Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2022. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.govedgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Highlights: Read More >>
Investing News NetworkYour trusted source for investing success
Helium Evolution
Integrated Cyber Solutions
Purepoint Uranium
Soma Gold Corp.
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports

Release - Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet And Market-Leading U.S. Uranium And Rare Earth Positions
News Provided by Channelchek via QuoteMedia
Energy Fuels Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Energy Fuels
Overview
Uranium demonstrated that despite disruptions and even a global pandemic, it is still one of the best-performing commodities in the resource industry, according to leading strategists. With the current demand for the valuable mineral outreaching present supply, the world is seeing a bullish uranium market like never before.
The biggest uranium producers in Canada, Australia, Kazakhstan and Namibia saw mine closures and production cuts in 2020, leading to a 13-million-pound decline but significantly higher prices for the mineral. With mining operations slowly coming back online, US and Western-centric uranium companies leverage a chance to get a head start on the international competition and bullish market conditions that are hard to ignore.
Energy Fuels Inc. (NYSE:UUUU) is the largest producer of uranium in the US and holds the biggest in-ground uranium resource portfolio of any producer or near-producer.
Energy Fuels is the only uranium producer with both conventional production and in situ recovery (ISR) in the US. Its standalone White Mesa Mill is the only conventional uranium mill in the country and leverages early-mover advantages in current production, scalability, capacity and regional dominance. In 2019, the White Mesa Mill became the number one producer of vanadium in the US, with production levels reaching 1.9 million pounds at 99.7 percent high-purity vanadium. And, in 2021, the White Mesa Mill began commercial production of an intermediate rare earth product at a stage more advanced than any other US company.
The mill boasts strategic positioning near highly prospective conventional uranium projects owned by Energy Fuels and other miners. This portfolio includes the La Sal and Henry Mountain/Bullfrog projects in Utah, the Roca Honda project in New Mexico, and the Sheep Mountain project in Wyoming. All projects host substantial uranium mineralization and benefit from mining-friendly conditions.
The company’s main, short-term conventional operation is the Pinyon Plain mine in Arizona. This high-grade uranium production asset could become the lowest-cost uranium mine in the U.S., leveraging advanced stage positioning. The asset is currently licensed, developed and being held on stand-by and well maintained by Energy Fuels in preparation for improving markets.
Energy Fuels offers excellent leverage to rising uranium prices and is well-positioned to capitalize on the growing need for additional domestic and global uranium supplies. The company also expects to earn additional revenue through third-party recycling and toll processing, production of other valuable minerals (including rare earth and vanadium), and other business opportunities at its White Mesa Mill.
In 2021, the company added Rare Earth Elements (REE) to its robust portfolio of critical metal production in an effort to transform the company into “America’s Critical Mineral Hub,” as described by Energy Fuels’ president and CEO Mark S. Chalmers. Future plans for the company include focusing on significant uranium production at the White Mesa Mill while also developing a complementary, fully integrated REE business.Energy Fuels could be the “missing link” in the US rare earth element production
Energy Fuels is moving fast to restore critical REE supply chains. The company began processing monazite to “mixed REE carbonate” – the most advanced REE material being produced in the US today. The company also started pilot-scale REE separation producing 99.8 percent purity NdPr oxide. Currently, Energy Fuels is conducting commercial-scale REE separation and production of mixed REE carbonate, containing 32 percent to 34 percent neodymium and praseodymium.
Energy Fuels entered into three long-term uranium sales contracts with US nuclear utilities for a total of 3 million pounds with deliveries to occur between 2023 and 2030. Total delivery quantities could increase to as much as 4.2 million pounds. In December 2022, Energy Fuels also received a contract to sell $18.5 million of natural uranium concentrates to the U.S. government for the establishment of a strategic uranium reserve.
The company completed the acquisition of 17 mineral concessions between the towns of Prado and Caravelas in Bahia, Brazil totaling 15,089.71 hectares. The Bahia property is a potentially low-cost, long-term source of “elements” which can produce 3,000 – 10,000 tonnes of monazite sand concentrate per year (1,500 – 5,000 tonnes TREO). The Bahia Project is 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.
“We figured that one of the best ways to secure additional sources of monazite is to own a mine. The project in Brazil has a very significant size and is scalable. We're still doing the due diligence and we're excited about it. It's our goal as Energy Fuels to be a fully integrated rare earth producer as well as the largest producer of uranium in the United States. When you invest in Energy Fuels, you get both uranium and rare earth and that is unique to Energy Fuels. Nobody else in the world provides that optionality,” said Mark Chalmers, president and CEO of Energy Fuels in an interview with INN.
Energy Fuels has an impressive management team consisting of resource development, finance and M&A heavyweights. With over a century of combined experience in related fields, this leadership primes the company for economic success and exciting uranium production expansion.
Company Highlights
- Energy Fuels is the largest uranium producer in the US and has received a contract to sell $18.5 million of uranium to the US Uranium Reserve.
- Energy Fuels is currently producing rare earth element (REE) carbonate – a product more advanced than any other US company, with a total production of approximately 205 tonnes of mixed REE carbonate, containing approximately 95 tonnes of total rare earth oxides (TREO) during the first nine months of 2022.
- The company is also quickly advancing toward full-integration of a US-centric rare earth supply chain. White Mesa Mill in Utah is the only conventional uranium and vanadium mill operating in the US. It leverages an impressive annual capacity of over 8 million pounds of uranium.
- The Nichols Ranch ISR project is an existing ISR facility in Wyoming, licensed to produce two million pounds of uranium per annum.
- The company completed the sale of three wholly owned subsidiaries that together hold Energy Fuels' Alta Mesa ISR Project to enCore Energy Corp. for a total consideration of $120 million.
- The company operates significant future scalability potential with three large-scale uranium projects containing over 50 million pounds of combined measured and indicated resources at the Sheep Mountain (fully-permitted), Roca Honda (advanced-stage permitting) and Bullfrog projects or Henry Mountains Complex (pre-permitting stage).
- The company executes its alliance with RadTran to evaluate the recovery of thorium and radium from its existing rare earth carbonate and uranium process streams for use in the production of medical isotopes for emerging targeted alpha therapy cancer therapeutics.
- Energy Fuels entered into three long-term uranium sales contracts with US nuclear utilities for a total of three million pounds with deliveries to occur between 2023 and 2030.
- The company acquired 17 mineral concessions totaling 15,089.71 hectares in Bahia, Brazil. The Bahia property is a potentially low-cost, long-term source of “elements” which can produce 3,000 to 10,000 tonnes of monazite sand concentrate per year (1,500 to 5,000 tonnes TREO).
Key Projects
White Mesa Mill
The White Mesa Mill is strategically located in southeast Utah, central to high-grade uranium and vanadium mines in the United States. The mill is the only fully licensed and operating conventional uranium mill in the United States and operates extensive controls to ensure air, water, wildlife and environmental sustainability. The White Mesa Mill just began production of an intermediate rare earth product (mixed rare earth carbonate) and also has the capability of producing a high-purity vanadium product.
Since 2013, the mill has produced over six million pounds of uranium, reaching highs of 917,000 pounds of uranium in 2018. The asset has a licensed capacity to produce over eight million pounds of uranium per year. The mill has an ideal positioning to generate revenue through third-party toll milling, recycling low-cost alternate feed materials and participating in the cleanup of historic uranium mines in the region.
White Mesa Mill provides the company with a multitude of business opportunities, including the production of uranium, rare earths and vanadium. The mill gives Energy Fuels early-mover domination in the uranium space as one of only two operating conventional uranium mills in North America
Project Highlights:
- The White Mesa Mill is the only facility in North America currently able to process monazite for recovery of REEs
- Mill has a licensed capacity to process ~720,000 tons of ore per year and is currently processing ~1,000 tons of monazite per year (~0.1 percent of annual capacity). The company aims to process ~15,000 to 30,000 tons of monazite per year (~2 to 4 percent of annual capacity)
- ~50 percent of feed is recovered as finished REE & uranium product
- Waste will use less than 2 percent of capacity in the existing, 1,000-year design tailings management system
Nichols Ranch ISR Project
The Nichols Ranch ISR project is located in the prolific Powder River Basin of Wyoming. Energy Fuels acquired this key production asset in 2015 through its acquisition of Uranerz Energy Corporation.
In 2017, Energy Fuels produced about 366,000 pounds of uranium at Nichols Ranch and produced over 140,000 pounds of uranium the year later. The company currently has an additional 34 wellfields permitted for future production as market conditions warrant, ensuring a long-term production profile.
The Nichols Ranch ISR project has measured and indicated mineral resources of 2.8 million pounds of uranium and 1.1 million tons of mineralized material at an average grade of 0.13 percent uranium oxide.
Project Highlights:
- Fully licensed by the US Nuclear Regulatory Commission
- Total licensed capacity of 2 million pounds of uranium per year
- Significant expansion potential
- Extensive controls are in place to ensure the protection of air, water, wildlife and the environment
Pinyon Plain Mine
The Pinyon Plain mine in Arizona is a licensed and substantially developed uranium mine that hosts the highest grade permitted mineralization in the US. The mine is currently on standby awaiting improved prices, and its surface infrastructure and production shaft are completed. Energy Fuels owns 100 percent of the asset.
The mine hosts measured and indicated uranium resources at 2.43 million pounds at average grades of 0.88 percent uranium. The company intends to ship ore produced from the mine to its White Mesa Mill for processing. Pinyon Plain also has the potential to become a significant copper producer with measured and indicated copper resources of 11.94 million pounds at average grades of 5.93 percent copper.
The asset could become the lowest-cost uranium mine in the US. The asset is currently on stand-by.
Henry Mountains Complex
The Henry Mountains complex is a contiguous group of uranium properties, including the Tony M and Southwest deposit and the Copper Bench and the Indian Bench (Bullfrog) deposits in Utah. Its NI 43-101 technical report shows approximately 2.5 million tons of indicated resources with an average grade of 0.27 percent uranium and approximately 1.61 million tons of inferred resources with an average grade of 0.25 percent uranium.
