Energy Fuels Inc.

Energy Fuels Inc. is the largest conventional producer of uranium in the United States. The company owns the only conventional uranium mill in the U.S., the White Mesa mill in Utah. Energy Fuels also owns several producing and near-producing mines in Utah, Arizona and Colorado. It also owns the Sheep Mountain project, a large advanced-stage uranium development project in Wyoming. The company acquired Titan Uranium in February 2012 and the U.S. mining division of Denison Mines in June 2012, making 2012 a transformational year and positioning Energy Fuels as the leading conventional producer of uranium in the U.S., and a major producer of vanadium.

Expert Comments:

Maudes Capital, Seeking Alpha (1/20/15)
"Energy Fuels Inc. agreed with Uranerz Energy Corp. on Jan. 5, 2015 to merge. . .Uranerz is really a very good acquisition because of the stock market valuation. . .for Energy Fuels, the most important factor is that it will acquire a dominant position in relation to comparable companies. In addition, it will obtain a stronger balance sheet as well as more production and more future projects."

"We currently follow Energy Fuels Inc., which recently announced its acquisition of Uranerz Energy. I think it's probably just the right move for the two companies. From Energy Fuels' standpoint, it's a great acquisition. It provides the in-situ recovery (ISR), low-cost production option, while maintaining the conventional mining option. Should there be a significant uranium price spike, it would have the flexibility to restart large-scale mining, which gives it more of a production upside than, say, some of the ISR-only producers out there." read more >

Vulcan Investments, Seeking Alpha (1/8/15)
"Energy Fuels Inc. and Uranerz Energy Corp. announced the execution of a definitive agreement pursuant to which Energy Fuels will acquire all of the issued and outstanding shares of Uranerz. . .Mr. Market is seemingly ignoring what appears to be an excellent opportunity. Now may be the time to take advantage before he catches on."

Joe Reagor, ROTH Capital Partners (1/6/15)
"Energy Fuels Inc. and Uranerz Energy Corp. announced a merger agreement. We believe the combined entities could have significant synergies and that the combined entity will be better positioned as uranium market fundamentals begin to improve. We are maintaining our Buy rating and $11/share price target."

Canaccord Genuity's Morning Coffee (1/6/15)
"Energy Fuels Inc. and Uranerz Energy Corp. have entered into an agreement, whereby Energy Fuels would acquire all of the issued and outstanding shares of common stock of Uranerz in an exchange of shares. . .the transaction is expected to be completed in Q2/15. . .the combination would create the only integrated conventional and in situ recovery uranium mining company focused solely on the U.S."

David Talbot, Dundee Capital Markets (1/5/15)
"We reiterate our Buy recommendation for Energy Fuels Inc. with a CA$9/share target, which assumes this deal will be consummated as it creates a stronger company. . .the new Energy Fuels would be well capitalized with ~$22M cash ($9M Uranerz Corp. /$13M Energy Fuels) and $42.5M debt ($20M Uranerz/$22.5M Energy Fuels).

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