UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission file number: 001-36204 ENERGY FUELS INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdic ...

or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. Indicate by check mark whether the registrant has submitted electronically every Interactive ...

Energy Fuels Inc. (NYSE:UUUU) Q1 2021 Earnings Conference Call May 17, 2021 4:00 PM ET Company Participants Mark Chalmers - President and CEO Dave Frydenlund - CFO and General Counsel Curtis Moore - VP of Marketing, Corporate Development Sarai Luksch - Controller Conference Call Participants Heiko Ihle - H.C. Wainwright Joseph Reagor - ROTH Capital Partners Operator Good afternoon ladies and gentlemen, and welcome to the Energy Fuels Q1 2021 Conference Call. At this time, all lines are in listen-only mode. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State or ...

Preamble [Cautionary Statement Regarding Forward-Looking Statements](index=5&type=section&id=ITEM%20I%3A%20CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section cautions that the report contains forward-looking statements subject to various risks and uncertainties - The report contains forward-looking statements concerning future results, operations, and plans, including REE initiatives and the potential U.S. Uranium Reserve[11](index=11&type=chunk) - These statements are subject to a wide range of risks and uncertainties that could cause actual results to differ materially. Key risks include global economic disruptions (like pandemics), challenges in commercializing REE carbonate production, and uncertainty surrounding U.S. government support for the domestic uranium industry[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Assumptions underlying these statements include stable economic conditions, expected supply and demand for uranium, vanadium, and REEs, timely regulatory approvals, and the technical and commercial success of new ventures[17](index=17&type=chunk) [Cautionary Note to United States Investors Concerning Disclosure of Mineral Resources](index=9&type=section&id=ITEM%20II%3A%20CAUTIONARY%20NOTE%20TO%20UNITED%20STATES%20INVESTORS%20CONCERNING%20DISCLOSURE%20OF%20MINERAL%20RESOURCES) This section clarifies that mineral resource disclosures follow Canadian NI 43-101, not U.S. SEC Industry Guide 7 standards - The Company's mineral reserve and resource estimates are prepared in accordance with Canadian NI 43-101 standards, which differ significantly from the requirements of SEC Industry Guide 7[21](index=21&type=chunk)[22](index=22&type=chunk) - Under SEC Industry Guide 7, mineralization cannot be classified as a "reserve" unless it is economically and legally producible at the time of determination, a standard which the Company's properties do not currently meet[22](index=22&type=chunk) - The Company confirms that for the year ended December 31, 2020, it does not have any mineral **"reserves"** within the meaning of SEC Industry Guide 7[26](index=26&type=chunk) - The SEC adopted a new rule, effective for the Company's 2021 annual report, to modernize mining property disclosures and align them more closely with international standards like NI 43-101. The full effect of this new rule on the Company's disclosures is not yet known[25](index=25&type=chunk) [Glossary of Technical Terms](index=11&type=section&id=ITEM%20III%3A%20GLOSSARY%20OF%20TECHNICAL%20TERMS) This section defines key technical terms related to mineral extraction, geology, and processing used in the report [Glossary of Regulatory Agencies and Exchanges](index=13&type=section&id=ITEM%20IV%3A%20GLOSSARY%20OF%20REGULATORY%20AGENCIES%20AND%20EXCHANGES) This section lists acronyms and full names for relevant regulatory agencies and stock exchanges Part I [Description of Business](index=15&type=section&id=ITEM%201.%20DESCRIPTION%20OF%20BUSINESS) Energy Fuels is a U.S.-based leader in uranium and vanadium extraction, diversifying into Rare Earth Elements (REE) production - The company is engaged in uranium extraction and recovery through conventional and ISR methods, and also recovers vanadium. Key assets include the White Mesa Mill (conventional), Nichols Ranch Project (ISR), and Alta Mesa Project (ISR)[47](index=47&type=chunk) - In a major strategic shift, the company entered the Rare Earth Elements (REE) market. It secured a three-year agreement with Chemours to acquire a minimum of **2,500 tons** of monazite sands annually, with plans to commence commercial production of a marketable mixed REE carbonate in 2021 at the White Mesa Mill[61](index=61&type=chunk)[82](index=82&type=chunk) - The company is actively supporting U.S. government initiatives to bolster the domestic uranium industry, including the establishment of a strategic U.S. Uranium Reserve, which received **$75 million** in funding in December 2020[76](index=76&type=chunk) - In 2020, the company became **debt-free** after redeeming all outstanding Convertible Debentures[79](index=79&type=chunk) 2020 Production Summary | Product | Amount Recovered | | :--- | :--- | | **Uranium (U3O8)** | ~196,500 lbs | | **Vanadium (V2O5)** | ~67,000 lbs | [Business Overview](index=15&type=section&id=Business%20Overview) The company operates ISR and