Impact: Neutral to Slightly Positive
Energy Fuels reported FY/22 financial and operating results. The reported net loss of US$59.85M or -US$0.38/sh was in line with our expectations. The loss was due to a US$16.9M mark-to-market loss on investments, increased M&A, G&A, and other expenses associated with the development of four uranium mines as well as commercial REE separation and medical isotope initiatives. Energy Fuels remains our top uranium producer pick and has a strong outlook. With multiple mines already permitted and on standby, the company is setting the groundwork to become the largest US producer of uranium, supplemented by the same for rare earth carbonate, attracting investors who seek exposure to these critical elements.
