Webcast on November 2,
2021
LAKEWOOD, Colo., Nov. 1, 2021 /CNW/ - Energy Fuels
Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels"
or the "Company") today reported its financial results for
the quarter ended September 30, 2021.
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.gov/edgar.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:
- At September 30, 2021, the
Company had a very robust balance sheet with $132.8 million of working capital, including
$100.8 million of cash and marketable
securities and $29.3 million of
inventory. At current commodity prices, the Company's product
inventory has a value of $46.9
million.
- During the quarter ended September 30,
2021, the Company incurred a net loss of $8.0 million, due primarily to increased
development expenditures and other costs incurred in ramping up our
mixed rare earth element ("REE") carbonate ("RE
Carbonate") production at the White Mesa Mill in Utah (the "Mill").
- Between June 30, 2021 and
October 15, 2021, the price of
uranium rose 42%, mainly due to the entry of financial entities
into the market who are buying uranium on the spot market with a
stated intent to hold the inventory for the long-term.
- With several existing uranium mines on standby and significant
inventories of Company-produced, U.S.-origin uranium available for
sale, the Company is actively seeking out opportunities to supply
uranium to nuclear utilities under term contracts while also
evaluating the potential to sell some inventory on the spot
market.
- The Company is in the process of ramping up to expected
commercial-scale production of RE Carbonate in Q1-2021, and began
deliveries of this intermediate REE product to a separation
facility in Europe in July 2021.
- The Company is currently in active discussions with several
global suppliers of natural monazite ore to supply feed for this
growing REE initiative, which has the potential to include the
production of separated REE oxides in the future, subject to
licensing, successful commissioning, and prevailing market
conditions.
- On October 27, 2021, the Company
completed the sale of a package of non-core conventional uranium
projects located in Utah and
Colorado to Consolidated Uranium
Inc. ("CUR"). Based on CUR's closing share price of
Cdn$2.95 on October 26, 2021, the U.S.-to-Canadian exchange
rate as of closing, and assuming full performance of the stipulated
deferred cash payments, the current value of this divestment is
approximately $35.1 million, plus
additional production payments totaling up to Cdn$5 million payable upon commencement of
production from the projects in the future.
- On July 29, 2021, the Company
entered into a strategic alliance agreement with RadTran, LLC, a
private technology development company, to evaluate the recovery of
thorium and potentially radium from the Company's RE Carbonate and
uranium process streams for use in the production of medical
isotopes for emerging targeted alpha therapy ("TAT") cancer
therapeutics.
- On September 16 and 17, 2021, the
Company hosted mining, environmental and political heavyweights at
an Open House at its White Mesa Mill in Utah to showcase its uranium and REE
activities. Utah Senators
Mike Lee and Mitt Romney, Congressman John Curtis, Constantine
Karayannopoulos, CEO Neo Performance Materials, Dr.
Kathryn Huff, Principal Deputy
Assistant Secretary for Nuclear Energy in the U.S. Department of
Energy and others, delivered remarks in person or virtually.
- At the Open House, the Company also announced the establishment
of its San Juan County Clean Energy Foundation, a fund specifically
designed to contribute to the local communities, including Tribal
communities, surrounding the Company's White Mesa Mill in southeast
Utah.
Mark S. Chalmers, Energy
Fuels' President and CEO, stated:
"Energy Fuels continues to make rapid progress toward
positioning our White Mesa Mill as America's "Critical Minerals
Hub," by maintaining the Mill's key uranium and vanadium production
capabilities while further diversifying our portfolio to include
rare earth elements production – an exciting and strategically
important move both domestically and for the Company. We also
continue to watch the uranium markets closely in order to best
evaluate our opportunities to capitalize on recent price increases
and market improvements.
"After many years of low prices, uranium markets have recently
sprung to life with significant price action. Between mid-August
and mid-September, the spot price of uranium rose a staggering 66%,
mainly due to significant spot purchases by financial entities who
have stated their intention to hold the uranium for several years.
Nuclear utilities, traders, and others have had access to plentiful
uranium on the spot market for the past several years and, in many
cases, depended on the spot market to meet their short- and
mid-term fuel requirements and delivery commitments. These new
purchasers of uranium are removing material from the spot market,
thereby potentially creating a fundamental shift in the market by
rapidly increasing demand. One could liken these entities to
another major, new nuclear utility entering the scene and consuming
large quantities of uranium, as this material is not expected to be
available for sale in the foreseeable future, if ever. We believe
this new dynamic could create opportunities for Energy Fuels to
enter into long-term supply contracts for a portion of our
production with nuclear utilities at prices, quantities and other
terms that generate sufficient project cashflow, all while keeping
the majority of our production leveraged to further potential
increases in uranium prices.