conventional uranium facilities, including the White Mesa Mill, and diversified into REE production - The company's ISR operations consist of the Nichols Ranch Project (Wyoming) and the Alta Mesa Project (Texas), both of which are fully permitted but currently on standby pending improved market conditions[48](index=48&type=chunk)[51](index=51&type=chunk) - The White Mesa Mill is the only operating conventional uranium mill in the U.S. and serves as a central processing hub for the company's conventional assets. It can also recover vanadium and process alternate feed materials[52](index=52&type=chunk)[53](index=53&type=chunk) 2020 Production by Facility | Facility | U3O8 Recovered (lbs) | V2O5 Recovered (lbs) | | :--- | :--- | :--- | | **Nichols Ranch Project** | ~6,000 | 0 | | **White Mesa Mill** | ~190,500 | ~67,000 | - The company holds a portfolio of conventional uranium and uranium/vanadium projects in various stages of permitting and standby, including Pinyon Plain (AZ), Roca Honda (NM), and Sheep Mountain (WY)[57](index=57&type=chunk)[64](index=64&type=chunk) [The Company's Rare Earth Elements Business](index=18&type=section&id=The%20Company%27s%20Rare%20Earth%20Elements%20Business) The company is strategically entering the REE market, processing monazite sands at White Mesa Mill for REE carbonate production - Entered into a three-year supply agreement with Chemours to acquire a minimum of **2,500 tons** per year of natural monazite sands, a high-grade REE ore[61](index=61&type=chunk) - Established an agreement in principle with Neo Performance Materials to process the monazite into an REE Carbonate at the White Mesa Mill and ship it to Neo's separation facility in Estonia[62](index=62&type=chunk) - The monazite processing will utilize less than **0.4%** of the Mill's licensed ore throughput capacity, allowing for concurrent uranium and vanadium operations[66](index=66&type=chunk) - The company is focused on producing Neodymium and Praseodymium (NdPr), key components for high-strength magnets used in electric vehicles and wind turbines[68](index=68&type=chunk) [Uranium, Vanadium, and REE Markets](index=23&type=section&id=Uranium%2C%20Vanadium%2C%20and%20REE%20Markets) This section details market conditions for uranium, vanadium, and REEs, noting price trends and demand drivers Uranium Spot Price (U3O8) Trend in 2020 | Date | Price per lb | | :--- | :--- | | **Dec 31, 2019** | $24.85 | | **May 2020 (High)** | $33.85 | | **Dec 31, 2020** | $30.40 | - The U.S. produced only a fraction of its uranium needs in 2019, requiring approximately **48.3 million lbs** while producing only about **8,098 lbs** through Q1 2020[98](index=98&type=chunk) Vanadium Spot Price (V2O5) Trend in 2020 | Date | Price per lb | | :--- | :--- | | **End of 2019** | $5.33 | | **Feb 14, 2020 (High)** | $7.13 | | **End of 2020** | $5.40 | - The company holds approximately **1,672,000 pounds** of vanadium in inventory as of year-end 2020, awaiting stronger market prices[116](index=116&type=chunk) - Prices for key REEs Neodymium-Praseodymium (NdPr) oxide rose approximately **45%** in China during 2020, reflecting growing demand for clean energy applications[112](index=112&type=chunk) [Risk Factors](index=32&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant industry, regulatory, business, and financial risks, including commodity price volatility and operational challenges - **Industry Risks:** The company's profitability is highly sensitive to cyclical and volatile market prices for uranium, vanadium, and REEs. Many of its properties are not economic at current prices and contain no mineral reserves under SEC Industry Guide 7[143](index=143&type=chunk)[148](index=148&type=chunk) - **Regulatory Risks:** The business is subject to extensive and costly federal, state, and local regulations. A change in U.S. administration could negatively impact support for mining, nuclear energy, and the U.S. Uranium Reserve[149](index=149&type=chunk)[153](index=153&type=chunk) - **Business Risks:** The new REE business faces risks including securing adequate monazite supply, achieving commercial production specifications, and contracting sales at satisfactory prices. The White Mesa Mill's operation depends on securing sufficient feed materials[172](index=172&type=chunk)[189](index=189&type=chunk) - **Financial & General Risks:** The company has a history of negative cash flows and may require additional financing. Global economic events, like the COVID-19 pandemic, could disrupt operations, supply chains, and financial markets[197](index=197&type=chunk)[225](index=225&type=chunk) [Unresolved Staff Comments](index=50&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments - **None**[234](index=234&type=chunk) [Description of Properties](index=51&type=section&id=ITEM%202.