LAKEWOOD, CO, March 9, 2018 /CNW/ - Energy Fuels Inc. (NYSE
American:UUUU; TSX:EFR) ("Energy Fuels" or the "Company"),
today reported its financial results for the year ended
December 31, 2017. The Company's
Annual Report on Form 10-K has been filed with the U.S. Securities
and Exchange Commission ("SEC"), and may be viewed on the
Electronic Document Gathering and Retrieval System ("EDGAR") at
www.sec.gov/edgar.shtml, on the System for Electronic Document
Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the
Company's website at www.energyfuels.com. Unless noted otherwise,
all dollar amounts are in US dollars.
Financial & Operational Highlights:
- $31.0 million of total revenue
was realized by the Company.
- At December 31, 2017, the Company
had $32.4 million of working capital,
including cash and cash equivalents of $18.6
million and approximately 595,000 pounds of uranium
concentrate inventory.
- Gross Profit of $8.3 million from
mining and milling operations was realized by the Company.
- Gross profit margin from uranium recovery operations of
approximately 27%.
- A net loss attributable to the Company of $27.8 million.
- 520,000 pounds of U3O8 sales were
completed by the Company at an average realized price of
$47.05 per pound. 320,000 pounds of
sales were pursuant to long-term contracts at an average price of
$62.72 per pound and 200,000 pounds
of sales were from spot sales at a price of $21.99 per pound.
- 1,570,000 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 the account of a tolling
customer.
Mark S. Chalmers, Energy
Fuels' President and CEO stated: "2017 was another pivotal year
for Energy Fuels. Amidst continued weakness in uranium markets, we
became the largest uranium producer in the U.S., the culmination of
a multi-year strategy for us."
"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.
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 45 million 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."
"In addition to the above, we filed a Section 232 Petition with
the U.S. Department of Commerce, along with Ur Energy, seeking an
import quota that reserves 25% of the U.S. nuclear market for U.S.
uranium. The remedies, if granted, would be expected to strengthen
the U.S. uranium mining industry, bolster national defense, and
improve supply diversification for U.S. utilities and their
customers."
"While our focus is always on uranium, and we believe we are the
best positioned company in the U.S. to capitalize on a uranium
price recovery, Energy Fuels is fortunate among our peers in that
we have a wide range of capabilities that allow us to capture
diverse revenue-generating opportunities that are not reliant on
uranium price increases."
Corporate Highlights:
On January 26, 2018, the Company
announced the appointment of Mark S.
Chalmers as President and Chief Executive Officer ("CEO")
and a Director of the Company, effective February 1, 2018. On January 31, 2018, Stephen
P. Antony retired as CEO and as a Director of the Company.
This followed the July 31, 2017
appointment of Mr. Chalmers as President and Chief Operating
Officer ("COO") of the Company. In addition, on February 14, 2018, the Company announced
additional management streamlining, including (i) the appointment
of David C. Frydenlund as Chief
Financial Officer ("CFO"), General Counsel and Corporate Secretary
of the Company, effective March 2,
2018, following Daniel G.
Zang's departure from the role of CFO on March 1, 2018; (ii) the appointment of W.
Paul Goranson as COO; and (iii) the
appointment of Matthew J. Tarnowski
as Chief Accounting Officer ("CAO") and Controller. The Company
believes these management changes will allow the Company to realize
cost savings by shrinking the size of its executive team, while
also streamlining management and maintaining a high level of
continuity by promoting individuals from within the
organization.
On January 16, 2018, the Company
and Ur-Energy (the "Petitioners") announced that they had jointly
filed a Petition (the "Petition") for Relief with the U.S.
