|By Marketwired .||
|February 13, 2013 05:55 PM EST||
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.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
Mar. 29, 2015 01:00 AM EDT Reads: 1,422
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 28, 2015 11:00 PM EDT Reads: 1,507
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 28, 2015 08:00 PM EDT Reads: 1,761
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Mar. 28, 2015 07:00 PM EDT Reads: 5,169
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Mar. 28, 2015 06:00 PM EDT Reads: 1,793
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 28, 2015 06:00 PM EDT Reads: 1,435
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Mar. 28, 2015 06:00 PM EDT Reads: 1,317
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
Mar. 28, 2015 04:15 PM EDT Reads: 1,496
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Mar. 28, 2015 04:15 PM EDT Reads: 2,406
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 28, 2015 03:30 PM EDT Reads: 2,148
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Mar. 28, 2015 03:00 PM EDT Reads: 2,755
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Mar. 28, 2015 03:00 PM EDT Reads: 3,412
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
Mar. 28, 2015 02:00 PM EDT Reads: 1,601
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
Mar. 28, 2015 12:45 PM EDT Reads: 4,628
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Mar. 28, 2015 12:00 PM EDT Reads: 1,403
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Mar. 28, 2015 11:00 AM EDT Reads: 2,029
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Mar. 28, 2015 11:00 AM EDT Reads: 1,374
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Mar. 28, 2015 09:15 AM EDT Reads: 2,189
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
Mar. 28, 2015 08:30 AM EDT Reads: 2,018
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Mar. 28, 2015 08:00 AM EDT Reads: 625