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Energy Fuels Inc.

TICKER: EFR:TSX; EFRFF:OTCQX; UUUU:NYSE.MKT

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.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Joe Reagor, ROTH Capital Partners (8/18/14) "Energy Fuels Inc. announced its financial and operating results for Q2/14. A $31M asset write-down negatively impacted results, but otherwise it was a relatively strong quarter. We continue to view the company as a unique junior uranium producer, given its production flexibility; we are maintaining our Buy rating and $11/share price target."

Rob Chang, Cantor Fitzgerald (8/15/14) "Energy Fuels Inc. announced Q2/14 (three months ended June 30, 2014) financial results that beat our estimates. Revenues of $13.52M during the quarter topped our $12.23M estimate on the back of higher than forecasted sales (236,667 lb U3O8 versus 206,425 lb). . .we are reiterating our Buy recommendation."

David Talbot, Dundee Capital Markets (8/14/14) "We reiterate our Buy recommendation with a target price of $14/share for Energy Fuels Inc. The company announced Q2/14 financial and operating results overnight. Overall, no major surprises, with adjusted earnings, revenue and cost in line. We still like Energy Fuels; it is effectively 100% hedged, and able to buy uranium at spot and sell into term contracts twice the price. It has three long-term contracts each with 2–4 years remaining."

Rob Chang, Cantor Fitzgerald (7/3/14) "Energy Fuels Inc. announced a definitive agreement to sell certain non-core assets to a private investor group. . .Energy Fuels is to receive $2.05M for the asset sale. . .Pinon Ridge Mill was the second mill asset owned by Energy Fuels and was one that we did not expect operate in the foreseeable future. While the proceeds of the sale were small, the monetization of the asset is positive since we were assigning a value of zero for the asset previously. . .Energy Fuel's focus is now more streamlined on key pipeline projects such as Roca Honda, Gas Hills, and Sheep Mountain."

David Talbot, Dundee Capital Markets (7/3/14) "We reiterate our Buy recommendation with a target price of $16/share on Energy Fuels Inc. The company announced this morning that is has entered into an agreement to sell several noncore uranium assets to a private investor group. . .it plans to sell the Pinon Ridge project and eight past-producing mines and development projects for $2.05M, or $0.43/lb."

more comments

Rob Chang, Cantor Fitzgerald (5/14/14) "Energy Fuels Inc.'s release highlights its excellent term-contract portfolio to which 100% of sales are being sold into. . .and the company strengthened its financial position during the quarter as it added $9.7M cash due to the completion of the replacement of its regulatory bonding portfolio that released $12.3M of previously restricted cash."

Colin Healey, Haywood Securities (5/14/14) "Energy Fuels Inc. 's Q1/14 financial and operating results indicate the correct strategy for current market. . .the company was able to manage positive operating cash flow (before changes in working capital) of US$0.51M, or US$0.026/ share, in a very difficult uranium market, as it focuses on leveraging its attractively priced contracting book in FY/14 while positioning itself to take advantage of its extensive suite of production-ready and near-ready uranium assets in a rising uranium price environment."

The Mining Report Interview with Malcolm Shaw (5/6/14) "In terms of domestic companies that are active, look for producers like Energy Fuels Inc. . .the company is pretty advanced. It has production and is well financed, but again, equity prices aren't reflecting the underlying value of the assets if you believe in a higher uranium price in the long term." More >

The Energy Report Interview with Joe Reagor (5/1/14) "Energy Fuels Inc. has the White Mesa mill, with a capacity of 8 Mlb/year, running at a 1 Mlb/year rate. It began idling that in the middle of last year. And it is expected to be fully idled by the middle of this year, barring a change in the uranium spot market. It will deliver to contracts using both spot production, alternate feed production, and a little bit of production that was left over from its own mines. . .the company uses conventional mining methods, as opposed to in situ recovery (ISR). Most people will argue that using conventional is a higher-cost method of recovering uranium. But looking at the potential for a strong uranium price environment, I believe that flexibility and scalability will become valued over cost of production metrics. . .Energy Fuels has the scalability to move from being an alternative feed producer of 500 Klb/year this year, to being as much as a 3 Mlb producer in a couple of years. Other companies will have a very hard time achieving that type of scalability." More >

Deborah Bacal, Proactive Investors (4/23/14) "Energy Fuels Inc. said it has revised its plans and will continue mining at its Pinenut mine in Arizona through this year and into the first quarter of 2015. It had previously said it would place production at the mine on standby by mid-2014. The company cited favorable mining conditions and lower-than-expected costs as reasons for the change."

