Energy Fuels Inc.

Expert Comments:

	Mark Reichman, Noble Capital Markets (2/12/20) "Energy Fuels Inc. has available production capacity and inventory for sale; the company has three uranium production facilities with combined licensed capacity of 11.7 Mlb/year uranium concentrate. White Mesa with over 8 Mlb annual licensed capacity, Nichols Ranch has 2 Mlb annual licensed capacity and Alta Mesa with 1.5 Mlb annual licensed capacity are on standby."
Uranium Miner Applauds US Decision to Build Domestic Uranium Reserve (2/11/20) A Colorado-based uranium firm is poised to immediately ramp up production. read more >
Mike Kozak, Cantor Fitzgerald (2/11/20) "Energy Fuels Inc. would be one of the two most significant benefactors should Congress approve the proposal to allocate $150M/year over a 10-year period ($1.5B in total purchases) for the U.S. Department of Energy to build a strategic uranium reserve and protect the front-end of the nuclear fuel cycle. The company is one that is able to ramp up production the fastest and at the lowest cost."
	Mark Reichman, Noble Capital Markets (12/30/19) "As of Sept. 30, 2019, Energy Fuels Inc. had 500 Klb finished uranium in inventory; if the U.S. government were to propose making minimum annual purchases to build stockpiles of uranium, the company does have inventory that could be sold immediately. We think Energy Fuels could ramp up production over a 12–18 month time horizon, with production potential of 2–2.5 Mlb annually by 2020E and higher in subsequent years."
	Eric Coffin, HRA Journal (12/17/19) "Energy Fuels Inc. has a strong working capital position, so it can wait things out for a while longer, and it's readied itself as much as possible to be able to ramp up production quickly if a favorable market or White House announcement arrives."
Mike Kozak, Cantor Fitzgerald (12/5/19) "In an environment of higher uranium prices (via federal government intervention or otherwise), Energy Fuels Inc. is best positioned to ramp up production the fastest and at the lowest cost. . .while no official announcement has been made, a Bloomberg article overnight states that the U.S. Nuclear Fuel Working Group has recommended the U.S. Department of Defense step up direct purchases of domestically produced uranium."
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US Uranium-Vanadium Miner Provides Quarterly Report (11/5/19) The company is processing ore from clean-up material at a past-producing uranium mine. read more >
	Mark Reichman, Noble Capital Markets (11/4/19) "During Q3/19, Energy Fuels Inc. recovered 16 Klb uranium concentrate from in situ recovery activities for the company's own account and 530 Klb vanadium from its pond solutions. . .during Q3/19, Energy Fuels spent $2.3M for development of its properties, including the development of the vanadium test mining program at the La Sal project, expenses associated with increasing vanadium production at the White Mesa Mill."
U.S. Uranium Company Shortens Time Required to Production at Mines (10/16/19) It did this through capital improvements at each of its various facilities. read more >

More Expert Comments

Mike Kozak, Cantor Fitzgerald (11/4/19) "Energy Fuels Inc.'s White Mesa processing facility remains highly strategic given that it is the only conventional uranium mill in the U.S. For this reason, we are optimistic that the company may stand to be a significant benefactor from the findings and recommendations made by the U.S. Nuclear Fuel Working Group."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (10/30/19) "Energy Fuels Inc. will have to wait until at least mid-November to learn about the recommendations of the U.S. Nuclear Fuel Working Group on how to boost domestic uranium production. . .the company remains an interesting speculation on the outcome of these recommendations. . .[the group] may provide an opening for Energy Fuels to restart its U.S.-based uranium operations."
	Mark Reichman, Noble Capital Markets (9/26/19) "We are maintaining our Market Perform rating on Energy Fuels Inc. based on the potential for constructive recommendations from the appointed working group. . .it is expected to submit a report to the president summarizing the group's findings and recommendations, in early October. . .we believe the potential for a supportive outcome that also satisfies a broader group of constituents is possible."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (8/8/19) "I still think Energy Fuels Inc.'s assets give it the ability to quickly ramp up and monetize higher uranium prices when they inevitably materialize. . .I'm holding on to my shares of the company for now and encourage those who share my long-term optimism about the energy metal's prospects to not only do the same but to pick up this stock at bargain levels. It's a Buy."
