Energy Fuels Announces 2024 Results, Including Active U.S. Uranium Mining, Uranium and Mineral Sand Sales, Commercial U.S. Rare Earth Production, and Strong Balance Sheet
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Energy Fuels Announces 2024 Results, Including Active U.S. Uranium Mining, Uranium and Mineral
Sand Sales, Commercial U.S. Rare Earth Production, and Strong Balance Sheet
DENVER, Colo., February 27, 2025 - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy
Fuels” or the “Company”), a leading U.S. producer of uranium, rare earth elements (“REE”), and heavy
mineral sands ("HMS"), today reported its financial results for the year ended December 31, 2024. The
Company previously announced details for its upcoming February 27, 2025 earnings call, which are also
included in this news release.
“2024 was a fundamental building year for Energy Fuels, as we resumed U.S. uranium mining, realized
profitable uranium sales, achieved commercial U.S. rare earth production, and secured two ‘Tier 1’ critical
mineral projects in allied nations, which upon development, are expected to be able to provide low-cost
rare earth feedstocks to our U.S. processing plant, while supporting additional stability, growth, and
revenues for decades” said Mark Chalmers, Energy Fuels’ President and Chief Executive Officer. "We also
continue to maintain our strong, clean balance sheet, while adding valuable assets and accomplishing key
goals in the U.S. critical mineral space.
“These accomplishments demonstrate our success as a nimble, innovative company, making strategic
decisions that we believe will support significant future profitability, while contributing to U.S. economic
and national security. Put simply, we are leveraging the Company’s unique attributes to produce several
in-demand critical materials, each with a valuable potential upside. We believe diversifying into high -
growth and potentially high-margin rare earth, mineral sand, and potential medical isotope markets, while
generating near -term cashflow from our core uranium business, will drive long -term value for our
shareholders and position the Company for a vital role in securing domestic critical mineral supply chains
and helping to achieve American energy dominance.
“Due to our accomplishments and successes in 2024, Energy Fuels is now well positioned to take
advantage of numerous emerging opportunities in uranium, rare earths, mineral sands, and potentially
medical isotopes. These initiatives are all part of our strategic plan to leverage existing licenses,
infrastructure, and expertise to evolve beyond previous limitations that depended upon a single
commodity, and set the standard for a multi-commodity, U.S. critical minerals provider of the future.”
2024 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
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• Robust Balance Sheet with Over $170 million of Liquidity and No Debt: As of December 31, 2024,
the Company had $170.90 million of working capital including $38.60 million of cash and cash
equivalents, $80.85 million of marketable securities (interest -bearing securities and uranium
stocks), $37.76 million of trade and other receivables, $66.50 million of inventory, and no debt.
• Over $60 Million of Cash Added to Treasury in Early-2025: Between the end of 2024 and February
14, 2025, the Company raised an additional $60.01 million on its At-The-Market facility, to support
expected costs associated with advancing the Toliara and Donald Projects to Financial Investment
Decisions ("FID") and potential commencement of development activities.
• Over $8 Million of Additional Liquidity from Market Value of Inventory: At February 24, 2025
commodity prices, the Company’s product inventory has a market value of approximately $45.60
million, while the balance sheet reflects product inventory carried at cost of $37.19 million.
• Incurred Net Loss of $48 Million on $78 Million of Revenue: During the year ended December 31,
2024, the Company incurred a net loss of $47.84 million, or $0.28 per common share, on $78.11
million of revenue. The loss was primarily due to one-time transaction and integration costs that
totaled $10.34 million related to the acquisition of Base Resources and the Donald Project joint
venture (described below), recurring operating expenses, and additional operating expenses
associated with the increased headcount of retained Base Resources employees and Kwale HMS
mine reclamation costs, partially offset by sales of natural uranium concentrates (“ U3O8”) and
mineral sand products.
• Uranium Revenue: During 2024, the Company sold a total of 450,000 pounds of U 3O8, including
200,000 pounds under long-term contracts for a realized price of $75.13 per pound of U 3O8 and
250,000 pounds under spot contracts for a weighted average realized price of $91.51 per pound
of U3O8, earning a gross profit of $21.32 million (56% gross margin).
• Heavy Mineral Sands Revenue: During 2024, the Company sold 17,529 tonnes of rutile, 48,302
tonnes of ilmenite, both used for the production of titanium products, and 2,477 tonnes of zircon,
used for the production of zirconium, for total HMS revenues of $39.87 million.