The fully-permitted and developed Tony M portion of the Henry Mountains complex is currently on standby, with the high-grade Bullfrog deposit preparing for permitting. Energy Fuels estimates Henry Mountain could produce up to 1.5 million pounds of uranium per year as a strategic asset near the company’s White Mesa Mill.
La Sal Complex
The La Sal complex is a fully permitted and developed series of mines, including four uranium and vanadium mines (La Sal, Beaver, Energy Queen and Pandora) connected by an extensive network of underground workings. The complex is located in the La Sal mining district, Utah along the La Sal trend, which runs east to west for about 20 miles. Energy Fuels owns 100 percent of La Sal.
Past exploration of the asset includes production in early 2013 and test mining in 2019, revealing high-grade uranium and vanadium. La Sal hosts measured and indicated mineral resources hovering 4.1 million pounds of uranium and 21.5 million pounds of vanadium at average grades of 0.18 percent uranium and 0.94 percent vanadium.
Moving forward, Energy Fuels plans to continue with its readiness activities and expects to complete a surface and underground drilling program at the La Sal complex to potentially expand the known uranium and vanadium resources in a future resource report.
Sheep Mountain Project
The Sheep Mountain project is a fully permitted conventional uranium mine located approximately eight miles south of Jeffrey City, Wyoming, on a land package totaling 4,475 acres. The project includes the Congo pit, a proposed open-pit development and the existing Sheep Mountain underground mine.
The Sheep Mountain mine is a formerly producing conventional uranium mine with the potential to become a long-term uranium production center at higher uranium prices. The project has a resource estimate of approximately 12.9 million tons of measured and indicated resources at an average grade of 0.12 percent uranium, including 18.4 million pounds of reserves.
Energy Fuels has already strategically acquired its final environmental impact statement and record of decision for the Sheep Mountain project, which was the last major government approval required to begin mining at this site. Energy Fuels plans to redevelop Sheep Mountain using conventional underground and open-pit mining methods with uranium produced in a new heap leach extraction process. The pre-feasibility study estimates Sheep Mountain can produce up to 1.5 million pounds of uranium annually over its 15-year lifespan.
Roca Honda
The Roca Honda project is located in northwest New Mexico within trucking distance of Energy Fuels’ White Mesa mill. Honda is one of the largest and highest-grade development-stage uranium projects in the US. Energy Fuels owns 100 percent of the project.
The project hosts 1.51 million tons of measured and indicated resources, with an average grade of 0.48 percent uranium containing 14.56 million pounds of uranium and an additional 1.20 million tons of inferred mineral resources with an average grade of 0.47 percent uranium containing 11.21 million pounds of uranium. Roca Honda has strategic positioning adjacent to General Atomics’ Mount Taylor mine and could see similarly successful yield as its geographic neighbor.
Energy Fuels is currently working towards advanced stages of permitting for Roca Honda and could see up to 2.7 million pounds of annual uranium production for the project over a nine-year mine life.
Management Team
Mark Chalmers - President and CEO
Mark Chalmers brings an extensive background in both the US and global uranium mining and processing industries to Energy Fuels. From 2011 to 2015, he served as executive general manager of Production for Paladin Energy Ltd., a uranium producer with assets in Australia and Africa, including the Langer Heinrich and Kayelekera mines, where he oversaw sustained, significant increases in production while reducing operating costs.
Chalmers also possesses extensive experience in ISR uranium production, including management of the Beverley Uranium Mine owned by General Atomics in Australia and the Highland mine owned by Cameco Corporation. Chalmers has consulted with several of the largest players in the uranium supply sector, including BHP Billiton, Rio Tinto and Marubeni and currently serves as the Chair of the Australian Uranium Council, a position he has held since 2007.
David C. Frydenlund - CFO, General Counsel and Corporate Secretary
David Frydenlund’s expertise extends to NRC, EPA, State and Federal regulatory and environmental laws and regulations. From 1997 to 2012, Frydenlund was VP of Regulatory Affairs, counsel and corporate secretary of Denison Mines Corp. and its predecessor International Uranium Corporation and was also a director of IUC from 1997 to 2006. From 1996 to 1997, Frydenlund was a VP of the Lundin Group of international public mining and oil and gas companies. Before, he was a partner with the Vancouver law firm of Ladner Downs, where his practice focused on corporate, securities and international mining transactions law. He was also an adjunct professor, corporate law, at the University of British Columbia Faculty of Law from 1990 to 1994.
Curtis H. Moore - VP of Marketing and Corporate Development
Curtis Moore is in charge of product marketing for Energy Fuels and is closely involved in mergers and acquisitions, investor relations, public relations, and corporate law. He has been with Energy Fuels for over 14 years, holding various roles of increasing responsibility. Prior, Moore worked in multi-family real estate development, government relations and public affairs, production homebuilding and private law practice. He is a licensed attorney in the State of Colorado.
Energy Fuels Announces Sale of Secured Convertible Note and Receipt of Payment in Full for Prior Sale of Alta Mesa ISR Project
Together with $41.8 million previously paid by enCore, net proceeds from the Note total $64.2 million
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ) is pleased to announce that, on November 9, 2023 it sold to MMCAP International Inc. SPC (" MMCAP ") the remaining unpaid balance of $20 million owed under the Secured Convertible Note (the " Note ") issued to the Company by enCore Energy Corp. (" enCore ") as partial consideration for enCore's purchase of the Alta Mesa In-Situ Recovery Project (the " Alta Mesa Sale "), as previously announced on February 15, 2023 for total consideration of $21 million plus $1.5 million in unpaid accrued interest, less a sales commission of $100,000 paid to a third-party broker. As disclosed in the Company's Form 10-Q for the quarter ended September 30, 2023 enCore previously paid $40 million toward the $60 million principal Note balance and $1.8 million of interest to the Company in partial fulfillment of its obligations under the Note. As a result of enCore's earlier paydown and the $22.4 million received in connection with the Note's sale, the Company has now received payment in full for the Alta Mesa Sale, and no further consideration is owed in connection therewith. All references to dollar amounts in this press release are references to US$.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , 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, and 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 .
Cautionary Note 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 critical minerals company or as the leading producer of uranium in the U.S. 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; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element oxides or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for rare earth elements; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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.
View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-announces-sale-of-secured-convertible-note-and-receipt-of-payment-in-full-for-prior-sale-of-alta-mesa-isr-project-301985267.html
SOURCE Energy Fuels Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2023/13/c1881.html
News Provided by Canada Newswire via QuoteMedia
Energy Fuels Announces Q3-2023 Results, Including Net Income, Continued Significant Increase in Working Capital, Profitable Uranium Sales, and Continued Progress on Development of Uranium Mines and Rare Earth Separation Capabilities
Conference Call and Webcast on November 6, 2023
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended September 30, 2023. The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
- As of September 30, 2023 , the Company had a robust balance sheet with $162.50 million of working capital (versus $116.97 million as of December 31, 2022 ), including $54.54 million of cash and cash equivalents, $70.62 million of marketable securities, $27.66 million of inventory, and no debt. At current commodity prices, the Company's product inventory has a value of approximately $49.09 million ;
- During the three months ended September 30, 2023 , the Company earned net income of $10.47 million , or $0.07 per share, which included: (i) the sale of 180,000 pounds of uranium (" U 3 O 8 ") to a major U.S. nuclear utility for $10.47 million , resulting in a gross profit of $5.21 million (50%); (ii) sale of 26 metric tons (" MT ") of RE Carbonate for $0.29 million ; (iii) a non-cash mark-to-market gain on investments accounted for at fair value of $8.89 million ; (iv) a non-cash unrealized gain on the secured convertible note received by the Company as partial consideration for the sale of the Company's Alta Mesa Project in Q1 2023 of $7.22 million ; and (v) interest income of $0.44 million ; partially offset by (i) expenses associated with preparing four (4) of our uranium mines for production; and (ii) expenses associated with developing commercial rare earth element (" REE ") separation capabilities.
- As of September 30, 2023 , the Company held 586,000 pounds of U 3 O 8 , 906,000 pounds of finished vanadium pentoxide (" V 2 O 5 "), and 11 MT of finished high-purity, partially separated mixed REE carbonate (" RE Carbonate ") in inventory.
- The Company holds an additional 409,000 lbs. of U 3 O 8 as raw materials and work-in-progress inventory, along with an estimated 1 - 3 million pounds of solubilized V 2 O 5 in tailings solutions that could be recovered in the future.
Uranium Highlights:
- During Q3-2023, the Company completed the sale of 180,000 pounds of U 3 O 8 to a major U.S. nuclear utility for $10.47 million , or $58.18 per pound, which resulted in a gross profit of $5.21 million or $28.93 per pound of U 3 O 8 . This sale resulted in a gross margin of 50% per pound of uranium. This was the Company's second delivery under its new portfolio of long-term uranium sales agreements.
- In 2023, the Company has sold a total of 560,000 pounds of uranium for a weighted average realized price of $59.42 per pound resulting in a gross margin of 54%. The Company has no additional contract deliveries scheduled for the remainder of 2023.
- Over the past several months, the Company has made significant progress in preparing four (4) of our conventional uranium and uranium/vanadium mines to be ready to resume production, including significant workforce expansion, and performing needed rehabilitation and development of surface and underground infrastructure. We expect to begin production at one or more of these mines by early 2024, with the mined material being stockpiled at the White Mesa Mill (the " Mill ') until such time that sufficient material is accumulated to justify a mill campaign, which is expected to occur in late-2024 or early-2025.
- As of October 27, 2023 , the spot price of U 3 O 8 was $73.50 per pound and the long-term price of U 3 O 8 , which is the price most relevant for long-term uranium sales contracts, was $62.00 per pound, according to data from TradeTech.
