Business
Energy Fuels Announces Q1-2020 Results
LAKEWOOD, CO, May 1, 2020 /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 1, 2020 /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, 2020. 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, 2020, the Company had $26.0 million in cash and marketable securities plus $22.4 million of concentrate inventory, including 520,000 pounds of uranium valued on our balance sheet at $23.13 per pound and 1,675,000 pounds of vanadium valued on our balance sheet at $5.37 per pound, both in the form of immediately marketable product. As of May 1, 2020, the spot price of uranium was $33.75 per pound and the mid-point spot price of vanadium was $6.88 per pound, which places a current market value on our concentrate inventories of approximately $29.1 million. On February 20, 2020, the Company strengthened its balance sheet by completing a bought-deal financing for net proceeds of $15.1 million and raised approximately $4.0 million on the Company's At the Market (\"ATM\") program in the first quarter of 2020. Uranium production totaled approximately 5,900 pounds of U3O8 for the quarter, as the Company wound down operations from existing wellfields at its Nichols Ranch project. The Company suspended vanadium production at the end of 2019 and has substantial quantities of dissolved vanadium remaining in the Company's tailings management system for future recovery as market conditions warrant. No material uranium or vanadium sales were completed during the quarter, 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 had an operating loss of $7.8 million during Q1-2020. On February 10, 2020, the President announced a pr...