Energy Fuels Posts 2018 Results and Vanadium Production Update
Date: Mar 13, 2019
US-based uranium miner Energy Fuels (TSX:EFR,NYSEAMERICAN:UUU,OTCMKTS:UUU) reported its full year results for 2018, including US$31.7 million in total revenue and its plans for a vanadium production restart in Utah.
The company also reported a US$25.4-million net loss for the year.
After the news, company shares were down 7.01 percent at 11:00 a.m. EST on Tuesday (March 12), to C$3.58.
The company’s overall performance was hindered by a stagnate U3O8 spot price that did make some movement in 2018, but not the amount needed to entice more production.
Energy Fuels sold 650,000 pounds of U3O8 at an average realized price of US$47.37 per pound in 2018. Of that 400,000 pounds was exported to long-term contract holders at an average price of US$61.30 per pound, while 250,000 pounds of U3O8 was sold through spot market contracts at a weighted average price of US$25.07 per pound, significantly below the long term contract rate.
The spot price of U3O8 has steadily trended higher since mid-2018 and currently sits at US$28.10, a dollar drop from its 2018 high of US$29.10, and a US$11.35 decrease from the 2015 high of US$39.45.
“2018 was a seminal year for Energy Fuels, as we believe we were able to successfully distinguish ourselves from other uranium mining companies in the US and around the world,” CEO Mark Chalmers said in the announcement.