Rare Earth Element Highlights:
- In early 2023, the Company began modifying and enhancing its existing solvent extraction (" SX ") circuits at the Mill to be able to produce separated REE oxides (" Phase 1 "). The Company has begun this development work in its existing SX building, and most of the major components for this project are currently being delivered to the Mill on time and on-budget.
- "Phase 1" is expected to be completed and fully commissioned by early 2024 and have the capacity to produce roughly 800 to 1, 000 MT of recoverable separated neodymium-praseodymium (" NdPr ") oxide per year, subject to securing sufficient monazite feed. "Phase 1" is expected to position Energy Fuels as one of the world's leading producers of NdPr outside of China .
- "Phase 1" capital costs are expected to total approximately $25 million . 1, 000 MT of NdPr in permanent magnets could power up to 1 million electric vehicles (" EVs ") per year.
- The Company is engineering further enhancements at the Mill to increase NdPr production capacity to up to approximately 3, 000 MT per year by 2026/2027 (" Phase 2 "), and to produce separated dysprosium (" Dy "), terbium (" Tb ") and potentially other advanced REE materials in the future from monazite and potentially other REE process streams by 2027/2028 ( "Phase 3" ).
- During the first half of 2023, the Company completed 2,266 meters of sonic drilling at its Bahia Project in Brazil to confirm and further delineate the rare earth, titanium, and zirconium mineralization. The Company expects to commence further sonic drilling later in Q4-2023. Drilling results from the first round of drilling are expected in early 2024 at which time the Company plans to commence preparation of an SK-1300 and NI 43-101 compliant mineral resource estimate.
- The Company continues active discussions with several additional suppliers of natural monazite around the world to significantly increase the supply of feed for our growing REE initiative.
- As of October 27, 2023 , the spot price of NdPr oxide was approximately $69.64 per kg, according to data from Asian Metal.
Vanadium Highlights:
- During the three months ended September 30, 2023 , the Company sold no vanadium.
- The Company produces high-purity V 2 O 5 from time-to-time when the Mill schedule allows and carries that material in inventory for sale into market strength, including during Q1-2023 when the Company sold approximately 79,344 pounds of V 2 O 5 for an average realized sales price of $10.98 per pound.
- The Company currently holds approximately 906,000 pounds of V 2 O 5 in inventory.
- As of October 27, 2023 , the spot price of V 2 O 5 was $6.73 per pound, according to data from Fastmarkets.
Medical Isotope Highlights:
- The Company continued advancing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy (" TAT ") cancer therapeutics.
Mark S. Chalmers , Energy Fuels' President and CEO, stated:
"Energy Fuels continued to make excellent progress during Q3-2023 in creating a U.S. critical mineral hub for the production of uranium, rare earth elements, vanadium, and potentially radioisotopes for the development of medical isotopes. Energy Fuels has been the largest producer of uranium in the U.S. for the past several years, and we are commercially producing the most advanced rare earth materials in the U.S. while moving further down the rare earth supply chain.
"On uranium, we completed the sale of 180,000 pounds of uranium to one of our utility customers under one of our long-term contracts, realizing total proceeds of $10.47 million , or $58.18 per pound of U 3 O 8 , slightly beating our previous guidance of $54 - $58 per pound. We also continued preparing four (4) of our conventional uranium mines for production, which together, have the ability to produce 1 million to 1.3 million pounds of uranium per year, not including vanadium credits of potentially 2 million pounds per year, at full production rates. We expect to begin production at one or more of these mines by early 2024, with the mined material being stockpiled at the White Mesa Mill until a sufficient quantity is accumulated to justify a mill campaign, which is expected to occur in late-2024 or early-2025, subject to contract requirements and successful operations.
"There are significant 'tailwinds' currently driving uranium markets, including increasing prices and government policies. Uranium spot prices are up over 50% in 2023, which is improving our expected contract sales prices, increasing the value of our significant inventories, and increasing the value of our resources. At the same time, uranium spot markets are very tight, considerable money is flowing into the sector, geopolitical factors and security of supply are paramount, and market prices remain significantly at or below the levels needed to incentivize large-scale new production and below inflation-adjusted highs. These dynamics could cause prices to continue to rise higher, perhaps significantly so.
"Energy Fuels also remains on schedule to complete 'Phase 1' of our rare earth project at the White Mesa Mill in Utah , which involves modifications and enhancements to the Mill's existing SX building that are expected to have the capacity to produce approximately 800 - 1,000 metric tons of separated NdPr oxide per annum. We are refurbishing the Mill's existing SX building as part of this process, and we have completed the installation of a new roof and new concrete pads for the SX cells, tanks, pumps, and other equipment. We are also receiving the new SX cells, which are expected to be installed in Q4-2023. Upon successful ramp-up of the modified SX circuit and receipt of sufficient monazite feed, Energy Fuels is expected to be the first U.S. company in many years with the ability to produce commercial quantities of NdPr oxide, which is a key ingredient in powerful permanent rare earth magnets used in electric vehicles, wind generators, and other technologies.
"Later this year, we continue to expect to begin pilot work on 'heavy' rare earth separation, including the production of separated dysprosium (Dy) and terbium (Tb) oxides. At the same time, we continue to move our Bahia Rare Earth Project in Brazil forward toward production and secure additional sources of monazite supply to process at the Mill for rare earth production, while advancing discussions with end-users.
"Energy Fuels' business strategy and execution sits at an intersection of rapidly growing commodity markets, critical to the clean energy transition. And, as a U.S. company, we offer customers security of supply and insulation from geopolitical turmoil. We plan to continue to leverage these unique advantages to the benefit of our shareholders as we rapidly advance our plans."
Conference Call and Webcast at 4:00 pm ET on November 6, 2023:
Energy Fuels will be hosting a conference call and webcast on November 6, 2023 at 4:00 pm ET ( 2:00 pm MT ) to discuss our Q3-2023 financial results, the outlook for the remainder of 2023, and our uranium, rare earths, vanadium, and medical isotopes initiatives.
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call: RAPIDCONNECT
Alternatively, you may dial in to the conference call by calling 1-888-664-6392, and you will be connected to the call by an Operator.
You may also access viewer-controlled Webcast slides and/or stream the call by following this link: WEBCAST
A replay of the call will be available until November 20, 2023 by calling (888) 390-0541 or (416) 764-8677 and entering the replay code, 368182#
Selected Summary Financial Information:
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
$000's, except per share data | 2023 | 2022 | 2023 | 2022 | |||
Results of Operations: | |||||||
Uranium concentrates revenues | $ 10,473 | $ — | $ 33,278 | $ — | |||
Vanadium concentrates revenues | — | 1,071 | 871 | 8,778 | |||
RE Carbonate revenues | 288 | 1,673 | 2,559 | 2,122 | |||
Total revenues | 10,987 | 2,933 | 37,463 | 12,337 | |||
Gross profit | 5,439 | 1,404 | 19,282 | 4,497 | |||
Operating loss | (6,944) | (13,664) | (18,011) | (30,584) | |||
Net income (loss) | 10,469 | (9,254) | 119,849 | (42,043) | |||
Basic net income (loss) per common share | 0.07 | (0.06) | 0.76 | (0.27) | |||
Diluted net income (loss) per common share | 0.07 | (0.06) | 0.75 | (0.27) |
As of | As of | ||||
$000's | September 30, 2023 | December 31, 2022 | Percent Change | ||
Financial Position: | |||||
Working capital | $ 162,495 | $ 116,966 | 39 % | ||
Current assets | 168,769 | 135,590 | 24 % | ||
Property, plant and equipment, net | 20,208 | 12,662 | 60 % | ||
Mineral properties | 117,096 | 83,539 | 40 % | ||
Total assets | 401,194 | 273,947 | 46 % | ||
Current liabilities | 6,274 | 18,624 | (66) % | ||
Total liabilities | 17,866 | 29,538 | (40) % |
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , 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, and 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 .
Cautionary Note 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 critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation that the Mill will be successful in producing RE Carbonate on a full-scale commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any such initiatives and the expected production capacity or capital costs associated with any such production capabilities; any expectation that the Company's planned Phase 1 separation facility will position the Company as one of the world's leading producers of NdPr outside of China ; any expectation as to the quantity of U 3 O 8 and V 2 O 5 the Company may hold as raw material and work-in-progress inventory or solubilized in tailings solution and the Company's ability to recover any such inventories in the future; any expectation with respect to the quantities of monazite to be acquired by Energy Fuels, or the quantities of RE Carbonate or REE oxides to be produced by the Mill; any expectation that the Company may sell its separated NdPr oxide to electric vehicle manufacturers or move furthur down the rare earth supply chain; any expectation that the Bahia Project has the potential to feed the Mill with REE and uranium-bearing monazite sand; any expectation that the Company will commence further sonic drilling at its Bahia Project in Q4-2023, announce drilling results in early 2024, or commence preparation of an SK-1300 and NI 43-101 compliant mineral resource estimate during 2024, or otherwise; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all; any expectation that there are significant "tailwinds" driving uranium markets or that any such forces will continue and any expectations that these or other dynamics could cause prices to continue to rise higher; and any expectation that as a U.S. Company, the Company will offer its customers security of supply and insulation from geopolitical turmoil or that the Company can continue to leverage its advantages to the benefit of its shareholders. 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; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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.
SOURCE Energy Fuels Inc.