Department of Commerce ("DOC") under Section 232 of the Trade
Expansion Act of 1962 (as amended) from Imports of Uranium Products
that Threaten National Security. The Petition describes how uranium
and nuclear fuel from state-owned and state-subsidized enterprises
in Russia, Kazakhstan, Uzbekistan, and China potentially represent a threat to U.S.
national security. The Petition seeks remedies which will set a
quota to limit imports of uranium into the U.S., effectively
reserving 25% of the U.S. nuclear market for U.S. uranium
production. Additionally, the Petition suggests implementation of a
requirement for U.S. federal utilities and agencies to buy U.S.
uranium in accordance with the President's Buy American Policy. The
remedies proposed by the Petitioners are expected to strengthen the
U.S. uranium mining industry, bolster national defense, and improve
supply diversification for U.S. utilities and their customers.
On May 17, 2017, the Board
appointed Messrs. Benjamin Eshleman
III and Robert W. Kirkwood to
serve as Directors of the Company pursuant to the Board's power to
increase the size of the Board by up to one-third in number between
annual meetings of shareholders. Messrs. Glenn Catchpole and Ron
Hochstein did not stand for re-election as Directors at the
Company's Annual General Meeting of Shareholders, and therefore
ceased to be Directors effective May 17,
2017. Effective June 12, 2017,
Mr. Ames Brown resigned as a
Director of the Company.
Project Highlights:
On August 23, 2017, the Company
announced a new resource estimate for uranium and copper at the
Canyon Mine. 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
Mineral Resources with an average grade of 0.38%
U3O8 containing 134,000 pounds of uranium,
meaning that the total uranium resources increased by approximately
1 million pounds of U3O8 over the previous
resource estimate. In the zone of the resource containing both
uranium and copper, the estimate defines 11,939,000 pounds of
copper contained in 101,000 tons of Measured and Indicated Mineral
Resources (non-additive to the above uranium resource tonnages)
with an average grade of 5.93% Cu. The Canyon Mine is a
fully-permitted and substantially-developed uranium/copper mine
located in Northern Arizona.
On March 23, 2017, the Company
received the final amendment to the Source Material License the
"License Amendment") from the U.S. Nuclear Regulatory Commission
("NRC") for the expansion of the Nichols Ranch ISR Project
("Nichols Ranch"). Once all thirteen (13) wellfields are in
production at Nichols Ranch (nine are currently in production), the
License Amendment allows the Company to expand production into the
twenty-two (22) adjacent Jane Dough wellfields. The NRC approval
followed the final U.S. Environmental Protection Agency ("EPA") and
Wyoming Department of Environmental Quality ("WDEQ") approvals of
the aquifer exemption, which the Company announced on February 17, 2017.
On January 1, 2017, the U.S.
Bureau of Land Management ("BLM") issued a Final Environmental
Impact Statement ("EIS") and Record of Decision ("ROD") for the
Company's Sheep Mountain Project, a large conventional uranium
project located in central Wyoming. The Company now holds all of the
major government approvals needed to commence mining at the Sheep
Mountain Project, as the Company continues to evaluate options for
processing the considerable quantities of uranium resources that
may be mined at the project.
On February 23, 2018, the BLM and
U.S. Forest Service ("USFS") issued
their Decision Record, Final Decision Notice and Findings of No
Significant Impact ("FONSI") for the La Sal Mines Complex Plan of
Operations Amendment, approving the expansion of the Company's
100%-owned La Sal Complex of uranium/vanadium mines (the "La Sal
Complex"). The La Sal Complex is a series of several past producing
uranium/vanadium mines, currently on standby status, along an
11-mile mineral trend located 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. At the same time, the BLM
also issued the EA, Decision Record, and FONSI for the expansion of
the Company's Daneros Mine. The BLM-approved Mine Plan of Operations Modification allows for
expanded mining operations, the reclamation of historic mining
disturbances, and the implementation of additional operational and
emission controls.
On January 19, 2018, the Utah
Department of Environmental Quality renewed the Company's White
Mesa Mill license for another ten years, after which another
application for renewal will need to be submitted. During the
review period for each application for renewal, the Mill can
continue to operate under its then existing license until such time
as the renewed license is issued. The Mill's license was initially
issued in 1980 and was also renewed in 1987 and 1997.
