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Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet and Market-Leading U.S. Uranium & Rare Earth Positions
Webcast on August 9, 2022 LAKEWOOD, Colo., Aug. 5, 2022 /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its f
About this update from Energy Fuels Inc.
[{"type":"text","content":" Webcast on August 9, 2022 LAKEWOOD, Colo., Aug. 5, 2022 /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\") today reported its financial results for the quarter ended June 30, 2022. 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, 2022, the Company had a robust balance sheet with $134.1 million of working capital, including $86.4 million of cash and cash equivalents, $11.8 million of marketable securities, $28.6 million of inventory, and no short term (or long term) debt. At current commodity prices, the Company's product inventory has a value of $43.9 million. During the quarter ended June 30, 2022, the Company incurred a net loss of $18.1 million, which included a non-cash mark-to-market decrease in the value of investments accounted for at fair value of $13.4 million. During Q2-2022, the Company entered into three (3) long-term uranium sales contracts with U.S. nuclear utilities. Base quantities under these contracts total 3.0 million pounds with deliveries to occur during the 2023 – 2030 time period. If the buyers exercise all options, total delivery quantities could increase to as much as 4.2 million pounds. Annual quantities vary year-to-year, with lower delivery quantities in the early years, and higher quantities in the later years. Contract pricing has a fixed price component (fully indexed to inflation) and a spot market component, along with floor and ceiling prices (fully indexed to inflation). The Company expects to fulfill deliveries during the early years of these contracts from its significant existing produced inventories. In June 2022, the U.S. Department of Energy (\"DOE\") issued a Request for Proposals (\"RFP\") to purchase uranium (\"U3O8\") for the new U.S. Uranium Reserve (the \"Reserve\"). The DOE states that they expect to purchase up to 1 million pounds of U3O8 inventory from up to four (4) qualified U.S. uranium producers. The uranium must be physically lo...