Rob Chang, Cantor Fitzgerald (4/3/14) "Energy Fuels Inc.'s White Mesa mill represents the only operating conventional mill in the U.S. . .U.S. consolidation remains a focus: As was recently seen with the Strathmore Minerals Ltd. acquisition, Energy Fuels looks to continue its role as a U.S. uranium property consolidator. . .at just under 100 Mlb of resource, Energy Fuels has the largest NI 43-101 resource inventory out of any U.S.-focused producer."

David Talbot, Dundee Capital Markets (3/31/14) "We recommend Energy Fuels Inc. as a Buy with a target price of CA$17. . .so what drives value for this stock? Leverage to rising uranium prices and high margin sales into long-term contracts, which already hit floors. About 66% of our NAV is from pipeline projects that depend on higher uranium prices, primarily Sheep Mountain and Roca Honda; but until then, we expect value to be driven from existing brownfields, and near-term production assets."

Rob Chang Interview with Resource Investing News (3/26/14) "There are a couple of really compelling points for Energy Fuels Inc. First off, when you look at the fact that it owns the only conventional mill in the entire U.S., that's an important strategic advantage. . .the second thing is that it has a very impressive portfolio of projects and past-producing operations to the point where even though it is not currently operating in the current low price environment, quite a few can be turned on within six months."

Rob Chang, Cantor Fitzgerald (3/3/14) "Energy Fuels Inc. has announced that it has completed the restructuring of its US$28M regulatory bonding portfolio, utilizing three different qualified sureties. As a result, the company has released US$12.3M of previously restricted cash, as required by the former underwriter. . .the US$12.3M of released funds provides Energy Fuels with additional operational and development flexibility as it continues to position its projects to increase uranium production as market conditions warrant."

Sheldon Modeland, Edison Investment Research (2/25/14) "Energy Fuels Inc.'s 100%-owned White Mesa mill is the only conventional mill in operation within the U.S., and has the capacity to produce up to 8 Mlb U3O8 per annum. In addition, the mill has a co-recovery vanadium circuit, as vanadium is commonly found in the uranium-bearing ore from the Colorado Plateau area. More importantly, the mill is the only facility in North America with the current capability to process low-cost alternate feeds, such as uranium-bearing tailings or residues from uranium conversion. . .[Energy Fuels' acquisition of Strathmore Minerals] makes the company one of the largest players in the U.S. uranium market, with an overall resource at 127 Mlb U3O8 (when considering all measured, indicated and inferred categories). . . We expect to see higher production rates should prices improve on the back of potential restart of some Japanese reactors and the recent expiration of the HEU agreement."

David Talbot, Dundee Capital Markets (2/25/14) "Energy Fuels Inc. has leverage to rising uranium prices; has high-priced contracts and is effectively 100% hedged; it has an effective and acquisitive management team; massive expansion potential; its cost profile is coming down; it can turn on production quickly as uranium prices rise; and it has a deep project pipeline. It is one of our top picks."

The Energy Report Interview with David Talbot (2/20/14) "Energy Fuels Inc. has several strengths that make it one of our top picks. It is one of our favorite stocks in a low uranium price environment, as the company is effectively 100% hedged at around $60/lb uranium. But we also like it for its significant leverage to rising uranium prices, given its ability to easily turn on its brownfield projects at minimal cost. Primary standby mines—Pandora, Beaver, Daneros—all have potential to produce between 200–500 thousand pounds (200–500 Klb)/year. Canyon could add another 500 Klb/year once it's developed. So its White Mesa mill has a license capacity of 2,000 tons per day and can produce about 8 Mlb/year. Costs have also come down about 18% quarter over quarter to $32/lb." More >

David Talbot, Dundee Capital Markets (2/3/14) "Energy Fuels Inc. is leveraged to rising uranium prices and has high-priced contracts that make it effectively 100% hedged. The company has an effective and acquisitive management team and its projects have massive expansion potential. . .Energy Fuels is not sensitive to near-term fluctuations in the uranium price, but also has incredible long-term leverage to rising prices."