View original content: http://www.newswire.ca/en/releases/archive/November2023/03/c0737.html
News Provided by Canada Newswire via QuoteMedia
Energy Fuels Announces Q2-2023 Results, Including Growing Working Capital, Commercial Uranium and Rare Earth Sales, and Continued Progress on Development of Rare Earth Separation Capabilities in Utah
Conference Call and Webcast on August 7, 2023
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2023. The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
- As of June 30, 2023 , the Company had a robust balance sheet with $134.36 million of working capital (versus $116.97 million as of December 31, 2022 ), including $35.59 million of cash and cash equivalents, $64.12 million of marketable securities, $32.98 million of inventory, and no debt. At current commodity prices, the Company's product inventory has a value of approximately $50.51 million ;
- During the three months ended June 30, 2023 , the Company incurred a net loss of $4.89 million , or $0.03 per share, which included: (i) the sale of 80,000 pounds of uranium (" U 3 O 8 ") to a major U.S. nuclear utility for $4.34 million , resulting in a gross profit of $2.00 million (46%); (ii) sale of 127 metric tons (" MT ") of RE Carbonate for $2.27 million ; (iii) a gain of $2.75 million on the sale of our Prompt Fission Neutron (" PFN ") Assets; (iv) a non-cash mark-to-market gain on investments accounted for at fair value of $0.77 million ; (v) interest income of $1.74 million ; (vi) increased expenses associated with preparing four (4) of our uranium mines for production; and (vii) expenses associated with developing commercial rare earth element (" REE ") separation capabilities.
- As of June 30, 2023 , the Company held 766,000 pounds of finished U 3 O 8 , 906,000 pounds of finished V 2 O 5 , and 37 MT of finished high-purity, partially separated mixed REE carbonate (" RE Carbonate ") in inventory.
- The Company holds an additional 403,000 lbs. of U 3 O 8 as raw materials and work-in-progress inventory, along with 1 - 3 million pounds of solubilized V 2 O 5 in tailings solutions that could be recovered in the future.
Uranium Highlights:
- During Q2-2023, the Company completed the sale of 80,000 pounds of U 3 O 8 to a major U.S. nuclear utility for $4.34 million , or $54.19 per pound, which resulted in a gross profit of $2.00 million or $24.97 per pound of U 3 O 8 . This sale resulted in a gross margin of 46% per pound of uranium. This was the Company's first delivery under its new portfolio of long-term uranium sales agreements.
- So far in 2023, the Company has sold a total of 380,000 pounds of uranium for a weighted average realized price of $60.01 per pound resulting in a gross margin of 56%.
- During 2023, the Company expects to sell an additional 180,000 pounds of U 3 O 8 into its current portfolio of supply agreements with U.S. nuclear utilities at an expected sales price of approximately $54 - $58 per pound (depending on inflation and spot price activity), resulting in an estimated 46% - 50% gross margin.
- Over the past several months, the Company has made significant progress in preparing four (4) of our conventional uranium and uranium/vanadium mines to be ready to resume ore production, including significant workforce expansion and performing needed rehabilitation and development of surface and underground infrastructure.
- On May 3, 2023 , the Company completed the sale of its PFN in situ uranium assaying tool assets, including the underlying contracts, technology, licenses and intellectual property, to enCore Energy in exchange for cash consideration received at closing of $3.10 million . At closing, the PFN Assets, which the Company had purchased in 2020 for cash consideration of $0.5 million , had a net book value of $0.35 million . The PFN Assets were used exclusively at the Alta Mesa ISR Project and are not required for any of the Company's other properties. Should the Company have the need for the use of a PFN tool in the future, the Company retained a 20-year usage right, subject to the availability of the PFN Assets, to purchase, lease and/or license at least one PFN tool and all related and/or required equipment, technology and licenses on commercially reasonable terms.
- As of July 28, 2023 , the spot price of U 3 O 8 was $56.20 per pound according to data from TradeTech.
Rare Earth Element Highlights:
- During the three months ended June 30, 2023 , the Company produced approximately 99 MT of high-purity, partially separated mixed RE Carbonate from monazite, containing approximately 44 MT of total rare earth oxides (" TREO "), which continues to be the most advanced REE material being produced commercially in the U.S. today.
- In early 2023, the Company began modifying and enhancing its existing solvent extraction (" SX ") circuits at the Mill to be able to produce separated REE oxides (" Phase 1 "). The Company has begun this development work in its SX building and ordered most of the major components for this project, which are expected to be delivered to the Mill in Q3-2023.
- "Phase 1" is expected to be completed and fully commissioned by late 2023 or early 2024 and have the capacity to produce roughly 800 to 1, 000 MT of recoverable separated neodymium-praseodymium (" NdPr ") oxide per year, subject to securing sufficient monazite feed. "Phase 1" is expected to position Energy Fuels as one of the world's leading producers of NdPr outside of China .
- "Phase 1" capital costs are expected to total approximately $25 million . 1, 000 MT of NdPr in permanent magnets could power up to 1 million electric vehicles (" EVs ") per year.
- The Company is engineering further enhancements at the Mill to increase NdPr production capacity to up to approximately 3, 000 MT per year by 2026 (" Phase 2 "), and to produce separated dysprosium (" Dy "), terbium (" Tb ") and potentially other advanced REE materials in the future from monazite and potentially other REE process streams by 2027 ( "Phase 3" ).
- During the first half of 2023, the Company completed 2,266 meters of sonic drilling at its Bahia Project in Brazil to confirm and further delineate the rare earth, titanium, and zirconium mineralization. The Company expects to commence further sonic drilling in Q3-2023, announce drilling results later this year, and commence preparation of an SK-1300 and NI 43-101 compliant mineral resource estimate.
- The Company continues active discussions with several additional suppliers of natural monazite around the world to significantly increase the supply of feed for our growing REE initiative.
- As of July 28, 2023 , the spot price of NdPr oxide was approximately $65.42 per kg, according to data from Asian Metal.
Vanadium Highlights:
- During the three months ended June 30, 2023 , the Company sold no vanadium.
- The Company produces high-purity V 2 O 5 from time-to-time when the Mill schedule allows and carries that material in inventory for sale into market strength, including during Q1-2023 when the Company sold approximately 79,344 pounds of V 2 O 5 for an average realized sales price of $10.98 per pound.
- The Company currently holds approximately 906,000 pounds of V 2 O 5 in inventory.
- As of July 28, 2023 , the spot price of V 2 O 5 was $8.23 per pound, according to data from Fastmarkets.
Medical Isotope Highlights:
- The Company continued advancing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy (" TAT ") cancer therapeutics.
Mark S. Chalmers , Energy Fuels' President and CEO, stated:
"Energy Fuels continued to make excellent progress on all aspects of our core uranium and rare earth businesses during Q2-2023.
"We completed the sale of 80,000 pounds of uranium to one of our utility customers under one of our long-term contracts. We expect to make another sale of 180,000 pounds of uranium under another long-term contract later this year. Depending on inflation and spot price activity, we expect that sale to be at a price of $54 - $58 per pound. We also continued preparing four (4) of our conventional uranium mines for production, and we expect at least one to be ready to commercially produce uranium ore later this year.
"Energy Fuels also remains on schedule to complete 'Phase 1' of our rare earth project at the White Mesa Mill in Utah , which involves modifications and enhancements to the Mill's existing SX building that are expected to have the capacity to produce approximately 800 - 1,000 metric tons of separated NdPr oxide per annum. We are also refurbishing the Mill's existing SX building as part of this process, and we have completed the installation of a new roof and new concrete pads for the SX cells, tanks, pumps, and other equipment. We also received the first new SX cells, which has allowed us to perform tests to confirm and optimize the physical characteristics of the separations. We expect to receive and install the remainder of the new SX cells and other equipment in Q3. Upon successful ramp-up of the modified SX circuit and receipt of sufficient monazite feed, Energy Fuels is expected to be the first U.S. company in many years with the ability to produce commercial quantities of NdPr oxide, which is a key ingredient in powerful permanent rare earth magnets used in electric vehicles, wind generators, and other technologies.
"Later this year, we expect to begin pilot work on 'heavy' rare earth separation, including the production of separated dysprosium (Dy) and terbium (Tb) oxides. At the same time, we continue to move our Bahia Rare Earth Project in Brazil forward toward production and to secure additional sources of monazite supply to process at the Mill for rare earth production.
"To say Energy Fuels continues to make rapid and extraordinary progress on creating a 'critical mineral hub' in Utah to help the United States 're-shore' critical mineral capabilities required for many advanced clean energy, defense, and other technologies is truly an understatement."
Conference Call and Webcast at 4:00 pm ET on August 7, 2023:
Energy Fuels will be hosting a conference call and webcast on August 7, 2023 at 4:00 pm ET ( 2:00 pm MT ) to discuss its Q2-2023 financial results, the outlook for the remainder of 2023, and its uranium, rare earths, vanadium, and medical isotopes initiatives.
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call: RAPIDCONNECT
Alternatively, you may dial in to the conference call by calling 1-888-664-6392, and you will be connected to the call by an Operator.
You may also access viewer-controlled Webcast slides and/or stream the call by following this link: WEBCAST
A replay of the call will be available until August 21, 2023 by calling (888) 390-0541 or (416) 764-8677 and entering the replay code, 682077#
Selected Summary Financial Information:
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
$000's, except per share data | 2023 | 2022 | 2023 | 2022 | |||
Results of Operations: | |||||||
Uranium concentrates revenues | $ 4,335 | $ — | $ 22,805 | $ — | |||
Vanadium concentrates revenues | — | 5,295 | 871 | 7,707 | |||
RE Carbonate revenues | 2,271 | 449 | 2,271 | 449 | |||
Total revenues | 6,863 | 6,467 | 26,476 | 9,404 | |||
Gross profit | 2,496 | 3,048 | 13,843 | 3,093 | |||
Operating loss | (10,663) | (6,707) | (11,068) | (16,920) | |||
Net income (loss) | (4,885) | (18,059) | 109,379 | (32,789) | |||
Basic net income (loss) per common share | (0.03) | (0.11) | 0.69 | (0.21) | |||
Diluted net income (loss) per common share | (0.03) | (0.11) | 0.69 | (0.21) |
As of | As of | ||||
$000's | June 30, 2023 | December 31, 2022 | Percent Change | ||
Financial Position: | |||||
Working capital | $ 134,363 | $ 116,966 | 15 % | ||
Property, plant and equipment, net | 17,427 | 12,662 | 38 % | ||
Mineral properties | 115,715 | 83,539 | 39 % | ||
Current assets | 139,932 | 135,590 | 3 % | ||
Total assets | 372,075 | 273,947 | 36 % | ||
Current liabilities | 5,569 | 18,624 | (70) % | ||
Total liabilities | 16,929 | 29,538 | (43) % |
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , 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 w ww.energyfuels.com .
