Energy Fuels Announces Augmentation of Uranium Production Capabilities at Nichols Ranch

Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announced today that it has commenced construction of the elution circuit at its Nichols Ranch processing facility located in Wyoming’s Powder River Basin.
As quoted in the press release:

Since Nichols Ranch began operations in April 2014, loaded resins have been shipped to other nearby third party-owned facilities for final yellowcake stripping, drying and packaging.  Upon completion of construction of the elution circuit at Nichols Ranch, the Company will have entirely self-contained ISR processing capabilities.
When the Nichols Ranch Plant was originally designed and constructed, it was contemplated that elution equipment would be installed in the future.  As a result, space in the plant was designed to accommodate the facilities and equipment now being installed.  The Company expects to spend approximately $3.9 million to complete these plant upgrades.  In comparison to continuing to process through other outside facilities, and based on expected production at Nichols Ranch, the Company expects this capital investment to realize a positive return.

Energy Fuels President & CEO, Stephen P. Antony, stated:

By upgrading the Nichols Ranch Plant, Energy Fuels will have self-sufficient ISR uranium production, thereby fixing the operating costs associated with these activities and avoiding future toll processing fee increases and related uncertainties.  In addition, we are proactively managing our balance sheet and expanding our corporate financing options through the NCIB and ATM, and we believe both options can lower our cost of capital and increase our financial flexibility.  We believe the NCIB will allow us to repurchase Debentures at a significant discount to both their redemption value and the amount due at maturity, during a currently favorable foreign exchange environment.  ATMs are employed by a number of U.S.-listed public companies, including U.S.-listed mining companies, and we believe the ATM will provide additional flexibility to raise equity financing in the future, if and when required.

Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Kit