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:

David Talbot, Dundee Capital Markets (10/27/16)
"Copper and silver mineralization was identified at Energy Fuels Inc.'s Canyon Mine; initial underground results average 8.75% Cu, 0.45% U3O8, 1.41 oz/ton Ag. . .management will review the ability to recover copper as a byproduct of uranium recovery. [There is] potential to improve economics at this already high-grade uranium mine. . .Canyon is fully licensed, permitted and at an advanced stage of construction. . .mining is expected for next year—although uranium is not sold forward."

Joe Reagor, ROTH Capital Partners (10/17/16)
"As a result of our lower uranium price forecasts and the additional dilution from EFR's September 2016 capital raise, we are cutting our price target from $3.75 to $3.25; we attribute the majority of our price revision to our lower uranium price forecasts. Despite our lower price target, we continue to believe that Energy Fuels has a strong asset portfolio, which should allow the company to demonstrate strong production growth once the uranium price recovers."

Joe Mazumdar, Exploration Insights (10/2/16)
"Energy Fuels Inc. remains keen on advancing the higher-grade (1.5 Mlb grading ~1.0% U3O8) Canyon project in Arizona—a potentially low-cost producer (US$20-23 per pound)—to a development decision by the first quarter of 2017. . .the Nichols Ranch and Alta Mesa ISR projects operated by Energy Fuels represent low-cost production that requires minimal capital to ramp up in an improving market environment. . .we continue to hold in anticipation of an improvement in the uranium market, which we think will generate a significant and positive impact on the share price."

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/1/16)
"Energy Fuels Inc. provided strong justification for its continued inclusion on our list of uranium plays. . .while the energy metal is suffering through a weak price environment, the company is positioning itself perfectly to take advantage of the next big surge in uranium prices. . .Energy Fuels continues to prepare for the day when it can hit the accelerator on its producing and take full advantage of the uranium bull market I see on the horizon. . .Energy Fuels’ share price dropped immediately upon the announcement of the financing that I view as a buying opportunity. . .as we await the seemingly inevitable rebound in uranium, the company is a buy."

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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Heiko Ihle, Rodman & Renshaw (9/22/16)
"Energy Fuels Inc. is in a great position to weather the spot market downturn. With spot uranium prices currently around $25 per pound, we believe looking towards somewhat defensive uranium plays may be prudent. To that end, Energy Fuels has long-term contracts in place with significantly higher selling prices than the current spot market. For 2017, the firm has over 600,000 pounds of uranium contracted to be sold at a price of approximately $60 per pound, which we feel alleviates much of the pressures associated with the prolonged downturn in the spot market. Furthermore, on September 20, 2016, the firm completed a $15.0 million financing."

Joe Mazumdar, Exploration Insights (9/18/16)
"Energy Fuels Inc.'s goal remains to become the largest U.S.-based U3O8 producer. . .the company is one of a few uranium producers with the capability to produce U3O8 from a variety of sources including conventional milling and in-situ recovery. . .it has a global resource (Measured and Indicated + Inferred including Reserves) of over 150 million pounds of U3O8. . .improved markets could lead the company to return to production levels of 4-6 million pounds a year in the medium term."

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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