Cautionary Note 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 critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation that the Mill will be successful in producing RE Carbonate on a full-scale commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any such initiatives and the expected production capacity or capital and operating costs associated with any such production capabilities; any expectation with respect to the quantities of monazite to be acquired by Energy Fuels, the quantities of RE Carbonate or REE oxides to be produced by the Mill or the quantities of contained TREO in the Mill's RE Carbonate; any expectation that the Company may sell its separated NdPr oxide to electric vehicle manufacturers; any expectation that the Bahia Project has the potential to feed the Mill with REE and uranium-bearing monazite sand; any expectation that the Company will commence further sonic drilling at its Bahia Project in Q3-2023, announce drilling results later this year, or commence preparation of an SK-1300 and NI 43-101 compliant mineral resource estimate during 2023, or otherwise; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes can be recovered at the Mill will be sold on a commercial basis; any expectation that the Company will make rapid and substantial progress on creating a 'critical mineral hub' in Utah to help the United States 're-shore' critical mineral capabilities required for many advanced clean energy, defense, and other technologies; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all. 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; the availability of sources of Alternate Feed Materials and other feed sources for the Mill; competition from other producers; public opinion; government and political actions; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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.
View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-announces-q2-2023-results-including-growing-working-capital-commercial-uranium-and-rare-earth-sales-and-continued-progress-on-development-of-rare-earth-separation-capabilities-in-utah-301893959.html
SOURCE Energy Fuels Inc.

View original content to download multimedia: https://www.newswire.ca/en/releases/archive/August2023/04/c4980.html
News Provided by Canada Newswire via QuoteMedia
Energy Fuels Announces Election of Directors - May 27, 2023
Energy Fuels Inc.(NYSE American: UUUU) (TSX: EFR) (" Energy Fuels" or the "Company"), a leading U.S.-based critical minerals company, announces the results of the election of directors at its annual meeting of shareholders (the "Meeting") held virtually on May 25, 2023.
The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows:
About Energy Fuels:
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, 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 U3O8 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 U3O8 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.
Energy Fuels Announces Q1-2023 Results, Including Net Income of $114.26 million, $143.61 million of Working Capital, $19.34 million of Uranium and Vanadium sales and Commencement of Development of Rare Earth Separation Capabilities in Utah
Conference Call and Webcast on May 9, 2023
The Company sold 300,000 pounds of uranium at a gross margin of 58%, 79,344 pounds of vanadium at a gross margin of 37%, and the Alta Mesa property for a total gain of $116.45 million ; Working capital increased, total assets increased, and total liabilities decreased.
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended March 31, 2023. The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
- As of March 31, 2023 , the Company had a robust balance sheet with $143.61 million of working capital (versus $116.97 million at December 31, 2022 ), including $43.83 million of cash and cash equivalents, $60.44 million of marketable securities, $38.00 million of inventory, and no debt. At current commodity prices, the Company's product inventory has a value of $52.53 million ;
- During the three months ended March 31, 2023 , the Company realized net income of $114.26 million , or $0.72 per share, primarily due to: (i) a net gain of $116.45 million on the sale of the Company's Alta Mesa in situ recovery (" ISR ") project in Texas ; (ii) a net gain of $10.76 million on the sale of 300,000 pounds of uranium (" U 3 O 8 ") to the U.S. Uranium program; (iii) a net gain of $0.32 million on the sale of 79,344 pounds of vanadium (" V 2 O 5 "); (iv) increased expenses associated with preparing four (4) of our uranium mines for production; (v) expenses associated with developing commercial rare earth element (" REE ") separation capabilities; and (vi) a non-cash mark-to-market loss on investments accounted for at fair value of $2.96 million .
- The Company realized a total gross margin of 57% on its product sales during Q1-2023, including 58% on its uranium sale and 37% on its vanadium sales.
- At March 31, 2023 , the Company's total assets and current assets increased by 37% and 10%, respectively, and total liabilities and current liabilities decreased by 44% and 72%, respectively, as compared to December 31, 2022 .
- As of March 31, 2023 , the Company held 847,000 pounds of finished U 3 O 8 , 906,000 pounds of finished V 2 O 5 , and 250 metric tons (" MT ") of finished high-purity, partially separated mixed REE carbonate (" RE Carbonate ") in inventory.
- The Company holds an additional 394,000 lbs. of U 3 O 8 as raw materials and work-in-progress inventory, along with 1 - 3 million pounds of solubilized V 2 O 5 in tailings solutions that could be recovered in the future.
Uranium Highlights:
- During Q1-2023, the Company completed the sale of 300,000 pounds of U 3 O 8 to the U.S. Uranium Reserve realizing total gross proceeds of $18.47 million , or $61.57 per pound of U 3 O 8 . This sale resulted in a gross margin of approximately $35.85 per pound of uranium, or a gross margin of 58%.
- During 2023, the Company expects to sell an additional 200,000 to 260,000 pounds of U 3 O 8 into its current portfolio of supply agreements with U.S. nuclear utilities at an expected sales price of approximately $54 - $58 per pound, resulting in an estimated 46% - 50% gross margin.
- During Q1-2023, the Company purchased a total of 120,000 pounds of U.S.-origin U 3 O 8 on the spot market for a weighted-average price of $50.25 per pound.
- Over the past several months, the Company has made significant progress in preparing four (4) of our conventional uranium and uranium/vanadium mines to be ready to resume ore production, including significant workforce expansion and performing needed rehabilitation and development of surface and underground infrastructure.
- On February 15, 2023 , the Company announced it had completed its previously announced sale of its Alta Mesa ISR Project to enCore Energy Corp. (" enCore ") for total consideration of $120 million , comprised of $60 million in cash and $60 million in a secured convertible note bearing interest at a rate of eight percent (8%) per annum, convertible into common shares of enCore at a price of $2.9103 per share. This sale of a lower priority project provides Energy Fuels with significant additional cash and working capital, enabling the Company to ramp-up its US industry-leading uranium and REE production, while avoiding dilution to shareholders.
- In connection with the Alta Mesa Transaction, on May 3, 2023 , the Company completed the sale of its Prompt Fission Neutron assets, including the underlying contracts, technology, licenses and intellectual property (collectively, the " PFN Assets "), to enCore in exchange for cash consideration received at closing of $3.10 million . At closing, the PFN Assets, which the Company had purchased in 2020 for cash consideration of $0.5 million , had a net book value of $0.35 million . The PFN Assets were used exclusively at the Alta Mesa ISR Project and are not required for any of the Company's other properties. Should the Company have the need for the use of a PFN tool in the future, the Company retained a 20-year usage right, subject to the availability of the PFN Assets, to purchase, lease and/or license at least one PFN tool and all related and/or required equipment, technology and licenses on commercially reasonable terms.
- As of April 28 , the spot price of U 3 O 8 was $53.75 per pound according to data from TradeTech.
Rare Earth Element Highlights:
- During the three months ended March 31, 2023 , the Company produced approximately 250 MT of high-purity, partially separated mixed RE Carbonate from monazite, containing approximately 115 MT of total rare earth oxides (" TREO "), which is the most advanced REE material being produced commercially in the U.S. today.
- The Company has in circuit an additional 65 to 115 MT of RE Carbonate, containing 35 to 55 MT of TREO, which it expects to package for sale during the second quarter of 2023.
- In early 2023, the Company began modifying and enhancing its existing solvent extraction (" SX ") circuits at the Mill to be able to produce separated REE oxides (" Phase 1 "). The Company has begun this development work in its SX building and ordered most of the major components for this project, which are expected to be delivered to the Mill in Q3-2023. "Phase 1" is expected to be completed and fully commissioned by late 2023 or early 2024 and have the capacity to produce roughly 800 to 1, 000 MT of recoverable separated neodymium-praseodymium (" NdPr ") oxide per year, subject to securing sufficient monazite feed. "Phase 1" is expected to position Energy Fuels as one of the world's leading producers of NdPr outside of China . "Phase 1" capital costs are expected to total approximately $25 million . 1, 000 MT of NdPr in permanent magnets could power up to 1 million electric vehicles (" EVs ") per year.
- The Company is engineering further enhancements at the Mill to increase NdPr production capacity to up to approximately 3, 000 MT per year by 2026 (" Phase 2 "), and to produce separated dysprosium (" Dy "), terbium (" Tb ") and potentially other advanced REE materials in the future from monazite and potentially other REE process streams by 2027 ( "Phase 3" ).
- On February 13, 2023 , the Company announced it had completed its previously announced acquisition of a large heavy mineral sands project in Brazil (the " Bahia Project "), which has the potential to supply the Company's growing REE business with 3,000 - 10, 000 MT of REE-bearing natural monazite sand per year for decades. The Bahia Project also contains significant quantities of high-value titanium (ilmenite and rutile) and zirconium (zircon) minerals.
- During Q1-2023, the Company completed 2,266 meters of sonic drilling at the Bahia Project to confirm and further delineate the rare earth, titanium, and zirconium mineralization. The Company expects to commence further sonic drilling in Q3-2023, announce drilling results later this year, and commence preparation of an SK-1300 and NI 43-101 compliant mineral resource estimate.
- The Company continues active discussions with several additional suppliers of natural monazite around the world to significantly increase the supply of feed for our growing REE initiative.
- As of April 28 , the spot price of NdPr oxide was $64 per kg, according to data from Asian Metal.
Vanadium Highlights:
- During Q1-2023, the Company sold approximately 79,344 pounds of existing V 2 O 5 inventory, for an average weighted sales price of $10.98 per pound of V 2 O 5 , for a total gross margin of 37%.
- Due to the high-purity of the Company's vanadium product, these sales occurred at a premium to V 2 O 5 spot prices prevailing at the time of the sales.
