Energy Fuels Inc. Announces Q3 2021 Financial Results

Energy Fuels UUUU today released its financial results for the quarter ended Sept. 30, 2021. Among the highlights, the company reported a very robust balance sheet with $132.8 million of working capital, including $100.8 million of cash and marketable securities and $29.3 million of inventory as of Sept. 30, 2021. At current commodity prices, Energy Fuels’ product inventory has a $46.9 million value.

“Energy Fuels continues to make rapid progress toward positioning our White Mesa Mill as America’s ‘Critical Minerals Hub,’ by maintaining the Mill’s key uranium and vanadium production capabilities while further diversifying our portfolio to include rare earth elements production — an exciting and strategically important move both domestically and for the company. We also continue to watch the uranium markets closely in order to best evaluate our opportunities to capitalize on recent price increases and market improvements,” said Mark S. Chalmers, Energy Fuels’ president and CEO.

“After many years of low prices, uranium markets have recently sprung to life with significant price action. Between mid-August and mid-September, the spot price of uranium rose a staggering 66%, mainly due to significant spot purchases by financial entities who have stated their intention to hold the uranium for several years. Nuclear utilities, traders, and others have had access to plentiful uranium on the spot market for the past several years and, in many cases, depending on the spot market to meet their short- and mid-term fuel requirements and delivery commitments. These new purchasers of uranium are removing material from the spot market, thereby potentially creating a fundamental shift in the market by rapidly increasing demand. One could liken these entities to another major, new nuclear utility entering the scene and consuming large quantities of uranium, as this material is not expected to be available for sale in the foreseeable future, if ever. We believe this new dynamic could create opportunities for Energy Fuels to enter into long-term supply contracts for a portion of our production with nuclear utilities at prices, quantities, and other terms that generate sufficient project cashflow, all while keeping the majority of our production leveraged to further potential increases in uranium prices.”

To view the full press release, visit https://ibn.fm/1XgoX

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial-scale production of REE carbonate in 2021. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees are in the United States . Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year and has the ability to produce vanadium when market conditions warrant, as well as REE carbonate and uranium from various uranium-bearing ores. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol UUUU, and the company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR. 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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