• New Long-Term Uranium Sales Contract with U.S. Utility: During 2024, the Company added a
fourth long-term uranium sales contract to its existing portfolio. Under the contract, the Company
expects to deliver a total of 270,000 to 330,000 pounds of uranium between 2026 and 2027, and
potentially an additional 180 ,000 to 220,000 pounds through 2029, under a “hybrid” pricing
formula, subject to floor and ceiling prices, that maintains exposure to further uranium market
upside and protection from inflation.
• "Phase 1" REE Separation Circuit Successfully Commissioned: During 2024, the Company
successfully completed final commissioning of the Phase 1 REE separation circuit at the Company's
White Mesa Mill (the “Mill”) resulting in the production of approximately 38,000 kg of ‘on -spec’
separated NdPr.
• Samples of NdPr Actively Being Qualified by Potential Customers: NdPr produced at the Mill is
currently in the process of being qualified with permanent magnet manufacturers and other
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potential customers which, upon successful qualification, would set the stage for potential offtake
in the future.
• Well-Stocked to Capture Market Opportunities and meet Long-term Contract Obligations: As of
December 31, 2024, the Company held a total of 1,118,000 pounds of U3O8 in inventory, including
393,000 pounds of finished U 3O8 and 725,000 pounds of U 3O8 in stockpiled uranium ore
inventories and work-in-progress. This inventory increased from last year due to Pinyon Plain, La
Sal and Pandora mine ore production and additional alternate feed materials received, partially
offset by our contract and spot sales during 2024. The Company expects these uranium inventories
to continue increasing as we continue to mine additional ore and potentially purchase ore from
third parties. The Company also held 7,043 tonnes of rutile, 11,422 tonnes of ilmenite, 1,255
tonnes of zircon, 905,000 pounds of finished vanadium (“V2O5”), 38,000 kg of finished separated
neodymium praseodymium (“ NdPr”) and 9,000 kg of finished high purity, partially separated
mixed "heavy" samarium-plus ("SM+") rare earth carbonate (“RE Carbonate”) in inventory.
Uranium Milestones:
• The Company expects to mine and stockpile ore from its Pinyon Plain, La Sal and Pandora mines
totaling approximately 730,000 to 1,170,000 pounds of U3O8 contained in approximately 85,000
to 115,000 tons of ore from these mines during 2025, subject to market conditions, mining rates
and other factors. The Company also expects to purchase uranium ore from third-party miners in
the region, and there is the potential to receive additional Alternate Feed Materials and mine
cleanup materials, expected to add a to tal of approximately 160,000 to 200,000 pounds of
additional contained uranium to ore inventories, all of which will be processed as market
conditions, Mill schedules, and contract requirements may warrant. In addition, having stockpiled
mined ore available at the Mill, which can be processed i nto finished U3O8 product on relatively
short notice, gives the Company more flexibility in securing long-term sales contracts on the most
favorable terms, as market fundamentals suggest higher prices in the future may be expected.
• Uranium processing activities are expected to result in total finished uranium production of
200,000 to 250,000 pounds of finished U 3O8 during the first half of 2025 from the Company's
existing conventional ore inventories and Alternate Feed Materials, which (combined with existing
inventories) is expected to be sufficient to complete expected uranium sales in 2025, while
providing additional material for discretionary sales on the spot market.
• The Company expects to sell between 200,000 and 300,000 pounds of uranium during 2025,
under the Company's existing long -term contracts with utilities. As a result of these sales, plus
planned 2025 mine production, at the end of 2025, the Company expects to hold a total of
1,655,000 to 2,340,000 pounds of U 3O8, including approximately 290,000 to 445,000 pounds of
finished U3O8 inventory and approximately 1,365,000 to 1,895,000 pounds of U 3O8 contained in
stockpiled uranium ore inventories. The final mix bet ween quantities of U 3O8 contained in ore
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inventories and quantities of U3O8 in finished product inventory at the end of 2025 will depend on
the timing of the processing of stockpiled uranium ore at the Mill (which could occur in 2025 or
be deferred to subsequent years), on any additional ore purchases from third -party miners, on
any additional alternate feed and cleanup materials received, and on any spot uranium sales or
purchases the Company may elect to complete in 2025 in response to uranium prices, market
conditions, contract requirements, and other factors.
• The Company produced a total of 158,000 pounds of finished U 3O8 during 2024 from stockpiled
alternate feed materials and newly mined ore, which was at the lower end of our previous
guidance of 150,000 to 200,000 pounds of finished U 3O8 during 2024, due to voluntary delays in
transporting ore from the Pinyon Plain mine to the Mill.
