Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") today
issued a letter updating shareholders after the recent merger with
Titan Uranium Inc. The letter from CEO Stephen Antony is presented
in its entirety below:
Dear Shareholders,
With the close of our recent merger with Titan Uranium, we felt
this was the ideal opportunity for Energy Fuels to welcome new
shareholders from Titan and to update our existing
shareholders.
This merger marks Energy Fuels' entry into an exclusive club
that includes the largest uranium companies in the United States.
In fact, the combined company's new asset portfolio catapults
Energy Fuels from 13th to 3rd among companies with NI 43-101
compliant resources in the United States. Energy Fuels, as the
surviving company of the merger, will remain focused on developing
and expanding U.S. uranium and vanadium assets and building the
first new U.S. uranium mill in over 30 years. It is also important
to note that 82% of the company's resources are in four development
stage projects that are either fully-permitted (the Whirlwind and
Energy Queen Mines) or in the midst of permitting (Sheep Mountain
and Sage Plain).
This strategic merger was clearly an important milestone for
Energy Fuels, as it nearly tripled the company's U.S. based
measured and indicated uranium assets to 39.6 lbs. U3O8. This
includes 18.4 million lbs. of mineral reserves. In addition, the
company was already one of the nation's largest holders of vanadium
resources at 34.8 million lbs. V2O5.(1)
Last month, a new Preliminary Feasibility Study (PFS) was
completed on the Sheep Mountain Project which Energy Fuels acquired
in the merger. The PFS shows robust project economics with Internal
Rates of Return up to 42%. In addition, a significant portion of
the mineral reserve is accessible through open pit mining
techniques, resulting in competitive operating expenses of $32.31
per pound of uranium.
The license to build the Pinon Ridge Mill was granted in 2011
and remains in full force while we work with the State of Colorado
to defend it from a legal challenge by a non-governmental
organization. Once built, the mill will be the first uranium mill
constructed in the United States in over 30 years. The mill is
being designed to recover both uranium and vanadium from the
regions' many uranium and vanadium mines. It is initially being
permitted to process 500 tons of ore per day, but is designed for
expansion to 1,000 tons per day through a future permitting effort,
if market conditions warrant. The mill will utilize state of the
art technology to ensure that both the public and the environment
are protected. In addition, the commissioning of the mill and
opening of local mines will dramatically improve the economy of the
area through the creation of direct and indirect jobs. As a result,
the project enjoys overwhelming support from local communities.
With fully permitted mines, other key projects in permitting, a
mill license, and an experienced management team executing an
aggressive western United States consolidation program, Energy
Fuels is well positioned to capitalize on the resurgence of nuclear
power around the World. The lessons of the Fukushima disaster are
being implemented and most nations have reiterated their commitment
to nuclear energy as a clean, affordable, and carbon-free source of
base-load electricity. In fact, according to the Nuclear Energy
Institute, there are 65 nuclear reactors under construction around
the World, 28 of which are in China, 10 in Russia, and 7 in India.
And, in the last two months, the U.S. Nuclear Regulatory Commission
approved licenses to construct and operate two new nuclear reactors
in Georgia and two in South Carolina - the first approvals in the
U.S. in over 30 years. Energy Fuels believes the security of supply
for uranium will become very important for Americans and domestic
production will be highly valued.
Finally, Energy Fuels' merger with Titan brings the expertise of
several key players in the Uranium sector including: Sheldon
Inwentash, a key figure in the Canadian mining capital markets
space; Richard Patricio, VP legal & Corporate Affairs for
Pinetree Capital and Mega Uranium; and Larry Goldberg, a chartered
accountant and former CFO for Pinetree Capital and Mega Uranium.
These gentlemen complement our already experienced and accomplished
Board of Directors.
In closing, I wish to reiterate that Energy Fuels is making
spectacular strides in achieving our goal of becoming the
pre-eminent American conventional uranium producer. More
information is available on Energy Fuels' website
(www.energyfuels.com).
Best regards,
Stephen P. Antony
President & Chief Executive Officer
(1) Indicated Mineral Resource at the Sheep Mountain Project of
12,895,000 tons at an average grade of 0.12% eU3O8 (30,285,000 lbs.
eU3O8). This figure includes Probable Mineral Reserve of 7,453,000
tons at an average grade of 0.123% eU3O8 (18,365,000 lbs.
eU3O8).
Measured & Indicated Mineral Resource on Energy Fuels'
Colorado Plateau properties of 1,951,486 tons at an average grade
of 0.24% eU3O8and 0.89% V2O5 (9,371,821 lbs. eU3O8 and 34,862,116
lbs. V2O5).
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium
mineral development company. The Company recently acquired Titan
Uranium Inc., including the Sheep Mountain Project in the Crooks
Gap District of Wyoming. The Company also received a Final
Radioactive Materials License from the State of Colorado for the
proposed Pinon Ridge Uranium and Vanadium Mill in March 2011. The
mill will be the first uranium mill constructed in the United
States in over 30 years.
With about 61,000 acres of highly prospective uranium and
vanadium properties located in the states of Colorado, Utah,
Arizona, Wyoming, and New Mexico, and exploration properties in
Saskatchewan's Athabasca Basin totaling approximately 32,000
additional acres, the Company has a full pipeline of additional
development prospects. Energy Fuels, through its wholly-owned
subsidiaries, Energy Fuels Resources Corporation, Titan Uranium
Inc., and Magnum Uranium Corp., has assembled this property
portfolio along with a first class management team, including
highly skilled technical mining and milling professionals based in
Lakewood and Naturita, Colorado and Kanab, Utah.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward Looking Information"
within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historical fact, included
herein are forward-looking statements and forward-looking
information that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time-to-time
with the British Columbia, Alberta and Ontario Securities
Commissions.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2140 or Toll free: 1-888-864-2125investorinfo@energyfuels.com
Energy Fuels Inc. Curtis Moore Corporate Communications (303)
974-2140 or Toll free: 1-888-864-2125 www.energyfuels.com
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