Business
Energy Fuels Announces Q3-2020 Results; Debt-Free with Strong Working Capital; Advancement of Uranium & Rare Earths; Webcast on November 3, 2020
LAKEWOOD, Colo., Oct. 30, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, Colo., Oct. 30, 2020 /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, 2020. 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: The Company had working capital of $44.7 million at the end of Q3-2020, representing an increase of 17% over Q2-2020. Working capital included $28.1 million in cash and marketable securities, plus $25.6 million of concentrate inventory and work in progress, including 663,300 pounds of uranium concentrates valued on our balance sheet at $23.72 per pound and 1,672,000 pounds of vanadium valued on our balance sheet at $5.11 per pound, both in the form of immediately marketable product. As of October 23, 2020, the spot price of uranium was $29.70 per pound and the mid-point spot price of vanadium was $5.35 per pound, which places a current market value on our concentrate inventories of approximately $28.6 million. As a result of existing inventories and planned production, the Company expects to have between 670,000 and 700,000 pounds of finished uranium and 1.672 million pounds of finished vanadium in inventory at the end of 2020. On October 6, 2020, the Company announced it was debt-free following the retirement of its floating rate convertible unsecured subordinated debentures (the \"Debentures\"). On July 14, 2020, the Company distributed Cdn$10,430,000 of cash to holders of the Debentures, and on October 6, 2020, the Company distributed a further Cdn$10,430,000 of cash to the remaining holders of the Debentures. On September 21, 2020, the Company and a team from Penn State University were selected by the U.S. Department of Energy (\"DOE\") to develop a design for the production of a rare earth element (\"REE\") concentrate from coal-based resources. The Company believes the REEs contained in these coal-based resources are similar to the REEs contained in other ores the...