Energy Fuels banks $98.8M in working capital as it stands ready to supply uranium globally

Energy Fuels Inc. reports that it had $98.8 million of working capital, including $79.4 million of cash and marketable securities and $29.2 million of inventory, as of June 30, 2021.  In a statement, the company added that at current commodity prices, its inventory has a value of $39.1 million.  During the quarter ended June 30, 2021, Energy Fuels also noted that it incurred a net loss of $10.8 million, which included a non-cash mark-to-market increase in warrant liabilities during the quarter of $3.6 million, resulting from a significant increase in its share price.  READ: Energy Fuels strikes strategic alliance for the recovery of isotopes needed for emerging cancer therapeutics With several existing uranium mines on standby and significant existing inventories of company-produced, US-origin uranium, the company said it continues to be ready to supply uranium into improved global markets and the proposed US Uranium Reserve once it is established by the US government. Energy Fuels during the first half of 2021 began ramping up to commercial-scale production of a mixed rare earth element (REE) carbonate (RE Carbonate) as a complement to its uranium business. In July 2021, it commenced deliveries of its RE Carbonate to a separation facility in Europe. The company also has entered into a definitive agreement to sell a package of Energy Fuels' non-core conventional uranium projects located in Utah and Colorado to International Consolidated Uranium Inc. (CUR). Based on CUR's current share price, exchange rates, and assuming the closing and full performance of the agreement, the current proforma value of this divestment is about $24 million. The company also entered into a strategic alliance agreement with RadTran LLC, a private technology development company, to evaluate the recovery of thorium and potentially radium from the company's RE Carbonate and uranium process streams, as a complement to its uranium and RE Carbonate businesses, for use in the production of medical isotopes for emerging targeted alpha therapy (TAT) cancer therapeutics. "Energy Fuels achieved another significant milestone in restoring U.S. rare earth supply chains when we recently announced the successful production of rare earth carbonate from U.S.-sourced natural monazite sand at our White Mesa Mill,” said Energy Fuels CEO Mark Chalmers in a statement.   “We are also very excited about our recently announced Strategic Alliance with RadTran, which has the potential to help produce isotopes from our existing RE Carbonate and uranium process streams for use in cancer therapeutics that can improve human health and ultimately save lives. These two initiatives, which are complementary to our core uranium business, are examples of the unique and valuable capabilities of the White Mesa Mill.” Chalmers added: "The outlook for uranium also continues to improve, vanadium markets are strengthening and REE prices continue to exhibit strength.”  Meanwhile, Energy Fuels will be hosting a video webcast Tuesday, August 3, 2021 at 4 pm ET to discuss its financial results, rare earth production, and other corporate initiatives. To participate in the webcast and ask questions, please dial in to (888) 664-6392 (toll-free in the US and Canada). Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham