Energy Fuels Says Uranium Prices Show Strength, Resilience

Mark Chalmers, president and chief executive of uranium and rare earth minerals company Energy Fuels Inc., said, “Though volatile, uranium prices have continued to exhibit strength and resilience, which we expect to continue as Russia’s invasion in Ukraine continues.”

He also said, “As a result of Russia’s aggression, we believe domestic and global nuclear utilities are reducing ties with the Russian state-owned nuclear company.”

Mr. Chalmers said the company believes U.S. uranium and nuclear fuel suppliers may be seeing increased interest from U.S. utilities due to a $6 billion civil nuclear credit program that prioritizes reactors purchasing nuclear fuel and uranium from U.S. suppliers, “which would include Energy Fuels.”

He also said the company has been selling some of its vanadium inventory as prices rose in the quarter. “Similar to uranium, we believe Russia’s invasion of Ukraine is a reason we are seeing strength in the vanadium market,” he said, adding, “Russia is a significant global supplier of vanadium, and we believe buyers see risk in obtaining vanadium supply from Russia.”

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