"Earlier this year, Energy Fuels took major strides toward
becoming a major player in the global rare earth element space. As
I mentioned before, we are currently producing mixed rare earth
carbonate from U.S.-sourced natural monazite sand at our White Mesa
Mill. Because our product is ready for separation into individual
rare earth oxides without further processing, we are currently
producing an intermediate rare earth product in a more advanced
form than any other U.S. company. We will be receiving additional
shipments of natural monazite sand in Q4-2021 and throughout 2022,
and we are in advanced discussions with several monazite suppliers
around the world to secure a diverse supply of feed for this
exciting initiative. We are also very excited about our Strategic
Alliance with RadTran, which has the potential to help produce
isotopes from our existing RE Carbonate and uranium process streams
for use in cancer therapeutics that can improve human health and,
ultimately, save lives. These two initiatives, which are
complementary to our core uranium business, are examples of the
unique and valuable capabilities of the White Mesa Mill.
"Our distinct competitive advantage over our peers is that we
have the existing licenses and permits, longstanding experience and
expertise, and unique facilities and projects in a diverse number
of locations that, together, are able to recover, manage, process
and dispose of radionuclide-bearing materials. This is why we are
the number one uranium producer in the U.S. and why we believe we
have the strong potential to become one of the lowest-cost,
non-Chinese rare earth producers in the world. These unique
capabilities also allow us to produce vanadium when market
conditions warrant, execute our industry-leading, low-cost
recycling programs, and pursue our innovative initiative with
RadTran to recover thorium and radium for use in the medical
isotopes needed for emerging cancer therapies. We will continue to
seek new ways to leverage our unique capabilities with the ultimate
goals of generating substantial free cashflow and creating
shareholder value."
Webcast at 4:00 pm ET on
November 2, 2021:
Energy Fuels will be hosting a video webcast on November 2, 2021 at 4:00
pm ET (2:00 pm MT) to
discuss its Q3-2021 financial results, uranium strategy, rare earth
production and other corporate initiatives. To join the webcast and
access the presentation and viewer-controlled webcast slides,
please click on the link below:
Webcast Link
If you would like to participate in the webcast and ask
questions, please dial in to 1-888-664-6392 (toll free in the U.S.
and Canada).
A link to a recorded version of the proceedings will be
available on the Company's website shortly after the webcast by
calling 1-888-390-0541 (toll free in the U.S. and Canada) and by entering the code 036877#. The
recording will be available until November
16, 2021.
Selected Summary Financial Information:
$000's, except per
share data
|
Nine months
ended
September 30, 2021
|
Nine months
ended
September 30, 2020
|
|
|
|
|
Total
revenues
|
$
1,524
|
$
1,274
|
|
|
Gross profit
(loss)
|
796
|
(370)
|
|
|
Operating
Loss
|
(25,570)
|
(23,624)
|
|
|
Net income (loss)
attributable to the company
|
(29,562)
|
(22,699)
|
|
|
Basic and diluted loss
per share
|
(0.21)
|
(0.19)
|
|
|
$000's
|
As at September
30, 2021
|
As at December 31,
2020
|
|
|
|
|
Financial
Position:
|
|
|
|
|
Working
capital
|
$
132,793
|
$
40,158
|
|
|
Property, plant and
equipment, net
|
22,211
|
23,621
|
|
|
Mineral properties,
net
|
83,539
|
83,539
|
|
|
Total
assets
|
267,283
|
183,236
|
|
|
Total long-term
liabilities
|
13,877
|
13,376
|
|
|
Financial Discussion:
At September 30, 2021, the Company had $132.8 million of working capital, including
$100.8 million of cash and marketable
securities and $29.3 million of
inventory, including approximately 691,000 pounds of uranium and
1,672,000 pounds of high-purity vanadium, both in the form of
immediately marketable product. The current spot price of
U3O8, according to TradeTech, is $47.00 per pound (up 55% in 2021), and the
current mid-point spot price of V2O5,
according to Metal Bulletin, is $8.00 per pound (up 48% in 2021). Based on
today's spot prices, the Company's uranium, vanadium, and RE
Carbonate inventories have a current market value of $32.5 million, $13.4 million, and $1.0 million respectively, totaling $46.9 million.