Seeking Alpha Interview with Mickey Fulp (1/14/14) "Energy Fuels Inc. is simply trading at a much lower valuation than its U.S. peers, even though its production growth potential is a lot higher; the company has in sight potential to produce up to 6 Mlb/year when the uranium price rebounds. The in-situ recovery players all appear to max out at annual production of about 1–1.5 Mlb in the short to midterm; that's about what Energy Fuels is producing now."

Christopher Wallace, Seeking Alpha (12/18/13) "Energy Fuels Inc. is a substantially undervalued uranium producer with attractive midterm contracts at above-spot prices, unique assets and a strong management team that is executing a very strategic business plan. . .excess processing capacity, producing mines that can quickly and inexpensively be taken off standby; [a] large industry participant as a strategic relationship partner; [a] strong, experienced management with strategic vision and significant exploration and development potential make the company a valuable call on uranium prices."

Colin Healey, Haywood Securities (12/18/13) "Energy Fuels Inc. has strengthened ties with KEPCO. . .a new agreement further solidifies Energy Fuel's relationship with a world-class utility in KEPCO, and formalizes joint examination of certain Wyoming uranium assets with an eye on potential cooperative development, laying the first steps toward the creation of a second U.S. production center for Energy Fuels, and provides Energy Fuels qualified access to bid on future uranium supply contracts."

David Talbot, Dundee Capital Markets (12/18/13) "We recommend Energy Fuels Inc. as a Buy with a target price of CA$17. The company announced it has entered into a formal strategic relationship with KEPCO, South Korea's largest electric utility. . . Energy Fuels is the only U.S. uranium developer with such a strategic deal with an end user. . .the company looks cheap on EVERY metric. This remains one of our favored stocks, especially in a low uranium price environment."

Thomas Pfister, RedChip Companies Inc. (12/4/13) "There is significant upside potential for Energy Fuels Inc., the leading conventional uranium producer in the U.S. Higher uranium prices could lead to a six-fold jump in production."

Rob Chang, Cantor Fitzgerald (12/3/13) "Energy Fuels Inc. has announced that its common stock has been approved for listing on the NYSE MKT. Trading under the ticker symbol UUUU is to commence at the opening of the market tomorrow on Dec. 4. . .Energy Fuels is currently the largest conventional uranium producer in the United States, supplying approximately 25% of the uranium produced in the United States. . .a NYSE listing will increase the company's visibility in the United States and open itself to a new investor base."

Colin Healey, Haywood Securities (12/3/13) "Energy Fuels Inc. announced that its common stock has been approved for listing on the NYSE MKT exchange, with trading expected to commence on Wednesday, Dec. 4, under the ticker UUUU. . .listing on a major American exchange should increase the company's profile and accessibility with one of the world's largest financial markets, where Energy Fuels is responsible for ~25% of U.S. domestic uranium production. . .favorable uranium term sales contract exposure in FY/13–14 helps insulate Energy Fuels from sustained low uranium prices while we await recovery in the sector as positive supply-demand fundamentals are expected to prevail."

Jim Wallingford, Seeking Alpha (11/27/13) "Unlike some of its junior brethren, Energy Fuels Inc. has a strong balance sheet; as of September 30, working capital totaled $32.496M, with cash equivalents of $12.4M. . .the management team looks solid, comprised of engineers and financial executives with numerous years of experience."

Brent Cook, Exploration Insights (11/17/13) "Energy Fuels Inc. is buying at spot and delivering into higher priced contracts. Current average total cash cost of production is ~$30/lb. . .the company is projected to become profitable in 2014."

Colin Healey, Haywood Securities (11/15/13) "Energy Fuels Inc. has effectively amassed a strategic land package in the United States surrounding the White Mesa mill, which could support an extended mine life in an elevated uranium price environment. . .with the 426 Klb U3O8 in inventory as of Sept. 30, the company is guiding to exit the year with ~526 Klb U3O8 in inventory. This will set the company up nicely to meet sales contracts in 2014."