• On January 29, 2025, the Co mpany announced the signing of an agreement with the Navajo
Nation, facilitating the transport of uranium ore on the federal and state highways that traverse
their land, subject to certain additional precautions and fees, and the Company assisting in the
cleanup of Cold War era uranium mines left on Navajo land from government programs that
started in the 1940s. Ore transport from the Pinyon Plain mine in northern Arizona to the Mill in
southern Utah resumed in February 2025.
• During 2024, the Company produced ore containing approximately 208,000 pounds of U3O8 at the
Pinyon Plain mine, which was stockpiled at the mine site. Ore containing approximately 142,000
pounds of U3O8 from the La Sal and Pandora mines was produced and/or delivered to the Mill.
• During 2024, the Company received positive results from drill holes during ongoing preparations
at its Nichols Ranch in -situ recovery (“ISR”) Project in Wyoming. Both the Nichols Ranch Project
and Whirlwind Mine in Colorado are being prepared for production within one year of a “go”
decision, as market conditions warrant. Production from these mines, when combined with
production from Pinyon Plain, La Sal and Pandora, alternate feed materials, uranium from
monazite, and third-party uranium ore purchases, would be expected to increase the Company’s
production run-rate to roughly two million pounds per year by as early as 2026.
• The Company continued advancing permitting and other pre-development activities on its large-
scale Roca Honda and Bullfrog uranium projects in 2024, which together with its Sheep Mountain
Project, have the potential to expand the Company's uranium producti on to a run -rate of up to
five million pounds of U3O8 per year in the coming years.
• As of February 21, 2025, the spot price of U3O8 was $65.25 per pound and the long-term price of
U3O8 was $82.00 per pound, according to data from TradeTech.
Rare Earth Element Milestones:
• The Company produced about 38,000 kg of separated NdPr from its newly commissioned Phase 1
REE separation circuit at the Mill in 2024, along with 9,000 kg of finished high purity, partially
separated mixed "heavy" Sm+ RE Carbonate.
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• Samples of the Company's NdPr product have been sent to permanent magnet and other
companies around the world for product qualification. Initial testing responses have been positive.
• The Company is currently in the process of updating the White Mesa Mill's AACE International
("AACE") Class 4 Pre -Feasibility Study (not a Pre -Feasibility Study subject to or intended to be
compliant with NI 43-101 or S-K 1300), originally released in Q2-2024 to increase throughput to a
total of 60,000 tpa of monazite, producing roughly 6,000 tpa of NdPr, 150 to 225 tpa of Dy, and 50
to 75 tpa of Tb, of which the existing commissioned Phase 1 circuit will constitute about 17% of
this amount (10,000 tpa of m onazite). The Mill PFS referenced above can be viewed on the
Company's website, Energy Fuels Pre-Feasibility Study.
Heavy Mineral Sands:
• On October 2, 2024, the Company announced it completed its previously announced acquisition
of all the issued and outstanding shares of Base Resources Ltd. (“ Base Resources”), which is
expected to transform the Company into a global leader in critical minerals production, including
HMS (titanium and zirconium), REEs and uranium. The acquisition of Base includes the world-class
Toliara HMS project in Madagascar . In addition t o its stand -alone, ilmenite, rutile and zircon
production capability, the Toliara Project also contains a long -life, high -value and low -cost
monazite (REE) stream, produced as a byproduct of primary ilmenite, rutile and zircon production.
Toliara’s monazite is expected to be processed at the Mill into separated REE products, at globally
competitive capital and operating costs.
• On November 28, 2024, the Government of Madagascar lifted the suspension on the development
of the project, and on December 5, 2024, the Company entered into a Memorandum of
Understanding (the "MOU") with the Government of Madagascar setting forth certain key terms
applicable to the Toliara Project along with mechanisms to achieve long -term fiscal stability for
the Project. The MOU is the culmination of extensive negotiations over several years with the
Malagasy Government and a major step forward in advanc ing the Project. Now that the
Government of Madagascar has lifted the suspension, the Company has re -commenced
development and investment in the Project, is re -establishing community and social programs,
and is advancing the technical, environmental and so cial activities necessary to achieve a FID,
which the Company expects to make in early 2026.
• The Company continued to advance the Donald Project (the "Donald Project"), a large monazite-
rich HMS project in Australia, pursuant to its joint venture with Astron Corporation limited,
announced in Q2 -2024. The Company expects that a final investment decision (" FID") could be
made on the Donald Project as early as the latter half of 2025.