	Joe Reagor, ROTH Capital Partners (8/8/19) "On Aug. 2, 2019, Energy Fuels Inc. reported is financial results for Q2/19. Revenue was $3.1M. . .we did not see a significant change in our discounted cash flow valuation of the company as we have maintained our long-term bullish outlook for the uranium sector. Thus, we are maintaining our Buy rating and $3.25 price target."
Mike Kozak, Cantor Fitzgerald (8/6/19) "Energy Fuels Inc. reported its Q2/19 financial results after market close on Friday, Aug. 2. . .the company posted lower general and administrative expenses and higher revenues from the alternate feed circuit relative to our expectations, that drove Q2/19 earnings per share of $0.10 and cash flow per share of $0.05, ahead of our $0.12 and $0.10 estimates, respectively."
	Mark Reichman, Noble Capital Markets (8/6/19) "Because of low uranium and vanadium prices, Energy Fuels Inc. has elected to build inventories until commodity prices improve. For uranium, much could depend on the outcome of the U.S. Nuclear Fuel Working group. . .we are maintaining our Market Perform rating."
	Eric Coffin, HRA Journal (7/22/19) "It was smart of Energy Fuels Inc. to play the national security card. . .it did get Washington to agree to form a 'working group' on the issue. . .the working group will study the issue of low U.S. uranium production and report its findings and potential solutions in 90 days."
	Mark Reichman, Noble Capital Markets (7/15/19) "We are maintaining our Market Perform rating on Energy Fuels Inc. based on the potential for constructive recommendations from the appointed working group. The president appointed a working group to review the entire domestic nuclear supply chain and develop recommendations, within 90 days, for reviving and expanding nuclear fuel production; it appears the focus will be the security of domestically sourced uranium."
	Joe Reagor, ROTH Capital Partners (7/15/19) "On July 12, 2019, it was announced that President Trump would not impose quotas for domestic uranium production. However, he did acknowledge uranium supply was a national security issue and he established a group to investigate the fuel cycle. . .this new 90-day review leaves the door open for other potential positives for Energy Fuels Inc."
Nick Hodge, Early Advantage (7/12/19) "All our uranium stocks remain Buy rated, including Energy Fuels Inc. . .an Australian outfit has put out an article saying Trump plans NOT to protect the American uranium sector; this is an unverified report. With or without 232, the uranium market fundamentals point to a strong bull market ahead."
Nick Hodge, Early Advantage (6/27/19) "The Department of Commerce has recommended the White House protect the American uranium mining industry by initially requiring U.S. utilities to get 5% of their reactor requirements from U.S. sources. And that would climb by 5% every year thereafter for an unspecified amount of time. . .that sort of framework would be very positive for U.S. producers and developers like Energy Fuels Inc."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/19) "Energy Fuels Inc. produced 20 Klb U3O8 and 325 Klb vanadium oxide during Q1/19; it added that uranium production to its stockpile, which now stands at 470 Klb. It sold 53 Klb vanadium during the quarter; its vanadium stockpile stands at 270 Klb."
Nick Hodge, Early Advantage (5/23/19) "Energy Fuels Inc. is a cheap buy. You can buy it today at $2.65. . .we continue to erase the days leading up to Trump's 232 deadline of July 14."
	Mark Reichman, Noble Capital Markets (5/13/19) "Energy Fuels Inc.'s Q1/19 revenues totaled $1.7M, compared to $1.3M during the prior year period. Approximately $1.2M were associated with sales of 53 Klb vanadium concentrates and $0.5M earned from the processing of uranium concentrates."
	Joe Reagor, ROTH Capital Partners (5/11/19) "On May 8, 2019, Energy Fuels Inc. released its financial results for Q1/19. Revenue was $1.7 million and the reported earnings per share loss was $0.13. . .we attribute the revenue shortfall to the timing of vanadium sales, which the company has stated could lag production by a few months . . .we still anticipate a positive outcome from the company's Section 232 petition."
