Business
Energy Fuels Announces 2020 Results, Including Robust Balance Sheet, Market Leading U.S. Uranium Production & Upcoming Commencement of Rare Earth Production; Webcast on Tuesday, March 23, 2021
LAKEWOOD, Colo., March 22, 2021 /CNW/ - Energy Fuels Inc. (NYSE: UUUU); (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for th
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, Colo., March 22, 2021 /CNW/ - Energy Fuels Inc. (NYSE: UUUU); (TSX: EFR) (\"Energy Fuels\" or the \"Company\") today reported its financial results for the year ended December 31, 2020. 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: Working capital at December 31, 2020 was $40.2 million, a $19.7 million increase over the Company's $20.5 million working capital balance at December 31, 2019. The Company's December 31, 2020 working capital balance of $40.2 million included $22.4 million of cash and marketable securities and $27.6 million of inventory, including approximately 690,700 pounds of U.S. origin uranium produced at the Company's facilities and 1,672,000 pounds of high-purity vanadium in the form of immediately marketable product. Due to our recent share price strength, the Company raised gross proceeds of $30.4 million on its at-the-market equity program between January 1, 2021 and March 18, 2021, at a weighted average price of $5.53 per share, further enhancing the Company's financial position. With this strong working capital position, the Company is well positioned to react very swiftly to market opportunities as they arise, particularly with respect to any ramp-up of uranium production needed in response to the proposed strategic national U.S. Uranium Reserve (the \"Uranium Reserve\"), and to fund capital requirements and other expenditures needed for our developing rare earth element (\"REE\") business. On October 6, 2020, the Company announced it was debt free, following the full retirement of all of its floating rate convertible unsecured subordinated debentures. For the year, uranium production totaled approximately 196,500 pounds of U3O8, and vanadium production totaled approximately 67,000 pounds of V2O5. On April 13, 2020, the Company announced its entry into the REE business. By October 2020, the Company had produced on a pilot-scale an intermediate REE product (mixed REE carbonate) from natura...