• During 2024, the Company also continued to advance its wholly owned Bahia HMS project in Brazil
(the “Bahia Project”) with its Phase 2 drilling campaign, which is expected to continue during
2025. Additionally, the Company completed bulk test work on a 2.5 tonne sample in March 2024,
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and recently shipped a larger 15 tonne sample to the U.S. for additional process test work. Subject
to permitting, finalization of surface access arrangements, and completion of additional drilling,
the Company expects to complete a U.S. Subpart 1300 of Regulation S -K (“ S-K 1300 ”) and
Canadian National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate on the
Bahia Project in late 2025 or early 2026.
Medical Isotope Highlights:
• On August 19, 2024, the Company announced it acquired RadTran LLC (" RadTran"), a private
company specializing in the separation of critical radioisotopes, to further the Company’s plans
for development and production of medical isotopes used in cancer treatments. RadTran’s
expertise includes separation of radium-226 (“Ra-226”) and radium-228 (“Ra-228”) from uranium
and thorium process streams. This acquisition is expected to significantly enhance Energy Fuels’
planned capabilities to address the global shortage of these essential isotopes used in emerging
targeted alpha therapies (“TAT”) for cancer treatment.
• The Company continues to utilize its research and development ("R&D") license for the potential
recovery of R&D quantities of Ra -226 at the Mill. Activities to set up the pilot facility at the Mill
continued in Q4-2024 and are expected to progress through 2025, with the goal of producing R&D
quantities of Ra-226 for testing by end-users of the product in 2025.
Vanadium:
• The Company chose not to execute any vanadium sales during 2024 and holds about 905,000
pounds of V2O5 in inventory.
• As of February 21, 2025, the spot price of V 2O5 was $5.35 per pound, according to data from
Fastmarkets.
Mr. Chalmers continued:
“We invite all stakeholders to join us in our upcoming February 27, 2025, earnings call, details of which
are below, to learn more about these exciting achievements.”
~~~
Conference Call and Webcast at 9:00 AM MT (11:00 pm ET) on February 27, 2025:
Conference call access with the ability to ask questions:
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To instantly join the conference call by phone, please use the following link to easily register your name
and phone number. After registering, you will receive a call immediately and be placed into the
conference call.
• Rapid Connect URL: https://link.meetingpanel.com/?id=47583
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an
Ope ra tor.
• North American Toll Free: 1-800-510-2154
To view the webcast online:
Audience URL: https://app.webinar.net/ZleBx0Vz0RA
Conference Replay
• Conference Replay Toronto: 1-289-819-1450
• Conference Replay North American Toll Free: 1-888-660-6345
• Conference Replay Entry Code: 53463 #
• Conference Replay Expiration Date: 03/06/2025
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 .html, on the System for Electronic Data Analysis and Retrieval +
(“SEDAR+”) at www.sedarplus.ca, and on the Company’s website at www.energyfuels.com. Unless noted
otherwise, all dollar amounts are in U.S. dollars.
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Selected Summary Financial Information:
Years Ending December 31,
(In thousands, except per share data) 2024 2023
Results of Operations:
Heavy mineral sands revenues $ 39,874 $ —
Uranium concentrates revenues 37,904 33,278
Vanadium concentrates revenues — 871
RE Carbonate revenues — 2,848
Total revenues 78,114 37,928
Gross profit 22,196 19,747
Transactions and integration related costs 10,343 —
Operating loss (47,515) (32,367)
Net income (loss) attributable to Energy Fuels Inc. (47,765) 99,862
Basic net income (loss) per common share (0.28) 0.63
Diluted net income (loss) per common share (0.28) 0.62
December 31,
(In thousands) 2024 2023 Percent Change
Financial Position:
Working capital $ 170,898 $ 222,335 (23) %
Property, plant and equipment, net 55,187 26,123 111 %
Mineral properties, net 278,330 119,581 133 %
Current assets 230,187 232,695 (1)%
Total assets 611,969 401,939 52 %
Current liabilities 59,289 10,360 472 %
Total liabilities 80,292 22,734 253 %
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS, vanadium
and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate
for the past several years, which is sold to nuclear utilities that process it further for the production of
carbon-free nuclear energy and owns and operates several co nventional and in- situ recovery uranium
projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the
only fully licensed and operating conventional uranium processing facility in the United States. At the Mill,