Proactiveinvestors USA & Canada Energy Fuels Inc. https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Energy Fuels Inc. RSS feed en Fri, 24 May 2019 18:49:27 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Energy Fuels excited to see uranium imports report is now on the President's desk ]]> https://ca.proactiveinvestors.com/companies/stocktube/13047/energy-fuels-excited-to-see-uranium-imports-report-is-now-on-the-president-s-desk-13047.html Wed, 17 Apr 2019 15:23:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13047/energy-fuels-excited-to-see-uranium-imports-report-is-now-on-the-president-s-desk-13047.html <![CDATA[News - Energy Fuels welcomes US Department of Commerce report on uranium imports and awaits President Trump's response ]]> https://ca.proactiveinvestors.com/companies/news/218717/energy-fuels-welcomes-us-department-of-commerce-report-on-uranium-imports-and-awaits-president-trump-s-response-218717.html Energy Fuels Inc (TSE:EFR) (NYSEMKT:UUUU) announced Tuesday that it is pleased the US Department of Commerce has submitted the section 232 report to the White House into the effects of uranium imports on US national security.

President Trump now has 90 days from April 14 to act on the DOC's recommendations, said the company in a release, adding it has not seen DOC report, which is expected to remain confidential, but believes "the facts are clear," it said in a release. The Section 232 probe was prompted by a petition filed by Energy Fuels and Ur-Energy Inc. 

"Uranium imports, increasingly from state-owned enterprises in adversarial countries like Russia and its allies, created a stark national security crisis. More than 60 percent of newly mined uranium around the world now comes from state-owned enterprises that unfriendly nations control," noted the company in a release. "The once robust American uranium mining industry is disappearing because a flood of state-subsidized imports has made fair competition impossible."

READ: Energy Fuels shares advance as it lauds vanadium production from Utah mill

Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mining in the US.

In the petition, the firms proposed that President Trump implement two remedies, with an aim to preserve U.S. national security and help the domestic uranium mining industry recover.

"This includes a quota that, in effect, reserves 25 percent of the domestic market for U.S.-mined uranium and a "Buy American" policy for U.S. government entities that use uranium," said the company in a statement adding, "We believe that President Trump will recognize the danger of imported uranium and act before it is too late."

Shares of Energy Fuels were up 2.1% at US$3.10 in New York and up 2% at C$4.15 in Toronto. 

 

-- updates share price -- 

Contact Katie Lewis at katie@proactiveinvestors.com

 

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Tue, 16 Apr 2019 17:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/218717/energy-fuels-welcomes-us-department-of-commerce-report-on-uranium-imports-and-awaits-president-trump-s-response-218717.html
<![CDATA[News - Energy Fuels shares advance as it lauds vanadium production from Utah mill ]]> https://ca.proactiveinvestors.com/companies/news/217676/energy-fuels-shares-advance-as-it-lauds-vanadium-production-from-utah-mill-217676.html Shares in Energy Fuels Inc (NYSEAMERICAN:UUUU) (TSE:EFR) headed north Monday as it revealed its White Mesa mill in Utah was producing its highest-purity V2O5 (vanadium pentoxide) to date, averaging around 99.6% due to updates at the facility last year.

Energy is currently selling this vanadium (as ferrovanadium) into the steel industry, and it continues to pursue opportunities to sell portions into speciality chemical and aerospace markets, potentially at a premium.

READ: Energy Fuels climbs after saying it remained top US uranium producer in 2018

Energy reckons that up to four million pounds of recoverable V2O5 could lie in White Mesa's pond solutions and is currently being recovered at commercial rates of around 150,000 and 160,000 pounds of V2O5 per month.

Notably, this could increase to around 200,000 and 225,000 pounds per month in the warmer, dryer months of the year.

Also significant, current production rated are less than were originally budgeted, which is resulting in margins that exceed original expectations, even at today's vanadium pentoxide prices of around $13.88 per pound (after reaching a high of $17.38 per pound in February and early-March). Energy sees vanadium prices strengthening in the coming months.

The company also said in the statement that if production rates increase as expected, costs per pound would be expected to decrease, resulting in even more attractive margins, while if vanadium prices increase to recent levels, margins would also improve.

"Our campaign to recover vanadium from pond solutions at the White Mesa Mill is going very well," said Mark S. Chalmers, president and CEO of Energy Fuels.

"Product purities are higher than expected, production costs are lower than expected, and vanadium prices remain at high levels. We also have the ability to adjust our vanadium production very easily in response to changing market conditions. This production readiness and flexibility is a key attribute when dealing with minor metals like vanadium. It allows us to be able to produce or conserve our vanadium, as we see fit, in response to market volatility."

Test-mining program

Also in today's statement, Energy said it had mined around 5,200 tons of material under the test-mining program at its 100%-owned La Sal Complex of uranium/vanadium mines.

Grades observed early in the campaign have averaged around 1.60% vanadium pentoxide and 0.19% U3O8 (uranium).

The firm believes here new mining methods being tested are likely to result in reduced costs, higher grades, and higher value for mined material.

Both the Pandora and La Sal mines are now ready to enter full production shortly following a positive commercial production decision.

Chalmers summed up: "We also believe we have shifted the paradigm for both mining and processing of uranium/vanadium deposits on the Colorado Plateau, including our fully permitted and developed mines at the La Sal Complex as well as two of our other fully permitted mines nearby.

"This will become even more important to Energy Fuels if the Trump Administration decides to help support domestic uranium mining through the ongoing Section 232 investigation into uranium imports. This could result in uranium sales contracts at prices that would support commencing full-scale production from these mines at current or lower vanadium prices. And, if vanadium prices rise further – which they could at any time – we will be in the enviable position of being able to fully capitalize on those higher prices almost immediately."

Shares in Energy Fuels rose around 4% in Toronto to $4.61 while in New York they advanced 4.8% at US$3.49.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Mon, 01 Apr 2019 11:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/217676/energy-fuels-shares-advance-as-it-lauds-vanadium-production-from-utah-mill-217676.html
<![CDATA[Media files - Energy Fuels CEO on Roth Capital's bullish note ]]> https://ca.proactiveinvestors.com/companies/stocktube/12604/energy-fuels-ceo-on-roth-capital-s-bullish-note-12604.html Thu, 14 Mar 2019 16:02:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/12604/energy-fuels-ceo-on-roth-capital-s-bullish-note-12604.html <![CDATA[News - Energy Fuels climbs after saying it remained top US uranium producer in 2018 ]]> https://ca.proactiveinvestors.com/companies/news/216484/energy-fuels-climbs-after-saying-it-remained-top-us-uranium-producer-in-2018-216484.html Energy Fuels Inc (NYSEAMERICAN:UUUU) (TSE:EFR) rose Thursday after saying it remained the top US uranium producer in 2018.

CEO Mark S. Chalmers said in a letter to shareholders that the company produced 917,000 pounds of triuranium octoxide at its Nichols Ranch in situ recovery project in Wyoming and at its White Mesa Mill in Utah.

Shares of Energy Fuels climbed 2% to US$3.05 in Thursday's New York trading. They were up 2.3% to C$4.07 in Canada.

READ: Uranium company Energy Fuels rises as target price raised by Roth on strength of balance sheet

Energy Fuels noted that it decreased uranium production in 2018 to conserve cash and in-ground resources and added that its uranium production will drop further as vanadium production supplants uranium production at the White Mesa Mill.

In another highlight, the company qualified for inclusion in the Russell 3000 Index, allowing it to boost its share liquidity significantly. It was able to repay in full its Wyoming industrial development bonds totaling US$8.7 million, saving on interest expense.

Moreover, in response to a petition submitted by Energy Fuels and Ur-Energy Inc (NYSEAMERICAN:URG) (TSE:URE) in January 2018, the US Commerce Department began an investigation under Section 232 of the Trade Expansion Act into the effects of uranium imports on national security.

The companies are seeking remedies including a quota to limit imports of uranium into the US, effectively reserving 25% of the market for US uranium production. They are also seeking a requirement for federal utilities and agencies to buy US uranium.

'Punching above our weight'

“With 2019 off to a quick and exciting start, we reflect proudly on 2018 when we believe we took major steps forward toward achieving our objective of being ‘larger and mightier’ than the year before,” Chalmers said. “Next year, I look forward to writing once again with an update on how we are doing by ‘punching above our weight’ on our journey to becoming a uranium company of major global significance.”

Earlier this week, Roth Capital Partners raised its target price for Energy Fuels to US$4 from US$3.75, citing the company's stronger-than-expected balance sheet.

Roth analyst Joe Reagor wrote that he is confident that there will be a positive resolution to the Commerce Department’s uranium import investigation.

–This story has been updated to give the latest stock prices–

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 14 Mar 2019 08:45:00 -0400 https://ca.proactiveinvestors.com/companies/news/216484/energy-fuels-climbs-after-saying-it-remained-top-us-uranium-producer-in-2018-216484.html
<![CDATA[News - Uranium company Energy Fuels rises as target price raised by Roth on strength of balance sheet ]]> https://ca.proactiveinvestors.com/companies/news/216395/uranium-company-energy-fuels-rises-as-target-price-raised-by-roth-on-strength-of-balance-sheet-216395.html Energy Fuels Inc (NYSEAMERICAN:UUUU) (TSE:EFR) rallied Wednesday after Roth Capital Partners raised its target price and reiterated a Buy rating.

The firm lifted its 12-month target price for the Lakewood, Colorado, uranium company to US$4 from US$3.75, saying it maintained a stronger balance sheet than Roth had estimated.

Shares of Energy Fuels rose 11% to US$2.95 in Wednesday's New York trading. They were up 9.8% to C$3.91 in Canada.

READ: Uranium company Energy Fuels ends 2018 with US$52M of working capital

In response to a petition submitted by Energy Fuels and Ur-Energy Inc (NYSEAMERICAN:URG) (TSE:URE) in January 2018, the US Commerce Department began an investigation under Section 232 of the Trade Expansion Act into the effects of uranium imports on national security.

The companies are seeking remedies including a quota to limit imports of uranium into the US, effectively reserving 25% of the market for US uranium production. They are also seeking a requirement for federal utilities and agencies to buy US uranium.

“We anticipate a resolution to the Section 232 petition by mid-July of this year and believe that a positive outcome for the uranium industry is likely,” Roth analyst Joe Reagor wrote in a research paper. “We note that management's guidance does not appear to include an expectation one way or the other, but we believe a positive outcome could result in an increase in production and sales guidance.”

'Pull forward'

The outlook for Energy Fuels remains positive, according to Roth.

The firm added that it was increasing its price target because of the “pull forward” of its discounted cash flow (DCF) model and Roth’s revised estimates.

While the firm’s estimates do not reflect the impact of the Section 232 petition, Reagor wrote that the Roth is confident there will be a positive resolution.

–This story has been updated to give the latest share prices–

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Wed, 13 Mar 2019 09:10:00 -0400 https://ca.proactiveinvestors.com/companies/news/216395/uranium-company-energy-fuels-rises-as-target-price-raised-by-roth-on-strength-of-balance-sheet-216395.html
<![CDATA[News - Uranium company Energy Fuels ends 2018 with US$52M of working capital ]]> https://ca.proactiveinvestors.com/companies/news/216314/uranium-company-energy-fuels-ends-2018-with-us52m-of-working-capital-216314.html Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR) said Tuesday that it ended 2018 with US$52 million of working capital.

Included were cash and cash equivalents and marketable securities of $41.7 million and 430,000 pounds of uranium concentrate inventory.

The Lakewood, Colorado-based company reported a gross profit during the year of $12.4 million, representing a 39% gross profit margin on mining and milling activities.

READ: Energy Fuels and Ur-Energy host US Commerce Department tour of four uranium facilities

Energy Fuels said 650,000 pounds of triuranium octoxide sales were completed by the company at an average realized price of $47.37 per pound. It said that 400,000 pounds of sales were completed under long-term contracts at an average price of $61.30 per pound and that 250,000 pounds were sold into contracts based on spot market prices at a weighted average price of $25.07 per pound.

In response to elevated prices, the company began vanadium production from the pond solutions at its 100%-owned White Mesa Mill in Utah in late December, and the first batches of finished vanadium product were produced in January.

The company said it’s producing a high-purity (99.6%) vanadium product that may be attractive to the specialty aerospace, chemical and vanadium battery industries.

"2018 was a seminal year for Energy Fuels, as we believe we were able to successfully distinguish ourselves from other uranium mining companies in the US and around the world,” CEO Mark S. Chalmers said in a statement. 

Energy Fuels posted a net loss attributable to the company of $25 million, or $0.30 per share, for the year on total revenue of US$31.7 million. The average forecast of analysts was for a net loss of $0.25 per share on revenue of $36.4 million.

US trade inquiry progresses

In response to a petition submitted by Energy Fuels and Ur-Energy Inc (NYSEAMERICAN: URG) (TSE:URE) in January 2018, the US Commerce Department began an investigation under Section 232 of the Trade Expansion Act into the effects of uranium imports on national security.

The remedies sought include a quota to limit imports of uranium into the US, effectively reserving 25% of the market for US uranium production. Also sought is a requirement for federal utilities and agencies to buy US uranium.

"We are proud to be one of the companies that petitioned the US government to initiate a Section 232 investigation into the effects of uranium imports on US national security,” said Chalmers.

He added that America may this year become 99%-dependent on uranium imports controlled by the governments of Russia, China and Kazakhstan.

In November, Energy Fuels and Ur-Energy hosted a team of Commerce Department investigators visiting four uranium facilities in Utah and Wyoming.

Shares of the company slipped US$0.04 to US$2.70 in New York trading. They declined C$0.06 to C$3.61 in Canada.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Tue, 12 Mar 2019 12:54:00 -0400 https://ca.proactiveinvestors.com/companies/news/216314/uranium-company-energy-fuels-ends-2018-with-us52m-of-working-capital-216314.html
<![CDATA[Media files - Energy Fuels facilities make them major players in the Vanadium sector ]]> https://ca.proactiveinvestors.com/companies/stocktube/12433/energy-fuels-facilities-make-them-major-players-in-the-vanadium-sector-12433.html Mon, 04 Mar 2019 11:47:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12433/energy-fuels-facilities-make-them-major-players-in-the-vanadium-sector-12433.html <![CDATA[News - Energy Fuels is now producing up to 200,000 pounds a month of high-purity vanadium ]]> https://ca.proactiveinvestors.com/companies/news/214465/energy-fuels-is-now-producing-up-to-200000-pounds-a-month-of-high-purity-vanadium-214465.html Energy Fuels Inc. (NYSEAMERICAN:UUUU) (TSE:EFR) is producing up to 200,000 pounds of high purity vanadium per month from the White Mesa mill in Utah and has started shipping sales to customers. 

"We are extremely pleased with Energy Fuels' vanadium production to date," said Mark S Chalmers, president and CEO at Energy.

READ THE BIG PIC: Energy Fuels is making a bold bet on uranium and vanadium — investors are taking notice

"The company has discussed vanadium sales with potential buyers for the past several months, and now that we are producing commercial quantities of finished product, we are beginning to make shipments that will initially be converted and sold as ferrovanadium. We also soon expect to sell into other industries that demand higher-purity product. In addition, we are very encouraged to see vanadium prices remain strong, and at levels that we believe will support attractive margins."

The company expects to reach rates of 200,000 to 225,000 pounds of high-purity vanadium pentoxide (V2O5) per month by the end of the first quarter of 2019 or sooner, it said in Tuesday's statement.

Energy added it will continue its planned ramp-up in output and will provide markets with further updates, as well as on vanadium test mining program at the La Sal complex in coming months.

In terms of the vanadium market, the firm believes that basic fundamentals that led to the price increases observed in 2018 have not changed, including significant production cuts in China for pollution control and new specifications for rebar in China that mandate increased vanadium content.

Shares in Toronto slipped 1.7% to $3.97 each.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile 74

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Tue, 12 Feb 2019 09:19:00 -0500 https://ca.proactiveinvestors.com/companies/news/214465/energy-fuels-is-now-producing-up-to-200000-pounds-a-month-of-high-purity-vanadium-214465.html
<![CDATA[News - Energy Fuels resumes vanadium production at White Mesa mill in Utah ]]> https://ca.proactiveinvestors.com/companies/news/212061/energy-fuels-resumes-vanadium-production-at-white-mesa-mill-in-utah-212061.html Energy Fuels Inc. (NYSEAMERICAN:UUUU) (TSE:EFR) said Monday that it has resumed vanadium production at its White Mesa mill in Utah and is preparing for increased uranium production.

