Energy Fuels Expects Decline in Uranium Prices and Sales

Energy Fuels, a leading provider of uranium, anticipates a decrease in both the price and quantity of uranium sold during the second half of this year. This comes as the company focuses on completing the construction of new mining and production facilities.

Uranium Production and Prices

The company's projections indicate that it will sell approximately 180,000 pounds of U3O8 to U.S. nuclear utilities. These sales are anticipated to yield a price range of $54 to $58 per pound. In comparison, Energy Fuels has already sold 380,000 pounds of uranium this year, achieving a weighted average realized price of $60.01 per pound.

Future Production Outlook

Energy Fuels reports significant progress in the revival of four conventional uranium and uranium/vanadium mines. Plans are underway to resume ore production at these mines.

Utah Rare Earth Project

CEO Mark Chalmers confirms that Energy Fuels remains on track to complete the first phase of its rare earth project at the White Mesa Mill in Utah. After implementing modifications and enhancements to existing infrastructure, the facility is expected to have the capacity to produce approximately 800 to 1,000 metric tons of separated neodymium-praseodymium (NdPr) oxide annually. Additionally, the company plans to initiate pilot work on "heavy" rare earth separation, including production of separated dysprosium and terbium oxides in the coming months.

Mining Developments in Brazil

During the first half of this year, Energy Fuels successfully completed 2,266 meters of sonic drilling at the Bahia Project. The purpose of this drilling was to confirm and further delineate the rare earth, titanium, and zirconium mineralization in the region. Additional sonic drilling is scheduled for the third quarter, with results expected to be disclosed later this year.