Interview with Mark Chalmers, President & CEO of Energy Fuels Inc. (NYSE:UUUU)
Our previous interview: • Energy Fuels (UUUU) - ...
Recording date: 9th March 2023
Matthew Gordon spoke with Mark Chalmers the President and CEO of Energy Fuels Inc. (NYSE: UUUU) to discuss the company and its recent activities and announcements.
Energy Fuels Inc. is the leading producer of uranium in the United States, a major US vanadium producer, and an emerging supplier of commercial rare earth elements (REE). The company aims to aid electrification and drive the reduction of carbon emissions through its commodity supply.
The company on the 13th of February 2023 announced that it had completed the sale of its Alta Mesa ISR project to enCore Energy Corp. The sale of the project consisted of a total consideration of USD$ 120 million which entailed USD$60 million in cash before or at the closing of the sales agreement and USD$60 million in a secured convertible note payable two years from the agreement’s closing. The proceeds from the sale of the project will be implemented towards the company’s uranium and rare earth element (REE) production.
Energy Fuels Inc. on the 8th of March announced its 2022 results which showed highlights as the company holding approximately 1 million pounds of finished uranium (U3O8) in inventory at the end of 2022 as well as having USD$116.97 million in working capital. The company also announced that it had acquired the Bahia heavy mineral project, located in Brazil, on the 13th of February 2023.
The company plans to establish buying schedules with various uranium operations in the vicinity of the White Mesa Mill. The envisioned buying schedule entails the procurement of uranium from permitted and regulated mining operations from where it is to be processed and under the ownership of the company. Energy Fuels Inc. aims to produce REE oxides at its White Mesa mill by the end of 2023 or the beginning of 2024.
0:00 - Company overview
0:39 - Thoughts on 2023's PDAC
2:02 - Perspective on the company’s decisions and timing in 2022
3:34 - Reason for the company’s confidence in their commitment to uranium
5:54 - Thoughts about the optionality of operating the White Mesa Uranium Mill
8:28 - Addressing the concerns about the effect of the White Mesa mill on negotiations
11:41 - Feeding the White Mesa Uranium Mill
13:15 - US Government’s support for uranium
15:40 - Strategic partner?
17:57 - Perspective toward access to capital
21:23 - Projections milestones in 2023
23:40 - Outro
-
Crux Investor is an investing app for busy people. For a small, monthly membership fee you’ll receive a single stock recommendation each month, curated by industry experts and presented in a clear and focused one-page memo. Head to Crux Investor to learn more and to sign up for your time-saving, stress-slaying membership today.
Learn more: cruxinvestor.com
Sign up for Crux Investor: cruxinvestor.com