Asset Acquisition and Disposition Highlights:
On November 13, 2017, the Company
announced it had entered into an agreement with Excalibur
Industries to acquire and extinguish royalties on its Nichols Ranch
Project, as well as acquire and hold royalties on nearby operating
and permitted ISR uranium projects owned by Cameco Corporation, for
approximately $3.5 million in shares
of the Company that will be priced upon closing of the transaction,
subject to certain adjustments. The Company expects the
transaction to be completed by mid-2018.
On November 2, 2017, the Company
announced that it had entered into an agreement to sell certain
non-core uranium properties in Wyoming to Uranium Energy Corp. ("UEC") for
$5.39 million, including $2.94 million in cash and $2.45 million in shares of UEC that will be
priced upon the closing of the transaction. The disposed properties
are adjacent to UEC's Reno Creek Project. The Company expects the
transaction to be completed by mid-2018.
Selected Summary Financial Information:
|
|
|
|
|
|
|
$000, except per
share data
|
|
Year ended
December 31,
2017
|
|
Year ended
December 31,
2016
|
|
Year ended
December 31,
2015
|
Results of
Operations:
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
31,046
|
$
|
54,552
|
$
|
61,351
|
|
Gross
profit
|
|
8,336
|
|
13,737
|
|
23,734
|
|
Net loss attributable
to the company
|
|
(27,766)
|
|
(39,413)
|
|
(82,217)
|
|
Basic and diluted
earnings (loss) per share
|
|
(0.39)
|
|
(0.70)
|
|
(2.46)
|
|
|
|
|
|
|
|
$000's
|
|
As at December
31,
2017
|
|
As at December
31,
2016
|
|
|
Financial
Position:
|
|
|
|
|
|
|
|
Working
capital
|
$
|
33,296
|
$
|
24,023
|
|
|
|
Property, plant and
equipment
|
|
33,076
|
|
37,582
|
|
|
|
Mineral
properties
|
|
83,539
|
|
92,625
|
|
|
|
Total
assets
|
|
185,338
|
|
196,457
|
|
|
|
Total long-term
liabilities
|
|
48,175
|
|
46,487
|
|
|
Operations and Sales Outlook Overview:
The Company plans to extract and/or recover uranium from the
following sources in 2018 (each of which is more fully described
below):
- Nichols Ranch Project
- Alternate Feed Materials
- Pond Return at the White Mesa Mill
The Company is also seeking new sources of revenue, including
new sources of alternate feed materials and new fee processing
opportunities at the White Mesa Mill that can be processed under
existing market conditions, largely unrelated to uranium sales
prices, as well as evaluating the possibility of recovering
vanadium from existing pond solutions at the White Mesa Mill. The
Company will also continue its support of the Section 232 Trade
Petition, and will evaluate additional acquisition and disposition
opportunities that may arise.
Extraction and Recovery Activities
Overview
The Company recovered approximately 1,570,000 pounds of
U3O8 during the year ended December 31, 2017, of which 624,000 pounds were
for the account of the Company and the remainder was for the
account of third parties under various alternate feed toll
processing and other arrangements. The Company expects to produce
460,000 to 520,000 pounds of U3O8 in the year
ending December 31, 2018 for its own
account.
ISR Activities
We extracted and recovered approximately 259,000 pounds of
U3O8 from Nichols Ranch for the year ended
December 31, 2017. The Company
expects to produce approximately 140,000 to 160,000 pounds of
U3O8 in the year ending December 31, 2018 from Nichols Ranch. At
December 31, 2017, the Nichols Ranch
wellfields had nine header houses extracting uranium. Until such
time that improvement in uranium market conditions is observed or
suitable sales contracts can be entered into, the Company intends
to defer development of further header houses at its Nichols Ranch
Project and to keep the Alta Mesa Project on standby.
