Energy Fuels Completes Acquisition of Rare Earth and Heavy Mineral Project in Brazil

Energy Fuels Completes Acquisition of Rare Earth and Heavy Mineral Project in Brazil

Acquisition of Bahia Project expected to supply the raw materials needed by the Company's US facility for the production of advanced rare earth materials used in EVs, clean energy, and defense technologies.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ) is pleased to announce that it has completed its previously announced acquisition (the " Closing ") of seventeen (17) mineral concessions between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the " Bahia Project "). The Closing followed the Brazilian Government's approval of the transfers to Energy Fuels' wholly owned Brazilian subsidiary Energy Fuels Brazil, Ltda. At the Closing, the Company paid the mineral owners the remaining $21.9 million cash.

Energy Fuels' Bahia Heavy Mineral Sand & Rare Earth Project in Brazil (CNW Group/Energy Fuels Inc.)

As previously reported, the Bahia Project is a well-known heavy mineral sand (" HMS ") deposit that has the potential to supply 3,000 – 10,000 metric tons (" MT ") of natural monazite concentrate per year for decades to Energy Fuels' White Mesa Mill in Utah (the " Mill ") for processing into high-purity rare earth element (" REE ") oxides and other materials. As used herein, the term "monazite concentrate" refers to an HMS concentrate containing roughly 80% to 90% monazite. While Energy Fuels' primary interest in acquiring the Bahia Project is the REE-bearing monazite, the Bahia Project is also expected to produce large quantities of high-quality titanium (ilmenite and rutile) and zirconium (zircon) minerals that are also in high demand. REE production is highly complementary to Energy Fuels' existing US-leading uranium business, as monazite and other major REE-bearing minerals naturally contain uranium that will be recovered and other impurities that will be removed at the Mill before further processing into advanced high-purity REE materials.

3,000 – 10, 000 MT of monazite concentrate contains roughly 1,500 – 5, 000 MT of total REE oxides (" TREO "), including 300 – 1, 000 MT of neodymium-praseodymium (" NdPr ") and significant commercial quantities of dysprosium (" Dy ") and terbium (" Tb "). The Company is focused on monazite at the current time, as it has superior concentrations of these four (4) critical REEs compared to other REE-bearing minerals. These REE's are used in the powerful neodymium-iron-boron (" NdFeB ") magnets that power the most efficient electric vehicles (" EV "), along with uses in other clean energy and defense technologies. For reference, a typical EV utilizes roughly one (1) to two (2) kilograms of NdPr oxide in its drivetrain. Based on this assumption, monazite concentrate from the Bahia project alone is expected to supply enough NdPr oxide to power 150,000 to 1 million EVs per year. The uranium contained in the monazite, which is expected to be comparable to typical Colorado Plateau uranium deposits, will also be recovered at the Mill.

Update on Growing Monazite Supply Portfolio:

The acquisition of the Bahia Project is a part of the Company's efforts to build a large and diverse book of monazite concentrate supply for its rapidly advancing REE processing business. The Company expects to procure monazite concentrates through Company-owned mines like the Bahia Project, joint ventures or other collaborations, and open market purchases, like the Company's current arrangement with The Chemours Company (" Chemours "). The Company is currently in advanced discussions with several additional current and future monazite producers around the world to supply Energy Fuels' initiative.

Energy Fuels, through its White Mesa Mill in Utah , is currently the only U.S. company extracting REE's and producing commercial quantities of partially-separated mixed REE carbonate (" RE Carbonate "), which it extracts as a coproduct, along with its uranium production from monazite. This is the most advanced REE material being produced in the US today at scale, since it is a high-purity product ready for REE separation without further processing, refining or purification. The Company is currently selling all its RE Carbonate to a separation facility in Europe for further processing into advanced REE products further down the supply chain, including metals, alloys, and magnets. Though as discussed below, the Company is currently modifying and enhancing its existing circuits and facilities at the Mill with the expected ability to produce separated REE oxides (or oxalates) from these process streams starting as soon as later this year. The Company is also recovering the uranium that naturally occurs in monazite for use in carbon-free nuclear energy.

Update on Ongoing Sonic Drilling Program at the Bahia Project:

Prior to Closing on the Bahia Project, the Company commenced a sonic drilling program on the property to further define and quantify the HMS resource, particularly at depth. Under the previous owners, 3,300 vertical exploration auger holes were drilled on the property indicating significant concentrations of titanium (ilmenite and rutile), zirconium (zircon), and rare earth elements (monazite) at and near the surface. However, due to inherent limitations, historic augur drilling averaged only 5.7 meters in depth.

Utilization of a sonic drill allows for relatively undisturbed collection of sediments both above and below the water table. The limited sonic drilling completed by Energy Fuels over the past few months is confirming that the mineral bearing sands are expected to continue at depth. The Company expects to finalize Phase 1 sonic drilling at the Bahia Project this month totaling 2,250 meters. Following drilling, the Company will begin sampling and sending the material to labs for testing, including metal assay, mineralogic characterization, and process testing. The Company plans to announce Phase 1 drilling results this year and start Phase 2 drilling in Q3-2023. Once data from both drill programs are available, the Company plans to engage industry leaders to calculate an initial mineral resource estimate for use in an S-K 1300 (US) compliant Initial Assessment and an NI 43-101 ( Canada ) compliant Technical Report.