David Talbot, Dundee Capital Markets (11/15/13) "Energy Fuels Inc.'s fiscal Q4/13 financial and operating results were released. . .positive cash flow from operations of $5.05M was generated. Extra pounds were sold opportunistically to a long-term contract holder, thus sales totaled ~456,000 lb U3O8 compared to guidance of ~256,000 lb. . .should higher uranium prices return, we believe that Energy Fuels is capable of turning the mill back online rapidly, and restarting operations at Pinenut. . .the company has potential to increase mid- to long-term production to the 3–5 Mlb range with its current suite of projects."

David Talbot, Dundee Capital Markets (11/7/13) "We recommend Energy Fuels Inc. as a Buy with a target price of CA$17/share, adjusted from $0.75 after incorporating recently acquired Strathmore Minerals Corp. assets, a $5M equity financing, deferral of Canyon Mine shaft-sinking, resource valuation adjustment and share consolidation of 50:1. . .Energy Fuels looks cheap on essentially every metric."

Colin Healey, Haywood Securities (11/6/13) "Energy Fuels Inc.'s share rollback has no direct impact on our gross valuation. The company's announcement of its application for listing on a U.S. exchange is positive. . .we view a U.S. listing of Energy Fuels shares as a potentially positive catalyst."

Colin Healey, Haywood Securities (11/1/13) "Energy Fuels Inc. announced that a 50:1 share consolidation received shareholder approval. . .as a domestic energy producer, we believe that the company will be treated favorably when competing for contracts for uranium supply in an environment where increasing energy independence is a strategic goal for the United States."

Sheldon Modeland, Edison Investment Research (10/29/13) "With its recent acquisition of Strathmore Minerals Corp., Energy Fuels Inc. is closer to achieving its goal of becoming the leading U.S. U3O8 producer and a midtier global producer. During FY/13, the company expects to produce 1.2 Mlb U3O8, making it the second-largest U.S. producer, and has the potential to increase its annual production (up to 6x) as market conditions improve."

Markus Aarnio, Seeking Alpha (10/18/13) "There have been four different insiders buying and no insiders selling Energy Fuels Inc. stock during the last 30 days. Three of these four insiders increased their holdings by more than 10%. Additionally, three different analysts have Buy ratings on the company. . .I believe the stock could be a good pick based on the intensive insider buying."

The Energy Report Interview with Rob Chang (9/10/13) "We cover Energy Fuels Inc., which is the second largest producer of uranium in the U.S. and probably has the best story leveraged to the uranium price. It currently produces only about 1 Mlb/year, by design, with several mines that can be turned on relatively quickly. We estimate that it could quickly turn on anywhere between 2–5 Mlb more in annual production once prices get to attractive levels. On top of that, it also has the White Mesa mill that it acquired from Denison, located in Blanding, Utah, which is the only conventional mill in the U.S. Having mill access is extremely important because you effectively cannot produce your final product without it. Energy Fuels has a monopoly position with a conventional mill and it can even make money by processing material on a toll basis for other producers. We believe that this is a very attractive company for those who believe that the uranium price will head higher." More >

Colin Healey, Haywood Securities (9/9/13) "Energy Fuels Inc.'s acquisition of Strathmore Minerals Inc. fortifies strategic ties and sweetens its project pipeline. . .the acquisition accretes value for Energy Fuels shareholders and reduces risk. The company's attributable NI 43-101 all-categories resource base increases 79% to 127 Mlb U3O8."

Michael Allison, Seeking Alpha (8/29/13) "I believe that Energy Fuels Inc. offers a great opportunity for investors interested in the uranium sector and who are also interested in investing in micro-caps. . .in my opinion and the opinion of a number of other analysts, this company has a great management team who seem to be doing all of the right things to put it in a prime position as a high-potential investment in the nuclear energy sector."

Rob Chang, Cantor Fitzgerald (8/14/13) "Energy Fuels Inc. shareholders overwhelmingly approved a previously announced acquisition of Strathmore Minerals Corp. . .the acquisition will lead to operational synergies as Energy Fuels' White Mesa mill is located relatively close to Strathmore assets, such as the 28.7 Mlb Roca Honda project in New Mexico. Geographical synergies will also be realized between Energy Fuels' 30.2 Mlb Sheep Mountain project in Wyoming and various mining claims owned by Strathmore that are contiguous with Sheep Mountain, as well as the latter's 10.9 Mlb U3O8 Gas Hills and Juniper Ridge projects."

