Proactiveinvestors Australia Energy Fuels Inc. https://www.proactiveinvestors.com.au Proactiveinvestors Australia Energy Fuels Inc. RSS feed en Tue, 25 Jun 2019 00:21:04 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Energy Fuels announces US Department of Commerce investigating effects of uranium imports ]]> https://www.proactiveinvestors.com.au/companies/news/201077/energy-fuels-announces-us-department-of-commerce-investigating-effects-of-uranium-imports-201077.html Energy Fuels Inc. (TSE:EFR) (NYSE:UUUU) announced Wednesday that the US Department of Commerce has initiated an investigation into the effects of uranium imports on US national security. 

In New York, shares of Energy Fuels popped 6.1% to stand at US$2.45. In Toronto, shares were up 6.6% at C$3.24. 

On Tuesday, Energy Fuels outlined a response to a recently released paper by the NorthBridge Group about the market impact on the US nuclear power industry.

READ: Energy Fuels Inc shares surge in New York as it issues response to paper

The company said the secretary of commerce has 270 days to conduct the investigation and submit a report to the president of the United States containing the findings.

"Following receipt of the secretary's report, the president then has up to 90 days to act on the secretary's recommendations and, if necessary, take action to "adjust the imports of an article and its derivatives" and/or pursue other lawful, non-trade-related actions necessary to address the import threat," the company said in a release. 

January petition

In January, Ur-Energy Inc (TSE:URE) and Energy Fuels Inc.campaigned against a flood of imports of uranium products into the USA and jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

Yesterday, Energy Fuels and Ur-Energy urged interested parties to "carefully analyze the economic impacts of the proposed remedies," adding that it believed the "the remedies are sound and will result in minimal impacts to the U.S. nuclear utility industry and consumers of electricity, while also bolstering U.S. national security".

The company said the paper ignored evidence that Energy Fuels and Ur-Energy included in their petition demonstrating that the industry has sufficient licensed capacity and resources to meet U.S. production requirements if the quotas recommended in the petition are imposed.

"The U.S. uranium industry has produced at well over those levels in the past, and the proposed remedies would allow the industry to get back to those production levels at minimal cost to the nuclear utility industry," it said.

Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mining in the US. 

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Wed, 18 Jul 2018 11:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201077/energy-fuels-announces-us-department-of-commerce-investigating-effects-of-uranium-imports-201077.html
<![CDATA[News - Energy Fuels Inc shares surge in New York as it issues response to paper ]]> https://www.proactiveinvestors.com.au/companies/news/200980/energy-fuels-inc-shares-surge-in-new-york-as-it-issues-response-to-paper-200980.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU)  was among the top risers in New York Wednesday after it said a utility-sponsored paper about the market impact of proposed US uranium import quotas missed the mark.

Yesterday, Energy outlined a response to a recently released paper by the NorthBridge Group about the market impact on the US nuclear power industry.

Shares in Energy Fuels in New York added 9.52% to stand at US$2.53 each.

READ the full press release here...

"For decades, the U.S. has increased its dependence on uranium from state-sponsored enterprises subject to neither environmental nor worker safety standards," it said in a release.

In January, Ur-Energy Inc (TSE:URE) and Energy Fuels Inc campaigned against a flood of imports of uranium products into the USA and jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

Today, Energy Fuels and Ur-Energy urged interested parties to "carefully analyze the economic impacts of the proposed remedies," adding that it believed the "the remedies are sound and will result in minimal impacts to the U.S. nuclear utility industry and consumers of electricity, while also bolstering U.S. national security".

The company said the paper ignored evidence that Energy Fuels and Ur-Energy included in their petition demonstrating that the industry has sufficient licensed capacity and resources to meet U.S. production requirements if the quotas recommended in the petition are imposed.

"The U.S. uranium industry has produced at well over those levels in the past, and the proposed remedies would allow the industry to get back to those production levels at minimal cost to the nuclear utility industry," it said.

The company said the paper also fails to address the threat to U.S. national security caused by dependence on Russia and its allies for a significant portion of its uranium supply.

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Tue, 17 Jul 2018 13:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200980/energy-fuels-inc-shares-surge-in-new-york-as-it-issues-response-to-paper-200980.html
<![CDATA[News - Energy Fuels mulling paying off debt after raising significant cash ]]> https://www.proactiveinvestors.com.au/companies/news/199811/energy-fuels-mulling-paying-off-debt-after-raising-significant-cash-199811.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) is mulling using recent cash raised to pay off long term debt as well as to finance vanadium production activities.

The miner was added to the Russell 3000 index on June 25, and since May 11 has seen strength in its share price and increased volumes.

READ: Uranium miner Energy Fuels joins Russell 3000 Index

Between those dates it raised $16mln through its ATM (At-The-Market) programme, at an average price of $2.08 per share (shares are now at C$2.76).

Energy is now "evaluating the potential of using this cash to finance vanadium-related activities, particularly with the spot price of vanadium currently above $17 per pound, repay existing long-term debt, and/or maintain a strengthened working capital position", it said.

The company has a Wyoming Industrial Development Revenue Bond with an outstanding balance of $9.2mln, and has around US$16.3mln (C$20.9mln) of unsecured, convertible debentures with annual interest-only payments of around US$1.4mln and a maturity date of 31 December 2020.

If these debts were paid off, or redeeemed, Energy would expect to remove significant long-term liabilities, avoid relatively large interest expenses, and reduce its cash requirements for the next several years.

The firm plans to resume vanadium production in 2018 and expects to recover up to 4mln pounds of currently dissolved vanadium from pond solutions at its White Mesa Mill in Utah, including up to 500,000 pounds in late-2018 or early 2019.

READ  THE BIG PIC: Energy Fuels nudges higher as it outlines opportunities to lift uranium output

It is refurbishing two of the underground access declines at both of its La Sal and Pandora uranium/vanadium mines, which are properties within the La Sal Complex, where the firm received federal government approvals for an expansion earlier this year.

Energy Fuels is also evaluating other advancements to its vanadium program, it added.

"The recent strength in our stock due to the annual Russell rebalance presented Energy Fuels with a unique, one-time opportunity to raise significant cash with no discounts or warrants, at little cost, and in what we believe is a minimally-dilutive manner," said Mark S. Chalmers, president and chief executive at Energy Fuels.

"While uranium will always be Energy Fuels' core focus, everything we do, including vanadium recovery, is intended to support our uranium business.

"Today's uranium markets offer Energy Fuels a number of exceptional opportunities, including our pending 232 Petition, which we expect the U.S. Department of Commerce to act on soon, new buyers of uranium coming into the market, falling primary production, Japanese reactors resuming operation, and generally increasing global uranium demand.

"We look forward to continuing to utilise our assets to pursue opportunities in both the uranium and vanadium sectors, while also keeping our cost of capital as low as possible. We are very pleased with the performance of the ATM during this recent unique circumstance."

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Thu, 28 Jun 2018 10:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199811/energy-fuels-mulling-paying-off-debt-after-raising-significant-cash-199811.html
<![CDATA[News - Uranium miner Energy Fuels joins Russell 3000 Index ]]> https://www.proactiveinvestors.com.au/companies/news/199532/uranium-miner-energy-fuels-joins-russell-3000-index-199532.html Uranium miner Energy Fuels Inc (TSE:EFR, NYSE:UUUU) announced today it has been added as a member of the broad-market Russell 3000 Index.

Energy Fuels joined effective June 25, 2018 after the conclusion of the Russell U.S. Indexes annual reconstitution. The annual Russell U.S. Indexes reconstitution comprises the 4,000 largest US stocks as of May 11, 2018 and ranks them by total market capitalization. 

"Energy Fuels is pleased to join the broad-market Russell 3000 Index, which we believe will further increase the company's visibility and exposure to key institutional investors," said Mark S. Chalmers, president and chief executive officer of Energy Fuels.

READ: Energy Fuels planning to resume vanadian recovery in Utah this year

"As a leading U.S. producer of uranium and vanadium, we have a number of significant, identifiable catalysts that have the potential to fuel further growth for the company, including our pending 232 petition on uranium, new sources of alternate feed materials, resuming vanadium production and securing contracts for land cleanup work."

Russell U.S. Indexes are widely used by investment managers and institutional investors as the basis for index funds and as benchmarks for active investment strategies, with approximately US$9 trillion in assets are benchmarked against Russell U.S. Indexes.

Membership in the Russell 3000 Index also means inclusion in the small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market capitalization rankings and style attributes.

Shares of Energy Fuels were down 2.91% at C$2.67 today. 

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Mon, 25 Jun 2018 17:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199532/uranium-miner-energy-fuels-joins-russell-3000-index-199532.html
<![CDATA[News - Uranium miner Energy Fuels set to join Russell 3000 Index ]]> https://www.proactiveinvestors.com.au/companies/news/199070/uranium-miner-energy-fuels-set-to-join-russell-3000-index-199070.html Uranium miner Energy Fuels Inc. (TSE:EFR) (NYSE:UUUU) announced today that it is set to join the Russell 3000 Index. 

According to a preliminary list of additions posted on June 15, 2018, Energy Fuels will join effective June 25, 2018 after the conclusion of the Russell U.S. Indexes annual reconstitution.

The annual Russell U.S. Indexes reconstitution comprises the 4,000 largest US stocks as of May 11, 2018 and ranks them by total market capitalization.

READ: Energy Fuels planning to resume vanadian recovery in Utah this year

Russell U.S. Indexes are widely used by investment managers and institutional investors as the basis for index funds and as benchmarks for active investment strategies, with approximately US$9 trillion in assets are benchmarked against Russell U.S. Indexes. 

Membership in the Russell 3000 Index also means inclusion in the small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. 

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Mon, 18 Jun 2018 11:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199070/uranium-miner-energy-fuels-set-to-join-russell-3000-index-199070.html
<![CDATA[News - Energy Fuels planning to resume vanadian recovery in Utah this year ]]> https://www.proactiveinvestors.com.au/companies/news/196578/energy-fuels-planning-to-resume-vanadian-recovery-in-utah-this-year-196578.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) told investors that it plans to resume vanadium recovery from pond solutions at its White Mesa mill in Utah this year, kick starting a process of generating potentially more than 4mln pounds of recoverable vanadium (as V2O5).

The price of the commodity has risen by over 400% in the last 24 months to around US$15 per pound.

READ THE BIG PIC - Energy Fuels nudges higher as it outlines opportunities to lift uranium output

White Mesa has a 38-year history of conventional vanadium recovery, and most recently generated 1.5mln pounds of the metal in 2013.

Overall, it has produced more than 45mln pounds of vanadium -  or over US$500mln worth  at today's prices.

Mark Chalmers, president at Energy Fuels, noted that White Mesa was the only operating facility in the United States with the near-term capability to resume production.

"Due to recent vanadium price strength and bullish market sentiment, we are evaluating a number of opportunities to resume cash-flow-positive and sustainable vanadium recovery, including today's announcement of our campaign to recover vanadium from the mill's pond solutions," he said.

"If this campaign is successful, Energy Fuels would expect to become a commercial-scale vanadium producer for the next few years, just from pond solutions."

The company boss added that for longer-term alternatives, the group was evaluating other vanadium production opportunities, including the processing of previously mined uranium/vanadium stockpiles in the vicinity of the mill.

It is also considering processing other vanadium-bearing streams, and, with improved uranium prices, the reinitiation of conventional uranium/vanadium mine production from certain mines that contain large, high-grade vanadium resources, including the La Sal and Whirlwind mines which are currently on standby.

Energy noted that based on repeatable, bench-scale lab analysis performed to date, it believes dissolved vanadium in the ponds can be recovered using existing equipment and process streams at the mill, in a fashion similar to how the mill has been recovering dissolved uranium from the ponds.

WATCH - Energy Fuels Inc seeks 'several paths' to increase uranium output, limit imports

If full-scale costs and recoveries are similar to the bench-scale analysis performed to date, the company would expect to recover around 500,000 pounds of vanadium in 2018, which, based on current vanadium prices, would be expected to generate positive net cash flow this year.

The firm will then evaluate its actual 2018 costs and recoveries, and given favourable results, and depending on prevailing vanadium market conditions, would expect to continue vanadium production from pond returns in 2019 and 2020.

Based on laboratory analysis, the company has identified significant concentrations of dissolved vanadium in pond solutions at the mill, ranging between 1.4 and 2 grams per litre.

Energy Fuels holds three of America's key uranium production centres -  the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.

Shares in Canada added 0.84% to C$2.39.

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Tue, 08 May 2018 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196578/energy-fuels-planning-to-resume-vanadian-recovery-in-utah-this-year-196578.html
<![CDATA[News - Energy Fuels closes US$5.39mln sale of non-core uranium properties in Wyoming to Uranium Energy ]]> https://www.proactiveinvestors.com.au/companies/news/196368/energy-fuels-closes-us539mln-sale-of-non-core-uranium-properties-in-wyoming-to-uranium-energy-196368.html Energy Fuels Inc. (TSE:EFR, NYSE:UUUU) said it has closed the sale of certain non-core uranium properties in Wyoming to Uranium Energy Corp. (NYSE:UEC) for US$5.39mln.

The total price includes US$2.94mln of cash and US$2.45mln of shares in Uranium Energy at a deemed issuance price of US$1.5072 per share of Uranium Energy.

READ: Energy Fuels nudges higher as it outlines opportunities to lift uranium output

The properties, which are adjacent to UEC's Reno Creek Project, are considered non-core, as they would require extensive permitting and licensing work, and significant time and capital, to bring them into commercial operation as a standalone project in the future.

Further, it said it holds other low-cost ISR assets that are currently either in production or can be brought into production sooner and on a greater scale than the sold assets.

This includes the operating and fully-permitted Nichols Ranch ISR Project and the fully-permitted Jane Dough and Hank properties in Wyoming, along with the fully-constructed, licensed, and permitted Alta Mesa ISR Project in Texas which is currently on standby.

Energy Fuels said it believes the sold assets are much better suited to be combined with UEC's Reno Creek Project.

Mark S. Chalmers, president and CEO of Energy Fuels said: "Maintaining the strength of our balance sheet is one of the central focuses of Energy Fuels. Therefore, we are endeavoring to monetize certain assets that are stranded or non-core to our long-term business plans.

Adds over US$5mln to balance sheet

“The completion of today's transaction achieves this focus, by adding over $5 million to our balance sheet and reducing our holding costs. This is a remarkable time in the U.S. uranium market, and our filing of a 232 Petition earlier this year with the U.S. government has the strong potential to significantly increase the value of uranium produced in the United States.

While we are disposing of stranded and non-core assets, we are retaining low-cost producing, constructed, and/or permitted assets. These are the assets that will enable Energy Fuels to ramp-up production more quickly and on a greater scale than our peers."

In a separate statement, Amir Adnani, president and CEO of UEC, in describing the acquisition as "highly synergistic", said: "This further cements our position in controlling one of the largest, fully permitted and 100% un-hedged low-cost ISR portfolios in the United States. This acquisition also comes at a time when international trade and geopolitical developments underscore the importance of domestic uranium supplies in support of American energy security."

Energy Fuels is an integrated U.S. uranium mining company, supplying U3O8 to major nuclear utilities.

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Thu, 03 May 2018 10:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196368/energy-fuels-closes-us539mln-sale-of-non-core-uranium-properties-in-wyoming-to-uranium-energy-196368.html
<![CDATA[News - Energy Fuels shares nudge higher as it reaches environmental milestone at Alta Mesa ]]> https://www.proactiveinvestors.com.au/companies/news/194078/energy-fuels-shares-nudge-higher-as-it-reaches-environmental-milestone-at-alta-mesa-194078.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) has marked a major milestone and moved its Alta Mesa uranium project in Texas one step further towards resuming production, it told investors.