- As of April 28 , the spot price of V 2 O 5 was $9.75 per pound, according to data from Fastmarkets.
Medical Isotope Highlights:
- The Company continued advancing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy (" TAT ") cancer therapeutics.
Mark S. Chalmers , Energy Fuels' President and CEO, stated:
"Energy Fuels had an exceptional 1st quarter on several metrics, including earnings of $114.26 million , achieving healthy margins on our product sales, increasing our working capital position to $143.61 million , increasing our total assets, and reducing our total liabilities. We also significantly enhanced our fixed asset portfolio by selling the non-core Alta Mesa uranium property for $120.00 million and closing on the purchase of the Bahia Project in Brazil , which has the potential to feed our REE separation circuits with low-cost raw materials for several decades.
"On uranium, we sold 300,000 pounds of U 3 O 8 to the newly established U.S. Uranium Reserve for $18.47 million , or $61.57 per pound, representing a significant premium to the current spot price of uranium, resulting in a $10.76 million gross margin. We are also getting ready to sell up to another 260,000 pounds of U 3 O 8 into our utility contract portfolio, also at healthy operating margins. We are closely tracking uranium prices, which have shown recent strength, for opportunities to sell additional uranium under long-term contracts to nuclear utilities at increasingly higher prices.
"Energy Fuels realized a significant gain of $116.45 million on the sale of our non-core Alta Mesa ISR project in Texas . Total consideration included $60 million of cash and a $60 million 2-year convertible note bearing 8% interest per year, fully secured by the property. This transaction also resulted in us receiving an additional $3.48 million cash for the return of collateral on the project's reclamation bonds and a reduction in our standby costs of approximately $2 million per year.
"At the same time, we continue to perform significant work at four of our conventional uranium mines to get them ready to resume ore production. This includes the La Sal and Beaver mines at the La Sal Complex in Utah , the Whirlwind mine in Colorado and the Pinyon Plain mine in Arizona . Energy Fuels currently has sufficient uranium in inventory to fulfill our current utility contract requirements into 2025. However, we are seeking additional contracts and spot sale opportunities, along with a continuation of uranium purchasing by the U.S. government. Therefore, we could begin ore production at one or more of these projects by 2024.
"We continued to build our REE business as well. We began modifications and enhancements at the White Mesa Mill expected to produce up to 1, 000 MT per year of NdPr oxide by late 2023 or early 2024, subject to receipt of sufficient monazite feed. We ordered the REE SX cells from a fabricator, with delivery to the Mill expected in Q3 or Q4-2023. Following delivery, we expect to install, commission, and optimize these cells, complete other modifications and enhancements to the existing circuits, and begin commercial production of NdPr oxide, along with uranium, soon thereafter. Upon completion, we believe Energy Fuels' White Mesa Mill in Utah will house one of the largest NdPr production circuits in the world, excluding China . We also expect to begin piloting 'heavy' REE separation later this year, which will provide valuable knowledge for designing and building our Phase 3 Dy, Tb and potentially other REE separation circuits.
"Monazite supply is of course critical to Energy Fuels' rare earth plans. We continue to advance discussions with several existing monazite suppliers around the world. And, we completed the acquisition of the Bahia Project in Brazil , which will allow us to control our own low-cost REE supply. The Bahia Project has the potential to produce between 3,000 to 10, 000 MT of monazite, containing 300 to 1, 000 MT of NdPr oxide, per year. We are currently in the midst of a sonic drilling program on the property to confirm and better define the REE (monazite), titanium (ilmenite, rutile, leucoxene) and zirconium (zircon) resources, which will inform our mine plan and permitting. We hope to commence production in late 2025 or early 2026, and ramp-up from there.
"Finally, we sold a small quantity of our vanadium inventory into recent market strength, which saw spot prices reach $10.80 per pound in February, according to Fastmarkets. Because we produce a high-purity V 2 O 5 product that is attractive to specialty alloy and chemical markets, we were able to execute this sale at a premium to reported prices. Accordingly, our realized sales price was $10.98 per pound of V 2 O 5 on these sales."
Conference Call and Webcast at 4:00 pm ET on May 9, 2023 :
Energy Fuels will be hosting a conference call and webcast on May 9, 2023 at 4:00 pm ET ( 2:00 pm MT ) to discuss its Q1-2023 financial results, the outlook for 2023, and its uranium, rare earths, vanadium, and medical isotopes initiatives.
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call: RAPIDCONNECT
Alternatively, you may dial in to the conference call by calling 1-888-664-6392, and you will be connected to the call by an Operator.
You may also access viewer-controlled Webcast slides and/or stream the call by following this link: WEBCAST
A replay of the call will be available until May 24, 2023 by calling (888) 390-0541 or (416) 764-8677 and entering the replay code, 680506#.
Selected Summary Financial Information:
Three Months Ended | |||
March 31, | |||
$000's, except per share data | 2023 | 2022 | |
Results of Operations: | |||
Uranium concentrates revenues | $ 18,470 | $ — | |
Vanadium concentrates revenues | 871 | 2,412 | |
Total revenues | 19,613 | 2,937 | |
Gross margin | 11,347 | 45 | |
Operating loss | (405) | (10,213) | |
Net income (loss) | 114,264 | (14,730) | |
Basic and diluted net income (loss) per common share | 0.72 | (0.09) |
As of | As of | ||
$000's | March 31, 2023 | December 31, 2022 | |
Financial Position: | |||
Working capital | $ 143,611 | $ 116,966 | |
Property, plant and equipment, net | 14,635 | 12,662 | |
Mineral properties | 113,834 | 83,539 | |
Current assets | 148,914 | 135,590 | |
Total assets | 375,451 | 273,947 | |
Current liabilities | 5,303 | 18,624 | |
Total liabilities | 16,438 | 29,538 |
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , 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.
The data collected and provided in this disclosure related to the Bahia Project is derived entirely from the exploration reports for each of the seventeen mineral process areas. Mr. Kapostasy has reviewed these reports in detail and discussed the methods used with the project geologist in charge of field and laboratory activities for the previous owners who is also currently an employee of Energy Fuels Brazil, Ltda. Heavy mineral concentrations were derived for every meter drilled using heavy liquid separations, a standard method of heavy mineral determination.
To determine the concentration of the various heavy minerals in a sample, the heavy fraction was separated from the silica sand by using heavy liquid separation. The heavy fraction was then mounted in epoxy or dispersed on slide glass and viewed under a microscope. A geologist can then identify the various minerals and determine the concentration of each mineral through a process called point counting, whereby the geologist identifies each sand grain individually, tallies the number of each mineral and then divides by the total.
Verification of the heavy mineral concentration was started by the Company in September 2022 , when it hired a contract driller to collect samples using a sonic rig. While no laboratory analyses have been received to date, visual estimation of the heavy mineral quantity indicates that the historical values seen at the various process areas are valid.
Cautionary Note 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: production and sales forecasts; costs of production; any expectation that the Company will be awarded any future sales under the U.S. Uranium Reserve; scalability, and the Company's ability and readiness to re-start, expand or deploy any of its existing projects or capacity to respond to any improvements in uranium market conditions or in response to the Uranium Reserve; any expectation as to future uranium, vanadium, RE Carbonate, REE oxide, or REE market fundamentals or sales; any expectation as to recommencement of production at any of the Company's uranium mines or the timing thereof; any expectation regarding any remaining dissolved vanadium in the Mill's tailings facility solutions or the ability of the Company to recover any such vanadium at acceptable costs or at all; any expectation as to longer term fundamentals in the market and price projections; any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation that the sale of the Alta Mesa project and the use of the proceeds from that sale will not result in any dilution to shareholders; any expectation that the Mill will be successful in producing RE Carbonate on a full-scale commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any such initiatives and the expected production capacity or capital and operating costs associated with any such production capabilities; any expectation with respect to the quantities of monazite to be acquired by Energy Fuels, the quantities of RE Carbonate or REE oxides to be produced by the Mill or the quantities of contained TREO in the Mill's RE Carbonate; any expectation that the Company may sell its separated NdPr oxide to electric vehicle manufacturers; any expectation that the Bahia Project has the potential to feed the Mill with REE and uranium-bearing monazite sand for decades or at all; any expectation that the Company will complete comprehensive sonic drilling and geophysical mapping at the Bahia Project or complete an Initial Assessment under SK-1300 (U.S.) and a Technical Report Technical Report under NI 43-101 ( Canada ) during 2023, or otherwise; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all. 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; the availability of sources of Alternate Feed Materials and other feed sources for the Mill; competition from other producers; public opinion; government and political actions; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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.
View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-announces-q1-2023-results-including-net-income-of-114-26-million-143-61-million-of-working-capital-19-34-million-of-uranium-and-vanadium-sales-and-commencement-of-development-of-rare-earth-separation-capabilitie-301817498.html
SOURCE Energy Fuels Inc.

News Provided by PR Newswire via QuoteMedia
OTC Markets Group Welcomes Nuclear Fuels Inc. to OTCQX
OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Nuclear Fuels Inc. (CSE: NF; OTCQX: NFUNF), an uranium resources company with a focus on critical metals and uranium properties, has qualified to trade on the OTCQX® Best Market. Nuclear Fuels Inc. upgraded to OTCQX from the Pink® market.
Nuclear Fuels Inc. begins trading today on OTCQX under the symbol "NFUNF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Securities Law USA acted as the company's OTCQX sponsor.
About Nuclear Fuels Inc.
Nuclear Fuels is building America's uranium resources with a focus on critical metals and uranium properties in Wyoming, Labrador and Arizona. In Wyoming and Arizona Nuclear Fuels is exploring and developing ISR uranium resources with a pathway to production through defining uranium resources at Kaycee. In Labrador, the company is working to expand historic high grade uranium discoveries, (6.7-1% U) as well as high grade heavy rare earth showings (up to 2% Ni).
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.
Our OTC Link ® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .
