NetworkNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Announces Q3 2021 Financial Results
Energy Fuels (NYSE American: UUUU) (TSX: EFR) today released its financial results for the quarter ended Sept. 30, 2021. Among the highlights, the company reported 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 as of Sept. 30, 2021. At current commodity prices, Energy Fuels’ product inventory has a $46.9 million value. “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,” said Mark S. Chalmers, Energy Fuels’ president and CEO. “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.”
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Energy Fuels (NYSE American: UUUU) (TSX: EFR) today released its financial results for the quarter ended Sept. 30, 2021. Among the highlights, the company reported 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 as of Sept. 30, 2021. At current commodity prices, Energy Fuels’ product inventory has a $46.9 million value. “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,” said Mark S. Chalmers, Energy Fuels’ president and CEO. “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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
