Energy Fuels Inc. Releases Q1-2013 Results

 Energy Fuels Inc. (TSX:EFR) relased financial results for the quarter that ended on December 31, 2012 and the results have been filed on SEDAR. The Company sold 157,000 pounds of U3O8 during Q1-2013, including 117,000 pounds U3O8 under term contracts at an average realized price of $58.00 per pound and they also sold 78,000 pounds of V2O5 at an average realized price of $5.30 per pound.

Financial and Operational Highlights for Q1-2013:

  • Energy Fuels’ production at the White Mesa Mill totaled 228,400 pounds of U3O8 and 234,600 pounds of V2O5 during Q1-2013. Q1-2013 U3O8 production included 19,000 pounds of U3O8 from alternate feed materials and 209,000 pounds of U3O8 from Pandora and Beaver conventional ore. The production cash cost during 1Q-2013 was $46.64 per pound of U3O8.
  • As of December 31, 2012, the Company had working capital of $34.7 million, including cash and cash equivalents of $3.6 million, marketable securities of $1.1 million and 358,000 pounds of uranium concentrate and work-in-process inventory which, based on spot market prices as of December 31, 2012, had a market value $15.6 million. Between January 1, 2013 and February 12, 2013, pursuant to its term contracts, Energy Fuels delivered and received payment for 216,667 pounds of U3O8.
  • On October 1, 2012 Energy Fuels acquired the membership interests of Aldershot Resources Ltd. (“Aldershot”) in Colorado Plateau Partners LLC and Arizona Strip Partners LLC, two 50/50 joint ventures between subsidiaries of Energy Fuels and Aldershot, for consideration of $750,000 in cash, the cancellation of debt owed by Aldershot to Energy Fuels, and 3,527,570 Energy Fuels common shares.
  • On January 18, 2013, subsequent to Q1-2013, Energy Fuels announced a toll milling agreement with Laramide Resources Ltd. (“Laramide”) whereby Energy Fuels’ White Mesa Mill will process all material produced from Laramide’s 100% owned and operated La Sal II uranium mine in Utah. This toll milling agreement emphasizes the strategic position of Energy Fuels’ 100% owned White Mesa Mill, the only operating conventional uranium mill in the United States.
  • On January 28, 2013, subsequent to Q1-2013, Energy Fuels acquired 9,439,857 common shares of Virginia Energy Resources Inc. (“Virginia Energy”) at a price of Cdn$0.42 per share, representing a 16.5% ownership interest in Virginia Energy. Virginia Energy owns 100% of the Coles Hill Project in south-central Virginia, the largest known conventional uranium deposit in the U.S. As consideration for this investment, Energy Fuels paid Cdn$250,000 in cash and issued 21,851,411 common shares of Energy Fuels to Virginia Energy.
  • On February 4, 2013, subsequent to Q1-2013, the U.S. Ninth Circuit Court of Appeals issued its ruling in favor of the U.S. Secretary of the Interior, the U.S. Bureau of Land Management and the Company and against the Center for Biological Diversity et al in their challenge relating to the Company’s Arizona 1 mine.

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