%20DESCRIPTION%20OF%20PROPERTIES) This section details the company's ISR and conventional uranium properties, including resource estimates under NI 43-101 standards Total Mineral Reserves (NI 43-101) | Category | Tons (000s) | Grade (% eU3O8) | Pounds eU3O8 (000s) | | :--- | :--- | :--- | :--- | | **Probable** | 7,453 | 0.123% | 18,365 | Total Mineral Resources - Uranium (NI 43-101) | Category | Pounds eU3O8 (000s) | | :--- | :--- | | **Measured** | 8,092 | | **Indicated** | 69,185 | | **Inferred** | 48,996 | Total Mineral Resources - Vanadium (NI 43-101) | Category | Pounds V2O5 (000s) | | :--- | :--- | | **Measured** | 25,946 | | **Indicated** | 5,727 | | **Inferred** | 8,562 | Uranium & Vanadium Recovery History (2016-2020) | Year | U3O8 Recovered (000 lbs) | V2O5 Recovered (000 lbs) | | :--- | :--- | :--- | | **2020** | 197 | 67 | | **2019** | 70 | 1,807 | | **2018** | 917 | 0 | | **2017** | 1,571 | 0 | | **2016** | 1,015 | 0 | [The Nichols Ranch Project](index=60&type=section&id=2C.%20THE%20NICHOLS%20RANCH%20PROJECT) The Nichols Ranch Project is a fully permitted ISR uranium facility in Wyoming, currently on standby with depleted wellfields - A fully permitted ISR facility in Wyoming, currently on standby after depleting existing wellfields[283](index=283&type=chunk)[343](index=343&type=chunk) - Recovered approximately **6,000 pounds** of U3O8 in 2020[289](index=289&type=chunk) Nichols Ranch Mineral Resources (NI 43-101) | Category | Tons (000s) | Grade (% eU3O8) | Pounds eU3O8 (000s) | | :--- | :--- | :--- | :--- | | **Measured** | 280 | 0.140% | 784 | | **Indicated** | 2,770 | 0.114% | 6,171 | | **Inferred** | 593 | 0.100% | 1,184 | [The Alta Mesa Project](index=73&type=section&id=2D.%20THE%20ALTA%20MESA%20PROJECT) The Alta Mesa Project is a fully-licensed ISR uranium facility in South Texas, currently on standby awaiting market improvement - A fully-licensed ISR facility in South Texas with a **1.5 million lbs/year** capacity, currently on standby[355](index=355&type=chunk)[381](index=381&type=chunk) - Historically produced **4.6 million pounds** of U3O8 from 2005 to 2013[384](index=384&type=chunk) Alta Mesa Mineral Resources (NI 43-101) | Category | Tons (000s) | Grade (% eU3O8) | Pounds eU3O8 (000s) | | :--- | :--- | :--- | :--- | | **Measured** | 123 | 0.151% | 371 | | **Indicated** | 1,512 | 0.107% | 3,246 | | **Inferred** | 6,963 | 0.121% | 16,793 | [The White Mesa Mill](index=85&type=section&id=2E.%20THE%20WHITE%20MESA%20MILL) The White Mesa Mill is the only operational conventional uranium mill in the U.S., now processing REEs and vanadium - The only operational conventional uranium mill in the U.S., with a licensed capacity of over **8 million lbs** of U3O8 per year[408](index=408&type=chunk)[409](index=409&type=chunk) - Diversified capabilities include processing conventional ore, vanadium, alternate feed materials, and REEs[414](index=414&type=chunk)[417](index=417&type=chunk) White Mesa Mill 2020 Production & 2021 Outlook | Product | 2020 Actual Production | 2021 Planned Production | | :--- | :--- | :--- | | **Uranium (U3O8)** | ~190,000 lbs | ~45,000 lbs | | **Vanadium (V2O5)** | ~68,000 lbs | 0 lbs | | **REE Carbonate** | ~4 metric tons (pilot) | 2,000 - 3,000 tons | [The Pinyon Plain Project](index=92&type=section&id=2F.%20THE%20PINYON%20PLAIN%20PROJECT) The Pinyon Plain Project is a high-grade, partially developed underground uranium and copper project in Arizona, currently on standby - A high-grade, partially developed underground uranium project in Arizona with a completed **1,470-foot** shaft[453](index=453&type=chunk)[500](index=500&type=chunk) - The deposit contains significant copper mineralization, which is expected to be recoverable as a byproduct at the White Mesa Mill[486](index=486&type=chunk)[501](index=501&type=chunk) Pinyon Plain Mineral Resources (NI 43-101) | Category | Resource | Tons (000s) | Grade | Contained Pounds (000s) | | :--- | :--- | :--- | :--- | :--- | | **Measured & Indicated** | Uranium (U3O8) | 139 | 0.88% | 2,434 | | | Copper (Cu) | 101 | 5.93% | 11,939 | | **Inferred** | Uranium (U3O8) | 18 | 0.38% | 134 | | | Copper (Cu) | 5 | 5.90% | 570 | [Legal Proceedings](index=161&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company faces multiple legal and regulatory challenges concerning its White Mesa Mill, Pinyon Plain, and Daneros Mine operations - The White Mesa Mill faces challenges from the Ute Mountain Ute Tribe and environmental groups regarding its Corrective Action Plan and renewed operating licenses (Radioactive Materials License and GWDP)[810](index=810&type=chunk)[812](index=812&type=chunk) - The Pinyon Plain Project is subject to an ongoing legal appeal in the U.S. Ninth Circuit Court of Appeals from environmental groups and the Havasupai Tribe, which could delay mining activities[813](index=813&type=chunk)[814](index=814&type=chunk)[815](index=815&type=chunk) - The Daneros Mine's amended Plan of Operations, approved by the BLM in 2018, is being challenged by environmental groups in an appeal to the IBLA[816](index=816&type=chunk) [Mine Safety Disclosure](index=162&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) Mine safety disclosures are provided in Exhibit **95.1** of the Annual Report - Mine safety disclosures are included in Exhibit **95.1** of this Annual Report[819](index=819&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=163&type=section&id=ITEM%205.