Update on Production of Separated NdPr Products at the White Mesa Mill & Plans for Future REE Separation:

The Company is currently separating lanthanum (" La ") and cerium (" Ce ") from its commercial RE Carbonate stream utilizing existing Mill infrastructure to produce an RE Carbonate product with higher concentrations of NdPr and "heavy" REEs. Energy Fuels is also proceeding with the modification and enhancement of its infrastructure at the Mill (" Phase 1 ") to expand its "light" REE separation facilities to be capable of producing commercial quantities of separated NdPr oxide (or oxalate) by later this year or early 2024, followed by planned further enhancements to expand NdPr production capability (" Phase 2 ") and to produce separated Dy, Tb and potentially other REE materials in the future (" Phase 3 ") from monazite and potentially other REE-bearing process streams.

Earlier this year, the Company began construction on its "Phase 1" REE separation facilities, which includes modifications and enhancements to the solvent extraction (" SX ") circuits at the Mill. "Phase 1" is expected to have the capacity to process approximately 8,000 to 10, 000 MT of monazite concentrates per year from the Mill's process streams, producing roughly 4,000 to 5, 000 MT TREO, containing roughly 800 to 1, 000 MT of recoverable separated NdPr oxide (or oxalate) per year. Because Energy Fuels is utilizing existing infrastructure at the Mill, "Phase 1" capital is expected to total only about $25 million . "Phase 1" is expected to be operational later this year or early 2024, subject to receipt of sufficient monazite supply and successful construction and commissioning. If these milestones are achieved, Energy Fuels believes it will be the 'first to the market' among US companies with commercial quantities of separated NdPr available to EV, renewable energy, and other companies for offtake.

During "Phase 2", Energy Fuels expects to expand its NdPr separation capabilities, with an expected capacity to process roughly 15,000 to 30, 000 MT of monazite concentrates per year and expected recovery of roughly 7,500 to 15, 000 MT of TREO, containing roughly 1,500 to 3, 000 MT of NdPr oxide per year, or sufficient NdPr for 750,000 to 3.0 million EVs per year. "Phase 2" is also expected to add a dedicated monazite "crack-and-leach" circuit to the Mill's existing leach circuits. Currently, the Mill is utilizing its main uranium processing circuits to process monazite and extract the REEs and uranium. A dedicated leach circuit will allow the Mill to simultaneously process monazite in the new dedicated circuit and to process other mined uranium and uranium/vanadium ores in the main circuit. The Company expects to complete "Phase 2" in 2026, subject to licensing, financing, and receipt of sufficient monazite feed.

During "Phase 3", Energy Fuels expects to add "heavy" REE separation capabilities, including the production of Dy, Tb, and potentially other REE oxides and advanced materials. The Company will also evaluate the potential to produce La and Ce products. Monazite concentrates naturally contain higher concentrations of "heavy" REEs, including Dy and Tb, versus other REE-bearing ores, like bastnaesite, mainly due to the presence of another REE-bearing phosphate mineral called "xenotime." "Phase 3" is expected to enable Energy Fuels to produce separated Dy, Tb, and potentially other "light" and "heavy" products. The Company also expects to have additional "heavy" REE feedstock stockpiled from "Phase 1" and "Phase 2." During these earlier phases, the Company expects to produce NdPr oxide (or oxalate) and a samarium-plus (" Sm+ ") "heavy" REE concentrate, which the Company will either sell or stockpile as feed for "Phase 3" REE separation. For reference, the monazite concentrates the Company has analyzed to date contain roughly 1% to 3% Dy and Tb, so 10, 000 MT of monazite concentrate contains roughly 100 to 300 MT of Dy and Tb. The Company expects to complete "Phase 3" in 2027, subject to licensing, financing, and receipt of sufficient feed.

Mark S. Chalmers , President and CEO of Energy Fuels stated: "Energy Fuels has achieved yet another important milestone for our expanding rare earth business through our acquisition of the Bahia Project. We look forward to further defining the heavy mineral sand resource through our sonic drilling program and moving forward toward mining in the most prospective areas of the project. Using conservative development and market assumptions, we expect to receive monazite concentrates from the Bahia Project at a very low cost within the next few years. By receiving monazite feeds from a variety of sources, including mineral projects that we own, like the Bahia Project, and open market purchases, like from Chemours and others, we expect to be a low-cost US producer of advanced REE materials.

"As we continue to build our book of monazite supply through acquisitions of projects like Bahia and other transactions, we are also moving faster down the rare earth supply chain than any other U.S. company to produce more advanced rare earth materials at our White Mesa Mill in Utah . We are currently expanding our SX separation circuit at the Mill that is expected to enable us to commercially produce NdPr oxide or oxalate by later in 2023 or early 2024. NdPr is a key ingredient in permanent rare earth magnets used in EVs, wind energy, and defense technologies. Later in 2026 and 2027, we expect to increase the scale of our NdPr production and add 'heavy' REE separation capabilities, including the ability to produce Dy, Tb and potentially other products, subject to securing additional monazite supplies.

"Of course, uranium production remains our core business, where we continue to make excellent progress on resuming production at our mines. As the largest US producer of uranium, Energy Fuels recently sold 300,000 pounds of uranium into the newly established strategic US uranium reserve where we earned total gross proceeds of $18.5 million , and we have nuclear utility contract deliveries beginning this year. We look forward to providing markets with further updates on both our REE and uranium business segments.

"With our leading position as a uranium producer in the US, our US-leading vanadium production capability, our rapidly advancing US-leading REE production capability, and our evaluation of radioisotopes for use in emerging cancer treatment therapeutics, Energy Fuels is truly becoming a leading producer of critical minerals in the United States ."

