The Energy Report

Expert Comments:

	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."
Uranium and Vanadium Producer Announces Acquisition of Project Royalties (8/21/18) The company also announces it will retire $8.3 million bond debt. read more >
Uranium Producer Posts 'Banner Quarter' (8/10/18) This company delivered strong Q2/18 results, prompting a target price increase by one investment firm. read more >
	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."
Uranium Firm's Price Target Gets Raised on Recent Market News (8/1/18) A ROTH Capital Partners report opined on what the announcements mean for the uranium price and this company. read more >
	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."
DOC Investigation Could Prove Bullish Long Term for U.S. Uranium Firms (7/22/18) A Haywood Securities report provided an update on the uranium sector. read more >
Is It Time to Get Into Uranium? (6/20/18) Maurice Jackson of Proven and Probable explores the prospects for investment in uranium with Mickey Fulp, the Mercenary Geologist. read more >
Potential Russian Law Restricting Uranium Exports to US Is Bullish for American Producers (5/15/18) A potential Russian backlash to U.S. sanctions could be a boon to U.S. uranium producers. read more >
Top U.S. Uranium Producer Files Section 232 Petition (4/10/18) Under difficult uranium market conditions, this U.S. producer is capitalizing on a number of innovative opportunities. read more >

More Expert Comments

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."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/18) "Energy Fuels Inc. has joined fellow uranium producer Ur-Energy in filing a petition with the U.S. Department of Commerce for protection from uranium imports under Section 232 of the Trade Expansion Act of 1962. . .with the amount of imports from Russia and China likely to grow in the coming years, the companies argue that ensuring a viable domestic supply of the energy metal is in national interest."
	Eric Coffin, Hard Rock Analyst (12/18/17) "Energy Fuels Inc. is a good long-term bet on higher uranium prices, but you should only make the bet if you're willing to hold it long term if this rally, too, fizzles out. . .if the stock gets much more price, management would be wise to raise some money though this may not go over well with uranium bulls."
Eric Coffin, Hard Rock Analyst (11/20/17) "Energy Fuels Inc. announced it has sold some noncore holdings in its Wyoming in situ recovery project set to Uranium Energy for $2.94M in cash and $2.45M in Uranium Energy shares to be delivered on closing of the transaction. . .Energy Fuels is a good long-term bet on higher uranium prices."
	David Talbot, Eight Capital (11/3/17) "Energy Fuels Inc.'s Q3/17 production of 465 Mlb U3O8 beat our 229 Mlb forecast. Production included 295 Mlb U3O8 from alternate feed at White Mesa and 170 Mlb from the Nichols Ranch in situ recovery mine. . .alternate feed production jumped eightfold quarter over quarter."
	Joe Reagor, ROTH Capital Partners (11/2/17) "On Nov. 2, 2017, Energy Fuels Inc. announced the sale of its Reno Creek project to Uranium Energy for $5.39M in cash and stock. . .the transaction reduces the financing risk for Energy Fuels in the near term. Thus, we are reiterating our Buy rating and $2.75 price target."
	Rob Chang, Cantor Fitzgerald (10/26/17) "We are maintaining a BUY recommendation for EFR. . .in the zone containing both uranium and copper, 101,000 tons of Measured and Indicated Mineral Resources are reported with an average grade of 0.86% U3O8 and 5.93% Cu, containing 1,725,000 pounds of uranium and 1,939,000 pounds of copper using a 0.36% U3O8 equivalent cut-off grade. . .uranium production from the nine header houses at Nichols Ranch amounted to 85,000 lbs during the quarter, bringing the H1/17 amount to 138,000 lbs. Production guidance for the year has been upheld at between 640,000 -675,000 lbs."
	Joe Reagor, ROTH Capital Partners (9/25/17) "On Sept. 21, 2017, we attended an open house tour of Energy Fuels Inc.'s White Mesa mill in Utah. Our biggest takeaway from the visit was that the company's potential to grow alternative feed revenue is larger than we previously thought although it may be difficult to precisely quantify this potential today; thus, we are reiterating our Buy rating."
	Heiko Ihle, H.C. Wainwright & Co. (8/28/17) "On Aug. 23, 2017, Energy Fuels Inc. announced a new resource estimate for its Canyon mine; the new estimate resulted in the addition of approximately 1 Mlb uranium while also converting a large portion of Inferred resources to the Measured and Indicated categories. We note that a substantial copper resource was also included in the estimate."
