Core Viewpoint - The collaboration between Energy Fuels and POSCO aims to establish a non-China rare earth element (REE) supply chain for electric vehicles (EVs) and hybrid EVs, potentially benefiting U.S., E.U., Japanese, and South Korean automakers [2][4]. Group 1: Collaboration Details - Energy Fuels signed a strategic Memorandum of Understanding (MOU) with POSCO to outline the terms of their collaboration [2]. - The partnership seeks to link Energy Fuels' U.S. rare earth oxide production with POSCO's expertise in traction motor cores, which are essential for EV drivetrains [1][3]. - Initial qualification samples of Energy Fuels' neodymium-praseodymium (NdPr) oxide have met POSCO's specifications, paving the way for larger-scale samples to be supplied for further processing [4][5]. Group 2: Market Impact - The collaboration could enable the production of high-performance permanent REE magnets in the U.S., which would be used in vehicles for the U.S. and European markets as early as this year [3][4]. - Upon successful validation, the NdPr oxide supplied by Energy Fuels could power over 30,000 EVs, with potential consumer availability later this year [5][6]. - The MOU includes intentions for long-term supply discussions, allowing Energy Fuels to maintain significant volumes for other customers while supporting commercial-scale REE production initiatives in the U.S. [6][8]. Group 3: Company Background - Energy Fuels is a leading U.S. producer of uranium, REEs, and heavy mineral sands, with a focus on critical minerals [9]. - The company operates the White Mesa Mill in Utah, the only fully licensed conventional uranium processing facility in the U.S., and is involved in various HMS projects globally [9][11]. - Energy Fuels has been the leading U.S. producer of natural uranium concentrate, which is sold to nuclear utilities for carbon-free energy production [9].

Core Viewpoint - Energy Fuels (UUUU) has experienced significant stock price decline and reported a loss in Q4 2024 despite increased revenues, raising concerns about its future performance and valuation [1][2][26]. Financial Performance - Energy Fuels reported Q4 2024 revenues of approximately $40 million, a substantial increase from $0.5 million in the same quarter last year, and full-year revenues reached $78 million, marking a 106% increase from 2023 [7][8]. - The company incurred a loss of 19 cents per share in Q4 2024, compared to a loss of 13 cents in the same quarter last year, and a full-year loss of 28 cents compared to an adjusted loss of 19 cents in 2023 [9][10]. Market Performance - UUUU shares have declined 37.4% over the past year, contrasting with a 6.1% rise in the industry and a 21.5% increase in the S&P 500 [2]. - The stock hit a new 52-week low of $3.78 before closing at $3.80, reflecting a 14% loss since the Q4 results announcement [1]. Technical Indicators - Energy Fuels has been trading below the 50-day and 200-day simple moving averages since January 24, 2025, indicating a bearish trend following a death crossover on February 3, 2025 [4][5]. Strategic Developments - The acquisition of Base Resources in October 2024 has positioned Energy Fuels to access the Toliara Mineral Sand Project, enhancing its potential in titanium and zirconium minerals production [11]. - The Toliara project is expected to provide a long-term supply of monazite for advanced rare earth element (REE) production at the White Mesa Mill [12]. Future Outlook - Energy Fuels anticipates uranium ore production of 730,000 to 1,170,000 pounds in 2025, with contract sales expected to be between 200,000 and 300,000 pounds [15]. - The company has added a long-term uranium sales contract, expecting to deliver 270,000 to 330,000 pounds between 2026 and 2027 [16]. Valuation Concerns - UUUU is currently trading at a forward price-to-sales multiple of 4.65, above the industry average of 2.64, indicating a stretched valuation [25]. - The company has a debt-free balance sheet with $170.90 million in working capital as of December 31, 2024 [21]. Market Challenges - Uranium prices have declined by 10.34% since the beginning of 2025 and 30% over the past year, currently around $65.45 per pound, raising concerns about future demand [22]. - Recent reports of Microsoft canceling data center leases have further fueled uncertainty regarding uranium demand [23].

