Business
Energy Fuels Announces Q2-2019 Results
LAKEWOOD, CO, Aug. 2, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, Aug. 2, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\") today reported its financial results for the quarter ended June 30, 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 June 30, 2019, the Company had $42.6 million of working capital, including $16.6 million in cash, $11.4 million in marketable securities, 485,000 pounds of finished uranium goods inventory, and 610,000 pounds of finished vanadium goods inventory. Vanadium production totaled 437,000 pounds of V2O5 for the quarter, and the Company expects to continue to produce 160,000 to 200,000 pounds of V2O5 per month through Q3-2019, subject to continued successful recovery and suitable sales prices. Uranium production totaled 19,000 pounds of U3O8 during the quarter. The Company completed no uranium sales of any significance during the quarter and continues to add to uranium inventories. The Company completed 98,000 pounds of vanadium sales into the steel industry during the quarter at an average price of $7.87 per pound of V2O5, following conversion of the Company's V2O5 product into ferrovanadium. At the current time, the Company is selling only small quantities of vanadium, while mainly focusing on building V2O5 inventory for sale in the future as the Company expects prices to increase. The Company had an operating loss of $11.5 million during the quarter, due primarily to an impairment to inventories of $4.9 million as a result of low uranium prices and a decrease in vanadium prices during the quarter; the decision not to sell any uranium product during the quarter; and the decision to retain most of the Company's vanadium inventory for future sale. In April 2019, the Company completed a test mining program at its La Sal Complex and continued further operational readiness activities based on these encouraging results. The Company expects to continue these activities through Q3-2019...