LAKEWOOD, CO, Nov. 19, 2015 Energy Fuels Inc. (NYSE
MKT:UUUU; TSX:EFR) ("Energy Fuels" or the "Company") today
commented on its recent share price performance. The Company
is not aware of any undisclosed material change in the Company's
affairs that might have caused the recent decline in the Company's
share price.
The last public information released by the Company occurred on
November 5, 2015, when the Company
released its financial results for the three months ended
September 30, 2015. Highlights
included:
- $19.16 million of revenues;
- Gross profits of $7.23 million,
representing a gross profit margin of 38%; and
- Working capital balance of $43.08
million.
The Company is continuing to expand uranium production at our
Nichols Ranch in situ recovery ("ISR") project in Wyoming, which is demonstrating attractive
economics and provides the Company with significant production
flexibility. In addition, the Company has resumed development
activities at the high-grade Canyon mine in Arizona, which has 1.6 million pounds of
uranium with an average grade of 0.98% U3O8
contained in 83,000 tons of Inferred Mineral Resources. Shaft
sinking is proceeding, and the Company is looking forward to
proceeding with underground drilling later in FY-2016 to further
define and potentially expand the resource. The Company is
continuing with the current mineral processing campaign at its
White Mesa Mill, including the processing of alternate feed
materials and Pinenut ore, which is expected to result in 600,000
pounds of U3O8 production through the end of
FY-2016.
The Company also announced that it expects to sell 200,000
pounds of uranium in Q4-2015 at an average price of $54.59 per pound, which represents a 34% premium
to the current spot price. In addition, the Company expects
to sell 550,000 pounds of uranium in FY-2016 under its existing
long-term contracts, also at a significant premium to today's spot
price.
In addition, there has been no material change in the spot or
term price for uranium since the Company released its Q3-2015
results.
Stephen P. Antony, P.E.,
President & CEO of Energy Fuels, is a Qualified
Person as defined by National Instrument 43-101 and has reviewed
and approved the technical disclosure contained in this news
release.
About Energy Fuels: Energy Fuels is a
leading integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy
Fuels operates two of America's key uranium production centers, the
White Mesa Mill in Utah and the
Nichols Ranch Processing Facility in Wyoming. The White Mesa
Mill is the only conventional uranium mill operating in the U.S.
today and has a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch
Processing Facility, acquired in the Company's acquisition of
Uranerz Energy Corporation, is an in situ recovery ("ISR")
production center with a licensed capacity of 2 million pounds of
U3O8 per year. Energy Fuels also has
the largest NI 43-101 compliant uranium resource portfolio in the
U.S. among producers, and uranium mining projects located in a
number of Western U.S. states, including two producing mines, mines
on standby, and mineral properties in various stages of permitting
and development. The Company's common shares are listed on
the NYSE MKT under the trading symbol "UUUU", and on the Toronto
Stock Exchange under the trading symbol "EFR".
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release, including
any information relating to attractive economics and production
flexibility at Nichols Ranch; resources, underground drilling, and
potential for expanded resources at the Canyon mine; expected
FY-2016 production at the White Mesa Mill, and expected future
uranium sales, and any other statements regarding Energy Fuels'
future expectations, beliefs, goals or prospects constitute
forward-looking information within the meaning of applicable
securities legislation (collectively, "forward-looking
statements"). All statements in this news release that are
not statements of historical fact (including statements containing
the words "expects", "does not expect", "plans", "anticipates",
"does not anticipate", "believes", "intends", "estimates",
"estimates", "projects", "potential", "scheduled", "forecast",
"budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking
statements are subject to important risk factors and uncertainties,
many of which are beyond Energy Fuels' ability to control or
predict. A number of important factors could cause actual
results or events to differ materially from those indicated or
implied by such forward-looking statements, including without
limitation: attractive economics and production flexibility at
Nichols Ranch; the resources, underground drilling, and potential
for expanded resources at the Canyon mine; expected FY-2016
production at the White Mesa Mill, and expected future uranium
sales; and other risk factors as described in Energy Fuels' most
recent annual information forms and annual and quarterly financial
reports.
Energy Fuels assumes no obligation to update the information
in this communication, except as otherwise required by law.
Additional information identifying risks and uncertainties is
contained in Energy Fuels' filings with the various securities
commissions which are available online at www.sec.gov and
www.sedar.com. Forward-looking statements are provided for
the purpose of providing information about the current
expectations, beliefs and plans of the management of Energy Fuels
relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. Readers
are also cautioned not to place undue reliance on these
forward-looking statements, that speak only as of the date
hereof.
SOURCE Energy Fuels Inc.