UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 23, 2017
ENERGY
FUELS INC.
(Exact name of registrant as specified in its charter)
Ontario |
001-36204 |
98-1067994 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer
Identification No.) |
225 Union Blvd., Suite 600
Lakewood, Colorado |
80228 |
(Address of
principal executive offices) |
(Zip Code) |
(303) 974-2140 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name or former address, if changed since last report) |
Check the appropriate
box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 8.01 Other Events.
On March 23, 2017, Energy Fuels Inc. issued
a press release attached hereto as Exhibit 99.1
The information furnished pursuant to this
Item 8.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise
subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing under the
Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated March 23, 2017
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
ENERGY FUELS INC.
(Registrant) |
Dated: March 23,
2017 |
By: /s/ David C. Frydenlund
David C. Frydenlund
Senior Vice President, General Counsel and Corporate Secretary |
|
|
Exhibit 99.1
Energy Fuels Receives Final License Amendment from U.S.
Nuclear Regulatory Commission for Expansion of Nichols Ranch Uranium Project
LAKEWOOD, CO, March 23, 2017 /CNW/ - Energy Fuels Inc.
(NYSE MKT: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a leading producer of uranium in the United
States, is pleased to announce that it has received the final amendment to the Source Material License (the "License Amendment")
for the expansion of its Nichols Ranch ISR Project ("Nichols Ranch") from the U.S. Nuclear Regulatory Commission ("NRC").
With this License Amendment in hand, the Company now holds all of the permits, licenses, and approvals required to expand
the Nichols Ranch ISR Project into the Jane Dough wellfields in the future. Nichols Ranch is a currently producing in
situ recovery ("ISR") uranium project, located in northeast Wyoming. All of the Company's uranium production
is sold into the global uranium market and used for the generation of clean, carbon-free nuclear energy.
The License Amendment for the Jane Dough expansion was issued
by the NRC on March 22, 2017. In support of the License Amendment, the NRC prepared an Environmental Assessment ("EA"),
a Safety Evaluation Report ("SER"), and a Finding of No Significant Impact ("FONSI"). This final NRC
approval for the Jane Dough expansion follows final U.S. Environmental Protection Agency ("EPA") and Wyoming Department
of Environmental Quality ("WDEQ") approval of the aquifer exemption, as previously announced by the Company on February
17, 2017. In addition on March 7, 2017, the Company received final approval from the WDEQ Land Quality Division ("LQD")
for an amendment that added the Jane Dough wellfield to the mine permit for Nichols Ranch.
The Jane Dough wellfield, which is adjacent to Energy Fuels'
currently producing Nichols Ranch wellfield, is important to sustain the Company's long-term uranium production at Nichols Ranch.
The Company is currently producing uranium from the Nichols Ranch wellfield and expects nine (9) header-houses to be in operation
during 2017 producing a total of approximately 350,000 pounds of U3O8. The Nichols Ranch wellfield
includes four (4) additional header-houses, which are expected to be constructed in the future, but only after sustained improvements
in uranium prices are observed. Once all thirteen (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 twenty-two (22) header-houses
that can be connected to the Nichols Ranch Plant.
According to a February 2015 technical report ("Technical
Report") prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101"), the Jane Dough wellfield is estimated to hold approximately 3.6 million pounds of uranium, contained in
1.5 million tons of Indicated Mineral Resources with an average grade of 0.11% eU3O8. This is almost
1 million more pounds of uranium than what the Technical Report originally estimated to be contained in the currently producing
Nichols Ranch wellfields.
Stephen P. Antony, President and CEO of Energy Fuels stated:
"Receipt of NRC approval is a key milestone for Energy Fuels, as it ensures we are able to produce uranium from our Nichols
Ranch ISR Project over the long-term as market conditions warrant. I would like to recognize our internal permitting and
ISR operations teams for their hard work in obtaining the various government approvals, licenses and permits from the NRC, EPA,
and State of Wyoming for this important project. 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% 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."
About Energy Fuels: 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 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 co-product of its uranium production form certain of its mines on the
Colorado Plateau, as market conditions warrant. 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".
Stephen P. Antony, P.E., President & CEO 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.
Cautionary Note Regarding Forward-Looking Statements:
Certain information contained in this news release, including any information relating to: the Company being a leading producer
of uranium in the U.S.; the Company's expectation that it now holds all permits required to expand the Nichols Ranch ISR Project
into the Jane Dough wellfields in the future; the Jane Dough wellfields being important to sustain the Company's long-term uranium
production at Nichols Ranch; the Company's expectations regarding production at the Nichols Ranch Project in 2017; the Company's
expectations with regard to the sequencing of header-houses and wellfields including resuming wellfield construction, and advancing
production at Nichols Ranch into the Jane Dough wellfields in the future; resource estimates; expectations about seeing positive
market catalysts as the year goes on; 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", "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 factors relating to: the Company being a
leading producer of uranium in the U.S.; the Company's expectation that it now holds all permits required to expand the Nichols
Ranch ISR Project into the Jane Dough wellfields in the future; the Jane Dough wellfields being important to sustain the Company's
long-term uranium production at Nichols Ranch; the Company's expectations regarding production at the Nichols Ranch Project in
2017; the Company's expectations with regard to the sequencing of header-houses and wellfields including resuming wellfield construction,
and advancing production at Nichols Ranch into the Jane Dough wellfields in the future; resource estimates; expectations about
seeing positive market catalysts as the year goes on; and other risk factors as described in Energy Fuels' most recent annual report
on Form 10-K 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.
Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resource: 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.
To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/23/c4141.html
%CIK: 0001385849
For further information: Energy Fuels Inc., Curtis Moore -
VP of Marketing & Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com, www.energyfuels.com
CO: Energy Fuels Inc.
CNW 06:30e 23-MAR-17
This regulatory filing also includes additional resources:
ex991.pdf
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