LAKEWOOD, Colo., Oct. 6, 2020 /CNW/ - Energy Fuels
Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels"
or the "Company"), the leading uranium producer in the United States, is pleased to announce that
today the Company became debt-free, following the retirement of its
remaining Cdn$10,430,000 of floating
rate convertible unsecured subordinated debentures (the
"Debentures"). As of today, no Debentures remain
outstanding, and they have ceased to be listed on the Toronto Stock
Exchange. Further, the Company currently has no other remaining
short- or long-term debt.
"While many uranium and other natural resource companies have
significant debt burdens, Energy Fuels is proud to announce that
today we became debt free," stated Mark S.
Chalmers, President and CEO of Energy Fuels.
"Being debt-free distinguishes Energy Fuels not only from many
of our peers in the uranium and natural resource sectors, but also
from many public companies in general. Having no debt reduces costs
and allows Energy Fuels to better weather market volatility.
Coupled with our strong working capital position, this also
provides us with a 'clean slate' from which to increase uranium
production when warranted and to launch the exciting rare earth
element initiative we are pursuing.
"We have a number of opportunities in front of us right now, any
one of which could result in significant cash flows for the
Company. Critical minerals, including uranium, rare earth elements,
and vanadium, are front-and-center in the U.S. right now, including
bipartisan support in the U.S. government. We are continuing to
work with our allies in the Administration and Congress to create a
strategic U.S. uranium reserve to enhance national security and
energy security. As the leading uranium miner in the U.S., with
more production facilities, capacity, expertise and in-ground
resources than any other U.S. uranium producer, we expect to be one
of the prime beneficiaries of any U.S. government support.
"We were also pleased that the U.S. Department of Commerce was
recently able to reduce uranium and nuclear fuel imports into the
U.S. from Russia over the
long-term, thereby eliminating the specter of more state-owned
uranium imports entering the U.S. President Trump's Executive
Orders on critical minerals last week may be an important step
toward the U.S. government providing tangible support and/or
funding to producers and processors of critical minerals, including
the uranium and vanadium we currently produce, and the rare earth
elements we hope to produce in the future. And of course, global
uranium markets, where spot prices are up over 20% this year,
appear poised to continue their bounce-back, due to significant
global production cutbacks and the fact that current spot and term
pricing cannot sustain new or existing primary supply. Energy Fuels
has created a number of significant, potentially 'game changing,'
catalysts while also maintaining a strong working capital position
and eliminating debt. We look forward to continuing to provide
updates in the coming weeks and months on several of these
initiatives."
About Energy Fuels: Energy Fuels is the leading
U.S.-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant, and is evaluating the potential to recover rare
earth elements at its White Mesa Mill. Its corporate offices are
near Denver, Colorado, and all of
its assets and employees are in the
United States. Energy Fuels holds three of America's key
uranium production centers – the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery
("ISR") Project in Wyoming, and
the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only
conventional uranium mill operating in the U.S. today, has a
licensed capacity of over 8 million pounds of
U3O8 per year, and has the ability to produce
vanadium when market conditions warrant. The Nichols Ranch ISR
Project is on standby and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is also on standby and has a licensed capacity of 1.5
million pounds of U3O8 per year. In addition
to the above production facilities, Energy Fuels has one of the
largest NI 43-101 compliant uranium resource portfolios in the U.S.
and several uranium and uranium/vanadium mining projects on standby
and in various stages of permitting and development. 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.
Cautionary Note Regarding Forward-Looking
Statements: This news release contains certain
"Forward-Looking Information" and "Forward-Looking Statements"
within the meaning of applicable United
States and Canadian securities legislation, which may
include, but are not limited to, statements with respect to:
any expectation that the Company will maintain its position as
the leading uranium producer in the
United States; any expectation that being debt free will
allow the Company to better weather market volatility, or allow the
Company to increase uranium production when warranted or launch its
rare earth element initiative; any expectation that the Company has
a number of opportunities or catalysts in front of it which could
result in significant cash flows for the Company; any expectation
that the Administration and Congress may create a strategic U.S.
uranium reserve, or that the Company may be one of the prime
beneficiaries of any U.S. government support; any expectation that
the recent actions of the U.S. Department of Commerce may reduce
uranium and nuclear fuel imports into the U.S. from Russia over the long-term and eliminate the
specter of more state-owned uranium imports entering the U.S.; any
expectation that President Trump's recent Executive Orders on
critical minerals may be an important step toward the U.S.
government providing tangible support and/or funding to producers
and processors of critical minerals; any expectation that current
spot and term uranium pricing cannot sustain new or existing
primary supply; and any expectation that global uranium markets may
continue their bounce-back. 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," "budgets,"
"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
herein, other than statements of historical fact, 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 of 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:
any expectation that the Company will maintain its position as
the leading uranium producer in the
United States; any expectation that being debt free will
allow the Company to better weather market volatility, or allow the
Company to increase uranium production when warranted or launch its
rare earth element initiative; any expectation that the Company has
a number of opportunities or catalysts in front of it which could
result in significant cash flows for the Company; any expectation
that the Administration and Congress may create a strategic U.S.
uranium reserve, or that the Company may be one of the prime
beneficiaries of any U.S. government support; any expectation that
the recent actions of the U.S. Department of Commerce may reduce
uranium and nuclear fuel imports into the U.S. from Russia over the long-term and eliminate the
specter of more state-owned uranium imports entering the U.S.; any
expectation that President Trump's recent Executive Orders on
critical minerals may be an important step toward the U.S.
government providing tangible support and/or funding to producers
and processors of critical minerals; any expectation that current
spot and term uranium pricing cannot sustain new or existing
primary supply; any expectation that global uranium markets may
continue their bounce-back; and the other factors
described under the caption "Risk Factors" in the Company's most
recently filed Annual Report on Form 10-K, 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 as a result
of changes in management's estimates or opinions, 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.
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SOURCE Energy Fuels Inc.