LAKEWOOD, CO, Feb. 11, 2020 /PRNewswire/ - Energy Fuels Inc.
(NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the
"Company"), a leading uranium producer in the U.S., applauds
President Trump for yesterday announcing a budget that seeks
$150 million per year over the next
10 years (totaling $1.5 billion over
that timeframe) to establish a strategic uranium reserve intended
"to provide additional assurances of availability of uranium in the
event of a market disruption." ("A Budget for America's
Future", Page 46; "Table 25-1. Federal Budget by Agency and
Account, FY-2021 President's Budget Policy", Page 127).
This follows the President's action in July 2019 to establish the U.S. Nuclear Fuel
Working Group (NFWG) to investigate all aspects of nuclear fuel
production and "to develop recommendations for reviving and
expanding domestic nuclear fuel production," of which uranium
production is the critical first step.
The President's plan to build a strategic uranium reserve
"reflects the Administration's Nuclear Fuel Working Group (NFWG)
priorities," and notes that the "NFWG will continue to evaluate
issues related to uranium supply chain and fuel supply."
Further, in a press release issued yesterday, the U.S.
Department of Energy stated: "The new program will help to
reestablish the nation's nuclear fuel supply chain through the
domestic production and conversion of uranium."
Mark S. Chalmers, President and
CEO of Energy Fuels stated: "President Trump took action to support
domestic uranium miners and promote U.S. national and energy
security. This is an important step toward addressing the
devastating impact of our nation's overdependence on uranium
imports from Russia and its
allies, which is displacing free market uranium and forcing U.S.
mines out of business. Additionally, the President's Nuclear Fuel
Working Group is continuing to undertake a comprehensive review of
the fuel cycle, and we look forward to additional actions.
"We also look forward to working with the U.S. government on
implementing the programs needed to revive and expand domestic
uranium mining. As the owner of the only operating uranium mill in
the United States, together with
our extensive U.S. uranium production portfolio and existing
inventories, at Energy Fuels, we believe we are well-positioned to
provide a significant portion of the uranium needed for the
reserve. Energy Fuels has been the largest uranium producer in the
U.S. over the past several years. Our three existing, fully
licensed, low-cost uranium processing facilities in Wyoming, Utah
and Texas have over 11.5 million
pounds of annual licensed uranium production capacity,
significantly more than any other U.S. producer, and we are able to
commence ramping up production immediately."
Energy Fuels is a long-term domestic uranium supplier and has an
excellent track record of uranium deliveries to utilities and other
customers over the years. Energy Fuels' White Mesa uranium mill in
Utah is also a significant
supplier of vanadium, which is another mineral critical to national
and energy security, and we are evaluating the possibility of
processing certain rare earth minerals at that facility. Energy
Fuels also plays an important role in the recycling of
uranium-bearing alternate feed materials and is involved in the
cleanup of historic uranium sites.
About Energy Fuels: Energy Fuels is a leading
US-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and
employees are in the United
States. Energy Fuels holds three of America's key uranium
production centers, the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery
("ISR") Project in Wyoming, and
the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only
conventional uranium mill operating in the U.S. today, has a
licensed capacity of over 8 million pounds of
U3O8 per year, and has the ability to produce
vanadium when market conditions warrant. The Nichols Ranch ISR
Project is in operation and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is currently on standby. In addition to the above
production facilities, Energy Fuels also has one of the largest NI
43-101 compliant uranium resource portfolios in the U.S., and
several uranium and uranium/vanadium mining projects on standby and
in various stages of permitting and development. The primary
trading market for Energy Fuels' common shares is the NYSE American
under the trading symbol "UUUU", and the Company's common shares
are also listed on the Toronto Stock Exchange under the trading
symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Notes Regarding Forward-Looking
Statements: This news release contains certain
"Forward Looking Information" and "Forward Looking Statements"
within the meaning of applicable United
States and Canadian securities legislation, which may
include, but is not limited to, statements with respect
to: any expectation as to how the President's
budget will be implemented and the timing of implementation;
any expectation with respect to the Company's plans to expand
and/or resume production at its various projects; any expectation
with respect to costs of production, timelines to production and
the Company's ability to maintain its leading position as a
producer; any expectation that the President's budget is a
step toward addressing the impact of U.S. overdependence on
subsidized uranium imports from Russia; any expectation that Energy
Fuels is well-positioned to provide a significant portion of the
uranium needed for the reserve through our existing inventories and
U.S. uranium production portfolio; and any expectation that
Congress will make the requested appropriations. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans," "expects," "does not
expect," "is expected," "is likely," "budgets," "scheduled,"
"estimates," "forecasts," "intends," "anticipates," "does not
anticipate," or "believes," or variations of such words and
phrases, or state that certain actions, events or results "may,"
"could," "would," "might" or "will be taken," "occur," "be
achieved" or "have the potential to." All statements, other than
statements of historical fact, herein are considered to be
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements include risks associated with:
any expectation as to how the President's budget will be
implemented and the timing of implementation; any
expectation with respect to the Company's plans to expand and/or
resume production at its various projects; any expectation with
respect to costs of production, timelines to production and the
Company's ability to maintain its leading position as a
producer; any expectation that the President's budget is a
step toward addressing the impact of U.S. overdependence on
subsidized uranium imports from Russia; any expectation that Energy
Fuels is well-positioned to provide a significant portion of the
uranium needed for the reserve through our existing inventories and
U.S. uranium production portfolio; and any expectation that
Congress will make the requested appropriations; and the
other factors described under the caption "Risk Factors" in the
Company's most recently filed Annual Report on Form 10-K, which is
available for review on EDGAR at www.sec.gov/edgar.shtml, on
SEDAR at www.sedar.com, and on the Company's website at
www.energyfuels.com. Forward-looking statements contained herein
are made as of the date of this news release, and the Company
disclaims, other than as required by law, any obligation to update
any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. The Company assumes no obligation to
update the information in this communication, except as otherwise
required by law.
It should further be noted that the proposed budgeted
activities are subject to appropriation by the Congress of
the United States, and there can
be no certainty of the outcome of this budget or the Working
Group's study and recommendations. Therefore, the outcome of
this process remains uncertain.
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SOURCE Energy Fuels Inc.