Energy Fuels Announces 2019 Results
Energy Fuels Announces 2019 Results
LAKEWOOD, CO
, March 16, 2020 /CNW/ -
Energy Fuels Inc. (NYSE American: UUUU; TSX:
EFR) ("Energy Fuels" or the "Company")
today reported its financial results for the year ended
December 31, 2019
. The Company's annual report on Form 10-K has been filed with the U.S.
Securities and Exchange Commission ("
SEC
") and may be viewed on the Electronic Document
Gathering and Retrieval System ("
EDGAR
") at
www.sec.gov/edgar.shtml
, on the System for
Electronic Document Analysis and Retrieval ("
SEDAR
") 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.
Highlights:
At
December 31, 2019
, the Company had
$17.7 million
in cash and marketable securities plus
$22.8 million
of inventory, including 515,000 pounds of uranium and 1,600,000 pounds of
vanadium in the form of immediately marketable product.
On
February 20, 2020
, the Company strengthened its balance sheet by completing a bought-
deal financing for net proceeds of
$15.1 million
and has raised approximately
$4.0 million
on the
Company's At the Market ("
ATM
") program in 2020. These amounts are in addition to the
Company's cash, marketable securities and marketable inventories balances, which totaled
$40.5 million
at
December 31, 2019
.
Uranium production totaled 70,000 pounds of U
3
O
8
for the year due to the Company's focus on
vanadium production at its White Mesa Mill, the only conventional uranium and vanadium mill
currently operating in the U.S.
Vanadium production totaled 1,800,000 pounds of high-purity V
2
O
5
for the year. Production
ceased during Q4-2019 due to weakened vanadium market conditions and lowered recoveries
resulting from normal seasonal variances; however, substantial quantities of dissolved vanadium
remain in the Company's tailings management system to be recovered at a later date.
No material uranium sales were completed during the year, and the Company is strategically
maintaining its uranium inventory for future sales in anticipation of higher uranium prices,
potentially as a result of the creation of a new U.S. uranium reserve (as discussed below) or
other U.S. government support, or due to generally improved uranium market fundamentals.
The Company completed 200,000 pounds of vanadium sales during the year at an average
price of
$11.06
per pound. At this time, the Company is selling only small quantities of
vanadium, instead focusing on maintaining its strong V
2
O
5
inventory for sale in the future to
capitalize on potential future price increases in vanadium markets that are often volatile.
The Company had an operating loss of
$40.6 million
during 2019, due in part to an impairment
of inventories of
$14.4 million
as a result of low uranium prices and a decrease in vanadium
prices during the latter half of 2019.
The Company continued to make progress in its efforts to have the U.S. government provide
support for the U.S. uranium mining industry. On
February 10, 2020
, the President announced a
proposed FY-2021 budget (the "
President's Budget
"), which includes a request for
$150
million
per year for the next 10 years to create a U.S. uranium reserve. The Company views this
news as being very positive for established U.S. uranium producers such as Energy Fuels. This
action followed a
July 12, 2019
Presidential Memorandum issued pursuant to Section 232 of the
Trade Expansion Act of 1962, as amended, ordering the creation of the U.S. Nuclear Fuel
Working Group (the "
Working Group
") to "examine the current state of domestic nuclear fuel
production to reinvigorate the entire nuclear fuel supply chain, consistent with
United States
national security and nonproliferation goals." Aside from the President's Budget, the Working
Group has not issued its own announcement relating to its recommendations, if any. U.S.
government officials, including U.S. Energy Secretary
Dan Brouillette
, however, have publicly
stated that the U.S. government will be issuing a Working Group report in the near future. The
Company will continue to support this effort to revive the domestic uranium industry for
purposes of energy and national security in 2020.
Mark S. Chalmers
, Energy Fuels' President and CEO, stated:
"Before giving you my views on Energy Fuels' achievements in 2019, I'd like to say a few words
about the global COVID-19 crisis. The world is currently focused on containing the spread of the
virus, and equity markets are experiencing significant volatility. At Energy Fuels, we are taking steps
to respond to this evolving situation as well. In addition to protecting the safety and health of our
employees, we are also acting aggressively to conserve our financial resources. Our ongoing focus
on proactively maintaining a strong balance sheet, including the bought-deal financing we completed
in mid-February, is particularly important in today's environment. We support the Trump
Administration's efforts to contain the virus and bolster the U.S. economy, and we will continue to
seek immediate relief for U.S. uranium miners when and where it is appropriate, while also
recognizing that the government is managing complex public health and financial challenges. We
think Energy Fuels is in the best financial position of any U.S. uranium miner to weather the current
storm. We wish all patients of the virus a full and speedy recovery."
