US Uranium-vanadium Miner Provides Quarterly Report

As of Sept. 30, 2019, the energy company had $41.1 million of working capital, including $14.7 million in cash, $7.8 million in marketable securities, 500,000 pounds of uranium inventory and 1.15 million pounds of vanadium inventory.

During the quarter, Energy Fuels produced 530,000 pounds of V2O5 and 16,000 pounds of U3O8.

The company reported an operating loss of $8.8 million during Q3/19, driven in part by “impairment to inventories of $2.3 million as a result of low uranium prices and a decrease in vanadium prices during the quarter as well as the decision to limit uranium and vanadium sales during the quarter,” the release explained.

During Q3/19, Energy Fuels agreed to process and recover uranium at its White Mesa Mill from clean-up ore material from a past-producing uranium mine in New Mexico. Revenues payable to the company for this work are expected to be between $700,000 and $3.5 million.

Regarding the Section 232 petition and subsequent formation of the U.S. Nuclear Fuel Working Group, which is to come up with potential solutions for the domestic situation, Energy Fuels continues “to encourage the U.S. government and President Trump to support a renaissance in U.S. uranium production,” Energy Fuels President and CEO Mark S. Chalmers said in the release. The working group’s current deadline for making its recommendations to Trump is Nov. 10, 2019.