Energy Fuels Inc. CEO Highlights Firm's Competitive Advantages Following US Nuclear Fuel Working Group Recommendations to Support Domestic Uranium Miners
NEW YORK, June 15, 2020 (GLOBE NEWSWIRE) -- via NetworkNewsAudio — Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) today announces that its president and CEO, Mark Chalmers, has been featured in an exclusive audio interview with NetworkNewsWire (“NNW”), a financial news and content distribution company and one of 45+ brands in the InvestorBrandNetwork (“IBN”). During the interview, Chalmers discussed Energy Fuels’ unique competitive advantages in the mining and production of uranium, vanadium and rare earth minerals, as well as the company’s recent milestones and operational goals for the balance of 2020.
The broadcast can be heard at The NetworkNewsAudio Interviews Podcast.
Chalmers started the interview by providing an overview of Energy Fuels and detailing what makes the company unique in the uranium mining sector.
“There’s no company like Energy Fuels out there in the world,” he said. “We’re first and foremost a uranium production company… we are the largest producer of uranium in the United States. We also have the only primary vanadium production facility in the U.S., and we’re embarking on a new initiative, rare earth elements, which is getting a lot of attention in that sector.”
Continuing with the theme of what separates Energy Fuels from its competitors, Chalmers then spoke to the experience of the company’s management team. “We have the most experienced team of professionals in the space in the United States, if not one of the most experienced in the world. That’s a real differentiator for us,” he noted. “Having a proven track record in a very difficult, challenging business is very important to investors and to our company.”
Recent moves by the Trump administration have placed particular governmental emphasis on the production of critical minerals, as underlined by the recent recommendations of the U.S. Nuclear Fuel Working Group to rebuild the nuclear fuel cycle of the United States. Chalmers described how these efforts could present an opportunity for Energy Fuels moving forward.
“We’ve increased the focus on the unique aspect of our business, being able to supply critical minerals for the United States, where we’ve become very dependent… on countries like Russia and China,” he said. “Most people don’t appreciate that the United States is the largest consumer of uranium in the world, and we were very proud that we were able to get that elevated to the highest levels of the current administration.”
Another differentiator for Energy Fuels is its strong balance sheet, which Chalmers called “stronger than anyone in [the company’s] peer group.” Energy Fuels currently boasts “around $50 million in cash, working capital and inventory” and is strategically positioned to capitalize on the recommendations of the U.S. Nuclear Fuel Working Group, which called for “in the order of $150 million worth of government purchases of uranium and conversion starting in 2021.”
“Our company has more assets, more resources, more experience, and a stronger track record of production than any of our peers, so we are best-positioned to go into production quicker, faster than anyone else in the space in the United States,” Chalmers concluded. “We’re very positive about our position in this business, and we look forward to some significant accomplishments over the coming months.”
Please listen to the full interview with Energy Fuels President and CEO Mark Chalmers at http://nnw.fm/iTv2P.
About Energy Fuels
Energy Fuels is a leading US-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America's key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S., and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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