"To say that 2019 was an interesting year for Energy Fuels would be an understatement! At the
beginning of the year, we were swelling with optimism. We were increasingly positive that our
Section 232 Petition would lead to support for U.S. uranium miners and millers. In addition, vanadium
prices were high and, to our knowledge, we were the only company in the world to successfully
respond and resume primary vanadium production. Unfortunately, due to a sharp decline in vanadium
prices during the year and delays in government action to support U.S. uranium producers, we were
not able to realize all of the benefits of our efforts in 2019. Nonetheless, we are extremely proud of
what we accomplished, and we believe our achievements during the year have placed us in a
position to generate considerable shareholder value in 2020 and beyond.
"Our Section 232 Petition, which Energy Fuels played a key role in bringing about in 2018, gained
traction when, in
July 2019
, President Trump announced that he was creating the Working Group.
While this decision was unexpected, we were optimistic that the government recognized the urgent
need for action to help support domestic uranium miners, as well as uranium conversion and
enrichment, to bolster U.S. energy and national security. We received further good news in
February
2020
, when President Trump announced his President's Budget, which included a
$150 million
per
year, 10-year,
$1.5 billion
plan to support domestic uranium miners through the creation of a U.S.
uranium reserve. We believe this is likely to be very positive for Energy Fuels, as we are an
established U.S. uranium miner with a proven track-record of successful and environmentally
responsible large-scale uranium production.
"Since 2006, uranium facilities currently owned by Energy Fuels have supplied roughly 34% of all
uranium produced in the U.S., putting us second only to Cameco during this period, who produced a
little over 50%. We have proven that our people and facilities can cost-effectively put large quantities
of U.S. uranium in the can when called upon to do so. For the U.S. uranium reserve to be a success,
we are urging the U.S. government to spend their money wisely on established, proven production
facilities, including those we operate."
"Today, there are only four to five production facilities currently producing uranium in the U.S., and
we own two of them, as well as have a 3
rd
facility on standby. This includes our White Mesa Mill in
Utah
, which is the only remaining conventional uranium mill left in the U.S., and which also has the
ability to process vanadium, alternate feed materials, and uranium-bearing material produced from
land cleanups (such as abandoned uranium mines from the Cold War era). In addition, our Nichols
Ranch in-situ recovery ("
ISR
") Facility in
Wyoming
is currently in production and has produced over
1,200,000 pounds of uranium since 2014. We also have 515,000 pounds of produced uranium in
inventory, which can potentially be sold into a government program. I personally continue to dedicate
a large portion of my time and energy to advocating for a government support program. And, I can
affirmatively state that we have many high-level supporters in
Washington, DC
who are helping to
achieve a concrete, positive outcome.
"We also made excellent progress on other fronts. Our 2019 vanadium production campaign
exceeded our expectations in many ways. We built 1,600,000 pounds of vanadium inventory, which
now provides us with the unique ability to capitalize on any future price spikes unlike our competitors.
In addition, we made significant equipment upgrades, optimized our procedures, and continually
lowered our cost of vanadium production throughout the year with substantial dissolved vanadium yet
to be recovered from our tailings management system. Outside of our control, however, was the
price of vanadium, which slid nearly 70% during the year. As a result, we ceased vanadium
production at the end of Q4-2019. Energy Fuels is also pursuing discussions with government and
private entities about the potential for processing rare earth elements at our White Mesa Mill.
Energy Fuels is primarily a uranium miner. However, as our uranium business develops, we are well
positioned to capture additional value through vanadium, and potentially rare earth element recovery,
in the future.
"As previously announced, we are continuing to operate at the White Mesa Mill through a new
processing agreement, under which we are assisting in the cleanup of a formerly producing uranium
mine in
New Mexico
. Through this project, we are generating significant revenue and are showing the
U.S. Environmental Protection Agency ("
EPA
") and the Navajo Nation that we can be a strong
partner in the cleanup of Cold War era abandoned uranium mines ("
AUMs
") in the Four Corners
Region of the U.S. To this end, we have agreed to participate in a small, pilot-scale cleanup project
on a site located on the Navajo Nation. While this project is not intended to generate much cash flow,
we believe it is an important step toward securing a stronger position in this program, for which the
EPA currently has access to over
$1.7 billion
and which we as a Company want to be a part of, both
from a fiscal perspective and because it is the right and environmentally sound thing to do.
