LAKEWOOD, CO, Sept. 12, 2018 /PRNewswire/ - 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.
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this news
release, including any information relating to: the Company being a
leading producer of uranium and vanadium in the U.S.;
any expectations about generally improving global uranium market
conditions; any expected opportunities or benefits resulting from
consolidating and eliminating royalties on certain of the Company's
properties; any expectations relating to the Company's commencement
of vanadium production or relating to vanadium prices; any
expectations relating to any improvements to the Company's balance
sheet; any expectations about the outcome of the current U.S.
government investigation into uranium imports into the
U.S.; and any other statements regarding Energy
Fuels' future expectations, beliefs, goals or prospects; constitute
forward-looking information within the meaning of applicable
securities legislation (collectively, "forward-looking
statements"). All statements in this news release that are not
statements of historical fact (including statements containing the
words "expects", "does not expect", "plans", "anticipates", "does
not anticipate", "believes", "intends", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar
expressions) should be considered forward-looking statements. All
such forward-looking statements are subject to important risk
factors and uncertainties, many of which are beyond Energy Fuels'
ability to control or predict. A number of important factors could
cause actual results or events to differ materially from those
indicated or implied by such forward-looking statements, including
without limitation factors relating to: the Company being a leading
producer of uranium and vanadium in the U.S.; any
expectations about generally improving global uranium market
conditions; any expected opportunities or benefits resulting from
consolidating and eliminating royalties on certain of the Company's
properties; any expectations relating to the Company's commencement
of vanadium production or relating to vanadium prices; any
expectations relating to any improvements to the Company's balance
sheet; any expectations about the outcome of the current U.S.
government investigation into uranium imports into the
U.S.; and other risk factors as described in
Energy Fuels' most recent annual report on Form 10-K and quarterly
financial reports. Energy Fuels assumes no obligation to
update the information in this communication, except as otherwise
required by law. Additional information identifying risks and
uncertainties is contained in Energy Fuels' filings with the
various securities commissions which are available online at
www.sec.gov and www.sedar.com. Forward-looking statements are
provided for the purpose of providing information about the current
expectations, beliefs and plans of the management of Energy Fuels
relating to the future. Readers are cautioned that such statements
may not be appropriate for other purposes. Readers are also
cautioned not to place undue reliance on these forward-looking
statements, that speak only as of the date hereof.
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SOURCE Energy Fuels Inc.