Following the quarter-end, on October 27,
2021, the Company completed the sale of certain non-core
conventional assets to CUR. In addition to receiving $2 million cash at closing, the Company also now
holds 19.9% of the outstanding shares of CUR having a current value
of approximately $28.3 million.
During the quarter ended September 30,
2021, the Company incurred a net loss of $8.0 million, compared to a net loss of
$8.9 million for the third quarter of
2020, and a net loss of $29.7 million
year-to-date compared to $22.8 million during the first nine months
of 2020. The increased net losses in 2021 are due primarily to
increased development expenditures incurred in ramping up our RE
Carbonate production at the Mill of $1.8 million during the quarter and
$6.1 million year-to-date, and to
underutilized capacity production costs applicable to rare earth
concentrates during the quarter and year-to-date of $0.45 million. The underutilized capacity
production costs are due to low throughput rates as the Mill
ramps-up to commercial-scale production. To date, the Mill has
focused on producing commercially salable RE Carbonate at low
throughput rates and has been very pleased with the resulting
product it is shipping for separation. The Mill expects to increase
its throughput rates as its supplies of monazite sands increase.
The Company is in advanced discussions with several monazite
suppliers to secure additional supplies of monazite sands, and once
secured, we expect these additional supplies will result in
sufficient throughput to reduce underutilized capacity production
costs and allow the Company to realize its expected margins on a
continuous basis.
Commencement of Rare Earth Carbonate Deliveries in
2021:
In July, the Company commenced deliveries of RE Carbonate to the
Silmet rare earth separations facility in Estonia, owned by Neo Performance Materials
("Neo"), creating a new United
States-to-Europe rare earth
supply chain. During the initial ramp-up of RE Carbonate
production, the Company produced approximately 270 tonnes of
RE Carbonate (containing approximately 120 tonnes of total
rare earth oxides ("TREO")) from natural monazite sands
mined from heavy mineral sand ("HMS") in Georgia, USA by The Chemours Company. Subject
to final verification, initial analyses indicate that Energy Fuels'
RE Carbonate meets or surpasses the specifications of Neo's
separation facility.
Monazite sand is widely recognized as one of the most valuable
rare earth minerals in the World, due to its superior distributions
of magnetic REEs needed for various clean energy, defense and other
advanced technologies. Monazite from the southeast U.S. typically
contains roughly 55% TREO of which the magnetic elements neodymium
and praseodymium ("NdPr") comprise approximately 22% of the
TREO. NdPr are among the most valuable of the rare earth elements,
as they are the key ingredient in the manufacture of high-strength
permanent magnets that are essential to the lightweight and
powerful motors required in electric vehicles, permanent magnet
wind turbines used for renewable energy generation, and a variety
of other modern technologies, including, mobile devices and defense
applications. U.S. Monazite also contains approximately 14.4%
"heavy" rare earths on a TREO basis, including roughly 1.5%
dysprosium and terbium which have additional important magnet and
national defense applications.
Natural monazite sand is currently recovered as a low-cost
byproduct of HMS operations in the U.S. and elsewhere in the world.
The historic challenge with monazite is that it contains higher
concentrations of natural uranium, thorium and other radionuclides
relative to other minerals, thereby requiring specific licenses and
specialized technical capabilities to handle and process. Energy
Fuels currently holds the required licenses, and in 2021 we
unlocked the value of this domestic resource. Energy Fuels'
commercial-scale production of RE Carbonate from U.S.-mined natural
monazite sand positions Energy Fuels as the only company in
North America currently producing
a monazite-derived, enhanced rare earth material, and the only
company in North America producing
an intermediate rare earth product ready for separation without
further processing.
The Company and Neo also announced the signing of a definitive
supply agreement under which Energy Fuels will ship all or a
portion of its RE Carbonate to Neo's Silmet facility for processing
into separated rare earth materials used in rare earth permanent
magnets and other rare earth-based advanced materials. We believe
the Company is well on its way to creating a new, low-cost, fully
integrated U.S. rare earth supply chain that meets the highest
global standards for environmental protection, sustainability
and human rights, and that allows for source validation and
tracking from mining through final end-use applications for
manufacturers in North America,
Europe, Japan and other nations.
