Energy Fuels Announces Q3-2024 Results, Including Active Uranium Mining and Processing, Successful Rare Earth Production, and Continuing to Build a World-Scale Rare Earth Supply Chain Centered in the U.S. DENVER, CO 10/31/2024 - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or th
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Energy Fuels Announces Q3-2024 Results, Including Active Uranium Mining and Processing, Successful
Rare Earth Production, and Continuing to Build a World-Scale Rare Earth Supply Chain Centered in the
U.S.
DENVER, CO 10/31/2024 - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or the
“Company”), an industry leader in uranium and rare earth elements (“ REE”) production, today reported
its financial results for the quarter ended September 30, 2024. The Company previously announced details
for its upcoming November 1, 2024, earnings call, which are also included in this news release.
“Uranium drives our current financial outlook, while rare earth elements and heavy mineral sand products
are significantly adding to our long-term value and growth strategy,” said Mark Chalmers, Energy Fuels’
President and Chief Executive Officer. “This quarter, we maintained our clean balance sheet while adding
a new long-term U.S. utility customer, completing another spot sale of U3O8, and commencing processing
of the large inventory stockpile of uranium feedstock at the White Mesa Mill, which is expected to continue
well into 2025 and beyond. Uranium production is, and will remain, the core of the Energy Fuels’ business,
as we leverage our unique permits, facilities and expertise to process uranium-bearing materials to
produce a variety of critical materials that advance the global energy transition through an American -
based supply chain. We have long been a leading U.S. uranium producer, and we have now proven our
ability to produce important rare earth materials at commercial scale with the completion and successful
commissioning of our REE separation circuit this quarter. We are also aggressively moving forward with
our plans to secure rare earth feedstocks globally and expand our processing capacity domestically in order
to capture market share and achieve profitability. Our acquisition of Base Resources Limited and its world-
class Toliara heavy mineral sands/monazite project in Madagascar on October 2, 2024 is an exciting step
in achieving these objectives.
“We invite all stakeholders to join us in our upcoming November 1, 2024, earnings call, details of which
are below, to learn more about these exciting achievements.”
Q3-2024 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
• Robust Balance Sheet with Over $180 million of Liquidity and No Debt: As of September 30, 2024,
the Company had $183.16 million of working capital including $47.46 million of cash and cash
equivalents, $101.15 million of marketable securities (interest-bearing securities and uranium stocks),
$35.91 million of inventory, and no debt.
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• Over $10 Million of Additional Liquidity from Market Value of Inventory: At October 28 , 2024
commodity prices, the Company’s product inventory has a market value of approximately $ 23.79
million, while the balance sheet reflects product inventory carried at cost of $13.38 million.
• Incurred Net Loss of $12 Million: During the three months ended September 30, 2024, the Company
incurred a net loss of $12.08 million, or $0.07 per common share, primarily due to transaction and
integrations costs related to the Donald Project joint venture (described below), the acquisition of
Base Resources (described below) and recurring operating expenses, partially offset by sales of natural
uranium concentrates (“U3O8”).
• Uranium Continues to Drive Revenue: The Company sold 50,000 pounds of U3O8 on the spot market
at a realized sales price of $80.00 per pound of U3O8 for total proceeds of $4.00 million, which resulted
in a gross profit of $2.15 million and a gross margin of 54%.
• New Long-Term Uranium Sales Contract with U.S. Utility: 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 until 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: Final commissioning of the Phase 1 REE
separation circuit at the Company's White Mesa Mill (the “ Mill”) was successfully completed during
the quarter resulting in the production of approximately 38 tonnes of ‘on-spec’ separated NdPr.
• Samples of NdPr A ctively Being Qualified by Potential Customers : NdPr produced at the Mill is
currently being qualified with permanent magnet manufacturers and other potential customers to set
the stage for potential offtake in the future.
• Well-Stocked to Capture Market Opportunities: As of September 30, 2024, the Company held
235,000 pounds of finished U 3O8 and 805,000 pounds of U3O8 in ore and raw materials and work -in-
progress inventory for a total of 1,040,000 pounds of U3O8 in inventory. This inventory increased from
last quarter due to Pinyon Plain, La Sal and Pandora mine ore production and additional alternate feed
materials received, partially offset by our spot sale during Q3 -2024. The Company expects these
uranium inventories to continue increasing as we continue to mine additional ore. The Company also
held 905,000 pounds of finished vanadium (“ V2O5”), 38 tonnes of finished separated neodymium
praseodymium (“NdPr”) and 9 tonnes of finished high purity, partially separated mixed rare earth
carbonate (“RE Carbonate”) in inventory.