Conventional Extraction and Recovery
Activities
The White Mesa Mill recovered approximately 1,312,000 pounds of
U3O8 during the year ended December 31, 2017, primarily from alternate feed
materials and from dissolved uranium in the Mill's tailings
management system not recovered from previous processing activities
("Pond Return"). Of these 1,312,000 pounds of
U3O8, 366,000 pounds were for the account of
the Company and the remainder was for the account of third parties
under various alternate feed toll processing and other
arrangements. During the year ending December 31, 2018, the Company expects to recover
approximately 320,000 to 360,000 pounds of
U3O8 at the White Mesa Mill for its own
account. All of this uranium is expected to be from alternate feed
materials and Pond Return.
In addition, during 2018, the Company expects to recover
additional uranium for the account of third parties under various
alternate feed toll processing and other arrangements, returning
all finished uranium product from those activities to the
generators of the feed materials. The fees from those toll
processing and other arrangements are expected to cover the
Company's processing costs relating to those activities and to
provide the Company with a reasonable margin.
The Company is also actively pursuing opportunities to process
new and additional alternate feed sources, low grade ore from third
parties in connection with various uranium clean-up requirements
and further recovery of Pond Return, as well as evaluating the
possibility of recovering vanadium from existing pond solutions at
the White Mesa Mill. Successful results from these activities would
allow the Mill to extend the 2018 campaign into 2019 and
beyond.
Conventional Evaluation, Permitting and
Standby Activities
The Company has completed shaft sinking at the Canyon Project,
along with underground drilling to further evaluate the deposit. On
October 10, 2017, the Company filed
an NI 43-101 report updating its resource estimate for the Canyon
Project. The updated resource estimate significantly increased the
pounds of uranium contained in the Canyon Project over previously
reported estimates. It also upgraded a large portion of the
resources from the Inferred resource category to the Measured and
Indicated resource categories, and quantified significant copper
resources. The Company believes it has identified reasonable
options for processing these copper resources at its White Mesa
Mill as a by-product with uranium. If successful, the recovered
copper would provide a credit that would effectively lower the
U3O8 production cost per pound at the
mine.
During 2018, the Company plans to complete the construction of
the main mine sump at the Canyon Project before mid-year 2018,
after which time all field activities will have been completed. The
Company plans to continue to carry out engineering, metallurgical
testing, procurement and construction management activities in
2018, including additional bench and pilot plant scale
metallurgical test work of the uranium/copper mineralization, as
well as pursue any additional permitting actions that may be
required to recover copper at the White Mesa Mill.
The Company is selectively advancing certain permits at its
other major conventional uranium projects. The Company plans to
continue the licensing and permitting of the Roca Honda Project, a
large, high-grade conventional project in New Mexico, with the Record of Decision
currently now scheduled to be completed in 2019. The Company will
maintain required permits at the Company's conventional standby
projects including the La Sal Project and the Daneros Project. The
Company will also continue to evaluate the Bullfrog Property at its
Henry Mountains Project. All of these projects serve as important
pipeline assets for the Company's future conventional production
capabilities, as market conditions warrant. A number of the
Company's conventional mines also have substantial vanadium
resources which the Company is currently evaluating, particularly
with the recent increases in vanadium prices to over $13 per pound.
Cost Cutting Measures
During 2017, the Company engaged in significant cost-cutting
measures. We reduced our total number of employees from 195 in 2016
to an estimated 108 for 2018, representing a reduction of
approximately 45% since 2016. Further, since 2016, the Company has
streamlined its executive management team, including recently
announced management changes, by reducing the number of its senior
executive officers from six to three, representing a reduction of
50%, and a significant reduction in general and administrative
expenses. The Company has also significantly reduced its land
holding costs, while maintaining its core properties and resource
base. Finally, since the beginning of 2016, the Company has sold or
entered into agreements to sell surplus equipment and other assets
as well as non-core mineral properties, including the recent sale
of our Reno Creek Property in 2018, for total proceeds to the
Company of approximately $6,440,000.
The Company will continue to pursue additional cost cutting
initiatives, including further reductions in the scope of certain
development initiatives, the potential sale or abandonment of
certain non-core properties and the sale of excess mining equipment
and other assets.