The Energy Report Interview with David Talbot (8/1/13) "Energy Fuels Inc. has huge leverage to uranium prices and is one of our top picks in a rising uranium price environment. It has high price contracts, an effective and acquisitive management team and huge expansion potential. The company has really been focused on running only its lower-cost operations while delivering about 100% of its production into these higher-priced term contracts." More >

Wall Street Advisors, Seeking Alpha (7/30/13) "Energy Fuels Inc. stands particularly poised to benefit from what seems to be a consensus among analysts will be a near-term significant rise in uranium spot prices. . .it owns the only licensed, operating conventional uranium mill in the U.S. . .Energy Fuels will deliver ~1 Mlb uranium in its current fiscal year pursuant to contracts with three different utilities at. . .a 60%+ premium to the current spot price. . .Energy Fuels offers the best combination of limited downside in current market conditions and leveraged upside to rising prices in the uranium spot price market."

The Energy Report Interview with Peter Epstein (7/25/13) "Energy Fuels Inc. is extremely well positioned in the U.S. It will have two of the top-five uranium development projects in the U.S. once it closes on its announced acquisition of Strathmore Minerals Corp. Energy Fuels owns the only operating conventional uranium mill in the country. This mill has a replacement cost in the hundreds of millions, yet Energy Fuels' fully diluted market cap is just $125M. Energy Fuels trades at a very substantial discount to peer uranium producers. The last time there was a major bull market in uranium stocks, Energy Fuels' stock was up by 400% within about nine months. This time around, the stars are aligning for big gains once again. . .the difference with Energy Fuels is that its projects are conventional mining operations as opposed to ISR, which some believe is a lower-cost method. However, if you have a conventional mining project that's three times as large as an ISR project, you're still going to make strong returns at that scale, even if it's at a lower margin. To be clear though, the economies of scale of Energy Fuels' major projects could easily even out the margins as compared to proposed ISR projects." More >

Rob Chang, Cantor Fitzgerald (7/24/13) "We are initiating coverage on Energy Fuels Inc. with a Buy recommendation and a $0.23/share target. . .the company is expected to produce 1.2 Mlb U3O8 in 2013, thus ranking it among the top producers in the U.S. . .Energy Fuels owns the only operating conventional mill in the U.S. and is the sole provider of toll milling services in the country. . .it has three established uranium sales contracts that we estimate to have an average realized price of above $60/lb through 2015."

The Energy Report Interview with Chris Berry (6/13/13) "Nuclear power is, and will likely remain, a very compelling option despite some of the challenges that the industry faces. Given this backdrop, we have seen a number of deals completed. Most recently, Energy Fuels Inc. signed a letter of intent to acquire Strathmore Minerals Corp. I have followed Strathmore Minerals Corp. for some time and always thought that the location of its deposits, plus the relationships it has with Sumitomo Corp. and Korea Electric Power Corp. (KEPCO) would make the company an ideal take-out candidate. Congratulations are in order for the Strathmore management team on its accomplishments." More >

David Talbot, Dundee Capital Markets (5/27/13) "Energy Fuels Inc. signed an LOI to acquire all outstanding shares of Strathmore Minerals at an exchange ratio of 1.47 Energy Fuels for every 1 Strathmore share; this values Strathmore at $28.2M, or $0.23/share for a 26.6% premium as of Energy Fuels' May 23, 2013, close. . .this deal is yet another example of Energy Fuels' desire to become an intermediate uranium producer, the clear conventional choice in the U.S., and is positioning itself to be a unique vehicle in an otherwise small sector. . .Energy Fuels has strong leverage to rising uranium prices."

The Energy Report Interview with Matt Badiali (5/23/13) Matt Badiali: Energy Fuels Inc. has production. Uranium producers like this are breaking even at $40/lb, but once the price of the uranium goes up, their profits are going to grow because they've already covered their costs. These companies are going to start popping up on people's radar screens, and investors are going to wonder why they're trading at 3x earnings. The uranium sector right now is a textbook opportunity. It was a hated commodity that was left for dead and we see the uptrend coming. If you're willing to wait 18–24 months, you can very easily double your money here. . .