Core Viewpoint Energy Fuels reported a wider-than-expected loss in Q4 and for the fiscal year 2024, primarily due to transaction costs from acquisitions and increased operational expenses, despite significant revenue growth driven by uranium and Heavy Mineral Sands sales. Financial Performance - Energy Fuels reported a Q4 fiscal 2024 loss per share of 19 cents, missing the Zacks Consensus Estimate of breakeven earnings per share, compared to a loss of 13 cents per share in the same quarter last year [1][2] - The company reported a total loss of 28 cents per share for 2024, wider than the Zacks Consensus Estimate of a loss of 10 cents [2] - Revenues for Q4 2024 were approximately $40 million, missing the Zacks Consensus Estimate of $45 million, but significantly higher than $0.5 million in the year-ago quarter [5] - Total revenues for 2024 reached $78 million, marking a 106% increase from $38 million in 2023, surpassing the Zacks Consensus Estimate of $72 million [5] Revenue Breakdown - The year-over-year revenue increase was attributed to Heavy Mineral Sands (HMS) revenues following the acquisition of Base Resources, alongside a 9% increase in uranium revenues [6] - Energy Fuels sold 450,000 pounds of uranium in 2024 at an average price of $84.23 per pound, compared to 560,000 pounds sold at $59.42 in 2023 [6][7] - HMS segment revenues were $39.87 million in 2024, with no revenues from the Rare Earth Element (REE) segment [9] Cost and Expenses - Costs applicable to revenues in Q4 were $39 million, while for 2024, these costs soared 208% to around $56 million [10] - General and administrative expenses were approximately $9.9 million in Q4, a significant year-over-year increase of 293%, and totaled $31 million for 2024, a 34% increase from 2023 [11] Operating Loss - Energy Fuels reported an operating loss of $28.6 million in Q4 2024, compared to a loss of $14.4 million in the same quarter last year, with a total operating loss of $47.5 million for 2024, wider than the loss of $32.4 million in 2023 [12] Cash Position - The company used $44 million in cash for operating activities in 2024, compared to an outflow of $15 million in 2023, ending 2024 with $170.90 million in working capital [13] Inventory and Contracts - As of December 31, 2024, Energy Fuels held 1,118,000 pounds of uranium in inventory and added a fourth long-term uranium sales contract, expecting to deliver 270,000-330,000 pounds between 2026 and 2027 [14][15] Stock Performance - Energy Fuels shares have declined by 37.4% over the past year, contrasting with an 11% growth in the industry [16]

Financial Data and Key Metrics Changes - The company reported a net loss of $48 million for 2024, primarily due to transaction costs related to the acquisition of Base Resources, which was offset by uranium sales [20][22] - The gross profit from uranium sales was $21 million, with a margin exceeding 50%, selling 450,000 pounds at an average price of $84 per pound [21][22] - The company maintains excellent liquidity with over $178 million in cash and equivalents, liquid marketable securities, and inventory [23] Business Line Data and Key Metrics Changes - The company produced approximately 160,000 pounds of uranium in Q4 2024 and expects to produce between 200,000 and 250,000 pounds in the first half of 2025 [31][55] - Rare earth production reached 38,000 kilograms of on-spec NdPr in 2024, with a capacity to produce up to 1,000 tonnes per year [17][37] - Heavy mineral sands generated approximately $40 million in revenue from sales, including ilmenite, rutile, and zircon [21][42] Market Data and Key Metrics Changes - The term uranium market remains strong, with prices around $82 per pound, while the spot market has shown short-term weakness [68][90] - The company expects to hold between 1.6 million to 2.4 million pounds of uranium in inventory by the end of 2025 [57][35] Company Strategy and Development Direction - The company aims to become a leading low-cost producer of critical minerals, focusing on uranium, rare earths, and heavy mineral sands [5][10] - The Toliara project in Madagascar is seen as a game changer, with significant potential for generating hundreds of millions in EBITDA annually [45][48] - The company is advancing its Phase 2 plant for rare earth processing, targeting a capacity increase to 6,000 tonnes of NdPr per year [37][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the uranium market despite current spot price weaknesses [69][90] - The company is focused on securing financing and advancing projects while maintaining a strong balance sheet [106] - There is optimism regarding the government's motivation to advance the Toliara project, with no significant red flags noted [95][96] Other Important Information - The company has no debt and possesses over $1 billion in assets [24] - The White Mesa Mill is the only facility in the U.S. capable of processing monazite, which is crucial for rare earth production [37][38] Q&A Session Summary Question: What is the current market interest for long-term uranium contracts? - Management indicated that the term market remains strong, with ongoing interest for geopolitically safe uranium despite weak spot prices [68] Question: Can you clarify the large range in expected mining stockpile ore? - The range is due to varying operational strategies based on market conditions and the grades of different mines [70][74] Question: How much of the $60 million raised will be spent on rare earth projects in 2025? - The allocation will depend on project timelines and needs, with significant payments expected for project certifications [80][82] Question: What is driving the current weakness in uranium prices? - The weakness is attributed to speculation regarding uranium imports and a lack of active buyers in the spot market [88][90] Question: What are the signs of progress with the Toliara project? - The government appears motivated to advance the project, with positive signs from recent agreements and collaborations [95][96] Question: What are the operating costs per pound of U308? - Current costs are low, but as production ramps up, costs may increase, particularly with new projects [111][114] Question: What is the expected replacement cost for new uranium mines? - Replacement costs are expected to be above $100 per pound, indicating a need for price increases in the future [122][124] Question: What is the company's strategy for securing offtake agreements for rare earths? - The company is actively pursuing discussions for long-term agreements to finance projects and ensure market stability [132][134]