Nick Hodge, Early Advantage (5/9/19) "Important are the progress Energy Fuels Inc. has made at its White Mesa mill regarding the production of commercial quantities of vanadium and the approaching decision on Section 232 by President Trump. . .the company is a Buy."
Nick Hodge, Early Advantage (5/6/19) "One U.S. uranium stock that is above its buy under price is Energy Fuels Inc. . .I want to make sure all current and future members are positioned in U.S. uranium stocks ahead of a looming decision by President Trump on the Section 232 report that has been submitted by the commerce department. The company is now a Buy under $3, up from $2.75."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/19) "Energy Fuels Inc. should know soon whether it will get market support from the Trump Administration on its U.S. uranium production. Last week, the Department of Commerce submitted its report on the company's Section 232 claims to the administration, which now has 90 days to act on its recommendations."
Mike Kozak, Cantor Fitzgerald (4/17/19) "Yesterday evening, Energy Fuels Inc. and Ur-Energy put out a joint press release stating that on April 14, 2019, the U.S. Department of Commerce (DOC) submitted its Section 232 report to the White House evaluating the effects of uranium imports on U.S. national security. . .while the conclusions of the report have not been made public, the submission of the report itself triggers the start of a 90-day period within which the U.S. president can act on the DOC's recommendations."
	David Talbot, Eight Capital (4/15/19) "Energy Fuels Inc., the largest uranium producer in the U.S., offers operational readiness with a full suite of projects leveraged to both strong market fundamentals and potential remedies to the Section 232 petition. The company has set a mandate to find additional business opportunities, including toll milling, alternate feed, pond returns and vanadium production."
David Talbot, Eight Capital (4/1/19) "Energy Fuels Inc. is now producing high-purity vanadium from pond solutions at its 100%-owned White Mesa Mill in Utah. . .should uranium prices remain low, vanadium production becomes of added importance. Management sees short-term production potential of between 2.5 and 4 Mlb V2O5 that could be recovered."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/19) "Energy Fuels Inc. continues to position itself for the possibility of action by the Trump Administration on the company's Section 232 petition. An initial finding from the commerce department's investigation of the domestic uranium market is expected in April; if that report recommends some sort of protective action by the administration, an enhanced market for domestically produced uranium could develop later this year."
	Mark Reichman, Noble Capital Markets (3/13/19) "Energy Fuels Inc. expects to complete its vanadium ramp-up to full production levels of 200–225 Klb/month by Q2/19. The company expects to produce 50–125 Klb of uranium concentrate for its own account. . .Energy Fuels' re-engagement as a vanadium producer could enhance the company's growth outlook."
	Joe Reagor, ROTH Capital Partners (3/13/19) "The near-term outlook for Energy Fuels Inc. remains positive. . .we believe a positive outcome to the Section 232 petition could result in an increase in production and sales guidance. Due to the pull forward of our discounted cash flow model and our revised estimates, we are increasing our price target from $3.75 to $4."
Mike Kozak, Cantor Fitzgerald (3/12/19) "Energy Fuels Inc. produced 165 Klb U3O8 net to its own account in Q4/18, comprised of 140 Klb from White Mesa and 25 Klb from Nichols Ranch. These numbers were directly in line with our estimates and the company's previous guidance for the year. . .uranium production guidance of 50–125 Klb U3O8 in 2019 was maintained as the 'base case' scenario."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/19) "Energy Fuels Inc.'s vanadium operation is producing vanadium oxide at a 175–200 Klb/month rate. . .it's good to see the company beginning to monetize this asset. The cash flow from the effort will help sustain it as it awaits the Trump Administration's decision on whether to protect domestic uranium production."