Alta Mesa is a fully permitted and constructed ISR (solution mining) uranium project in the south of the state, currently on standby status ready to resume operations.

READ: THE BIG PIC - Energy Fuels nudges higher as it outlines opportunities to lift uranium output

Energy revealed that last month, it had received a notice from the Texas commission on environmental quality (TCEQ), which confirmed that it had achieved final groundwater restoration at production area 1 (PAA1).

In simple terms, it means the firm has restored groundwater at the site, following uranium mining.

This is one of the most important environmental compliance milestones that every US in situ recovery (ISR) facility must complete following production, it added.

"We are extremely proud to receive government confirmation of final restoration of the wellfield at Alta Mesa," said Mark S Chalmers, president and chief executive at Energy Fuels.

"Energy Fuels and the rest of the U.S. uranium industry operate under the highest health, safety and environmental standards in the world, including state-of-the-art protection of groundwater and drinking water."

WATCH: Energy Fuels Inc seeks 'several paths' to increase uranium output, limit imports

Alta  Mesa (including PAA1) was in production from 2005 until 2012 and generated 4.6mln pounds of uranium - enough to provide clean, carbon-free electricity from an average-sized nuclear reactor for around eight years.

It includes a licensed processing plant with a total annual capacity to produce 1.5mln pounds of U3O8 (triuranium octoxide) per year.

It could resume operations within around 12 months of a production decision, by completing minor facility improvements and installing new wellfields.

Alta Mesa holds an NI 43-101 total of 1.6mln tons of measured and indicated resources at an average grade of 0.111% U3O8 (uranium) containing 3.6mln pounds, along with 7mln tons of inferred with an average grade of 0.121% U3O8 containing 16.8 million pounds of uranium.

Exploration targets include 2.6mln tons of mineralised material with an average grade that could range from between 0.077% to 0.123% U3O8.

In improved market conditions, Energy Fuels wants to resume exploration to expand resources and upgrade existing resources into higher categories.

Energy Fuels holds three of America's key uranium production centres, the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and Alta Mesa in Texas.

Shares nudged up 1.38% to C$2.20 each.

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Mon, 02 Apr 2018 11:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194078/energy-fuels-shares-nudge-higher-as-it-reaches-environmental-milestone-at-alta-mesa-194078.html
<![CDATA[Media files - Energy Fuels Inc seeks 'several paths' to increase uranium output, limit imports ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8960/energy-fuels-inc-seeks-several-paths-to-increase-uranium-output-limit-imports-8960.html Tue, 27 Mar 2018 12:10:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8960/energy-fuels-inc-seeks-several-paths-to-increase-uranium-output-limit-imports-8960.html <![CDATA[News - Energy Fuels nudges higher as it outlines opportunities to lift uranium output ]]> https://www.proactiveinvestors.com.au/companies/news/193484/energy-fuels-nudges-higher-as-it-outlines-opportunities-to-lift-uranium-output-193484.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) shares nudged higher as it today outlined "bridges" of opportunity to increase primary production from its US uranium mines as market conditions improve.

In a letter to shareholders, new president and chief Mark S. Chalmers, pointed out that the group has a portfolio that is unmatched in the US uranium industry in terms of production scalability, licensed and permitted facilities, and in-ground resources.

It has around 11.5mln pounds of licensed capacity at its three production facilities, he said.

For its White Mesa Mill in Utah, the group is always hunting new sources of alternate feed materials and fee processing arrangements.

 

In 2017, we re-processed about 950,000 pounds of off-spec uranium concentrate for a third party, earning fees of about $6 million. Today, we are talking to several additional parties about new business for 2018 and beyond.

"In fact, we currently project that the White Mesa Mill will be cash-flow positive for 2018, as it was in 2017 when it was the single largest producer of uranium in the entire U.S," said Chalmers.

Long term opportunity..

Also, land cleanup work also presents an excellent long-term opportunity as during the early years of the Cold War, hundreds of small, government-sponsored uranium mines operated in the US, many  of which were never properly remediated.

Today, the U.S. Environmental Protection Agency (EPA) is spearheading the effort to clean-up these sites, many of which are on Navajo Nation land - near White Mesa.

"Then, there's vanadium," Chalmers told shareholders.

"Vanadium is a mineral used in high-strength steel, titanium and other alloys and in batteries used in renewable energy systems. Vanadium prices have risen by more than 400% over the past 24 months. And, the White Mesa Mill - in addition to being the only conventional uranium mill operating in the U.S. - is also the last operating facility left in the U.S. with the near-term ability to resume recovery of vanadium."

A number of mines..

Chalmers noted that Energy had a number of mines in Utah and Colorado that contain large quantities of high-grade vanadium resources, including the Whirlwind Mine and the La Sal Complex where the company recently received government approvals for expansion.

"These are all exciting opportunities. However, we are not building our core business around them, said the company boss.

"We view them as "bridges" to increased primary production from our uranium mines as market conditions improve.

"We can respond immediately to positive market signals from a number of different mines, including our Canyon Mine, Nichols Ranch ISR Project, and Alta Mesa ISR Project located in Arizona, Wyoming and Texas, respectively."

Energy Fuels shares in Toronto added 1.51% to C$2.02 each.

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Tue, 20 Mar 2018 10:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193484/energy-fuels-nudges-higher-as-it-outlines-opportunities-to-lift-uranium-output-193484.html
<![CDATA[News - Energy Fuels sees revenue of US$31mln in pivotal 2017 as weak uranium market continues ]]> https://www.proactiveinvestors.com.au/companies/news/193016/energy-fuels-sees-revenue-of-us31mln-in-pivotal-2017-as-weak-uranium-market-continues-193016.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) became the largest uranium producer in the United States in 2017, it told investors, posting revenues for the year of US$31mln (2016: US$54.5mln).

The net loss was US$27.9mln, narrowed from a loss of US$39.8mln the previous year.

READ - Energy Fuels set for operations expansion in Utah after La Sal Complex approval

Gross profit for what the firm said was another 'pivotal' year to end December was US$8.3mln from mining and milling operations.

A total of 520,000 pounds of U3O8 (triuranium octoxide) sales were made at an average realized price of $47.05 per pound.

A total of 1.57mln pounds of U3O8 were recovered by the company, of which 624,000 pounds were for the company's own account and 946,000 pounds were for a tolling customer.

"Amidst continued weakness in uranium markets, we became the largest uranium producer in the United States, the culmination of a multiyear strategy for us," said Mark S. Chalmers, the president and chief executive.

"In order to remain strong in these challenging uranium markets, Energy Fuels continues to secure new sources of alternate feed materials and to pursue opportunities in the cleanup of abandoned uranium mines to feed the White Mesa mill in 2018 and beyond.

READ THE BIG PIC - Energy Fuels poised to pounce on uranium market upturn

"Vanadium also represents a very interesting opportunity for us.

"Vanadium prices are up over 400% since 2016, and our White Mesa mill has produced over 45mln pounds during its history, which is over $500-million at today's vanadium prices. We are evaluating a number of very short-term opportunities to profit from recent vanadium market strength."

Chalmers also said the firm had sought an import quota that reserves 25% of the US nuclear market for US uranium.

"The remedies, if granted, would be expected to strengthen the U.S. uranium mining industry, bolster national defence, and improve supply diversification for U.S. utilities and their customers."

Energy Fuels holds three of America's key uranium production centres, the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.

It also produces vanadium as a byproduct of its uranium production from certain of its mines on the Colorado plateau.

Among the highlights for the year was a new resource estimate for uranium and copper at the Canyon mine in Arizona.

In total, the Canyon mine is estimated to contain 139,000 tons of measured and indicated mineral resources with an average grade of 0.88% U3O8 containing 2,434,000 pounds of uranium, along with 18,000 tons of inferred resources with an average grade of 0.38% U3O8 containing 134,000 pounds of uranium.

It means the total uranium resources increased by around 1mln pounds of U3O8 over the previous resource estimate.

Looking ahead, Energy Fuels expects to  produce around 140,000 to 160,000 pounds of uranium in the year to end December, 2018, from Nichols Ranch.

During 2018,, the company expects to recover approximately 320,000 to 360,000 pounds of uranium at the White Mesa mill for its own account. All of this uranium is expected to be from alternative feed materials and pond return.

The company is also actively pursuing opportunities to process new and additional alternative feed sources, low-grade ore from third parties.

It is also evaluating the possibility of recovering vanadium from existing pond solutions at the White Mesa mill.

Separately today, Energy Fuels said it had appointed Barbara Filas as a director, filling the vacancy created by the resignation of Ames Brown last year.

Chalmers said Filas was "universally recognized as a leader in the global mining industry".

"We look forward to benefitting from her perspectives on Energy Fuels' many opportunities, including our 232 Petition on uranium, land cleanup work, vanadium production potential, and of course continuing to be the leader in U.S. uranium production."

Energy Fuels shares ticked 0.98% higher to stand at C$2.06.

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Mon, 12 Mar 2018 14:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193016/energy-fuels-sees-revenue-of-us31mln-in-pivotal-2017-as-weak-uranium-market-continues-193016.html
<![CDATA[News - Energy Fuels set for operations expansion in Utah after La Sal Complex approval ]]> https://www.proactiveinvestors.com.au/companies/news/192186/energy-fuels-set-for-operations-expansion-in-utah-after-la-sal-complex-approval-192186.html Uranium producer Energy Fuels Inc (TSE:EFR, NYSE:UUUU)  has been bolstered by a decision to approve an expansion of the La Sal complex of uranium/vanadium mines in Utah.

The complex encompasses a series of past producing mines, currently on standby, along an 11-mile trend in northeast San Juan County, Utah, including the Energy Queen, Beaver/La Sal and Pandora/Snowball mines and the Redd Block and Pine Ridge properties.

READ: Energy Fuels streamlines top management as it embarks on several initiatives

The approval comes from the US bureau of land management (BLM) and the US forest service (USFS) after multi-year analysis.

According to a 2014 NI 43-101 technical report, La Sal holds 1.1mln tons of measured and indicated resources containing 4.1mln pounds of uranium and 21.5mln pounds of vanadium, with an average grade of 0.18% uranium and 0.94% vanadium.

The project also hosts further inferred uranium and vanadium.

"This is particularly important, as the mines and properties comprising the La Sal Complex contain large quantities of uranium resources, along with significant high-grade vanadium resources," said Mark Chalmers, the president and chief executive of Energy Fuels, of the approval.

"We have recently seen vanadium prices increase significantly, and our nearby White Mesa Mill has a long history of producing uranium and vanadium from these mines.

"The environmental assessment prepared for the expansion of this project thoroughly considered all aspects of proposed operations, including environmental protection, transportation, cultural issues, jobs, economic benefits, and environmental justice concerns.

"This project is fully-permitted and constructed, and is currently on standby status, ready to resume mining operations within approximately six months of a production decision, with minimal capital required.

READ: Energy Fuels and Ur-Energy protest at flood of cheap uranium imports into the USA

"We believe these approvals once again demonstrate that Energy Fuels is a responsible operator and an asset to the region.

The firm said the approvals "set the stage" for Energy to grow in the region.

A plan of operations amendment (POA) for the project combined a number of the existing plans and allows for expansion of development rock storage, the drilling of up to 400 exploration holes, the construction of further ventilation shafts, and the reclamation of historic disturbances by previous mine operators, on various areas of the project, the firm told investors.

Between 2007 and 2013, 446,000 tons of mineralised material was mined from the La Sal Complex and processed at the White Mesa Mill.

Also on Monday, Energy Fuels said the BLM also issued the EA, Decision Record, and FONSI (finding of no significant impact) for the expansion of the Daneros mine in Utah, subject to certain specified requirements.

Energy said it expects to file an updated NI 43-101 resource estimate for Daneros in March this year to account for mining activity and new drilling data since the last report was completed.

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Mon, 26 Feb 2018 08:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192186/energy-fuels-set-for-operations-expansion-in-utah-after-la-sal-complex-approval-192186.html
<![CDATA[News - Energy Fuels streamlines top management as it embarks on several initiatives ]]> https://www.proactiveinvestors.com.au/companies/news/191730/energy-fuels-streamlines-top-management-as-it-embarks-on-several-initiatives-191730.html Energy Fuels Inc (TSE:EFR) has announced a series of changes at its top-level management in a bid to trim its executive team to cut costs.

In a statement, the integrated uranium mining company said following the recent appointment of Mark S. Chalmers as its new president and chief executive, it has decided to streamline its management team.

READ: Energy Fuels taps Mark Chalmers as CEO, succeeds retiring Stephen Antony

David C. Frydenlund, the company's senior vice-president, general counsel and corporate secretary, will now take on the role of chief financial officer, general counsel and corporate secretary, with effect from 2 March.

Frydenlund will replace the company's current CFO, Daniel G. Zang, who will leave the company on 1 March.

W. Paul Goranson, the company's executive vice-president of operations, will take over as chief operating officer with immediate effect.

Energy Fuels said its current controller, Matthew J. Tarnowski, has been appointed chief accounting officer and controller of the company, also with immediate effect.

Chalmers said: "Through these management changes, the company expects to realise cost savings by shrinking the size of our executive team, while also streamlining our management and maintaining a high level of continuity by promoting individuals from within the organisation.

READ: Energy Fuels poised to pounce on uranium market upturn

“I am particularly excited about several company initiatives we are pursuing, including advancing our pending 232 petition now before the U.S. Department of Commerce, growing our alternate feed business, securing land cleanup work, evaluating opportunities in vanadium recovery, and of course maintaining and advancing our industry-leading U.S.-based uranium production portfolio."

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Thu, 15 Feb 2018 09:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191730/energy-fuels-streamlines-top-management-as-it-embarks-on-several-initiatives-191730.html
<![CDATA[News - Energy Fuels taps Mark Chalmers as CEO, succeeds retiring Stephen Antony ]]> https://www.proactiveinvestors.com.au/companies/news/190574/energy-fuels-taps-mark-chalmers-as-ceo-succeeds-retiring-stephen-antony-190574.html Energy Fuels Inc. (TSE:EFR) announced Tuesday that its board has appointed Mark Chalmers as its new CEO, effective Feb. 1.

Chalmers has served as Energy Fuel’s president and COO since July 2016. He succeeds Stephen Antony, who retires at the end of January in accordance with the company’s long-term succession plan. He’ll also retain the title of president.

Antony has served as chief executive since 2009 and has been with the uranium miner for 13 years.

Chalmers will also take Antony’s vacated board seat.

READ: Energy Fuels and Ur-Energy protest at flood of cheap uranium imports into the USA

Having previously led production at Paladin Energy Ltd. and acted as a consultant to BHP Billiton plc, Rio Tinto and Marubeni Corp., Chalmers has decades worth of global uranium mining experience, the company said.

“Mark brings the suite of skills that we believe Energy Fuels needs to continue our growth and development into the future,” said Chairman J. Birks Bovaird in a statement.

Under the guidance of Antony, Energy Fuels went from a small uranium project developer into the largest uranium producer in the U.S. in 2017, the company said.

“We are well positioned to capitalize on increasing uranium prices and other opportunities in the future,” added Bovaird.

Shares in Tornto were unchanged at C$2.14. 

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Wed, 24 Jan 2018 12:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190574/energy-fuels-taps-mark-chalmers-as-ceo-succeeds-retiring-stephen-antony-190574.html
<![CDATA[News - Energy Fuels and Ur-Energy protest at flood of cheap uranium imports into the USA ]]> https://www.proactiveinvestors.com.au/companies/news/190187/energy-fuels-and-ur-energy-protest-at-flood-of-cheap-uranium-imports-into-the-usa-190187.html Ur-Energy Inc (TSE:URE) and Energy Fuels Inc (TSE:EFR) are jointly campaigning against a flood of imports of uranium products into the USA.