Energy Fuels is a leading US-based critical minerals company. The Company mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver, and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil , which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US 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." Energy Fuels' website is www.energyfuels.com .

Daniel Kapostasy , P.G., Director of Technical Services for Energy Fuels , is a Qualified Person as defined by Canadian National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release, including sampling, analytical, and test data underlying such disclosure.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable securities laws in the United States and Canada . Forward-looking information may relate to future events or future performance of Energy Fuels. All statements in this release, other than statements of historical facts, with respect to Energy Fuels' objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following   :   any expectation as to the concentrations or quantities of   uranium and   heavy minerals, including monazite   , NdPr, Dy and Tb   contained in the Bahia Project; any expectation as to the potential annual supply of monazite sands from the Bahia Project to the Mill, the contained   MT   of TREO per year, or the number of years or decades of such potential supply; any expectation   as to the number of EVs that can be powered by NdPr oxide produced   from the Bahia Project; any expectation that   drilling results at the   Bahia Project   will confirm   that the   mineral bearing sands continue   at depth; any expectation as to the   timing and results of   the   Company's drilling program at   the Bahia Project   and the timing of any announcements relating to drilling results; any expectation that the Company will complete an S-K 1300 compliant Initial Assessment and an NI 43-101 compliant  Preliminary Economic Assessment  relating to the Bahia Project   and the timing of any such assessments; any expectation as to   the timing of mining at   the Bahia Project; any expectation as to the   costs to the Company of monazite concentrates   from the   Bahia Project and the timing of receipt of any such concentrates; any expectation as to the Company's ability to build   a   large and diverse book of monazite concentrate supply   ; any expectation   as to the Company's ability to rapidly advance   its   REE processing business; any expectation that the Company will produce separated REE oxides (or oxalates) from its Mill process streams starting as early as next year   ; any expectation that the Company will   be a low-cost US producer of advanced REE material; any expectation that the Company will complete its Phase 1, Phase 2 and/or Phase 3 separation facilities on the time frames indicated, if at all; any expectation as to the expected throughput rates, production capability, REEs to be produced and capital and operating costs of such facilities   ; any expectation that the Company   will be the first to the market among US companies with commercial quantities of separated NdPr available to EV, renewable energy and other companies for offtake; any expectation that monazite concentrates will naturally contain higher concentrations of "heavy" REEs, including Dy and Tb versus other REE-bearing ores, like bastnaesite; any expectation as to the Company's ability to produce radioisotopes needed for emerging cancer treatments on a commercial basis or at all   ; and any expectation that the Company will continue to be a leading US based uranium mining company   and a leading producer of critical minerals in the United States .   Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.   Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: technical difficulties; mining or processing difficulties and upsets;   licensing, permitting and regulatory delays; litigation risks; competition from others; political actions or instability in foreign countries; and market factors, including future demand for and prices realized from the sale of uranium, vanadium and REEs. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/February2023/13/c3264.html

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Western Uranium and Vanadium

Western Uranium and Vanadium

Overview

Western Uranium and Vanadium Corp. (CSE:WUC,OCTQX:WSTRF) is a near term producer of uranium and vanadium with six uranium-vanadium properties in western Colorado and eastern Utah. The company has also acquired and advanced to a production scale a patent-protected ablation technology that reduces the amount of pre-ablation material to 10 to 20 percent of its mass while maintaining 85 to 95 percent of the mineralization.

Western Uranium and Vanadium’s ablation technology has garnered the attention of many mining companies as it significantly reduces the costs of processing vanadium and uranium from sandstone deposits. In the case where 90 percent of the waste is removed, this technology would also reduce approximately 90 percent downstream processing and transportation costs. Additionally, the process has environmental applications for the remediation and reclamation of waste rock, protore and low-grade stockpiles created from legacy uranium mines.

Western Uranium and Vanadium has assembled a resource portfolio containing a core group of permitted and developed mines that are low CAPEX and OPEX to be brought into production. The company’s primary focus is on its Sunday Mine Complex in Colorado. The property hosts five fully-permitted and developed vanadium-uranium mines that Western Uranium and Vanadium is focusing its efforts to bring back into production in the near term. These mines were last in production in 2009.

As a result of ongoing discussions with several prospective vanadium customers, Western Uranium and Vanadium has initiated the re-opening of the Sunday Mine Complex. This program has been commenced with the goal of providing samples for evaluation in customer’s existing processing facilities and for further definition of the vanadium resource. Once completed, the 2015 technical report is expected to be updated accordingly. The ultimate end goal is to sign an offtake agreement that supports the restart economics to place the mine back into production. It is contemplated that the project can be initiated with the restart of two of the five mines and additional mines can be brought online to support offtake demand.

As Sunday Mine Complex is brought back in operation, Western Uranium and Vanadium intends to work towards bringing additional projects into production funded through the revenue generated at the Sunday Mine Complex. The company’s two other permitted and developed properties, Sage and Van 4, are expected to be the sixth and seventh mines developed and brought into production. Thereafter the company’s focus is expected to shift to the San Rafael, Hansen-Taylor Ranch and Dunn properties which need to enter the permitting phase prior to the development of those projects.

In addition to the low CAPEX and OPEX model that Western Uranium and Vanadium has been founded upon, Western Uranium and Vanadium President and CEO George Glasier brings a wealth of experience in acquiring and moving uranium and vanadium projects into production, having been the founder of Energy Fuels Inc. (TSX:EFR, NYSEMKT:UUUU), a leading producer of uranium and vanadium in the US. Additionally, Glasier notably holds 18 percent of Western’s shares.