Subscribe to the OTC Markets RSS Feed
Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Nuclear Fuels Inc. Commences Trading on the OTCQX:NFUNF
(TheNewswire)
Nuclear Fuels Inc. (CSE:NF ) ( OTCQX:NFUNF) ("Nuclear Fuels" or the "Company") announced today, effective immediately, the Company has commenced trading on the OTCQX under the symbol "NFUNF." U pgrading to the OTCQX Market is an important step to provide transparent trading for investors in the United States. Nuclear Fuels will continue to trade in Canada on the Canadians Stock Exchange under the symbol "NF
The OTC Markets Group Inc. operates regulated markets for trading 12,000 U.S. and international securities. Their data-driven disclosure standards form the foundation of our three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.
About Nuclear Fuels Inc.
Nuclear Fuels Inc. (CSE:NF) is committed to aggressive exploration of district-scale In-Situ Recovery ("ISR") uranium projects in proven and prolific jurisdictions. Focused on its priority Kaycee Project, located in Wyoming's Powder River Basin, our goal is to advance the project onto a path to production. enCore Energy Corp. maintains the right to back-in to 51% ownership by paying the Company 2.5X its exploration expenditures and carrying the project to production (recoverable from production). With existing historic resources through a 33-mile trend, 110+ miles of mapped roll-fronts and 3,800 drill holes, Nuclear Fuels has secured the district under one company's control for the first time since the early 1980's. Nuclear Fuels also provides a unique model for development of our other uranium projects and has established a pipeline of future opportunities in known uranium jurisdictions. Our industry leaders work to build America's uranium resources and provide a domestic fuel for nuclear energy; always on, always available. ISR technology extracts uranium in a non-invasive process through the use of groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.
Michael Collins, Chief Executive Officer
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to planned exploration programs and the results of additional exploration work in seeking to establish mineral resources as defined in NI43-101 on any of our properties. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the completing planned exploration programs and the results of those programs; the ability to access additional capital to fund planned and future operations; regulatory risks including exploration permitting; risks associated with title to our mineral projects; the ability of the company to implement its business strategies; and other risks including risks contained in documents available for review at www.sedar.com under the Company's profile. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
TSX Venture Exchange Stock Maintenance Bulletins
TSX VENTURE COMPANIES
BULLETIN V2023-0014
GIYANI METALS CORP. ("EMM.WT")
BULLETIN TYPE: Warrant Expiry-Delist
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
Effective at the opening, November 30, 2023 , the Share Purchase Warrants of the Company will trade for cash. The Warrants expire December 04, 2023 and will therefore be halted at Noon E.T. and delisted at the close of business December 04, 2023 .
TRADE DATES
November 30, 2023 - TO SETTLE – December 01, 2023
December 01, 2023 - TO SETTLE – December 04, 2023
December 04, 2023 - TO SETTLE – December 04, 2023
The above is in compliance with Trading Rule C.2.18 – Expiry Date :
Trading in the warrants shall be for cash for the two trading days preceding the expiry date and cash same day on expiry date. On the expiry date, trading shall cease at 12 o'clock noon E.T. and no transactions shall take place thereafter except with permission of the Exchange.
________________________________________
BULLETIN V2023-0015
PAMBILI NATURAL RESOURCES CORPORATION ("PNN")
BULLETIN TYPE: Consolidation
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
Pursuant to the special resolution passed by shareholders on December 28, 2022 , the Company has consolidated its capital on a ten (10) old for one (1) new basis. The name of the Company has not been changed.
Effective at the opening on Thursday, November 23, 2023 , the common shares of Pambili Natural Resources Corporation will commence trading on TSX Venture Exchange on a consolidated basis. The Company is classified as a 'Oil and Gas Exploration and Development' company.
Post - Consolidation | |
Capitalization: | Unlimited common shares with no par value of which |
25,953,445 common shares are issued and outstanding | |
Escrow | NIL common shares are subject to escrow |
Transfer Agent: | Computershare Trust Company of Canada |
Trading Symbol: | PNN ( UNCHANGED ) |
CUSIP Number: | 69764T 20 6 (new) |
________________________________________
BULLETIN V2023-0016
PARTNERS VALUE INVESTMENTS LP ("PVF.UN" "PVF.PR.U" "PVF.WT")
BULLETIN TYPE: Mandatory Trading and Settlement Rules
BULLETIN DATE: November 21, 2023
TSX Venture Tier 1 Company
Partners Value Investments LP (the "LP") (TSXV: PVF.UN, PVF.PR.U, PVF.WT) announced on September 22, 2023 , a proposed reorganization to be implemented by way of a court approved Plan of Arrangement (the "Arrangement "), pursuant to which its units, preferred units and warrants of Partners Value Investments Inc. (the "Securities") (Trading Symbol: ("PVF.UN", "PVF.PR.U", "PVF.WT", respectively) will be exchanged for newly issued replacement units and preferred units of Partners Value Investments L.P. and warrants of Partners Value Investments Inc. and additionally the holders of new replacement units will be entitled to receive a distribution of freely tradeable shares of Brookfield Reinsurance Ltd. and preferred shares of Partners Value Investments Inc., an entity created as a result of amalgamation of Partners Limited, Partners Value Investments Inc. and other related entities.
It is expected that the proposed Arrangement will be effective after the market close on November 24, 2023 , subject to satisfying residual closing conditions.
In anticipation of the completion of the Arrangement, TSX Venture Exchange (the "Exchange") is implementing the following special trading and settlement rules for all Securities ("PVF.UN", "PVF.PR.U", "PVF.WT") and will trade for cash on November 23 and November 24, 2023 .
MANDATORY TRADING AND SETTLEMENT RULES:
November 23, 2023 - TO SETTLE – November 24, 2023
November 24, 2023 - TO SETTLE – November 24, 2023
For more information, please see the LP's news releases dated September 22, 2023 , November 15, 2023 and the LP's information circular dated September 29, 2023 posted on SEDAR+.
A further bulletin will be issued by the Exchange for additional details about the Arrangement and listing of the replacement securities.
________________________________________
BULLETIN V2023-0017
OUTCROP SILVER & GOLD CORPORATION ("OCG")
ZACAPA RESOURCES LTD. ("ZACA")
BULLETIN TYPE: Amalgamation, Delist
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
Amalgamation:
TSX Venture Exchange Inc. has accepted for filing an amalgamation agreement dated August 30, 2023 , among Outcrop Silver & Gold Corporation ("Outcrop"), 1433180 B .C. Ltd ("1433180"), a wholly-owned subsidiary of Outcrop, and Zacapa Resources Ltd. ("Zacapa").
On November 21, 2023 , pursuant to a three-cornered amalgamation under section 269 of the Business Corporations Act ( British Columbia ), 1433180 and Zacapa have amalgamated as one corporation ("Amalco"), on the following basis (the "Transaction"):
- The common shares of Zacapa (the "Zacapa Shares") were exchanged for common shares of Outcrop on a four-for-one (4:1) basis.
- All outstanding options, warrants to purchase Zacapa Shares and deferred share units (the "Zacapa Options", "Zacapa Warrants" and "Zacapa DSUs", respectively) were, pursuant to their respective terms, exchanged into options, warrants and deferred share units respectively of Outcrop on a four-for-one (4:1) basis and otherwise on equivalent terms as the terms of the Zacapa Options, Zacapa Warrants and Zacapa DSUs, respectively; and
- Outcrop became the registered holder of common shares of Amalco, and Amalco became a wholly-owned subsidiary of Outcrop.
The Transaction was approved by the shareholders of Zacapa at the Special Meeting of Zacapa shareholders held on November 16, 2023 .
For further information regarding the Transaction, please refer to Zacapa's Information Circular dated October 13, 2023 and filed on SEDAR+
Post-Amalgamation details of Outcrop:
Capitalization: | unlimited shares with no par value of which |
249,429,636 shares are issued and outstanding | |
Transfer Agent: | Olympia Trust Company |
Trading Symbol: | OCG (no change) |
CUSIP: | 69002Q105 (no change) |
Delisting of Zacapa Resources Ltd.:
Further to the closing of the Transaction, the common shares of Zacapa will be delisted from the TSX Venture Exchange effective at the close of business, Wednesday, November 22, 2023 .
________________________________________
23/11/21 - TSX Venture Exchange Bulletins
BULLETIN V2023-0018
BLUE SKY GLOBAL ENERGY CORP. ("BGE")
BULLETIN TYPE: Halt
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
Effective at 9:58 a.m. PST , Nov. 21, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
________________________________________
BULLETIN V2023-0019
CANADA ONE MINING CORP. ("CONE")
BULLETIN TYPE: Property-Asset Purchase Agreement
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pertaining to a share purchase agreement dated September 25, 2023 between the Company, an arm's length party (the "Vendor") and the shareholders of the Vendor pursuant to which the Company will purchase all of the issued and outstanding share capital of the Vendor. The Vendor owns 100% of the right, title and interest to the Copper Dome South claims, located near Princeton, British Columbia (the "Property").
By way of consideration, the Company will issue 12,000,000 common shares (the "Consideration Shares") to the shareholders of the Vendor and make a cash payment of $20,000 to a shareholder of the Vendor (the "Shareholder"). In addition, the Company will make a further cash payment of $20,000 within six months of the closing to the Shareholder. The Consideration Shares issued are issued at a deemed value of nine cents per Consideration Share.
The Copper Dome South claims are subject to (i) a 3% net smelter royalty to be granted in favour of the Shareholder pursuant to a royalty agreement to be entered into; (ii) if the Company drills 0.15% copper or greater at the Property over a 100 metre or greater interval length, the Company shall issue an additional 1,000,000 common shares to the Shareholder; and (iii) if a preliminary economic assessment is completed on the Property, the Company shall issue an additional 1,000,000 common shares to the Shareholder.
CASH ( $) | SECURITIES | WORK EXPENDITURES (S) | |
CONSIDERATION | $40,000 | 12,000,000 common shares 2,000,000 common shares (additional) | N/A |
For further details, please refer to the Company's news release dated September 26, 2023 .