	Rob Chang, Cantor Fitzgerald (8/23/17) "Energy Fuels Inc. announced a new estimate for uranium and copper resources at the Canyon mine; the resource update increased uranium resources by nearly 1 Mlb U3O8 while migrating nearly all resources to the Measured and Indicated category. In addition, the inclusion of about 12 Mlb copper changes the economics of the project."
	David Talbot, Eight Capital (8/11/17) "We reiterate a Buy recommendation for Energy Fuels Inc. with a target price of CA$3.75/share. . .the company began to rally itself over the past two months despite little directionality in spot prices. . .adjusted Q2/17 earnings per share was in line with our forecast and beat Street forecasts."
	Rob Chang, Cantor Fitzgerald (8/8/17) "Energy Fuels Inc.'s Q2/17 revenues and earnings beat our estimates due to earlier than expected deliveries of uranium in the quarter; production guidance for FY17 was maintained at between 640–675 Klb. We maintain our Buy recommendation and are increasing our target price to $4.25/share."
	Joe Reagor, ROTH Capital Partners (8/7/17) "Energy Fuels Inc. plans to release a resource estimate for its Canyon project during Q3/17. We believe this could be a positive catalyst for the company as it should provide an initial copper resource estimate and provide additional insight into the potential of the project."
	Rob Chang, Cantor Fitzgerald (8/4/17) "Energy Fuels Inc.'s Q2/17 revenue of $17.9M beat our and consensus estimates ($7.1M and $15.4M, respectively) due to deliveries of 300 Klb, which were much higher than our forecast of 86,667 lb. . .production guidance for FY17 was maintained at between 640–675 Klb. We maintain our Buy recommendation."
	Heiko Ihle, Rodman & Renshaw (8/4/17) "Energy Fuels Inc. sold a total of 360K contracts H1/17 at an average price of $51.50/lb, for a total of $18.5M in revenue from uranium concentrates, along with $3.1M of toll revenue. . .profit margins remained strong at 30% in H1/17, a slight increase over H1/16. . .we are reiterating our Buy rating."
Heiko Ihle, Rodman & Renshaw (7/10/17) "Energy Fuels Inc. continues to advance its pipeline of assets while maintaining production optionality. . .we think that significant near-term, low-cost production remains available for the company should prices begin to recover. . .remaining 2017 production is expected to improve over Q1/17 levels."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/17) "Energy Fuels Inc. is in good financial position to weather the current storm in the uranium market. As of its most recent quarter, the company had $23.8M in working capital and cash and cash equivalents of $12.2M; and that's before it generated another $13M in early April from the sale of 200 Klb uranium at long-term contract prices."
	David Talbot, Eight Capital (5/10/17) "While uranium prices are low, Energy Fuels Inc. is pushing to find additional opportunities from toll milling, alternate feed, pond returns and potential copper production. . .alternate feed material, specifically material from hundreds of clean-up sites, is being sought. . .alternate feed rose from 16% to 32% in Q1/17."
	Rob Chang, Cantor Fitzgerald (5/9/17) "Activities at Energy Fuels Inc.'s pipeline projects, such as Jane Dough (now fully licensed and permitted) and Canyon (completed shaft sinking and positive drill results), along with a strong current working capital position re-enforce our view that the company remains a top leverage play to the upcoming uranium recovery. We reiterate our Buy recommendation."
	Joe Reagor, ROTH Capital Partners (5/9/17) "We raised our full-year revenue and EPS estimates on Energy Fuels Inc. Additionally, we continue to believe the company is positioned for significant revenue growth once the uranium market recovers; thus, we are maintaining our Buy rating."
	Rob Chang, Cantor Fitzgerald (5/8/17) "Over the course of 2017, Energy Fuels Inc. will be earning a fee for processing approximately 1 Mlb U3O8 contained in alternate feed materials; this recovery process began in Q1/17 with the completion of 39 Klb processed material. The contract is expected to result in $6.5M in revenues for the year."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/17) "Energy Fuels Inc. plans to reduce production in 2017 while maintaining its focus on prepping its Canyon Mine for eventual production. The company's share price has held on to the gains it made in the aftermath of the Trump election, but it continues to trade at attractive levels for long-term accumulation."
	David Talbot, Eight Capital (3/23/17) "Federal approval for both Energy Fuels Inc.'s Jane Dough well field (the Environmental Protection Agency's aquifer exemption) and an amended license to connect Jane Dough to the Nichols Ranch plant (U.S. Nuclear Regulatory Commission's source material license) are now complete. . .this eliminates permitting-related derisking of its Wyoming in situ recovery (ISR) pipeline for several years and helps low cost ISR production to displace higher cost conventional."
