Energy Fuels Inc.

Energy Fuels Inc. is one of the largest producers of uranium in the United States, which is highly strategic as the United States is the World’s largest consumer of uranium. The company owns low-cost in situ uranium recovery (ISR) and conventional production operations in the U.S., including the Nichols Ranch ISR Project in Wyoming; the White Mesa Mill in Utah; and the Alta Mesa ISR Project in South Texas. Combined, the Company has over 11.5 million pounds of production capacity in its portfolio. The company also owns several mines on standby and in permitting that it can put into production as uranium prices recover.

Expert Comments:

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/8/16)
"While these are obviously dire times for uranium companies, the fact that Energy Fuels Inc. was able to raise such a large sum is a sign that the smart money believes the market is going to turn around at some point. This Jibes with my own thinking on the market-as the world's demand for baseload power continues to accelerate. . .Energy Fuels boasts both current production and the ability to quickly ramp up that production with favorable prices. . .we'll move Engergy Fuels to a hold for now, but one that will be a buy again once this market finds its bottom."

Heiko Ihle, Rodman & Renshaw (11/7/16)
"Energy Fuels Inc. is positioned to weather the downturn in uranium markets with a healthy cash balance of $17.5 million and over 550,000 pounds of uranium in inventory, which could be converted into cash should the firm require additional liquidity. . .in addition to strong uranium intercepts already uncovered,on October 27, 2016 Energy Fuels Inc. announced the discovery of strong high-grade copper at the Canyon Project. . . we feel the firm has accumulated a strong combination of both conventional and ISR uranium projects that should provide investors with great leverage to potentially increasing uranium prices going forward. . .we are reiterating our Buy rating and $5.00 per share price target."

Rob Chang, Cantor Fitzgerald (11/4/16)
"Energy Fuels Inc. has implemented positive cash management measures including changes to management compensation as well as bringing forward future uranium contract deliveries at modest discounts. . .production from conventional sources amounted to 260,000 lbs which topped our forecast of 144,000 lbs, while production from the ISR Nichols ranch property amounted to 90,000 lbs, topping our forecast of 74,613 lbs. . .we continue to view Energy Fuels as a strong uranium price leverage play with the production capability to be the dominant U.S. domestic producer. . .we are maintain our Buy recommendation and are lowering the target price to C$5.65/share, or by 15%, to reflect the impact of bringing 2017 sales into 2016."

David Talbot, Dundee Capital Markets (11/4/16)
"Energy Fuels Inc.'s Q3/16 adjusted results beat consensus, but a new Q4 outlook is likely more impactful. . .production beat our forecast slightly; COGS and realized prices beat considerably. . .we now forecast Q4 revenue tripling QoQ to US$21 MM, almost 6x our previous forecast, as inventory is consumed. . .we'd like to think the cost is worthwhile: new Nichols wellfields, shaft sinking,a copper discovery at Canyon, and uranium in White Mesa tailings suitable for low cost extraction. . .we recommend Energy Fuels with a BUY and target price of C$6.00/sh, based on our 10% DCF model."

David Talbot, Dundee Capital Markets (10/31/16)
"A total of 620,000 lbs U3O8 will likely be enough for Energy Fuels Inc. to become the top American uranium producer. . .White Mesa is the only licensed and operating mill in the US; and is one of the only facilities in North America that may process and recycle alternate feed materials to recover uranium. . .Energy Fuels is highly leveraged to uranium prices given it owns the largest undeveloped resource base in the US at ~150MM lbs, having recently acquired another production center. . .we reiterate our BUY recommendation for Energy Fuels with a target price of C$6.00/sh, based on our 10% DCF model."

Joe Mazumdar, Exploration Insights (10/30/16)
"Drilling at the Energy Fuels Inc.'s Canyon Mine Uranium project returned some impressive copper intersections associated with the uranium mineralization, including 31.69% copper with 3.96% U3O8 and 3.8 ounces per tonne of silver over 5 feet or 1.5 meters. Copper mineralization associated with uranium-bearing breccia pipes in Arizona has been documented before, but not at these grades. . .the potential to add a significant by-product revenue stream from copper and (maybe) silver to the Canyon Project is a positive. . .we continue to hold in anticipation of an improvement in the uranium market."

Dundee Capital Markets increased its target price for Energy Fuels after the company unveiled updated plans to position itself as the premier uranium producer in the U.S., including a scheme to recover U3O8 from tailings ponds at its White Mesa Mill facility.
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More Expert Comments

Experts Following This Company

Rob Chang, Senior Analyst and Head of Metals & Mining – Cantor Fitzgerald
Eric Coffin, Owner – HRA Advisory
Brent Cook, Analyst, Geologist Exploration Insights
Colin Healey, Analyst – Haywood Securities
Heiko Ihle, Managing Director – H.C. Wainwright & Co., Rodman & Renshaw
Brien Lundin, Author Gold Newsletter (Jefferson Financial)
Joe Mazumdar Exploration Insights
Rick Mills Ahead of the Herd
Joe Reagor, Analyst – ROTH Capital Partners
David Talbot, Vice President, Senior Analyst – Dundee Capital Markets

The information provided above is from analysts, newsletters, the company and other contributors.

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