Source: Energy Fuels Inc.
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  • Energy Fuels (EFR) has won a contract to sell $18.5 million of natural uranium concentrates (U3O8) to the U.S. government
  • The company expects to complete the sale of uranium to NNSA during Q1-2023 and realize total gross proceeds of $18.5 million
  • Energy Fuels is a leading U.S.-based uranium mining company supplying U3O8 to major nuclear utilities
  • Energy Fuels Inc. (EFR) is up 3.19 per cent, trading at C$8.10 per share at 2:21 pm ET

Energy Fuels (EFR) has won a contract to sell $18.5 million of natural uranium concentrates (U3O8) to the U.S. government.

The uranium is for the establishment of a strategic uranium reserve. The U.S. National Nuclear Security Administration (NNSA), an office within the U.S. Department of Energy (DOE), is the agency tasked with purchasing domestic U3O8 and conversion services for the Uranium Reserve. The Uranium Reserve is intended to be a backup supply source for domestic nuclear power plants in the event of significant market disruption.

The company expects to complete the sale of uranium to NNSA during Q1-2023 and realize total gross proceeds of $18.5 million. The U3O8, which the company expects to sell to the U.S. government, is currently held as inventory at the Metropolis Works Conversion Facility, located in Metropolis, Illinois. The sale does not involve the physical movement of material, so the sale and transfer can be completed quickly.

Energy Fuels also announced that on December 12, 2022, it applied for membership in the DOE’s newly created HALEU Consortium. The HALEU Consortium is a program managed by the DOE’s Office of Nuclear Energy. It intends to help create a secure domestic supply of high-assay, low-enriched uranium (HALEU) used by many of the next generations of advanced nuclear reactor technologies.

The company believes it can play an important role in advising the DOE and teaming with other companies for this critical program.

Energy Fuels is a leading U.S.-based uranium mining company supplying U3O8 to major nuclear utilities.

Energy Fuels Inc. (EFR) is up 3.19 per cent, trading at C$8.10 per share at 2:21 pm ET.


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