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Near-term Uranium and Vanadium Producer

Western Uranium & Vanadium Corp. Announces Ore Purchase Agreement

Western Uranium & Vanadium Corp. Announces Ore Purchase Agreement

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that the Company has entered into an Ore Purchase Agreement ("Agreement") with Energy Fuels Inc. (NYSE American: UUUU) (TSX:EFR).

Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the Company's flagship Sunday Mine Complex. The Agreement is for a one year period, and provisions for the delivery of up to 25,000 short tons of uranium bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.

News Provided by GlobeNewswire via QuoteMedia

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Energy Fuels

Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the "MOU") with the Government of Madagascar (the "Government") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the "Toliara Project" or "Project"), located in southwestern Madagascar.

As previously announced, on November 28, 2024, the Madagascar Council of Ministers, as Chaired by the President of Madagascar, lifted the suspension on the Toliara Project, which was originally imposed in November 2019. The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision ("FID").

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

Energy Fuels Inc. is an industry leader in uranium and rare earth elements production for the energy transition. (CNW Group/Energy Fuels Inc.)

As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

Key Terms and Conditions of the MOU

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

The Government has agreed in the MOU, among other things, to:

  • assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
  • certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
  • maintain the fiscal, legal and customs stability of the Toliara Project;
  • not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
  • provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
  • undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

  • the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
  • Project Certification having been obtained; and
  • prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. 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 on all we do, please visit http://www.energyfuels.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-and-madagascar-government-execute-memorandum-of-understanding-to-further-advance-toliara-critical-mineral-project-in-madagascar-302323924.html

SOURCE Energy Fuels Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c6155.html

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Energy Fuels

Madagascar Government Lifts Suspension on Energy Fuels' Toliara Critical Minerals Project

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the President of the Republic of Madagascar, has lifted the suspension (the "Suspension") of the Company's 100%-owned Toliara critical minerals project (the "Toliara Project"). The Suspension was imposed by the Government in November 2019. In October 2024, Energy Fuels acquired Base Resources and the Toliara Project.

Mark S. Chalmers, President and CEO of Energy Fuels stated:

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Madagascar Government Lifts Suspension on Energy Fuels' Toliara Critical Minerals Project

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Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REEs "), and critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the President of the Republic of Madagascar has lifted the suspension (the " Suspension ") of the Company's 100%-owned Toliara critical minerals project (the " Toliara Project "). The Suspension was imposed by the Government in November 2019 . In October 2024 Energy Fuels acquired Base Resources and the Toliara Project.

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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Saga Metals Corp. (the "Company" or "SAGA") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that it intends to complete a financing by way of a non-brokered private placement for aggregate gross proceeds of C$2,500,000 comprised of: (i) 2,500,000 flow-through common share units of the Company (the " FT Units ") at C$0.30 per FT Unit for gross proceeds of C$750,000, and, (ii) 7,000,000 hard dollar common share units of the Company (the " HD Units ", and together with the FT Units, the " Securities ") at C$0.25 per HD Unit for gross proceeds of C$1,750,000 (collectively, the " Offering ").

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On March 31, 2025, the Company closed the first tranche the Offering and issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. The proposed payments from the first tranche proceeds included $183,600 to pay the outstanding fees to non-arm's length creditors.

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American Salars Signs Letter Of Intent To Acquire Cauchari Lithium Brine Project, Argentina

American Salars Signs Letter Of Intent To Acquire Cauchari Lithium Brine Project, Argentina

(TheNewswire)

American Salars Lithium Inc

VANCOUVER, BC MAY 1 st 2025 TheNewswire - American Salars Lithium Inc. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces it has signed a Letter of Intent ("LOI") with an arms length Vendor to acquire a 100% interest in the Cauchari Minas Ines 01 Lithium Salar Project ("Cauchari" or  "Project"), located o n the south end of the Cauchari Salt Lake, Department Los Andes in the Province of Salta, Argentina.

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Albemarle Reports First Quarter 2025 Results

Albemarle Reports First Quarter 2025 Results

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2025 .

Albemarle Corp. Logo. (PRNewsFoto/Albemarle Corporation)

First-Quarter   2025 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

  • Net sales of $1.1 billion , with double-digit volume growth in Specialties (+11%) and record Energy Storage lithium salt production from the company's integrated conversion network
  • Net income of $41 million , or ($0.00) per diluted share attributable to common shareholders; adjusted diluted loss per share attributable to common shareholders of ($0.18)
  • Adjusted EBITDA of $267 million ; year-over-year gains in Specialties (+30%) and Ketjen (+76%)
  • Cash from operations of $545 million , which included a $350 million customer prepayment; excluding the prepayment, operating cash flow conversion (a) was 73%; line of sight to breakeven free cash flow assuming current lithium market pricing
  • Through April, achieved approximately 90% run-rate against midpoint $350 million cost and productivity improvement target; identified opportunities to reach high-end of the $300 to $400 million range
  • Maintaining full-year 2025 outlook considerations, including ranges based on recently observed lithium market price scenarios; ranges include the anticipated direct impact of tariffs announced as of April 29, 2025

(a)   Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details.

"Our business continues to perform in line with our outlook considerations, including first-quarter adjusted EBITDA of $267 million with strong year-over-year improvements in Specialties and Ketjen," said Kent Masters , Chairman and CEO. "We continue to focus on what we can control - taking decisive actions to reduce costs, optimize our lithium conversion network and increase efficiencies to preserve our long-term competitive position. While the full economic impact of the recently announced tariffs and other global trade actions is unclear, we benefit from our global footprint and the current exemptions for critical minerals; as a result, we are maintaining our full year 2025 outlook considerations."