	Colin Healey, Haywood Securities (2/13/19) "Energy Fuels Inc. reports it is now producing a high-purity vanadium product at a rate of 175–200 Klb/month from existing tailings stockpiles, in line with the targeted monthly range outlined in mid-2018 of 200–250 Klb for this campaign which commenced in Q4/18. The company now has sale-ready vanadium product from this campaign, which we expect will lead to an announcement of first sale within the next four to six weeks, allowing us to benchmark price."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (1/31/19) "Energy Fuels Inc.'s management will spend 2019 prepping its uranium assets for a stronger rebound in uranium prices. . .with the vanadium production at White Mesa providing a cash flow stream and its uranium assets ready to kick into high gear, should conditions warrant, the company is a coiled spring for the uranium market renaissance I see in the medium term."
	Eric Coffin, Hard Rock Analyst (1/9/19) "Energy Fuels Inc. estimates 4 Mlb of recoverable vanadium in the tailings ponds; vanadium is currently selling for $15.50/lb, so this is not an inconsiderable revenue source over a two-year period. The company will continue exploration of several of the small deposits it owns near White Mesa with a focus on zones that carry higher vanadium grades in addition to uranium."
	Mark Reichman, Noble Capital Markets (1/8/19) "Energy Fuels Inc. expects to achieve full production rates of 200–225 Klb vanadium concentrate by Q1/19E. The company expects to invest approximately $4.2M to enhance production readiness to be able to respond to improved uranium market fundamentals in the U.S. that could result from a potential positive outcome of the Department of Commerce investigation into the effects of uranium imports or improving global market fundamentals."
Mike Kozak, Cantor Fitzgerald (1/7/19) "Energy Fuels Inc. has produced its first batch of vanadium concentrate (V2O5), or 'black flake,' via the recycling of existing tailings pond solutions at the White Mesa mill; vanadium production for 2019 is projected at 200–225 Klb V2O5/month, unchanged from previous guidance. Uranium production guidance of 50–125 Klb U3O8 in 2019 is the 'base case' scenario and could ramp materially higher should a positive outcome result from the Section 232 petition."
	Mark Reichman, Noble Capital Markets (11/6/18) "This month, Energy Fuels Inc. expects to begin recovering vanadium from pond solutions at the company's White Mesa mill. Based on current estimates, management believes the pond solutions, which emanate from past processing at the mill, could contain up to 4 Mlb of recoverable vanadium."
	Eric Coffin, Hard Rock Analyst (11/5/18) "After consolidating through most of October, Energy Fuels Inc. has blasted off again during the past few sessions on strong volume, closing at a 3-year high just before this issue was completed. . .the spot uranium price rose through $28 as this issue was being finished, the best price it's seen in a long while. Clearly, the production cutbacks in the sector on multiple fronts are starting to have an impact."
Mike Kozak, Cantor Fitzgerald (11/5/18) "Energy Fuels Inc. produced 33 Klb U3O8 from in situ recovery operations (Nichols Ranch) and 124 Klb U3O8 from alternate feed and pond return (White Mesa) in Q3/18. The company did not sell any material into spot, instead opting to keep it in inventory pending higher U3O8 prices."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (11/1/18) "Energy Fuels Inc. has essentially doubled in price since early summer. This is largely due to the company's exposure to vanadium, which justifies not only the recent gains but seems likely to drive the share price even higher as production begins."
SmallCapPower (10/31/18) "Vanadium is an element used primarily to strengthen steel alloys for industrial use but also has important applications as a battery metal. . . The price of vanadium has dramatically outperformed other metals since January 2017, appreciating 346% compared to the gains of cobalt (89%), lithium (16%), copper (12%) and gold (2%). . .we have identified four Canadian vanadium stocks that will likely benefit most from an elevated level of vanadium demand, including Energy Fuels, a U.S. based producer of uranium and vanadium assets. The White Mesa Mill in Utah is the only permitted and operational uranium/vanadium mill located in the United States."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (10/1/18) "Energy Fuels Inc. expects to begin producing vanadium soon from the ponds at its White Mesa mill in Utah. . .with vanadium prices having spiked by over 150% in the past year, the company's move to monetize its vanadium assets makes a lot of sense. . .in short, Energy Fuels has the opportunity to generate significant cash flow while its waits for the Department of Commerce to conclude its Section 232 investigation into uranium imports."