The Lakewood, Colorado-based company said in a press release that in December, it began an effort to recover vanadium pentoxide from tailings pond solutions at White Mesa related to mineral processing. This month, the company produced its first batches of vanadium concentrate, also known as "black flake."

READ: Energy Fuels and Ur-Energy host US Commerce Department tour of four uranium facilities

“We are extremely pleased with the quality and purity of our initial batches of finished vanadium product,” CEO Mark S. Chalmers said in a statement.

Energy Fuels said it may achieve full production rates of 200,000 to 225,000 pounds of vanadium pentoxide per month by the end of the quarter.

The company added in the press release that it begun several initiatives to enhance its ability to respond to improved uranium market conditions that may result from the ongoing Section 232 uranium investigation in the US or a boost in the global uranium market fundamentals.

Energy Fuels and Littleton, Colorado-based Ur-Energy Inc (NYSEAMERICAN:URG) (TSE:URE) are asking President Donald Trump to impose a quota that would reserve 25% of the US market for domestic uranium producers. The Commerce Department is conducting an investigation under Section 232 of the Trade Expansion Act of 1962 to determine if uranium imports are undermining national security.

During 2019, the Company plans to invest about $4.2 million in initiatives at the following projects: the La Sal Complex, the Nichols Ranch and Alta Mes in situ recovery projects and the Canyon Mine.

Shares of Energy Fuels climbed US$0.23 to US$3.02 in Friday’s New York trading. They advanced C$0.27 to C$4.03 in Canada.

On Monday, shares in Toronto gained 1.99% to $4.11.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Mon, 07 Jan 2019 07:50:00 -0500 https://ca.proactiveinvestors.com/companies/news/212061/energy-fuels-resumes-vanadium-production-at-white-mesa-mill-in-utah-212061.html
<![CDATA[News - Energy Fuels and Ur-Energy host US Commerce Department tour of four uranium facilities ]]> https://ca.proactiveinvestors.com/companies/news/210052/energy-fuels-and-ur-energy-host-us-commerce-department-tour-of-four-uranium-facilities-210052.html Energy Fuels Inc (NYSEAMERICAN:UUUU) (TSE:EFR) and Ur-Energy Inc (NYSEAMERICAN:URG) (TSE:URE) said Tuesday they recently hosted a team of US Department of Commerce investigators visiting four uranium facilities in Utah and Wyoming.

The Denver-based companies are asking President Donald Trump to impose a quota that would reserve 25% of the US market for domestic uranium producers. The Commerce Department is conducting an investigation under Section 232 of the Trade Expansion Act of 1962 to determine if uranium imports are undermining national security.

READ: Energy Fuels announces US Department of Commerce investigating effects of uranium imports

The tour included stops in Utah at Energy Fuels' White Mesa Mill, which is the only operating uranium mill in the US, and the La Sal Complex, which is one of only two underground uranium mines currently operating in North America.

The Commerce Department team also visited two operating uranium recovery facilities in Wyoming: Energy Fuels' Nichols Ranch ISR Project and Ur-Energy's Lost Creek ISR Project.

"We demonstrated to the Commerce team that the US industry can compete in a global market on a level playing field," Jeffrey Klenda, chair and CEO of Ur-Energy, said in a press release.  "We look forward to the DOC's findings and to President Trump’s using his authority to take action to support a sustainable domestic uranium mining industry."

Energy Fuels CEO Mark Chalmers added that “domestic companies can supply the US nuclear power industry and meet our national security needs well into the future."

The companies filed the Section 232 petition in January, and Commerce Secretary Wilbur Ross began the investigation in July. The Commerce Department has 270 days to conduct its investigation and make recommendations to Trump, who then has 90 days to decide whether to act on those recommendations or take other actions, according to the companies.

Shares of Ur-Energy climbed US$0.01 to US$0.70 in Tuesday’s New York trading while slipping C$0.01 to C$0.91 in Toronto. Energy Fuels fell US$0.06 to US$3.02 in New York and was down C$0.07 to C$4.01 in Toronto.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Tue, 27 Nov 2018 10:07:00 -0500 https://ca.proactiveinvestors.com/companies/news/210052/energy-fuels-and-ur-energy-host-us-commerce-department-tour-of-four-uranium-facilities-210052.html
<![CDATA[News - Energy Fuels is making a bold bet on uranium and vanadium — investors are taking notice ]]> https://ca.proactiveinvestors.com/companies/news/208774/energy-fuels-is-making-a-bold-bet-on-uranium-and-vanadium-investors-are-taking-notice-208774.html The mining industry has been a difficult place to make a living over the past five to eight years. But one player has seen its stock more than double since April 2018, and now is betting that it can continue to reward its shareholders by hoarding its uranium inventory and establishing itself as a significant player in the vanadium industry.

On November 5, 2018, Lakewood, Colorado, uranium miner Energy Fuels Inc (NYSE: UUUU) released its third-quarter 2018 results, and the stock exploded nearly 18% higher on three times its average daily volume. But the $325 million company’s soaring share price had nothing to do with the prior quarter’s profits, and everything to do with future expectations.

Let me explain what I mean.  

Energy Fuels reported $5.5 million in total revenue for 3Q 2017, but that figure dropped to $451,000 for 3Q 2018. And the company’s net loss ballooned from $4.9 million in 3Q 2017 to nearly $14 million in the most recent quarter.  For 3Q 2018 the company reported no scheduled uranium contract sales and elected not to sell any uranium at the spot market. The company’s approximately $450,000 in revenue came from fulfilling alternate feed contracts.  

Suffice it to say that from a numbers standpoint, Energy Fuels’ latest results look terrible. But, again, investors didn’t bid the stock up 18% based on the prior quarter’s figures. Investors reacted to what the CEO Mark S. Chalmers said about the company’s prospects.

Energy Fuels nudges higher as it outlines opportunities to lift uranium output

Chalmers is making a bold bet that he can sell the company’s uranium inventory for more money in future quarters. Here’s what Chalmers had to say regarding his decision to hang on to his company’s uranium:

“At the end of the quarter, we held about 385,000 pounds of U3O8 inventory; all U.S. origin. At today’s uranium spot price of $28, we could have sold this material on the spot market, and perhaps allowed the company to realize over $10 million in revenue for the quarter. However, we made the conscious decision not to sell any of our inventory, as we believe it will be worth more in the future due to improving uranium market conditions. And, U.S.-origin uranium could be worth considerably more if relief is granted under Section 232. Therefore, we continue to build unhedged uranium inventory until the end of the year, giving us the ability to benefit from the future uranium price increases we expect quickly.”

Now, to understand why Chalmers is rolling the dice on higher uranium prices, let’s go back to January 2018 and explain what Section 232 is and what specifically Energy Fuels is doing to try and affect the price of US-origin uranium.

Uranium Trade Petition

On January 17, 2018, Energy Fuels and Ur-Energy (NYSE: URG) jointly requested that the Department of Commerce investigate uranium imports.

In the petition, the two companies assert that US national security is at risk because state-owned and state-subsidized companies from Russia, Kazakhstan, Uzbekistan, and China currently supply a substantial amount of uranium and nuclear fuel to U.S. companies and US interests. Energy Fuels and Ur-Energy proposed that 25% of the U.S. nuclear market be reserved for U.S. uranium miners and that U.S. government utilities and agencies be required to buy their uranium from U.S. producers. 

Energy Fuels and Ur-Energy chose to file their petition under Section 232 of the Trade Expansion Act of 1962, which was created to protect critical national security industries that had become threatened by imports.

US Secretary of Commerce Wilbur Ross accepted the petition and said the following on July 18, 2018: “Our production of uranium necessary for military and electric power has dropped from 49 percent of our consumption to five percent. The Department of Commerce’s Bureau of Industry and Security will conduct a thorough, fair, and transparent review to determine whether uranium imports threaten to impair national security.”

Unfortunately, while the Trump administration does favor an “America First” approach, Energy Fuels and its shareholders will need to be patient.

The DOC initiated its investigation on July 18, 2018. And with 270 days to prepare and deliver their report to President Trump, this is not an issue that’s likely to be cleared up quickly.

Vanadium: an underappreciated asset

While investors lack certainty regarding the future spot pricing of uranium and whether President Trump will opt to protect US-origin uranium, Energy Fuels has another revenue source that’s expected to come online in 4Q 2018 and that investors are only just beginning to appreciate.

On September 27, 2018, Energy Fuels announced plans to resume vanadium production at their White Mesa Mill mine in mid-November 2018 and expects to be producing significant quantities of a saleable product by the end of 2018.

When you consider that Vanadium prices have risen over 150% on a year-to-date basis to more than $26 per pound, and Energy Fuels is sitting on four million pounds of recoverable vanadium in its pond solutions at the White Mesa Mill mine, you begin to appreciate the profits just waiting to be picked up.

Here’s what Chalmers said regarding his company’s Vanadium program on November 5, 2018:

“I’m currently most excited about Energy Fuels becoming the newest vanadium producer in the world in the next few weeks. We believe we have four million pounds of recoverable vanadium dissolved in our pond solutions at the White Mesa Mill. We plan to produce 200,000 to 225,000 pounds of V2O5 per month for 6-20 months, subject to market conditions, costs, and recoveries. This production should coincide very well with today’s strong vanadium prices, which as of today have risen over 150% year-to-date to $26.25 per pound.

We look forward to Energy Fuels taking its place as the only primary producer of V2O5 in North America.”

Source: TC 2000

From a technical perspective, there’s not much to dislike about Energy Fuels’ chart. While the stock is up sharply since early April 2018, it has also been consolidating those gains since early August.

Barring a weekly reversal back below $2.50 to $2.75, the path of least resistance appears to be higher, toward $5.20.

The bottom line is Energy Fuels’ is rolling the dice. The company is betting that uranium prices, which are already up 40% on a year-over-year basis, will continue to rebound. And they’re further betting that President Trump will lean on his Buy American policy and strengthen the US uranium mining industry.

But thanks to the company’s soon-to-come-online vanadium production, investors appear willing to bet on its future success. 

At the time of publication, Bob Byrne had no positions in the stocks mentioned.

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Wed, 14 Nov 2018 14:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/208774/energy-fuels-is-making-a-bold-bet-on-uranium-and-vanadium-investors-are-taking-notice-208774.html
<![CDATA[News - Energy Fuels talks 2018's turning point as it prepares for vanadium output ]]> https://ca.proactiveinvestors.com/companies/news/208656/energy-fuels-talks-2018-s-turning-point-as-it-prepares-for-vanadium-output-208656.html Energy Fuels Inc (TSE:EFR) reckons 2018 has been a turning point for the company,  as it posted third quarter results.

The period saw the US government initiate a 232 investigation into uranium imports to the US in response to the company's petition.

"..we are planning to capitalize on a significant vanadium opportunity; we are maintaining a strong working capital position; we are paying down debt; we made the Russell 3000 Index; we acquired strategic royalties in the state of Wyoming; and we have enjoyed strong share price appreciation," added Mark S Chalmers, president and CEO.

Notably, the firm is due to become the newest vanadium producer in the world in the next few weeks.

"We believe we have four million pounds of recoverable vanadium dissolved in our pond solutions at the White Mesa mill. Our plan is to produce 200,000 to 225,000 pounds of V2O5 (vanadium pentoxide) per month for a period of 16 to 20 months, subject to market conditions, costs and recoveries. This production should coincide very well with today's strong vanadium prices, which as of today have risen over 150 per cent year to date to $26.25 per pound," added Chalmers.

The company had no scheduled contract sales during the quarter, but it continued to fulfill alternate feed contracts, resulting in $450,000 of revenue and $2.4 million of deferred revenue.

The operating loss of $10.2 million for the quarter, while as at end September, the firm had $51.3 million of working capital, including $14.8 million in cash, $27.2 million in marketable securities and 385,000 pounds of finished goods inventory.

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Mon, 05 Nov 2018 15:10:00 -0500 https://ca.proactiveinvestors.com/companies/news/208656/energy-fuels-talks-2018-s-turning-point-as-it-prepares-for-vanadium-output-208656.html
<![CDATA[News - Energy Fuels encouraged by early results from vanadium test-mining programme ]]> https://ca.proactiveinvestors.com/companies/news/207867/energy-fuels-encouraged-by-early-results-from-vanadium-test-mining-programme-207867.html Energy Fuels Inc. (TSE:EFR, NYSEMT:UUUU) has teased its shareholders with some early results from its vanadium mining program at the La Sal complex in Utah.

The company has mined 420 tons of material to date and provided the following sample results:

Area

Stope

Sample Date

Tons

Mineralized

Material

% V2O5

%U3O8

V2O5:U3O8

Ratio

Lbs. V2O5

Lbs. U3O8

2300

2380

10/9/2018

63

1.540%

0.074%

20.8

1,940

93

2300

2380

10/9/2018

63

1.872%

0.141%

13.3

2,359

178

2300

2380

10/9/2018

35

1.461%

0.119%

12.3

1,023

83

2300

2380

10/10/2018

28

1.993%

0.109%

18.3

1,116

61

2300

2380

10/10/2018

28

1.854%

0.172%

10.8

1,038

96

2300

2380

10/11/2018

14

3.104%

0.171%

18.2

869

48

2300

2380

10/11/2018

14

1.491%

0.075%

19.9

417

21

720

721

10/9/2018

35

1.247%

0.082%

15.2

873

57

720

721

10/9/2018

21

1.948%

0.032%

60.9

818

13

720

721

10/9/2018

7

1.271%

0.204%

6.2

178

29

2300

2310

10/12/2018

28

1.366%

0.141%

9.7

765

79

2300

2310

10/12/2018

28

1.673%

0.124%

13.5

937

69

721

721

10/17/2018

28

1.759%

0.028%

62.8

985

16

730

732

10/17/2018

28

1.347%

0.026%

51.8

754

15

     

420

1.671%

0.102%

16.4

14,072

858


READ: Energy Fuels set to be newest vanadium producer in world when it resumes output in November

Historically, when uranium was targeted for production at the La Sal complex of uranium/vanadium mines, the recovered vanadium-to-uranium ratio was roughly 5-to-1. By targeting vanadium, the samples in the above table show a ratio of over 16-to-1 vanadium-to-uranium, including an average vanadium grade of 1.675% and an average uranium grade of 0.102% U3O8 (triuranium octoxide).

Energy Fuels extrapolated from these results that, assuming average historic recoveries at the company's White Mesa uranium/vanadium mill of roughly 95% uranium and 70% vanadium, the company would expect to recover roughly 23.5 pounds of V2O5 (vanadium pentoxide), and 1.9 pounds of U3O8, per ton of the mineralized material that has been mined to date under this program.

“While not intended to represent a resource or reserve estimate or economic evaluation, this test mining program is demonstrating two key points to the company,” Energy Fuels said.

“First, high-grade vanadium associated with lower grade uranium exists in the La Sal mine complex. This mineralized material was either not detected in the past or not mined due to its relatively lower uranium grade.

“Second, the company now has the technology to identify this mineralization, which was not available historically. This material is attractive at current vanadium prices, and would have been attractive during previous mining campaigns had the vanadium grades been identified at those times,” it added.

These two points confirm the company's belief that further study is required to determine the extent of this additional mineralized material at the La Sal complex and other uranium/vanadium mines owned or controlled by Energy Fuels, and the impacts such additional mineralized material may have on the mining costs per pound of V2O5 and U3O8 recovered from these mines.

The company plans to continue the test-mining program and recover, sample, and evaluate a minimum of 5,000 tons of mineralized material. The company also plans to conduct additional surface exploration drilling that targets high-grade vanadium mineralization at the La Sal Complex.

"Today, Energy Fuels is pursuing a number of exciting vanadium-related opportunities. In addition to resuming production from existing pond solutions at the White Mesa Mill in a few weeks, we are looking to build a longer-term vanadium production profile at our uranium/vanadium mines,” declared Mark Calmers, the president and chief executive officer of Energy Fuels.

“While we're still in the early stages of this vanadium test-mining program, we wanted to show the market some of the positive results we're already seeing thus far. As we suspected, there may be large zones of high-grade vanadium mineralization in the La Sal Complex that were never mined in the past, because they contain relatively lower-grade uranium mineralization. If we continue to see similar results as the program advances, it is our hope that we can mine the La Sal Complex in a manner that targets vanadium during periods of elevated vanadium prices, even during periods of lower uranium prices,” he added.

