Energy Fuels Reports Annual Consolidated Financial Statements

Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) releases its Annual Consolidated Financial Statements for the 15 months ended December 31, 2013. Highlights include: $0.45 million generated cash flow from operations, and a working capital of $33.48 million.

As quoted in the press release:

Financial and Operational Highlights for the 15 Months ended December 31, 2013:

• Generated cash flow from operations of $0.45 million for the 15 months ended December 31, 2013.
• Sold 956,668 pounds of U3O8, pursuant to term contracts at an average realized price of $56.47 per pound.
• Sold an additional 200,000 pounds of U3O8 to an existing term contract customer at an average price of $40.25 per pound. This sale was completed at a premium to the spot market at the time, as the Company provided the customer with a discount on portions of its long-term contract deliveries in the years 2015 through 2017. Sold an additional 40,000 pounds of U3O8 on the spot market at an average price of $41.50 per pound.
• Vanadium sales generated $9.20 million for the 15 months ended December 31, 2013.
• Production at the White Mesa Mill totaled 1,235,000 pounds of U3O8, from conventional ore and alternate feed materials. The mill also produced 1,537,000 pounds of V2O5.
• As of December 31, 2013, the Company had working capital of $33.48 million, including cash and cash equivalents of $6.63 million and 452,000 pounds of uranium concentrate inventory.
• Raised aggregate gross proceeds of $11.35 million, through a June 2013 $6.52 million bought deal private equity placement and an October 2013 $4.83 million bought deal offering.
• Acquired Strathmore Minerals Corp. (“Strathmore”) in August 2013, adding high-quality projects and uranium resources to the Company’s portfolio.
• Completed a 50 for 1 share consolidation in November 2013, and a listing of the Company’s common shares on the NYSE MKT in December 2013, which helped the Company access a larger pool of institutional and retail investors and improved the overall trading liquidity of the Company’s shares.
• As previously reported, as a result of the drop in both the spot and term U3O8 prices from July 1, 2013 through September 30, 2013, and the Company’s expectation to place its Pinenut mine on stand-by in July 2014, the Company tested its plant, property and equipment for impairment and recognized an impairment loss of $60.26 million in the quarter ended September 30, 2013.

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