%20MARKET%20FOR%20THE%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) This section details the company's common stock trading, dividend policy, equity compensation plans, and stock performance - The company's common shares are listed on the NYSE American (UUUU) and the Toronto Stock Exchange (EFR)[823](index=823&type=chunk) - The company has never paid a cash dividend and does not expect to in the foreseeable future[824](index=824&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2020) | Category | Shares to be Issued Upon Exercise | Weighted-Average Exercise Price (US$) | Shares Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | **Equity plans approved by security holders** | 4,423,766 | $2.92 | 9,343,422 | [Selected Financial Data](index=166&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) This section provides a five-year summary of key financial data, highlighting trends in revenues, net loss, and assets Selected Financial Data (in thousands of $) | | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $1,658 | $5,865 | $31,721 | $31,046 | $54,552 | | **Net loss** | $(27,872) | $(38,094) | $(25,362) | $(27,990) | $(39,864) | | **Basic and diluted net loss per share** | $(0.23) | $(0.40) | $(0.30) | $(0.39) | $(0.70) | | **Total assets** | $183,236 | $175,720 | $196,766 | $185,338 | $196,457 | | **Total long-term obligations** | $13,376 | $22,475 | $43,059 | $48,175 | $46,487 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=168&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This MD&A section details 2020 financial performance, including reduced net loss and improved liquidity, and outlines 2021 production plans Financial Performance Summary (in millions of $) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | **Total Revenues** | $1.7 | $5.9 | | **Operating Loss** | $(24.6) | $(40.6) | | **Net Loss** | $(27.9) | $(38.1) | | **Net Loss per Share** | $(0.23) | $(0.40) | - The decrease in net loss in 2020 was primarily due to a lower inventory impairment charge (**$1.6M** in 2020 vs. **$14.4M** in 2019) and lower development costs[904](index=904&type=chunk)[909](index=909&type=chunk) - The company's liquidity improved significantly, ending 2020 with **$40.2 million** in working capital, including **$20.2 million** in cash. This was driven by net proceeds of **$52.4 million** from equity issuances[932](index=932&type=chunk)[938](index=938&type=chunk) - In 2020, the company redeemed all outstanding convertible debentures, becoming **debt-free**[873](index=873&type=chunk)[874](index=874&type=chunk) 2021 Production & Inventory Outlook | Item | Expected Amount | | :--- | :--- | | **U3O8 Production** | 30,000 - 60,000 lbs | | **V2O5 Production** | 0 lbs | | **REE Carbonate Production** | 2,000 - 3,000 tons | | **Year-End U3O8 Inventory** | 720,000 - 750,000 lbs | [Quantitative and Qualitative Disclosures About Market Risk](index=185&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section outlines the company's exposure to commodity price, interest rate, currency, and credit risks - The company is highly exposed to commodity price risk, as all future uranium sales will be at market prices due to the expiration of all long-term contracts[955](index=955&type=chunk) - Currency risk exists due to financial instruments and cash held in Canadian dollars (Cdn$). As of December 31, 2020, the net exposure was approximately **$3.77 million**[957](index=957&type=chunk)[958](index=958&type=chunk) - Credit risk is managed by transacting with highly-rated counterparties, with most sales historically made to major nuclear utilities, which pose a low risk of non-payment[960](index=960&type=chunk) [Financial Statements and Supplementary Data](index=186&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the company's audited consolidated financial statements and accompanying notes for the past three years Consolidated Statement of Operations (Year ended Dec 31, in thousands) | | 2020 | 2019 | 2018 | | :--- | :--- | :--- | | **Total Revenues** | $1,658 | $5,865 | $31,721 | | **Total Operating Loss** | $(24,627) | $(40,581) | $(21,312) | | **Net Loss** | $(27,872) | $(38,094) | $(25,362) | | **Basic and Diluted Net Loss per Share** | $(0.23) | $(0.40) | $(0.30) | Consolidated Balance Sheet (As of Dec 31, in thousands) | | 2020 | 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $52,472 | $43,172 | | **Total Assets** | $183,236 | $175,720 | | **Total Current Liabilities** | $12,314 | $22,638 | | **Total Liabilities** | $25,690 | $45,113 | | **Total Equity** | $157,546 | $130,607 | Consolidated Statement of Cash Flows (Year ended Dec 31, in thousands) | | 2020 | 2019 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | $(32,178) | $(44,378) | | **Net Cash Provided by Investing Activities** | $3,581 | $22,575 | | **Net Cash Provided by Financing Activities** | $36,584 | $20,359 | | **Net Change in Cash** | $8,094 | $(1,401) | Part III [Directors, Executive Officers and Corporate Governance](index=223&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) This section details the company's Board of Directors, executive officers, and corporate governance practices, including the Audit Committee - The Board of Directors consists of eight members, with **seven** determined to be independent. J. Birks Bovaird serves as the independent Chair[1142](index=1142&type=chunk)[1429](index=1429&type=chunk) - The company's executive officers include Mark S. Chalmers (President & CEO) and David