Core Insights - Energy Fuels Inc. reported significant progress in 2024, including the resumption of U.S. uranium mining, profitable uranium sales, and the achievement of commercial U.S. rare earth production [2][3] - The company is strategically diversifying into high-growth markets such as rare earth elements, mineral sands, and medical isotopes while maintaining a strong balance sheet [3][4] Financial Performance - The company incurred a net loss of $47.84 million on revenues of $78.11 million for the year ended December 31, 2024, primarily due to one-time transaction costs and increased operating expenses [5][19] - Heavy mineral sands revenues reached $39.87 million, while uranium concentrates revenues were $37.90 million, marking a significant increase from the previous year [19] - The company maintained a robust balance sheet with over $170 million in liquidity and no debt as of December 31, 2024 [5][19] Uranium Operations - In 2024, Energy Fuels sold 450,000 pounds of U3O8, achieving a gross profit of $21.32 million with a gross margin of 56% [5][19] - The company holds a total of 1,118,000 pounds of U3O8 in inventory as of December 31, 2024, and expects to produce between 200,000 and 250,000 pounds of finished U3O8 in the first half of 2025 [7][19] - A new long-term uranium sales contract was added, expecting to deliver 270,000 to 330,000 pounds of uranium between 2026 and 2027 [7] Rare Earth Elements and Heavy Mineral Sands - The company produced approximately 38,000 kg of separated NdPr from its newly commissioned Phase 1 REE separation circuit in 2024 [10] - Heavy mineral sands revenues were driven by sales of rutile, ilmenite, and zircon, totaling $39.87 million [5][19] - The Toliara HMS project in Madagascar is expected to provide a long-life, high-value monazite stream as a byproduct, enhancing the company's REE production capabilities [10][11] Strategic Initiatives - The acquisition of Base Resources is anticipated to transform Energy Fuels into a global leader in critical minerals production [10][11] - The company is advancing its Bahia HMS project in Brazil and expects to complete a compliant mineral resource estimate by late 2025 or early 2026 [11] - The company is also developing capabilities for medical isotopes, having acquired RadTran LLC to enhance its production of essential isotopes for cancer treatments [16]

Table of Content 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, 2024 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 ...

Energy Fuels (UUUU) is currently trading at a forward 12-month earnings multiple of 5.63X, at a 113% premium to the non-ferrous mining industry’s 2.64X. UUUU’s Value Score of F suggests that the stock is not so cheap and indicates a stretched valuation at this moment. Image Source: Zacks Investment Research The Energy Fuels stock has declined 28% in the past 12 months against the industry’s 8.1% growth. The Zacks Basic Materials sector has been unchanged over the past year, while the S&P 500 has risen 19.6% ...

Conference Call and Webcast at 9:00 AM MT on Thursday, February 27, 2025 DENVER, Feb. 21, 2025 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements ("REE") and critical minerals, will hold a conference call on Thursday, February 27, 2025, at 9:00 AM Mountain Time to discuss its financial results for 2024.  Financial results will be issued in a press release prior to the call. Energy Fuels' management will host the conference call, followe ...

I am reiterating my previous bullish outlook, especially at the current ditch, despite having gone up following my first coverage. My bullish stance is driven by the previous optimistic outlook and this article finding of the uranium favorable market condition.First Principles Partners is an equity research analyst specializing in technology, innovation, and sustainability investment. My unique approach, "First Principles," involves breaking down complex problems to their most basic elements in terms of fin ...

Energy Fuels (UUUU) ended the recent trading session at $5.54, demonstrating a -0.36% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.53%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.25%.Heading into today, shares of the uranium and vanadium miner and developer had gained 8.38% over the past month, outpacing the Basic Materials sector's gain of 1.53% and the S&P 500's gain of 1.24% in that time.Analysts and inves ...