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Thu, 25 Oct 2018 10:32:00 -0400 https://ca.proactiveinvestors.com/companies/news/207867/energy-fuels-encouraged-by-early-results-from-vanadium-test-mining-programme-207867.html
<![CDATA[News - Energy Fuels set to be newest vanadium producer in world when it resumes output in November ]]> https://ca.proactiveinvestors.com/companies/news/205901/energy-fuels-set-to-be-newest-vanadium-producer-in-world-when-it-resumes-output-in-november-205901.html Energy Fuels Inc (TSE:EFR) (NYSEMKT:UUUU) said on Thursday it expects to resume vanadium production at its 100% owned White Mesa mill in mid-November, 2018.

When production begins, Energy Fuels will be the newest vanadium producer in the world, a statement said.

"When Energy Fuels commences vanadium production in November, we will be the only primary producer of V2O5 in North America. This position brings the potential for Energy Fuels to generate significant cash flow in today's strong vanadium price environment, especially with the steel industry recovering in the US," said Energy Fuels president and CEO Mark Chalmers.

In addition, the company is currently preparing to conduct a test-mining program that selectively targets high-grade V2O5 resources at its 100%-owned La Sal Complex of uranium/vanadium mines in Utah, with the goal of increasing productivity and mined grades, and reducing mining costs per pound of the V2O5 and U3O8 it recovers.

Shares of the company in Canada were up 7.14% to C$4.20. In the US, the stock was trading up 6.46% to US$3.21.

READ: Energy Fuels builds uranium position in Wyoming through acquisition of royalties

Energy Fuels' White Mesa Mill, located near Blanding, Utah, is currently the only facility in the United States capable of processing conventional mined vanadium. 

Vanadium prices have risen by over 150% in the past year due to production cuts and significant increases in demand due to the implementation on November 1, 2018, of new rebar standards in China that can only be achieved through increased use of vanadium.

In addition, vanadium demand could increase significantly in the coming years due to the commercialization of vanadium batteries used in connection with renewable energy generation.

As of September 23, 2018, the mid-point price of V2O5 as reported by Metal Bulletin was $22.63 per pound, as compared to $9.00 per pound on September 29, 2017.

Energy Fuels is one of the biggest producers of uranium and vanadium in the US. the company is based in Lakewood, Colorado. 

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Thu, 27 Sep 2018 11:58:00 -0400 https://ca.proactiveinvestors.com/companies/news/205901/energy-fuels-set-to-be-newest-vanadium-producer-in-world-when-it-resumes-output-in-november-205901.html
<![CDATA[News - Energy Fuels improves debt position by paying off Wyoming bond ]]> https://ca.proactiveinvestors.com/companies/news/204772/energy-fuels-improves-debt-position-by-paying-off-wyoming-bond-204772.html Energy Fuels Inc (TSE:EFR) (NYSE:UUUU) continues to improve its balance sheet and has now paid off its Wyoming debt.

The uranium group has repaid and retired the entire outstanding principal of its Wyoming industrial development revenue bond amounting to US$8.3mln, it told investors.

WATCH: Energy Fuels boosts working capital posit ion in second quarter

"We believe reducing debt and avoiding future interest payments is particularly advantageous for the company and our shareholders...," said Mark S Chalmers, the group's president and chief executive.

He said this was as  a  number of "significant opportunities" were coming into view for Energy Fuels, including the ongoing US government probe into uranium imports, the generally improving global uranium market conditions, and the company's commencement of vanadium production in the fourth quarter  this year, which should "coincide nicely with today's elevated vanadium prices".

"Step by step, the company has substantially improved our balance sheet over the past several months, and the near-term planned significant vanadium production, if successful, will hopefully continue this trend," he added.

As of June 30 this year, the firm had around US$55.25mln of working capital, including cash and cash equivalents of US$43.2mln

It had previously announced it intended to use a portion of this working capital to repay debt, including the Wyoming debt.

Repayment of the loan will reduce the company's short- and long-term debt and avoid significant future interest.

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Wed, 12 Sep 2018 14:37:00 -0400 https://ca.proactiveinvestors.com/companies/news/204772/energy-fuels-improves-debt-position-by-paying-off-wyoming-bond-204772.html
<![CDATA[News - Energy Fuels builds uranium position in Wyoming through acquisition of royalties ]]> https://ca.proactiveinvestors.com/companies/news/202897/energy-fuels-builds-uranium-position-in-wyoming-through-acquisition-of-royalties-202897.html Energy Fuels Inc. (TSE:EFR) (NYSE:UUUU) announced Tuesday that it has completed its previously announced acquisition from Excalibur Industries of royalties on the company's 100%-owned Nichols Ranch in situ recovery project in Wyoming, along with royalties on several operating, standby and advanced-stage ISR uranium projects in Wyoming owned and operated by Power Resources Inc., a wholly owned subsidiary of Cameco Corp.

The company also announced that it has provided the State of Wyoming with a notice of its intent to repay and retire its Wyoming industrial development revenue bond, which has a balance of US$8.3mln.

"Today, we strengthened our position in Wyoming by adding to our assets and announcing our intent to retire debt. We believe today's acquisition of the royalties will be extremely accretive for Energy Fuels as uranium prices rise, whether due to global supply and demand fundamentals, or through remedies associated with the current U.S. government investigation into uranium imports into the US," said Mark S. Chalmers, president and chief executive officer. 

READ: Energy Fuels sees working capital position perk up in second quarter

"As Energy Fuels increases production, today's acquisition of the 6 to 8% royalty on Nichols Ranch, together with our other Wyoming projects, will significantly enhance our operating margins and cash flow profiles. Furthermore, the acquisition of the 4% gross production royalty on Cameco's properties, including North Butte which has an extensive production history and significant in-ground resources, should result in an attractive return on investment for Energy Fuels and our shareholders," he added. 

Acquisition of royalties

Today, the company acquired a 6-8% sliding-scale gross proceeds production royalty on its Nichols Ranch, Hank and Doughstick properties.

This royalty also applies to the nearby Niles Ranch, Willow Creek and Verna Ann properties, which are important pipeline uranium properties also owned by the company.

The acquisition of this royalty is expected to significantly decrease the company's cost of production at Nichols Ranch.

Energy Fuels also acquired the 4% gross proceeds production royalty on Cameco's North Butte/Brown Ranch project, the Ruby Ranch project and the Greasewood property. North Butte is a fully permitted and operational project that has been operated by Cameco as a satellite to its Smith Ranch-Highland ISR project since 2013.

In November, 2017, the company announced that this transaction was to occur by way of a merger of Excalibur with an Energy Fuels subsidiary. However, the parties subsequently agreed to structure the transaction as a purchase of assets.

WATCH: Energy Fuels boosts working capital position in second quarter

At the closing today, the company delivered to Excalibur 995,619 common shares of Energy Fuels having a total value of US$2.90-million, which were priced at US$3.26 per share based on the volume-weighted average price of Energy Fuels' shares on the New York Stock Exchange American for the five trading days ending on Aug. 13, 2018, as well as approximately US$25,000 cash for all accrued but unpaid royalties owing to Excalibur at the time of the closing.

In addition, the company is holding back another 107,221 common shares having a total value of US$350,000 which, pending the satisfaction of certain conditions, will be released to Excalibur six months following the date of closing. These shares were priced at US$3.26 per share based on the volume-weighted average price of Energy Fuels' shares on the NYSE American for the five trading days ending on Aug. 13, 2018.

Notice of repayment of Wyoming debt

On Aug. 10, 2018, the company provided notice to the State of Wyoming that it intends to repay and retire the entire outstanding principal balance of its Wyoming industrial development revenue bond within the next 30 to 60 days.

The Wyoming debt, which is secured by the company's Nichols Ranch project, currently has a principal balance of US$8.3-million.

As of June 30, 2018, the company reported approximately US$55.25-million of working capital, including cash and cash equivalents of US$43.2-million, and the company previously announced its intent to use a portion of its working capital to repay debt, including the Wyoming debt.

The company said that repayment of this loan will reduce the company's short- and long-term debt and avoid significant future interest.

"In sum this quarter, Energy Fuels is deploying almost US$12-million of capital into the state of Wyoming. Furthermore, by lowering the costs at our projects, we are in a position to make future investments in Wyoming sooner than we were before," said Chalmers.

"We are committed to Wyoming and its people, and we look forward to continuing to operate responsibly in the state for many years to come."

Shares of Energy Fuels were up 10.8% at US$3.39 on Tuesday.

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Tue, 14 Aug 2018 17:36:00 -0400 https://ca.proactiveinvestors.com/companies/news/202897/energy-fuels-builds-uranium-position-in-wyoming-through-acquisition-of-royalties-202897.html
<![CDATA[News - Energy Fuels sees working capital position perk up in second quarter ]]> https://ca.proactiveinvestors.com/companies/news/202696/energy-fuels-sees-working-capital-position-perk-up-in-second-quarter-202696.html Uranium mining company Energy Fuels (TSE:EFR) (NYSE:UUUU) CEO Mark Chalmers recently updated Proactive Investors on the company's recent news, adding the firm reported earnings of US$7.1mln for the second quarter.

The company also added to its working capital, which grew to US$55.25mln, including cash and cash equivalents. Chalmers says the company was happy to pull in US$26.9mln in revenue for the quarter, despite "a very difficult market."

WATCH: Energy Fuels boosts working capital position in second quarter

"The past quarter was extremely productive for Energy Fuels. We completed a large quantity of uranium deliveries, and as a result we are reporting a profit for the quarter. And, due to a number of factors discussed below, we have significantly improved our working capital position to over US$55mln," said Chalmers. 

Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mining in the US.

"I am particularly excited about the progress of our Section 232 application and current vanadium opportunities. On July 18, 2018, the U.S. Department of Commerce (DOC) initiated its investigation under Section 232 of the Trade Expansion Act of 1962 in response to the petition we and Ur-Energy filed in January, 2018. The petition seeks a remedy which would set a quota to limit imports of uranium into the U.S., effectively reserving 25% of the U.S. nuclear market for U.S. uranium production. The remedy, if granted, would be expected to bolster national defence, further global non-proliferation objectives, improve supply diversification for U.S. utilities and their customers, and strengthen the U.S. uranium mining industry."

Company completes significant deliveries

The company completed 500,000 pounds of U3O8 deliveries for the quarter ended June 30, 2018, at an average realized price of US$53.55 per pound. On April 1, 2018, the company delivered 400,000 pounds of U3O8 into long-term sales contracts at the price of US$61.30 per pound, resulting in the receipt of over US$24.5mln on May 1, 2018. In addition, on June 15, 2018, the company delivered 100,000 pounds of U3O8 into a spot contract at US$22.57 per pound.

Uranium production for Energy Fuels' own account totalled 128,000 pounds of U3O8 (triuranium octoxide) during the quarter, plus another 91,000 pounds of U3O8 for the accounts of others.
The company began fulfilling toll processing alternative feed contracts which are expected to result in approximately US$7.1mln of revenue for 2018, including US$3.8mln of cash and US$3.3mln of uranium for the company's account, of which US$196,000 has been earned or recovered to date.

In early May, the company announced that it intends to resume vanadium recovery operations at the company's White Mesa mill in 2018. The company expects to recover significant quantities of currently dissolved vanadium from the tailings and evaporation ponds at the White Mesa mill.

"As the only company currently capable of producing vanadium in North America, we are also very excited about our current vanadium opportunities. As previously reported, with spot prices nearing US$20 per pound of V2O5, we have decided to resume vanadium production in 2018 by recovering solubilized vanadium from the White Mesa mill's tailings and evaporation ponds. We expect to initially recover approximately 500,000 pounds of V2O5 in late 2018 or early 2019, and given favourable costs, recoveries and then-prevailing market conditions, we expect to continue vanadium recovery in 2019, recovering up to approximately four million pounds of V2O5 over the life of the project. For longer-term alternatives, we are evaluating other vanadium production opportunities, including the processing of previously mined uranium/vanadium stockpiles in the vicinity of the mill, processing other vanadium-bearing streams and, with improved uranium prices, the reinitiation of conventional uranium/vanadium mine production from certain of our mines that contain large, high-grade vanadium resources."

"These opportunities are exciting because they provide us with unsurpassed optionality to increase uranium production as prices rise as well as allow us to take advantage of the recent significant increases in vanadium prices.

Added to the Russell 3000 Index

A the end of June 2018, the company announced that it had been added as a member of the broad-market Russell 3000 Index. Annual reconstitution of the Russell indices captures the 3,000 largest US stocks as of May 11, ranking them by total market capitalization.

"Finally, we were able to significantly strengthen our balance sheet by joining the broad-market Russell 3000 Index during the quarter. During the Russell rebalance period, we were able to raise significant cash, while our stock outperformed our peers. Inclusion in the Russell is expected to increase the company's liquidity, visibility and exposure to key institutional investors. In addition, Energy Fuels has been able to maintain a very strong working capital position, and we intend to use some of these proceeds to repay all of our existing long-term Wyoming debt the third quarter of this year."

Shares of Energy Fuels closed down 3.1% at C$4.07 on Friday. 

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Fri, 10 Aug 2018 16:23:00 -0400 https://ca.proactiveinvestors.com/companies/news/202696/energy-fuels-sees-working-capital-position-perk-up-in-second-quarter-202696.html
<![CDATA[Media files - Energy Fuels boosts working capital position in second quarter ]]> https://ca.proactiveinvestors.com/companies/stocktube/10094/energy-fuels-boosts-working-capital-position-in-second-quarter-10094.html Fri, 10 Aug 2018 13:44:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10094/energy-fuels-boosts-working-capital-position-in-second-quarter-10094.html <![CDATA[News - Energy Fuels announces US Department of Commerce investigating effects of uranium imports ]]> https://ca.proactiveinvestors.com/companies/news/201077/energy-fuels-announces-us-department-of-commerce-investigating-effects-of-uranium-imports-201077.html Energy Fuels Inc. (TSE:EFR) (NYSE:UUUU) announced Wednesday that the US Department of Commerce has initiated an investigation into the effects of uranium imports on US national security. 

In New York, shares of Energy Fuels popped 6.1% to stand at US$2.45. In Toronto, shares were up 6.6% at C$3.24. 

On Tuesday, Energy Fuels outlined a response to a recently released paper by the NorthBridge Group about the market impact on the US nuclear power industry.

READ: Energy Fuels Inc shares surge in New York as it issues response to paper

The company said the secretary of commerce has 270 days to conduct the investigation and submit a report to the president of the United States containing the findings.

"Following receipt of the secretary's report, the president then has up to 90 days to act on the secretary's recommendations and, if necessary, take action to "adjust the imports of an article and its derivatives" and/or pursue other lawful, non-trade-related actions necessary to address the import threat," the company said in a release. 

January petition

In January, Ur-Energy Inc (TSE:URE) and Energy Fuels Inc.campaigned against a flood of imports of uranium products into the USA and jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

Yesterday, Energy Fuels and Ur-Energy urged interested parties to "carefully analyze the economic impacts of the proposed remedies," adding that it believed the "the remedies are sound and will result in minimal impacts to the U.S. nuclear utility industry and consumers of electricity, while also bolstering U.S. national security".

The company said the paper ignored evidence that Energy Fuels and Ur-Energy included in their petition demonstrating that the industry has sufficient licensed capacity and resources to meet U.S. production requirements if the quotas recommended in the petition are imposed.

"The U.S. uranium industry has produced at well over those levels in the past, and the proposed remedies would allow the industry to get back to those production levels at minimal cost to the nuclear utility industry," it said.

Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mining in the US. 

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Wed, 18 Jul 2018 11:17:00 -0400 https://ca.proactiveinvestors.com/companies/news/201077/energy-fuels-announces-us-department-of-commerce-investigating-effects-of-uranium-imports-201077.html
<![CDATA[News - Energy Fuels Inc shares surge in New York as it issues response to paper ]]> https://ca.proactiveinvestors.com/companies/news/200980/energy-fuels-inc-shares-surge-in-new-york-as-it-issues-response-to-paper-200980.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU)  was among the top risers in New York Wednesday after it said a utility-sponsored paper about the market impact of proposed US uranium import quotas missed the mark.

Yesterday, Energy outlined a response to a recently released paper by the NorthBridge Group about the market impact on the US nuclear power industry.

Shares in Energy Fuels in New York added 9.52% to stand at US$2.53 each.

READ the full press release here...

