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Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Achieves Debt-Free Milestone, Provides ‘Clean Slate’ for Increased Uranium Production
November 2, 2020

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Achieves Debt-Free Milestone, Provides ‘Clean Slate’ for Increased Uranium Production

  • One of few uranium, natural resource companies in North America with no debt
  • Sets stage for increasing uranium production as markets improve; launching rare earth element initiative
  • Allows rare earth production as markets warrant
  • Applauds U.S. government for securing agreement to limit imports of uranium from Russia

Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading uranium mining company in the United States, has officially reached debt-free status, a goal it has been working toward for the past several months (https://ibn.fm/BFes9). The company reached that goal following the retirement of its remaining Cdn$10.4 million of floating rate convertible unsecured subordinated debentures; 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,” Energy Fuels president and CEO Mark S. Chalmers stated. “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.”

Energy Fuel offers a truly unique portfolio that includes more licensed and constructed production capacity, mines and in-ground uranium resources than any other producer in the United States. The company has also developed diverse cash-flow-generating opportunities, including vanadium production and uranium recycling. And the company is making excellent commercial and technical progress on rare earth element processing.

“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,” Chalmers said. “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.”

Chalmers also stated that the company was pleased that the U.S. Department of Commerce was able to reduce uranium and nuclear fuel imports into the U.S. from Russia over the long term. “President Trump’s 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, including the uranium and vanadium we currently produce, and the rare earth elements we hope to produce in the future,” Chalmers said.

“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,” he continued. “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.”

Based in Lakewood, Colorado, Energy Fuels holds three of America’s key uranium production centers: the Nichols Ranch (“ISR”) project in Wyoming, the Alta Mesa ISR Project in Texas and the White Mesa Mill in Utah — the only conventional uranium mill operating in the United States today. Together these assets have a licensed capacity of more than 11.5 million pounds of U3O8 per year. With an asset portfolio that boasts more uranium production facilities, in-ground resources, production capacity and experienced personnel than any other producer, Energy Fuels is in a unique position to maintain its position as the leading producer of uranium in an era where the U.S. energy industry is moving toward zero-carbon sources of electricity, including nuclear.

For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

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