Energy Fuels Now Debt-Free; Unique in Uranium Sector LAKEWOOD, Colo. ,
Energy Fuels Now Debt-Free; Unique in Uranium
Sector
LAKEWOOD, Colo.
,
Oct. 6, 2020
/CNW/ -
Energy Fuels Inc.
(NYSE American: UUUU) (TSX: EFR)
("Energy
Fuels" or the "Company")
, the leading uranium producer in
the United States
, is pleased to announce that
today the Company became debt-free, following the retirement of its remaining
Cdn$10,430,000
of floating rate
convertible unsecured subordinated debentures (the "
Debentures
"). As of today, no Debentures remain
outstanding, and they have ceased to be listed on the Toronto Stock Exchange. Further, the Company currently
has no other remaining short- or long-term debt.
"While many uranium and other natural resource companies have significant debt burdens, Energy Fuels is proud
to announce that today we became debt free," stated
Mark S. Chalmers
, President and CEO of Energy Fuels.
"Being debt-free distinguishes Energy Fuels not only from many of our peers in the uranium and natural resource
sectors, but also from many public companies in general. Having no debt reduces costs and allows Energy Fuels
to better weather market volatility. Coupled with our strong working capital position, this also provides us with a
'clean slate' from which to increase uranium production when warranted and to launch the exciting rare earth
element initiative we are pursuing.
"We have a number of opportunities in front of us right now, any one of which could result in significant cash
flows for the Company. Critical minerals, including uranium, rare earth elements, and vanadium, are front-and-
center in the U.S. right now, including bipartisan support in the U.S. government. We are continuing to work with
our allies in the Administration and Congress to create a strategic U.S. uranium reserve to enhance national
security and energy security. As the leading uranium miner in the U.S., with more production facilities, capacity,
expertise and in-ground resources than any other U.S. uranium producer, we expect to be one of the prime
beneficiaries of any U.S. government support.
"We were also pleased that the U.S. Department of Commerce was recently able to reduce uranium and nuclear
fuel imports into the U.S. from
Russia
over the long-term, thereby eliminating the specter of more state-owned
uranium imports entering the U.S. President Trump's Executive Orders on critical minerals last week may be an
important step toward the U.S. government providing tangible support and/or funding to producers and
processors of critical minerals, including the uranium and vanadium we currently produce, and the rare earth
elements we hope to produce in the future. And of course, global uranium markets, where spot prices are up
over 20% this year, appear poised to continue their bounce-back, due to significant global production cutbacks
and the fact that current spot and term pricing cannot sustain new or existing primary supply. Energy Fuels has
created a number of significant, potentially 'game changing,' catalysts while also maintaining a strong working
capital position and eliminating debt. We look forward to continuing to provide updates in the coming weeks and
months on several of these initiatives."
About Energy Fuels
: Energy Fuels is the 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, and is evaluating the potential to recover rare earth elements at its White Mesa Mill. Its corporate
offices are near
Denver, Colorado
, 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 on standby and has a licensed capacity of 2 million pounds of U
3
O
8
per year. The Alta Mesa
ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U
3
O
8
per year. In addition
to the above production facilities, Energy Fuels 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
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 the leading uranium producer in
the United States
;
any expectation that being debt free will allow the Company to better weather market volatility, or allow the
Company to increase uranium production when warranted or launch its rare earth element initiative; any
expectation that the Company has a number of opportunities or catalysts in front of it which could result in
significant cash flows for the Company; any expectation that the Administration and Congress may create a
strategic U.S. uranium reserve, or that the Company may be one of the prime beneficiaries of any U.S.
government support; any expectation that the recent actions of the U.S. Department of Commerce may reduce
uranium and nuclear fuel imports into the U.S. from
Russia
over the long-term and eliminate the specter of
more state-owned uranium imports entering the U.S.; any expectation that President Trump's recent Executive
Orders on critical minerals may be an important step
toward the U.S. government providing tangible support
and/or funding to producers and processors of critical minerals; any expectation that current spot and term
uranium pricing cannot sustain new or existing primary supply; and any expectation that global uranium markets
may continue their bounce-back.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets,"
"scheduled,"
"estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations
of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or
"will be taken," "occur," "be achieved" or "have the potential to." All statements herein, other than statements of
historical fact, are considered to be forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual results, performance of or
achievements of the Company to be materially different from any future results, performance, or
achievements, express or implied, by the forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these forward-looking statements include risks associated with:
any expectation that the Company will maintain its position as the leading uranium producer in
the United
States
; any expectation that being debt free will allow the Company to better weather market volatility, or allow
the Company to increase uranium production when warranted or launch its rare earth element initiative; any
expectation that the Company has a number of opportunities or catalysts in front of it which could result in
significant cash flows for the Company; any expectation that the Administration and Congress may create a
strategic U.S. uranium reserve, or that the Company may be one of the prime beneficiaries of any U.S.
government support; any expectation that the recent actions of the U.S. Department of Commerce may reduce
uranium and nuclear fuel imports into the U.S. from
Russia
over the long-term and eliminate the specter of
more state-owned uranium imports entering the U.S.; any expectation that President Trump's recent Executive
Orders on critical minerals may be an important step toward the U.S. government providing tangible support
and/or funding to producers and processors of critical minerals; any expectation that current spot and term
uranium pricing cannot sustain new or existing primary supply; any expectation that global uranium markets
may continue their bounce-back
;
and the other factors described under the caption "Risk Factors" in the
Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at
www.sec.gov/edgar.shtml
, on SEDAR at
www.sedar.com
, and on the Company's website at
www.energyfuels.com
. Forward-looking statements contained herein are made as of the date of this news
release, and the Company disclaims, other than as required by law, any obligation to update any forward-
looking statements whether as a result of new information, results, future events, circumstances, or as a result
of changes in management's estimates or opinions, or otherwise. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. The Company assumes no obligation to update the information in this
communication, except as otherwise required by law.
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SOURCE
Energy Fuels Inc.
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For further information:
Energy Fuels Inc., Curtis Moore - VP - Marketing & Corporate Development, (303)
974-2140 or Toll free: (888) 864-2125, [email protected], www.energyfuels.com
CO: Energy Fuels Inc.
CNW 07:30e 06-OCT-20