"For decades, the U.S. has increased its dependence on uranium from state-sponsored enterprises subject to neither environmental nor worker safety standards," it said in a release.

In January, Ur-Energy Inc (TSE:URE) and Energy Fuels Inc campaigned against a flood of imports of uranium products into the USA and jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

Today, Energy Fuels and Ur-Energy urged interested parties to "carefully analyze the economic impacts of the proposed remedies," adding that it believed the "the remedies are sound and will result in minimal impacts to the U.S. nuclear utility industry and consumers of electricity, while also bolstering U.S. national security".

The company said the paper ignored evidence that Energy Fuels and Ur-Energy included in their petition demonstrating that the industry has sufficient licensed capacity and resources to meet U.S. production requirements if the quotas recommended in the petition are imposed.

"The U.S. uranium industry has produced at well over those levels in the past, and the proposed remedies would allow the industry to get back to those production levels at minimal cost to the nuclear utility industry," it said.

The company said the paper also fails to address the threat to U.S. national security caused by dependence on Russia and its allies for a significant portion of its uranium supply.

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Tue, 17 Jul 2018 13:17:00 -0400 https://ca.proactiveinvestors.com/companies/news/200980/energy-fuels-inc-shares-surge-in-new-york-as-it-issues-response-to-paper-200980.html
<![CDATA[News - Energy Fuels mulling paying off debt after raising significant cash ]]> https://ca.proactiveinvestors.com/companies/news/199811/energy-fuels-mulling-paying-off-debt-after-raising-significant-cash-199811.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) is mulling using recent cash raised to pay off long term debt as well as to finance vanadium production activities.

The miner was added to the Russell 3000 index on June 25, and since May 11 has seen strength in its share price and increased volumes.

READ: Uranium miner Energy Fuels joins Russell 3000 Index

Between those dates it raised $16mln through its ATM (At-The-Market) programme, at an average price of $2.08 per share (shares are now at C$2.76).

Energy is now "evaluating the potential of using this cash to finance vanadium-related activities, particularly with the spot price of vanadium currently above $17 per pound, repay existing long-term debt, and/or maintain a strengthened working capital position", it said.

The company has a Wyoming Industrial Development Revenue Bond with an outstanding balance of $9.2mln, and has around US$16.3mln (C$20.9mln) of unsecured, convertible debentures with annual interest-only payments of around US$1.4mln and a maturity date of 31 December 2020.

If these debts were paid off, or redeeemed, Energy would expect to remove significant long-term liabilities, avoid relatively large interest expenses, and reduce its cash requirements for the next several years.

The firm plans to resume vanadium production in 2018 and expects to recover up to 4mln pounds of currently dissolved vanadium from pond solutions at its White Mesa Mill in Utah, including up to 500,000 pounds in late-2018 or early 2019.

READ  THE BIG PIC: Energy Fuels nudges higher as it outlines opportunities to lift uranium output

It is refurbishing two of the underground access declines at both of its La Sal and Pandora uranium/vanadium mines, which are properties within the La Sal Complex, where the firm received federal government approvals for an expansion earlier this year.

Energy Fuels is also evaluating other advancements to its vanadium program, it added.

"The recent strength in our stock due to the annual Russell rebalance presented Energy Fuels with a unique, one-time opportunity to raise significant cash with no discounts or warrants, at little cost, and in what we believe is a minimally-dilutive manner," said Mark S. Chalmers, president and chief executive at Energy Fuels.

"While uranium will always be Energy Fuels' core focus, everything we do, including vanadium recovery, is intended to support our uranium business.

"Today's uranium markets offer Energy Fuels a number of exceptional opportunities, including our pending 232 Petition, which we expect the U.S. Department of Commerce to act on soon, new buyers of uranium coming into the market, falling primary production, Japanese reactors resuming operation, and generally increasing global uranium demand.

"We look forward to continuing to utilise our assets to pursue opportunities in both the uranium and vanadium sectors, while also keeping our cost of capital as low as possible. We are very pleased with the performance of the ATM during this recent unique circumstance."

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Thu, 28 Jun 2018 10:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/199811/energy-fuels-mulling-paying-off-debt-after-raising-significant-cash-199811.html
<![CDATA[News - Uranium miner Energy Fuels joins Russell 3000 Index ]]> https://ca.proactiveinvestors.com/companies/news/199532/uranium-miner-energy-fuels-joins-russell-3000-index-199532.html Uranium miner Energy Fuels Inc (TSE:EFR, NYSE:UUUU) announced today it has been added as a member of the broad-market Russell 3000 Index.

Energy Fuels joined effective June 25, 2018 after the conclusion of the Russell U.S. Indexes annual reconstitution. The annual Russell U.S. Indexes reconstitution comprises the 4,000 largest US stocks as of May 11, 2018 and ranks them by total market capitalization. 

"Energy Fuels is pleased to join the broad-market Russell 3000 Index, which we believe will further increase the company's visibility and exposure to key institutional investors," said Mark S. Chalmers, president and chief executive officer of Energy Fuels.

READ: Energy Fuels planning to resume vanadian recovery in Utah this year

"As a leading U.S. producer of uranium and vanadium, we have a number of significant, identifiable catalysts that have the potential to fuel further growth for the company, including our pending 232 petition on uranium, new sources of alternate feed materials, resuming vanadium production and securing contracts for land cleanup work."

Russell U.S. Indexes are widely used by investment managers and institutional investors as the basis for index funds and as benchmarks for active investment strategies, with approximately US$9 trillion in assets are benchmarked against Russell U.S. Indexes.

Membership in the Russell 3000 Index also means inclusion in the small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market capitalization rankings and style attributes.

Shares of Energy Fuels were down 2.91% at C$2.67 today. 

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Mon, 25 Jun 2018 17:20:00 -0400 https://ca.proactiveinvestors.com/companies/news/199532/uranium-miner-energy-fuels-joins-russell-3000-index-199532.html
<![CDATA[News - Uranium miner Energy Fuels set to join Russell 3000 Index ]]> https://ca.proactiveinvestors.com/companies/news/199070/uranium-miner-energy-fuels-set-to-join-russell-3000-index-199070.html Uranium miner Energy Fuels Inc. (TSE:EFR) (NYSE:UUUU) announced today that it is set to join the Russell 3000 Index. 

According to a preliminary list of additions posted on June 15, 2018, Energy Fuels will join effective June 25, 2018 after the conclusion of the Russell U.S. Indexes annual reconstitution.

The annual Russell U.S. Indexes reconstitution comprises the 4,000 largest US stocks as of May 11, 2018 and ranks them by total market capitalization.

READ: Energy Fuels planning to resume vanadian recovery in Utah this year

Russell U.S. Indexes are widely used by investment managers and institutional investors as the basis for index funds and as benchmarks for active investment strategies, with approximately US$9 trillion in assets are benchmarked against Russell U.S. Indexes. 

Membership in the Russell 3000 Index also means inclusion in the small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. 

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Mon, 18 Jun 2018 11:46:00 -0400 https://ca.proactiveinvestors.com/companies/news/199070/uranium-miner-energy-fuels-set-to-join-russell-3000-index-199070.html
<![CDATA[News - Energy Fuels planning to resume vanadian recovery in Utah this year ]]> https://ca.proactiveinvestors.com/companies/news/196578/energy-fuels-planning-to-resume-vanadian-recovery-in-utah-this-year-196578.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) told investors that it plans to resume vanadium recovery from pond solutions at its White Mesa mill in Utah this year, kick starting a process of generating potentially more than 4mln pounds of recoverable vanadium (as V2O5).

The price of the commodity has risen by over 400% in the last 24 months to around US$15 per pound.

READ THE BIG PIC - Energy Fuels nudges higher as it outlines opportunities to lift uranium output

White Mesa has a 38-year history of conventional vanadium recovery, and most recently generated 1.5mln pounds of the metal in 2013.

Overall, it has produced more than 45mln pounds of vanadium -  or over US$500mln worth  at today's prices.

Mark Chalmers, president at Energy Fuels, noted that White Mesa was the only operating facility in the United States with the near-term capability to resume production.

"Due to recent vanadium price strength and bullish market sentiment, we are evaluating a number of opportunities to resume cash-flow-positive and sustainable vanadium recovery, including today's announcement of our campaign to recover vanadium from the mill's pond solutions," he said.

"If this campaign is successful, Energy Fuels would expect to become a commercial-scale vanadium producer for the next few years, just from pond solutions."

The company boss added that for longer-term alternatives, the group was evaluating other vanadium production opportunities, including the processing of previously mined uranium/vanadium stockpiles in the vicinity of the mill.

It is also considering processing other vanadium-bearing streams, and, with improved uranium prices, the reinitiation of conventional uranium/vanadium mine production from certain mines that contain large, high-grade vanadium resources, including the La Sal and Whirlwind mines which are currently on standby.

Energy noted that based on repeatable, bench-scale lab analysis performed to date, it believes dissolved vanadium in the ponds can be recovered using existing equipment and process streams at the mill, in a fashion similar to how the mill has been recovering dissolved uranium from the ponds.

WATCH - Energy Fuels Inc seeks 'several paths' to increase uranium output, limit imports

If full-scale costs and recoveries are similar to the bench-scale analysis performed to date, the company would expect to recover around 500,000 pounds of vanadium in 2018, which, based on current vanadium prices, would be expected to generate positive net cash flow this year.

The firm will then evaluate its actual 2018 costs and recoveries, and given favourable results, and depending on prevailing vanadium market conditions, would expect to continue vanadium production from pond returns in 2019 and 2020.

Based on laboratory analysis, the company has identified significant concentrations of dissolved vanadium in pond solutions at the mill, ranging between 1.4 and 2 grams per litre.

Energy Fuels holds three of America's key uranium production centres -  the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.

Shares in Canada added 0.84% to C$2.39.

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Tue, 08 May 2018 11:30:00 -0400 https://ca.proactiveinvestors.com/companies/news/196578/energy-fuels-planning-to-resume-vanadian-recovery-in-utah-this-year-196578.html
<![CDATA[News - Energy Fuels closes US$5.39mln sale of non-core uranium properties in Wyoming to Uranium Energy ]]> https://ca.proactiveinvestors.com/companies/news/196368/energy-fuels-closes-us539mln-sale-of-non-core-uranium-properties-in-wyoming-to-uranium-energy-196368.html Energy Fuels Inc. (TSE:EFR, NYSE:UUUU) said it has closed the sale of certain non-core uranium properties in Wyoming to Uranium Energy Corp. (NYSE:UEC) for US$5.39mln.

The total price includes US$2.94mln of cash and US$2.45mln of shares in Uranium Energy at a deemed issuance price of US$1.5072 per share of Uranium Energy.

READ: Energy Fuels nudges higher as it outlines opportunities to lift uranium output

The properties, which are adjacent to UEC's Reno Creek Project, are considered non-core, as they would require extensive permitting and licensing work, and significant time and capital, to bring them into commercial operation as a standalone project in the future.

Further, it said it holds other low-cost ISR assets that are currently either in production or can be brought into production sooner and on a greater scale than the sold assets.

This includes the operating and fully-permitted Nichols Ranch ISR Project and the fully-permitted Jane Dough and Hank properties in Wyoming, along with the fully-constructed, licensed, and permitted Alta Mesa ISR Project in Texas which is currently on standby.

Energy Fuels said it believes the sold assets are much better suited to be combined with UEC's Reno Creek Project.

Mark S. Chalmers, president and CEO of Energy Fuels said: "Maintaining the strength of our balance sheet is one of the central focuses of Energy Fuels. Therefore, we are endeavoring to monetize certain assets that are stranded or non-core to our long-term business plans.

Adds over US$5mln to balance sheet

“The completion of today's transaction achieves this focus, by adding over $5 million to our balance sheet and reducing our holding costs. This is a remarkable time in the U.S. uranium market, and our filing of a 232 Petition earlier this year with the U.S. government has the strong potential to significantly increase the value of uranium produced in the United States.

While we are disposing of stranded and non-core assets, we are retaining low-cost producing, constructed, and/or permitted assets. These are the assets that will enable Energy Fuels to ramp-up production more quickly and on a greater scale than our peers."

In a separate statement, Amir Adnani, president and CEO of UEC, in describing the acquisition as "highly synergistic", said: "This further cements our position in controlling one of the largest, fully permitted and 100% un-hedged low-cost ISR portfolios in the United States. This acquisition also comes at a time when international trade and geopolitical developments underscore the importance of domestic uranium supplies in support of American energy security."

Energy Fuels is an integrated U.S. uranium mining company, supplying U3O8 to major nuclear utilities.

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Thu, 03 May 2018 10:50:00 -0400 https://ca.proactiveinvestors.com/companies/news/196368/energy-fuels-closes-us539mln-sale-of-non-core-uranium-properties-in-wyoming-to-uranium-energy-196368.html
<![CDATA[News - Energy Fuels shares nudge higher as it reaches environmental milestone at Alta Mesa ]]> https://ca.proactiveinvestors.com/companies/news/194078/energy-fuels-shares-nudge-higher-as-it-reaches-environmental-milestone-at-alta-mesa-194078.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) has marked a major milestone and moved its Alta Mesa uranium project in Texas one step further towards resuming production, it told investors.

Alta Mesa is a fully permitted and constructed ISR (solution mining) uranium project in the south of the state, currently on standby status ready to resume operations.

READ: THE BIG PIC - Energy Fuels nudges higher as it outlines opportunities to lift uranium output

Energy revealed that last month, it had received a notice from the Texas commission on environmental quality (TCEQ), which confirmed that it had achieved final groundwater restoration at production area 1 (PAA1).

In simple terms, it means the firm has restored groundwater at the site, following uranium mining.

This is one of the most important environmental compliance milestones that every US in situ recovery (ISR) facility must complete following production, it added.

"We are extremely proud to receive government confirmation of final restoration of the wellfield at Alta Mesa," said Mark S Chalmers, president and chief executive at Energy Fuels.

"Energy Fuels and the rest of the U.S. uranium industry operate under the highest health, safety and environmental standards in the world, including state-of-the-art protection of groundwater and drinking water."

WATCH: Energy Fuels Inc seeks 'several paths' to increase uranium output, limit imports

Alta  Mesa (including PAA1) was in production from 2005 until 2012 and generated 4.6mln pounds of uranium - enough to provide clean, carbon-free electricity from an average-sized nuclear reactor for around eight years.

It includes a licensed processing plant with a total annual capacity to produce 1.5mln pounds of U3O8 (triuranium octoxide) per year.

It could resume operations within around 12 months of a production decision, by completing minor facility improvements and installing new wellfields.

Alta Mesa holds an NI 43-101 total of 1.6mln tons of measured and indicated resources at an average grade of 0.111% U3O8 (uranium) containing 3.6mln pounds, along with 7mln tons of inferred with an average grade of 0.121% U3O8 containing 16.8 million pounds of uranium.

Exploration targets include 2.6mln tons of mineralised material with an average grade that could range from between 0.077% to 0.123% U3O8.

In improved market conditions, Energy Fuels wants to resume exploration to expand resources and upgrade existing resources into higher categories.

Energy Fuels holds three of America's key uranium production centres, the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and Alta Mesa in Texas.

Shares nudged up 1.38% to C$2.20 each.

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Mon, 02 Apr 2018 11:10:00 -0400 https://ca.proactiveinvestors.com/companies/news/194078/energy-fuels-shares-nudge-higher-as-it-reaches-environmental-milestone-at-alta-mesa-194078.html
<![CDATA[Media files - Expansion approval 'means a lot for our long-term production profile', says Energy Fuels' Moore ]]> https://ca.proactiveinvestors.com/companies/stocktube/7200/expansion-approval-means-a-lot-for-our-long-term-production-profile-says-energy-fuels-moore-7200.html Thu, 30 Mar 2017 21:42:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/7200/expansion-approval-means-a-lot-for-our-long-term-production-profile-says-energy-fuels-moore-7200.html <![CDATA[Media files - Energy Fuels well poised to capitalize on improving uranium markets in 2017 ]]> https://ca.proactiveinvestors.com/companies/stocktube/6715/energy-fuels-well-poised-to-capitalize-on-improving-uranium-markets-in-2017-6715.html Thu, 12 Jan 2017 09:17:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/6715/energy-fuels-well-poised-to-capitalize-on-improving-uranium-markets-in-2017-6715.html <![CDATA[News - Energy Fuels directors increase shareholdings ]]> https://ca.proactiveinvestors.com/companies/news/120876/energy-fuels-directors-increase-shareholdings-120876.html Directors of uranium miner Energy Fuels (TSE:EFR, NYSE:UUUU) have increased their shareholdings in the company, a stock market statement has revealed.

