Energy Fuels Reports Q2 Bump, Talks Vanadium Restart

Date: Aug 8, 2018

US uranium producer Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) had a fruitful Q2, reporting US$26.9 million in total revenue and net income of US$7.1 million.

Notably, the company also announced during the period that it is positioning itself to restart vanadium recovery operations at its Utah-based White Mesa mill this year.

“As the only company currently capable of producing vanadium in North America, we are also very excited about our current vanadium opportunities,” Mark Chalmers, company CEO and president, said in a press release last Friday (August 3).

He added, “[w]ith spot prices nearing US$20 per pound of V2O5, we have decided to resume vanadium production in 2018 by recovering solubilized vanadium from the White Mesa Mill’s tailings and evaporation ponds.”

Energy Fuels expects to recover roughly 500,000 pounds of V2O5 in late 2018 or early 2019, and is estimating production of approximately 4 million pounds of V2O5 over the life of the project.

In terms of uranium, 128,000 pounds of U3O8 were recovered during the quarter on the company’s own account, plus an additional 91,000 pounds of U3O8 for the accounts of others. Energy Fuels delivered a total of 500,000 pounds of U3O8 at an average realized price of US$53.55 per pound.

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