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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Energy Fuels Inc | AMEX:UUUU | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.04 | 0.71% | 5.64 | 5.75 | 5.49 | 5.66 | 2,274,388 | 00:46:12 |
TORONTO, ONTARIO and LAKEWOOD, COLORADO--(Marketwired - May 13, 2014) - Energy Fuels Inc. (NYSEMKT:UUUU)(TSX:EFR) ("Energy Fuels" or the "Company") today reported its financial results for the three months ended March 31, 2014, including a strengthened working capital position of $42.27 million. The Company's Quarterly Consolidated Financial Statements, along with Management's Discussion and Analysis are available through its filings with the securities regulatory authorities in Canada on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed at www.sedar.com, and in the United States on the Electronic Document Gathering and Retrieval System ("EDGAR") which, along with the Company's quarterly report on Form 6-K, may be viewed at www.sec.gov/edgar.shtml, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in US dollars.
As previously reported, readers should be advised that the Company has changed its fiscal year end from September 30 to December 31 and, accordingly, the quarterly results for the quarter ended March 31, 2014 are presented with comparable figures for the three months ended March 31, 2013. The Company also completed a consolidation of its common shares, effective November 5, 2013, on the basis of 50 pre-consolidation shares for each post-consolidation share. All share and per share amounts in this press release are shown on a post-consolidation basis.
Selected Summary Financial Information:
$000, except per share data | Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||
Results of Operations: | |||||||
Total revenues | $ | 11,361 | $ | 34,087 | |||
Net income (loss) | (6,342 | ) | (5,904 | ) | |||
Basic and diluted earnings (loss) per share | (0.32 | ) | (0.40 | ) | |||
As at March 31, | As at December 31, | ||||||
$000's | 2014 | 2013 | |||||
Financial Position: | |||||||
Working capital | $ | 42,272 | $ | 33,481 | |||
Property, plant and equipment | 101,025 | 100,969 | |||||
Total assets | 175,306 | 176,133 | |||||
Total long-term liabilities | 34,594 | 31,579 |
Financial and Operational Highlights for the Three Months ended March 31, 2014:
Corporate Highlights for the Three Months Ended March 31, 2014 and outlook for the year ending December 31, 2014
Though prices in the short and medium term are under pressure from excess supplies, in the longer term, Energy Fuels believes prices will improve and intends to continue to strengthen its position as a leading uranium company in the United States. The Company's primary objectives for 2014 are to produce and procure sufficient uranium to fulfill delivery obligations under existing uranium sales contracts, maintain several mines on standby, and continue to permit other new projects, thereby positioning the Company to increase production as market conditions warrant. If favorable opportunities arise, the Company will also evaluate the acquisition of additional uranium properties in the United States and evaluate the sale of certain non-core assets. Environmental and permit compliance and maintenance activities will continue at the White Mesa Mill, which is expected to be placed on standby in August 2014, in order to maintain the facility to be able to restart mineral processing operations as required.
Energy Fuels continues to believe that the current spot price of U3O8 is below the economic cost to produce U3O8 from many currently operating uranium mines around the world, and is well below the economic cost to develop the new uranium mines which the Company believes will be required to fuel the projected global growth in nuclear energy. Spot prices and long-term prices for uranium began the year at $34.50 and $47.00 per pound, respectively. At the date of this news release the spot and long-term prices had fallen to $29.00 and $45.00 per pound, respectively.
Energy Fuels currently has three long-term contracts in place for the delivery of 800,000 pounds of U3O8 during FY-2014. Under these contracts, the Company expects to realize an average sales price of $58.42 per pound U3O8 in FY-2014. This represents a 100% premium to the current spot price of approximately $29.00 per pound. These long term contracts provide some protection to the Company against further reductions in the spot price of uranium over the next several years, since each contract is currently at its minimum floor price. The Company has contracted to purchase U3O8 in the spot market for sale into one of these contracts, which, along with Energy Fuels' significant U3O8 inventories and scheduled production, provides the Company with the operational flexibility to meet its contract delivery requirements during 2014 and beyond. The Company's inventories and spot purchases also reduce the Company's need for near-term U3O8 production. This will allow the Company to place its White Mesa Mill on standby beginning in August 2014. While on standby, the Company will continue to accept alternate feed materials and maintain the White Mesa Mill in a state of readiness to be able to restart mineral processing activities when a production decision is made.
Energy Fuels' ability to deliver purchased U3O8 into one of its term contracts creates value by allowing the Company to purchase U3O8 at prices lower than its production cost and to realize significant margins between the spot purchase price and the contract sale price. This allows the Company to extend the life of its mines into the future by preserving its U3O8 resources, reducing operational risk associated with production operations, and enabling the Company to implement additional significant cost-cutting measures.
At the same time, Energy Fuels will continue to position itself to realize the economic benefits of anticipated improvements in the price of U3O8, through select development and permitting expenditures and care and maintenance activities. Energy Fuels has a number of projects with large U3O8 resources, including the Henry Mountains Complex and the Roca Honda Project, which, in a higher U3O8 price environment, have the potential to provide large, base-load quantities of uranium resources to the White Mesa Mill and the opportunity to produce U3O8 with greater operating efficiency. In addition, the Company has extensive U3O8 resources in Wyoming which it expects to develop into a second major production center, as market conditions warrant. The Company intends to continue permitting activities on these projects during FY-2014.
As outlined below, Energy Fuels provides the following updated outlook for FY-2014. The Company intends to closely monitor actual and forecasted U3O8 prices, and may change operating plans under actual or expected market conditions, as necessary. Accordingly, the outlook provided herein may differ materially from actual results:
Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release.
About Energy Fuels: Energy Fuels is currently America's largest conventional uranium producer, supplying approximately 25% of the uranium produced in the U.S. in 2013. Energy Fuels operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing 2,000 tons per day of uranium ore and has a licensed capacity of over 8 million lbs. of U3O8. Energy Fuels has projects located in a number of Western U.S. states, including a producing mine, mines on standby, and mineral properties in various stages of permitting and development. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol "EFR" and on the NYSEMKT under the trading symbol "UUUU".
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward-Looking Information" and "Forward-Looking Statements" within the meaning of applicable Canadian and United States securities legislation, which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects and with respect to the market outlook, including: the quality of its projects; the Company's ability to resume mining and increase uranium production as market conditions warrant; the Company's ability to or success in moving its larger scale projects forward as expected; the Company's expectations as to long term fundamentals in the market and price projections; the Company's expectations that prices will need to rise to support new mines needed to meet increasing demand; the Company's ability to maintain its White Mesa Mill and other assets in a state of readiness to be able to restart operations as required; the ability of the Company to develop a strategy that could result in a second production center in Wyoming; production and sales forecasts; and expected permitting and other expenditures. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" "does not expect", "is expected", "is likely", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "have the potential to". All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include: risks associated with estimating production, forecasting future price levels necessary to support production, and the Company's ability to increase production in response to any increases in commodity prices; risks inherent in the Company's and industry's forecasts or predictions of future uranium prices; risks of delays in obtaining permits and licenses that could impact expected production levels or increases in expected production levels; government and third party actions with respect to supplies of secondary sources of uranium; fluctuations or changes in the market prices of uranium and the other factors described under the caption "Risk Factors" in the Company's Annual Information Form dated March 26, 2014, which is available for review on SEDAR at www.sedar.com, and in its Form 40-F, which is available for review on EDGAR at www.sec.gov/edgar.shtml. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Energy Fuels Inc.Curtis MooreInvestor Relations(303) 974-2140 or Toll free: 1-888-864-2125investorinfo@energyfuels.comwww.energyfuels.com
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