Business
Energy Fuels Announces 2019 Results
LAKEWOOD, CO, March 16, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results fo
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, March 16, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\") today reported its financial results for the year ended December 31, 2019. The Company's annual report on Form 10-K has been filed with the U.S. Securities and Exchange Commission (\"SEC\") and may be viewed on the Electronic Document Gathering and Retrieval System (\"EDGAR\") at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval (\"SEDAR\") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Highlights: At December 31, 2019, the Company had $17.7 million in cash and marketable securities plus $22.8 million of inventory, including 515,000 pounds of uranium and 1,600,000 pounds of vanadium in the form of immediately marketable product. On February 20, 2020, the Company strengthened its balance sheet by completing a bought-deal financing for net proceeds of $15.1 million and has raised approximately $4.0 million on the Company's At the Market (\"ATM\") program in 2020. These amounts are in addition to the Company's cash, marketable securities and marketable inventories balances, which totaled $40.5 million at December 31, 2019. Uranium production totaled 70,000 pounds of U3O8 for the year due to the Company's focus on vanadium production at its White Mesa Mill, the only conventional uranium and vanadium mill currently operating in the U.S. Vanadium production totaled 1,800,000 pounds of high-purity V2O5 for the year. Production ceased during Q4-2019 due to weakened vanadium market conditions and lowered recoveries resulting from normal seasonal variances; however, substantial quantities of dissolved vanadium remain in the Company's tailings management system to be recovered at a later date. No material uranium sales were completed during the year, and the Company is strategically maintaining its uranium inventory for future sales in anticipation of higher uranium prices, potentially as a result of the creation of a new U.S. uranium reserve (as discussed below) or other U.S. government support, or due to generally improved uranium market fundamentals. The Company completed 200,000 pounds of vanadium sales during the year at an average price of $11.06 per pound. At this time, the Company ...