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Energy Fuels Announces Q1-2022 Results, Including Continued Robust Balance Sheet, Market-Leading U.S. Uranium Position & Rare Earth Production
Webcast on May 18, 2022 LAKEWOOD, Colo., May 16, 2022 /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its fin
About this update from Energy Fuels Inc.
[{"type":"text","content":" Webcast on May 18, 2022 LAKEWOOD, Colo., May 16, 2022 /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\") today reported its financial results for the quarter ended March 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. Highlights: At March 31, 2022, the Company had a robust balance sheet with $136.6 million of working capital, including $105.8 million of cash and marketable securities, $29.7 million of inventory, and no short term (or long term) debt. At current commodity prices, the Company's product inventory has a value of $50.3 million. The Company produced approximately 60 metric tonnes of mixed rare earth element (\"REE\") carbonate (\"RE Carbonate\"), containing 30 metric tonnes of total rare earth oxides (\"TREO\") during Q1-2022. Energy Fuels' RE Carbonate, which is roughly 32% - 34% NdPr, is the most advanced REE material being produced in the U.S. today. The Company is currently in active discussions with several sources of natural monazite sands around the world to significantly increase the supply of feed for its growing REE initiative. During Q1-2022, the Company began partial commercial separation of Lanthanum (La) on a small scale from its RE Carbonate, using an existing solvent extraction circuit at its White Mesa Mill (the \"Mill\"). This represents the first commercial level REE separation to occur in the U.S. in many years. The Company is planning to install a full separation circuit at the Mill to produce both \"light\" and \"heavy\" separated REE oxides in the coming years, subject to successful licensing, financing, and commissioning, and continued strong market conditions. The Company has hired Carester SAS (\"Carester\"), a global leader in producing separated REE oxides, to support these REE separation initiatives. Through May 31, 2022, the Company has sold approximately 150,000 pounds of FeV (roughly 230,000 pounds of V2O5) from its existing V2O5 inventory at a gross weigh...