"In conclusion, I am extremely proud of what Energy Fuels achieved in 2019, despite unforeseen
setbacks, and what it means for our future. While these achievements have not yet manifested in
higher share prices or on our financial statements, I am excited for the new and developing
opportunities in front of us and the unmatched optionality our company's business strategy
represents to shareholders."
Selected Summary Financial Information:
$000, except per share data
Year ended
December 31, 2019
Year ended
December 31, 2018
Year ended
December 31, 2017
Results of Operations:
Total revenues
$
5,865
$
31,721
$
31,046
Gross profit (loss)
1,918
16,969
11,641
Net income (loss) attributable to the company
(37,978)
(25,245)
(27,766)
Basic and diluted loss per share
(0.40)
(0.30)
(0.39)
$000's
As at December 31, 2019
As at December 31, 2018
Financial Position:
Working capital
$
20,534
$
52,000
Property, plant and equipment
26,203
29,843
Mineral properties
83,539
83,539
Total assets
175,720
196,766
Total long-term liabilities
22,475
43,059
Outlook
Overview
Operations and Sales Outlook Overview
In response to the President's Budget, the Company is evaluating activities aimed towards
increasing uranium production at all or some of our production facilities, including the currently
operating White Mesa Mill and Nichols Ranch ISR Facility, as well as the Alta Mesa ISR Facility, La
Sal Complex, and Canyon Mine, which are currently on standby, as market conditions may warrant.
The Company may commence such activities, prior to confirmation of Congressional appropriations
and prior to the definition of all implementation details, as market conditions may warrant,
recognizing that there can be no guarantee that the required appropriations will be forthcoming or
that the implementation details will be satisfactory, and that the outcome of this process is therefore
uncertain. Alternatively, the Company may defer commencing any such activities until further
clarification on implementation of the President's Budget is published and/or Congressional
appropriations are obtained, or market conditions otherwise warrant. No decisions on any project-
specific actions to be taken in response to the President's Budget have been made at this time.
Subject to any actions the Company may take in response to the President's Budget, the Company
plans to extract and/or recover limited amounts of uranium from its Nichols Ranch Project in 2020, as
its existing wellfields are nearing depletion. In addition, during 2020, the Company expects to
recover uranium at the White Mesa Mill from in-circuit uranium inventories extracted from the recent
vanadium pond-return campaign, and from alternate feed materials. The vanadium pond-return
campaign that was conducted in 2019 was brought to a close in early 2020.
Subject to any actions the Company may take in response to the President's Budget, both ISR and
conventional uranium recovery is expected to be maintained at reduced levels, as a result of current
uranium market conditions, until such time when market conditions improve sufficiently. Subject to
any actions the Company may take in response to the President's Budget, until such time that
improvement in uranium market conditions is observed or suitable sales contracts can be entered
into, the Company expects to defer further wellfield development at its Nichols Ranch Project. In
addition, subject to any actions the Company may take in response to the President's Budget, the
Company expects to keep the Alta Mesa Project and its conventional mining properties on standby.
The Company is also seeking new sources of revenue, including new sources of alternate feed
materials and new fee processing opportunities at the White Mesa Mill that can be processed under
existing market conditions (i.e., without reliance on current uranium sales prices). The Company will
also continue its support of U.S. governmental activities to support the domestic uranium mining
industry and will evaluate additional acquisition and disposition opportunities that may arise.
Extraction and Recovery Activities Overview
During the year ended December 31, 2019, the Company recovered approximately 70,000 pounds
of U
3
O
8
, all of which were for the account of the Company. The Company also recovered
approximately 1,807,000 pounds of V
2
O
5
, all of which were for the account of the Company. The
Company expects to recover approximately 125,000 to 175,000 pounds of U
3
O
8
in the year ending
December 31, 2020
for its own account, and zero pounds of U
3
O
8
for the account of others. The
Company also expects to package vanadium remaining from in-process pond solution recovery in
2019 of 59,000 pounds V
2
O
5
in 2020.
The Company has strategically opted not to enter into any uranium sales commitments for 2020.