First Quarter 2025 Results

In millions, except per share amounts

Q1 2025


Q1 2024


$ Change


% Change

Net sales

$    1,076.9


$    1,360.7


$      (283.9)


(20.9) %

Net income attributable to Albemarle Corporation

$         41.3


$           2.4


$         38.9


1,620.8 %

Adjusted EBITDA (a)

$       267.1


$       291.2


$       (24.1)


(8.3) %

Diluted loss per share attributable to common
shareholders

$       (0.00)


$       (0.08)


$         0.08


(100.0) %

Non-recurring and other unusual items (a)

(0.18)


0.34





Adjusted diluted (loss) earnings per share attributable
to common shareholders (a)(b)

$       (0.18)


$         0.26


$       (0.44)


(169.2) %


(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the first quarter of 2025 were $1.1 billion compared to $1.4 billion for the prior-year quarter, a decline of 21% driven primarily by lower pricing in Energy Storage, partially offset by higher volumes in Specialties (+11%). Adjusted EBITDA of $267 million declined by $24 million from the prior-year quarter as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts. Net income attributable to Albemarle of $41 million increased year-over-year by $39 million .

The effective income tax rate for the first quarter of 2025 was 21.0% compared to 2.2% in the same period of 2024. On an adjusted basis, the effective income tax rates were (42.8)% and (12.4)% for the first quarters of 2025 and 2024, respectively, with the decrease primarily due to changes in geographic income mix and the impact of tax valuation allowances in Australia and China.

Energy Storage Results

In millions

Q1 2025


Q1 2024


$ Change


% Change

Net Sales

$           524.6


$           800.9


$          (276.3)


(34.5) %

Adjusted EBITDA

$           186.4


$           198.0


$           (11.6)


(5.9) %

Energy Storage net sales for the first quarter of 2025 were $525 million , a decrease of $276 million , or 35%, due to lower pricing (-34%). Volumes were flat as record production at our integrated conversion network offset reduced tolling volumes. Adjusted EBITDA of $186 million decreased $12 million , as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts.

Specialties Results

In millions

Q1 2025


Q1 2024


$ Change


% Change

Net Sales

$           321.0


$           316.1


$               4.9


1.6 %

Adjusted EBITDA

$             58.7


$             45.2


$             13.5


29.8 %

Specialties net sales for the first quarter of 2025 were $321 million , an increase of $5 million , or 2%, primarily due to higher volumes (+11%), which more than offset lower prices (-8%). Adjusted EBITDA of $59 million increased $13 million versus the year-ago quarter due to higher sales volumes and decreased manufacturing costs related to productivity initiatives.

Ketjen Results

In millions

Q1 2025


Q1 2024


$ Change


% Change

Net Sales

$           231.3


$           243.8


$           (12.5)


(5.1) %

Adjusted EBITDA

$             38.6


$             22.0


$             16.6


75.6 %

Ketjen net sales for the first quarter of 2025 were $231 million , down 5% compared to the prior-year quarter as higher prices (+4%) were more than offset by lower volumes (-8%), primarily due to the timing of sales, offset by favorable pricing due to product mix. Adjusted EBITDA of $39 million increased $17 million , driven by favorable product mix and higher equity income from joint ventures.

2025 Outlook Considerations

Total Corporate Outlook Considerations are Unchanged
The table below reflects expected outcomes for the total company based on recently observed lithium market price scenarios, unchanged from the prior quarter. Ranges include the anticipated direct impact of announced tariffs as of April 29, 2025 . Ranges are based on variation in sales volume and mix, including a projected increase in Energy Storage volumes of 0% to 10% in 2025 compared to 2024. All three scenarios assume flat market pricing flowing through Energy Storage's current contract book. Scenarios also assume spodumene pricing averages 10% of the lithium carbonate equivalent (LCE) price, while other costs are assumed to be constant.


Total Corporate FY 2025E

Including Energy Storage Scenarios

Observed market price case (a)

YE 2024

H1 2024 range

Q4 2023 average

Average lithium market price ($/kg LCE) (a)

~$9

$12-15

~$20

Net sales

$4.9 - $5.2 billion

$5.3 - $6.1 billion

$6.5 - $7.0 billion

Adjusted EBITDA (b)

$0.8 - $1.0 billion

$1.2 - $1.8 billion

$2.5 - $2.7 billion



(a)

Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.

(b)

The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See "Additional information regarding Non-GAAP Measures" for more information.

Energy Storage Market Price Scenarios


Energy Storage FY 2025E

Observed market price case (a)

YE 2024

H1 2024 range

Q4 2023 average

Average lithium market price ($/kg LCE) (a)

~$9

$12-15

~$20

Net sales

$2.5 - $2.6 billion

$2.9 - $3.5 billion

$4.2 - $4.5 billion

Adjusted EBITDA

$0.6 - $0.7 billion

$1.0 - $1.5 billion

$2.2 - $2.4 billion

Equity in net income of unconsolidated investments
(net of tax) (b)

$0.2 - $0.3 billion

$0.3 - $0.5 billion

$0.6 - $0.7 billion


(a)

Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.

(b)

Included in adjusted EBITDA on a pre-tax basis.

Specialties and Ketjen Outlook Considerations
Specialties outlook reflects modest volume growth in key end markets led by pharma, automotive, and oilfield, partially offset by weakness in building and construction.

