Energy Fuels Announces 2024 Results, Including Active U.S. Uranium Mining, Uranium and Mineral Sand Sales, Commercial U.S. Rare Earth Production, and Strong Balance Sheet

PR Newswire

DENVER, Feb. 27, 2025

DENVER, Feb. 27, 2025 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU)( TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and heavy mineral sands ("HMS"), today reported its financial results for the year ended December 31, 2024. The Company previously announced details for its upcoming February 27, 2025 earnings call, which are also included in this news release.

"2024 was a fundamental building year for Energy Fuels, as we resumed U.S. uranium mining, realized profitable uranium sales, achieved commercial U.S. rare earth production, and secured two 'Tier 1' critical mineral projects in allied nations, which upon development, are expected to be able to provide low-cost rare earth feedstocks to our U.S. processing plant, while supporting additional stability, growth, and revenues for decades" said Mark Chalmers, Energy Fuels' President and Chief Executive Officer. "We also continue to maintain our strong, clean balance sheet, while adding valuable assets and accomplishing key goals in the U.S. critical mineral space.

"These accomplishments demonstrate our success as a nimble, innovative company, making strategic decisions that we believe will support significant future profitability, while contributing to U.S. economic and national security. Put simply, we are leveraging the Company's unique attributes to produce several in-demand critical materials, each with a valuable potential upside. We believe diversifying into high-growth and potentially high-margin rare earth, mineral sand, and potential medical isotope markets, while generating near-term cashflow from our core uranium business, will drive long-term value for our shareholders and position the Company for a vital role in securing domestic critical mineral supply chains and helping to achieve American energy dominance.

"Due to our accomplishments and successes in 2024, Energy Fuels is now well positioned to take advantage of numerous emerging opportunities in uranium, rare earths, mineral sands, and potentially medical isotopes. These initiatives are all part of our strategic plan to leverage existing licenses, infrastructure, and expertise to evolve beyond previous limitations that depended upon a single commodity, and set the standard for a multi-commodity, U.S. critical minerals provider of the future."

2024 Highlights

Unless noted otherwise, all dollar amounts are in U.S. dollars.

   -- Robust Balance Sheet with Over $170 million of Liquidity and No Debt: As 
      of December 31, 2024, the Company had $170.90 million of working capital 
      including $38.60 million of cash and cash equivalents, $80.85 million of 
      marketable securities (interest-bearing securities and uranium stocks), 
      $37.76 million of trade and other receivables, $66.50 million of 
      inventory, and no debt. 
 
   -- Over $60 Million of Cash Added to Treasury in Early-2025: Between the end 
      of 2024 and February 14, 2025, the Company raised an additional $60.01 
      million on its At-The-Market facility, to support expected costs 
      associated with advancing the Toliara and Donald Projects to Financial 
      Investment Decisions ("FID") and potential commencement of development 
      activities. 
 
   -- Over $8 Million of Additional Liquidity from Market Value of 
      Inventory: At February 24, 2025 commodity prices, the Company's product 
      inventory has a market value of approximately $45.60 million, while the 
      balance sheet reflects product inventory carried at cost of $37.19 
      million. 
 
   -- Incurred Net Loss of $48 Million on $78 Million of Revenue: During the 
      year ended December 31, 2024, the Company incurred a net loss of $47.84 
      million, or $0.28 per common share, on $78.11 million of revenue. The 
      loss was primarily due to one-time transaction and integration costs that 
      totaled $10.34 million related to the acquisition of Base Resources and 
      the Donald Project joint venture (described below), recurring operating 
      expenses, and additional operating expenses associated with the increased 
      headcount of retained Base Resources employees and Kwale HMS mine 
      reclamation costs, partially offset by sales of natural uranium 
      concentrates ("U3O8") and mineral sand products. 
 
   -- Uranium Revenue: During 2024, the Company sold a total of 450,000 pounds 
      of U3O8, including 200,000 pounds under long-term contracts for a 
      realized price of $75.13 per pound of U3O8 and 250,000 pounds under spot 
      contracts for a weighted average realized price of $91.51 per pound of 
      U3O8, earning a gross profit of $21.32 million (56% gross margin). 
 
   -- Heavy Mineral Sands Revenue: During 2024, the Company sold 17,529 tonnes 
      of rutile, 48,302 tonnes of ilmenite, both used for the production of 
      titanium products, and 2,477 tonnes of zircon, used for the production of 
      zirconium, for total HMS revenues of $39.87 million. 
 
