ENERGY MINERALS

Energy Fuels' revenue grows, share price bounces

United States-based uranium miner Energy Fuels’ share price recovered some lost ground in recent days following the release of its Q1 results which present revenue growth but increased net losses.

 Energy Fuels White Mesa vanadium black flake

Energy Fuels White Mesa vanadium black flake

Having dropped from C$13.53/share (US$10.55/share) to C$6.85/share between April 15 and May 13, the stock has since climbed to C$8.36 as of May 17.

"Energy Fuels continues to benefit from increases in the prices for all of the critical elements and materials we produce. Though volatile, uranium prices have continued to exhibit strength and resilience, which we expect to continue as Russia's invasion in Ukraine continues," the company's president and CEO Mark Chalmers said.

The company's total revenues in Q1 rose to US$2.94 million, which is up from US$353,000 a year earlier.

Energy Fuels' net losses for the quarter, meanwhile, extended to US$14.73 million, or US$0.09 per share, which compares to US$10.91 million, or US$0.08 per share for Q1 2021.

The company noted that as of March 31, it had a balance sheet with US$136.6 million of working capital, including US$105.8 million of cash and marketable securities, US$29.7 million of inventory, and no short- or long-term debt.

Energy Fuels also produces vanadium from certain projects, as market conditions warrant, and is ramping up to full commercial-scale production of rare earths carbonate.

"We have also been selling some of our vanadium inventory over the past few months, as prices rose during the quarter," Chalmers said.

"This quarter we have sold 150,000 pounds of vanadium as FeV at an average price of US$20.65 per pound of V, which equates to about US$11.00 per pound V2O5," he said.

The company noted that while currently there is no vanadium production planned for this year, it is evaluating potentially bringing some online in response to market improvements.

During 2022, Energy Fuels plans to recover 100,000-120,000 pounds of uranium and about 650-1,000 tonnes of mixed RE carbonate containing approximately 300-450 tonnes of TREO.

The company has a market capitalization of C$1.31 billion.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.