	Rob Chang, Cantor Fitzgerald (3/23/17) "Energy Fuels Inc. has announced that it has received the final amendment to the source material license from the U.S. Nuclear Regulatory Commission allowing for the expansion of the Nichols Ranch in situ recovery project. . .the expansion into Jane Dough allows for future long run production or upside optionality. Note that the total licensed capacity at the Nichols Ranch plant is for 2 Mlb/year."
	Eric Coffin, Hard Rock Analyst (3/19/17) "Energy Fuels Inc. exited 2016 with working capital of $24M including $16.9M in cash and equivalents. . .for 2017, the company estimates uranium production of 350 Klb from its in situ recovery production at Nichols Ranch and 550 Klb from the White Mesa mill from conventional milling, tailings reprocessing and treatment of third party material."
Rob Chang, Uranium Investing News (3/16/17) "Energy Fuels Inc. is one of our favorite names. It's the best leveraged to the uranium price, in our opinion, the reason being is that it has the capability to produce anywhere between 3 and maybe 7 Mlb, depending on what the uranium price is. . .the company has many assets on standby that can turn on so when the prices go up, it will be in a good position to capitalize."
	Joe Reagor, ROTH Capital Partners (3/10/17) "We believe Energy Fuels Inc. will benefit from industry production cuts and a rising uranium price. . .we believe the Canyon mine could provide significant catalysts for the company throughout 2017. We anticipate Energy Fuels will release an updated technical report on the resource estimate at the project in the middle of this year."
	Rob Chang, Cantor Fitzgerald (3/10/17) "We continue to view Energy Fuels Inc. as our top leverage play to the upcoming uranium recovery. . .during 2016, sales of 1.15 Mlb U3O8 were completed by the company. . .recoveries amounted to 680 Klb U3O8 from White Mesa primarily from alternate feed material along with 335 Klb from Nichols Ranch."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/17) "With the 1,470 ft shaft at Energy Fuels Inc.'s Canyon nearing completion, the company has been conducting underground drilling along the way. Highlights include hole 11 (6 ft of 16.99% U3O8 and 1.2% copper), hole 7 (46 ft of 1.37% U3O8 and 13.52% copper) and hole 14 (4 ft of 8.35% U3O8 and 1.64% copper); these assays bode well for Canyon's ability to provide high-grade ore to Energy Fuels' White Mesa mill."
	Eric Coffin, Hard Rock Analyst (2/22/17) "Management announced Energy Fuels Inc. received its aquifer license for the Jane Dough well field at its Nichols Ranch in situ recovery project. . .the company also reported new assay results for additional drill holes at its Canyon project where resource definition of this high-grade breccia pipe continues. . .like the permit news above, this is further evidence that Energy Fuels is well positioned for a renewed uranium bull market."
	Colin Healey, Haywood Securities (2/17/17) "Energy Fuels Inc.'s receipt of Environmental Protection Agency concurrence on the aquifer exemption for the Jane Dough resource area represents positive incremental progress and derisking of the company's Wyoming in situ recovery uranium production pipeline. . .Energy Fuels continues to effectively navigate the complex permitting process related to uranium mining in the U.S."
	Rob Chang, Cantor Fitzgerald (2/17/17) "Energy Fuels Inc. has received Environmental Protection Agency (EPA) approval for its Jane Dough well field. . .while expected, the approvals from the EPA and the Wyoming Department of Environmental Equality are necessary milestones in the development of Jane Dough. We continue to view the company as our top leverage play to the uranium recovery."
	Heiko Ihle, Rodman & Renshaw (2/3/17) "Energy Fuels Inc. announced promising drilling results from its Canyon Project. . .we note that drilling at Canyon continues to return not only high-grade uranium intercepts, but also meaningful amounts of copper, which we find particularly intriguing. While we had initially envisioned Canyon as an eventual high-grade uranium mine, we remain impressed by the continued strong copper grades encountered at the site. . .Energy Fuels is a strategic U.S. uranium producer that is poised to take advantage of future U3O8 price improvements."