Ketjen outlook assumes favorable product revenue mix, lower input costs and the continuation of its turnaround plan execution.


Segment FY 2025E

Specialties net sales

$1.3 - $1.5 billion

Specialties adjusted EBITDA

$210 - $280 million

Ketjen net sales

$1.0 - $1.1 billion

Ketjen adjusted EBITDA

$120 - $150 million

Other Corporate Outlook Considerations
Albemarle expects its 2025 capital expenditures to be in the range of $700 million to $800 million , down more than 50% from $1.7 billion in 2024. This level of spending reflects a prioritization on sustaining existing assets and resources, with the remainder allocated to select growth projects and high-return, quick payback improvements.


Other Corporate FY 2025E

Capital expenditures

$700 - $800 million

Depreciation and amortization

$630 - $670 million

Adjusted effective tax rate (a)

(40%) - 25%

Corporate costs (b)

$70 - $100 million

Interest and financing expenses

$180 - $210 million

Weighted-average common shares outstanding (diluted)

118 million


(a)    Adjusted effective tax rate dependent on lithium market prices and geographic income mix

(b)    FY 2025E outlook includes FX impact year to date

Cash Flow and Capital Deployment
Cash from operations of $545 million increased $447 million compared to the prior-year period. A customer prepayment received in January and improved working capital more than offset lower adjusted EBITDA and reduced dividends received from equity investments. Capital expenditures of $183 million decreased by $397 million versus the prior-year period, reflecting the impact of decisions that stopped or slowed spending and the completion of capacity expansions in Energy Storage and Specialties.

Balance Sheet and Liquidity
As of March 31, 2025, Albemarle had estimated liquidity of approximately $3.1 billion , including $1.5 billion of cash and cash equivalents, $1.5 billion available under its revolver and $106 million available under other credit lines. Total debt was $3.5 billion , representing a debt covenant net debt to adjusted EBITDA ratio of approximately 2.4 times.

Earnings Call

Date:

Thurs., May 1, 2025

Time:

8:00 AM Eastern time

Dial-in (U.S.):

1-800-590-8290

Dial-in (International):

1-240-690-8800

Conference ID:

ALBQ1

The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com .

About Albemarle
Albemarle Corporation (NYSE: ALB) is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "scenario," "should," "would," and "will". Forward-looking statements may include statements regarding: our 2025 company and segment outlooks, including expected market pricing of lithium and spodumene and other underlying assumptions and outlook considerations; expected capital expenditure amounts and the corresponding impact on cash flow; expected impact of tariffs and other trade restrictions; market pricing of lithium carbonate equivalent and spodumene; plans and expectations regarding other projects and activities, cost reductions and accounting charges, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; changes in trade policies and tariffs; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; geopolitical conflicts and political unrest; trade policies and tariffs; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov . These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Albemarle Corporation and Subsidiaries
Consolidated Statements of Income
(In Thousands Except Per Share Amounts) (Unaudited)


Three Months Ended


March 31,


2025


2024

Net sales

$ 1,076,881


$ 1,360,736

Cost of goods sold

920,582


1,321,798

Gross profit

156,299


38,938

Selling, general and administrative expenses

123,502


161,376

Restructuring charges and asset write-offs

(1,063)


33,536

Research and development expenses

14,099


23,532

Operating profit (loss)

19,761


(179,506)

Interest and financing expenses

(48,977)


(37,969)

Other income, net

10,250


49,901

Loss before income taxes and equity in net income of unconsolidated investments

(18,966)


(167,574)

Income tax benefit

(3,978)


(3,721)

Loss before equity in net income of unconsolidated investments

(14,988)


(163,853)

Equity in net income of unconsolidated investments (net of tax)

64,286


180,500

Net income

49,298


16,647

Net income attributable to noncontrolling interests

(7,950)


(14,199)

Net income attributable to Albemarle Corporation

41,348


2,448

Mandatory convertible preferred stock dividends

(41,688)


(11,584)

Net loss attributable to Albemarle Corporation common shareholders

$         (340)


$      (9,136)

Basic loss per share attributable to common shareholders

$        (0.00)


$        (0.08)

Diluted loss per share attributable to common shareholders

$        (0.00)


$        (0.08)





Weighted-average common shares outstanding – basic

117,603


117,451

Weighted-average common shares outstanding – diluted

117,603


117,451

Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)


March 31,


December 31,


2025


2024

ASSETS




Current assets:




Cash and cash equivalents

$        1,518,511


$        1,192,230

Trade accounts receivable

670,775


742,201

Other accounts receivable

137,080


238,384

Inventories

1,656,365


1,502,531

Other current assets

124,551


166,916

Total current assets

4,107,282


3,842,262

Property, plant and equipment

12,660,018


12,523,368

Less accumulated depreciation and amortization

3,356,979


3,191,898

Net property, plant and equipment

9,303,039


9,331,470

Investments

1,124,777


1,117,739

Other assets

628,277


504,711

Goodwill

1,606,144


1,582,714

Other intangibles, net of amortization

229,739


230,753

Total assets

$      16,999,258


$      16,609,649

LIABILITIES AND EQUITY




Current liabilities:




Accounts payable to third parties

$           778,658


$           793,455

Accounts payable to related parties

139,296


150,432

Accrued expenses

379,871


467,997

Current portion of long-term debt

410,477


398,023

Dividends payable

61,312


61,282

Income taxes payable

174,779


95,275

Total current liabilities

1,944,393


1,966,464

Long-term debt

3,128,655


3,118,142

Postretirement benefits

31,908


31,930

Pension benefits

115,846


116,192

Other noncurrent liabilities

1,125,943


819,204

Deferred income taxes

378,171


358,029

Commitments and contingencies




Equity:




