Energy Fuels reports record monthly uranium production
Energy Fuels (TSX:EFR) , a top US critical minerals producer, achieved record monthly uranium production at its Pinyon Plain mine in Arizona in April
a top US critical minerals producer, achieved record monthly uranium production at its Pinyon Plain mine in Arizona in April The mine yielded 4,604 tons of ore with 151,400 pounds of uranium at an average grade of 1.64 per cent eU 3 O 8
O Energy Fuels is a critical minerals producer specializing in uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes
Energy Fuels stock has given back 13.52 per cent year-over-year but remains up by 156.35 per cent since 2020
Energy Fuels (TSX:EFR), a top US critical minerals producer, achieved record monthly uranium production at its Pinyon Plain mine in Arizona in April, yielding 4,604 tons of ore with 151,400 pounds of uranium at an average grade of 1.64 per cent eU 3 O 8 .
The result continues steadily increasing production rates over the past few months, with mined ore grades coming in significantly higher than the gamma probe grades from previous drill programs. This leads management to believe that it will mine more uranium from the Main Zone of the deposit than previously expected.
Concurrently, ongoing underground drilling in a separate area of Pinyon Plain known as the Juniper Zone (703,000 pounds U 3 O 8 indicated) continues to uncover high-grades and expand expectations about mineable resources. Highlights include: PPCH-028: 13.4 feet averaging 7.02 per cent eU 3 O 8 .
O . PPCH-029: 7.5 feet averaging 7.50 per cent eU 3 O 8 .
O . PPCH-034: 17.5 feet averaging 5.70 per cent eU 3 O 8 , including 4 feet averaging 20.11 per cent eU 3 O 8 .
Energy Fuels processes ore from Pinyon Plain and other uranium mines into concentrates at its nearby White Mesa Mill in Utah, the only operating uranium mill in the US, which is then sold to nuclear utilities.
The mill is licensed to process up to 8 million pounds of uranium per year, granting it a differentiated position in a market that, according to Thursday's news release, accounts for about 18 per cent of overall electricity and almost 50 per cent of zero-emission electricity produced in the country. Leadership insights
'I'm amazed at these drill results,' Mark Chalmers, Energy Fuels' president and chief executive officer, said in a statement. 'With nearly 50 years in the uranium industry, I can say that these types of grades and intercepts in a US uranium mine are extremely rare. We plan to incorporate these results into an updated technical report for the Pinyon Plain mine later this year, which I believe will significantly increase the uranium reserves and resources and result in a lower mining and milling cost per pound. These results also confirm our belief that Pinyon Plain will likely be the largest and lowest-cost US uranium mine supplying the domestic nuclear energy industry over the next several years. I am also extremely proud of our mine personnel, who are doing the hard work to safely and responsibly produce the uranium needed to maintain America's global leadership in energy, technology, manufacturing and economic opportunity.' About Energy Fuels
Energy Fuels is a critical minerals producer specializing in uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes. The company owns and operates conventional and in-situ recovery uranium projects in the western US and has been the top US producer of uranium concentrate for several years.
Energy Fuels stock (TSX:EFR) is up by 2.71 per cent on the news trading at C$6.46 as of 9:34 am ET. The stock has given back 13.52 per cent year-over-year but remains up by 156.35 per cent since 2020.
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