Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading producer of uranium in the United States, recently announced a corporate update and financial results for the quarter ended Sept. 30, 2020 (https://ibn.fm/CEDLQ). In addition to being debt free, Energy Fuels had working capital of $44.7 million at the end of Q3 2020, which is a 17% increase over Q2 2020. An article discussing Energy Fuels’ ability to achieve a debt-free status quotes the company’s president and CEO Mark S. Chalmers, who stated, “While many uranium and other natural resource companies have significant debt burdens, Energy Fuels is proud to announce that today we became debt free. Being debt free distinguishes Energy Fuels not only from many of our peers in the uranium and natural resource sectors but also from many public companies in general. Having no debt reduces costs and allows Energy Fuels to better weather market volatility. Coupled with our strong working capital position, this also provides us with a ‘clean slate’ from which to increase uranium production when warranted and to launch the exciting rare earth element initiative we are pursuing. We have a number of opportunities in front of us right now, any one of which could result in significant cash flows for the company.”
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About Energy Fuels Inc.
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 evaluating the potential to recover rare earth elements at its White Mesa Mill. 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 in-situ recovery (“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. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. 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.” For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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