The transactions include the purchase of 1mln shares at the prevailing market price by Ames Brown

Brown’s stake in the company as a result increases to 1.74mln, which amounts to 3.8% of the company’s shares.

Other members of the management team such as Stephen Antony, president and chief executive, as well as executive vice president Paul Goranson.

"The company appreciates Mr Brown's strong vote of confidence in Energy Fuels' uranium production assets, finances and management,” Antony said.

“There are a number of key developments in the uranium sector occurring right now that provide us with substantial optimism as we head into 2016.”

Antony highlights that China’s aggressive investment in nuclear energy continues, Japan is continuing to restart its large reactor fleet, and as the US is in the process of starting its first new reactor in twenty years its already consumes more uranium than any other nation.

He added: “While worldwide uranium demand is growing, the low uranium prices of the past few years have slowed new investment in exploration and mine development.

“We believe these and similar factors are likely to create substantial future supply constraints resulting in rising uranium prices.

“Energy Fuels is continually improving our ISR and conventional production, development and permitting activities to take advantage of today's low uranium prices, while we position the Company for a uranium market recovery."

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Wed, 30 Dec 2015 09:16:00 -0500 https://ca.proactiveinvestors.com/companies/news/120876/energy-fuels-directors-increase-shareholdings-120876.html
<![CDATA[News - Energy Fuels offloads non-core assets to enCore Energy ]]> https://ca.proactiveinvestors.com/companies/news/119709/energy-fuels-offloads-non-core-assets-to-encore-energy-119709.html Energy Fuels (NYSEMKT:UUUU, TSE:EFR) has agreed to sell a parcel of its non-core uranium assets to enCore Energy (CVE:EU) and Tigris Uranium.

The disposal includes unpatented mining claims and leases known as the Marquez and Nose Rock projects in New Mexico, the Moonshine project in Arizona, and the Cedar Mountain, Geitus, Blue Jay, and Marcy Look projects in Utah.

The agreement also allows enCore to process conventional uranium produced by the assets at Energy Fuels' White Mesa Mill in Blanding, Utah, under a toll milling agreement.

The sale is all part of Energy Fuels' continuing asset rationalization strategy that cuts holding, permitting, and corporate costs and allows it to focus on its higher quality uranium assets.

The uranium miner will receive US$329,960 in cash for the properties, plus 14.25mln enCore Energy shares, giving it a 19.9% stake in enlarged share capital of enCore, making it the company's largest shareholder.

Energy Fuels has nominated Paul Goranson to be its representative on the board of enCore Energy.

“His expertise and experience will be valuable to our acquisition and development strategy going forward," said William Sheriff, chairman of enCore.

"Additionally, the toll milling agreement and these acquisitions provide the company with several important conventional uranium projects as well as increasing its ISR (in-situ recovery) interests while achieving geographical and geopolitical diversification,” he added.

Energy Fuels said enCore will assume all liabilities on the disposed of properties, including all debts, obligations and environmental claims.

“I believe this deal makes good sense for both companies,” said Stephen Antony, president and chief executive of Energy Fuels.

“Energy Fuels is focusing on higher-grade, lower-cost and larger-scale uranium projects, while we continue to cut costs and monetize assets that do not fit our long-term business plans. We are also receiving shares of enCore Energy, a company that we believe has the ability to potentially unlock the value of the assets we are selling.

“enCore has a strong management and technical team with an excellent track-record of advancing projects in the US, and our ownership in enCore will provide our shareholders with a vehicle to realize the potential value of these assets,” he added.

Energy Fuels is America’s leading conventional uranium mining company, and Antony recently highlighted importance the metal will play in the development of nuclear energy in the US, as the company seeks to achieve energy independence.

Speaking to the Denver Post, Antony said: “The US has greatly benefited from a shale revolution that has yielded billions of barrels of oil and gas. This has brought enormous economic benefits to America and made our nation less dependent on foreign sources of energy; however, there is another key consideration: taking greater responsibility in providing cleaner energy to the world.

“I’m fully expecting the US government to lead by example by becoming more proactive in addressing air pollution and carbon emissions. This will help drive increased use of renewables, but it also must lead to the US recommitting to modern nuclear power in a big way.”

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Wed, 25 Nov 2015 09:32:00 -0500 https://ca.proactiveinvestors.com/companies/news/119709/energy-fuels-offloads-non-core-assets-to-encore-energy-119709.html
<![CDATA[News - Energy Fuels' share price rallies after reassuring statement ]]> https://ca.proactiveinvestors.com/companies/news/119491/energy-fuels-share-price-rallies-after-reassuring-statement-119491.html ---UPDATES SHARE PRICE---

Energy Fuels (NYSEMKT:UUUU, TSE:EFR) is bemused by the share price movement that has seen one third wiped off the company's value in the last month.

The company released a statement saying it was not aware of any undisclosed material change in the company's affairs that would precipitate an adverse share price reaction.

The shares, currently trading at C$2.72 in Toronto, fell 4.2% on Thursday and have lost one-sixth of their value in the last week alone.

The last public information released by the company was the third quarter update released on November 5, which showed gross profits of $7.23mln on revenues of $19.2mln.

The shares closed at C$3.65 on November 5, and have lost a quarter of their value since then.

The company said it is continuing to expand uranium production at its Nichols Ranch in situ recovery project in Wyoming, which is demonstrating attractive economics and provides the company with significant production flexibility.

In addition, the company has resumed development activities at the high-grade Canyon mine in Arizona, which has 1.6 million pounds of uranium with an average grade of 0.98% triuranium oxide (U3O8) contained in 83,000 tons of inferred mineral resources.

Shaft sinking is proceeding, and the company is looking forward to proceeding with underground drilling later in 2016 to further define and potentially expand the resource.

The company is continuing with the current mineral processing campaign at its White Mesa Mill, including the processing of alternate feed materials and Pinenut ore, which is expected to result in 600,000 pounds of U3O8 production through to the end of 2016.

As previously announced, the company expects to sell 200,000 pounds of uranium in the final quarter of 2015 at an average price of $54.59, which is 34% above the current spot price. On top of that, it expects to sell 550,000 pounds of uranium in 2016 under its existing long term contracts, also at a significant premium to today's spot price.

The shares recovered a little of their poise on Friday morning, advancing 1.1% to CS2.75.

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Fri, 20 Nov 2015 14:17:00 -0500 https://ca.proactiveinvestors.com/companies/news/119491/energy-fuels-share-price-rallies-after-reassuring-statement-119491.html
<![CDATA[News - Cantor commends Energy Fuels’ changes at Nichols Ranch ]]> https://ca.proactiveinvestors.com/companies/news/111325/cantor-commends-energy-fuels-changes-at-nichols-ranch-111325.html Broker Cantor Fitzgerald is suitably impressed with recent developments at Energy Fuels (NYSE:UUUU, TSE:EFR) and its Nichols Ranch project, in Wyoming.

Energy Fuels, which recently decided to take processing ‘in-house’ at Nichols Ranch, should now as a result achieve operating cost savings which can further improve a low-cost profile for the ISR uranium mine, according to Rob Chang, Cantor’s head of metals & mining Canada.

Chang added that the company is also making a “solid financial move” by capitalising on exchange rate fluctuations to reduce its debt load – the group made arrangements to repurchase up to C$2.2mln of convertible debentures over the next twelve months.

If exercised in full the company can reduce the number of outstanding debentures by 10%.

“We view this decision favourably as the debentures are currently trading on the TSX at a substantial discount to both their redemption amount and the amount due on maturity,” Chang said in a note.

“Moreover, the CAD-USD exchange rate has moved favourably to support this move as the debentures are denominated in CAD and EFR’s operations are in the US.”

Cantor rates Energy Fuels as a ‘buy’, and the broker’s target price of C$13.65 suggests nearly 300% upside to the current share price of C$3.72 in Toronto.

Last month, Energy Fuels revealed a US$10.02mln gross profit from its mining and milling operations in the second quarter of 2015. It told investors it continued to have a strong balance sheet and was well positioned for a significant increase in production once uranium markets rebounded.

It reported a net loss of US$2.31mln on US$23.7mln of revenue, though the loss stemmed from US$6mln of one time expenditure related to the acquisition of Uranerz Energy Corporation, which completed in June.

Some 416,667 pounds of uranium was produced and sold by the company, during the three months to June 30, at an average price of US56.74 per pound.

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Wed, 30 Sep 2015 21:02:00 -0400 https://ca.proactiveinvestors.com/companies/news/111325/cantor-commends-energy-fuels-changes-at-nichols-ranch-111325.html
<![CDATA[News - Energy Fuels maintains operational flexibility and strong balance sheet, delivering a healthy gross ]]> https://ca.proactiveinvestors.com/companies/news/109838/energy-fuels-maintains-operational-flexibility-and-strong-balance-sheet-delivering-a-healthy-gross-109838.html Energy Fuels Inc. (NYSE MKT:UUUU) (TSE:EFR) earned a gross profit of US$10.02 million from mining and milling operations for the second quarter of 2015, while also reporting a solid balance sheet and continuing to position the company for significant increased production when uranium markets rebound.

Even as it incurred a net loss of US$2.31 million (fully diluted 10 cents per share), on revenue of US$23.71 million, EF sold 416,667 pounds of U3O8 at an average price of US56.74/lb. for the three months to June 30 for a margin of 42%.  Much of the loss stemmed from about $6 million related to one-time expenditures related to its June 18, 2015 acquisition of Uranerz Energy Corporation.

EF believes it has sufficient cash and resources to carry out its business plan beyond calendar year 2015 and as of June 30, 2015, the Company had $41.59 million of working capital, including cash and cash equivalents of $20.76 million and 650,000 pounds of uranium concentrate inventory.

EF, which joined the Russell 2000, Russell 3000, Russell Global, and Russell Microcap indices in June, enhancing its visibility in the marketplace, expects to sell an additional 391,667 pounds of U3O8 during the remainder of the year under existing contracts at an average price of $57.05/lb., which will generate significant cash for the Company’s operational needs.

“Energy Fuels continues to execute our disciplined, flexible business plan, as we strengthen our position as a leading U.S. uranium producer.  As our second quarter results demonstrate, Energy Fuels’ current uranium production, cash position, balance sheet, sales contract portfolio, and production scalability continue to differentiate us from our peers in the U.S. uranium space.  In addition, we made two tactical acquisitions since the end of the first quarter of 2015 – Uranerz Energy Corporation, and properties adjacent to our Roca Honda Project – that provide us with flexibility, additional premium-priced sales contracts with major nuclear utilities, enhanced project economics, and the ability to increase both near-term and future production.  Although uranium prices have been generally flat during the summer, we are encouraged by continued strong long-term market fundamentals, including the first Japanese nuclear reactor expected to restart soon, the continued aggressive build-out of China’s nuclear sector, large uncovered utility demand in the mid- to long-term, and dropping production at certain uranium mines,” said Energy Fuels’ president and CEO, Stephen P. Antony.

For FY-2016 and FY-2017, the Company forecasts sales under existing long-term contracts to total approximately 650,000 pounds and 620,000 pounds of U3O8, respectively, also at price considerably higher than today’s spot price.

While uranium spot prices have edged up since last summer, they are still far off from their heyday back before the Japanese earthquake and tsunami led to the shutdown of all the reactors in Japan. Prior to that event, uranium spot prices were above $70 per pound.

Energy Fuels said that for the long-term, the company continues to believe that the fundamentals of the nuclear energy sector will result in uranium demand surpassing supply. But in response to the short-term uncertainty, it will continue its cash conservation efforts until additional sustained improvement in uranium market conditions are seen.

EF says production at the company's White Mesa mill will end in the second half of 2015, resulting in the production of approximately 90,000 pounds of finished goods in the second half of FY-2015, and about 300,000 lbs. for FY-2015 in its entirety. In addition, the company provided guidance of 140,000 lbs. of production for the second half of FY-2015 from its recently acquired ISR operations.  Nevertheless, the Company is maintaining the flexibility to resume processing stockpiled or other materials at the White Mesa Mill should market conditions or cash needs warrant.

As EFs recent acquisition of the Nichols Ranch project from Uranerz Energy and other pipeline projects advance, the company has gained operational flexibility and a diversified production of conventional, ISR and, alternate feed to allow production ramp up as soon as prices warrant. Meanwhile, the company can rely on strategic contracts, generating prices that remain well above spot for the near term.

Energy Fuels has also recently completed an acquisition at an attractive price of some 4,580 acres of key mineral properties adjacent to its Roca Honda Project in New Mexico from Uranium Resources (NASDAQ:URRE) containing historic Uranium Resources and mine infrastructure.  The new properties have added to Roca Honda’s exploration potential while also improving project economics thanks to the additional Uranium Resources, increased mine life, and potential mine synergies. The presence of a partially-sunk mine shaft constructed by Kerr-McGee in 1982 to a depth of 1,478 feet on the Acquired Properties may be available for use, said Energy Fuels, which could drop capital requirements and reduce operating costs.

Energy Fuels operates the only operating conventional uranium mill in the U.S and boasts the largest NI 43-101 uranium resource portfolio in the U.S. among producers. In 2014, Energy Fuels was the second largest uranium producer in the USA; only Cameco produced more.

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Mon, 10 Aug 2015 21:50:00 -0400 https://ca.proactiveinvestors.com/companies/news/109838/energy-fuels-maintains-operational-flexibility-and-strong-balance-sheet-delivering-a-healthy-gross-109838.html
<![CDATA[Media files - Energy Fuels emerging as the major US uranium player ]]> https://ca.proactiveinvestors.com/companies/stocktube/4004/energy-fuels-emerging-as-the-major-us-uranium-player-4004.html Tue, 28 Jul 2015 14:53:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/4004/energy-fuels-emerging-as-the-major-us-uranium-player-4004.html <![CDATA[News - Energy Fuels Achieves Significant Permitting Milestone on its Sheep Mountain Uranium Project ]]> https://ca.proactiveinvestors.com/companies/news/109129/energy-fuels-achieves-significant-permitting-milestone-on-its-sheep-mountain-uranium-project-109129.html Energy Fuels Inc. (NYSE MKT:UUUU) (TSE:EFR) said the State of Wyoming has issued the mine permit for its 100%-owned Sheep  Mountain Project.  The Company applied for, and received, a major revision to the current mining permit that allows for the expansion of surface and underground mining. This is an important step, contributing to Energy Fuels’ plans to become the United States’ leading producer of uranium thanks to an unparalleled project pipeline.

Energy Fuels considers this a major milestone in the permitting process for Sheep Mountain, which is a conventional uranium project located in the Crooks Gap Mining District of central Wyoming, and one of the largest uranium development projects in the U.S. today.

Before Energy Fuels can resume production at Sheep Mountain, it must obtain a final environmental impact statement (EIS) from the U.S. Bureau of Land Management (BLM).  The company achieved another significant permitting milestone earlier this year, when BLM issued a draft EIS in January.  Energy Fuels said they expect the BLM could issue the final EIS, approving the Plan of Operations by mid-2016.  Meanwhile, the Company is evaluating processing options for the Sheep Mountain Project, including the permitting and construction of a new onsite heap leach facility or the use of an existing third party milling facility in the region.

A preliminary feasibility study from April 2012 suggests that Sheep Mountain contains 30.3 million pounds of uranium contained in 12.9 million tons of Indicated Mineral Resources with an average grade of 0.117% eU3O8. The PFS estimates that the project can produce up to 1.5 million pounds of U3O8 per year over a 15-year mine life.

In addition, Sheep Mountain is one of few uranium projects in the U.S. with mineral reserves. Its Indicated Mineral Resource total includes 18.4 million pounds of uranium contained in 7.5 million tons of Probable Mineral Reserves with an average grade of 0.123% eU3O8.

“With over 30 million pounds of uranium resources, the Sheep Mountain Project is one of the largest and most important uranium projects in the U.S.  Receipt of the mining permit is a key achievement for Energy Fuels, as we work to ready this project for mining,” said Energy Fuels’ president and CEO, Stephen P. Antony.

