UUUU - InvestorNewsBreaks - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Announces Strategic Move to Sell Alta Mesa Project Focus on Uranium and Rare Earth Production
Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium and rare earth elements (“REE”), today announced its entry into a definitive agreement to sell three wholly owned subsidiaries that together hold its Alta Mesa ISR Project to enCore Energy for total consideration of $120 million (the “transaction”). The transaction, which is expected to close by the end of 2022 or early 2023, is significant for the company, as the cash received is expected to fully finance much of Energy Fuels’ uranium, REE, vanadium and medical isotope business plans for the next two to three years without diluting shareholders. “This is a unique transaction for Energy Fuels. Not only does it allow us to monetize the Alta Mesa Project for $120 million, it allows our company to focus and accelerate our higher priority uranium and rare earth projects without dilution to our shareholders,” said Mark S. Chalmers, president and CEO of Energy Fuels. “This non-dilutive transaction will add cash to Energy Fuels’ significant working capital position, which was $122 million at September 30, 2022. Energy Fuels will also retain some exposure to short-term market upside and optionality at Alta Mesa and enCore through the convertible note.”
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About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to full commercial-scale production of RE Carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as RE Carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest S-K 1300 and NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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