Energy Fuels Reports Q2 2013 Results

 Energy Fuels Inc. (TSX:EFR) announced its second quarter results for 2013, which included a generated $14.7 million in cash flow from operations.

As quoted in the press release:

Company Financial and Operational Highlights for Q2-2013:

• Generated $14.7 million in cash flow from operations.
• Sold 533,334 pounds of U3O8, all of which was pursuant to term contracts at an average realized price of $56.23 per pound.
• Sold 667,000 pounds of V2O5 at an average realized price of $6.06 per pound.
• Production at the White Mesa Mill totaled 290,600 pounds of U3O8 and 812,600 pounds of V2O5. U3O8 production included 51,600 pounds of U3O8 from alternate feed materials and 239,000 pounds of U3O8 from conventional ore primarily from the Company’s Pandora and Beaver mines.
• The production cash cost was $39.57 per pound of U3O8.
• As of March 31, 2013, the Company had working capital of $33.1 million, including cash and cash equivalents of $13.0 million, marketable securities of $0.5 million and 113,000 pounds of uranium concentrate and work-in-process inventory which, based on spot market prices as of March 31, 2013, had a market value of $4.8 million.
• On January 18, 2013, Energy Fuels announced a toll milling agreement with Laramide Resources Ltd. (“Laramide”) whereby Energy Fuels’ White Mesa Mill will process all material produced from Laramide’s 100% owned and operated La Sal II uranium mine in Utah. This toll milling agreement emphasizes the strategic position of Energy Fuels’ 100% owned White Mesa Mill as the only operating conventional uranium mill in the United States.
• On January 28, 2013, Energy Fuels acquired 9,439,857 common shares of Virginia Energy Resources Inc. (“Virginia Energy”) at a price of Cdn$0.42 per share, representing a 16.5% ownership interest in Virginia Energy. Virginia Energy, which is listed on the TSX Venture Exchange (Ticker: VUI), owns 100% of the Coles Hill Project in Virginia, the largest known conventional uranium deposit in the U.S. As consideration for this investment, Energy Fuels paid Cdn$250,000 in cash and issued 21,851,411 common shares of Energy Fuels to Virginia Energy. Concurrent with the closing of this investment, Graham Moylan, Energy Fuels’ Chief Financial Officer, joined Virginia Energy’s Board of Directors.

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