Business
Energy Fuels Announces Q2-2023 Results, Including Growing Working Capital, Commercial Uranium and Rare Earth Sales, and Continued Progress on Development of Rare Earth Separation Capabilities in Utah
Conference Call and Webcast on August 7, 2023 LAKEWOOD, Colo., Aug. 4, 2023 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "C
About this update from Energy Fuels Inc.
[{"type":"text","content":" Conference Call and Webcast on August 7, 2023 LAKEWOOD, Colo., Aug. 4, 2023 /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, 2023. 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. Financial Highlights: As of June 30, 2023, the Company had a robust balance sheet with $134.36 million of working capital (versus $116.97 million as of December 31, 2022), including $35.59 million of cash and cash equivalents, $64.12 million of marketable securities, $32.98 million of inventory, and no debt. At current commodity prices, the Company's product inventory has a value of approximately $50.51 million; During the three months ended June 30, 2023, the Company incurred a net loss of $4.89 million, or $0.03 per share, which included: (i) the sale of 80,000 pounds of uranium (\"U3O8\") to a major U.S. nuclear utility for $4.34 million, resulting in a gross profit of $2.00 million (46%); (ii) sale of 127 metric tons (\"MT\") of RE Carbonate for $2.27 million; (iii) a gain of $2.75 million on the sale of our Prompt Fission Neutron (\"PFN\") Assets; (iv) a non-cash mark-to-market gain on investments accounted for at fair value of $0.77 million; (v) interest income of $1.74 million; (vi) increased expenses associated with preparing four (4) of our uranium mines for production; and (vii) expenses associated with developing commercial rare earth element (\"REE\") separation capabilities. As of June 30, 2023, the Company held 766,000 pounds of finished U3O8, 906,000 pounds of finished V2O5, and 37 MT of finished high-purity, partially separated mixed REE carbonate (\"RE Carbonate\") in inventory. The Company holds an additional 403,000 lbs. of U3O8 as raw materials and work-in-progress inventory, along with 1 - 3 million pounds of solubilized V2O5 in tailings solutions that could be recovered in the future. Uranium Highlights: During Q2-2...