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DENVER, May 3, 2018 /PRNewswire/ - Energy Fuels Inc. (NYSE MKT:UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), today reported its financial results for the quarter ended March 31, 2018. The Companys quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC"), and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Companys website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
At March 31, 2018, the Company had $23.6 million of working capital, including cash and cash equivalents of $6.6 million and approximately 600,000 pounds of uranium concentrate inventory.
50,000 pounds of U3O8 sales were completed by the Company at a realized price of $24.75 per pound, pursuant to a contract.
Q1 had lower sales volume due to the timing of contract sales. On April 1, 2018, the Company delivered 400,000 lbs. into long-term sales contracts at the price of $61.30 per pound, and over $24.5 million was collected on May 1, 2018. In addition, the Company collected $5.39 million from the sale of a non-core property on May 1, 2018.
$1.2 million of total revenue was realized by the Company during the quarter.
Uranium production totaled 43,000 pounds of U3O8 during the quarter.
The Company began fulfilling toll processing alternate feed contracts which are expected to result in approximately $7.1 million of revenue for 2018, including $3.8 million of cash and $3.3 million of uranium for the Companys account, none of which have been earned or recovered to date.
Mark S. Chalmers, Energy Fuels President and CEO stated: "Energy Fuels continues to maintain a strong working capital position and overall balance sheet during these challenging uranium market conditions. We are the largest uranium producer in the U.S., and we own an operating in situ recovery ("ISR") facility in Wyoming, a second ISR facility on standby in Texas, and the largest uranium resource base in the U.S. among producers. Further, we own the only operating uranium mill in the U.S. – which is also the only operating facility in the U.S. with the near-term ability to resume recovery of vanadium. Energy Fuels unmatched depth of assets and breadth of opportunities position us to maintain this strength during these difficult times.
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