Click here to close now.




















Welcome!

Microsoft Cloud Authors: Liz McMillan, Greg O'Connor, Aleksei Gavrilenko, Elizabeth White, Pat Romanski

News Feed Item

Energy Fuels Announces 1st Quarter FY-2013 Quarterly Results

TORONTO, ONTARIO -- (Marketwire) -- 02/13/13 -- Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter-ended December 31, 2012 ("Q1-2013"). The Company's Quarterly Consolidated Financial Statements, along with Management's Discussion and Analysis, has been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed at www.sedar.com. Unless noted otherwise, all dollar amounts are in US dollars.


Selected Summary Financial Information                                      
                                                                            
----------------------------------------------------------------------------
                                        As at December      As at September 
$000's                                        31, 2012             30, 2012 
----------------------------------------------------------------------------
Financial Position:                                                         
  Working capital                     $         34,673     $         44,080 
  Property, plant and equipment                137,844              133,085 
  Total assets                                 230,937              239,808 
  Total long-term liabilities                   36,014               38,446 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                         Quarter-ended        Quarter-ended 
                                          December 31,        September 30, 
$000, except per share data                       2012                 2012 
----------------------------------------------------------------------------
Results of Operations :                                                     
Total revenues                        $          8,927     $         25,028 
Net Income (loss)                     $         (2,256)    $        (15,905)
Basic & diluted net income (loss)                                           
 per share                            $          (0.00)    $          (0.08)
----------------------------------------------------------------------------
                                                                            
Financial and Operational Highlights for Q1-2013:                           
  -    Energy Fuels sold 157,000 pounds of U3O8 during Q1-2013, including   
       117,000 pounds U3O8 under term contracts at an average realized price
       of $58.00 per pound.                                                 
  -    Energy Fuels sold 78,000 pounds of V2O5 at an average realized price 
       of $5.30 per pound during Q1-2013.                                   
  -    Energy Fuels' production at the White Mesa Mill totaled 228,400      
       pounds of U3O8 and 234,600 pounds of V2O5 during Q1-2013. Q1-2013    
       U3O8 production included 19,000 pounds of U3O8 from alternate feed   
       materials and 209,000 pounds of U3O8 from Pandora and Beaver         
       conventional ore. The production cash cost during 1Q-2013 was $46.64 
       per pound of U3O8.                                                   
  -    As of December 31, 2012, the Company had working capital of $34.7    
       million, including cash and cash equivalents of $3.6 million,        
       marketable securities of $1.1 million and 358,000 pounds of uranium  
       concentrate and work-in-process inventory which, based on spot market
       prices as of December 31, 2012, had a market value $15.6 million.    
       Between January 1, 2013 and February 12, 2013, pursuant to its term  
       contracts, Energy Fuels delivered and received payment for 216,667   
       pounds of U3O8.                                                      
  -    On October 1, 2012 Energy Fuels acquired the membership interests of 
       Aldershot Resources Ltd. ("Aldershot") in Colorado Plateau Partners  
       LLC and Arizona Strip Partners LLC, two 50/50 joint ventures between 
       subsidiaries of Energy Fuels and Aldershot, for consideration of     
       $750,000 in cash, the cancellation of debt owed by Aldershot to      
       Energy Fuels, and 3,527,570 Energy Fuels common shares.              
  -    On January 18, 2013, subsequent to Q1-2013, Energy Fuels announced a 
       toll milling agreement with Laramide Resources Ltd. ("Laramide")     
       whereby Energy Fuels' White Mesa Mill will process all material      
       produced from Laramide's 100% owned and operated La Sal II uranium   
       mine in Utah. This toll milling agreement emphasizes the strategic   
       position of Energy Fuels' 100% owned White Mesa Mill, the only       
       operating conventional uranium mill in the United States.            
  -    On January 28, 2013, subsequent to Q1-2013, Energy Fuels acquired    
       9,439,857 common shares of Virginia Energy Resources Inc. ("Virginia 
       Energy") at a price of Cdn$0.42 per share, representing a 16.5%      
       ownership interest in Virginia Energy. Virginia Energy owns 100% of  
       the Coles Hill Project in south-central Virginia, the largest known  
       conventional uranium deposit in the U.S. As consideration for this   
       investment, Energy Fuels paid Cdn$250,000 in cash and issued         
       21,851,411 common shares of Energy Fuels to Virginia Energy.         
  -    On February 4, 2013, subsequent to Q1-2013, the U.S. Ninth Circuit   
       Court of Appeals issued its ruling in favor of the U.S. Secretary of 
       the Interior, the U.S. Bureau of Land Management and the Company and 
       against the Center for Biological Diversity et al in their challenge 
       relating to the Company's Arizona 1 mine.                            

