Business
Energy Fuels Announces Q1-2019 Results
LAKEWOOD, CO, May 8, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for t
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, May 8, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\") today reported its financial results for the quarter ended March 31, 2019. The Company's quarterly report on Form 10-Q 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 March 31, 2019, the Company had $47.3 million of working capital, including $15.3 million in cash, $17.5 million in marketable securities, 470,000 pounds of finished uranium goods inventory, and 270,000 pounds of finished vanadium goods inventory. The Company successfully achieved commercial rates of vanadium production at the Company's White Mesa Mill (the \"Mill\"), producing the highest purity vanadium in the Mill's history. Vanadium production totaled 325,000 pounds of V2O5 for the quarter, and the Company expects to continue to produce 160,000 to 200,000 pounds of V2O5 per month over a 16-20 month period, subject to continued successful recovery and suitable sales prices. Uranium production totaled 20,000 pounds of U3O8 during the quarter. The Company completed no uranium sales during the quarter and continues to add to uranium inventories. The Company believes that uranium prices will improve and that it may be able to sell inventory at higher prices in the future. The Company completed 53,000 pounds of vanadium sales into the steel industry during the quarter, following conversion of the Company's V2O5 product into ferrovanadium. The Company is continuing to convert V2O5 into ferrovanadium, while also evaluating the sale of certain quantities of high-purity V2O5 into specialty aerospace, chemical, and potentially the vanadium battery industries. The Company continued a limited conventional vanadium test-mining program at its La Sal Complex. As of March 31, 2019, the Company had mined approximately 6,000 tons of mineralized material with an average grade of 1.44% V2O5 and 0.17% U3O8. While these numbers are not intended to represent the basis of a new resource estimate, the C...