Energy Fuels Announces 3rd Quarter FY-2013 Quarterly Results

Energy Fuels Announces 3rd Quarter FY-2013 Quarterly Results 
TORONTO, ONTARIO -- (Marketwired) -- 08/14/13 -- Energy Fuels Inc.
(TSX:EFR) ("Energy Fuels" or the "Company") today reported its
financial results for the three and nine months ended June 30, 2013.
The Company's Quarterly Consolidated Financial Statements, along with
Management's Discussion and Analysis, have been filed on the System
for Electronic Document Analysis and Retrieval ("SEDAR") and may be
viewed at Unless noted otherwise, all dollar amounts
are in US dollars. 
Selected Summary Financial Information 

                                                       As at          As at 
                                                    June 30,  September 30, 
$000's                                                  2013           2012 
Financial Position:                                                         
  Working Capital                              $      33,785  $      41,934 
  Property, plant and equipment                $     127,494  $     119,524 
  Total assets                                 $     207,729  $     223,844 
  Total long-term liabilities                  $      34,060  $      37,921 
                                                Three months    Nine months 
                                                       ended          ended 
                                                    June 30,       June 30, 
$000, except per share data                             2013           2013 
Results of Operations:                                                      
  Total revenues                               $       4,954  $      47,968 
  Net Income (loss)                            $      (5,532) $     (13,478)
  Basic & diluted net income (loss per share)  $       (0.01) $       (0.02)

Financial and Operational Highlights for the Quarter-ended June 30,
2013 ("Q3-2013"): 

--  Sold 50,000 pounds of U3O8, all of which was pursuant to term contracts
    at an average realized price of $58.75 per pound. 
--  Sold 315,000 pounds of V2O5 at an average realized price of $6.21 per
--  Production at the White Mesa Mill totaled 511,000 pounds of U3O8 and
    490,000 pounds of V2O5. U3O8 production included 95,000 pounds of U3O8
    from alternate feed materials and 416,000 pounds of U3O8 from
    conventional ore, primarily from the Company's Beaver, Pandora, Arizona
    1 and Daneros mines. 
--  As of June 30, 2013, the Company had working capital of $33.8 million,
    including cash and cash equivalents of $7.9 million, marketable
    securities of $0.2 million and 502,000 pounds of uranium concentrate
    inventory which, based on spot market prices as of June 30, 2013, had a
    market value of $19.9 million. 
--  On June 11, 2013, Energy Fuels and Strathmore Minerals Corp.
    ("Strathmore") entered into a definitive arrangement agreement whereby
    Energy Fuels will acquire by way of a plan of arrangement in accordance
    with the Business Corporations Act (British Columbia) all of the issued
    and outstanding shares of Strathmore (the "Transaction"). The
    Transaction is expected to create value for both companies' shareholders
    as a result of significant operating synergies as outlined in the May
    24, 2013 joint press release. Korea Electric Power Corporation
    ("KEPCO"), the largest shareholder of both Energy Fuels and Strathmore,
    has signed support agreements agreeing to vote their shares of both
    companies in favour of the Transaction. The shareholders of Energy Fuels
    approved the Transaction at a special meeting held on August 13, 2013.
    The shareholders of Strathmore will be asked to approve the Transaction
    at a special meeting to be held on August 20, 2013. 
--  On June 13, 2013, the Company announced the completion of a Cdn$6.6
    million bought deal private placement. A total of 47,380,791 units were
    issued at a price of Cdn$0.14 per unit. After strong investor interest,
    the offering was increased from the previously announced maximum of
    Cdn$5.8 million. Each unit consists of one common share of the Company
    and one-half of one common share purchase warrant, entitling the holder
    thereof to acquire one common share of the Company at a price of
    Cdn$0.19 at any time until June 15, 2015. 