   -- New Long-Term Uranium Sales Contract with U.S. Utility: During 2024, the 
      Company added a fourth long-term uranium sales contract to its existing 
      portfolio. Under the contract, the Company expects to deliver a total of 
      270,000 to 330,000 pounds of uranium between 2026 and 2027, and 
      potentially an additional 180,000 to 220,000 pounds through 2029, under a 
      "hybrid" pricing formula, subject to floor and ceiling prices, that 
      maintains exposure to further uranium market upside and protection from 
      inflation. 
 
   -- "Phase 1" REE Separation Circuit Successfully Commissioned: During 2024, 
      the Company successfully completed final commissioning of the Phase 1 REE 
      separation circuit at the Company's White Mesa Mill (the "Mill") 
      resulting in the production of approximately 38,000 kg of 'on-spec' 
      separated NdPr. 
 
   -- Samples of NdPr Actively Being Qualified by Potential Customers: NdPr 
      produced at the Mill is currently in the process of being qualified with 
      permanent magnet manufacturers and other potential customers which, upon 
      successful qualification, would set the stage for potential offtake in 
      the future. 
 
   -- Well-Stocked to Capture Market Opportunities and meet Long-term Contract 
      Obligations: As of December 31, 2024, the Company held a total of 
      1,118,000 pounds of U3O8 in inventory, including 393,000 pounds of 
      finished U3O8 and 725,000 pounds of U3O8 in stockpiled uranium ore 
      inventories and work-in-progress. This inventory increased from last year 
      due to Pinyon Plain, La Sal and Pandora mine ore production and 
      additional alternate feed materials received, partially offset by our 
      contract and spot sales during 2024. The Company expects these uranium 
      inventories to continue increasing as we continue to mine additional ore 
      and potentially purchase ore from third parties. The Company also held 
      7,043 tonnes of rutile, 11,422 tonnes of ilmenite, 1,255 tonnes of zircon, 
      905,000 pounds of finished vanadium ("V2O5"), 38,000 kg of finished 
      separated neodymium praseodymium ("NdPr") and 9,000 kg of finished high 
      purity, partially separated mixed "heavy" samarium-plus ("SM+") rare 
      earth carbonate ("RE Carbonate") in inventory. 

Uranium Milestones:

   -- The Company expects to mine and stockpile ore from its Pinyon Plain, La 
      Sal and Pandora mines totaling approximately 730,000 to 1,170,000 pounds 
      of U3O8 contained in approximately 85,000 to 115,000 tons of ore from 
      these mines during 2025, subject to market conditions, mining rates and 
      other factors. The Company also expects to purchase uranium ore from 
      third-party miners in the region, and there is the potential to receive 
      additional Alternate Feed Materials and mine cleanup materials, expected 
      to add a total of approximately 160,000 to 200,000 pounds of additional 
      contained uranium to ore inventories, all of which will be processed as 
      market conditions, Mill schedules, and contract requirements may warrant. 
      In addition, having stockpiled mined ore available at the Mill, which can 
      be processed into finished U3O8 product on relatively short notice, gives 
      the Company more flexibility in securing long-term sales contracts on the 
      most favorable terms, as market fundamentals suggest higher prices in the 
      future may be expected. 
 
   -- Uranium processing activities are expected to result in total finished 
      uranium production of 200,000 to 250,000 pounds of finished U3O8 during 
      the first half of 2025 from the Company's existing conventional ore 
      inventories and Alternate Feed Materials, which (combined with existing 
      inventories) is expected to be sufficient to complete expected uranium 
      sales in 2025, while providing additional material for discretionary 
      sales on the spot market. 
 
   -- The Company expects to sell between 200,000 and 300,000 pounds of uranium 
      during 2025, under the Company's existing long-term contracts with 
      utilities. As a result of these sales, plus planned 2025 mine production, 
      at the end of 2025, the Company expects to hold a total of 1,655,000 to 
      2,340,000 pounds of U3O8, including approximately 290,000 to 445,000 
      pounds of finished U3O8 inventory and approximately 1,365,000 to 
      1,895,000 pounds of U3O8 contained in stockpiled uranium ore inventories. 
      The final mix between quantities of U3O8 contained in ore inventories and 
      quantities of U3O8 in finished product inventory at the end of 2025 will 
      depend on the timing of the processing of stockpiled uranium ore at the 

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