monazite, containing approximately 115 MT of total rare earth oxides, the most advanced REE material currently being produced commercially in the country. In addition, the company reported selling a total of 79,344 pounds of existing V2O5 inventory and continued developing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy cancer therapeutics.
The company announced that key executives will be hosting a conference call and webcast, scheduled to start at 4 p.m. ET on May 9, 2023; call will include a discussion of the company’s first-quarter 2023 results as well as the outlook for the remainder of the year. To access the call, dial 1-888-664-6392 and an operator will connect you. A replay of the call will be available until May 24, 2023, by calling 1-888-390-0541 or 1-416-764-8677 and entering the replay code 680506#. “Energy Fuels had an exceptional first quarter on several metrics, including earnings of $114.26 million, achieving healthy margins on our product sales, increasing our working capital position to $143.61 million, increasing our total assets and reducing our total liabilities,” said Energy Fuels president and CEO Mark Chalmers in the press release. “We also significantly enhanced our fixed asset portfolio by selling the non-core Alta Mesa uranium property for $120.00 million and closing on the purchase of the Bahia Project in Brazil, which has the potential to feed our REE separation circuits with low-cost raw materials for several decades. At the same time, we continue to perform significant work at four of our conventional uranium mines to get them ready to resume ore production. . . . We continued to build our REE business as well. We began modifications and enhancements at the White Mesa Mill expected to produce up to 1,000 MT per year of NdPr oxide by late 2023 or early 2024, subject to receipt of sufficient monazite feed.”
To view the webcast, visit https://ibn.fm/klNFe
To view the full press release, visit https://ibn.fm/xWX2P
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 p3roject 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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