TER: Energy Fuels has four producing mines and a number of others that are still in development. Do you like that mixture?

MB: Absolutely. Mines are finite producers. A mine is like a loaf of bread. You get so many sandwiches out of it and then you've got to get another loaf of bread. I love to see companies that have mines in production, mines about to go into production and several exploration projects. That's the ideal mining company. More >

Colin Healey, Haywood Securities (5/13/13) "We reiterate our Buy rating on Energy Fuels Inc. . .with cash costs per pound of uranium on the higher quartile of the marginal cost curve, the company has the potential to offer significant upside in a strengthening uranium price environment. . .investment in Energy Fuels provides exposure to two sectors (uranium and vanadium) with robust underlying demand fundamentals, which will lead to a sustained improvement in metal price and stability that further enhances resource value and diversifies risk."

David Talbot, Dundee Capital Markets (5/10/13) "We reiterate our Energy Fuels Inc. Buy recommendation. . .Q2/13 should be reflected on positively—earnings were up, cash flow was positive, cash increased, sales prices were 18% higher than spot and perhaps the best in the industry, costs declined rapidly, production guidance grew and higher, and cost stockpiles should be almost completely drawn down by quarters end. Believing that we are near the bottom in the uranium sector (as we expect some reactors in Japan to resume in H2/13) then we currently believe that buying this leveraged stock would be an excellent opportunity."

Rob Chang, Cantor Fitzgerald (4/23/13) "Energy Fuels Inc. has announced that it has revised its previously announced guidance and now expects to continue mining at its wholly owned Pinenut Mine through 2014 and into the first quarter of 2015 due to favorable mining conditions. . .an additional 250 Mlb uranium will be mined until the first quarter of 2015, at which point the economic uranium resource of the mine will be fully depleted. . .because the additionally mined material will be stockpiled and is mid-stream in the processing cycle, Energy Fuels is now even better equipped to sell the material into the market when prices move higher."

The Energy Report Interview with Malcolm Shaw (3/12/13) "I like Energy Fuels Inc. as well. It's more of a call option on uranium as it's a slightly higher-cost structure, but its leverage to uranium is clear. It could become a go-to name if and when the uranium market does pick up." More >

Rob Chang, Cantor Fitzgerald (2/14/13) "For FY/13, Energy Fuels Inc. forecasts sales and production of about 1 Mlb U3O8, of which about 957 Klb will be sold toward long-term contracts that contain higher prices. . .uranium production will come from conventional ore from the company's Beaver, Pandora, Arizona 1 and Daneros mines. . .Energy Fuels' quarter-over-quarter EPS improved to $0.00/share from –$0.08/share."

The Energy Report interview with Colin Healey (2/14/13) "We rate Energy Fuels Inc. as a Sector Outperform. It's one of the producers in the space with strong leverage to the uranium price. We look at Energy Fuels as a great opportunity to get exposure to uranium price appreciation. If the prices do what we forecast toward the end of 2013, investors in this name could do very well." More >

The Energy Report Interview with Rob Chang (1/31/13) "Energy Fuels Inc. is another interesting one we've touched upon in the past. It's a U.S. producer that recently had to place certain projects on stand-by due to the low uranium price. The key thing to note is that many of its operations are effectively turnkey and can go into production in as little as three weeks from whenever management makes that decision. So when the uranium price gets to the point where it's economic, production could increase fairly quickly. On top of that, Energy Fuels also owns a very significant strategic asset in the White Mesa mill, which is the only conventional uranium mill operating in the U.S. Additionally, smaller "mom and pop" uranium operations in the surrounding areas all need a mill to process their material, and Energy Fuels is the only game in town. That's a pretty powerful thing to have." More >

The Energy Report Interview with Matt Badiali (1/24/13) "I told my readers about the big, safe assets first and looking back, we did a pretty good job, timing wise. Now that we have established the trend, we will start to pick off the best of the exploration plays because I think that that's a good place to make some money over the next year or two. I will definitely look at Energy Fuels Inc." More >

David Talbot, Dundee Capital Markets (1/18/13) "Energy Fuels Inc. and Laramide Resources Ltd. announced this morning a toll milling arrangement for the 100%-owned and 3 Mlb U3O8 La Sal project and the White Mesa mill in Utah. This appears as a win-win for parties. . .Energy Fuels will earn risk-free revenue while helping to fill its mill. . .perhaps, once it is demonstrated that the mining operations, metallurgy and mill capacity works, then we suggest that Energy Fuels might just buy this operation outright."