	Eric Coffin, Hard Rock Analyst (9/19/18) "Energy Fuels Inc. has been advancing projects and, as importantly, cleaning up and simplifying the balance sheet. . .the company still plans to start vanadium production in Q4/18. That's helping, but the stock is finally getting at least a bit of an assist from uranium prices themselves."
	Joe Reagor, ROTH Capital Partners (9/14/18) "On Sept. 12, 2018, Energy Fuels Inc. announced it had fully repaid and retired its Wyoming debt. We view this as a significant positive for the company as it looks to improve its balance sheet."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (9/1/18) "Given the current state of play in the market, Energy Fuels Inc. has elected to use its $55M working capital position to acquire royalties in Wyoming and to pay down debt. . .collectively, these royalties on a variety of Wyoming in situ recovery properties have the potential to generate substantial cash flow for the domestic uranium producer. . .the company has paid off an $8.3M bond owed to the state of Wyoming."
	Mark Reichman, Noble Capital Markets (8/7/18) "Energy Fuels Inc. reported Q2/18 net income of $7.1M, or $0.08/share, compared with a loss of $4.5M, or $0.06/share, during the prior year period. . .Q2/18 revenues were $27M, compared with $17.9M during the prior year period and our estimate of $27.2M. . .as of June 30, 2018, the company reported working capital of $55.25M."
	David Talbot, Eight Capital (8/7/18) "We continue to recommend Energy Fuels Inc. as a Buy and raise our target price to C$5.40/share from C$3.85/share after incorporating higher long-term V205 prices of $12/lb (up from $6/lb), assuming 4MM lbs of V205 production over the next three years at 50% margins, and increased U3O8 throughput from processing of alternate feed, pond returns, and toll milling fees. An adjusted net EPS gain of $0.08 slightly beat our $0.06 estimate, ahead of consensus at $0.03. A banner quarter, EFR delivered half a million pounds U3O8 at an average price of $53.55/lb."
	Heiko Ihle, H.C. Wainwright & Co. (8/6/18) "Energy Fuels Inc.'s strong Q2/18 results have contributed $3M to cash flow from operating activities after working capital adjustments in H1/18. We also highlight that H1/18 cash flow and $22.1M in cash from the issuance of shares in H1/18 have contributed to a strong working capital position of $55.2M (versus $33.3M) at Q2/18E, including $43.2M in cash and cash equivalents."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (8/1/18) "Predictably, Energy Fuels Inc.'s share price spiked on the news that the U.S. Department of Commerce has begun an investigation into the effects of uranium imports on national security. . .I expect much higher prices for this and other U.S.-based operations as well as well-positioned uranium companies in general."
	Joe Reagor, ROTH Capital Partners (7/29/18) "As a result of the improved outlook for the uranium price in both the short and medium term, we are increasing our price target for Energy Fuels Inc. from $2.75 to $3.75 and reiterating our Buy rating. . .with the recent news that Cameco is not going to restart idled capacity and the U.S. government is examining the impact of uranium imports on national security, we believe the uranium spot price is poised to increase significantly."
Mike Kozak, Cantor Fitzgerald (7/26/18) "Energy Fuels Inc. is one of the uranium companies that provide the best 'torque' to higher U3O8 prices, given its operating leverage. . .since inception of the Global X uranium exchange-traded fund, the company has demonstrated the highest beta (1.89)."
	Eric Coffin, Hard Rock Analyst (7/20/18) "Traders found another reason to buy Energy Fuels Inc. in the past couple of weeks. It wasn't vanadium this time; it was the advancement of a petition by the company and Ur-Energy seeking trade sanctions against 'foreign' uranium being imported into the U.S. on the grounds that it's a threat to national security."
Mike Kozak, Cantor Fitzgerald (7/19/18) "The 232 petition, originally submitted by Energy Fuels Inc. and Ur-Energy, calls for 25% of U.S. nuclear utility requirements to be reserved for U.S. uranium production; this would require domestic uranium prices to move considerably higher to incentivize new production. Higher domestic uranium prices would have a significant positive impact on the U.S. uranium producers, including Energy Fuels."