Sales
During the year ended December 31,
2017, the Company completed sales under its existing
contracts of 520,000 pounds of U3O8,
including 320,000 pounds under three long-term contracts and
200,000 pounds under a spot contract. Of these deliveries, 120,000
pounds represent the final deliveries under one of these
contracts.
The Company has four remaining contracts, which require
deliveries of 650,000 pounds of U3O8 in 2018
at pricing expected to average approximately $48.00 per pound based on the fixed prices
contained in three of the contracts and current forecasts of spot
prices and price inflation in the other contract. In Q1-2018, the
Company amended its remaining long-term contracts with one customer
so that all remaining deliveries of 400,000 lbs. under the
contracts will occur in April 2018 at
a fixed price of $61.30 per pound;
including moving 200,000 lbs. of deliveries originally scheduled
for 2019 and 2020 up to April 2018.
The Company also has a contract for the delivery of 50,000 lbs. in
Q1-2018 at a fixed price of $24.75
per pound and a contract for the delivery of 200,000 lbs. in 2018
with pricing at a 0.5% discount to the spot price at the time of
delivery. As a result of the amendments, the Company will have no
further long-term contractual obligations following its 2018
deliveries. All uranium sales after 2018 will therefore be at spot
prices and unhedged, unless the Company enters into new long-term
contracts at satisfactory prices in the future.
Trade Petition
In January 2018, the Company
participated in the filing of a Petition for Relief with the U.S.
Department of Commerce under Section 232 of the Trade Expansion Act
of 1962 (as amended) From Imports of Uranium Products that Threaten
U.S. National Security. The Company intends to continue its support
of this action during 2018. It should be noted, however, that there
can be no certainty of the outcome of the petition, and therefore
the outcome of this process is uncertain.
John White, P.E., of Energy Fuels, is a
Qualified Person as defined by Canadian National Instrument 43-101
and has reviewed and approved the technical disclosure contained in
this news release, including sampling, analytical, and test
data underlying such disclosure.
About Energy Fuels: Energy Fuels is a leading
integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Its
corporate offices are in Denver,
Colorado, and all of its assets and employees are in the
western United States.
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 U.S. today and
has a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch Processing
Facility is an ISR production center with a licensed capacity of 2
million pounds of U3O8 per year. Alta Mesa is an ISR production center currently
on care and maintenance. 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 one producing ISR project, mines on
standby, and mineral properties in various stages of permitting and
development. The Company also produces vanadium as a by-product of
its uranium production from certain of its mines on the Colorado
Plateau, as market conditions warrant. The primary trading
market for Energy Fuels' common shares is the NYSE American under
the trading symbol "UUUU", and the Company's common shares are also
listed on the Toronto Stock Exchange under the trading symbol
"EFR". Energy Fuels' website is www.energyfuels.com.
ADDITIONAL NON-US GAAP FINANCIAL PERFORMANCE MEASURES
The Company has included the additional non-US GAAP measure
"Gross Profit" in the financial statements and in this news
release. Management notes that "Gross Profit" provides useful
information to investors as an indication of the Company's
principal business activities before consideration of how those
activities are financed, sustaining capital expenditures, corporate
and exploration and evaluation expenses, finance income and costs,
and taxation.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This news release contains certain "Forward Looking
Information" and "Forward Looking Statements" within the meaning of
applicable Canadian and United
States securities legislation, which may include, but is not
limited to, statements with respect to: production and sales
forecasts; the expected completion of transactions; whether all or
a portion of any copper resource at the Canyon Project can be
recovered at the White Mesa Mill or elsewhere; scalability, and the
Company's ability and readiness to re-start or expand any of its
existing projects to respond to any improvements in uranium market
conditions; the expectation that the Company will earn a reasonable
margin on any of its alternate feed material or other processing
activities; any expectations regarding vanadium opportunities; the
ability of the Company to secure any new sources of alternate feed
materials or other processing opportunities at the White Mesa Mill;
any expectations regarding feeding the White Mesa Mill in 2018 and
beyond; the ability of the Company to manage its activities and
assets conservatively under current market conditions while
maintaining its uranium resource base and recovery capabilities;
any expectations regarding benefits from management streamlining;
