Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REEs”) and vanadium, has released financial results for the quarter ended March 31, 2024. Highlights of the report include recorded net income of more than $3 million; a balance sheet showing more than $220 million of liquidity and no debt; an estimated $20 million-plus of additional liquidity from market value of inventory; uranium drives revenue totaling gross profit of $14.26 million and an average gross margin of 56%; the completion of SX phase 1 REE separation circuit development; and sufficient inventory stocked to capture market opportunities. The report also noted that Energy Fuels is capitalizing on strong uranium pricing and is ramping up its rare earth element operations while also producing high-purity V2O5 on occasion and holding approximately 905,000 pounds of V2O5 in inventory. The company is also advancing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy cancer therapeutics. “Energy Fuels maintained our momentum from 2023, by reporting continued profitability in Q1 2024, driven mainly by uranium,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “We also continued to make extraordinary progress diversifying into the complementary HMS and rare earth oxide businesses. . . . At Energy Fuels, we are building a diversified, U.S.-based critical minerals company, centered on our core uranium processing capabilities. Our goal is to create a profitable company able to withstand the business cycles associated with many critical minerals. We plan to be globally competitive in these markets, offering commercial and government customers a reliable, low-cost U.S. alternative.”
To view the full press release, visit https://ibn.fm/PjhCx
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based critical minerals company. As the leading producer of uranium in the United States, Energy Fuels mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE”) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, and substantially all assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR”) project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the country today, has a licensed capacity of more than 8 million pounds of U3O8per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR project is on standby and has a licensed capacity of 2 million pounds of U3O8per year. The company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition, Energy Fuels also has one of the largest NI 43-101-compliant uranium resource portfolios in the United States and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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