The pair jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

The petitioners would like a “buy American” policy for the USA nuclear industry, with at least 25% of consumed uranium by US nuclear reactors from US mines, as per current – but largely disregarded – government policy.

Imports of uranium from state-owned and state-subsidized enterprises in Russia, Kazakhstan and Uzbekistan now fulfill nearly 40% of US demand, while domestic production fulfills less than 5%.

The petitioners noted that in 2017, uranium production in the US fell close to historic lows and production this year is likely to be even lower, as imports continue to come in from the above-mentioned countries, not to mention China.

“A healthy uranium mining industry is vital to US national security because it supplies fuel for nuclear power plants that are a key component of the nation's critical energy infrastructure and essential defense needs,” the companies said in a joint statement.

The pair – the two main US uranium producers – want the President to use his authority to adjust imports to ensure the long-term viability of the US uranium mining industry.

Today's extreme dependence is not a matter of foreign competition legitimately underpricing domestic production, the pair argues; it is the result of certain foreign state-subsidy policies that undermine US companies who could otherwise compete fairly on a global basis.

The petition suggests the implementation of a requirement for US federal utilities and agencies to buy US uranium in accordance with the President's Buy American policy.

These remedies are expected to result in US utilities purchasing roughly 12mln pounds of uranium per year from US producers, based on recent data. This would be expected to create a healthy US uranium mining industry, bolster national defense, and improve supply diversification for US utilities and their customers, according to the petition.

Greater diversification will lessen the exposure of the US government, US utilities and their customers to the policies of nations such as Russia, Kazakhstan, and China.

US utilities and their customers will also receive greater protection from supply shocks, price increases, and other geopolitically motivated actions of foreign state-controlled uranium producers, the North American uranium production companies maintain.

“Likewise, a strong domestic uranium mining industry will be able to reliably supply the required domestic uranium that is critical to our national defense programs. The US government will provide support to a vital national security industry while maintaining a high degree of competition that encourages innovation and lower prices. These remedies will reduce dependence on imports that fuel clean energy, and support reductions in air pollution and carbon emissions,” the petition declared.

Shares in Energy Fuels were up 4.4% at C$2.15 in mid-morning trading in Toronto, while Ur's shares were 4.5% higher at C$0.93.

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Wed, 17 Jan 2018 12:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190187/energy-fuels-and-ur-energy-protest-at-flood-of-cheap-uranium-imports-into-the-usa-190187.html
<![CDATA[News - Energy Fuels poised to pounce on uranium market upturn ]]> https://www.proactiveinvestors.com.au/companies/news/187181/energy-fuels-poised-to-pounce-on-uranium-market-upturn-187181.html Energy Fuels Inc (TSE:EFR) is ticking along and ready to roll once uranium prices improve.

As Curtis Moore, vice president of marketing and corporate development, recently told Proactive Investors, the group would clearly like to see higher  uranium prices, but the firm does have other revenue generating streams in the meantime, including toll processing at its White Mesa mill (the only uranium mill in the US).

Once the market does turn a corner, it will be able to bring on stream 2 to 2.5 million pounds of uranium concentrate (U308) per year output within 6- 12 months, he explains.

WATCH - Energy Fuels meeting production targets and maintaining a strong balance sheet So what are the assets...?

Energy has the White Mesa conventional mill in Utah, which has a licensed capacity for over 8mln pounds of U308  a year, providing good potential to scale up output.

It also owns the Nichols Ranch ISR (in situ recovery) project in Wyoming and ISR assets in Texas that are collectively named Alta Mesa.

Nichols Ranch has total licensed capacity of 2mln pounds of uranium a year, production began in 2014 and it has significant expansion potential.

In situ mining, put simply, is where a leaching method is used to dissolve and then extract the uranium out of the rock.

The advantages of the method are said to include lower capital costs to develop the mine and no waste rock, tailings pond.

Earlier this month, it struck a deal to sell some non-core properties in Wyoming for  $5.39mln.

Upgrade to resources...

And in August this year, it released a new resource for its conventional Canyon mine in Arizona.

This mine is now estimated to contain 139,000 tons of higher confidence measured and indicated resources with an average grade of 0.88% U3O8, containing 2.434mln pounds of uranium.

There are 18,000 tons of inferred resources with an average grade of 0.38% U3O8 containing 134,000 pounds of uranium.

Significantly, the main zone of the deposit is also estimated to contain 11.939mln pounds of copper contained in 101,000 tons of measured and indicated mineral resources with an average grade of 5.93% copper.

Also the total uranium resources at the wholly-owned mine in Coconino County had been lifted by an estimated 1mln pounds, more or less, of triuranium octoxide (U3O8).

A key deal to increase cash flow and margins...

On November 13, Energy said it had struck an important deal, which would increase cash flow and margins at its flagship Wyoming asset and see it acquire an exciting new US asset.

The transaction, done via  a merger of Excalibur Industries and an Energy Fuel subsidiary, sees Energy extinguish the royalties it had to pay on the Nichols Ranch ISR (in situ recovery) project.

It also removed royalties on several operating, standby and advanced-stage ISR projects in Wyoming owned and operated by Power Resources, Inc, which is a wholly-owned subsidiary of Cameco Corp - the largest uranium firm in the world.

The cost is a total of US$3.5mln worth of Energy shares paid to Excalibur shareholders.

Energy fuels now expects to produce around between 140,000 and 160,000 pounds of uranium in 2018 from the Nichols Ranch project.

Full year  production targets for 2017..

Moore said the firm is expecting to produce 650,000 pounds of U308 (uranium concentrate) from its own account for the year, and 950,000 pounds from its processing mill for a third party.

In its latest quarter,  Energy Fuels said uranium output totalled 465,000 pounds of U3O8, of which 170,000 pounds were for the company's account and 295,000 pounds were from alternative feed materials toll milled for the account of others.

Significantly, during the reporting period, the Nichols Ranch in-situ recovery (ISR) facility surpassed one million pounds of total life-of-mine uranium production.

“During today's low uranium prices, Energy Fuels enjoys a number of potential revenue-generating opportunities, along with a supportive administration in Washington DC, that we believe recognizes the importance of maintaining a healthy US uranium mining industry,” said Stephen Antony, chief executive of Energy Fuels.

At the end of September the company had US$32.7mln of working capital.

Reflecting the currently depressed state of the uranium market, the company posted a net loss of US$4.77mln on revenue of US$5.50mln.

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Mon, 13 Nov 2017 12:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187181/energy-fuels-poised-to-pounce-on-uranium-market-upturn-187181.html
<![CDATA[News - Energy Fuels set to increase cash flow and margins in Wyoming with 'key' royalties deal ]]> https://www.proactiveinvestors.com.au/companies/news/187164/energy-fuels-set-to-increase-cash-flow-and-margins-in-wyoming-with-key-royalties-deal-187164.html Uranium focused Energy Fuels Inc (TSE:EFR) says it has struck a 'key' deal, which will increase cash flow and margins at its flagship Wyoming asset and see it acquire an exciting new US asset.

The group owns the Nichols Ranch ISR (in situ recovery) project in Wyoming, where production began in 2014.

READ: Energy Fuels meeting production targets and maintaining a strong balance sheet

The transaction, done via  a merger of Excalibur Industries and an Energy Fuel subsidiary, sees Energy extinguish the royalties it had to pay on the Nichols Ranch ISR (in situ recovery) project.

It also removes royalties on several operating, standby and advanced-stage ISR projects in Wyoming owned and operated by Power Resources, Inc, which is a wholly-owned subsidiary of Cameco.

The cost is a total of US$3.5mln worth of Energy shares paid to Excalibur shareholders.

Energy fuels expects to produce around between 140,000 and 160,000 pounds of uranium in 2018 from the Nichols Ranch Project.

In addition, there are four fully-permitted wellfields at Nichols Ranch and 14 fully permitted wellfields at its Jane Dough project, of which Doughstick represents a portion, that are expected to be developed as an extension of Nichols Ranch in the future.

READ: Energy Fuels reaffirms full-year production and sales guidance

The Hank project is fully-permitted for eight wellfields that are expected to be developed as satellite operations to Nichols Ranch.

According to a 2015 technical report, Nichols Ranch, Jane Dough, and Hank projects contain 3.4mln tons of measured and indicated resources with an average grade of 0.115% uranium (U308) containing 7.9mln pounds of uranium, along with 0.6mln tons of inferred resources with an average grade of 0.10% U3O8 containing 1.1mln pounds of uranium.

The firm said that as an added benefit of the transaction, it would acquire and hold  a "trophy" royalty asset in the US uranium sector, namely 4% gross proceeds royalty on the Cameco-owned North Butte property, the Ruby Ranch project, and the Greasewood property.

"North Butte is a fully permitted and operational project that has been operated by Cameco as a satellite to their Smith Ranch-Highland ISR Project since 2013," Energy Fuels said.

"Cameco ceased wellfield development at North Butte in 2016. However, as uranium prices rise, North Butte should be expected to resume production in the future.

According to Cameco's 2016 annual report, the North Butte/Brown Ranch project contains 6,499mln tons of measured and indicated resources with an average grade of 0.07% uranium containing around 10.1mln pounds of uranium, it added.

READ: Energy Fuels shares tick higher as it sells non-core assets for $5.39mln

What's more, of these resources, 365mln tons are proven reserves with an average grade of 0.08% U3O8 containing 0.7mln pounds of uranium, it added.

Energy Fuels holds three of America's key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa project in Texas.

The White Mesa Mill is the only conventional uranium mill operating in the USA today and has a licensed capacity of over 8mln pounds of U3O8 per year.

Shares in Toronto added 1.39% to C$2.19 each.

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Mon, 13 Nov 2017 09:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187164/energy-fuels-set-to-increase-cash-flow-and-margins-in-wyoming-with-key-royalties-deal-187164.html
<![CDATA[Media files - Energy Fuels meeting production targets and maintaining a strong balance sheet ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8345/energy-fuels-meeting-production-targets-and-maintaining-a-strong-balance-sheet-8345.html Thu, 09 Nov 2017 10:07:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8345/energy-fuels-meeting-production-targets-and-maintaining-a-strong-balance-sheet-8345.html <![CDATA[News - Energy Fuels reaffirms full-year production and sales guidance ]]> https://www.proactiveinvestors.com.au/companies/news/186748/energy-fuels-reaffirms-full-year-production-and-sales-guidance-186748.html Energy Fuels Inc (TSE:EFR) sold 60,000 pounds of triuranium octoxide (U3O8) at an average realized price of US$58.28 per pound in the third quarter.

Uranium production totalled 465,000 pounds of U3O8, of which 170,000 pounds were for the company's account and 295,000 pounds were from alternative feed materials toll milled for the account of others.

The company reaffirmed its full-year production and sales guidance.

During the reporting period the company's Nichols Ranch in-situ recovery (ISR) facility surpassed one million pounds of total life-of-mine uranium production.

"During the past quarter, Energy Fuels continued to focus on maintaining the strength of our balance sheet and pursuing alternate feed materials and land clean-up business opportunities at the White Mesa mill,” said Stephen Antony, chief executive officer of Energy Fuels.

“During today's low uranium prices, Energy Fuels enjoys a number of potential revenue-generating opportunities, along with a supportive administration in Washington DC, that we believe recognizes the importance of maintaining a healthy US uranium mining industry,” he added.

“Energy Fuels' Nichols Ranch ISR facility surpassed one million pounds of U3O8 production during the past quarter. Our White Mesa mill continues to be a key part of the company due to its ability to generate cash from the processing of alternate feed materials and the potential to process material generated from land clean-up work,” Antony continued.

At the end of September the company had US$32.7mln of working capital.

Reflecting the currently depressed state of the uranium market, the company posted a net loss of US$4.77mln on revenue of US$5.50mln.


 

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Fri, 03 Nov 2017 13:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186748/energy-fuels-reaffirms-full-year-production-and-sales-guidance-186748.html
<![CDATA[News - Energy Fuels shares tick higher as it sells non-core assets for $5.39mln ]]> https://www.proactiveinvestors.com.au/companies/news/186685/energy-fuels-shares-tick-higher-as-it-sells-non-core-assets-for-539mln-186685.html Shares in uranium producer Energy Fuels Inc (TSE:EFR) ticked up higher in Toronto as it struck a deal to sell some non-core properties in Wyoming for  $5.39mln.

They will be sold to Uranium Energy Corp (UEC) for a price of $5.39mln, to include $2.94mln in cash and $2.45mln in shares of UEC.

READ - Energy Fuels files technical report, showing big uplift in Canyon mine resource READ - Energy Fuels gets thumbs up from broker H.C. Wainright

"At a time when companies are experiencing weak uranium markets, we are pleased to realize significant value from non-core uranium properties that are not a part of Energy Fuels' long-term business plan," said Stephen P. Antony,  chief executive at Energy Fuels.

"The proceeds from the sale will significantly enhance our working capital position, and we look forward to closing this transaction," he added.

The disposed properties are next to the Reno Creek project, which was recently acquired by UEC.

Energy considers them to be non-core to its current and future uranium recovery operations.

As a stand-alone project, they would require extensive permitting and licensing work, and significant time and capital to bring them to production.

They are estimated to contain 3.8 million tons of measured and indicated mineral resources with an average grade of 0.06 per cent triuranium octoxide equivalent (eU3O8) containing around 4.3 million pounds of uranium.

Energy noted it already holds significant low-cost ISR (in-situ recovery) uranium assets in Wyoming, that are currently producing or  can be brought into production much sooner

"This sale will not impact Energy Fuels' higher-grade Nichols Ranch, Jane Dough, Hank, West North Butte, North Rolling Pin and the Arkose Mining Venture ISR properties," it said.

In total, those properties hold 4.6 million tons of measured and indicated mineral resources with an average grade of 0.12 per cent eU3O8 containing around 10.7 million pounds of uranium.

There is also a further 3.4 million tons of inferred mineral resources with an average grade of 0.10 per cent eU3O8 containing 7.1 million pounds of uranium, it added.

Energy fuels shares added 1.12% in Toronto to stand at C$1.81 each.

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Thu, 02 Nov 2017 11:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186685/energy-fuels-shares-tick-higher-as-it-sells-non-core-assets-for-539mln-186685.html
<![CDATA[News - Energy Fuels files technical report, showing big uplift in Canyon mine resource ]]> https://www.proactiveinvestors.com.au/companies/news/185437/energy-fuels-files-technical-report-showing-big-uplift-in-canyon-mine-resource-185437.html Uranium producer Energy Fuels Inc (TSE:EFR) has filed the  NI 43-101 technical report for its Canyon mine in Arizona following  news in August of the significant upgrade to the resource there.

As reported then, the mine is now estimated to contain 139,000 tons of higher confidence measured and indicated resources with an average grade of 0.88% U3O8, containing 2.434mln pounds of uranium.

There are 18,000 tons of inferred resources with an average grade of 0.38% U3O8 containing 134,000 pounds of uranium.

In addition, the main zone of the deposit is also estimated to contain 11.939mln pounds of copper contained in 101,000 tons of measured and indicated mineral resources with an average grade of 5.93% of the red metal.

In August the firm said that  total uranium resources at the wholly-owned mine in Coconino County had been lifted by an estimated 1mln pounds, more or less, of triuranium octoxide (U3O8).

Energy Fuels holds three of America's key uranium production centres -  the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.

Energy Fuels shares were unchanged in Toronto at C$1.76.