Energy Fuels Outlook for the Fiscal Year Ended September 30, 2013 ("FY-2013")

Energy Fuels continues to execute its corporate strategy, which balances prudent, measured operations in the midst of the current uranium price environment, while concurrently positioning the Company to realize the economic benefits of anticipated improvements in the price of uranium. Energy Fuels believes the uranium market outlook is positive (as outlined below in Market Outlook for FY-2013) and is supported by strong supply and demand fundamentals within the sector.

With respect to operations management in the current uranium pricing environment, the Company is tailoring its production levels to meet the delivery requirements specified in its term contracts, which include pricing terms at a significant premium to the current uranium spot price. In doing so, the Company will maximize its realized selling price for produced U3O8 and avoid investment in excess concentrate inventories. Energy Fuels believes its term supply contracts are important intangible assets that significantly diminish the financial impact of the current uranium price on the Company. The Company is also able to fulfill this targeted level of production output utilizing sources with relatively lower marginal cash costs of production, including stockpiled ore inventories, mined Arizona Strip ore and alternate feed materials.

Energy Fuels expects significant improvements in the uranium price over the medium to long-term and is maintaining and selectively growing its asset base in a manner that positions the Company to realize the associated economic benefits of a higher uranium price. Production on the Arizona Strip is anticipated to continue in FY-2013. The Company is maintaining its formerly producing mines on the Colorado Plateau on standby. Development of the Canyon Mine in Arizona is anticipated to continue, securing a relatively lower-cost ore feed to the White Mesa Mill. Permitting at the Sheep Mountain Project is anticipated to continue, advancing a second major production center for the Company. The Company is evaluating potential new supplies of alternate feed materials for the White Mesa Mill (which carry no mining costs). The Company will continue to evaluate additional toll milling and/or ore purchase agreements with third-parties who own uranium properties within trucking distance of the White Mesa Mill. Energy Fuels will also continue to evaluate growth through accretive acquisitions.

As outlined below, Energy Fuels provides the following updated outlook for FY-2013 and provides the following outlook for uranium sales and production for the quarter-ended March 31, 2013 ("Q2-2013"):


  -    FY-2013 Sales: The Company expects to sell 1,000,000 to 1,050,000    
       pounds of U3O8 during FY- 2013, of which 957,000 pounds is expected  
       to be sold under term contracts and the remainder sold into the spot 
       market. V2O5 sales are estimated to be between 1,700,000 and         
       1,800,000 pounds during FY-2013.                                     
  -    Q2-2013 Sales: The Company expects to sell 533,334 pounds U3O8,      
       during Q2-2013 of which 100% will be sold under term contracts.      
  -    FY-2013 Production: The Company expects to produce approximately     
       1,000,000 pounds of U3O8 during FY-2013, sourced from both           
       conventional ore and alternate feed sources. Conventional ore        
       production is expected to include ore mined from the Beaver, Pandora,
       Arizona 1 and Daneros mines. Given the expected processing of Beaver 
       and Pandora ores, Energy Fuels also anticipates production of between
       1,700,000 and 1,800,000 pounds of V2O5 in FY-2013.                   
  -    Q2-2013 Production: The Company expects to produce 250,000 to 300,000
       pounds of U3O8 during Q2-2013, sourced from alternate feed sources   
       and conventional ore from the Beaver and Pandora mines.              
  -    FY-2013 Mining Activities: Mining on the Arizona Strip is expected to
       continue during FY- 2013 at the Arizona 1 and Pinenut mines.         
       Effective October 17, 2012, the Company placed the Daneros and Beaver
       mines on standby. In addition, the Pandora mine was placed on standby
       in December 2012.                                                    
  -    FY-2013 Project Development: As previously announced, Energy Fuels   
       plans to invest in high priority development projects and maintain   
       general permitting and exploration activities during FY-2013. The    
       Company expects to continue development of the Canyon mine in Arizona
       in FY- 2013. The Company anticipates development expenditures at the 
       Canyon mine to be $3.9 million to $4.4 million during FY-2013. In    
       addition, Energy Fuels expects to continue permitting activities at  
       the Sheep Mountain Project at an anticipated cost of approximately   
       $1.1 million during FY-2013. The Company expects other permitting and
       exploration expenditures to be approximately $1.8 million for FY-    
       2013.                                                                

