Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”), a leading producer of uranium and vanadium in the United States, is pleased to announce that it has repaid and retired the entire outstanding principal balance of its Wyoming Industrial Development Revenue Bond (“Wyoming Debt”). As of June 30, 2018, the Company reported approximately $55.25 million of working capital, including cash and cash equivalents of $43.2 million, and the Company previously announced its intent to use a portion of its working capital to repay debt, including the Wyoming Debt. The Wyoming Debt, which was secured by the Company’s Nichols Ranch Project, had a principal balance of $8.3 million. Repayment of this loan will reduce the Company’s short- and long-term debt and avoid significant future interest.
Mark S. Chalmers, President and CEO of Energy Fuels stated: “Energy Fuels is proud to be in a position to repay and retire the entire principal balance of our Wyoming debt. We believe reducing debt and avoiding future interest payments is particularly advantageous for the Company and our shareholders, especially as a number of significant opportunities come into view for Energy Fuels, including the ongoing U.S. government probe into uranium imports, generally improving global uranium market conditions, consolidating and eliminating royalties on certain of our properties, and the Company’s commencement of vanadium production in Q4-2018 which should coincide nicely with today’s elevated vanadium prices. Step by step, the Company has substantially improved our balance sheet over the past several months, and the near-term planned significant vanadium production, if successful, will hopefully continue this trend.”
About Energy Fuels: Energy Fuels is a leading integrated US-based uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U3O8 per year. The Nichols Ranch Processing Facility is an ISR production center with a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is an ISR production center currently on care and maintenance. Energy Fuels also has the largest NI 43-101 compliant uranium resource portfolio in the U.S. among producers, and uranium mining projects located in a number of Western U.S. states, including one producing ISR project, mines on standby, and mineral properties in various stages of permitting and development. The Company also produces vanadium as a by-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. 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.
Source: Energy Fuels
