Die Zahlen sehen mal nicht so schlecht aus:
Highlights:
- Working capital at December 31, 2020 was $40.2 million, a $19.7 million increase over the Company's $20.5 million working capital balance at December 31, 2019. The Company's December 31, 2020 working capital balance of $40.2 million included $22.4 million of cash and marketable securities and $27.6 million of inventory, including approximately 690,700 pounds of U.S. origin uranium produced at the Company's facilities and 1,672,000 pounds of high-purity vanadium in the form of immediately marketable product.
- Due to our recent share price strength, the Company raised gross proceeds of $30.4 million on its at-the-market equity program between January 1, 2021 and March 18, 2021, at a weighted average price of $5.53 per share, further enhancing the Company's financial position. With this strong working capital position, the Company is well positioned to react very swiftly to market opportunities as they arise, particularly with respect to any ramp-up of uranium production needed in response to the proposed strategic national U.S. Uranium Reserve (the "Uranium Reserve"), and to fund capital requirements and other expenditures needed for our developing rare earth element ("REE") business.
- On October 6, 2020, the Company announced it was debt free, following the full retirement of all of its floating rate convertible unsecured subordinated debentures.
- For the year, uranium production totaled approximately 196,500 pounds of U3O8, and vanadium production totaled approximately 67,000 pounds of V2O5.
- On April 13, 2020, the Company announced its entry into the REE business. By October 2020, the Company had produced on a pilot-scale an intermediate REE product (mixed REE carbonate) from natural REE- and uranium-bearing monazite sands at its White Mesa Mill. Significant quantities of monazite are currently mined as a byproduct of heavy mineral sand operations that primarily recover zircon and titanium in the U.S. and elsewhere in the world. In December 2020, the Company announced that it was entering commercial production of mixed REE carbonate in 2021 following the completion of an agreement on December 14, 2020 to purchase a minimum of 2,500 tons of monazite per year for three years from a facility located in Georgia, USA owned by The Chemours Company ("Chemours").
- On March 1, 2021, the Company and Neo Performance Materials ("Neo") announced the launch of a new U.S.-European REE production initiative. The initiative is expected to produce value-added REE products from natural monazite sands. Energy Fuels plans to process the monazite sands into a mixed REE carbonate at its 100% owned White Mesa Mill in Utah and sell this product as feed material for Neo's value-added separated REE production plant in Europe.
- On March 9, 2021, the Company announced that the first shipments of natural monazite ore from Chemours had arrived at the Company's White Mesa Mill. These first shipments mark the beginning of operations for what we believe will become a burgeoning supply chain. This is a key milestone for the Company, as we work to create, refine, and grow a sustainable rare earth supply chain capable of supplying growing demand for clean technologies in the U.S. and Europe.
- Energy Fuels is also continuing to evaluate developing its own REE separation and other value-added U.S. REE production capabilities at the White Mesa Mill in the future.
- No material uranium sales were completed during the year, and the Company is strategically maintaining its uranium inventory for future sales in anticipation of higher uranium prices, potentially as a result of the proposed creation of the Uranium Reserve or due to generally improved uranium market conditions.
- The Company completed no material vanadium sales during the year. At this time, the Company expects to maintain its V2O5 inventory for sale in the future to capitalize on potential future price increases in vanadium markets. Vanadium prices are currently increasing, and as of March 12, 2021, the mid-point spot price of V2O5 in Europe had increased roughly 60% since the end of 2020.
- The Company had an operating loss of $24.6 million during 2020, compared to $40.6 million during 2019.
- On December 21, 2020, the U.S. Congress passed an omnibus appropriation bill that included $75 million to create the proposed Uranium Reserve. The President signed the bill into law on December 27, 2020. This funding opens the door for the U.S. government to purchase domestically produced uranium to guard against potential commercial and national security risks presented by the United States' near total reliance on imported uranium.
- On September 14, 2020, the U.S. Department of Commerce ("DOC") obtained Russia's agreement to extend limits on uranium imports into the U.S. through 2040 under an extended Russian Suspension Agreement ("RSA"). The DOC won important concessions from Russia, including lower quotas, allowing only a portion of the quotas to be used for the sale of U3O8 and conversion, and strict controls on returned feed under Russian enrichment service contracts.
- On December 21, 2020, the Company published its first Sustainability Report describing its ongoing commitment to the environment, worker health, public safety and social responsibility. The report highlights the Company's increasing role in combatting climate change through producing and recycling carbon-free energy resources. The Sustainability Report is publicly available on the Company's website here.
