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.