________________________________________
BULLETIN V2023-0020
CEYLON GRAPHITE CORP. ("CYL")
BULLETIN TYPE: Private Placement - Non-Brokered, Convertible Debenture
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement :
Convertible Debenture | $365,000 |
Conversion Price: | Convertible into units consisting of 7,300,000 common shares at $0.05 of principal outstanding. |
Maturity date: | 12 months from issuance |
Warrants | 7,300,000 detachable warrants. Each warrant will have a term of 12 months from the date of issuance of the notes and entitle the holder to purchase one common share. The warrants are exercisable at the price of $0.06. |
Interest rate: | 9% per annum |
Number of Placees: | 7 placees |
Insider / Pro Group Participation:
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 1 | 800,000 units |
Aggregate Pro Group Involvement: | N/A | N/A |
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | N/A | 455,000 | 1,365,000 |
Finders are paid 455,000 units, and 455,000 finder warrants exercisable into units. Each unit consists of one share and one warrant. Each finder warrant entitles the holder to purchase one unit same as the offering at the price of $0.05 for a one-year period. Each warrant entitles the holder to purchase one common share at the price of $0.06 for a one-year period.
The Company issued a news release on October 27, 2023 , confirming the closing of the private placement.
________________________________________
BULLETIN V2023-0021
DENARIUS METALS CORP. ("DSLV")
BULLETIN TYPE: Private Placement-Non-Brokered, Convertible Debenture/s
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced September 13, 2023 , and amended October 19, 2023 .
Convertible Debenture | $20,632,000 |
Conversion Price: | Convertible into common shares consisting of up to a maximum of 45,848,888 common shares at a conversion price of $0.45 per common share of principal outstanding. |
Maturity date: | October 19, 2028 |
Warrants | N/A |
Interest rate: | 12% per annum payable in cash; commencing on January 31, 2025 the company will pay a gold premium on the principal amount of the debentures in cash quarterly. The gold premium will be calculated as a percentage equal to 25% of (i) the amount, if any, by which the London P.M. Fix on the quarterly measurement date exceeds $1,800 (U.S.) (the floor price) divided by (ii) the floor price. |
Number of Placees: | 53 placees |
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate $ of Debentures |
Aggregate Existing Insider Involvement: | 5 | $7,944,000 |
Aggregate Pro Group Involvement: | 7 | $430,000 |
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $510,000 | N/A | N/A |
The Company issued news releases on October 19, 2023 and November 1, 2023 confirming closing of the private placement.
________________________________________
BULLETIN V2023-0022
GENERAL ASSEMBLY HOLDINGS LIMITED ("GA")
BULLETIN TYPE: Halt
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
Effective at 5:00 a.m. PST , Nov. 21, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
________________________________________
BULLETIN V2023-0023
INFINICO METALS CORP. ("INFM")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on October 24, 2023 :
Number of Shares: | 7,999,999 shares |
Purchase Price: | $0.075 per share |
Warrants: | 3,999,999 share purchase warrants to purchase 3,999,999 shares |
Warrant Exercise Price: | $0.15 for a two-year period |
Number of Shares: | 8,275,864 charity flow-through shares |
Purchase Price: | $0.145 per share |
Warrants: | 4,137,932 share purchase warrants to purchase 4,137,932 shares |
Warrant Exercise Price: | $0.15 for a two-year period |
Number of Placees: 30 placees
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 2 | 7,017,531 |
Aggregate Pro Group Involvement: | 2 | 366,666 |
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | 26,305 | NA | 181,417 |
Finder's Warrants Terms: Each warrant entitles the holder to purchase one common share at the price of $0.15 for a period of 2 years from the date of issuance.
The Company issued a news release on November 16, 2023 , confirming the closing of the private placement. Note that in certain circumstances, the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
________________________________________
BULLETIN V2023-0024
Purepoint Uranium Group Inc. ("PTU")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
Effective at 11:45 a.m. PST , Nov. 20, 2023 , shares of the Company resumed trading, an announcement having been made.
________________________________________
BULLETIN V2023-0025
WEALTH MINERALS LTD. ("WML")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation the Option Agreement dated August 31, 2023 ("Agreement") between the Company and a Non-Arm's Length party ("Optionor"). Pursuant to the terms of Agreement, the Optionor will grant the Company the option to acquire up to a 20% interest in the Optionor's 50% interest in the Eldorado Option in consideration of cash and eligible exploration expenditures ("Expenditures") according to the following earn-in schedule:
(i) An 8% interest by Dec 31, 2023 : $50,000 cash, plus a minimum of $600,000 of Expenditures;
(ii) An aggregate 12% interest by Dec 31, 2023 : An aggregate of $900,000 of Expenditures;
(iii) An aggregate 16% interest by Dec 31, 2023 : An aggregate of $1,200,000 of Expenditures;
(iv) An aggregate 20% interest by Dec 31, 2023 : An aggregate of $1,500,000 of Expenditures.
The Optionor will have the right to request that the Expenditures be filed as assessment work with the applicable government registry to maintain the property in good standing.
For further details, please refer to the Company's news releases dated October 6, 2023 , and November 20, 2023 .
________________________________________
NEX COMPANY:
BULLETIN V2023-0026
PACIFIC ARC RESOURCES LTD. ("PAV.H")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: November 21, 2023
TSX Venture NEX Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on June 6, 2023 :
Number of Shares: | 363,333 shares |
Purchase Price: | $0.15 per share |
Number of Placees: | 5 placees |
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 2 | 96,666 |
Aggregate Pro Group Involvement: | 2 | 200,000 |
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $480 | N/A | N/A |
The Company issued a news release on June 22, 2023 , confirming closing of the private placement.
________________________________________
SOURCE TSX Venture Exchange

View original content: http://www.newswire.ca/en/releases/archive/November2023/21/c7671.html
News Provided by Canada Newswire via QuoteMedia
CanAlaska Increases Private Placement Financing to $12 Million
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) ("CanAlaska" or the "Company") announces that further to its news release of November 20, 2023, due to increased demand, it is increasing the total gross amount to be raised under its non-brokered private placement to $12 million (the "Offering"). The Offering will be comprised of a combination of: (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.36 per NFT Unit; (ii) flow-through units of the Company (each, a "FT Unit") to be sold at a price of $0.425 per FT Unit; and (iii) flow-through units to be sold to charitable purchasers (each, a "Charity FT Unit") to be sold at a price of $0.5575 per Charity FT Unit.
Each NFT Unit will consist of one non-flow-though common share of the Company (each, a "NFT Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one half (½) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of $0.56 at any time on or before that date which is 24 months after the closing date of the Offering. The exact number of NFT Units, FT Units and Charity FT Units sold will be determined at closing.
The gross proceeds received from the sale of the FT Units and the Charity Units will be used for work programs on the Company's exploration properties. The net proceeds received from the sale of the NFT Units will be used for general working capital.
The Company will pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. Red Cloud Securities Inc. is acting as a finder with respect to the Offering.
All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.
On behalf of the Board of Directors
"Cory Belyk"
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.
Contacts:
Cory Belyk, CEO and President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com
General Enquiry
Tel: +1.604.688.3211
Email: info@canalaska.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188195
News Provided by Newsfile via QuoteMedia
Purepoint Uranium Announces Winter Program at Smart Lake JV Project
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the approval of the 2024 exploration program for the Smart Lake JV Project that is jointly owned by Cameco Corporation (73%) and Purepoint (27%). The Smart Lake Project is located approximately 18 km west-northwest of the Hook Lake Project and 60 km south-southwest of Orano's former Cluff Lake mine within the western Athabasca Basin, Saskatchewan, Canada. The 2024 exploration program is scheduled for Q1-2024 and will include transient electromagnetic (EM) surveys targeting the Groomes Lake conductor.
"In recent years, advancement of our western projects has focused primarily on our Hook Lake joint venture. With the recent exploration successes in the region and a heightened market sentiment around uranium, we are very excited to return to Smart Lake with our partner Cameco," said Chris Frostad, President and CEO at Purepoint.
Highlights
The ground EM geophysical surveys will include approximately 15 km of Stepwise Moving Loop (SWML) and 24 km of Fixed Loop (FL) transient electromagnetics (TEM) that target the northern Groomes Lake conductor as follow up to previous airborne and ground geophysical results.
A DC resistivity/IP survey is planned to profile the Beatty River Fault, Groomes conductor, and eastern magnetic low and help identify sandstone structure and alteration.
The Groomes Lake conductor is considered a highly prospective uranium target and has not yet been drill tested.
Exploration at Smart Lake has firmly established the presence of graphitic shear zones that are locally hydrothermally altered and host to anomalous uranium mineralization. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
During the 2019 re-logging of Smart Lake drill core, it was immediately recognized that the rocks were similar to those encountered at our Hook Lake JV Project.
Geophysical surveys are expected to begin in Q1-2024.
Complete details of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/investor/portfolio-handbook/.
Smart Lake Project
Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco Corp.
The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 km west-northwest of Purepoint's Hook Lake JV Project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (Indicated resource of 68M lbs at 1.50% U3O8; UEC PR Jan 2023) 55 km north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is associated with the intersection of the east-west Arthur Fault and north-south-striking fluid/chemical traps including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade uranium mineralization along the Arthur Fault away from Shearwater conductor underscore the need to target east-west structures both at the intersection with conductive anomalies and at magnetically interpreted lithological contacts.
Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to strong EM conductors identified in both airborne and ground-based geophysical surveys.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 9 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds seven, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.
Scott Frostad, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our website at https://purepoint.ca, our X feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188103
News Provided by Newsfile via QuoteMedia
Canadian Investment Regulatory Organization Trade Resumption - PTU
Trading resumes in:
Company: Purepoint Uranium Group Inc.
TSX-Venture Symbol: PTU
All Issues: Yes
Resumption (ET): 2:45 PM
CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada .
SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/November2023/20/c2577.html
News Provided by Canada Newswire via QuoteMedia
Energy Fuels Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.