Prnewswireยท2025-02-27 12:00Core 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]