In 2014, Energy Fuels was the second largest producer of uranium in the U.S., producing about a million pounds.  Following the Company's acquisition of Uranerz Energy Corporation last month, including its Nichols Ranch ISR Mine and Plant in Wyoming, Energy Fuels now has two uranium production centers, including ISR uranium production in Wyoming and conventional uranium production in Utah.  It is the only company with both ISR and conventional uranium production in the U.S., and one of only three publicly-traded companies in the World with current ISR and conventional uranium production, the others being Cameco and Areva.

“In addition, large-scale conventional uranium projects, such as our Sheep Mountain, Roca Honda, and Henry Mountains Projects, are critical components of Energy Fuels’ production growth strategy, as we seek to significantly scale-up our production capability to capture expected uranium market improvements,” Antony said.

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Fri, 17 Jul 2015 20:14:00 -0400 https://ca.proactiveinvestors.com/companies/news/109129/energy-fuels-achieves-significant-permitting-milestone-on-its-sheep-mountain-uranium-project-109129.html
<![CDATA[News - Energy Fuels sees increasing production at newly acquired Nichols Ranch ISR Uranium Project ]]> https://ca.proactiveinvestors.com/companies/news/108947/energy-fuels-sees-increasing-production-at-newly-acquired-nichols-ranch-isr-uranium-project-108947.html After acquiring Uranerz in June 2015, Energy Fuels (NYSE MKT:UUUU) (TSE:EFR) has started a fifth header house at its Nichols Ranch ISR property, increasing flow rates by 33% and total uranium production by 25% compared to the amount recorded before the new header house came online. Because the new header house is in its very early stage of development, Energy Fuels expects production to grow as flow rates and head-grade continue to increase. 


The first four header houses at Nichols Ranch have yielded some 200,000 pounds of U3O8 in the period from April to December 2014, and 55,000 pounds of U3O8 during Q1-2015. 


While production at these four header houses has peaked and is now in decline, production at the new header house is expected to continue to ramp-up during 2015.
Energy Fuels acquired the Nichols Ranch ISR Uranium Project in June 2015.  This isthe newest uranium production facility in the United States located in Wyoming’s prolific Powder River Basin, which produced over half of all U.S. uranium in 2014.


"We are very pleased with the operational results currently being observed at the Nichols Ranch Project.  At this time, our fifth header house and the associated wellfield, is on-budget, on-schedule, and well on its way to becoming a successful uranium producer for Energy Fuels.  We are similarly optimistic about the future performance of the sixth header house we have planned for later this year,” said Energy Fuels’ president and CEO, Stephen P. Antony.


The Company added that construction of a sixth header house would start at Nichols Ranch in August 2015, along with approximately 60 associated wells, which should go into production in the fourth quarter of this year. 


The delineation drilling for these new production and injection wells was already finished earlier in 2015.


In situ recovery (ISR) mining, an injected-solution approach that reverses the natural process that deposited uranium in the mineral, at Nichols Ranch started in April 2014 and finished FY-2014 with four header houses in operation, along with the associated injection and recovery wells. 


“Through our recent acquisition of Uranerz, we believe we have enhanced the near-term uranium production potential and future scalability of Energy Fuels.  We continue to see longer-term fundamental supply-demand imbalances in uranium markets and expect higher uranium prices ahead.  Even now, uranium consumption exceeds primary mine supply, with the difference being covered through inventories – which are finite.  As we continue to ramp-up production at Nichols Ranch, we believe Energy Fuels will be well-positioned to capture expected uranium price increases," added Antony.

 

Following the Company's acquisition of Uranerz Energy Corporation last month, Energy Fuels now has two uranium production centers, including ISR uranium production in Wyoming and conventional uranium production in Utah.


Indeed, it is now the only company with both ISR and conventional uranium production in the U.S., and one of only three publicly-traded companies in the World with current ISR and conventional uranium production, the others being Cameco and Areva.


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Mon, 13 Jul 2015 21:28:00 -0400 https://ca.proactiveinvestors.com/companies/news/108947/energy-fuels-sees-increasing-production-at-newly-acquired-nichols-ranch-isr-uranium-project-108947.html
<![CDATA[News - In shareholder letter, CEO predicts a bright future for Energy Fuels Inc., the newest integrated con ]]> https://ca.proactiveinvestors.com/companies/news/108814/in-shareholder-letter-ceo-predicts-a-bright-future-for-energy-fuels-inc-the-newest-integrated-con-108814.html In a letter to shareholders issued today, Energy Fuels’ (NYSE MKT:UUUU) (TSE:EFR) chief executive officer, Stephen P. Antony, told shareholders that the company completed the acquisition of Uranerz Energy Corporation on June 18, 2015, and that the acquisition is already off to a great start:

“By adding Uranerz to our corporate family, we believe Energy Fuels has clearly emerged as the leading uranium production company focused on the U.S.  This is an exciting time to be a shareholder of Energy Fuels as we work toward achieving our goal of becoming the largest uranium producer in the largest uranium market: the United States,”  Antony said.

Following the Company's acquisition of Uranerz Energy, Energy Fuels can now rely on two uranium production centers, including ISR uranium production in Wyoming and conventional uranium production in Utah, with an annual combined licensed capacity of 10 million pounds of U3O8 production per year.

Indeed, it is now the only company with both ISR and conventional uranium production in the United States, and one of only three publicly-traded companies in the World with current ISR and conventional uranium production, the others being Cameco and Areva.

Energy Fuels operates the only operating conventional uranium mill in the U.S and the boasts largest NI 43-101 uranium resource portfolio in the U.S. among producers.  Energy Fuels is also one of only a few companies with uranium reserves in its portfolio.  It is currently the second largest uranium producer in the U.S.; only Cameco produces more.  The acquisition of Uranerz significantly expands the Company’s production scalability potential.

The new Energy Fuels has become stronger by lowering costs and expanding its uranium sales contract portfolio, making the combined entity more competitive on the U.S. and global uranium sales marketplace “with over 2 million pounds of deliveries through 2020”, noted Antony.

Even as liquidity in its stock has increased, Antony expects Energy Fuels to increase its exposure to institutional and retail investors around the world thanks to its inclusion onto the Russell 2000, Russell 3000, Russell Global and Russell Microcap Indexes.

The Russell 3000 index, part of global index provider FTSE Russell, measures the performance of the largest three-thousand companies in the U.S. equity market.

As a member, Energy Fuels has also been added to the Russell 2000 index, which measures the performance of the small-cap segment of the U.S. equity universe. Approximately $5.7 trillion in assets are benchmarked to the Russell’s U.S. indexes, which are part of FTSE Russell, a leading global index provider.

Antony is optimistic about the future of nuclear energy in the United States and around the World. He said that the US remains the world’s largest consumer of uranium with 99 nuclear reactors in operation, five under construction, and several more in the planning stages.

The CEO sees opportunities for growth because, while the US is the World’s dominant consumer of uranium, it is “heavily reliant on imported uranium to fuel our reactor fleet.  Right now, Energy Fuels is well-positioned as the 2nd largest supplier of uranium within the U.S.  With our recent acquisition of Uranerz, our annual licensed production capacity has increased to 10 million pounds of U3O8 from our two production centers, the White Mesa conventional uranium mill and the Nichols Ranch ISR mine and plant.”

But, Antony also sees growth potential beyond the United States, fueled by environmental concerns: “the nuclear industry, which has a very small carbon footprint, could experience strong growth – and uranium producers like Energy Fuels would be expected to benefit….We expect Japan to return to the nuclear family and restart a majority of their operable reactors.  As a result of all of this, we believe Energy Fuels offers shareholders like you and me sector-leading leverage to improving nuclear markets and rising uranium prices” he writes.

Ultimately, Energy Fuels said that for the long-term, the company continues to believe that the fundamentals of the nuclear energy sector are as strong as ever, resulting in uranium demand surpassing supply in the future.

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Wed, 08 Jul 2015 21:58:00 -0400 https://ca.proactiveinvestors.com/companies/news/108814/in-shareholder-letter-ceo-predicts-a-bright-future-for-energy-fuels-inc-the-newest-integrated-con-108814.html
<![CDATA[News - Energy Fuels added to Russell 3000 Index ]]> https://ca.proactiveinvestors.com/companies/news/108562/energy-fuels-added-to-russell-3000-index-108562.html Energy Fuels (NYSE MKT:UUUU) (TSE:EFR) has been formally added to the Russell 3000 Index, confirming its position as one of the 3,000 largest listed companies based on market capitalization in the United States.

The Russell 3000 index, part of global index provider FTSE Russell, measures the performance of the largest three-thousand companies in the U.S. equity market.

As a member, Energy Fuels has also been added to the Russell 2000 index, which measures the performance of the small-cap segment of the U.S. equity universe. Approximately $5.7 trillion in assets are benchmarked to the Russell’s U.S. indexes, which are part of FTSE Russell, a leading global index provider.

“We are constantly working to create shareholder value and being added to the Russell 3000 Index provides an excellent opportunity to introduce our company to a broader universe of retail and institutional investors.  More importantly, we believe nuclear energy is the best technology available to produce baseload electricity with very low life-cycle air and carbon emissions.  As a leading producer of uranium in the United States, and with the United States being the largest producer of nuclear energy in the World, we are very optimistic about the future of Energy Fuels,” said Energy Fuels’ president and CEO, Stephen P. Antony.

Investment managers and institutional investors rely on Russell indexes and as benchmarks for active investment strategies.

Energy Fuels’ membership in the Russell indexes, determined primarily by objective, market-capitalization rankings and style attributes, is expected continue for at least one year.

Following the Company's acquisition of Uranerz Energy Corporation last week, Energy Fuels now has two uranium production centers, including ISR uranium production in Wyoming and conventional uranium production in Utah.

Indeed, it is now the only company with both ISR and conventional uranium production in the U.S., and one of only three publicly-traded companies in the World with current ISR and conventional uranium production, the others being Cameco and Areva.

Energy Fuels operates the only operating conventional uranium mill in the U.S and the largest NI 43-101 uranium resource portfolio in the U.S. among producers. It is the second largest uranium producer in the U.S.; only Cameco produces more.

Uranium spot prices have increased by over 30% compared to a year ago. According to the World Nuclear Association 66 new reactors are being built in Europe, the Middle East, and Asia, along with the expected restart of Japan’s reactors, are setting up a longer-term supply-demand imbalance, with significant increases in uranium prices anticipated.

Energy Fuels said that for the long-term, the company continues to believe that the fundamentals of the nuclear energy sector are as strong as ever, resulting in uranium demand surpassing supply in the future.

The new Energy Fuels has become stronger by lowering costs and expanding its uranium sales contract portfolio, making the combined entity more competitive on the U.S. and global uranium sales marketplace.

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Tue, 30 Jun 2015 17:23:00 -0400 https://ca.proactiveinvestors.com/companies/news/108562/energy-fuels-added-to-russell-3000-index-108562.html
<![CDATA[News - Energy Fuels to be included in Russell 3000 Index ]]> https://ca.proactiveinvestors.com/companies/news/108317/energy-fuels-to-be-included-in-russell-3000-index-108317.html Shares of Energy Fuels’ (NYSE MKT:UUUU) (TSE:EFR) are trading over fiftenn percent higher on the NYSE over the past two trading days after the company was confirmed as one of the 3,000 largest listed companies based on market capitalization in the United States.

Energy Fuels is slated join the broad-market Russell 3000 Index after its annual reconstitution on June 26, 2015, according to a preliminary list of additions posted June 19, 2015.

The Russell 3000 index, part of global index provider FTSE Russell, measures the performance of the largest three-thousand companies in the U.S. equity market. As a member, Energy Fuels will also join the Russell 2000 index, which measures the performance of the small-cap segment of the U.S. equity universe.

Energy Fuels’ membership in the Russell indexes, determined primarily by objective, market-capitalization rankings and style attributes, is expected continue for at least one year.

"As a leading producer of uranium in the United States - which is the World's largest producer of nuclear energy and the World's largest consumer of uranium - Energy Fuels is delighted to join the Russell indexes. We are constantly striving to enhance our visibility in the marketplace, and I believe that inclusion in the Russell 3000(R) Index is a major achievement in this regard. Following the Company's acquisition of Uranerz Energy Corporation last week, Energy Fuels now has two uranium production centers, including ISR uranium production in Wyoming and conventional uranium production in Utah. The company operates the only operating conventional uranium mill in the U.S. The Company also has a portfolio of premium-priced uranium supply contracts with major nuclear utilities, a number of large uranium projects in permitting and development, and the largest NI 43-101 uranium resource portfolio in the U.S. among producers. Through these assets, we believe we are well positioned as a strategic uranium supplier in the U.S., as we have the potential to significantly increase production as uranium prices continue to increase, thereby providing the potential for excellent leverage to improving uranium markets," said Energy Fuels’ president and CEO, Stephen P. Antony.

Uranium spot prices have increased by over 30% compared to a year ago. According to the World Nuclear Association 66 new reactors are being built in Europe, the Middle East, and Asia, along with the expected restart of Japan’s reactors, are setting up a longer-term supply-demand imbalance within 10 years, with significant increases in uranium prices anticipated.

Energy Fuels said that for the long-term, the company continues to believe that the fundamentals of the nuclear energy sector are as strong as ever, resulting in uranium demand surpassing supply in the future. But, in response to short-term market uncertainty, the company will continue to deliver into its premium-priced long term contracts, develop its high-grade Canyon mine, permit its large-scale 20+ million pound projects, while also continuing cash conservation efforts until additional sustained improvement in uranium market conditions are seen.

Last week, Energy Fuels bought Uranerz in an all-stock deal, creating the largest uranium company focused on the United States, the only company in the World with both ISR and conventional uranium production in the U.S., and one of only three publicly-traded companies in the World with current ISR and conventional uranium production, the others being Cameco and Areva.

The company is currently 2nd in U.S. uranium production, behind only to Cameco, boasting a combined NI 43-101 resource base that is the largest in the US among producers.

The new Energy Fuels has become stronger by lowering costs and expanding its uranium sales contract portfolio, making the combined entity more competitive on the U.S. and global uranium sales marketplace.

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Tue, 23 Jun 2015 20:00:00 -0400 https://ca.proactiveinvestors.com/companies/news/108317/energy-fuels-to-be-included-in-russell-3000-index-108317.html
<![CDATA[News - Energy Fuels’ completes acquisition of Uranerz Energy ]]> https://ca.proactiveinvestors.com/companies/news/108218/energy-fuels-completes-acquisition-of-uranerz-energy-108218.html Energy Fuels’ (NYSE MKT:UUUU) (TSE:EFR) has officially completed its acquisition of Uranerz Energy (NYSE MKT:URZ) (TSE:URZ).

Shareholders of both Energy Fuels and Uranerz approved the transaction at their respective meetings on June 18, 2015, and the deal closed later that same day after the US Nuclear Regulatory Commission granted its consent to the transaction.

Under the terms of the deal, Energy Fuels bought Uranerz in an all-stock deal valued at roughly US$150 million, creating one of the largest uranium companies in the United States and significantly diversifying its uranium production sources and industry leading resource base.

Each Uranerz shareholder received 0.255 Energy Fuels common shares for each share of Uranerz common stock held. In addition, all outstanding options and warrants to acquire Uranerz shares of common stock entitle the holder thereof to acquire 0.255 common shares of Energy Fuels on exercise thereof at an exercise price equal to the exercise price of such option or warrant divided by 0.255.

The deal has now built a leading integrated conventional and in-situ recovery uranium mining company in the US, 2nd in production only to Cameco, and has a combined NI 43-101 resource base that is the largest in the US among producers.

The new Energy Fuels has become stronger by lowering costs and expanding its uranium sales contract portfolio, making the combined entity more competitive on the U.S. and global uranium sales marketplace.

Energy Fuels operates the only conventional uranium mill in the US, the White Mesa Mill in Utah, and has managed to keep its head above water since 2011 by engaging in targeted production and a cash conservation strategy. Its goal has been to position itself to increase production easily should market conditions continue to improve.

Uranerz’ Nichols Ranch Processing Faciity, which was acquired by Energy Fuels, uses a process known as in-situ recovery in which a solution extracts uranium from sandstone uranium deposits in the Powder River Basin area of Wyoming. It is the newest uranium production center in the US and has a licensed capacity of 2 million pounds of U3O8 per year.

In addition to the White Mesa mill in Utah and the Nichols Ranch ISR operation in Wyoming, the company also owns a producing high-grade uranium mine in Arizona (Pinenut), a high-grade mine in development in Arizona (Canyon), and various additional projects in permitting and development located throughout Utah, Wyoming, Arizona and New Mexico.