Market Outlook for FY-2013

Energy Fuels continues to anticipate uranium market improvement in FY-2013 and into FY-2014. Long-term demand fundamentals within the uranium sector remain strong. China, Russia, India, the U.S., the UK, Saudi Arabia and Brazil continue to develop nuclear power plants. Globally, there are now 65 nuclear reactors under construction, and 484 nuclear reactors are planned or proposed (versus 64 and 483, respectively, in the last quarter), as reported by the World Nuclear Association. Below are descriptions of some recent uranium market announcements:


  -    In December 2013, Japan elected the pro-business/pro-nuclear Liberal 
       Democrat Party in a clear-cut majority. There was an immediate bump  
       in the spot price of uranium after the election, as the new leaders  
       provided clear direction that several more reactors are expected to  
       be restarted during 2013. There are also indications that nuclear    
       power will continue to be part of Japan's long term energy mix.      
  -    Germany has publicly stood by its exit from the nuclear community,   
       while purchasing nuclear generated power from France across the      
       border, and significantly increasing coal generation, both at        
       increased costs.                                                     
  -    On the supply side, the discontinuation of the US-Russia highly      
       enriched uranium ("HEU") agreement in December 2013 appears certain. 
       This could remove as much as 24 million pounds of uranium from World 
       supplies. In addition, the delay of several very large, new uranium  
       development projects could constrict uranium supply over the medium- 
       to long-term. Globally, reactor demand for U3O8 is currently about   
       175 million lbs. annually to supply just the currently operating     
       units. Primary uranium production from operating mines is about 142  
       million lbs. annually. The 33 million lb. gap is filled with         
       secondary supplies drawn from various inventories around the world,  
       including the 24 million pounds from Russian HEU.                    
  -    Nuclear reactor "new-build" activity remained firm throughout the    
       market disruption caused by the natural disaster at Fukushima. The 65
       reactors now under construction will generate almost 33 million lbs. 
       per year of new demand for U3O8, and should all 484 reactors         
       currently planned and proposed be constructed, that will more than   
       double the current annual global demand for U3O8. However, the       
       depressed U3O8 price since Fukushima has not only caused the delay of
       major announced uranium mining projects, but has also impeded the    
       development of new mining projects worldwide.                        
  -    On January 14, 2013, it was announced that ARMZ Uranium Holding Co.  
       ("ARMZ"), an affiliate of a Russian state-owned uranium mining       
       company, is seeking to take Uranium One Inc. ("U1") private. ARMZ    
       currently owns approximately 51.4% of U1. ARMZ bid $2.86 per share   
       (which, at the time of the announcement, was a 32% premium to the 20-
       day weighted market average) for the 48.6% common shares of U1 that  
       they don't already own. It has been suggested that his transaction   
       could divert Kazakh production to Russia and further limit the global
       availability of uranium. Russia itself has 33 reactors currently in  
       operation, ten more under construction, and 44 planned or proposed.  
       Energy Fuels believes the timing and nature of this transaction could
       also signal a market bottom for uranium.                             

Based on these factors, Energy Fuels believes the market will see a modest strengthening of the uranium spot price during FY-2013 with accelerated strengthening expected beyond FY-2013.

Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this document.

About Energy Fuels: Energy Fuels is America's largest conventional uranium producer, supplying approximately 25% of the uranium produced in the U.S., and is also a significant producer of vanadium. The company operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S., capable of processing 2,000 tons per day of uranium ore. Energy Fuels has projects located throughout the Western U.S., including producing mines and mineral properties in various stages of permitting and development.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation, which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" "does not expect", "is expected", "is likely", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "have the potential to". All statements, other than statements of historical fact, included herein are generally considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated December 20, 2012, which is available for view on the System for Electronic Document Analysis and Retrieval at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.