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Wed, 11 Oct 2017 09:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185437/energy-fuels-files-technical-report-showing-big-uplift-in-canyon-mine-resource-185437.html
<![CDATA[News - Energy Fuels gets thumbs up from broker H.C. Wainright ]]> https://www.proactiveinvestors.com.au/companies/news/184527/energy-fuels-gets-thumbs-up-from-broker-hc-wainright-184527.html Uranium producer Energy Fuels Inc (TSE:EFR) has received a repeated 'buy' rating and  a C$5 a share price target from broker HC Wainright.

That's more than double the current price of around C$2.03.

The broker recently went on a site visit to the White Mesa uranium mill, and said people on the tour were happy to have White Mesa around and were appreciative of the future potential for the site.

"While management feared that protesters may join the event, we did not notice anyone rallying against the mill, said analyst Heiko F Ihle in a note.

The analyst also noted that given the long operational history and proximity to a variety of towns, the site unsurprisingly had access to water, electricity, internet and a skilled labor force.

"In conclusion, we walked away from the trip with a better understanding of Energy Fuels’ continued push to mill uranium in the United States," he added.

The broker's target price is based on a DCF (discounted cashflow) of operations, using an 8% discount rate across the firm’s assets.

"Due to continued weak spot uranium prices, we expect a deliberate drop in production to 650,000 pounds in 2017,"  said Ihle.

"We note that this is sufficient to meet higher-priced, long-term contractual obligations for the year. Although the uranium price environment has remained depressed, we feel that Energy Fuels has accumulated a strong combination of both conventional and ISR projects, and that this portfolio of assets should provide investors with strong leverage to an increasing uranium price environment going forward."

Energy has the White Mesa conventional mill in Utah, which has a licensed capacity of over 8mln pounds of U308  a year, providing good potential to scale up output. It also has the Canyon mine in Arizona.

It also owns the Nichols Ranch ISR (in situ recovery) project in Wyoming and ISR assets in Texas that are collectively named Alta Mesa.

Shares were unchanged at C$2.04.

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Mon, 25 Sep 2017 10:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184527/energy-fuels-gets-thumbs-up-from-broker-hc-wainright-184527.html
<![CDATA[News - Energy Fuels posts huge increase in estimated measured and indicated reserves at its Canyon mine ]]> https://www.proactiveinvestors.com.au/companies/news/182878/energy-fuels-posts-huge-increase-in-estimated-measured-and-indicated-reserves-at-its-canyon-mine-182878.html Uranium producer Energy Fuels Inc's (TSE:EFR) latest independent mineral resource estimate for its Canyon mine project represents a significant increase over the previous estimate.

Total uranium resources at the wholly-owned mine, in Coconino County, Arizona, have been upped by an estimated 1mln pounds, more or less, of triuranium octoxide (U3O8).

The estimate also upgrades a large portion of the resources from the inferred category to the measured and indicated categories.

The resource estimate also quantifies significant copper (Cu) resources, Energy Fuels said.

In total, the Canyon Mine is estimated to contain 139,000 tons of measured and indicated mineral resources with an average grade of 0.88% U3O8 containing 2,434,000 pounds of uranium.

Additionally, the resource estimate identified another 134,000 pounds of uranium in the inferred mineral resource category.

The company believes there is the strong potential to grow the resources in the future through further underground drilling and evaluation.

SEE the press release for the independent resource estimate

In the zone containing both uranium and copper – referred to as the Main Zone), 101,000 tons of measured and indicated mineral resources with an average grade of 0.86% U3O8 and 5.93% Cu, containing 1,725,000 pounds of uranium and 11,939,000 pounds of copper using a 0.36% U3O8 equivalent cut-off grade have been estimated.

The uranium equivalent cut-off grade used for the Main Zone is different from the other zones, as the presence of copper requires different methods of processing, Energy Fuels explained.

The zones containing only uranium - the Upper Zone and the Juniper Zone - are estimated to contain 38,000 tons of measured and indicated mineral resources with an average grade of 0.94% U3O8 containing 709,000 pounds of U3O8, using a 0.29% U3O8 cut-off grade.

The investment in the underground core drilling campaign pays off

"Today's announced report confirms Energy Fuels' belief that the Canyon Mine is a valuable low-cost uranium and copper project,” said Stephen Antony, chief executive officer of Energy Fuels.

“Our investment in the underground core drilling campaign completed in 2016 and early-2017 was highly successful, as we were able to expand the estimated high-grade uranium resources by approximately one million pounds, upgrade resources to the measured and indicated categories, and identify 12 million pounds of high-grade copper resources, the first ever for our company.

“In addition, the Canyon Mine is differentiated from nearly every other pre-production uranium project in the world today, because all licensing and permitting has been completed, up-front development has been substantially completed, and we own a fully-licensed and operating uranium mill available to process the uranium resources once the mine goes into production,” Antony added.

“We believe we are demonstrating that the Canyon Mine is production-ready and competitive with any conventional uranium mine globally," Antony concluded.

The shares rose 2.9% to C$2.125 on the news.

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Wed, 23 Aug 2017 13:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182878/energy-fuels-posts-huge-increase-in-estimated-measured-and-indicated-reserves-at-its-canyon-mine-182878.html
<![CDATA[News - Energy Fuels continues to enjoy healthy margins thanks to long-term contracts ]]> https://www.proactiveinvestors.com.au/companies/news/182010/energy-fuels-continues-to-enjoy-healthy-margins-thanks-to-long-term-contracts-182010.html Energy Fuels Inc (TSE:EFR, NYSEMKT:EFR) realised strong sales during the second quarter from its portfolio of term uranium contracts.

The company sold 300,000 pounds of triuranium octoxide (U3O8) in the April to June quarter at an average realized price of US$50.14 per pound.

Total revenues in the quarter clocked in at US$21.64mln, versus US$25.00mln in the same period of 2016.

Production in the quarter totaled 112,000 pounds..

Uranium production in the quarter totaled 112,000 pounds of U3O8. The company continues to expect 2017 uranium production of between 640,000 and 675,000 pounds, of which 204,000 pounds have already been produced. 

The net loss in the quarter narrowed to US$14.98mln from US$19.22mln the year before.

The uranium miner ended the reporting period with US$34.2mln of working capital, including cash and cash equivalents of US$18.7mln and some 370,000 pounds of uranium concentrate in its inventory.

Strong working capital..

“As a result of these sales, capital management, and other sources of revenue, we have been able to maintain a strong working capital position and overall balance sheet,” said Stephen Antony, chief executive officer of Energy Fuels.

“The flexibility of our White Mesa mill is again proving to be a key asset to the company, as we pursue various revenue-generating opportunities that have the potential to meaningfully strengthen the company's finances in the future, including processing additional alternate feed materials, potentially earning fees from land clean-ups, as well as potentially recovering copper and vanadium. Indeed, vanadium prices have moved sharply higher in recent months,” he noted.

“Energy Fuels has considerable idle vanadium production capacity, as a co-product of uranium production at certain of our mines which are currently on standby, that we could deploy within a relatively short period of time to capture continued and sustained strength in these markets," Antony informed investors.

During the quarter, the company continued the resource evaluation program at its Canyon Mine, which has been identifying large areas of high-grade and copper mineralization over the last few months.

Shareholders waiting for a new resource estimate for the Canyon Mine should not have to wait much longer, with the company expecting to announce an uplift in resources in the current quarter.

“We also continue to believe that the Canyon Mine, when brought into production, will have low overall costs per pound, in-line with the lowest cost conventional uranium mines operating in the world today, and we are identifying low-cost methods with our significant existing infrastructure at the White Mesa Mill to monetize the copper that have the potential to further reduce our uranium cost-per-pound,” Antony said.

Unique in the US uranium sector..

“Energy Fuels is truly unique in the US uranium sector. We have term uranium sales contracts and other ways to generate revenues. These are providing us with some protection in today's weak uranium market. At the same time, we have a portfolio of fully-permitted and developed projects ready to quickly increase the company's low-cost uranium production in improving markets,” he declared.

During 2017, the company expects to earn around US$6.5mln in toll revenue for processing certain alternate feed materials for a third party, of which US$3.1mln was earned in the first half of 2017.

The company also continues to pursue new sources of revenue, including additional alternate feed materials, toll processing of alternate feed materials, and other sources of feed for the Mill.

Rodman repeats a 'buy'...

“We highlight that the company has expressed its interest in pursuing additional alternate feed sources going forward, potentially resulting in another stable stream of income,” said Rodman & Renshaw as it reiterated its 'buy' recommendation on the stock.

The broker believes that long-term contracts offer some shelter in the current weak uranium price environment.

It noted that profit margins remained strong at 30% in the first half of 2017, which was a slight improvement on the first half of last year.

“We attribute the healthy margins to the firm's current portfolio of term uranium contracts that are locked in at prices significantly higher than the current spot price; however, net loss attributable to the company was US$14.9mln or US$0.22 per share, an improvement over the 1H16 net loss of US$0.38 per share,” analyst Heiko Ihle said.

.The broker noted that output at White Mesa is expected to trend higher for the remainder of this year, due to anticipated higher recoveries from pond returns, which should partially or fully offset any reductions from the Nichols Ranch asset.

Rodman & Renshaw has a price target of C$5 for the stock, which currently trades at C$2.23, up 0.5% on the day.

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Fri, 04 Aug 2017 11:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182010/energy-fuels-continues-to-enjoy-healthy-margins-thanks-to-long-term-contracts-182010.html
<![CDATA[News - Energy Fuels' asset portfolio gives good exposure to potential uranium price lift ]]> https://www.proactiveinvestors.com.au/companies/news/180717/energy-fuels-asset-portfolio-gives-good-exposure-to-potential-uranium-price-lift-180717.html Energy Fuels Inc (TSE:EFR, NYSEMKT:EFR) provides the investor with good exposure to a potential rise in uranium prices and has a strong portfolio of assets, according to house broker Rodman & Renshaw.

It has repeated a 'buy' rating and targets C$5 a share, which is more than double where they are now at C$2.10.

Rodman scribe Heiko F Ihle is not the only analyst to have been upbeat on the stock recently.

Brien Lundin in the Gold Newsletter says he's long admired the firm's uranium projects in the US, and it has all the makings of a producer in the near term. He repeated a 'buy'.

What are its assets...?

Energy has the White Mesa conventional mill in Utah, which has a licensed capacity of over 8mln pounds of U308  a year, providing good potential to scale up output.

It also owns the Nichols Ranch ISR (in situ recovery) project in Wyoming and ISR assets in Texas that are collectively named Alta Mesa.

Nichols Ranch has total licensed capacity of 2mln pounds of uranium a year, production began in 2014 and it has significant expansion potential.

In situ mining, put simply, is where a leaching method is used to dissolve and then extract the uranium out of the rock.

The advantages of the method are said to include lower capital costs to develop the mine and no waste rock, tailings pond.

In another of its conventional assets - the  Canyon mine in Arizona - production is expected to begin as early as 2017. It has an inferred resource of 1.6mln pounds of uranium at an average grade of .98% -  the highest grade uranium mine being developed in the US.

An improving uranium outlook...

After lagging for many years, many analysts believe the long term outlook is improving, premised on the building of more nuclear reactors, which will need to be fuelled.

In May a contract between Argentina and China  was signed for two rectors in the South American Country. India is also forging ahead with a nuclear power program.

At the beginning of the year, Kazakhstan's decision to curtail output by 10% from its mines meant 3% of global production was taken off the table.

Then later this year, the US Department of Energy have made large cuts to the amount it puts out to market, which should also be a boon.

Canyon mine making progress..

In May this year, Energy said that at the Canyon mine it has more or less completed the production shaft and the core drilling program to delineate the deposit.

It has also completed some 300 feet of lateral development work on the 1,400 foot level.

The firm also announced positive exploration results from the mine, which included drill holes that had strong uranium and copper intercepts.

For example, hole 43 returned 0.81% uranium and 11.95% copper over a total of 120 meters.

Rodman analyst Ihle says he would not be surprised to see a significant upgrade at the Canyon Mine resource estimate later this year.

Meanwhile, at Nichols Ranch, the group now has all of the necessary permits, licenses, and approvals needed to extend the project to the Jane Dough wellfields.

It now has an additional 22 header houses (for processing of the uranium)  at its disposal, which can quickly be used for operation should uranium prices rise for a length of time.

"In short, we think that significant near-term, low-cost production remains available for the company should prices begin to recover," says Ihle.

Production for rest of 2017 expected to improve...

In the first quarter, uranium output was 92,000 pounds, while 60,000 pounds were sold in a long-term contract at an average realized price of $58.28 per pound.

Production remained intentionally subdued,notes Rodman, mainly due to weak uranium prices, and lower sales volume was due to the timing of scheduled contract sales.

"We note that production guidance was lowered from 800,000 pounds to 675,000 pounds, mostly due to lower expected recoveries at Nichols Ranch, coupled with lower initial recoveries of tailings pond returns at White Mesa.

"That said, production over the remainder of the year is expected to improve over 1Q17 levels' it adds.

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Tue, 11 Jul 2017 15:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180717/energy-fuels-asset-portfolio-gives-good-exposure-to-potential-uranium-price-lift-180717.html
<![CDATA[News - Energy Fuels confirms appointment of major stakeholders to board ]]> https://www.proactiveinvestors.com.au/companies/news/178007/energy-fuels-confirms-appointment-of-major-stakeholders-to-board-178007.html Uranium miner Energy Fuels Inc (TSE:EFR, NYSEMKT:EFR) has confirmed the appointment of two major stakeholders to the board following the annual meeting of shareholders on May 17.

The board has now appointed Benjamin Eshleman III and Robert W. Kirkwood to serve as directors, it said. These add to the six directors elected at the meeting.

READ - Energy Fuels says new discoveries could lower production costs READ - New directive should provide boost for uranium sector, Cantor Fitzgerald believes

The board can increase the size of the board by up to one-third in number between annual meetings.

Benjamin Eshleman has a 6.1% stake in Energy Fuels by virtue of the Toronto-listed company's acquisition of Alta Mesa last year.

In addition to his experience in oil and gas operations, he also has significant experience in situ uranium recovery (ISR) operations.

Meanwhile, Robert Kirkwood controls around 1.6% of the issued share capital of Energy Fuels. He brings extensive energy experience to the Energy Fuels board.

"The company believes that they will bring new perspectives and leadership to the company as the company navigates a promising yet challenging uranium market," it said today.

As a result of the appointment of the two appointments, the board and management of Energy Fuels hold or represent around 11.7% of the share capital.

"The company believes that this figure demonstrates the continuing support of some of the company's largest shareholders, as well as the company's comprehensive focus on, and commitment to, operating the business for the benefit of the shareholders," it said.

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Thu, 18 May 2017 09:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178007/energy-fuels-confirms-appointment-of-major-stakeholders-to-board-178007.html
<![CDATA[News - Energy Fuels says new discoveries could lower production costs ]]> https://www.proactiveinvestors.com.au/companies/news/177677/energy-fuels-says-new-discoveries-could-lower-production-costs-177677.html Energy Fuels Inc (TSE:EFR, NYSEMKT:UUUU) has discovered more high-grade uranium & copper mineralization at its Canyon mine in northern Arizona.

The latest results average 1.09%  U3O8 and 9.61% cent Cu over 734 feet.

The company expects the new discoveries will lead to a deepening of the existing recoverable uranium resource estimate.

It added that it is continuing to evaluate additional zones of high-grade copper mineralization that reside both inside and outside the areas pegged as zones of potentially recoverable uranium mineralization.

“The additional uranium the company is identifying has the potential to significantly lower the production costs of this nearly developed mine to a level that is in-line with the lowest-cost, 'tier one' conventional uranium mines operating in the world today,”the company told investors.

“If the copper can be economically recovered as a by-product of uranium recovery, production costs will drop even further,” it noted.