C. Frydenlund (CFO, General Counsel & Corporate Secretary)[1165](index=1165&type=chunk) - The company has adopted a Code of Business Conduct and Ethics applicable to all directors, officers, and employees[1174](index=1174&type=chunk) - The Audit Committee is composed of three independent directors: Bruce D. Hansen (Chair), J. Birks Bovaird, and Alexander G. Morrison. Both Mr. Hansen and Mr. Morrison are qualified as **financial experts**[1180](index=1180&type=chunk) [Executive Compensation](index=232&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) This section details the executive compensation program, including base salary, bonuses, equity awards, and 2020 performance outcomes - Executive compensation is composed of base salary, cash bonuses (STIP), and long-term equity awards (LTIP), benchmarked against a peer group of mining and energy companies[1190](index=1190&type=chunk)[1207](index=1207&type=chunk) - For 2020 performance, the combined STIP weighting was **120%** of target, and the combined LTIP weighting was **127.5%** of target, reflecting strong achievement in strategic goals and share price performance[1258](index=1258&type=chunk)[1279](index=1279&type=chunk) 2020 NEO Compensation Summary | Name | Title | Salary (US$) | Share-Based Awards (US$) | Non-Equity Incentive (US$) | Total Compensation (US$) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Mark S. Chalmers** | President & CEO | $400,000 | $510,000 | $240,000 | $1,170,750 | | **David C. Frydenlund** | CFO & General Counsel | $287,116 | $292,858 | $137,816 | $725,742 | - The CEO-to-median-employee pay ratio for 2020 was approximately **18 to 1**[1309](index=1309&type=chunk) - The company has a share ownership requirement for non-employee directors, an insider trading policy that restricts hedging, and an incentive compensation claw-back policy[1379](index=1379&type=chunk)[1283](index=1283&type=chunk)[1284](index=1284&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=267&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) This section details common share ownership by directors and NEOs, and information on equity compensation plans - As of March 18, 2021, there were **140,565,924** common shares outstanding[1410](index=1410&type=chunk) Beneficial Ownership of Directors and NEOs (as of March 18, 2021) | Group | Total Beneficial Ownership | Percent of Class | | :--- | :--- | :--- | | **Current Directors and NEOs as a Group (12 total)** | 2,765,812 shares | 1.97% | - The annual burn rate under the Equity Incentive Plan was **1.2%** for 2020, **3.4%** for 2019, and **2.0%** for 2018[1390](index=1390&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=274&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%20AND%20DIRECTOR%20INDEPENDENCE) This section discloses material transactions with related parties and confirms the independence of most board members - Director Robert W. Kirkwood is a principal of United Nuclear LLC, which owns a **19%** interest in the Arkose Mining Venture, a joint venture with the Company. United Nuclear contributed **$0.13 million** to the venture's expenses in 2020[1422](index=1422&type=chunk)[1423](index=1423&type=chunk) - Director Benjamin Eshleman III is President of Mesteña LLC, and his family entities hold royalty and surface use agreements related to the Alta Mesa Project. No royalty payments were made in 2020 due to the project being on standby[1424](index=1424&type=chunk)[1425](index=1425&type=chunk) - **Seven** of the eight directors are determined to be independent. Mark S. Chalmers, the President and CEO, is the only non-independent director[1429](index=1429&type=chunk) [Principal Accountant Fees and Services](index=275&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) This section details fees paid to the independent accounting firm, KPMG LLP, for audit and tax services Principal Accountant Fees (KPMG LLP) | Fee Category | 2020 | 2019 | | :--- | :--- | :--- | | **Audit Fees** | $520,000 | $1,271,396 | | **Tax Fees** | $30,204 | $23,097 | | **All Other Fees** | Nil | Nil | - The significant decrease in audit fees from 2019 to 2020 is because the 2019 fee included **$656,000** for the company's first Internal Controls Over Financial Reporting (ICFR) audit, which was not required for the 2020 fiscal year[1438](index=1438&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=277&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all documents filed as exhibits and financial statement schedules for the Form 10-K report [Form 10-K Summary](index=281&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) The company reports no Form 10-K summary - **None**[1450](index=1450&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State ...

Energy Fuels Inc. (NYSE:UUUU) Q2 2020 Earnings Conference Call August 5, 2020 11:00 AM ET Company Participants Mark Chalmers - President & Chief Executive Officer Dave Frydenlund - Chief Financial Officer & General Counsel Curtis Moore - Vice President of Marketing & Corporate Development Conference Call Participants Mark Reichman - Noble Capital Markets Heiko Ihle - HC Wainwright Joseph Reagor - ROTH Capital Partners Operator Good morning. My name's Colin, and I'll be your conference operator today. At thi ...