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Fri, 19 Jun 2015 19:35:00 -0400 https://ca.proactiveinvestors.com/companies/news/108218/energy-fuels-completes-acquisition-of-uranerz-energy-108218.html
<![CDATA[News - Energy Fuels one of world’s leading uranium companies presenting at global uranium conference in NY ]]> https://ca.proactiveinvestors.com/companies/news/108194/energy-fuels-one-of-worlds-leading-uranium-companies-presenting-at-global-uranium-conference-in-ny-108194.html On June 4, Energy Fuels’ (NYSE MKT:UUUU) (TSE:EFR) president and CEO, Stephen Antony, will discuss the company’s recent accomplishments at Cantor Fitzgerald’s 2nd annual Global Uranium Conference in New York City.Antony will discuss Energy Fuels’ rise, becoming the leading diversified producer of uranium in the United States after it completes the acquisition of Uranerz Energy Corp. later this year.

Energy Fuels is also the owner and operator of the Roca Honda Project in New Mexico, which according to a preliminary economic assessment and technical report (PEA) filed last February, will produce a yearly average 2.6 million pounds of U3O8 with a nine-year mine life.  The company recently announced that it was acquiring a strategic land package from Uranium Resources, which provides the potential to further enhance the project economics.  Roca Honda sits adjacent to General Atomics’ Mt. Taylor uranium mine, which has over 80 million lbs. of Uranium Resources with excellent average grades.  At this time, Energy Fuels’ nearby White Mesa Mill is the only facility capable of processing this material.

Antony will also present Energy Fuels’ successes in the context of the current uranium market. Indeed, despite the continued challenges, the company has maintained a strong balance sheet, strategically positioning itself for future improvements in the price of uranium.

The US uranium producer, which reports in US currency, posted gross profit of US$3.65 million on revenue of $7.6 million for the three months to March 31 for a margin of 48% in the first quarter of 2015.

The event will bring industry leaders representing every publicly traded, uranium-focused producer in the world, featuring companies that are working on world class uranium deposits from Canada and the United States to Kazakhstan, Namibia, Australia, Niger, Mongolia, Mali, and Zambia.

Apart from the performance of individual companies, the conference will debate the issue of uranium prices, which are predicted to rise sharply because mine level supplies are far lower than reactor demand.

Indeed, contributors will address the fact that some 15-20% of the uranium required to operate the 437 reactors around the world is still uncovered for 2016-2017 as well as an “unavoidable” supply deficit by 2020.=

A replay of the webcast will be available on Energy Fuels’ website (www.energyfuels.com) following Antony’s presentation.

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Tue, 02 Jun 2015 15:49:00 -0400 https://ca.proactiveinvestors.com/companies/news/108194/energy-fuels-one-of-worlds-leading-uranium-companies-presenting-at-global-uranium-conference-in-ny-108194.html
<![CDATA[News - Energy Fuels Adding Properties, Uranium Resources and Mine Infrastructure to its Roca Honda Project ]]> https://ca.proactiveinvestors.com/companies/news/107494/energy-fuels-adding-properties-uranium-resources-and-mine-infrastructure-to-its-roca-honda-project-107494.html

Energy Fuels (NYSE MKT:UUUU) (TSE:EFR) expects to increase the size and improve the economics of its Roca Honda Project in New Mexico by acquiring adjacent mineral properties currently held by Uranium Resources (NASDAQ:URRE).

Energy Fuels has entered into a letter of intent with Uranium Resources (URI) to acquire properties adjacent to Roca Honda, totaling some 4,580 acres.  Roca Honda is adjacent to the high-profile Mount Taylor mine project held by the General Atomics subsidiary, Rio Grande Resources.  This acquisition pieces together the main portions of the historic Roca Honda project which was developed by companies including Kerr-McGee in the late-70’s and early-80’s.

Energy has offered US$2.5 million cash, US$375,000 of Energy Fuels common shares; a royalty held by the Company on certain properties to be developed in later phases of Peninsula Energy’s Lance Uranium Project in Wyoming; unpatented lode mining claims held by the Company adjacent to URI’s Church Rock Project; and a 4% gross royalty on Section 17 of the Acquired Properties, which can be repurchased by Energy Fuels upon payment to URI of US$5.0 million cash at Energy’s discretion prior to the due date for the first royalty payment. Closing on the transaction is expected in late June.

The properties contain significant historical uranium resources with additional exploration potential, as well as mine development infrastructure, including a partially-sunk mine shaft constructed by Kerr-McGee in 1982 to a depth of 1,478 feet.  This infrastructure could result in lower capital requirements, reduced operating costs, and shortened timelines to production.

“Our transaction with URI will significantly increase the size of our Roca Honda project and has the potential to make the project economics even more attractive through increased uranium resources, additional exploration, and the potential use of the existing historic mine shaft.  The strategic importance of domestically produced uranium cannot be emphasized enough, as global uranium supplies are expected to tighten in the coming years.  We look forward to proceeding with the closing of this tactical acquisition,” said Energy Fuels’ President and CEO, Stephen P. Antony.

The Roca Honda Project is located in the heart of the Grants Mineral District of northwest New Mexico, one of the most historically significant uranium producing districts in the U.S.  According to the USGS, New Mexico contains the 2nd largest uranium reserves in the U.S. behind Wyoming.

According to a 2007 URI internal report, the properties being acquired by Energy Fuels contain 0.7 million tons, or 4.8 million lbs., of U3O8 at an average U3O8 grade of 0.34%.  In addition, there is significant potential to expand Roca Honda’s uranium resources through future drilling and exploration.

Roca Honda is held by the Company’s 60% subsidiary, Roca Honda Resources (RHR), with the remaining 40% of RHR held by subsidiaries of the Company’s joint venture partner, Sumitomo Corporation.  Energy Fuels intends transfer the Acquired Properties to RHR in consideration of accommodations to be made by Sumitomo to compensate for its share of the costs for the acquisition.

According to the NI: 43-101 preliminary economic assessment and technical report (PEA) from last February, the current Roca Honda project (without the properties being acquired) will produce a yearly average 2.6 million pounds of U3O8 with a nine-year mine life to be processed at the Company’s existing White Mesa Mill in southeastern Utah. Once verified, the historical resource estimates for the Acquired Properties would be added to the resources described in the PEA for the Company’s existing Roca Honda project.

The PEA for the current Roca Honda (without the properties being acquired) estimated that the project currently hosts approximately 1.5 million tons of Measured and Indicated Mineral Resources with an average grade of 0.48% U3O8 containing 14.6 million pounds of uranium.  In addition, the project is estimated to currently host an additional 1.2 million tons of Inferred Mineral Resources with an average grade of 0.47% eU3O8 containing 11.2 million pounds of uranium.

The Company believes it has sufficient cash and resources to carry out its business plan beyond calendar year 2015 and as of March 31, 2015, the Company had $35.20 million of working capital, including cash and cash equivalents of $6.54 million and 816,408 pounds of uranium concentrate inventory.

Energy Fuels expects to sell a total of 800,000 pounds of U3O8 during 2015, at an average price of $57.45, under existing contracts which will generate significant cash for the Company’s operational needs.

While uranium spot prices have edged up since last summer, they are still far off from their heyday back before the Japanese earthquake and tsunami led to the shutdown of all the reactors in Japan.

But new reactors in Europe, the Middle East, and Asia, along with the expected restart of Japan’s reactors, are setting up a longer-term supply-demand imbalance within 10 years, with significant increases in uranium prices anticipated.  Indeed, just this week came news that Japan’s nuclear regulator has given final approval for two reactor restarts which are now expected to occur this summer.

Energy Fuels is the largest conventional uranium producer in the United States. It owns the White Mesa mill, which is the only conventional uranium mill operating in the U.S. and is capable of processing 2,000 tons per day of uranium ore and 8+ million lbs. of U3O8 per year. In light of weak uranium prices, the company is only selling uranium under its long term contracts, though it is maintaining and building its ability to increase production as uranium market conditions continue to improve.

Energy Fuels was trading 0.65% percent higher this morning in Toronto.

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Thu, 28 May 2015 12:27:00 -0400 https://ca.proactiveinvestors.com/companies/news/107494/energy-fuels-adding-properties-uranium-resources-and-mine-infrastructure-to-its-roca-honda-project-107494.html
<![CDATA[News - U.S. Federal Court Upholds Energy Fuels’ Canyon Mine ]]> https://ca.proactiveinvestors.com/companies/news/106242/us-federal-court-upholds-energy-fuels-canyon-mine--60881.html

Energy Fuels Inc. (NYSE MKT:UUUU)(TSX:EFR) has the right to continue development and production at its high grade Canyon Uranium Mine after a United States Federal District Court in Arizona ruled against the Sierra Club, the Center for Biological Diversity, the Grand Canyon Trust, and the Havasupai Tribe in their challenge to the mine’s regulatory permits and approvals. The challenge was filed by the NGO’s and the tribe against the US Forest Service (USFS). Energy Fuels intervened to protect its interests.

Judge David G. Campbell rejected all of the plaintiffs’ claims, including allegations of non-compliance with various environmental and cultural laws, and claims that the USFS failed to consult with the Havasupai upon the company’s announcing the resumption of work at the Canyon mine.

The company also noted that the plaintiffs failed to make any assertions about substantive environmental, health or safety issues or violations. Rather, the Judge noted that the USFS has performed extensive environmental studies and consultations concerning the project.

"We are pleased that the federal court rejected the plaintiffs' challenges to the Canyon mine, which allows us to continue our development of this high-grade deposit….The Canyon mine has been heavily studied, and the technical and geologic characteristics of the project are well-understood.", said Energy Fuels’ President and CEO, Stephen P. Antony.

Last February, the company said was getting ready to re-launch mining operations at the Canyon property, shifting production from its currently producing Pinenut mine to the Canyon mine, as the Pinenut’s resources are depleted.

The Canyon mine is estimated to have 1.63 million pounds of inferred uranium resources with an average grade of 0.98%, according to a 2012 technical report. Surface development- including a headframe, evaporation pond, hoist, environmental controls, and a maintenance facility- is already in place.

Energy Fuels expects to sink an additional 1,200 feet of shaft, install a ventilation shaft and complete underground development to begin ore production operations.

Energy Fuels is the largest conventional uranium producer in the United States. It owns the White Mesa mill, which is the only conventional uranium mill operating in the U.S. and is capable of processing 2,000 tons per day of uranium ore and 8+ million lbs. of U3O8 per year. In light of weak uranium prices, the company is only selling uranium under its long term contracts, though it is maintaining and building its ability to increase production as uranium market conditions continue to improve.

Last March, despite a weak uranium market, Energy Fuels managed to post higher 2014 gross profit and a stronger balance sheet, all while securing a deal to acquire Uranerz Energy to become the largest integrated uranium miner focused in the United States. The combined company will have both conventional and in situ recovery ("ISR") uranium production in its portfolio.

The company, which reports in US currency, posted its financial results for the year ended December 31, 2014, exiting the year with $38.6 million of working capital and cash and equivalents of $10.4 million.

Energy Fuels was trading 1.12 percent lower, at US$4.22/share this morning on the NYSE MKT.

 

 

 

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Wed, 08 Apr 2015 11:49:00 -0400 https://ca.proactiveinvestors.com/companies/news/106242/us-federal-court-upholds-energy-fuels-canyon-mine--60881.html
<![CDATA[News - Energy Fuels diligently prepares for uranium market turnaround; armed with cash, contracts and vast pipeline of permitted mines ]]> https://ca.proactiveinvestors.com/companies/news/106022/energy-fuels-diligently-prepares-for-uranium-market-turnaround-armed-with-cash-contracts-and-vast-pipeline-of-permitted-mines-60579.html In the face of a weak uranium market, U.S. uranium producer Energy Fuels (NYSE MKT:UUUU)(TSE:EFR) has posted higher 2014 gross profit and a strengthened balance sheet, all while securing a deal to acquire Uranerz Energy to become the largest integrated uranium miner focused in the United States.

The company, which reports in US currency, posted its financial results for the year ended December 31, 2014, exiting the year with $38.6 million of working capital and cash and equivalents of $10.4 million.

Energy Fuels is America's largest conventional uranium producer, and owns the White Mesa mill, which is the only conventional uranium mill operating in the U.S. and is capable of processing 2,000 tons per day of uranium ore. In light of weak uranium prices, the company is only selling uranium under its long term contracts, and said it has no plans to start any mineral processing campaigns for the remainder of this year once its current campaign is finished in the first half of 2015.

The company recently announced plans to acquire Uranerz Energy, which gives Energy Fuels the largest US uranium resource base of any of the US producers as well as scalability to take its existing projects and develop them in the future as uranium prices increase.

The deal will create the only integrated conventional and in-situ recovery (ISR) uranium producer focused solely on the U.S. In 2014, Energy Fuels produced about 940,000 pounds of uranium from its White Mesa mill under existing term contracts, and Uranerz began uranium production at its Nichols Ranch ISR project.  

"Now with our proposed acquisition of Uranerz, we are about to emerge as the leading uranium mining company focused on the United States," said president and chief executive officer, Stephen P. Antony, in a statement.

"The timing for this transaction is right, especially with the strengthening of uranium spot prices we saw in the fall of 2014 - a strengthening which has continued into 2015."

The CEO said he believes the long-term fundamentals of uranium remain "as strong as ever", as the world continues to invest heavily in nuclear energy. "Energy Fuels has the staying power, production capability, and project portfolio that should allow us to successfully capitalize on the strong uranium market fundamentals we see in the future," he added.

The company narrowed its net loss substantially in 2014, to $43.6 million, or $2.22 per share, compared to the net loss of $87.3 million, or $5.61 per share, in the prior 15-month period that ended December 31, 2013. Total revenues fell to $46.3 million from $73.2 million.  Revenue was almost exclusively from term contract sales of 800,000 pounds of uranium.

Energy Fuels said the net loss last year was mainly due to non-cash and other items, including impairment assets of $35.86 million. Gross profit increased markedly, to $16.0 million from $5.5 million in 2013, representing a gross profit margin of 35 percent.

Looking ahead, the uranium miner said it will continue to strengthen its position by continuing its current mill campaign to process alternate feed materials into mid-2015. After this, it will continue activities at the White Mesa mill, apart from mineral processing, to maintain the facility for the purpose of restarting operations in 2016. In addition, it is planning to resume development of its high grade Canyon mine in Arizona once its resources at its nearby Pinenut mine are depleted.

The company will also look to conserve its cash until sustained improvement in the uranium market is evident. For now, Energy Fuels has three existing long term contracts, which require deliveries of 800,000 pounds of uranium in fiscal year 2015, with the bulk to come from produced material on hand.

Once it completes the pending acquisition of Uranerz, the combined entity will have six long-term contracts, providing it with downside protection in the event the uranium market does not recover.  The longest contract currently in place extends to 2020, and the new company expects to have about 1 million pounds of deliveries in 2015 at about $58 a pound, approximately 50 percent higher than the current spot price. 

Broker Dundee Capital Markets reiterated its buy rating and $9.00 price target on Energy Fuels, saying the company has laid out a comprehensive strategy of "preparation and preservation", with plans to close the Uranerz deal in the second quarter.

"Simply, Energy Fuels is making sure it's ready and able to benefit from a rapid price rise while conserving cash," analyst David A. Talbot said in a research note released to clients earlier today.

He noted Dundee's belief that the uranium miner is a leveraged uranium stock, as "higher prices could bring on increased production given its vast pipeline of permitted mines."

"Including Uranerz's pipeline that future production profile is even stronger and NewCo will have a buffed up contract portfolio to shield it while waiting for higher prices," Talbot added.

The U.S. is the largest consumer of nuclear power with 100 nuclear reactors in operation and five under construction, yet it is now heavily reliant on imported uranium to fuel its reactor fleet, with domestic production equating to only about 10 percent of current usage.

Uranium prices have been depressed ever since the nuclear disaster in Japan in 2011, but uranium has been a lone bright spot among natural resources, with spot prices having increased about 35 percent in the past six months.   This increase is due to new reactors being built in Asia and the expectation that utilities will re-enter the market to cover their fuel needs for 2018 and beyond.

Energy Fuels is prepared to pounce on this anticipated resurgence.

