Energy Fuels Reports Quarter and Year End Financial Results
Energy Fuels Inc. (TSX:EFR) announced financial results for the quarter and year-ended September 30, 2012. Between February 2012 and July 2012, Energy Fuels capitalized on growth opportunities in a highly dynamic market environment and became the largest conventional uranium producer in the US, one of the largest holders of NI 43-101 compliant uranium resources in the US, and completed two capital market financings that raised aggregate gross proceeds of over CDN $30 million.
As quoted in the press release:
- Energy Fuels’ sales, following completion of the Denison Acquisition, were 447,000 pounds U3O8 at an average realized price of $55.83 per pound for the quarter and year-ended September 30, 2012. Approximately 44% of these sales were under existing uranium supply contracts.
- Energy Fuels’ production at the White Mesa Mill, following the completion of the Denison Acquisition, totaled 310,480 pounds of U3O8 for the quarter and year-ended September 30, 2012. Production included 79,764 lbs U3O8 from alternate feed materials and 230,716 lbs U3O8 from Arizona 1 and Daneros conventional ore. Production cash cost was $44.26(1) per lb U3O8 for the quarter and year-ended September 30, 2012.
- As of September 30, 2012, the Company had working capital of $44.1 million, including cash and cash equivalents of $13.7 million, marketable securities of $1.6 million and 225,000 pounds of U3O8 inventory. Based on spot market prices at September 30, 2012, this inventory had a value of $10.5 million.