Rob Chang, Cantor Fitzgerald (1/15/13) "Energy Fuels Inc.'s Pinon Ridge uranium mill takes another step forward: An appointed hearing officer issued a decision yesterday confirming that the company's Pinon Ridge mill will continue to move forward in the state of Colorado's licensing process. . .if fully permitted and built, the Pinon Ridge mill would be Energy Fuel's second mill. . .with mill access being the key bottleneck in any conventional mining operation, having two fully permitted mills provides the company with excellent optionality."

Colin Healey, Haywood Securities (12/24/12) "We maintain our Sector Outperform rating for Energy Fuels Inc. . .the transition from developer to producer for the company has been quite smooth. It is demonstrating the capability to manage and produce from the inherited assets, has put in place and appropriate production plan given the current uranium market and is well positioned to ramp up production should uranium prices begin to move positively. . .the balance sheet remains strong."

David Talbot, Dundee Capital Markets (12/18/12) "Energy Fuels Inc. is a potential turnaround story—it has been punished the most of the uranium producers this year. But it is now focused on lower-cost, higher-grade production from its Arizona Strip breccia pipe mines, with its new Pinenut mine scheduled for startup shortly and its Canyon project in the pipeline. The company announced in September that it would close three higher-cost operations. This is a story has: 1) huge leverage to risking uranium prices; 2) a significant regional resource base; 3) the only conventional mill in operation in the U.S.; 4) no need to spend $150 million to construct a new mill despite receiving its Nuclear Regulatory Commission permits; and 5) vast potential to expand production. . .as uranium prices are expected to rise, given the company's high leverage to prices, we would expect to see Energy Fuels shares to rise in tandem."

The Energy Report Interview with David Talbot (12/4/12) "We have a Buy recommendation and $0.75 target price on Energy Fuels Inc., as it has indeed become one of the largest uranium producers in the U.S., having bought operations from Denison Mines Corp. It owns the strategic White Mesa Mill, the only conventional and permitted mill operating in the U.S., which has saved the company about $150M since it doesn't have to permit and construct a mill of its own. The company has recently shifted production to lower-cost and higher-grade operations in Arizona. . .the company has a lot of leverage to uranium prices, and once those pick up we expect Energy Fuels to benefit significantly." More >

David Talbot, Dundee Capital Markets (10/18/12) "Energy Fuels Inc. announced overnight that it will be temporarily halting production at its Daneros mine in Utah, its Beaver mine in Colorado and winding down production at the adjacent Pandora mine. . .we feel it was prudent on the part of the management to take this preemptive step. . .we believe that the bulk of the company's lowest-cost uranium production will be retained, restructuring costs will likely be minimal, resources are being saved for higher prices and mining could be resumed relatively quickly."

Colin Healey, Haywood Securities (10/18/12) "Energy Fuels Inc. provided the first production guidance since acquiring the Denison Mines U.S. assets. . .guidance under its new structure outlines FY13 production of 1–1.1 Mlb U3O8 and 2–2.2 Mlb V2O5. . .our target of $0.40 implies a potential return of 150%, and thus justifies a Sector Outperform rating and Speculative risk. . .overall, it looks as though the company is taking appropriate steps, focusing on its lowest-cost production, given the persistent weakness in the uranium price since Fukushima early last year. The plan outlined should provide a sustainable platform through FY13 if uranium prices begin to rebound as expected over the period."

Rob Chang, Cantor Fitzgerald (10/17/12) "Energy Fuels Inc. has announced that it will shift its short-term focus toward low cost operations due to the low uranium price environment; the company will focus on mining the high-grade breccias pipes in northern Arizona as well as processing alternate feed material at its White Mesa mill, located in Blanding, Utah. . .mining at the high-grade (0.68% U3O8) Arizona 1 property will continue through the first three quarters of 2013 while the 0.44% U3O8 Pinenut mine is put into production in Q2/13. . .throughout the year, the White Mesa mill is expected to continue to process alternate feed, which does not have any associated mining costs for Energy Fuels."

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