[PART I – FINANCIAL INFORMATION](index=8&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion for Energy Fuels Inc [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=8&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Energy Fuels Inc. presents unaudited condensed consolidated financial statements for Q2 2020, detailing financial performance, position, and cash flows [Financial Performance](index=9&type=section&id=Financial%20Performance) Q2 2020 revenues were $0.40 million, with a net loss of $8.2 million, an improvement due to reduced inventory impairment | Financial Metric | Three Months Ended June 30, 2020 (USD) | Three Months Ended June 30, 2019 (USD) | Six Months Ended June 30, 2020 (USD) | Six Months Ended June 30, 2019 (USD) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $0.395 million | $3.071 million | $0.788 million | $4.741 million | | **Total Operating Loss** | ($6.470) million | ($11.504) million | ($14.276) million | ($21.626) million | | **Net Loss** | ($8.190) million | ($9.314) million | ($13.854) million | ($21.448) million | | **Basic and Diluted Loss Per Share** | ($0.08) | ($0.10) | ($0.12) | ($0.23) | - For the three and six months ended June 30, 2020, the company recorded inventory impairment losses of **$0.43 million** and **$1.51 million**, respectively, a significant reduction from the **$4.91 million** and **$6.08 million** impairments recorded in the same periods of 2019[42](index=42&type=chunk) [Financial Position](index=10&type=section&id=Financial%20Position) As of June 30, 2020, total assets increased to $188.1 million, driven by cash, while liabilities decreased, boosting equity | Balance Sheet Item | June 30, 2020 (USD) | December 31, 2019 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $57.020 million | $43.172 million | | Cash and cash equivalents | $26.635 million | $12.810 million | | Inventories, net (Current) | $26.576 million | $22.808 million | | **Total Assets** | $188.125 million | $175.720 million | | **Total Current Liabilities** | $18.977 million | $22.638 million | | **Total Liabilities** | $42.228 million | $45.113 million | | **Total Equity** | $145.897 million | $130.607 million | [Cash Flows](index=13&type=section&id=Cash%20Flows) Net cash used in operations was $15.8 million, offset by $27.1 million from financing activities, significantly increasing cash | Cash Flow Activity (Six Months Ended June 30) | 2020 (USD) | 2019 (USD) | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($15.830) million | ($22.992) million | | **Net cash provided by investing activities** | $3.051 million | $16.116 million | | **Net cash provided by financing activities** | $27.096 million | $9.050 million | | **Change in Cash, Cash Equivalents and Restricted Cash** | $14.317 million | $2.174 million | [Notes to Financial Statements](index=14&type=section&id=Notes%20to%20Financial%20Statements) Notes detail the company's exploration status, Cdn$20.86 million debentures, legal challenges, and $20.24 million in surety bonds - The company is classified as an exploration stage mining company under U.S. SEC Industry Guide 7 as it has not established proven or probable reserves[33](index=33&type=chunk) - The company has **Cdn$20.86 million** in floating-rate convertible unsecured subordinated debentures maturing on December 31, 2020, with half (**Cdn$10.43 million**) redeemed on July 14, 2020[51](index=51&type=chunk)[55](index=55&type=chunk) - The company faces legal challenges from environmental and tribal groups regarding its White Mesa Mill license renewal and its Canyon Project operations[83](index=83&type=chunk)[84](index=84&type=chunk)[87](index=87&type=chunk) - As of June 30, 2020, the company has posted **$20.24 million** in surety bonds as collateral against a total undiscounted asset retirement obligation of **$41.75 million**[90](index=90&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=27&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses business strategy, recent developments, market outlook, and financial results, highlighting improved liquidity [Overview and Recent Developments](index=27&type=section&id=Overview%20and%20Recent%20Developments) The company leverages its White Mesa Mill for uranium and REE processing, acquired PFN technology, and monitors U.S. government initiatives - The company is evaluating processing Rare Earth Element (REE) ores at its White Mesa Mill to produce a commercially viable REE concentrate, providing a crucial link in a potential U.S. REE supply chain[110](index=110&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk) - On July 14, 2020, the company redeemed **Cdn$10.43 million** of its outstanding convertible debentures to take advantage of favorable exchange rates and reduce interest payments[114](index=114&type=chunk) - The President's Budget for fiscal year 2021 proposes establishing a U.S. Uranium Reserve with appropriations of **$150 million** per year for 10 years to support domestic production[128](index=128&type=chunk) - The company acquired Prompt Fission Neutron (PFN) borehole logging technology and equipment, critical for accurately measuring uranium ore grades in ISR deposits[116](index=116&type=chunk) [Market and Operations Outlook](index=31&type=section&id=Market%20and%20Operations%20Outlook) Uranium spot prices rose 21% in Q2 2020, with the company producing U3O8 for inventory while most facilities remain on standby - Uranium spot prices increased by **21%** during Q2 2020, from **$27.30** to **$33.00 per pound**, while long-term prices rose from **$34.00** to **$39.00 per pound**[132](index=132&type=chunk) - For the full year 2020, the company expects to recover between **125,000** and **175,000 pounds of U3O8**[140](index=140&type=chunk) - The company has no uranium sales commitments for 2020 and plans to add all production to its inventory, which is fully unhedged against future price increases[141](index=141&type=chunk)[151](index=151&type=chunk) - The Nichols Ranch ISR facility was placed on standby in Q1 2020, with other conventional mines and the Alta Mesa Project also remaining on standby pending improved market conditions or government action[136](index=136&type=chunk)[138](index=138&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2020 revenues were $0.40 million, with a net loss of $8.2 million, an improvement due to reduced inventory impairment charges | Metric | Three Months Ended June 30, 2020 (USD) | Three Months Ended June 30, 2019 (USD) | | :--- | :--- | :--- | | **Total Revenues** | $0.40 million | $3.07 million | | **Impairment of Inventories** | $0.43 million | $4.91 million | | **Standby Costs** | $2.73 million | $1.25 million | | **General & Administration** | $3.17 million | $3.73 million | | **Net Loss** | ($8.19) million | ($9.31) million | - The decrease in revenue was due to the absence of any uranium or vanadium concentrate sales in Q2 2020[159](index=159&type=chunk)[164](index=164&type=chunk) - Standby costs increased to **$2.73 million** in Q2 2020 from **$1.25 million** in Q2 2019, primarily due to reduced recovery activities at the Nichols Ranch facility[171](index=171&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company's financial position strengthened in H1 2020 with $38.04 million net working capital and $26.64 million cash, funded by share issuances - At June 30, 2020, the company had net working capital of **$38.04 million**, including **$26.64 million** in cash and **$1.68 million** in marketable securities[183](index=183&type=chunk) - For the six months ended June 30, 2020, the company raised **$27.86 million** in net proceeds from the issuance of common shares[189](index=189&type=chunk) - The company holds approximately **575,000 pounds** of finished uranium inventory and **1,675,000 pounds** of finished vanadium inventory[183](index=183&type=chunk) - Subsequent to the quarter end, from July 1 to July 31, 2020, the company raised an additional **$8.5 million** in net proceeds from its ATM program[182](index=182&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=42&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from volatile commodity prices, interest rates on convertible debentures, and foreign currency exposure from Canadian dollar debt - The company is subject to commodity price risk as all future uranium sales will be at spot prices until new long-term contracts are secured[207](index=207&type=chunk) - Interest rate risk exists on the Convertible Debentures, where the annual interest rate fluctuates between **8.5%** and **13.5%** based on the spot price of U3O8[208](index=208&type=chunk)[209](index=209&type=chunk) - The company has foreign currency risk exposure on its Canadian Dollar denominated Convertible Debentures, with a total exposure of approximately **$10.9 million** as of June 30, 2020[210](index=210&type=chunk)[211](index=211&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=44&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were ineffective as of June 30, 2020, due to a material weakness, with remediation expected by year-end - Management concluded that disclosure controls and procedures were not effective as of June 30, 2020, due to a material weakness in internal control over financial reporting disclosed in the 2019 Form 10-K[215](index=215&type=chunk) - The company expects to complete the remediation of this material weakness prior to the end of fiscal year 2020[217](index=217&type=chunk) [PART II – OTHER INFORMATION](index=45&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, risk factors, unregistered equity sales, and mine safety [ITEM 1. LEGAL PROCEEDINGS](index=45&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) No new material legal proceedings are reported beyond those previously disclosed in the company's 2019 Form 10-K or this 10-Q - There are no new material legal proceedings to report that were not already disclosed in the Company's Form 10-K for the year ended December 31, 2019, or in this Form 10-Q[219](index=219&type=chunk) [ITEM 1A. RISK FACTORS](index=45&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes have occurred in the company's risk factors since those outlined in the 2019 Form 10-K - No material changes have occurred in the risk factors from those set forth in the Annual Report on Form 10-K for the year ended December 31, 2019[221](index=221&type=chunk) [Other Part II Items](index=45&type=section&id=Other%20Part%20II%20Items) This section covers no unregistered equity sales or senior security defaults, with mine safety disclosures in Exhibit 95.1 and a list of exhibits - The company reported no unregistered sales of equity securities or defaults on senior securities during the period[222](index=222&type=chunk)[224](index=224&type=chunk) - Mine safety disclosures are provided in Exhibit 95.1, as required by the Dodd-Frank Act[226](index=226&type=chunk)

PART I – FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=8&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Energy Fuels Inc. reported a reduced **$5.7 million** net loss in Q1 2020, driven by lower operating costs and financial instrument gains, despite decreased revenue, and improved its balance sheet Condensed Consolidated Statements of Operations (Q1 2020 vs Q1 2019) | Financial Metric | Three months ended March 31, 2020 ($) | Three months ended March 31, 2019 ($) | | :--- | :--- | :--- | | Total Revenues | $393,000 | $1,670,000 | | Total operating loss | ($7,806,000) | ($10,122,000) | | Net loss | ($5,664,000) | ($12,134,000) | | Basic and diluted loss per share | ($0.05) | ($0.13) | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | March 31, 2020 ($) | December 31, 2019 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | $23,537,000 | $12,810,000 | | Total current assets | $53,504,000 | $43,172,000 | | Total assets | $184,928,000 | $175,720,000 | | Total current liabilities | $18,405,000 | $22,638,000 | | Total liabilities | $39,966,000 | $45,113,000 | | Total equity | $144,962,000 | $130,607,000 | Condensed Consolidated Statements of Cash Flows (Q1 2020 vs Q1 2019) | Cash Flow Activity | Three months ended March 31, 2020 ($) | Three months ended March 31, 2019 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($8,324,000) | ($11,553,000) | | Net cash provided by investing activities | $2,200,000 | $9,950,000 | | Net cash provided by financing activities | $18,572,000 | $2,511,000 | - In Q1 2020, the company recorded an inventory impairment loss of **$1.08 million**, compared to **$1.18 million** in Q1 2019[40](index=40&type=chunk) - The company completed a bought deal public offering of **11.30 million** common shares in February 2020, receiving net proceeds of **$15.14 million**; additionally, **2.39 million** shares were issued under the ATM program for net proceeds of **$3.96 million** in Q1 2020[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes the **$5.7 million** Q1 2020 net loss to low commodity prices, while pursuing rare earth element opportunities and engaging with the U.S. Uranium Reserve initiative, supported by **$19.1 million** in equity financing - The company is evaluating entry into the rare earth element (REE) market, leveraging the White Mesa Mill's capabilities