We are currently scoping the potential to produce separated REE
oxides using proven solvent extraction ("SX") technology
that we have utilized for the recovery of uranium and vanadium over
the past 40+ years. We are also evaluating moving farther down the
REE supply chain to produce certain rare earth metals, alloys and
other advanced REE products.
Sale of Non-Core Conventional Assets to International
Consolidated Uranium Inc:
On October 27, 2021, the Company
completed the sale of a portfolio of non-core conventional uranium
projects located in Utah and
Colorado, including the Daneros
mine, the Tony M mine, the Rim mine, the Sage Plain project, and
several U.S. Department of Energy leases, to CUR. In addition, the
Company and CUR entered into toll-milling and operating agreements
with respect to the properties. The consideration payable by CUR to
Energy Fuels included $2 million cash
payable at closing, such number of shares that results in Energy
Fuels holding 19.9% of the outstanding CUR common shares
immediately after closing, Cdn$6
million of deferred cash payable over time, and up to
Cdn$5 million of deferred cash
payable on the commencement of commercial production at the
properties. Through this accretive disposition, Energy Fuels
believes the value of these high-quality, permitted, and
past-producing mines can be unlocked for Company shareholders,
while also allowing the Company to cut standby costs, earn
management fees, and potentially realize toll milling fees in the
future. Based on the October 26, 2021
CUR share price, exchange rates and assuming full performance of
the agreement, the current value of this divestment is
approximately $35.1 million, plus
additional payments totaling up to Cdn$5
million payable upon commencement of production from the
projects in the future.
Collaboration with RadTran, LLC on Recovering Medical
Isotopes for Advanced Cancer Therapies:
On July 28, 2021, the Company
announced the execution of a Strategic Alliance Agreement with
RadTran, LLC, a technology development company focused on closing
critical gaps in the procurement of medical isotopes for emerging
TAT cancer therapeutics and other applications. Under this
strategic alliance, the Company will evaluate the feasibility of
recovering Th-232, and potentially Ra-226 from its existing uranium
and RE Carbonate process streams at the Mill and, together with
RadTran evaluate the feasibility of recovering Ra-228 from the
Th-232 and Th-228 from the Ra-228 at the Mill using RadTran
technologies. The recovered Ra-228, Th-228 and potentially Ra-226
would then be sold to pharmaceutical companies and others to
produce Pb-212, Ac-225, Bi-213, Ra-224 and Ra-223, which are the
leading medically attractive TAT isotopes for the treatment of
cancer. Existing supplies of these isotopes for TAT applications
are in short supply, and methods of production are costly and
currently cannot be scaled to meet the demand as new drugs are
developed and approved. This is a major roadblock in the research
and development of new TAT drugs as pharmaceutical companies wait
for scalable and affordable production technologies to become
available. Under this exciting initiative, the Company has the
potential to recycle valuable isotopes from its existing process
streams, that would otherwise be lost to disposal, for use in the
treatment of cancer.
Market Conditions
Uranium prices improved significantly during the quarter, while
also exhibiting considerable volatility. Between June 30, 2021 and September 30, 2021, uranium prices rose from
$32.40 per pound to $42.20 per pound (30% increase), reaching a high
of $50.50 on September 17 and a low of $30.50 on August
13. Subsequent to the quarter, the uranium price dropped to
$37.40 on October 8, then rose again to $46.00 on October
15. The outlook for uranium continues to improve, as demand
continues to outpace supplies. In particular, financial
intermediaries, including the Sprott Physical Uranium Trust
("SPUT"), entered the market to purchase uranium and build
inventories for a long-term hold. On October
18, it was announced that a new Kazakh-led uranium fund was
going to be created to similarly buy and hold uranium in inventory.
Energy Fuels holds 691,000 pounds of uranium in inventory that we
recently produced at our own facilities in the U.S. through our
low-cost alternate feed material production, which is among the
lowest-cost uranium production in the world today. In addition, the
Company holds another approximately 252,000 pounds of
U3O8 contained in stockpiled alternate feed
material and ore inventory at the Mill that can be recovered
relatively quickly. Between the finished inventory and stockpiled
inventory, the Company holds over 900,000 pounds of
U3O8 that can be sold immediately or in the
near-term.
Vanadium prices were flat during the quarter, beginning the
quarter at $8.75 per pound
V2O5 and ending the quarter at $8.78 per pound V2O5. An
improving global economy, coupled with political unrest in
South Africa and other factors,
has caused vanadium prices to rise nearly 63% this year, from
$5.40 per pound as of December 25, 2020 to $8.78 per pound as of September 24, 2021. Vanadium is a valuable clean
energy metal, historically used in steel, master alloys, and
chemicals. It is also seeing considerable interest in emerging
grid-scale battery technologies used to store renewable energy.
