Energy Fuels Announces Q 2-2019 Results.

LAKEWOOD, CO: Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2019. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at, and on the Company's website at Unless noted otherwise, all dollar amounts are in U.S. dollars.


At June 30, 2019, the Company had $42.6 million of working capital, including $16.6 million in cash, $11.4 million in marketable securities, 485,000 pounds of finished uranium goods inventory, and 610,000 pounds of finished vanadium goods inventory.

Vanadium production totaled 437,000 pounds of V2O5 for the quarter, and the Company expects to continue to produce 160,000 to 200,000 pounds of V2O5 per month through Q3-2019, subject to continued successful recovery and suitable sales prices.

Uranium production totaled 19,000 pounds of U3O8 during the quarter.

The Company completed no uranium sales of any significance during the quarter and continues to add to uranium inventories.

The Company completed 98,000 pounds of vanadium sales into the steel industry during the quarter at an average price of $7.87 per pound of V2O5, following conversion of the Company's V2O5 product into ferrovanadium. At the current time, the Company is selling only small quantities of vanadium, while mainly focusing on building V2O5 inventory for sale in the future as the Company expects prices to increase.

The Company had an operating loss of $11.5 million during the quarter, due primarily to an impairment to inventories of $4.9 million as a result of low uranium prices and a decrease in vanadium prices during the quarter; the decision not to sell any uranium product during the quarter; and the decision to retain most of the Company's vanadium inventory for future sale.

In April 2019, the Company completed a test mining program at its La Sal Complex and continued further operational readiness activities based on these encouraging results. The Company expects to continue these activities through Q3-2019. As of June 30, 2019, the Company had mined approximately 11,000 tons of mineralized material with an average grade of 1.472% V2O5 and 0.192% U3O8 from previously mined areas. While these numbers are not intended to represent the basis of a new resource estimate, the Company believes that the new mining methods that were tested are likely to result in reduced costs, higher grades, and higher value for mined material compared to historic mining methods, due to significantly improved grade control at the mine.

On July 12, 2019, President Donald J. Trump issued a Presidential Memorandum pursuant to Section 232 of the Trade Expansion Act of 1962 (as amended), ordering the creation of the U.S. Nuclear Fuel Working Group (the "Working Group") to "examine the current state of domestic nuclear fuel production to reinvigorate the entire nuclear fuel supply chain, consistent with United States national security and nonproliferation goals." The Working Group has 90 days from July 12, 2019 to complete its recommendations to the President. The Company intends to continue supporting this initiative in Q3-2019 and believes it has the potential to result in actions that provide meaningful support to the U.S. uranium mining industry.

On July 13, 2019, the Company announced that it had entered into a new processing agreement, whereby the owner of a formerly producing uranium mine in New Mexico will deliver cleanup material from the mine for processing and recovery of uranium at the Company's White Mesa Mill. Revenues payable to the Company are expected to be between $700,000 and $3.5 million. In addition, the Company will retain any uranium recovered from the material for its own account, which is expected to total between 10,000 and 70,000 pounds of U3O8, or approximately $250,000 to $1.75 million at today's spot prices. Deliveries began in late-June 2019. The Company has proposed similar services to assist in the cleanup of Cold War era abandoned uranium mines on the Navajo Nation and other lands.

On August 1, 2019, the Board of Directors (the "Board") of the Company appointed Mr. Alex G. Morrison to serve as a director.

Mark S. Chalmers, Energy Fuels' President and CEO stated:

"During Q2-2019, Energy Fuels continued to make important progress on a number of initiatives that have the potential to...

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