Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Uranium producer, Energy Fuels Inc. (EFR), has praised U.S. President Donald’s Trump’s plans to develop a domestic uranium reserve over the next ten years
  • The U.S. federal budget has committed C$199 million every year for the next a decade towards the stockpile’s development
  • Energy Fuels Inc. (EFR) and Ur-Energy petitioned the Office of the President last year to explore the country’s dependence on foreign uranium suppliers
  • Energy Fuels Inc. owns the only currently operating uranium mill in the U.S. as well as a number of inactive uranium mines.
  • Energy Fuels Inc.is unable to sell uranium in the current market and is operating at a loss of C$12 million a quarter
  • Energy Fuels Inc. (TSX: EFR) moved up 4.65% today, with shares currently selling at C$2.25

Energy Fuels Inc. (TSX:EFR), a Canadian-American uranium producer, has come out in support of U.S. President Donald Trump’s plan to establish a domestic uranium reserve.

President Trump’s plan was part of a larger federal budget announcement entitled “A Budget for America’s Future”, which commits C$199 million a year over the next decade establish the reserve.

Mark S. Chalmers, President and CEO of Energy Fuels believes his company is well positioned to provide much of the uranium required in the plan.

“This is an important step toward addressing the devastating impact of our nation’s overdependence on uranium imports from Russia and its allies, which is displacing free market uranium and forcing U.S. mines out of business.” he said.

Energy Fuels Inc. and another uranium producer, Ur-Energy Inc, petitioned the White House last April to look into the the country’s reliance on foreign uranium sources.

The petition called for the kind of budgetary assistance to the floundering U.S. uranium market that was announced today. 

This led to the President creating of the “U.S. Nuclear Working Group”, which developed much of the policy announced today.

In their latest quarterly report, released last November, Energy Fuels revealed it had made no uranium sales during that period. It was instead focusing on the sale of small amounts of vanadium, while stockpiling excess to sell in a more profitable market. 

The company is currently operating at a quarterly loss of almost C$12 million. 

Energy Fuels Inc. (TSX: EFR) moved up 4.65% today, with shares currently selling at C$2.25.

More From The Market Herald

" International Petroleum Corporation (TSX:IPCO) announces results of share repurchase program

International Petroleum (IPCO) has repurchased 126,198 common shares from November 1 to 11, 2022.

" Prime Meridian (TSXV:PMR) announces $1M financing

Prime Meridian Resources Corp. (PMR) has signed a non-brokered private placement financing agreement for proceeds of up to $1 million.

" Fortune Bay (TSXV:FOR) files Goldfields PEA

Fortune Bay (FOR) has filed an independent preliminary economic assessment (PEA) for its Goldfields Project in Saskatchewan.

" Emperor Metals (CSE:AUOZ) announces $5M private placement

Emperor Metals (AUOZ) has announced a non-brokered private placement for gross proceeds of up to $5,001,550.