The company is also making progress toward determining whether copper can be economically recovered at its White Mesa Mill. 

Meanwhile, the company reported that at the Canyon mine it has more or less completed the production shaft, the core drilling program to delineate the deposit and additional capital development of the mine.

The latter include some 300 feet of lateral development on the 1,400 foot level.

Energy Fuels’ chief Stephen Antony reported that major capital development activities and associated expenditures have been significantly reduced.

Things definitely seem to be looking up for the company, which earlier this week reported two major stakeholders had expressed a wish to join the board.

READ Energy Fuels welcomes two major shareholders to the board

"We continue to see extraordinary uranium and copper results that, we believe, will increase the size of the recoverable resources, thereby reducing our mining cost," Antony stated.

"Further, Energy Fuels' cost-efficient Canyon mine is at an advanced stage. It is fully permitted, all surface development is in place, we have substantially completed the production shaft and our White Mesa mill is ready to produce uranium from the Canyon mine. As a result, the company has significantly reduced capital expenditures, and when mining resumes, only limited additional capital development will be required," he added.

"The mine is expected to be low cost, as we believe it has forward costs that are in line with the lowest cost, Tier 1 conventional uranium mines operating globally today. The economics have the potential to improve further, as we make progress toward determining the monetization of copper. We look forward to completing our evaluation and releasing a new resource estimate for the Canyon mine later this year," Antony said.

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Thu, 11 May 2017 14:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177677/energy-fuels-says-new-discoveries-could-lower-production-costs-177677.html
<![CDATA[News - Energy Fuels welcomes two major shareholders to the board ]]> https://www.proactiveinvestors.com.au/companies/news/177539/energy-fuels-welcomes-two-major-shareholders-to-the-board-177539.html Two major stakeholders of Energy Fuels Inc (TSE:EFR, NYSEMKT:EFR) have expressed an interest in joining the board of the US uranium miner.

Benjamin Eshleman has a 6.1% stake in Energy Fuels by virtue of the Toronto-listed company's acquisition of Alta Mesa last year.

READ Energy Fuels acquires Alta Mesa mine

In addition to his experience in oil and gas operations, he also has significant experience in situ uranium recovery (ISR) operations.

Robert Kirkwood controls around 1.6% of the issued share capital of Energy Fuels. He would bring extensive energy experience to the Energy Fuels board.

“We are very pleased that Mr. Eshleman and Mr. Kirkwood have expressed an interest in serving as members of the board of directors of Energy Fuels,” said Stephen Antony, president and chief executive officer of Energy Fuels.

“In addition to their deep knowledge and experience in running profitable energy companies in the United States, their interest in serving on the board demonstrates their commitment to the company as two of our largest shareholders,” Antony continued.

“Further, the addition of large shareholders to our board will help ensure that the company's objectives continue to address the interests of our shareholders,” Antony maintained.

When Eshleman and Kirkwood join the board, directors and management of Energy Fuels will own 11.7% of the company.

“Share appreciation is of ultimate importance at Energy Fuels, as we continue to cut costs, lower our overall cost of capital, focus only on accretive transactions, and maintain the flexibility to respond to improving uranium market conditions. With the appointment of Messrs. Eshleman and Kirkwood following the AGM, our board and management will own, exercise control over, be affiliated with or represent approximately 11.7% of the issued and outstanding shares of the company,” Antony asserted.

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Tue, 09 May 2017 14:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177539/energy-fuels-welcomes-two-major-shareholders-to-the-board-177539.html
<![CDATA[News - New directive should provide boost for uranium sector, Cantor Fitzgerald believes ]]> https://www.proactiveinvestors.com.au/companies/news/177392/new-directive-should-provide-boost-for-uranium-sector-cantor-fitzgerald-believes-177392.html Broker Cantor Fitzgerald has flagged up a development that it thinks might give a lift to the uranium sector.

The US Department of Energy (DOE) has released a Secretarial Determination that notably reduces the maximum amount of uranium that can be transferred to contractors for clean-up services at the Portsmouth Gaseous Diffusion Plant in Ohio.

On April 26, US Secretary of Energy Rick Perry ordered that the total amount of uranium transfers per year from 1,600 metric tons of uranium (MTU) to 1,200 MTU. 

“The development is positive to the uranium sector as it reduces the amount of uranium that was being dispersed into the market by the US DOE,” explained Cantor Fitzgerald.

“The 2M lbs U3O8 equivalent for the remainder of 2017 and 3.1M lbs U3O8 equivalent for 2018, are notably less than the 5.5M lbs U3O8 [triuranium octoxide] equivalent that was occurring in prior years. This is effectively an annual cut of 2.4M lbs from the market for the next two years, which is about half of the annual amount cut by Kazatomprom when it announced production reductions earlier this year of about 5.2M lbs U3O8,” the broker added.

KazAtomProm is the national atomic company of the Republic of Kazakhstan. Combined, the Kazakh and US DOE cuts amount to 7.6mln lbs of U3O8 equivalent, which is 4.8% of our forecast production at the beginning of 2017.

“That announcement spurred a rally in the uranium spot price from US$20.25/lb to a peak of US$26.00/lb, or by 28%. We believe this announcement should provide a boost to the sector,” the broker declared.

Cantor is generally bullish on the sector, and has buy recommendations for the likes of NexGen Energy, Cameco Corp, Uranium Participation, Denison Mines, Fission Uranium, Energy Fuels, Uranium Energy, Ur Energy and Azarga Uranium.

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Fri, 05 May 2017 17:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177392/new-directive-should-provide-boost-for-uranium-sector-cantor-fitzgerald-believes-177392.html
<![CDATA[News - Lundin looks at Energy Fuels and Endeavour Silver and says 'buy' ]]> https://www.proactiveinvestors.com.au/companies/news/176683/lundin-looks-at-energy-fuels-and-endeavour-silver-and-says-buy--176683.html Brien Lundin, editor of the Gold Newsletter, has looked at two mining stocks - Energy Fuels Inc (TSE:EFR, NYSE:UUUU) and Endeavour Silver Corp (TSE:EDR, NYSE:EXK) - and rates both a 'buy'.

Energy Fuels is one for the long term, he suggests, as it continues to struggle with weak uranium prices.

2016 revenue came in at $54.55mln with uranium sales of 1.15 million pounds and a net loss of $39.41mln.

Numbers were expected...

Such numbers were to be expected given market conditions, says Lundin.

"The good news for Energy Fuels is that it owns a collection of permitted, advanced-stage assets that are either already on production or can be brought on production quickly once markets are more favourable. These projects should let Energy Fuels leapfrog its less developed competitors when the time is right," says Lundin.

Meanwhile, Endeavour's 2016 results showed the effects of the company's cost-cutting efforts during the year, he said separately.

He notes all-in sustaining costs fell by 20% in the year to $12.34 per ounce, and although revenue was down, adjusted income came to $3.9mln - a significant improvement on the adjusted loss of $11.2mln in 2015.

Plenty of cash at year end..

Endeavour finished the year with $72.3million in cash and equivalents, he said.

"It is now moving into the second quarter of 2017 with plenty of money and with three development-stage projects to catch the market's attention.

"One of those projects, Terronera, should see a prefeasibility study this year, while another, El Compas, should see a preliminary economic assessment."

Endeavour has plenty of news ahead and is a buy at current levels, says Lundin.

Energy Fuels shares in Toronto were unchanged at $2.67.

Endeavour Silver added 0.24% to $4.15.

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Thu, 20 Apr 2017 11:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176683/lundin-looks-at-energy-fuels-and-endeavour-silver-and-says-buy--176683.html
<![CDATA[News - Energy Fuels' COO Mark Chalmers to take on role of president from July ]]> https://www.proactiveinvestors.com.au/companies/news/175783/energy-fuels-coo-mark-chalmers-to-take-on-role-of-president-from-july-175783.html Uranium mining company Energy Fuels Inc's (TSE:EFR) chief operating officer Mark Chalmers is to take over as company president from chief executive Stephen Antony.

The appointment will take effect on 1 July and is part of the company's long-term succession plans.

"Mark Chalmers has done an exceptional job over the past year as the company's chief operating officer, focusing on the optimization of the conventional side of our business. Under his management, the company has discovered large areas of high-grade uranium and copper mineralization, and completed the production shaft, at the Canyon mine,” Antony said.

“He has also been the driving force behind several key initiatives at the White Mesa mill, including the review of existing operating practices, the recovery of uranium from process water pond returns, and seeking new sources of revenue through participation in the clean-up of historic uranium mines in the region. I look forward to continuing to work with Mark in his new role as president," Antony said.

Chalmers has been chief operating officer since July 1, 2016.

Antony will continue in his role as chief executive officer after July 1, 2017. This action is being completed in accordance with the company's long-term succession plans.

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Fri, 31 Mar 2017 10:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175783/energy-fuels-coo-mark-chalmers-to-take-on-role-of-president-from-july-175783.html
<![CDATA[Media files - Expansion approval 'means a lot for our long-term production profile', says Energy Fuels' Moore ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7200/expansion-approval-means-a-lot-for-our-long-term-production-profile-says-energy-fuels-moore-7200.html Thu, 30 Mar 2017 21:42:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/7200/expansion-approval-means-a-lot-for-our-long-term-production-profile-says-energy-fuels-moore-7200.html <![CDATA[News - Energy Fuels hails approval, allowing it to expand Wyoming project ]]> https://www.proactiveinvestors.com.au/companies/news/175306/energy-fuels-hails-approval-allowing-it-to-expand-wyoming-project-175306.html Energy Fuels Inc (TSE:EFR, NYSE:UUUU) says it has reached a key milestone - receiving the final licence amendment, and thereby approval, from the US nuclear authorities to expand its Nichols Ranch uranium project in Wyoming.

It now holds all of the permits, licences and approvals required to expand the project into the Jane Dough wellfields in the future, it told investors.

Jane Dough, which is adjacent to the currently producing Nichols Ranch wellfield, is important to sustain the company's long-term uranium production at the site.

WATCH - Expansion approval 'means a lot for our long-term production profile', says  Energy Fuels' Moore

Currently from the Nichols Ranch operation it expects to produce around 350,000 pounds of triuranium octoxide.

Once all 13 header-houses in the Nichols Ranch wellfield have been constructed, the company expects to advance production at Nichols Ranch into the Jane Dough wellfield, which contains 22 header-houses that can be connected to the Nichols Ranch plant, it said.

Stephen P. Antony,  president and chief executive of Energy Fuels, said the approval ensured the firm was able to produce uranium from its Nichols Ranch ISR (in-situ recovery) project over the long term as market conditions warrant.

"In my view, obtaining these approvals is validation of Energy Fuels' successful track record of uranium production in Wyoming, and our commitment to safe operations and environmental protection.

"Uranium spot prices are up over 40 per cent since early December, 2016, and we are optimistic that we will continue to see positive market catalysts as the year goes on. As uranium prices continue to rise on a sustained basis, we expect to resume wellfield construction at Nichols Ranch, which is expected to include the Jane Dough wellfields in the future."

Energy Fuels describes itself as a leading integrated US-based uranium mining company, supplying to major nuclear utilities.

It holds three of America's key uranium production centres, the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.

Following the news, broker Eight Capital rated the shares a 'buy' and targets C$6 for the shares.

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Thu, 23 Mar 2017 10:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175306/energy-fuels-hails-approval-allowing-it-to-expand-wyoming-project-175306.html
<![CDATA[News - Energy Fuels CEO discusses insider buying; readiness for uranium market recovery ]]> https://www.proactiveinvestors.com.au/companies/news/174940/energy-fuels-ceo-discusses-insider-buying-readiness-for-uranium-market-recovery-174940.html Energy Fuels Inc (TSE:EFR, NYSEMKT:UUUU) said it is enhancing its readiness to boost output of uranium at its three production sites as the market for the fuel improves, while the US appears geared to energy independence under the Trump administration, according to a letter to shareholders from Stephen Antony, chief executive officer on Thursday.  It is this readiness that he said differentiates Energy Fuels from its peers.

“Our permitted and developed mines are ready to resume operations. We are ready to compete in global markets and sell more uranium at higher prices. In short, we are ready to be the "go-to" uranium producer in the U.S.,” he said.

He said the uranium market may have turned a corner after a challenging period, in December 2016. The year 2016 saw uranium prices slashed by nearly 50% in part because of oversupply.

“In December things began to look a little different. After hitting a multi-year low of $17.75 per pound on December 1, the spot price started showing some signs of life. Market participants began to recognize that current and future uranium supplies may not be as plentiful as they thought,” he said.

Uranium prices have begun to recover due to production cuts from Cameco and Kazakhstan.  “I would contend that when the world's largest and lowest-cost uranium producers are feeling the pain of today's prices, you know this current market pricing is categorically unsustainable,” he added.

The nuclear industry, he said, is emerging as a key future source of clean, reliable energy because of its many benefits, including air pollution reduction, carbon emission reduction, sustainability, grid stability, safety and energy resiliency.

If the US is truly focused on energy independence, as appears to be the case with the new Trump Administration, uranium projects in the U.S. should be considered premium, strategic assets, especially since the Energy Information Administration (EIA) has reported that U.S. uranium production is near historic lows, as we increasingly rely heavily on foreign uranium, Antony said.

“Amid the uranium supply risks I described above, the US remains a global leader in nuclear energy. We have the largest nuclear fleet in the World, and our plants consume huge quantities of uranium.”

The CEO also touched on recent insider buying of the company’s common shares on the open market.  “[S]everal members of Energy Fuels’ Management Team and Board of Directors – including me – have recently purchased more shares of Energy Fuels on the open market.  We believe in this Company, we believe in a uranium price recovery.”

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Thu, 16 Mar 2017 15:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174940/energy-fuels-ceo-discusses-insider-buying-readiness-for-uranium-market-recovery-174940.html
<![CDATA[News - Energy Fuels receives EPA aquifer exemption for Jane Dough well field ]]> https://www.proactiveinvestors.com.au/companies/news/173358/energy-fuels-receives-epa-aquifer-exemption-for-jane-dough-well-field-173358.html Energy Fuels Inc (TSE:EFR, NYSEMKT:UUUU) said on Friday regulators have issued an aquifer exemption for the Jane Dough well field in the Nichols Ranch ISR (in situ recovery) project.

The US Environmental Protection Agency made the decision in a letter dated Feb. 10 and concurred with the reclassification of the Jane Dough aquifer by the Wyoming Department of Environmental Quality (WDEQ) to allow for future in situ uranium recovery.

Energy Fuels is a leading integrated US-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels holds three of America's key uranium production centres, the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.

The Jane Dough well field, which is adjacent to Energy Fuels' currently producing Nichols Ranch well field, is important in sustaining the company's long-term uranium production at Nichols Ranch.

The company is currently producing uranium from the Nichols Ranch well field and expects nine header houses to be in operation during 2017.

The company expects to construct four additional header houses in the Nichols Ranch well field once sustained improvements in uranium prices are observed. Once all 13 header houses in the Nichols Ranch well field have been constructed, the company expects to advance production into the Jane Dough well field, which will be connected to the Nichols Ranch plant.

Energy Fuel's Toronto shares were up 0.7% at C$3.12 on Friday.

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Fri, 17 Feb 2017 15:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173358/energy-fuels-receives-epa-aquifer-exemption-for-jane-dough-well-field-173358.html
<![CDATA[News - Energy Fuels drills 6 feet of 17% uranium and 16 feet of 26% copper at Canyon ]]> https://www.proactiveinvestors.com.au/companies/news/172635/energy-fuels-drills-6-feet-of-17-uranium-and-16-feet-of-26-copper-at-canyon-172635.html Energy Fuels Inc (TSE:EFR, NYSEMKT:UUUU) updated on its underground drill program currently occurring at the company's Canyon mine, which is a high-grade uranium mine being developed by the company in northern Arizona.

