Business
Energy Fuels Announces Q3-2018 Results, Including $51.3 Million of Working Capital
DENVER, Nov. 5, 2018 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), today reported its financial results for the q
About this update from Energy Fuels Inc.
[{"type":"text","content":" DENVER, Nov. 5, 2018 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\"), today reported its financial results for the quarter ended September 30, 2018. 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 September 30, 2018, the Company had $51.3 million of working capital, including $14.8 million in cash, $27.2 million in marketable securities and 385,000 pounds of finished goods inventory. Uranium production for our own account totaled 157,000 pounds of U3O8 during the quarter, plus another 245,000 pounds of U3O8 for the accounts of others. The Company had no scheduled contract sales during the quarter and elected to complete no discretionary uranium spot sales during the quarter, opting instead to accumulate uranium inventories from production. The Company believes uranium prices will improve, and it will be able to sell inventory at higher prices in the future. As a result, revenues for the quarter were limited to $450,000, which, together with the non-cash expenditure associated with the acquisition of the Nichols Ranch royalties and expenditures on the Company's upcoming vanadium programs contributed to an operating loss of $10.2 million for the quarter. The Company continued fulfilling alternate feed contracts, which resulted in $450,000 of revenue and $2.4 million of deferred revenue during the quarter, and $3.1 million of revenue and deferred revenue year-to-date. The Company currently has contracts to secure a total value from alternate feed materials of $7.1 million in revenue, deferred revenue or uranium during the full year 2018, and continues to pursue additional alternate feed opportunities. During the quarter, the Company continued preparations for its planned November 2018 campaign to recover up to approximately 4.0 million pounds of vanadium from existing pond solutions at the White Mesa Mill, and commenced its vanadium test-mining program, both aimed at allowing the C...