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Mon, 23 Mar 2015 07:57:00 -0400 https://ca.proactiveinvestors.com/companies/news/106022/energy-fuels-diligently-prepares-for-uranium-market-turnaround-armed-with-cash-contracts-and-vast-pipeline-of-permitted-mines-60579.html
<![CDATA[News - Energy Fuels' pending acquisition of Uranerz provides "staying power" and “scalability” in U.S. uranium space: BNN Interview ]]> https://ca.proactiveinvestors.com/companies/news/105592/energy-fuels-pending-acquisition-of-uranerz-provides-staying-power-and-scalability-in-us-uranium-space-bnn-interview-59990.html Energy Fuels' (NYSE MKT:UUUU) (TSE:EFR) pending acquisition of Uranerz Energy  (NYSE MKT:URZ) (TSE:URZ) will give the combined company staying power and scalability, according to Energy Fuels CEO Steve Antony and Uranerz’s executive chairman Dennis Higgs, who spoke in an interview on BNN earlier this week.  Both Antony and Higgs discussed the benefits of their transaction in this difficult uranium environment, as well as their current outlook for uranium.

"[The acquisition] gives us the largest US uranium resource base of any of the US producers; it gives us staying power, [and] it gives us scalability to take our existing projects and develop them in the future as uranium prices increase," said Higgs in the interview, adding that the company believes uranium prices will rise over the next several years, particularly between 2018 and 2020 when production shortfalls are expected.

The deal will create the only integrated conventional and in-situ recovery (ISR) uranium producer focused solely on the U.S. In 2014, Energy Fuels produced about 800,000 pounds of uranium from its White Mesa mill, and Uranerz began uranium production at its Nichols Ranch ISR project.  

By consolidating Energy Fuels with Uranerz, the combined company will become larger and stronger, achieve cost synergies, and potentially become more attractive to utility customers.

The two executives said the new company's position would be highly strategic given its U.S. focus. The U.S. is the largest consumer of nuclear power with 100 nuclear reactors in operation and five under construction, yet it is now heavily reliant on imported uranium to fuel its reactor fleet, with domestic production equating to only about 10 percent of current usage.

The combined entity is also expected to have six long-term contracts, providing it with downside protection in the event the uranium market does not recover. The longest contract currently in place extends to 2020, and the combined company expects to have about 1 million pounds of deliveries in 2015 at about $58 a pound, about 50 percent higher than the current spot price, Higgs noted.

Uranium prices have been depressed ever since the nuclear disaster in Japan in 2011, but uranium has been a lone bright spot among natural resources, with spot prices having increased about 35 percent in the past six months.   This increase is due to new reactors being built in Asia and the expectation that utilities will re-enter the market to cover their fuel needs for 2018 and beyond.

"The world is embracing nuclear power because of its environmentally friendly nature…and there are 70 nuclear power plants currently under construction and more to come," said Antony. 

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Fri, 20 Feb 2015 13:03:00 -0500 https://ca.proactiveinvestors.com/companies/news/105592/energy-fuels-pending-acquisition-of-uranerz-provides-staying-power-and-scalability-in-us-uranium-space-bnn-interview-59990.html
<![CDATA[News - Energy Fuels continues its low cost, high grade uranium strategy with 50% purchase of Wate deposit ]]> https://ca.proactiveinvestors.com/companies/news/105523/energy-fuels-continues-its-low-cost-high-grade-uranium-strategy-with-50-purchase-of-wate-deposit-59904.html Energy Fuels (NYSE MKT:UUUU) (TSE:EFR) says it has acquired a 50 percent stake in the high grade Wate uranium deposit in northern Arizona, in an area where it has a currently-producing mine and recently announced plans to restart mining operations at one of its existing properties.

The company said northern Arizona contains the highest grade uranium deposits in the U.S., and some of the highest grade deposits in the world outside of Canada's Athabasca Basin. 

This is because the area is known for its "breccia pipe" deposits, which often contain high-grades of uranium. The company’s currently-producing Pinenut mine, the Canyon mine, which is in development, and the recently-producing Arizona 1 mine are all breccia pipe deposits in northern Arizona. The Wate deposit is also a breccia pipe.

Energy Fuels is currently producing uranium ore from its Pinenut mine, and said earlier this month that it is preparing to resume development at its Canyon mine. It expects future production from Wate will be processed at the company's White Mesa uranium mill in Utah, which is currently the only operating uranium mill in the United States.

The 50 percent stake in Wate has been acquired from Vane Minerals, with the other 50 percent to be maintained by Uranium One Americas. Energy Fuels will assume Vane's role as manager of the joint venture entity, it said.  The Wate project, which is located on Arizona state land, is also at an advanced permitting stage, with a state mineral lease expected soon.  The issuance of a state mineral lease in Arizona is similar to that of a mining permit in other jurisdictions.

The company has already paid Vane US$250,000 in cash, along with a US$500,000 non-interest-bearing promissory note. Vane is also entitled to a 2 percent production royalty on the 50 percent interest being acquired. The royalty can be bought back for an additional US$750,000, less any royalties previously paid.

The Wate project has a historical resource estimate from 2011 showing 1.1 million pounds of uranium oxide, with an average grade of 0.79%, contained in 71,000 tons of inferred mineral resources. Energy Fuels is planning to update the report to NI 43-101 compliant technical status, it said.

"Wate is a well-known, high-grade breccia pipe deposit that fits nicely into our existing uranium portfolio," said president and chief executive officer, Stephen P. Antony.

"Due to their high-grades, these deposits generally represent the lowest-cost sources of uranium production in our portfolio. We have a wealth of experience mining similar deposits in Arizona."            

Breccia pipe deposits are known to have lower capital costs as they generally require less than 20 acres of surface disturbance, which can be fully reclaimed at the end of the mine's life.

Energy Fuels also earlier this month announced the acquisition of Uranerz Energy (NYSEMKT:URZ) (TSE:URZ), creating the only integrated conventional and in-situ recovery (ISR) uranium producer focused solely on the US. 

In 2014, Energy Fuels produced about 800,000 pounds of uranium from its White Mesa mill, and Uranerz began uranium production at its Nichols Ranch ISR project.  The two companies together will have a combined NI 43-101 resource base that will be the largest in the US among producers, better positioning the united entity to respond to volatile uranium prices and to ramp up production quickly when the market recovers. 

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Tue, 17 Feb 2015 11:11:00 -0500 https://ca.proactiveinvestors.com/companies/news/105523/energy-fuels-continues-its-low-cost-high-grade-uranium-strategy-with-50-purchase-of-wate-deposit-59904.html
<![CDATA[News - Energy Fuels strengthens team with two additions ]]> https://ca.proactiveinvestors.com/companies/news/105479/energy-fuels-strengthens-team-with-two-additions-59840.html U.S. uranium producer Energy Fuels (NYSE MKT:UUUU)(TSE:EFR) has appointed Joo-Soo Park to its board of directors, and promoted Curtis Moore to the position of VP of marketing and corporate development.

Park has been appointed to serve as the representative from Korea Electric Power Corp (KEPCO), where he has been working for 25 years, most recently as team leader and general manager for the project management team in KEPCO's overseas resources project department.

He was appointed to replace Tae Hwan Kim, who resigned in early January after being assigned to other duties at KEPCO.

KEPCO, the largest electric utility in South Korea, is Energy Fuels' largest shareholder.

"We are pleased that KEPCO continues to be closely involved with Energy Fuels, and we look forward to maintaining our strong bonds with South Korea's electric power company in the years to come," said president and chief executive officer Stephen P. Antony.

"Energy Fuels is clearly emerging as the dominant uranium mining company in the United States, and we appreciate Mr. Park's willingness serve as an active director of the company." 

Meanwhile, the company also promoted Moore, who has been with Energy Fuels both as a consultant and full time basis for over seven years, to VP of marketing and corporate development. In his new position, he will lead the company's uranium sales and marketing department, as well as pursue corporate development activities and investor relations.

"We are delighted to apply Mr. Moore's talents to his expanded roles, as Energy Fuels continues to grow in the U.S. uranium space," said Antony.

Energy Fuels earlier this month announced the acquisition of Uranerz Energy (NYSEMKT:URZ) (TSE:URZ), creating the only integrated conventional and in-situ recovery (ISR) uranium producer focused solely on the US. In 2014, Energy Fuels produced about 800,000 pounds of uranium from its White Mesa mill, and Uranerz began uranium production at its Nichols Ranch ISR project.  The two companies together will have a combined NI 43-101 resource base that will be the largest in the US among producers, better positioning the united entity to respond to volatile uranium prices and to ramp up production quickly when the market recovers. 

Energy Fuels also recently said it has begun preparations to restart mining operations at its Canyon property, a high grade (1% U3O8) uranium mine located in northern Arizona. The company is expecting to begin development during the second quarter, when the economic resources from its currently-producing Pinenut mine will be depleted and mining personnel can be transitioned to the Canyon mine. Both Pinenut and Canyon are breccia pipe uranium deposits in Arizona, which contain the highest grade uranium in the US, and some of the highest uranium grades in the world outside of Canada’s Athabasca Basin. These mines are therefore among the lowest cost sources of uranium in the company's portfolio.

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Thu, 12 Feb 2015 10:50:00 -0500 https://ca.proactiveinvestors.com/companies/news/105479/energy-fuels-strengthens-team-with-two-additions-59840.html
<![CDATA[News - Energy Fuels preps Canyon mine for restart to focus on low cost sources of uranium ]]> https://ca.proactiveinvestors.com/companies/news/105391/energy-fuels-preps-canyon-mine-for-restart-to-focus-on-low-cost-sources-of-uranium-59719.html Energy Fuels (NYSE MKT:UUUU)(TSE:EFR) said it has begun preparations to restart mining operations at its Canyon property, a high grade uranium mine located in northern Arizona.

The company is expecting to make the transition during the second quarter, when the economic resources from its currently-producing Pinenut mine will be depleted. The Canyon mine is estimated to have 1.63 million pounds of inferred uranium resources with an average grade of 0.98%, according to a 2012 technical report.

The mining personnel from Pinenut will work at the Canyon mine, benefiting from their experience mining high grade, "breccia pipe" deposits. Both Pinenut and Canyon are breccia pipe uranium deposits in Arizona, which contain the highest grade uranium in the US, and are therefore among the lowest cost sources of uranium in the company's portfolio.

"Over the past six months, uranium spot prices have increased by about 35%, and are currently showing strength. Nevertheless, prices still remain too low to result in the increases in uranium production we expect the world will need to meet expected long-term demand," said president and chief executive officer Stephen Antony. 

"Until these expected price increases occur, Energy Fuels is continuing to focus on our lowest cost sources of uranium production, including mining our Arizona projects and processing alternate feed materials."

The CEO said that production at the Pinenut mine exceeded the company's expectations over the past year, and is looking forward to repeating this success at the Canyon mine. Breccia pipe deposits are known to have lower capital costs as they generally require less than 20 acres of surface disturbance, which can be fully reclaimed at the end of the mine's life.

All the ore currently produced at the Pinenut mine is in the process of being transported to Energy Fuels' White Mesa mill, which the company expects to process in the future to meet its fiscal year 2016 and 2017 contract delivery requirements.

Its White Mesa mill is also continuing to process, under existing contracts, alternate feed materials, which are typically the lowest cost sources of uranium production in its portfolio and among the lowest cost sources of the material in the world, said Energy Fuels. It recently applied for an additional license to process another new source of alternate feed material.

In addition to the Pinenut and Canyon mines, Energy Fuels also owns the EZ Complex, two closely situated breccia pipe uranium deposits in northern Arizona. Permitting operations here are anticipated to begin shortly.

Earlier this month, Energy Fuels announced the acquisition of Uranerz Energy (NYSEMKT:URZ) (TSE:URZ), creating the only integrated conventional and in-situ recovery uranium mining company focused solely on the US. 

The two companies together will have a combined NI 43-101 resource base that will be the largest in the US among producers and near producers, better positioning the united entity to respond to volatile uranium prices and to ramp up production quickly when the market recovers. 

"Indeed, with our pending acquisition of Uranerz, I believe people are now beginning to recognize that Energy Fuels is clearly emerging as the dominant mining company focused on U.S. uranium production," said Antony.

Due to the current uranium price, Energy Fuels last year began cash conservation efforts, and decided to focus on selling uranium only under long term contracts until prices see a sustained improvement.

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Fri, 06 Feb 2015 09:54:00 -0500 https://ca.proactiveinvestors.com/companies/news/105391/energy-fuels-preps-canyon-mine-for-restart-to-focus-on-low-cost-sources-of-uranium-59719.html
<![CDATA[News - Energy Fuels' purchase of Uranerz reduces costs and risk, says CEO ]]> https://ca.proactiveinvestors.com/companies/news/104971/energy-fuels-purchase-of-uranerz-reduces-costs-and-risk-says-ceo-59166.html Consolidation is key in today's uranium environment, especially in the US, according to Energy Fuels' (NYSE MKT:UUUU) (TSE:EFR) chief executive officer Steve Antony, who spoke on a conference call about the company's proposed acquisition of Uranerz Energy (NYSE MKT:URZ) (TSE:URZ) earlier Thursday.

Antony said the long term dynamics of the uranium market remain positive and that he expects major growth in the uranium industry in the years to come, albeit more measured than the heyday of 2008, as uranium provides base load electricity on a large scale. 

The chief executive said that by consolidating Energy Fuels with Uranerz, the companies will become stronger as they can decrease their cost of production, making the combined entity more competitive. About $2 million of combined overhead cost savings are anticipated from the deal.

"The transaction will derisk the company from an investor standpoint and for utility customers," said Antony, "as well as provide two distinct production sources and a robust pipeline of future production."

Energy Fuels operates the only conventional uranium mill in the US at White Mesa in Utah, while Uranerz uses a process known as in-situ recovery (ISR) in which a leaching solution extracts uranium from sandstone uranium deposits in the Powder River Basin area of Wyoming. It is the newest uranium producer in the US.

In addition to the White Mesa mill in Utah and the Nichols Ranch ISR operation in Wyoming, the combined company is expected to own various development projects located throughout Utah, Wyoming, Arizona and New Mexico.

The deal will build the only integrated conventional and in-situ recovery (ISR) uranium mining company focused solely on the US, and will have a combined NI 43-101 resource base that will be the largest in the US among producers and near producers.

Antony, as well as Uranerz's executive chairman Dennis Higgs, also emphasized that the merger would result in an improved market profile, with a significantly larger market cap and strong working capital, "so that we can continue to build what we believe to be a bright future for the uranium industry."

The two executives said the new company's position would be "highly strategic" given its U.S. focus, with the U.S. being the largest consumer of nuclear power with 100 nuclear reactors in operation and five under construction. 

"Our larger company will become more attractive to utility customers," explained Antony.

"[The deal] gives us more sustainable production in the current low uranium price environment," he added. Indeed, the Nichols Ranch ISR project in the Powder River Basin of Wyoming is the most prolific uranium basin in the U.S., with both Cameco and Uranium One having production operations there. About half of US uranium production last year is expected to hail from the Powder River basin.

Under the terms of the deal, Uranerz shareholders will get 0.255 common shares of Energy Fuels for each Uranerz share held, for ownership of 55 percent of the combined company, with Energy Fuels shareholders owning the remainder. The transaction is expected to close in the first half of 2015.

Uranerz's Higgs said that Energy Fuels has the "best balance sheet" in the industry by a wide margin, and is a proven uranium producer with 1 million pounds of uranium output per year over the past five years. In 2013 and 2014, it was the second largest uranium producer in the US, only behind Cameco.

The combined entity will also have six long-term contracts, providing it with downside protection in the event the uranium market does not recover. The longest contract currently in place extends to 2020.

"Cost savings, diversified production and the combination of premium priced contracts make us a larger, stronger company. We expect to be better positioned with U.S. utilities as a stronger and more reliable supplier," said Antony. 

"We will be better suited to respond to volatile uranium prices. While we expect uranium prices to increase over the longer term, hope alone is not a plan. Other actions are required to create value for shareholders."

Energy Fuels has embarked on a consolidation path for several years, acquiring the Gas Hills and Roca Honda projects last year, which are expected to be key development properties for the company as uranium prices increase. 

Antony said that with Energy Fuels' newly acquired ISR technical expertise, it has opened up a whole new side of business opportunities. The CEO said he remains committed to looking for opportunities on a case-by-case basis, and will judge each potential acquisition by its merits.

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Fri, 09 Jan 2015 09:34:00 -0500 https://ca.proactiveinvestors.com/companies/news/104971/energy-fuels-purchase-of-uranerz-reduces-costs-and-risk-says-ceo-59166.html