Therefore, subject to any actions the Company may take in response to the President's Budget and
general market conditions, all 2020 uranium production is expected to be added to existing
inventories. Subject to any actions the Company may take in response to the President's Budget,
both ISR and conventional uranium extraction and/or recovery is expected to continue to be
maintained at reduced levels until such time that improvements in uranium market conditions are
observed or suitable sales contracts can be entered into. All V
2
O
5
production is expected to be sold
on the spot market if prices rise significantly above current levels, but otherwise maintained in
inventory.
ISR Activities
We extracted and recovered approximately 70,000 pounds of U
3
O
8
from the Nichols Ranch Project
for the year ended December 31, 2019. The Company expects to produce approximately 6,000
pounds of U
3
O
8
in the year ending
December 31, 2020
from Nichols Ranch.
As of December 31, 2019, the Nichols Ranch wellfields had nine header houses extracting uranium.
Subject to any actions the Company may take in response to the President's Budget, until such time
as improvement in uranium market conditions is observed or suitable sales contracts can be
procured, the Company expects to defer development of further header houses at its Nichols Ranch
Project. The Company currently holds 34 fully-permitted, undeveloped wellfields at Nichols Ranch,
including four additional wellfields at the Nichols Ranch wellfields, 22 wellfields at the adjacent Jane
Dough wellfields, and eight wellfields at the Hank Project, which is fully permitted to be constructed
as a satellite facility to the Nichols Ranch Plant.
Subject to any actions the Company may take in response to the President's Budget, the Company
expects to continue to keep the Alta Mesa Project on standby until such time as improvements in
uranium market conditions are observed or suitable sales contracts can be procured.
Conventional Activities
Conventional Extraction and Recovery Activities
The White Mesa Mill recovered no pounds of U
3
O
8
during the year ended
December 31, 2019
, as
operations focused solely on vanadium recovery from dissolved vanadium in the Mill's tailings
management system not recovered from previous processing activities ("
Pond Return
"). The White
Mesa Mill recovered approximately 1,807,000 pounds of V
2
O
5
in 2019 from Pond Return, all for the
account of the Company. During 2020 the Company expects to recover approximately 120,000 to
170,000 pounds of U
3
O
8
at the White Mesa Mill from in-circuit uranium inventories extracted from
the recent vanadium pond-return campaign and alternate feed materials. In addition, there remains
an estimated 1.5 to 3.0 million pounds of solubilized recoverable V
2
O
5
inventory in the tailings facility
awaiting future recovery as market conditions may warrant.
The White Mesa Mill has historically operated on a campaign basis whereby uranium and/or
vanadium recovery is scheduled as mill feed, cash needs, contract requirements, and/or market
conditions may warrant. The Company currently expects that planned uranium production from
alternate feed materials and receipt of uranium-bearing materials from mine cleanup activities will
keep the Mill in operation through all or most of 2020. The Company is also actively pursuing
opportunities to process new and additional alternate feed material sources and new and additional
low-grade ore from third parties in connection with various uranium clean-up requirements.
Successful results from these activities would allow the Mill to extend the current campaign through
2020 and beyond. In addition, if improvements in uranium market conditions are observed, or
conventional mines are ramped up in response to the President's Budget, the Company would
expect to be able to keep the Mill operating over a considerably longer period of time.
Conventional Standby, Permitting and Evaluation Activities
During the year ended December 31, 2019, the Company completed its test-mining and
refurbishment program targeting vanadium at its fully-permitted La Sal Complex located on the
Colorado Plateau. We completed the test-mining in
April 2019
and continued to pursue enhanced
operational readiness targeting future commercial production. The goal of the test-mining program
was to evaluate different mining approaches in previously mined-out areas that selectively target
high-grade vanadium zones, thereby potentially increasing productivity and mined grades for
vanadium and decreasing mining costs per pound of V
2
O
5
and U
3
O
8
. During this program, the
Company refurbished the
La Sal
and
Pandora Mines
within the La Sal Complex and extracted
approximately 11,000 tons of mineralized material. In addition, the Company completed a surface
and underground drilling program at the La Sal Complex in 2019 in order to potentially expand the
uranium and/or vanadium resources.
Subject to any actions the Company may take in response to the President's Budget, during 2020
and general market conditions, the Company plans to continue carrying out engineering, metallurgical
testing, procurement and construction management activities at its Canyon Project, including
additional bench and pilot plant scale metallurgical test work of the uranium/copper mineralization,
and to continue pursuing any additional permitting actions that may be required to potentially recover
copper at the White Mesa Mill. Subject to any actions the Company may take in response to the
President's Budget, the timing of the Company's plans to extract and process mineralized materials
from this project will be based on the results of this additional evaluation work, along with market
conditions, available financing, sales requirements, and/or permits required for copper recovery at
the Mill.
