Second quarter 2020 results. UUUU reported a 2Q loss of $8.2 million, or $(0.08) per share, compared to a loss of $9.3 million, or $(0.10) during the prior year period and our estimate of a loss of $7.1 million, or $(0.06) per share. The variance to our estimate was largely due to lower revenue and higher standby costs. Energy Fuels will host a webcast on Wednesday, August 5 at 11:00 am ET to discuss quarterly results and give an update on the company’s plans and outlook.Updating estimates. We have revised our 2020 estimate to a loss of $(0.25) per share from $(0.23) to reflect 2Q results and lower revenue. It is difficult to forecast forward earnings given a range of outcomes based on potential actions arising from the U.S. Nuclear Fuel Working Group (NFWG)recommendations which will also have a bearing on the company’s plans.Making progress on several fronts. The company resumed uranium production and expects to have between 640,000 and 690,000 pounds of finished uranium in inventory at the end of 2020. Management is also advancing its strategy to process rare earth ores at its White Mesa Mill to recover rare earth elements and uranium. It recently entered into agreements with Neo Performance Minerals, a producer of advanced industrial materials, to forge a commercial relationship that could lead to commitments to buy and sell rare earth element (REE) concentrates produced at White Mesa. The company also recently disclosed that it is evaluating opportunities to recover copper from its Canyon Mine Project.Rating remains Market Perform. Until there is greater visibility on a path to profitability or near-term government support in the form of uranium purchases, our rating remains Market Perform. The company recently redeemed 50% of its outstanding convertible unsecured debentures with the remaining C$10.4 million of debentures due on December 31, 2020. The redemption enhances the company’s financial flexibility.Read More >>