Albemarle Corporation shareholders' equity:




Common stock

1,177


1,176

Mandatory convertible preferred stock

2,235,105


2,235,105

Additional paid-in capital

2,991,389


2,985,606

Accumulated other comprehensive loss

(633,136)


(742,062)

Retained earnings

5,433,704


5,481,692

Total Albemarle Corporation shareholders' equity

10,028,239


9,961,517

Noncontrolling interests

246,103


238,171

Total equity

10,274,342


10,199,688

Total liabilities and equity

$      16,999,258


$      16,609,649

Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)


Three Months Ended

March 31,


2025


2024

Cash and cash equivalents at beginning of year

$   1,192,230


$      889,900

Cash flows from operating activities:




Net income

49,298


16,647

Adjustments to reconcile net income to cash flows from operating activities:




Depreciation and amortization

161,754


123,751

Stock-based compensation and other

6,966


9,317

Equity in net income of unconsolidated investments (net of tax)

(64,286)


(180,500)

Dividends received from unconsolidated investments and nonmarketable
securities

60,335


50,756

Pension and postretirement expense

1,696


1,273

Pension and postretirement contributions

(5,196)


(4,824)

Realized loss on investments in marketable securities

—


33,746

Unrealized loss on investments in marketable securities

5,331


6,737

Deferred income taxes

(5,669)


116,447

Working capital changes

(21,992)


(52,320)

Noncurrent liability changes and other, net

357,146


(23,076)

Net cash provided by operating activities

545,383


97,954

Cash flows from investing activities:




Capital expenditures

(182,624)


(579,322)

Sales of marketable securities, net

3,381


84,893

Investments in equity investments and nonmarketable securities

(60)


(74)

Net cash used in investing activities

(179,303)


(494,503)

Cash flows from financing activities:




Proceeds from issuance of mandatory convertible preferred stock

—


2,236,750

Repayments of long-term debt and credit agreements

(9,615)


(29,019)

Proceeds from borrowings of long-term debt and credit agreements

—


29,019

Other debt repayments, net

(1,195)


(620,753)

Dividends paid to common shareholders

(47,607)


(46,908)

Dividends paid to mandatory convertible preferred shareholders

(41,688)


—

Dividends paid to noncontrolling interests

(18,169)


—

Proceeds from exercise of stock options

1,186


86

Withholding taxes paid on stock-based compensation award distributions

(2,904)


(10,619)

Other

(14)


(1,256)

Net cash (used in) provided by financing activities

(120,006)


1,557,300

Net effect of foreign exchange on cash and cash equivalents

80,207


5,162

Increase in cash and cash equivalents

326,281


1,165,913

Cash and cash equivalents at end of period

$   1,518,511


$   2,055,813

Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)


Three Months Ended


March 31,


2025


2024

Net sales:




Energy Storage

$   524,565


$   800,898

Specialties

321,014


316,065

Ketjen

231,302


243,773

Total net sales

$ 1,076,881


$ 1,360,736





Adjusted EBITDA:




Energy Storage

$   186,355


$   197,996

Specialties

58,666


45,181

Ketjen

38,588


21,979

Total segment adjusted EBITDA

283,609


265,156

Corporate

(16,465)


26,080

Total adjusted EBITDA

$   267,144


$   291,236

See accompanying non-GAAP reconciliations below.

Additional Information regarding Non-GAAP Measures

It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, adjusted diluted loss per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin, and operating cash flow conversion are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.

A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com . The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.

Albemarle Corporation AND SUBSIDIARIES

Non-GAAP Reconciliations

(Unaudited)

See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net (loss) income attributable to Albemarle Corporation common shareholders is defined as net income (loss) after mandatory convertible preferred stock dividends, but before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. EBITDA is defined as net income attributable to Albemarle Corporation before interest and financing expenses, income tax expense, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the proportionate share of Windfield Holdings income tax expense, non-recurring, other unusual and non-operating pension and OPEB items as listed below.


Three Months Ended


March 31,


2025


2024

In thousands, except percentages and per share amounts

$


% of
net
sales


$


% of
net
sales

Net income attributable to Albemarle Corporation

$41,348




$    2,448



Add back:








Non-operating pension and OPEB items (net of tax)

125




(351)



Non-recurring and other unusual items (net of tax)

(21,200)




40,044



Adjusted net income attributable to Albemarle Corporation

20,273




42,141



Mandatory convertible preferred stock dividends

(41,688)




(11,584)



Adjusted net (loss) income attributable to Albemarle Corporation common shareholders

$ (21,415)




$  30,557











Adjusted diluted (loss) earnings per share attributable to common shareholders

$     (0.18)




$      0.26











Adjusted weighted-average common shares outstanding – diluted

117,603




117,451











Net income attributable to Albemarle Corporation

$41,348


3.8 %


$    2,448


0.2 %

Add back:








Interest and financing expenses

48,977


4.5 %


37,969


2.8 %

Income tax (benefit)

(3,978)


(0.4) %


(3,721)


(0.3) %

Depreciation and amortization

161,754


15.0 %


123,751


9.1 %

EBITDA

248,101


23.0 %


160,447


11.8 %

Proportionate share of Windfield income tax expense

25,326


2.4 %


73,689


5.4 %

Non-operating pension and OPEB items

275


— %


(325)


— %

Non-recurring and other unusual items

(6,558)