Capitalizing on Strong Uranium Pricing:
• Due to uranium market tailwinds and upcoming commitments in long-term contracts with U.S. nuclear
utilities, the Company is currently mining and stockpiling uranium ore from its Pinyon Plain, La Sal and
Pandora mines and plans to ramp up to a production run -rate of approximately 1.1 to 1.4 m illion
pounds of U3O8 per year by late-2024.
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• The Company expects to produce a total of 150,000 to 200,000 pounds of finished U 3O8 during 2024
from stockpiled alternate feed materials and newly mined ore , which is at the lower end of our
previous guidance of 150,000 to 500,000 pounds of finished U 3O8 during 2024, due to delays in
transporting ore from the Pinyon Plain mine to the White Mesa Mill, which is expected to be resolved
in Q4-2024. Mining continues at the Pinyon Plain mine , with mined ore being stockpiled at the mine
site, containing approximately 180,000 pounds of U 3O8 at September 30, 2024, which is expected to
be processed at the Mill later in 2024 or in early 2025.
• During Q3-2024, 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 and are within one year of a “go”
decision, as market conditions warrant. Production from these mines, when combined with alternate
feed materials, uranium from monazite, and 3 rd 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 Q3 -2024, which together with its Sheep Mountain
Project, have the potential to expand the Company's uranium production to a run -rate of up to five
million pounds of U3O8 per year in the coming years.
• As of October 28, 2024, the spot price of U3O8 was $81.00 per pound and the long-term price of U3O8
was $82.00 per pound, according to data from TradeTech.
Rare Earth Element Production Milestones:
• The Company produced about 38 tonnes of separated NdPr from its newly commissioned Phase 1 REE
separation circuit at the Mill in Q2- and Q3-2024.
• Samples of the Company’s NdPr product have been sent to permanent magnet and other companies
around the world for product qualification, and 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 monazite). The Mill PFS referenced above can be viewed on the Company's website,
www.energyfuels.com.
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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 advanced, world-class Toliara
HMS project in Madagascar. In addition to its stand -alone, ilmenite, rutile (titanium) and zircon
(zirconium) production capability, the Toliara Project also contains a long-life, high-value and low-cost
monazite (REEs) stream, produced as a byproduct of primary titanium and zirconium production.
Toliara’s monazite is expected to be processed at the Mill into separated REE products, along with
uranium, at globally competitive capital and operating costs. The Toliara Proje ct is subject to
negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar
government approvals and actions before a current suspension on activities at the Toliara Project will
be lifted and developmen t may occur. The transaction also include s Base’s management, mine
development and operations teams, who have a successful track -record of designing, constructing,
and profitably operating a world-class HMS operation in Kenya.
• 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”) will be made on the Donald
Project as early as 2025.
• During Q3-2024, 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 through the
rest of the year. Additionally, the Company completed bulk test work on a 2.5 tonne sample in March
2024, and recently shipped a larger 15 tonne sample to the U.S. for additional process test work. The
Company expe cts 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
during 2024.
Vanadium Highlights:
• The Company chose not to execute any vanadium sales during Q3 -2024 and holds about 905,000
pounds of V2O5 in inventory.
• As of October 28, 2024, the spot price of V 2O5 was $ 5.25 per po und, according to data from
Fastmarkets.
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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 recovery of
R&D quantities of Ra-226 at the Mill. Activities to set up the pilot facility at the Mill continued in Q3-
2024 and are expected to progress through the end of the year , with the goal of producing R&D
quantities of Ra-226 for testing by end-users of the product in late 2024 or early 2025.
Mr. Chalmers continued:
“During the quarter , we achieved numerous additional milestones to bring the Energy Fuels ’ vision to
fruition for our innovative, low-cost, U.S.-centered critical mineral supply chain. As previously announced,
shortly after the close of the quarter, we successfully completed our acquisition of Base Resources. This is
a major piece of our strategic puzzle , bringing to the Company the Base Resources management and
operations team and the world-class Toliara Project in Madagascar, which is considered by industry experts
to be one of the best HMS projects in the world. With the Toliara Project, our joint venture on the Donald
Project in Australia, and our 100% ownership of the Bahia Project, we have secured a leading position in
the titanium and zirconium mineral industry, in addition to a low-cost source of REE feedstock that will be
processed in the United States.