the ability of the Company to enter into suitable sales contracts
in the future; expected timelines for the permitting and
development of projects; mineral resource estimates; the Company's
expectations as to longer term fundamentals in the market and price
projections; the Company's expectations as to expenditures and cost
reductions; expectations to become or maintain its position as a
leading uranium company in the United
States; and the outcome of the Department of Commerce
Section 232 investigation, including whether or not the Secretary
of Commerce will make a recommendation to the President and the
nature of the recommendation; whether or not the President will act
on the recommendation and, if so, the nature of the action and
remedy; and the expected benefits of the proposed remedies.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans",
"expects" "does not expect", "is expected", "is likely",
"budget" "scheduled", "estimates", "forecasts", "intends",
"anticipates", "does not anticipate", or "believes", or variations
of such words and phrases, or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur", "be achieved" or "have the potential to". All statements,
other than statements of historical fact, herein are considered to
be forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements include risks associated with:
production and sales forecasts; the expected completion of
transactions; whether all or a portion of any copper resource at
the Canyon Project can be recovered at the White Mesa Mill or
elsewhere; scalability, and the Company's ability and readiness to
re-start or expand any of its existing projects to respond to any
improvements in uranium market conditions; the expectation that the
Company will earn a reasonable margin on any of its alternate feed
material or other processing activities; any expectations regarding
vanadium opportunities; the ability of the Company to secure any
new sources of alternate feed materials or other processing
opportunities at the White Mesa Mill; any expectations regarding
feeding the White Mesa Mill in 2018 and beyond; the ability of the
Company to manage its activities and assets conservatively under
current market conditions while maintaining its uranium resource
base and recovery capabilities; any expectations regarding benefits
from management streamlining; the ability of the Company to enter
into suitable sales contracts in the future; expected timelines for
the permitting and development of projects; mineral resource
estimates; the Company's expectations as to longer term
fundamentals in the market and price projections; the Company's
expectations as to expenditures and cost reductions; expectations
to become or maintain its position as a leading uranium company in
the United States; and the
outcome of the Department of Commerce Section 232 investigation,
including whether or not the Secretary of Commerce will make a
recommendation to the President and the nature of the
recommendation; whether or not the President will act on the
recommendation and, if so, the nature of the action and remedy; the
expected benefits of the proposed remedies; and the other
factors described under the caption "Risk Factors" in the Company's
Annual Report on Form 10-K dated March 9,
2018, which is available for review on EDGAR at
www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and
on the Company's website at www.energyfuels.com.
Forward-looking statements contained herein are made as of the date
of this news release, and the Company disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements. The Company assumes no obligation to update the
information in this communication, except as otherwise required by
law.
CAUTIONARY NOTE TO UNITED
STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED
AND INFERRED RESOURCES
This news release contains certain disclosure that has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of U.S. securities laws.
Unless otherwise indicated, all reserve and resource estimates
included in this news release have been prepared in accordance with
Canadian National Instrument 43-101 – Standards of Disclosure for
Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") classification system.
Canadian standards, including NI 43-101, differ significantly from
the requirements of U.S. securities laws, and reserve and resource
information contained in this news release may not be comparable to
similar information disclosed by companies reporting only under
U.S. standards. In particular, the term "resource" does not equate
to the term "reserve" under SEC Industry Guide 7. United States investors are cautioned not to
assume that all or any of Measured or Indicated Mineral Resources
will ever be converted into mineral reserves. Investors are
cautioned not to assume that all or any part of an "Inferred
Mineral Resource" exists or is economically or legally minable.
Energy Fuels does not hold any Reserves as that term is defined by
SEC Industry Guide 7. Please refer to the section entitled
"Cautionary Note to United States Investors Concerning Disclosure
of Mineral Resources" in the Company's Annual Report on Form 10-K
dated March 9, 2017 for further
details.
SOURCE Energy Fuels Inc.