The company is continuing to discover large and high-grade areas of uranium mineralization, which the company expects will result in a larger recoverable uranium resource than what is currently described in the existing technical report for the Canyon mine, prepared in accordance with National Instrument NI 43-101, standards for disclosure for mineral projects.

The company is also continuing to discover additional zones of high-grade copper mineralization, both inside and outside the areas of potentially recoverable uranium mineralization.

As has been previously reported, the company has completed all surface development and is currently sinking the production shaft at the Canyon mine. The shaft is nearing completion as it is currently sunk to a depth of approximately 1,400 feet (out of a total planned depth of 1,470 feet). From the shaft, which is being sunk adjacent to the vertically aligned breccia pipe, the company is conducting underground drilling to more accurately define and delineate the deposit. As core holes are completed, the company first conducts a gamma analysis of the drill holes to estimate uranium content. Then, the core material is sent to the company's laboratory at the White Mesa mill for chemical assay.

The results discussed were drilled from the first level (1,000-foot depth) and second level (1,230-foot depth) of the mine.

The new results described appear to be continuing to expand the zones of high-grade uranium mineralization. These results are also confirming the company's belief that the uranium resource is larger than what is reported in the existing technical report. The company is also continuing to intercept very high-grade copper mineralization, indicating that copper appears to occur extensively throughout the deposit. The copper has the potential to improve the economics of this already low-cost uranium mine.

"Core drilling at the Canyon mine continues to produce exciting and, in some cases, unexpected results for both uranium and copper. This is certainly a fascinating deposit that appears to be full of valuable metals in multiple zones. This is particularly exciting as uranium prices are showing recent strength. Kazakhstan, the world's largest producer of uranium, recently announced 10-per-cent production cuts,” said Stephen P. Antony, president and chief executive officer of Energy Fuels.

Meanwhile, broker Rodman & Renshaw reiterated its Buy recommendation on Energy Fuels shares and price target of $5.00.

“While we had initially envisioned Canyon as an eventual high-grade uranium mine, we remain impressed by the continued strong copper grades encountered at the site,” said Rodman in a note.

Energy Fuels shares were up 1.1% at C$2.70 in Toronto and up 2.5% at $2.09 on Wall Street on Friday.

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Fri, 03 Feb 2017 10:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172635/energy-fuels-drills-6-feet-of-17-uranium-and-16-feet-of-26-copper-at-canyon-172635.html
<![CDATA[News - Energy Fuels to become 2nd biggest US uranium player in 2016 – as prices rise ]]> https://www.proactiveinvestors.com.au/companies/news/171970/energy-fuels-to-become-2nd-biggest-us-uranium-player-in-2016-as-prices-rise-171970.html They say timing is everything. And that’s certainly rung true for Energy Fuels Inc (TSE:EFR, NYSEMKT:UUUU).

Earlier this year, the company made the claim that it is likely to have become the second-largest producer of uranium in the USA in 2016.

But that doesn’t mean a big fish in a small pond. On the contrary, the timing for such an eye-catching statement could not be better.

The market has been in decline in recent years but excitingly is now showing signs of life, with production cuts in Kazakhstan and new legislation in the USA, factors behind a price rise.

"We are going to produce about a million pounds (of uranium) in 2016," said Curtis Moore, Energy Fuels' vice president of marketing in a Stocktube interview.

"Until the recent increase in prices we were looking to cut production a little bit in 2017 but we now have the ability to actually increase production if we see the sustained price increase," he added.

Watch: Energy Fuels well poised to capitalize on improving uranium markets in 2017

In fact, the price of uranium, whose spot prices spiked to more than $135/lb in 2007 before sliding sharply again to around $40 until 2011, according to World Nuclear Association data, slid further in 2016 and marked a nadir at $18 in November. Since then it has crept above $22.

The company is firing on all cylinders at present, after it came a step closer at the start of 2017 to mining its Sheep Mountain project in the Crooks Gap district of central Wyoming after receiving relevant approvals.

The US Bureau of Land Management has issued a final environmental impact statement and record of decision.

Energy Fuels already holds a mine permit and these last two steps were the final major government approvals required.

The company is now facing nice problems to have, as it chooses how it will process the resource and is considering toll processing at other facilities or building its own onsite facility.

Read: Energy Fuels Inc closer to mining Sheep Mountain

It’s been good news out of Energy Fuels’ Canyon mine at the tail end of 2016 too.

The company intercepted additional high-grade areas of uranium mineralization at its Canyon mine, a fully permitted conventional underground mine being developed in northern Arizona. These new intercepts, including 28.5 feet of mineralization with an average grade of 2.41% triuranium octoxide equivalent (eU3O8), further expand the mineralized zone at the mine.

Read: Energy Fuels drills 28.5 ft of 2.41% high-grade uranium at Canyon

In fact, the fourth quarter of 2016 was already mighty busy for the uranium producer.

In late October, the company announced that it has entered into a contract to secure additional quantities of one of its currently licensed uranium-bearing alternative feed materials for processing at the company's 100-per-cent-owned White Mesa mill.

Under the contract, the company will earn a fee for processing the alternative feed material and returning finished uranium product to the generator of the feed material.

Read: Energy Fuels wins uranium processing contract, adds to 2017 business plan

Like with many resources, uranium stocks like Energy Fuels have seen share price gains following the election of US President Donald Trump in November.

Energy Fuels’ share price on its Toronto listing was steady at under C$2.00 in the weeks leading up to the Nov. 8 poll. But with talk of heavy investment in US infrastructure there has been a huge mark-up on everything from cement makers to power suppliers. If you need it to power the industrial power room, the share price likely rose.

The share price in Toronto is currently around C$2.72.

It has been a similar picture for the company’s more liquid New York-listed stock too, where the share price was steady at just under $1.50 in November and is now $2.0499. 

And what do analysts reckon? According to sentiments of 4 analysts the mean estimates of short term price target for the company’s stock is marked at $5.35. The most optimistic analyst sees the stock reaching $8.30 while the most conventional predicts the target price at $2.09.

Approval to expand Nichols Ranch, Wyoming

In March, 2017 Energy Fuels Inc reached a key milestone - receiving the final licence amendment, and thereby approval, from the US nuclear authorities to expand its Nichols Ranch uranium project in Wyoming.

It now holds all of the permits, licences and approvals required to expand the project into the Jane Dough wellfields.

This is important to sustain the company's long-term uranium production at the site

"Uranium spot prices are up over 40 per cent since early December, 2016, and we are optimistic that we will continue to see positive market catalysts as the year goes on. As uranium prices continue to rise on a sustained basis, we expect to resume wellfield construction at Nichols Ranch, which is expected to include the Jane Dough wellfields in the future," said chief executive Stephen P. Antony.

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Fri, 20 Jan 2017 15:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171970/energy-fuels-to-become-2nd-biggest-us-uranium-player-in-2016-as-prices-rise-171970.html
<![CDATA[Media files - Energy Fuels well poised to capitalize on improving uranium markets in 2017 ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6715/energy-fuels-well-poised-to-capitalize-on-improving-uranium-markets-in-2017-6715.html Thu, 12 Jan 2017 09:17:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6715/energy-fuels-well-poised-to-capitalize-on-improving-uranium-markets-in-2017-6715.html <![CDATA[News - Energy Fuels Inc closer to mining Sheep Mountain ]]> https://www.proactiveinvestors.com.au/companies/news/171421/energy-fuels-inc-closer-to-mining-sheep-mountain-171421.html US-based uranium firm Energy Fuels Inc (TSE:EFR, NYSEMKT:UUUU) has moved a step closer to mining its Sheep Mountain project in the Crooks Gap district of central Wyoming after receiving relevant approvals.

The US Bureau of Land Management (BLM) has issued a final environmental impact statement (EIS) and record of decision (ROD).

The group already holds a mine permit and these last two steps were the final major government approvals required.

Energy continues to mull how it will process the resource and is considering toll processing at other facilities or building its own onsite facility.

Stephen P. Antony, president and chief executive of Energy Fuels, told investors: "While the project is not planned to go into production in the near-term, our costs to hold the property and permits for the Sheep Mountain Project are relatively low.

"Therefore, it represents an important, low-cost aspect of Energy Fuels' optionality and leverage to rising uranium prices.

"Because it typically requires many years to acquire the major government approvals for uranium projects, permitted projects like Sheep Mountain will be among the first to produce uranium that can be placed into sales contracts with nuclear utilities as prices improve."

Sheep Mountain is a large-scale, formerly-producing, uranium mine with the potential to become a long-term uranium production center in a higher price environment.

According to an April 2012 preliminary feasibility study, the site is estimated to hold around 12.9 million tons of indicative resources with an average grade of 0.117% eU3O8 containing around 30.3 million pounds of uranium.

Included in that, the project is estimated to hold around 7.5 million tons of probable reserves with an average grade of 0.123% eU3O8 containing approximately 18.4 million pounds of uranium.

The PFS also estimates that the Sheep Mountain Project can produce up to 1.5 million pounds of uranium per year over a 15-year mine life. 

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Tue, 10 Jan 2017 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171421/energy-fuels-inc-closer-to-mining-sheep-mountain-171421.html
<![CDATA[News - Energy Fuels drills 28.5 ft of 2.41% high-grade uranium at Canyon ]]> https://www.proactiveinvestors.com.au/companies/news/170988/energy-fuels-drills-285-ft-of-241-high-grade-uranium-at-canyon-170988.html Energy Fuels Inc. (TSE:EFR, NYSEMKT:UUUU) has intercepted additional high-grade areas of uranium mineralization at its Canyon mine, a fully permitted conventional underground mine being developed in northern Arizona, the company said on Wednesday.

These new intercepts, including 28.5 feet of mineralization with an average grade of 2.41% triuranium octoxide equivalent (eU3O8), further expand the mineralized zone at the mine. While dynamic in nature, the image depicts the current uranium envelope (at greater than 0.15% eU3O8), along with the status of the eight-foot-by-20-foot production shaft currently being constructed at the Canyon mine.

The company previously announced drilling results from the first mine level (1,000 feet below surface) in August and October, including the discovery of high-grade copper.

Drilling from the second mine level (1,230 feet below surface) started in November, and to date 5,922 feet of drilling have been completed in a total of 35 holes (25 percussion and 10 core holes) up to the current pause during the holidays.

On Jan. 3, core drilling is expected to resume, and the company plans to drill approximately 11,000 additional feet in the new year.

The company’s latest update focuses solely on certain eU3O8 results gathered through gamma analysis. Sampling and analysis are also continuing for the latest core drill holes, and the company expects to report on those results, including uranium, copper and silver mineralization, later in January, 2017. The company is currently awaiting assay results for over 860 samples, representing two- and four-foot core intercepts, taken from both the first and second mine levels.

The assay analysis is being performed at the company's White Mesa mill near Blanding, Utah, with a portion of these samples being verified by an independent third party laboratory. The company is also evaluating the potential to process copper and silver mineralization currently being identified in the deposit into marketable products at the White Mesa mill, as co-products of uranium recovery.

Gamma analysis from the current round of drilling at the Canyon mine continues to confirm and expand the zones of known uranium mineralization in the deposit. The company believes that drilling completed to date has expanded the envelope and increased the tonnage of the mineralization over what is described in the existing technical report from 2012. In addition to being larger than previously expected, the deposit is also appearing to be more continuous as underground drilling advances.

These drilling results continue to increase the company's level of confidence that production costs from the Canyon mine have the potential to be low-cost and competitive with the best underground uranium mines globally, including mines in Canada, based on industry-published cost estimates. In addition, the possibility of recovering copper and silver as co-products of uranium recovery has the potential to make the economics of the Canyon mine even better.

The company expects to file a new technical report in accordance with Canadian National Instrument 43-101 -- standards for disclosure for mineral projects -- in mid-2017 describing the uranium mineralization, and potentially copper and silver mineralization.

On Aug. 18, the company reported 10 individual high-grade uranium intercepts drilled from the first mine level (1,000 feet below the surface).

All holes were logged for gamma by trained company personnel to calculate eU3O8 percentage. Gamma logging tools were calibrated prior to the drilling program and verified by an independent third party geophysicist. All mineralized core samples are also in process of being analyzed at the company's White Mesa mill laboratory for further verification.

"We continue to see excellent results from the underground drilling programs at the Canyon mine, which is the highest-grade uranium project being developed in the US today. The uranium grades, thicknesses and continuities we have encountered so far are continuing to confirm our high expectations for the deposit. As we extend core holes beyond the known zones of mineralization, we are identifying new areas of high-grade uranium and copper mineralization. As a result, we believe we are expanding the size of the deposit, including the tonnage that we expect to mine,” said Stephen P. Antony, president and chief executive officer of Energy Fuels.

"We have recently observed some small improvements in uranium prices, and US government policies seem to be turning in favour of US nuclear energy and uranium production. The Canyon mine is expected to be an important aspect of Energy Fuels' near- and midterm uranium production, in addition to our ongoing production from the Nichols Ranch ISR project in Wyoming and the potential to place our Alta Mesa ISR project back into production in Texas. We look forward to providing more updates on the uranium, copper and silver mineralization at the Canyon mine as the drill program advances."

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Wed, 28 Dec 2016 14:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170988/energy-fuels-drills-285-ft-of-241-high-grade-uranium-at-canyon-170988.html
<![CDATA[News - Energy Fuels to file updated NI 43-101 Roca Honda assessment ]]> https://www.proactiveinvestors.com.au/companies/news/170949/energy-fuels-to-file-updated-ni-43-101-roca-honda-assessment-170949.html Energy Fuels Inc. (TSE:EFR, NYSEMKT:UUUU) said it expects to file an updated preliminary economic assessment for its 100%-owned Roca Honda project.

Roca Honda is one of the largest and highest-grade uranium projects in the United States. It is located in northwest New Mexico, adjacent to the Mount Taylor mine, which is a large, developed, high-grade uranium mine held by a wholly owned subsidiary of San Diego-based General Atomics. The company is currently in the process of permitting Roca Honda, so that it can be ready for development in improved market conditions. Due to Roca Honda's proximity to the company's 100-per-cent-owned White Mesa mill, the uranium to be mined at the project is expected to be trucked to the company's mill to be processed and concentrated into finished uranium product that will be sold into the global nuclear energy market. The White Mesa mill is the only fully licensed and operating conventional uranium mill in the US today.

The new PEA primarily reflects an update to Roca Honda's ownership status based on:

The company's acquisition of 4,580 acres of adjacent properties in August, 2015; The company's acquisition of the 40% ownership interest of the company's former joint venture partner in May, 2016, thereby increasing the company's ownership in the project to 100%.

The PEA is entitled "Technical report on the Roca Honda project, McKinley county, state of New Mexico, U.S." and is dated Oct. 27, 2016.

In comparing the new PEA with the previous one dated Feb. 27, 2015, the project economics have improved, including estimated operating costs dropping by 11% to $33.27 per pound of uranium. The PEA also demonstrates that Roca Honda is expected to have a nine-year production life with an average annual production rate of 2.6 million pounds of uranium per year. The first year of production is expected to total 1.4 million pounds of uranium, followed by an average rate of production of 2.8 million pounds of uranium per year thereafter. Life-of-mine capital costs (including upfront capital, sustaining capital, and closure and reclamation) are expected to total $13.88 per pound of uranium.

The mineral resource estimate for the project is unchanged from the 2015, report, including 1.51 million tonnes of measured and indicated mineral resources with an average grade of 0.48% eU3O8 (uranium equivalent) containing 14.6 million pounds of uranium. Roca Honda is also estimated to contain 1.2 million tonnes of inferred mineral resources with an average grade of 0.47% eU3O8 containing 11.2 million pounds of uranium.

