“Q3-2023: Energy Fuels Sees Profits Soar with Rare Earth Separation Progress!

Energy Fuels Inc. (TSX: EFR, NYSE: UUUU) announced their third quarter of 2023 results today, providing strong evidence of continuing progress in the Uranium sector. The Canadian minerals and energy producer reported impressive net income of $14.8 million, an increase of 332% compared to Q3 2022. Energy Fuels Inc. credits this result to the increased demand for uranium as well as their ongoing efforts to strengthen their balance sheet. Working capital of the company has increased significantly to $33.2 million, up from the balance of $6 million at the end of Q3 2022. In terms of sales, Energy Fuels has reported impressive figures from uranium throughout the quarter. Uranium sales topped out at over $19 million while the average sales price was at $50.91 per pound, the highest figure in company history. Operational performance was strong, with uranium production reaching 228 thousand pounds during the quarter. Development of the Company’s uranium mines and related infrastructure continued to progress in the quarter. Namely, the White Mesa Mill was able to process 623 thousand tons of material, containing 89.3 thousand CUF or 269 thousand pounds of U3O8 during the quarter. Overall, Energy Fuel’s financial results for the quarter are a testament to the company’s progress towards becoming a major supplier of uranium and a larger player in the uranium sector. The future of the company looks brighter than ever, with their strong financial performance this quarter setting the foundation for a successful future.