The company said it has several existing uranium mines on hold and significant existing stocks of company-produced uranium of US origin.
(,) reports that it had $ 98.8 million in working capital, including $ 79.4 million in cash and marketable securities and $ 29.2 million in inventory, as of June 30, 2021.
In a statement, the company added that at current commodity prices, its inventory is worth $ 39.1 million.
During the quarter ended June 30, 2021, Energy Fuels also noted that it incurred a net loss of $ 10.8 million, which included a non-cash increase in the market value of the liabilities related to the warrants in the quarterly share price of $ 3.6 million, resulting from a significant increase in its share price.
READ: Energy Fuels enters strategic alliance to recover isotopes needed for emerging cancer therapies
With several existing uranium mines on hold and large existing stocks of US-sourced uranium produced by the company, the company said it remains ready to supply uranium to improved global markets and the proposed US uranium reserve once established by the US government. .
During the first half of 2021, Energy Fuels began to accelerate the production on a commercial scale of a mixed carbonate of rare earth elements (REE) (RE Carbonate) in addition to its uranium business. In July 2021, it began deliveries of its RE carbonate to a separation facility in Europe.
The company has also entered into a definitive agreement to sell a set of Energy Fuels conventional non-core uranium projects located in Utah and Colorado to International Consolidated Uranium Inc. (CUR). Based on the current CUR share price, currency exchange rates and assuming close and full execution of the deal, the current pro forma value of this divestiture is approximately $ 24 million.
The company has also entered into a strategic alliance agreement with RadTran LLC, a privately-held technology development company, to assess the recovery of thorium and potentially radium from the company’s RE carbonate and uranium process streams, in addition to its uranium and carbonate RE activities, for use in the production of medical isotopes for new cancer therapies targeted by alpha therapy (TAT).
âEnergy Fuels took another important step in restoring US rare earth supply chains when we recently announced the successful production of rare earth carbonate from natural monazite sand sourced from the United States in our White Mesa plant, âEnergy Fuels CEO Mark Chalmers said in a statement.
âWe are also very excited about our recently announced strategic alliance with RadTran, which has the potential to help produce isotopes from our existing RE carbonate and uranium process streams for use in the treatment of cancer that can improve human health and ultimately save lives. These two initiatives, which are complementary to our core uranium business, are examples of the unique and valuable capabilities of the White Mesa plant. “
Chalmers added: âThe outlook for uranium also continues to improve, vanadium markets are strengthening and rare earth prices continue to show strength. ”
Meanwhile, Energy Fuels will host a video webcast on Tuesday, August 3, 2021 at 4 p.m. ET to discuss its financial results, rare earth production and other company initiatives. To participate in the webcast and ask questions, please dial (888) 664-6392 (toll free in the United States and Canada).
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