Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REE”) and vanadium, is reporting its financial results for the year ended Dec. 31, 2023. Highlights of the report include a record annual net income totaling almost $100 million, a balance sheet showing more than $200 million liquidity as well as no debt and an estimated $5 million of additional liquidity from inventory. In addition, the company reported that uranium drove the company’s revenue, with the sale of its Alta Mesa project funding investment in uranium and rare earth production. The report also showed the company is well-stocked to capture market opportunities. “In 2023, Energy Fuels joined an exclusive club,” said Energy Fuels president and CEO Mark Chalmers in the press release.
“With nearly $100 million in net income, we became one of the only profitable nonstate-owned uranium mining companies in the world. . . . Our nimble business plan enabled us to capture opportunities in the uranium market as prices surged beginning in late-2023. During 2023, we sold 560,000 pounds of uranium for about $60 per pound for total gross profits of $17.96 million and a 54% gross margin. However, uranium prices have risen significantly since then, and in Q1 2024, we intend to sell approximately 300,000 pounds of uranium under long-term contracts and on the spot market at an expected weighted average sales price of $84.38 per pound and at substantially higher gross margins. As long as market prices are strong, we will continue to selectively capitalize on spot market sales opportunities as we ramp up our production, in ways that are unique to our company, in 2024 and beyond, and with limited capital. . . . Energy Fuels is taking a unique and attractive path in the critical minerals business. Unlike other companies, who are reliant on only uranium, Energy Fuels is taking a broader view of the critical mineral industry and is producing the materials necessary to power the energy transition. Over time, our intent is to build a multiproduct, high-value commodity portfolio, centered on uranium, that earns long-term, sustainable and high-margin cashflows.”
To view the full press release, visit https://ibn.fm/UUEYj
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based critical minerals company. As the leading producer of uranium in the United States, Energy Fuels mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE”) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, and substantially all assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR”) project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the country today, has a licensed capacity of more than 8 million pounds of U3O8per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR project is on standby and has a licensed capacity of 2 million pounds of U3O8per year. The company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition, Energy Fuels also has one of the largest NI 43-101-compliant uranium resource portfolios in the United States and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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