Energy Fuels Outlook for the Fiscal Year Ended September 30, 2013
Energy Fuels continues to pursue its corporate strategy which
balances prudent, measured operations during the current uranium
price environment, while concurrently positioning the Company to
realize the economic benefits of anticipated improvements in the
price of uranium through select development expenditures and care and
maintenance activities. Energy Fuels believes the long-term uranium
market outlook remains positive (as outlined below in Market Outlook
for FY-2013) and is supported by strong supply and demand
fundamentals within the sector. However, the Company believes that
near- to medium- term uncertainty in the market could lead to
continued sluggishness in uranium prices. 
Energy Fuels remains focused on its relatively lower cost sources of
production from its Arizona Strip mines and alternate feed materials.
These production sources, along with the Company's existing uranium
concentrate inventories, will provide Energy Fuels with the U3O8
required for near-term deliveries pursuant to its term contracts. By
doing so, the Company aims to maximize its realized sales price per
pound of U3O8 and minimize its marginal cash cost of production. 
During the quarter-ended March 31, 2013, the Company determined that
it could realize production efficiencies by milling its entire
stockpile of conventional ore during Q3-2013, and therefore the
Company completed the processing of essentially all stockpiled ore in
June 2013. The Company's stockpile of conventional ore is currently
being replenished with mined ore from its Arizona 1 and Pinenut mines
(Pinenut commenced production in July 2013), and the Company
currently expects to resume conventional ore processing during the
second half of FY-2014. The processing of alternate feed materials is
currently expected to continue through the remainder of FY-2013 and
into the fiscal year ended September 30, 2014 ("FY 2014"). Mining
activities are expected to continue on the Arizona Strip at the
Arizona 1 and Pinenut mines for the remainder of FY-2013 and into
Energy Fuels expects improvements in the uranium price over the
medium to long-term and is maintaining, and selectively growing, its
asset base in a manner that positions the Company to realize the
associated economic benefits of a higher uranium price. At the same
time, the Company is regularly monitoring market conditions and
adjusting growth plans accordingly. Consistent with this strategy,
Energy Fuels expects to complete the acquisition of Strathmore on
August 28th, 2013. Energy Fuels believes the Transaction will result
in significant value creation for the shareholders of both companies,
through numerous synergies between the companies' assets in the
Colorado Plateau district and in Wyoming. In addition, the
Transaction offers the Company the opportunity to further its
relationship with KEPCO, including the appointment of a director,
nominated by KEPCO, to join Energy Fuels' board of directors. Energy
Fuels believes that KEPCO is a global leader in the nuclear power
Following the closing of the Transaction, Energy Fuels also looks
forward to working with Sumitomo Corporation of Japan, Strathmore's
joint venture partner at the Roca Honda uranium project ("Roca
Honda") in New Mexico. Roca Honda is one of the largest and highest
grade uranium development projects in the US. Energy Fuels believes
that operational synergies can be realized by utilizing Energy Fuels'
White Mesa Mill to process ore from Roca Honda, thereby negating the
need to permit and develop a new uranium mill in New Mexico. 
Development of the Canyon mine in Arizona continued through Q3-2013.
Permitting at the Sheep Mountain Project also continued through
Q3-2013, advancing a second potential major production center for the
Company. Following the closing of the acquisition of Strathmore,
Energy Fuels will evaluate the co-development of Sheep Mountain in
conjunction with Strathmore's Gas Hills and Juniper Ridge uranium
projects in Wyoming. Energy Fuels is confident that operational
synergies can be realized through this co-development strategy. The
Company is also pursuing potential new supplies of alternate feed
materials for the White Mesa Mill (which carry no mining costs), and
will continue to evaluate additional toll milling and/or ore purchase
agreements with third-parties who own uranium properties within
trucking distance of the White Mesa Mill. Energy Fuels will also
continue to evaluate growth through accretive acquisitions. 
As outlined below, Energy Fuels provides the following updated
outlook for FY-2013 and provides the following outlook for uranium
sales and production for the quarter-ended September 30, 2013