“These developments have the potential to transform Energy Fuels into a world leader in titanium,
zirconium, and rare earth elements production, while maintaining our position as a U.S. leader in uranium
and vanadium production. All these materials are critical to the global energy transition and to our vision
of creating a leading diversified critical minerals company.”
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Conference Call and Webcast at 10:00 AM MT (12:00 pm ET) on November 1, 2024:
Conference call access with the ability to ask questions:
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://emportal.ink/3Xq8rHH
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
• North American Toll Free: 1-800-510-2154
To view the webcast online:
Audience URL: https://app.webinar.net/5kM3dkJ6D4A
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: 11/15/2024
The Company’s Quarterly Report on Form 10 -Q 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, 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:
Three Months Ended September 30,
(In thousands, except per share data) 2024 2023
Results of Operations:
Uranium concentrates revenues $ 4,000 $ 10,473
RE Carbonate revenues — 288
Total revenues 4,047 10,987
Gross profit 2,200 5,439
Operating loss (11,913) (6,944)
Net income (loss) attributable to the company (12,060) 10,563
Basic net income (loss) per common share (0.07) 0.07
Diluted net income (loss) per common share (0.07) 0.07
(In thousands) September 30, 2024 December 31, 2023 Percent Change
Financial Position:
Working capital $ 183,155 $ 222,335 (18) %
Current assets 193,923 232,695 (17) %
Mineral properties, net 124,856 119,581 4 %
Property, plant and equipment,
net 43,548 26,123 67 %
Total assets 400,404 401,939 — %
Current liabilities 10,768 10,360 4 %
Total liabilities 23,717 22,734 4 %
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 u tilities that process it further for the production of
carbon-free nuclear energy and owns and operates several conventional 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,
the Company also produces advanced REE products, vanadium oxide (when market conditions warrant),
and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process
streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS
project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects,
including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project
in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron
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Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its heavy mineral
sands operations managed from Perth, Australia. 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." For more information on all we
do, please visit http://www.energyfuels.com
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:
any expectation that the Company will maintain its position as a leading U.S. -based critical minerals
company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to
production; any expectation as to rates or quantities of production; any expectation as to costs of
production or gross profits or gross margins; any expectation as to future sales or sales prices; any
expectation that the Company will be profitable; any expectation that the Company's permitting efforts
will be successful and as to any potential future production from any properties that are in the permitting
or development stage; any expectation with respect to the Company's planned exploration programs; any
expectation that the Company will achieve its business objective of becoming a long-term, profitable U.S.
critical minerals company; any expectation that Energy Fuels will be successful in expanding its U.S.
separation, or other value -added U.S. REE production capabilities at the Mill, or otherwise, including the
timing of any facilities or other initiatives and the expected production capacity associated with any such
production capabilities; any expectation that the Mill’s REE products will meet commercial expectations or
result in commercial offtake agreements; any expectation that the Company will update the Mill PFS to
increase throughput of the planned Phase 2 separation circuit; any expectation that the Company’s
planned Phase 2 separation facility will complete engineering design and will receive all requir ed permits
and licenses on a timely basis or at all; any expectation that the Company is well-stocked to capture market
opportunities; any expectation that the Bahia Project, Donald Project and/or Toliara Project will be low -
cost sources of monazite feed for the Mill and/or also potentially produce significant standalone cashflow
from the sale of ilmenite, rutile, zircon and other minerals; any expectation as to the exploration program
to be conducted at the Bahia Project during 2024; any expectation that the Company will complete an S-K
1300 and NI 43-101 compliant mineral resource estimate for the Bahia Project during 2024, or otherwise;
any expectation that a FID will be made on the Donald Project or that the Company will earn its full 49%
interest in the Donald JV; any expectation that any production at the Bahia Project, Donald Project and/or
Toliara Project or Mill will be world or globally competitive; any expectation that the Base Resources team
will continue to have a successful track-record of designing, constructing, and profitably operating any of
the Company’s HMS projects; any expectation that Energy Fuels will be successful in agreeing on fiscal
terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara
Project; any expectation that the current suspension relating to the Toliara Project will be lifted in the near
future or at all; any expectation that the additional permits for the recovery of Monazite at the Toliara