	Heiko Ihle, H.C. Wainwright & Co. (7/19/18) "Following a jointly filed petition on Jan. 16, 2018 rendered by two key U.S. uranium producers, Energy Fuels and Ur-Energy, the U.S. Department of Commerce announced that it has launched an investigation into the impacts of uranium imports on U.S. national security. . .we believe that potential trade remedies may be the most meaningful way to both reduce U.S. dependence on foreign uranium and create a level playing field for U.S. producers."
	Colin Healey, Haywood Securities (7/19/18) "Roughly six months after Energy Fuels Inc. and Ur-Energy filed a joint petition for it to do so, the U.S. Department of Commerce formally initiated an investigation into the impact of uranium imports on national security. . .Energy Fuels stands to benefit. . .it has some in situ recovery and conventional U.S. production with multiple production-ready or near-ready assets across Wyoming, New Mexico, Utah, Colorado, Arizona."
	David Talbot, Eight Capital (7/16/18) "We continue to recommend Energy Fuels Inc. as Buy and maintain our target price of CA$3.85/share after visiting its 100%-owned Nichols Ranch in situ uranium operation in Wyoming. . .boasting 4 Klbs per production pattern showcases good judgment while allocating wellfield capital deployment."
	Joe Reagor, ROTH Capital Partners (7/3/18) "On June 28, 2018, Energy Fuels Inc. announced it had raised $16M through its at-the-market program at an average price of $2.08/share between May and June of 2018. . .we are increasing our price target from $2.50 to $2.75. We are also maintaining our Buy rating as we believe the company is poised to benefit from an improving uranium market."
	Eric Coffin, Hard Rock Analyst (6/30/18) "The new money should allow Energy Fuels Inc. to complete mill upgrades necessary to restart vanadium production from its tailings ponds and may allow for upgrades to a couple of its small underground uranium mines that are on care and maintenance (La Sal and Pandora), which have high vanadium grades. The funds should also allow the company to retire some outstanding debt."
Mike Kozak, Cantor Fitzgerald (6/19/18) "We are maintaining our Buy recommendation and reinitiating/transitioning coverage on Energy Fuels Inc. with a 52-week target price of $4/share. . .for FY18 we expect U3O8 production of 460 Klb. . .vanadium production from a separate circuit at White Mesa will recommence later this year or in early 2019."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/18) "Energy Fuels Inc. has elected to resume processing of vanadium at its White Mesa mill. With vanadium prices up over 400% over the past two years to $15/lb V2O5, management believes the time is ripe to begin tapping this resource. . .at current prices, the ponds' vanadium content could deliver $60M in topline revenue to the company."
	Joe Reagor, ROTH Capital Partners (5/6/18) "Energy Fuels Inc. announced that it completed the sale of 400 Klb uranium in April at an average price of $61.30/lb. Between this significant uranium sale and the announced closing of its Reno Creek asset sale, we estimate the company will generate $12–15M in free cash flow to replenish its balance sheet."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/18) "We'll keep Energy Fuels Inc. for the long term, as few companies are better positioned to quickly monetize higher uranium prices. . .management is investigating ways to weather the storm, including finding new sources of feed for its White Mesa mill and possibly expanding into vanadium."
	Joe Reagor, ROTH Capital Partners (3/18/18) "Energy Fuels Inc. has shifted all of its remaining contracts to 2018, leaving the company completely unhedged in 2019 and beyond. . .if Section 232 is unsuccessful, the company should benefit from rising uranium prices driven by significant production cuts across the industry. However, it also has the potential to significantly increase production if the petition is successful."

Experts Following This Company

	Eric Coffin, Owner – HRA Journal
	Maurice Jackson, Founder – Proven and Probable
Mike Kozak, Analyst – Cantor Fitzgerald
	Brien Lundin, Author – Gold Newsletter (Jefferson Financial)
	Joe Reagor, Analyst – ROTH Capital Partners
	Mark Reichman, Managing Director, Senior Analyst - MLP – Noble Capital Markets
	David Talbot, Vice President, Senior Analyst – Eight Capital

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

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