--  FY-2013 Sales: As previously announced, the Company expects to sell
    997,000 pounds of U3O8 during FY-2013, of which 957,000 pounds is
    expected to be sold under term contracts and the
    remainder sold into the spot market. Vanadium sales are estimated to be
    1,537,000 pounds of V2O5, or equivalent in the form of ferrovanadium,
    during FY-2013. 
--  Q4-2013 Sales: The Company expects to sell 257,000 pounds U3O8 during
    Q4-2013, all of which will be sold pursuant to term contracts. 
--  FY-2013 Production: The Company expects to produce approximately
    1,150,000 pounds of U3O8 during FY-2013, from both conventional ore and
    alternate feed sources. Conventional ore production includes ore mined
    from the Beaver, Pandora, Arizona 1 and Daneros mines. Given the
    processing of
    Beaver and Pandora ores, Energy Fuels also anticipates production of
    1,537,000 pounds of V2O5 in FY-2013. 
--  Q4-2013 Production: The Company expects to produce 125,000 pounds of
    U3O8 during Q4-2013, sourced from alternate feed materials. 
--  FY-2013 Mining Activities: As previously announced, mining on the
    Arizona Strip is expected to continue during FY-2013 at the Arizona 1
    and Pinenut mines. Effective October 17, 2012, the Company placed the
    Daneros and Beaver mines on standby. In addition, the Pandora mine was
    placed on standby in December 2012. 
--  FY-2013 Project Development: Energy Fuels plans to selectively invest in
    high priority development projects and maintain general permitting and
    exploration activities during FY-2013. During Q3-2013, the Company
    continued development of the Canyon mine in Arizona. The Company
    anticipates development expenditures at the Canyon mine to be $3.9
    million to $4.4 million during FY-2013. In addition, Energy Fuels
    continued permitting activities at the Sheep Mountain Project in Wyoming
    during Q3-2013, at an anticipated cost of approximately $1.1 million
    during FY-2013. The Company expects other permitting and exploration
    expenditures to be approximately $1.8 million for FY-2013. 

Market Outlook for FY-2013 
Near- to medium-term uncertainty continues to lead to sluggishness in
the uranium market. However, despite low contract volumes, uranium
prices were relatively stable during Q3-2013. According to price data
from TradeTech, the uranium term price remained at $57.00/lb., while
the spot price of uranium dropped $2.70/lb. from $42.25/lb. at the
end of the prior quarter, to close on June 30 at $39.55/lb. Although
the spot price dropped to $35.00/lb on July 31, it has since
rebounded to $35.75 as of August 9, 2013. TradeTech's long-term price
indicator dropped from $57.00/lb to $54.00/lb during that same
period. The continued shutdown of Japanese reactors and the resulting
build-up in inventories and lack of demand are largely responsible
for this continued market sluggishness. The anticipated restart of
those reactors is expected to be an important catalyst to the market. 
In spite of the near- to medium-term uncertainty in the market,
long-term demand fundamentals within the uranium sector remain
strong. China, Russia, India, South Korea, the U.S., the UAE and
Brazil continue to construct nuclear power plants. The World Nuclear
Association reports that there are now 68 nuclear reactors under
construction, an increase of 2 units from the prior quarter, and 478
nuclear reactors planned or proposed. The 68 reactors under
construction will require about 100 million lbs. of U3O8 for initial
cores and an additional 35 million lbs. of U3O8 annually, once they
are generating. China and India plan to begin operation at eight
nuclear reactors this year. 
Although long-term fundamentals continue to be strong, Energy Fuels
believes near-to medium- term uncertainty could continue to lead to
sluggishness in the market, particularly during the summer months,
when market activity is typically low. However, despite the
challenging industry environment, Energy Fuels believes it is well
positioned to execute the Company's business plan, and to be able to
respond rapidly and aggressively to improved uranium prices. 
Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a
Qualified Person as defined by National Instrument 43-101 and has
reviewed and approved the technical disclosure contained in this
About Energy Fuels: Energy Fuels is America's largest conventional
uranium producer, supplying approximately 25% of the uranium produced
in the U.S., and is also a significant producer of vanadium. The
Company operates the White Mesa Mill, which is the only conventional
uranium mill currently operating in the U.S., capable of processing
2,000 tons per day of uranium ore. Energy Fuels has projects located
throughout the Western U.S., including producing mines and mineral
properties in various stages of permitting and development. 
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward Looking Information"
within the meaning of applicable Canadian securities legislation,
which may include, but is not limited to, statements with respect to
the future f
inancial or operating performance of the Company and its
projects. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans",
"expects" "does not expect", "is expected", "is likely", "budget"
"scheduled", "estimates", "forecasts", "intends", "anticipates",
"does not anticipate", or "believes", or variations of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be achieved"
or "have the potential to". All statements, other than statements of
historical fact, included herein are generally considered to be
forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements express or implied by the forward-looking statements.
Factors that could cause actual results to differ materially from
those anticipated in these forward-looking statements are described
under the caption "Risk Factors" in the Company's Annual Information
Form dated December 20, 2012, which is available for view on the
System for Electronic Document Analysis and Retrieval at Forward-looking statements contained herein are made
as of the date of this news release and the Company disclaims, other
than as required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
Energy Fuels Inc.
Curtis Moore
Investor Relations
(303) 974-2140 or Toll free: 1-888-864-2125
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