As previously disclosed in the company's May 28, 2015, news release, there is an existing, partially sunk mine shaft located on the project, which was constructed by Kerr-McGee in 1982 to a depth of 1,478 feet. The company expects to evaluate whether this shaft can be used. In addition, the PEA describes a significant historical uranium estimate for the project that is not included in the current NI 43-101-compliant resource estimates described above. Because the company continues to pursue significant cost-saving initiatives in today's low-uranium-price environment, the additional work to convert these historical estimates into current NI 43-101-compliant mineral resources has not been completed.

These historical estimates are not equivalent to current mineral resources or mineral reserves as defined in NI 43-101. The historical estimates should not be relied upon, but are considered relevant, as strong potential exists to add resources to the project, and if confirmed, such resources could be important in the early stages of the project life and cash flow.

 

The company has also filed a prospectus supplement to its effective US registration statement on Form S-3 in order to re-establish its at-the-market program (ATM). Concurrently, the company has entered into a sales agreement with Cantor Fitzgerald & Co., pursuant to which the company may, at its discretion from time to time, sell up to $20mln of common shares, with sales only being made on the NYSE MKT at then-prevailing market prices. The ATM is substantially similar to the one the company used to raise $3.39-million of cash from Sept. 29, 2015, to March 15, 2016.

In the event the ATM is used, the company intends to use the net proceeds to provide the company with additional financial flexibility and enhanced options with respect to any or all of the following:

 

To continue to finance the evaluation of the high-grade uranium and copper mineralization and the previously announced shaft-sinking at the company's Canyon mine project in Arizona; To finance wellfield construction at the company's Nichols Ranch ISR project in Wyoming, as market conditions warrant; To continue permitting of the company's projects, including Roca Honda and Jane Dough; To repay principal on outstanding indebtedness; For general corporate needs and working capital requirements.

 

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Tue, 27 Dec 2016 12:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170949/energy-fuels-to-file-updated-ni-43-101-roca-honda-assessment-170949.html
<![CDATA[News - Energy Fuels wins uranium processing contract, adds to 2017 business plan ]]> https://www.proactiveinvestors.com.au/companies/news/168285/energy-fuels-wins-uranium-processing-contract-adds-to-2017-business-plan-168285.html Energy Fuels Inc. (NYSEMKT:UUUU TSE:EFR) said on Monday it has entered into a contract to secure additional quantities of one of its currently licensed uranium-bearing alternative feed materials for processing at the company's 100-per-cent-owned White Mesa mill.

Under the contract, the company will earn a fee for processing the alternative feed material and returning finished uranium product to the generator of the feed material. The fee is expected to cover the company's processing cost and provide the company with a reasonable margin. As these additional quantities of alternative feed material are covered by an existing licence amendment, no additional licensing actions will be required.

This will be a substantial project that was not previously included in the company's business plan and results in a new source of revenue for 2017. The company expects the net cash flows from the processing of this material to be consistent with past arrangements. This new business is also expected to increase the company's uranium processing in 2017 above previously announced guidance, although the uranium recovered will be for the account of a third party.

Located in southeast Utah, the White Mesa mill is the only licensed and operating conventional uranium mill in the United States. The mill is also one of the only facilities in North America licensed and equipped to process and recycle alternative feed materials for the recovery of uranium. Alternative feed materials are materials, other than conventional ores, that contain recoverable quantities of natural uranium. Since the 1990s, the mill has processed a number of different sources of alternative feed materials, and since 2005, has recovered a total of approximately 1.5 million pounds of triuranium octoxide from those sources. This is an important aspect of the mill's business, especially during times of low uranium prices.

"The company's ability to process alternate feed materials for the recovery of uranium at the White Mesa mill, including the fee processing arrangement we announced today, is a very important aspect of the company's business and revenue stream. The White Mesa mill is an excellent option for entities that generate significant quantities of uranium-bearing materials, since we are able to return value to them in the form of marketable uranium,” said Stephen Antony, president and chief executive officer of Energy Fuels.

“This new tranche of material was not previously in our business plan, so the expected cash flows are timely for Energy Fuels during today's low uranium prices. Finally, we are proud of our alternate feed business, as we are recycling these feed sources and recovering natural uranium, which is used in the generation of clean, carbon-free nuclear energy. The company continues to aggressively pursue additional alternate feed opportunities for the mill as an integral part of our business," he added.

Energy Fuels shares were up 0.7% at $1.45 in New York on Monday.

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Mon, 31 Oct 2016 15:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168285/energy-fuels-wins-uranium-processing-contract-adds-to-2017-business-plan-168285.html
<![CDATA[News - Energy Fuels shares jump after copper system find at Canyon mine ]]> https://www.proactiveinvestors.com.au/companies/news/168162/energy-fuels-shares-jump-after-copper-system-find-at-canyon-mine-168162.html Energy Fuels Inc. (NYSEMKT:UUUU TSE:EFR) shares jumped nearly 8% on Wall Street on Thursday after the company said it has discovered an extensive system of high-grade copper mineralisation at its 100%-owned Canyon mine in northern Arizona.

The company is currently evaluating the Canyon deposit to expand and upgrade the uranium resources. The Canyon Mine is the highest-grade uranium mine in the US, and based on uranium recovery alone, the company expects production costs from the Canyon Mine to be competitive with the best underground uranium mines globally, including mines in Canada, based on industry-published cost estimates.

However, now that extensive high-grade copper mineralisation has been discovered within the deposit with exploration results to date averaging 8.75% Cu and one intercept hitting 5-feet of 31.69% Cu, the company is now expanding the scope of the evaluation of the Canyon deposit to analyse recovering copper as a by-product of uranium recovery, which has the potential to make the economics of the Canyon Mine even better.

As a part of the current evaluation, the company is completing the production shaft to a planned depth of 1,470-feet and conducting an underground drilling programme. At the current time, the shaft is at a depth of approximately 1,250-feet, and underground drilling is currently occurring on the second of the three planned levels.

The company completed a fifteen hole subsurface angled core drilling program from the first level that intercepted several large and high-grade areas of uranium mineralization, including 8.5-feet with an average grade of 6.88% eU3O8, 48.0-feet with an average grade of 1.02% eU3O8, and 35-feet with an average grade of 1.39% eU3O8.

"The preliminary drilling results showing an extensive system of high-grade copper mineralisation at the Canyon Mine are very exciting for Energy Fuels. We have long known that similar deposits in northern Arizona contain copper. However, the average grades in the five holes sampled thus far, with a total grade of nearly 9% copper and one intercept hitting copper grades over 31%, has far exceeded expectations based on past historical results at other mines in the region,” said Stephen P. Antony, President and CEO of Energy Fuels.

“These are remarkable copper grades that one may only encounter a couple of times in a mining career. Even though the Canyon deposit is relatively small compared to other global mines, these grades are world-class. These results also have the potential to significantly improve the economics of the Canyon Mine, which is vitally important in today's weak uranium market. As a result, we intend to continue to evaluate the Canyon deposit, complete the shaft, perform additional core drilling, and optimize the potential of this exciting high-grade deposit,” he added.

Energy Fuels shares were up 7.1% at $1.51 on Thursday.

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Thu, 27 Oct 2016 12:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168162/energy-fuels-shares-jump-after-copper-system-find-at-canyon-mine-168162.html
<![CDATA[News - Energy Fuels expects to produce 800,000 Lbs. of uranium in 2017 while lowering costs ]]> https://www.proactiveinvestors.com.au/companies/news/165749/energy-fuels-expects-to-produce-800000-lbs-of-uranium-in-2017-while-lowering-costs-165749.html Energy Fuels Inc. (NYSEMKT:UUUU TSE:EFR) on Monday provided an update on the company's plans and activities through the end of 2018, along with production guidance for 2017.

Energy Fuels' goal is to become the largest uranium producer in the United States -- which has the largest fleet of nuclear reactors in the world and is the largest consumer of uranium globally.

In light of recent positive developments at certain of the company's projects, but also continued uranium market uncertainty, the company's Board of Directors has approved a revised business plan that focuses on several key areas through 2018. The main emphasis of the Business Plan is to sustain production capabilities and uranium resources, and also to retain the Company's significant production scalability and optionality, so that the Company is able to quickly respond to and benefit from any improvements in uranium market conditions.

Maintaining and Expanding Production Optionality

A key element of the Company's Business Plan is continuing to maintain and expand the Company's production optionality, including permitted mining and processing capacity, so that the Company can effectively respond to improved market conditions when and as-needed.

The Company believes it is currently well positioned in this regard with: (i) the currently-producing Nichols Ranch In-Situ Recovery ("ISR") Project in Wyoming ("Nichols Ranch"); (ii) the recently acquired Alta Mesa ISR Project in Texas ("Alta Mesa") which is currently on care & maintenance; (iii) the currently-producing White Mesa conventional mill in Utah; and (iv) the ongoing advancement of the high-grade Canyon Mine in Arizona.

While the Company collectively has a licensed capacity of over 11.5mln pounds of U3O8 per year, based on past production, available in-ground uranium resources, operational capacities, and conservative long-term uranium price forecasts, over the long-term the company believes it has the capability, with improved uranium prices and the receipt of additional permits as expected, to produce 4 to 6 million pounds of U3O8 per year on a sustained basis, not including uranium processing for a fee on account of 3rd parties. However, in the short-term, and for so long as weak uranium prices persist, the Company expects to maintain production at today's reduced levels or lower, including 950,000 pounds of U3O8 in 2016 and 800,000 pounds of U3O8 in 2017.

Over 65% of the company's 2016 and 2017 production is contracted at well above current market prices for those years.

Canyon Mine (Conventional Uranium Mine in Arizona)

The Company's ongoing evaluation of the Canyon Mine is confirming the June 27, 2012 NI 43-101 average grades of approximately 1% U3O8. The mine is therefore a high priority in the Business Plan. Based on drill results from initial core drilling at the 1st level at the Canyon Mine, the Board has approved the completion of the shaft to the planned depth of 1,470-feet below the surface, along with the construction of two additional drill stations with significant additional long-hole drilling to be completed over the next 6 months. The shaft is currently at a depth of 1,200-feet below the surface, or over 80% completed based on a current planned bottom depth of 1,470-feet. The shaft and construction of all three levels is expected to be completed by the end of 2016, with additional drilling and evaluation occurring into 2017.

Drill results are showing the potential to significantly increase the size of the recoverable uranium resources within the bounds of the previously identified geologic formation (the "breccia pipe"). It also appears that uranium mineralization within the breccia pipe at the Canyon Mine extends vertically for at least 1,100-feet. This is substantially greater than the vertical extent of the mineralization in other uranium-bearing breccia pipes recently mined in northern Arizona. The Company's current focus is on the upper half of this mineralization, which includes the "Middle Zone" and the "Upper Zone" of the deposit.

Drilling from the three planned levels will allow for a detailed evaluation of the resources contained in the Middle and Upper Zones of the deposit. These are expected to provide the Company with high levels of confidence in the size, grade, and extent of the deposit, and provide the information and data needed for a revised resource estimate, economic evaluation, advanced mine planning, and optimization of future underground development. Drilling has also encountered several high-grade intercepts at depth, indicating that the Lower Zone also contains significant uranium mineralization that may be further explored, evaluated, and mined in the future.

Finally, the drill results are increasing the Company's level of confidence that production costs from the Canyon Mine are expected to be low-cost and competitive with the best underground uranium mines globally, including mines in Canada, based on industry-published cost estimates. As a result, the Canyon Mine is likely to take a more significant production role in the short- to medium-term, as the Company currently believes this will be the lowest cost source of primary uranium production in the Company's portfolio. Continued development and mining at the Canyon Mine will depend on the results of the planned delineation drilling, revised resource estimate, economic and other evaluations, and uranium market conditions.

Nichols Ranch and Alta Mesa (Producing ISR Project in Wyoming)

Although the Canyon Mine is expected to take a more significant role in the Company's plans, the Nichols Ranch and Alta Mesa operations also remain extremely important to the Company. These projects represent two other important aspects of the Company's optionality due to their potential to increase production relatively quickly as markets recover with relatively low upfront and sustaining capital requirements and operating costs.

As previously announced, the Company expects to produce approximately 300,000 lbs. of U3O8 in 2016 at Nichols Ranch. In addition, the Company expects to continue to produce approximately 350,000 lbs. of U3O8 per year in 2017 and beyond at Nichols Ranch, unless uranium market conditions warrant increasing annual production to levels higher than today's reduced levels. As reported on August 15, 2016, recent drilling at Nichols Ranch has encountered significant high-grade intercepts in the soon to be completed Header House 9 wellfield. These intercepts were much higher than previously expected by the Company, and are expected to contribute to maintaining current production levels, while also deferring some wellfield development and associated capital costs.

Alta Mesa, which includes over 200,000-acres of land and a fully permitted and constructed ISR processing plant, will remain on care and maintenance until uranium prices recover. On August 2, 2016, the Company announced a maiden National Instrument 43-101 resource of 1.6 million tons of Measured and Indicated Mineral Resources with an average grade of 0.111% U3O8 containing 3.6 million pounds of uranium, along with 7.0 million tons of Inferred Mineral Resources with an average grade of 0.121% U3O8 containing 16.8 million pounds of uranium. Based on past production from this project, the Company expects Alta Mesa to be among the lowest cost sources of uranium production in its portfolio when market demand increases.

Upon observing a sustained improvement in market conditions, the Company projects having the ability to increase combined production from Nichols Ranch and Alta Mesa to approximately 1.2 million lbs. of U3O8 per year {A &#150;} or more {A &#150;} within 6 to 12 months' time with additional wellfield development and minimal other capital expenditures. While this increased production is not currently planned for 2016 or 2017, the Company will monitor market conditions and actively seek to sell this material at prices that justify these levels of production.

White Mesa Mill (Conventional Mill in Utah)

As previously announced, the Company also expects to produce approximately 650,000 lbs. of U3O8 from the White Mesa Mill in 2016. This includes the 460,000 lbs. of U3O8 from processing stockpiled material previously mined from the Company's now-depleted Pinenut mine, along with 165,000 lbs. of U3O8 from processing stockpiled alternate feed materials. In addition, the Company has also been producing uranium from a new source at the Mill through the recycling of water from the Mill's tailings management system. This water contains dissolved uranium that was not recovered in earlier processing activities ("Pond Returns"). For 2016, the Company expects to recover a total of approximately 25,000 lbs. of U3O8 from Pond Returns at the Mill.

In 2017, the Company expects to produce approximately 450,000 lbs. of U3O8 at the White Mesa Mill, including 150,000 lbs. of U3O8 from alternate feed materials and 300,000 lbs. of U3O8 from Pond Returns. Uranium production for 2018 at the White Mesa Mill has not yet been determined. However, the Company expects to maintain the Mill in a position to be able to potentially process further alternate feed materials, as well as potentially process material produced from the Canyon Mine or other conventional sources in 2018, if market conditions warrant.

Selective Advancement of Permits

The final component of the Company's optionality strategy concerns the selective advancement of certain permits at other of the Company's major uranium projects. The Company plans to: (i) continue the licensing and permitting of the Jane Dough ISR Wellfields, which are adjacent to Nichols Ranch; (ii) continue the licensing and permitting of the Roca Honda Project, a large, high-grade conventional project in New Mexico; (iii) maintain required permits at the Company's standby projects including Alta Mesa, the Hank ISR Project, the La Sal Project, and the Daneros Project, and; (iv) complete certain other well-advanced permits on the Sheep Mountain Project in Wyoming, the Daneros Project expansion, and the La Sal Project expansion. All of these projects serve as important pipeline assets for the Company's future ISR and conventional production capabilities.

