Energy Fuels Announces Q3-2022 Results, Including Continued Robust Balance Sheet and Market-Leading U.S. Uranium & Rare Earth Positions

About this update from Energy Fuels Inc.

[{"type":"text","content":" Webcast on November 8, 2022 LAKEWOOD, Colo., Nov. 4, 2022 /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, 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 September 30, 2022, the Company had a robust balance sheet with $122.3 million of working capital, including $77.1 million of cash and cash equivalents, $11.6 million of marketable securities, $27.3 million of inventory, and no short term (or long term) debt. At current commodity prices, the Company's product inventory has a value of $44.1 million. During the quarter ended September 30, 2022, the Company incurred a net loss of $9.3 million, which includes increases in development, permitting and land holding costs and selling, general and administration costs associated with the Company's efforts to enhance its business processes and operational readiness for the current and future growth and activity in our uranium and rare earth element (\"REE\") operations. With recent uranium market strength and having secured three long-term uranium contracts with major U.S. utilities earlier this year, the Company has hired over 20 new employees and is beginning to perform the work needed to recommence production at one or more of our mines and ISR facilities, starting as soon as 2023. Until such time when the Company has ramped back up to commercial uranium production, we can rely on our significant uranium inventories to fulfill our new contract requirements. 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 Program. 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 with individual awards ranging from 100,000 pounds to 500,000 pounds. The uranium must be p...

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