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Energy Fuels Announces 2022 Results; Emerging as the Leading US Producer of Critical Minerals with Focus on Uranium and Rare Earth Elements
Preparing multiple uranium mines for production, completing profitable sales & developing rare earth refining capacity to power up to 1 million EVs per year by
About this update from Energy Fuels Inc.
[{"type":"text","content":" Preparing multiple uranium mines for production, completing profitable sales & developing rare earth refining capacity to power up to 1 million EVs per year by late-2023 or early-2024, while strengthening the balance sheet and avoiding debt. LAKEWOOD, Colo., March 8, 2023 /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, 2022. 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. Financial Highlights: At December 31, 2022, the Company had a robust balance sheet with $116.97 million of working capital, including $62.80 million of cash and cash equivalents, $12.19 million of marketable securities, $38.16 million of inventory, and no debt. At current commodity prices, the Company's product inventory has a value of $62.48 million; During the year ended December 31, 2022, the Company incurred a net loss of $59.85 million or $0.38 per share, due in large part to: i) a non-cash mark-to-market loss on investments accounted for at fair value of $16.90 million; ii) increased expenses associated with preparing four(4) of our uranium mines for production; iii) development expenses associated with developing commercial rare earth element (\"REE\") separation capabilities in addition to our existing mixed REE carbonate (\"RE Carbonate\") commercial production capabilities; (iv) expenses associated with advancing our medical isotope initiatives;(v) increased selling, general and administrative expenses arising from costs associated with acquiring the South Bahia monazite sand project in Brazil (the \"Bahia Project\") and costs associated with the sale of the Company's Alta Mesa in situ recovery (\"ISR\") project in Texas; and (vi) increased other selling, general and administrative expenses associated with significant additions to personnel, enhanced business processes, and other general and administrative expenses required to support al...