The Company is not aware of any other uranium junior which, upon completion of the above referenced permits (expected in 2018 or before), will have Energy Fuels' depth or diversity of future production potential from multiple projects ready to go into production if uranium markets improve, as the Company expects.

Sale of Surplus Land and Other Assets

The Company has also initiated a significant program to reduce costs and monetize additional non-core assets, including the sale of certain non-core land holdings and surplus equipment (mostly mining equipment). This initiative alone is expected to result in an estimated $2.0mln to $4.0mln cash benefit to the Company over the next 2 one-half years.

Continued Corporate Streamlining

Based on the Business Plan described above, the Company has embarked upon a program to further reduce certain other costs in order to enhance the sustainability of the organization until uranium markets recover. At the same time, the Company intends to ensure that required skill sets, including mining, processing, permitting, and other areas of expertise, are maintained at appropriate levels that will allow the Company to aggressively and quickly capture the benefits of future improvements in uranium market conditions. This includes a number of initiatives, including a wage and salary freeze, reductions in general and administrative expenses, a mandate for Management to actively seek other cost reductions and efficiencies, and the potential for compensation adjustments.

Optimization of Operations

Finally, the Company has launched a new initiative designed to reduce capital and operating costs at all of its uranium production locations. The Company is targeting a reduction in operating costs of 5% to 20% per pound, over time. The Company has engaged a team of metallurgical experts to complete a comprehensive 1st Phase review of all the Company's processing operations, including operations at the White Mesa Mill, Nichols Ranch, and Alta Mesa. These experts have a proven track-record of delivering cost savings, innovation, and efficiencies at numerous other conventional and ISR uranium projects globally.

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Mon, 12 Sep 2016 14:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165749/energy-fuels-expects-to-produce-800000-lbs-of-uranium-in-2017-while-lowering-costs-165749.html
<![CDATA[News - Energy Fuels offers existing uranium revenue and plenty of upside if the price strengthens ]]> https://www.proactiveinvestors.com.au/companies/news/129559/energy-fuels-offers-existing-uranium-revenue-and-plenty-of-upside-if-the-price-strengthens-129559.html Drilling adds value at Canyon and new wellfield at Nichols Ranch

 

Recent drilling at two projects held by Energy Fuels Inc (NYSE:UUUU) (TSE:EFR) have delivered encouraging results. The company’s shares moved up nicely after drilling at the Canyon mine in Arizona hit 8.5 feet of 6.88 U3O8, 48 feet of 1.02% U3O8, and 35 feet of 1.39% U3O8.

The Canyon mine is not yet in production, unlike the subject of Energy Fuels’ other ongoing drill campaign, Nichols Ranch.

Nichols Ranch is situated in prime uranium country in Wyoming, USA and, with an established resource of 2.8 mln pounds of uranium, has been central to Energy Fuels ongoing production since 2014.

The company mines at Nichols Ranch using the in-situ leaching method - wells are sunk into the ground and the uranium is leached out of the host rock and pumped to surface. The current drilling relates to the newest wellfield being sunk into the project, termed Header House 9. This has already hit good thicknesses and grades across a number of sites, and Energy Fuels expects the field to be up and running and in production later this year.

 

Production delivers revenues and gross profits

 

Production from the new wellfield will bolster the company’s ongoing production, which comes both from Nichols Ranch and from other conventional mines elsewhere in the USA.

Energy Fuels sold 100,000 pounds of U3O8 during the second quarter to June 30, pursuant to a long term contract priced at US$70 per pound. That’s considerably higher than spot and accounts in part for Energy Fuels’ relative strength compared to other junior uranium peers.

In total the company recovered 80,000 pounds of uranium from Nichols Ranch uranium project and 108,000 pounds from its other conventional mines elsewhere in the US.

Not all the mined uranium was sold, as prices have been weak. As a result the company has been building a uranium inventory, which currently stands at 360,000 pounds. In addition, Energy Fuels also has cash and cash equivalents of US$14.4 mln.

 

Wider portfolio continues to offer potential

 

Elsewhere, shaft sinking operations continue at the Canyon project. The shaft is currently at a depth of approximately 1,100 feet and is likely to penetrate as deep as 1,470 feet. An underground drilling programme to evaluate the further potential of Canyon has commenced.

And a new project has lately come into the company via the acquisition of Alta Mesa in a 4.55 mln share deal. This project includes a fully-licensed in-situ leaching plant currently on care and maintenance. This project is poised for re-start pending an improvement in uranium prices.

Energy Fuels has also acquired the remaining 40% of the Roca Honda project through the issuance of 1.21 mln shares and an undertaking to pay US4.5 mln in cash on the commencement of commercial mining.

 

Uranium price remains key to future profitability, says CEO

“Unfortunately, the price of uranium continues to disappoint in 2016,” says chief executive Stephen P. Antony.

“Put simply, the world is over-supplied with uranium today and end-user demand is not yet sufficient to catalyze an uplift in prices. Amid this market uncertainty, we continue to deliver into our above-market long-term contracts, control costs, rationalize our asset portfolio, and preserve Energy Fuels’ optionality to significantly increase production when prices improve.”

 

Analysts highlight vast undeveloped resources

Dundee Securities has had a price target of C$5.80 for Energy Fuels for some time now, implying the potential for a near-doubling of the share price in the medium term. The reasons for the optimism are pretty straightforward.

 

“Due to vast undeveloped resources and a number of permitted and ready to go projects, EFR remains a top pick for leverage in a rising price environment,” wrote Dundee in early August 2016.

 

Separately, Roth Capital has maintained its “buy” rating on the expectation of an improvement in uranium market conditions later this year.

 

Certainly there is some ground for such optimism. Japan has recently announced the restart of its 5th nuclear reactor, with a further 20 moving through the restart progress. Two new nuclear reactors have also recently been green-lit in Iran, to be built by Russia, and Iranian leaders are contemplating the construction of 10 more. Meanwhile, the Chinese building programme continues.

 

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Mon, 22 Aug 2016 06:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129559/energy-fuels-offers-existing-uranium-revenue-and-plenty-of-upside-if-the-price-strengthens-129559.html
<![CDATA[News - Energy Fuels stock up as reports second high-grade uranium intercept this week ]]> https://www.proactiveinvestors.com.au/companies/news/129487/energy-fuels-stock-up-as-reports-second-high-grade-uranium-intercept-this-week-129487.html Energy Fuels Inc. (NYSEMKT:UUUU; TSE:EFR) shares were up 5.1% on Thursday as the company reported it had intersected several large and high-grade areas of mineralization at its Canyon mine, including 8.5-feet of mineralization with an average grade of 6.88% eU3O8, 48.0-feet of mineralization with an a average grade of 1.02% eU3O8, and 35-feet of mineralization with an average grade of 1.39% eU3O8.

The Canyon mine is a uranium mine in northern Arizona, which is already close to being capable of production.

Energy Fuels achieved another high-grade uranium intercept earlier this week at its Nichols Ranch ISR Project in Wyoming, where as many as 46 holes intercepted mineralisation above the grade cut off.

Results of the underground drill program at the Canyon deposit are very positive, said Energy Fuels President and CEO Stephen P. Antony. “The uranium grades, thicknesses, and continuities we have encountered at this stage of our delineation drilling program are confirming our high expectations for the deposit.”

A 43-101 technical report from 2012, based on surface drilling, showed the Canyon deposit contains 83,000 tons of Inferred Mineral Resources with an average grade of 0.98% eU3O8, containing 1.63mln lb of uranium.

In addition to the delineation drilling, Energy Fuels is also continuing to sink an 8-foot by 20-foot mine shaft, to access the deposit. The shaft is currently at a depth of approximately 1,100 feet.

Energy Fuels efforts to further define and delineate uranium resources in the site and potentially expand and upgrade the resource has already seen some success, Antony noted.

"We have long known that the Canyon deposit boasts world-class uranium grades, and we have the potential to increase the tonnage to be mined through underground delineation drilling,” Antony said.

Historically, uranium produced from similar deposits in northern Arizona has been relatively low-cost to extract.

“The Canyon mine also enjoys other important advantages,” Antony said. “It is fully licensed and permitted. It is at a very advanced stage of construction, with all surface development completed and the shaft is close to being complete. And, the mine is located within economic trucking distance of Energy Fuels' White Mesa Mill, which is licensed, operating, and has the capacity to process the Canyon material into finished yellowcake that can be sold to global nuclear utilities.”

Energy Fuels is a US-based uranium mining company. It supplies U3O8 to major nuclear utilities. The company holds three of the US’ key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas, which have a combined capacity of over 11.5 mln lbs of uranium per year.

Energy Fuels shares were up 5.1% at C$3.30.

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Thu, 18 Aug 2016 14:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129487/energy-fuels-stock-up-as-reports-second-high-grade-uranium-intercept-this-week-129487.html
<![CDATA[News - Energy Fuels reveals positive results from Nichols Ranch uranium project ]]> https://www.proactiveinvestors.com.au/companies/news/129343/energy-fuels-reveals-positive-results-from-nichols-ranch-uranium-project-129343.html Energy Fuels Inc (TSE:EFR) has unveiled positive drilling results from an area due to be developed in the near future.

The miner told investors it had intercepted several large and high-grade areas of mineralization in the next wellfield area that’s due to go into production at the Nichols Ranch ISR mine in Wyoming.

A total of 52 holes have so far been drilled – by a fleet of four rigs – and of those as many as 46 holes encountered mineralisation above the grade cut off.

Notably, Energy Fuels highlighted that one particular hole cut a high grade zone with 5 feet of mineralisation measuring 2.4% uranium oxide.

Stephen Antony, Energy Fuels chief executive, said the area is expected to be the largest and most productive portion of the wellfield at Nichols Ranch to date.

"The drill results we are seeing in the wellfield for Header House 9 at Nichols Ranch are very positive, and the uranium grades and thicknesses are significantly exceeding expectations,” Antony said.

“Indeed, it is quite rare to encounter mineralization in U.S. ISR projects that have grades above 2.0% U3O8 and GT values above 10.”

He added: “Overall, the Nichols Ranch deposit continues to deliver results that exceed our original expectations.

“We look forward to producing uranium from this new wellfield beginning later this year."

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Mon, 15 Aug 2016 10:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129343/energy-fuels-reveals-positive-results-from-nichols-ranch-uranium-project-129343.html
<![CDATA[News - Energy Fuels reaffirms full-year guidance as it executes its business plan ]]> https://www.proactiveinvestors.com.au/companies/news/129123/energy-fuels-reaffirms-full-year-guidance-as-it-executes-its-business-plan-129123.html Uranium miner Energy Fuels Inc (TSE:EFR) made a gross profit of US$1.3mln from mining and milling operators in the second quarter of 2016.

In the same period, US$7mln of revenue was realised by the company, resulting in an 18% gross profit margin (including certain write-downs due to low uranium prices).

The company said 100,000 pounds of U308 (uranium oxide) sales were completed under a long-term contract at an average realised price of US$70 per pound.

Unfortunately, noted Steven Antony, the company’s president and chief executive officer, the price of uranium continues to disappoint in 2016.

“Put simply, the world is over-supplied with uranium today and end-user demand is not yet sufficient to catalyse an uplift in prices. Amid this market uncertainty, we continue to deliver into our above-market long-term contracts, control costs, rationalise our asset portfolio, and preserve Energy Fuels' optionality to significantly increase production when prices improve,” Antony said.

Antony added that the company continues to execute its business plan and meet production and sales guidance. It reaffirmed its annual guidance of 550,000 pounds of contract sales and 950,000 pounds of uranium recovery.

The company actually has the capability to recover more than 11.5mln pounds of uranium, plus it has what Antony described as “an industry-leading US-based uranium resource portfolio to feed into that capacity”.

“I would argue that no other uranium mining company can claim these levels of scalability," Antony said.

The company posted a net loss of US$10.4mln, including the write-downs mentioned above and US$3.5mln of development, permitting and land holding costs largely related to well-field construction and continued shaft-sinking at the company’s Canyon project.

The shaft at the Canyon project is targeting a depth of 1,470 feet and is currently around 1,100 feet of the way there. Meanwhile, an underground drilling programme to further evaluate the this high-grade (circa 1% U3O8) project has commenced.

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Mon, 08 Aug 2016 10:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129123/energy-fuels-reaffirms-full-year-guidance-as-it-executes-its-business-plan-129123.html
<![CDATA[News - Energy Fuels holders approve debenture amendments ]]> https://www.proactiveinvestors.com.au/companies/news/129089/energy-fuels-holders-approve-debenture-amendments-129089.html Energy Fuels Inc (TSE:EFR) debenture holders have approved amendments to the floating-rate convertible unsecured subordinated paper at a special meeting on Friday, the company said.

The amendments include:

Extend the maturity date of the debentures from June 30, 2017, to Dec. 31, 2020.

Reduce the conversion price of the debentures from $15 to $4.15 per common share of the company.

Add a redemption provision that enables the company to redeem the debentures upon providing not less than 30 days notice, in cash, in whole or in part, at any time after June 30, 2019, but prior to maturity, at a price of 101 per cent of the aggregate principal amount redeemed.

Add a right in favour of each debentureholder to enable the debentureholder to require the company to purchase, for cash, on June 30, 2017, up to 20 per cent of the debentures held by the debentureholder at a price equal to 100 per cent of the principal amount purchased.

Provide a consent fee to each debentureholder who voted in favour of the amendments in the amount of $20 per $1,000 of principal amount of debentures held.

Make other amendments to the indenture as required by the U.S. Trust Indenture Act of 1939, along with certain other amendments to remove provisions of the indenture that no longer apply.

The amendments will apply to all outstanding debentures. Following today's special meeting of the debenture holders, Energy Fuels entered into an amended and restated convertible debenture indenture with BNY Trust Company of Canada and the Bank of New York Mellon.

Energy Fuels shares were up 2.5% to C$2.90 on Friday.

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Fri, 05 Aug 2016 16:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129089/energy-fuels-holders-approve-debenture-amendments-129089.html
<![CDATA[News - Energy Fuels rated 'buy' after Alta Mesa resource by Cantor ]]> https://www.proactiveinvestors.com.au/companies/news/128938/energy-fuels-rated-buy-after-alta-mesa-resource-by-cantor-128938.html Broker Cantor Fitzgerald has repeated a 'buy' on Energy Fuels Inc (TSE:EFR) following its maiden resource at the Alta Mesa recovery project in Texas.

The report showed 1.6million tons in the higher confidence measured and indicated category at 0.111% uranium containing 3.6 million pounds.

In inferred, there was 7mln tons at 0.121% uranium containing 16.8million pounds of uranium.

Cantor said this was almost identical to its estimates and is forecasting production of 125,000 pounds per quarter at a cash cost of US$25 per pound beginning in the fourth quater of 2017

The processing facility, now on standby, is capable of producing 1.5million pounds a year.

Analyst Rob Chang said noted the facility was capable of ramping up to commercial production levels (once uranium pricing firms) within approximately six months.

This would require minimal capital requirements the broker estimates at US$3mln.

The Alta Mesa property has a land package totalling 195,501 contiguous acres, including 4,575-acres currently under a lease and mining permit and 190,926-acres under a lease-option and exploration/testing permit.

Including Alta Mesa, Energy Fuels has three uranium production facilities in the USA and more licensed and operational processing capacity (11.5M lbs of uranium per year) than any other uranium producer in the US.

Cantor targets C$7.05 a share

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Wed, 03 Aug 2016 02:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/128938/energy-fuels-rated-buy-after-alta-mesa-resource-by-cantor-128938.html