Tuesday, November 02, 2021

Energy Fuels (UUUU)(EFR:CA)
Quarterly results are not exciting. Keep an eye on uranium prices

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Energy Fuels reported 2021-3Q EPS of $(0.05) versus $(0.08), in line with our estimate of $(0.05) and slightly below the consensus estimate of $(0.03). With no uranium sales and little revenues, the loss was largely a function of operating costs. Lower standby and administration costs helped improve the bottom line. Rare Earth concentrate sales covered its cost of sales. We had hoped to see Rare Earth start to contribute to earnings, but supply delays have pushed back sales into 2022.

Company developments discussed in the press release have already been reported.  The press release discussed the start up of Rare Earth Elements (REE) operations, the recent rise in uranium prices, management's desire to sign uranium supply contracts, the sale of non-core assets, "active discussions" discussion with monazite suppliers, and a strategic alliance to evaluate thorium (and possibly ...

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.