Sales
During the year ended December 31, 2019, the Company completed
$0.07 million
of uranium sales.
The Company currently has no remaining contracts and is therefore fully unhedged to future uranium
price increases.
At the current time, the Company is selling only small quantities of vanadium, while mainly focusing
on maintaining V
2
O
5
inventory for sale in the future, as prices are expected to increase. During the
year ended December 31, 2019, the Company completed sales of 202,325 pounds of vanadium at
an average price of
$11.06
per pound. The Company expects to continue to sell finished vanadium
product when justified into the metallurgical industry, as well as other markets that demand a higher
purity product, including the aerospace, chemical, and potentially the vanadium battery industries.
The Company expects to sell to a diverse group of customers in order to maximize revenues and
profits. The vanadium produced in the recent pond return campaign was a high-purity vanadium
product of 99.6%-99.7% V
2
O
5
. The Company believes there may be opportunities to sell certain
quantities of this high-purity material at a premium to reported spot prices. The Company may also
retain vanadium product in inventory for future sale, depending on vanadium spot prices and general
market conditions.
The Company also continues to pursue new sources of revenue, including additional alternate feed
materials and other sources of feed for the White Mesa Mill.
Bought Deal Financing
On
February 20, 2020
, the Company closed a bought deal public offering of common shares made
pursuant to an underwriting agreement dated February 13, 2020 between the Company and a
syndicate of underwriters led by Cantor Fitzgerald & Co. as lead underwriter and sole book-runner,
and H.C. Wainwright & Co., LLC, Eight Capital, Haywood Securities Inc. and Roth Capital Partners,
LLC (the "
Offering
"). Pursuant to the Offering, the Company issued an aggregate of 11,300,000
common shares at a price of
$1.47
per share for gross proceeds of
$16,611,000
. The Company
received net proceeds, after commissions and fees, of
$15.1 million
from the Offering.
Working Group Update and U.S. President's Budget for Fiscal Year 2021
On
July 12, 2019
, in response to our Section 232 Petition, the President of
the United States
issued
a memorandum, titled "
Memorandum on the Effect of Uranium Imports on the National Security and
Establishment of the United States Nuclear Fuel Working Group.
" In his memorandum, the
President acknowledged he has "significant concerns regarding the impact of uranium imports on the
national security with respect to domestic mining," and concluded that "a fuller analysis of national
security considerations with respect to the entire nuclear fuel supply chain is necessary at this time."
In his memorandum, he also established the Working Group, comprised of members of his cabinet
and other government officials, to study U.S. nuclear fuel production, including uranium mining, in
order "to develop recommendations for reviving and expanding domestic nuclear fuel production" and
to "reinvigorate the entire nuclear fuel supply chain, consistent with
United States
national security
and nonproliferation goals."
On
February 10, 2020
, the President published his President's Budget for fiscal year 2021 (
October
1, 2020
through
September 30, 2021
). The President's Budget "Supports Nuclear Fuel Cycle
Capabilities," and states that "[o]n
July 12, 2019
, the President determined that '...
the United States
uranium industry faces significant challenges in producing uranium domestically and that this is an
issue of national security.' The President's Budget establishes a Uranium Reserve for
the United
States
to provide additional assurances of availability of uranium in the event of a market disruption."
Table 25-1 of the President's Budget seeks congressional appropriations of
$150 million
per year
over the next 10 years (totaling
$1.5 billion
over that timeframe) for uranium purchases. For fiscal
2021 (
October 1, 2020
through
September 30, 2021
), the President's Budget seeks an
appropriation of
$150 million
, "to remain available until expended," as the appropriation for the first
year of this 10-year program. The President's Budget states that "Establishing a Uranium Reserve
provides assurance of availability of uranium in the event of a market disruption and supports
strategic U.S. fuel cycle capabilities. This action addresses immediate challenges to the production
of domestic uranium and reflects the Administration's Nuclear Fuel Working Group (NFWG)
priorities. The NFWG will continue to evaluate issues related to uranium supply chain and fuel
supply."
The proposed President's Budgeted activities are subject to appropriation by the Congress of
the
United States
, and the details of implementation of activities in the President's Budget have not yet
been defined. As a result, there can be no certainty of the outcome of the President's Budget or any
further evaluations of the Working Group. Therefore, the outcome of this process remains uncertain.
If the required appropriations are not made by Congress, or if the President does not implement the
activities contemplated by the President's Budget, or implements them in a way that does not
provide the required support for the Company's activities, and uranium and vanadium markets do not
otherwise improve, or as market conditions may otherwise dictate, we may reduce our operational
activities as required in order to minimize our cash expenditures while preserving our asset base for
increased production in the future as market conditions may warrant.
The Company's Plans in Response to the President's Budget
As stated above, in response to the President's Budget, the Company is evaluating activities aimed
towards increasing uranium production at all or some of its production facilities, subject to general
market conditions. No decisions on any project-specific actions to be taken in response to the
President's Budget have been made at this time.
Convertible Debentures
On
July 24, 2012
, the Company issued
Cdn$22,000,000
aggregate principal amount of Convertible
Debentures, with
Cdn$20,860,000
($16,061,000)
currently outstanding. The Convertible Debentures,
which were amended on
August 4, 2016
, will mature on
December 31, 2020
and are convertible into
Common Shares of the Company at the option of the holder at a conversion price, subject to certain
adjustments, of
Cdn$4.15
per share at any time prior to redemption or maturity. The Convertible
Debentures may be retired at any time in whole or in part at a price equal to 101% of their face
value or at maturity at their face value either through the payment of cash or the issuance of
Common Shares based on a 5% discount to the then prevailing market price of the Common Shares,
at the Company's option.
The net proceeds of the Offering of
$15.1 million
and the
$4.0 million
raised on the Company's ATM
program since
December 31, 2019
provide the Company with an additional
$19.03 million
in cash
raised in 2020 to add to the Company's cash and cash equivalents and marketable securities and
inventories (which totaled
$40.5 million
as at
December 31, 2019
). This gives the Company added
flexibility to ramp-up production at its properties in response to the President's Budget, as market
conditions may warrant. It also provides the Company with the ability, as market conditions may
warrant, to elect to redeem all or a portion of its existing Convertible Debentures for cash prior to or
at maturity, along with its existing right to repay the Convertible Debentures in whole or in part in
Common Shares at maturity, to the extent the Convertible Debentures are not converted by the
holders thereof or refinanced with replacement Convertible Debentures by the Company in whole or
in part prior to maturity.
Minimize Costs
The Company will continue to seek ways to minimize the costs of maintaining its critical properties in
a state of readiness for potential improvements in market conditions, and is evaluating whether
additional cost-cutting measures may be warranted at this time as a result of recent declines in
general market conditions.
Mark S. Chalmers, P.E., of Energy Fuels
, is a Qualified Person as defined by Canadian National
Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news
release.
About Energy Fuels:
Energy Fuels is a leading U.S.-based uranium mining company, supplying
U
3
O
8
to major nuclear utilities. The Company also produces vanadium from certain of its projects,
as market conditions warrant. Its corporate offices are in
Lakewood, Colorado
near
Denver
, and all
of its assets and employees are in
the United States
. Energy Fuels holds three of America's key
uranium production centers: the White Mesa Mill in
Utah
, the Nichols Ranch in-situ recovery
("ISR") Project in
Wyoming
, and the Alta Mesa ISR Project in
Texas
. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8
million pounds of U
3
O
8
per year, and has the ability to produce vanadium when market conditions
warrant. The Nichols Ranch ISR Project is in operation and has a licensed capacity of 2 million
pounds of U
3
O
8
per year. The Alta Mesa ISR Project is currently on standby. In addition to the
above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium
resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on
standby and in various stages of permitting and development. The primary trading market for
Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the
Company's common shares are also listed on the Toronto Stock Exchange under the trading
symbol "EFR." Energy Fuels' website is.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain
"Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable
United States
and Canadian securities legislation, which may include, but are not limited to,
statements with respect to: production and sales forecasts; costs of production; scalability, and the
Company's ability and readiness to re-start or expand any of its existing projects to respond to any
improvements in uranium market conditions; any expectation that the Company may be able to
recover copper from its Canyon project at the White Mesa Mill or otherwise; any expectation
regarding potentially increasing productivity and mined grades for vanadium and decreasing
mining costs per pound of V
2
O
5
and U
3
O
8
as a result of the vanadium test-mining program or
otherwise; any expectations regarding vanadium opportunities, the Company's program for the
recovery of vanadium from pond solutions, remaining dissolved vanadium in tailings facility