	Rob Chang, Cantor Fitzgerald (2/2/17) "Energy Fuels Inc. provided an update on the underground drill program at its Canyon Mine located in Northern Arizona. . .the company continues to discover large and high grade areas of uranium mineralization which will add to the current recoverable resource as described in the most recent NI43-101 Technical Report. Moreover, the company continues to discover new zones of high grade copper mineralization throughout the deposit."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/17) "Energy Fuels Inc. released revised project economics for its Roca Honda uranium project. . .while current uranium prices won't support a mine at Roca Honda, the company has the ability to make a fairly quick decision to greenlight the project, should price conditions improve. . .Roca Honda, the conventional uranium mine, is ready for production."
Smallcap Power (1/13/17) "With more than 60 nuclear reactors to open in the near term, and another 140 planned for construction globally, we have identified three TSX uranium stocks that have the greatest leverage to a rising uranium price. . .Energy Fuels Inc. is engaged in conventional and in-situ (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States."
	Colin Healey, Haywood Securities (1/10/17) "Energy Fuels has announced the receipt of the Final Environmental Impact Statement (EIS) and Record of Decision (ROD) from the U.S. Bureau of Land Management for its 100%-owned Sheep Mountain conventional uranium project. . .the final EIS and ROD represent the final major approvals required ahead of mining at Sheep Mountain. . .the regulatory approvals represent de-risking events for the Sheep Mountain project and are only positive. . .Future color on the potential approach to exploitation, could see us adding Sheep Mountain to our production profile at some point."
	Joe Reagor, ROTH Capital Partners (1/10/17) "Energy Fuels Inc. announced that the BLM issued a final EIS and ROD on the company's Sheep Mountain project in Wyoming. Although Energy Fuels Inc. now has all the necessary permits to develop the project, we believe the company will look for a sustained higher price uranium environment before developing the Sheep Mountain project. . .we note that the company clearly views the project as a long-term option, in our opinion. . .we have made no changes to our valuation of EFR and we are maintaining our Buy rating and $2.75 target."
	Eric Coffin, Hard Rock Analyst (1/8/17) "Energy Fuels Inc. has staged a huge comeback in the past three weeks. . .the company did release more results from its ongoing drill campaign at its Canyon mine. . .the results generally exceeded expectations in terms of thickness and grade. Energy Fuels management expects the resource at Canyon will be both larger and higher grade than historic estimates."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (12/27/16) "Energy Fuels Inc. is conducting an underground core and percussion drill program to further evaluate the high-grade ore centers at Canyon. . .this effort led in late October to the discovery of uber-high copper grades on the deposit's second level. The copper intersections from this effort included an average grade of 8.75% copper over 313 feet; these are eye-popping grades that could allow the company to improve the economics significantly at Canyon. . .the company will produce a revised resource estimate for the project in mid-Q1/17."
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."
	Colin Healey, Haywood Securities (10/28/16) "Drilling at Energy Fuels Inc.'s Canyon Mine in Northern Arizona has intersected significant copper mineralization in five holes in its 'middle' zone, ~1,200 –1,400 feet below surface. . .five holes from drilling at the Canyon uranium mine were sampled for copper and returned significant grades, averaging 8.75% Cu over the composited intervals across the five holes (313 feet), including 1 interval of 5 feet grading 31.69% copper. . .the potential for a significant by-product credit is further revealed, with EFR intersecting copper mineralization both within the existing uranium resource area, as well as outside."
	Rob Chang, Cantor Fitzgerald (10/27/16) "Energy Fuels Inc. has discovered an extensive system of high-grade copper mineralization at its 100%-owned Canyon mine located in northern Arizona. . .the Canyon mine is already the highest grade uranium mine in the U.S. and the discovery of high-grade copper may lead to valuable by-product credits that will further reduce the uranium cost production profile of this mine. . .the copper occurs inside and outside the mineralized uranium envelope, which suggests that there may be larger copper tonnage at Canyon. . .we reiterate our Buy recommendation and a C$7.05 per share target price."
	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."
	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."

Experts Following This Company

	Rob Chang
	Eric Coffin, Owner – HRA Advisory
	Mickey Fulp, Writer – Mercenary Geologist
	Colin Healey, Analyst – Haywood Securities
	Heiko Ihle, Managing Director – H.C. Wainwright & Co., Rodman & Renshaw
	Maurice Jackson
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

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