Energy Fuels also holds about 1.7 million pounds of finished
high-purity vanadium pentoxide in inventory, plus 1.5 to 3.0
million pounds of solubilized vanadium inventory in the Mill's
tailings solutions that we can recover relatively quickly. We also
hold large quantities of high-grade vanadium resources at our
standby mines where we recently developed new mining techniques
that we believe can increase production and lower costs when mining
resumes in the future. The Mill was the largest U.S. vanadium
producer as recently as 2019.
Finally, REE prices remain strong with the price of NdPr oxide
increasing 45% year to date from $78.50/kg on January 4,
2021 to $113.80/kg on
September 29, 2021. The Company's
sales price for its RE Carbonate is currently based on the prices
of REE oxides, with the price of NdPr being the primary driver of
the Company's RE Carbonate sales price at this time.
Operations Update and Outlook for Period Ending September 30, 2021
Overview
The Company continues to believe that uranium supply and demand
fundamentals continue to point to higher sustained uranium prices
in the future. In addition, the recent entry into the uranium
market by financial entities purchasing uranium on the spot market
to hold for the long-term has the potential to result in higher
sustained spot and term prices and perhaps induce utilities to
enter into long-term contracts with producers like Energy Fuels to
ensure security of supply and more certain pricing. However, the
recent, relatively short-term uranium price increases are not yet
sufficient to justify commencing uranium production at the
Company's mines and ISR facilities. As a result, the Company
expects to maintain uranium recovery at reduced levels, until such
time when increased prices are sustained, suitable term sales
contracts can be procured, or the U.S. government buys uranium from
the Company following the establishment of the proposed U.S.
Uranium Reserve. The Company also holds significant uranium
inventories and is evaluating selling all or a portion of these
inventories in response to future upside price volatility.
The Company will also continue to seek new sources of revenue,
including through its emerging REE business, as well as new sources
of Alternate Feed Materials and new fee processing opportunities at
the Mill that can be processed under existing market conditions
(i.e., without reliance on current uranium sales prices). The
Company is also seeking new sources of natural monazite sands for
its emerging REE business and continues its support of U.S.
government activities to assist the U.S. uranium mining industry,
including the proposed establishment of a U.S. Uranium Reserve.
Extraction and Recovery Activities Overview
During the nine months ended September
30, 2021, the Company did not recover significant quantities
of U3O8. The Company expects to package
insignificant quantities of U3O8 in the year
ending December 31, 2021, focusing
instead on ramping up and optimizing its mixed RE Carbonate
production, while also enhancing its readiness to quickly resume
uranium production at certain of its facilities. All uranium
recovered during 2021 at the Mill is expected to be retained
in-circuit at the Mill and not to be packaged in 2021. The Company
does not plan to extract and/or recover any amounts of uranium of
any significance from its Nichols Ranch Project in 2021, which was
placed on standby in the second quarter of 2020 due to the
depletion of its seven constructed wellfields. In addition, the
Company expects to keep the Alta Mesa Project and its conventional
mining properties on standby during 2021.
The Company expects to recover approximately 400 to 600 tonnes
of mixed RE Carbonate at the Mill in 2021, containing approximately
180 to 270 tonnes of TREO, subject to the receipt of sufficient
quantities of natural monazite sands, as it continues to ramp up
its RE Carbonate production. These numbers are reduced from last
quarter's guidance for 2021 of approximately 700 to 1,100 tonnes of
mixed RE Carbonate containing approximately 350 to 550 tonnes of
TREO. The reduced RE Carbonate production is due to reduced
supplies of monazite sands currently available from the Company's
supplier in Georgia, which are now
expected to be approximately 800 tonnes of monazite sands per year,
down from the previous expectation of approximately 2,500 tonnes
per year. The Company is in advanced discussions with several
monazite suppliers, including the Company's existing supplier, to
secure additional supplies of monazite sands, which if successful,
would be expected to allow the Company to increase RE Carbonate
production. The Company expects to produce no vanadium during
2021.