to process REE-bearing ores and materials, potentially creating a domestic REE supply chain and reducing reliance on China[108](index=108&type=chunk)[110](index=110&type=chunk) - The U.S. President's 2021 Budget proposes creating a Uranium Reserve with **$150 million** in annual funding for **10 years** to purchase domestically produced uranium, a direct response to the company's Section 232 petition and the Nuclear Fuel Working Group's findings[114](index=114&type=chunk)[115](index=115&type=chunk) Uranium & Vanadium Production and Outlook | Metric | Q1 2020 Actual (lbs) | FY 2020 Guidance (lbs) | | :--- | :--- | :--- | | U3O8 Recovered | 5,900 | 125,000 - 175,000 | | V2O5 Recovered | 67,000 | N/A (Pond Return suspended) | - The company has no uranium sales commitments for 2020 and is fully unhedged, positioning it to benefit from potential price increases; all 2020 production is expected to be added to inventory[126](index=126&type=chunk)[136](index=136&type=chunk) - At March 31, 2020, the company had working capital of **$35.10 million**, including **$23.54 million** in cash and significant uranium and vanadium inventories; management believes it has sufficient resources for at least the next twelve months[160](index=160&type=chunk) [Recent Developments](index=25&type=section&id=Recent%20Developments) Recent developments include managing COVID-19 impacts, raising **$15.14 million** in financing, exploring rare earth element market entry, and noting progress on the U.S. Uranium Reserve initiative - The company believes it is well-capitalized to withstand potential facility shutdowns or depressed share prices resulting from the COVID-19 crisis for at least the next twelve months[106](index=106&type=chunk) - On February 20, 2020, the company closed a bought deal public offering, issuing **11.3 million** common shares at **$1.47 per share** for net proceeds of **$15.14 million**[107](index=107&type=chunk) - The company is exploring entry into the rare earth element (REE) market, leveraging its White Mesa Mill to potentially process ores and eliminate the need to ship them to China[108](index=108&type=chunk)[110](index=110&type=chunk) - The President's 2021 Budget proposes a **$150 million** annual appropriation for **10 years** to establish a U.S. Uranium Reserve, supporting domestic production; this action follows recommendations from the U.S. Nuclear Fuel Working Group[114](index=114&type=chunk) [Market Update](index=26&type=section&id=Market%20Update) Uranium spot prices rose **10%** in Q1 2020 to **$27.30 per pound** and continued climbing due to COVID-19 related production cuts, while vanadium prices also increased amid supply concerns Commodity Price Changes | Commodity | Q1 2020 Change | Price on April 30/May 1, 2020 ($/lb) | | :--- | :--- | :--- | | Uranium (U3O8) Spot | +10% (to $27.30/lb) | $33.75/lb | | Vanadium (V2O5) Europe | +5% (to $5.58/lb) | $6.88/lb | - Significant uranium production cuts were announced post-quarter in Canada, Kazakhstan, and Namibia due to the COVID-19 crisis, contributing to a price increase of over **30%** between March 1 and April 30, 2020[118](index=118&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2020 net loss improved to **$5.7 million** from **$12.1 million** in Q1 2019, despite lower revenues, primarily due to reduced development expenses and a positive swing in other income from financial instrument gains - Revenues for Q1 2020 were **$0.39 million**, entirely from fees for receiving third-party ore, compared to **$1.67 million** in Q1 2019, which included **$1.17 million** from vanadium sales[144](index=144&type=chunk) - Development, permitting, and land holding costs decreased sharply to **$0.68 million** in Q1 2020 from **$4.34 million** in Q1 2019, as the prior year included costs for a V2O5 test-mining program and production ramp-up[147](index=147&type=chunk) - Standby costs increased to **$1.92 million** in Q1 2020 from **$1.08 million** in Q1 2019, mainly due to reduced recovery activities at the White Mesa Mill[150](index=150&type=chunk) - Other income was **$2.49 million** in Q1 2020, compared to a loss of **$1.68 million** in Q1 2019; the positive swing was mainly due to gains on the fair value of convertible debentures and warrant liabilities, and foreign exchange gains[156](index=156&type=chunk)[157](index=157&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from unhedged uranium and vanadium commodity prices, interest rate fluctuations on convertible debentures tied to uranium prices, and Canadian dollar currency exposure - The company is fully exposed to uranium and vanadium spot prices as all long-term uranium contracts have expired and no new contracts are in place[187](index=187&type=chunk)[188](index=188&type=chunk) - Interest rate risk on the Convertible Debentures is tied to the UxC U3O8 price, ranging from **8.5%** annually for prices up to **$54.99/lb** to **13.5%** for prices at or above **$100/lb**[189](index=189&type=chunk)[190](index=190&type=chunk) - The company has a net exposure of approximately **($1.85) million** to the Canadian dollar as of March 31, 2020, primarily through its convertible debentures[192](index=192&type=chunk) [Controls and Procedures](index=39&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were not effective as of March 31, 2020, due to a material weakness, with a remediation plan underway for completion by fiscal year-end 2020 - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2020, due to a material weakness identified in the 2019 annual report[196](index=196&type=chunk) - A remediation plan is underway to address the material weakness, with completion expected prior to the end of fiscal 2020[198](index=198&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports no new material pending or threatened litigation beyond what was previously disclosed in its 2019 Form 10-K and current Form 10-Q - There are no new material legal proceedings that would likely have a material adverse effect on the company beyond those already disclosed[200](index=200&type=chunk) [Risk Factors](index=40&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2019 - No material changes from the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2019 have occurred[202](index=202&type=chunk) [Mine Safety Disclosure](index=40&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) Mine safety disclosures required by Regulation S-K Item 104 are included in Exhibit 95.1 of this quarterly report - Mine safety disclosures required by Regulation S-K Item 104 are included in Exhibit 95.1 of this report[207](index=207&type=chunk)