(0.6) %


57,425


4.2 %

Adjusted EBITDA

$ 267,144


24.8 %


$ 291,236


21.4 %









Net sales

$  1,076,881




$  1,360,736



Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income, net. Non-operating pension and OPEB items were as follows (in thousands):


Three Months Ended


March 31,


2025


2024

Interest cost

$       8,810


$       8,505

Expected return on assets

(8,535)


(8,830)

Total

$          275


$        (325)

In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):


Three Months Ended


March 31,


2025


2024

Restructuring charges and asset write-offs (1)

$       (0.02)


$         0.23

Acquisition and integration related costs (2)

0.01


0.01

Loss in fair value of public equity securities (3)

0.03


0.35

Other (4)

(0.08)


(0.15)

Tax related items (5)

(0.12)


(0.10)

Total non-recurring and other unusual items

$       (0.18)


$         0.34



(1)

The Company took several actions during 2024 as part of a broader effort that will focus on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company's cost competitiveness and efficiency, reducing capital intensity and enhancing the Company's financial flexibility. Those actions included stopping construction of Kemerton Trains 3 and 4, as well as certain other capital projects, placing Kemerton Train 2 in care and maintenance and transitioning the Company's operating structure to a fully integrated functional model (excluding Ketjen). Subsequently, in early 2025, the Company announced its additional decision to put the Chengdu, China conversion plant into care and maintenance by mid-year 2025. As a result, the Company recorded restructuring and asset write-off charges of ($1.1 million) in Restructuring charges and asset write-offs and losses of $0.2 million in Other income, net for the three months ended March 31, 2025. Due to the impact of valuation allowances, this resulted in total after-tax gains of $2.1 million, or $0.02 per share for the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recorded restructuring and asset write-off charges of $33.5 million in Restructuring charges and asset write-offs and losses of $2.7 million in Other income, net. In total, this resulted in after-tax losses of ($27.0 million after income taxes, or $0.23 per share) for the three months ended March 31, 2024.



(2)

Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three months ended March 31, 2025 and 2024 were $1.4 million and $1.9 million ($1.1 million and $1.5 million after income taxes, or $0.01 and $0.01 per share), respectively.



(3)

Loss of $5.0 million ($3.9 million after income taxes, or $0.03 per share) recorded in Other income, net resulting from the net change in fair value of investments in public equity securities for the three months ended March 31, 2025. Losses of $33.7 million and $9.4 million recorded in Other income, net resulting from the sale of investments in public equity securities and the change in fair value of investments in public equity securities, respectively, for the three months ended March 31, 2024 ($41.1 million after income taxes, or $0.35 per share).



(4)

Other adjustments for the three months ended March 31, 2025 included amounts recorded in:


•

Selling, general and administrative expenses - $3.2 million of gains from the sale of assets at a site not part of our operations, partially offset by $0.6 million of expenses related to certain historical legal matters.

•

Other income, net - $9.8 million of income from PIK dividends of preferred equity in a Grace subsidiary and a $1.9 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses, partially offset by $1.9 million of charges for asset retirement obligations at a site not part of our operations.

After income taxes, these net gains totaled $9.8 million, or $0.08 per share.


Other adjustments for the three months ended March 31, 2024 included amounts recorded in:

•

Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.

•

Selling, general and administrative expenses - $0.1 million of expenses related to certain legal costs.

•

Other income, net - $17.3 million gain primarily from the sale of assets at a site not part of our operations, an $8.7 million gain from PIK dividends of preferred equity in a Grace subsidiary and a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations.


After income taxes, these net gains totaled $17.3 million, or $0.15 per share.



(5)

Included in Income tax benefit for the three months ended March 31, 2025 are discrete net tax benefits of $14.2 million, or $0.12 per share, primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.




Included in Income tax benefit for the three months ended March 31, 2024 are discrete net tax benefits of $12.3 million, or $0.10 per share primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.

See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reporting in accordance with GAAP (in thousands, except percentages).


(Loss) income
before income taxes
and equity in net
income of
unconsolidated
investments


Income tax (benefit)
expense


Effective income tax
rate

Three months ended March 31, 2025






As reported

$                     (18,966)


$                       (3,978)


21.0 %

Non-recurring, other unusual and non-operating pension and OPEB
items

(6,283)


14,792



As adjusted

$                     (25,249)


$                      10,814


(42.8) %







Three months ended March 31, 2024






As reported

$                   (167,574)


$                       (3,721)


2.2 %

Non-recurring, other unusual and non-operating pension and OPEB
items

57,100


17,407



As adjusted

$                   (110,474)


$                      13,686


(12.4) %

See below for the calculation of operating cash flow conversion, which the Company defines as Net cash provided by operating activities from the statement of cash flows divided by adjusted EBITDA, which is a non-GAAP measure. A reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reporting in accordance with GAAP, is provided in the above tables (in thousands, except percentages).


Three Months Ended


March 31, 2025

Net cash provided by operating activities

$                545,383

Less: Customer prepayment

350,000

Net cash provided by operating activities excluding customer prepayment

$                195,383



Adjusted EBITDA

$                267,144



Operating cash flow conversion

204 %

Operating cash flow conversion excluding customer prepayment

73 %

Contact:


invest@albemarle.com

1.980.299.5700

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-2025-results-302442938.html

SOURCE Albemarle Corporation

News Provided by PR Newswire via QuoteMedia

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Quarterly Activities/Appendix 5B Cash Flow Report

Quarterly Activities/Appendix 5B Cash Flow Report

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