To date, the Company has strategically opted not to enter into
any uranium sales commitments. However, the Company believes recent
price increases and volatility have increased the potential for the
Company to make spot sales. The Company is actively seeking term
sales contracts with utilities at pricing that sustains production
and covers corporate overhead. As a result, existing inventories
may remain unchanged at approximately 691,000 pounds of
U3O8 at year-end or may be reduced in the
event the Company sells a portion of its inventory on the spot
market in Q4-2021. All or a portion of V2O5
inventory is expected to be sold on the spot market if prices rise
sufficiently above current levels, but otherwise maintained in
inventory. The Company expects to sell all or a portion of its
mixed RE Carbonate to Neo Performance Materials or other global
separation facilities and/or to stockpile it for future production
of separated REE oxides at the Mill or elsewhere.
About Energy Fuels: Energy Fuels is a
leading U.S.-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant, and is ramping up to commercial-scale
production of RE Carbonate in 2021. Its corporate offices are in
Lakewood, Colorado near
Denver, and all of its assets and
employees are in the United
States. Energy Fuels holds three of America's key uranium
production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Project in
Wyoming, and the Alta Mesa ISR
Project in Texas. The White Mesa
Mill is the only conventional uranium mill operating in the U.S.
today, has a licensed capacity of over 8 million pounds of
U3O8 per year, and has the ability to produce
vanadium when market conditions warrant, as well as RE Carbonate
from various uranium-bearing ores. The Nichols Ranch ISR Project is
currently on standby and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is also currently on standby. In addition to the above
production facilities, Energy Fuels also has one of the largest NI
43-101 compliant uranium resource portfolios in the U.S. 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:
production and sales forecasts; costs of production; any
expectation that the Company will continue to be ready to supply
uranium into the proposed U.S. Uranium Reserve once it is
established; 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 proposed Uranium Reserve; any
expectation regarding any remaining dissolved vanadium in the White
Mesa Mill's tailings facility solutions; any expectation that the
Company's recently developed mining techniques can increase
production and lower costs when vanadium mining resumes in the
future; the ability of the Company to secure any new sources
of alternate feed materials or other processing opportunities at
the White Mesa Mill; expected timelines for the permitting and
development of projects; the Company's expectations as to longer
term fundamentals in the market and price projections; any
expectation that the Company will maintain its position as a
leading uranium company in the United
States; any expectation that the proposed Uranium Reserve
will be implemented and if implemented the manner in which it will
be implemented and the timing of implementation; any
expectation with respect to timelines to production; any
expectation that the Mill will be successful in producing RE
Carbonate on a commercial basis; any expectation that Neo will be
successful in separating the Mill's RE Carbonate on a 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; any expectation
that the Company and Neo will be successful in jointly developing a
fully integrated U.S.-European REE supply chain; any expectation
that the Company will be successful in
building a low-cost, fully integrated
U.S. rare earth supply chain that meets the
highest global standards for environmental protection,
sustainability and human rights; any expectation with
respect to the future demand for REEs; any expectation with respect
to the quantities of monazite sands to be acquired by Energy Fuels,
the quantities of RE Carbonate to be produced by the Mill or the
quantities of contained TREO in the Mill's RE
Carbonate; any expectation that additional
supplies of monazite sands will result in sufficient throughput at
the Mill to reduce underutilized capacity production costs and
allow the Company to realize its expected margins on a continuous
basis; any expectation that the Company's evaluation of
thorium and potentially radium recovery at the Mill will be
successful; any expectation that the potential recovery of medical
isotopes from any thorium and radium recovered at the Mill will be
feasible; any expectation that any thorium, radium and other
isotopes can be recovered at the Mill and sold on a commercial
basis; and any expectation as to the value to the
Company of the divestment of its non-core assets to CUR.
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; 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; the appropriations for
the proposed Uranium Reserve not being allocated to that program
and the Uranium Reserve not being implemented; the manner in which
the proposed Uranium Reserve, if established, will be implemented;
the Company not being successful in selling any uranium into the
proposed Uranium Reserve at acceptable quantities or prices, or at
all; available supplies of monazite sands; the ability of the Mill
to produce RE Carbonate to meet commercial specifications on a
commercial scale at acceptable costs; the ability of Neo to
separate the RE Carbonate produced by the Mill to meet commercial
specifications on a commercial scale at acceptable costs; market
factors, including future demand for REEs; the ability of the Mill
to be able to separate thorium and potentially radium at reasonable
costs or at all; the ability of the Company and RadTran to be able
to recover other isotopes from thorium and radium recovered at the
Mill 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.
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SOURCE Energy Fuels Inc.