Energy Fuels Inc. Files 2023 Annual Report on Form 10-K

Ticker: UUUU · Form: 10-K · Filed: Feb 23, 2024 · CIK: 1385849

Sentiment: neutral

Topics: Energy Fuels, 10-K, Uranium, Rare Earths, Financial Report

TL;DR

<b>Energy Fuels Inc. filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ENERGY FUELS INC (UUUU) filed a Annual Report (10-K) with the SEC on February 23, 2024. Energy Fuels Inc. reported its 2023 fiscal year results on Form 10-K, filed February 23, 2024. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 225 Union Blvd., Suite 600, Lakewood, CO 80228. Energy Fuels Inc. is listed on the New York Stock Exchange (NYSE) under the ticker symbol UUUU. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking ENERGY FUELS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Energy Fuels Inc.'s financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors to assess performance and future prospects. As a key player in the uranium and rare earth elements sector, the company's annual report offers insights into its market position, production capabilities, and any significant developments impacting its business, such as gains on asset disposals.

Risk Assessment

Risk Level: medium — ENERGY FUELS INC shows moderate risk based on this filing. The company operates in the mining sector, which is subject to significant commodity price volatility and regulatory changes, as indicated by the nature of its business and the need for detailed financial reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Energy Fuels Inc.'s performance and outlook in the volatile uranium and rare earth markets.

Key Numbers

Key Players & Entities

FAQ

When did ENERGY FUELS INC file this 10-K?

ENERGY FUELS INC filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by ENERGY FUELS INC (UUUU).

Where can I read the original 10-K filing from ENERGY FUELS INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ENERGY FUELS INC.

What are the key takeaways from ENERGY FUELS INC's 10-K?

ENERGY FUELS INC filed this 10-K on February 23, 2024. Key takeaways: Energy Fuels Inc. reported its 2023 fiscal year results on Form 10-K, filed February 23, 2024.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at 225 Union Blvd., Suite 600, Lakewood, CO 80228..

Is ENERGY FUELS INC a risky investment based on this filing?

Based on this 10-K, ENERGY FUELS INC presents a moderate-risk profile. The company operates in the mining sector, which is subject to significant commodity price volatility and regulatory changes, as indicated by the nature of its business and the need for detailed financial reporting.

What should investors do after reading ENERGY FUELS INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Energy Fuels Inc.'s performance and outlook in the volatile uranium and rare earth markets. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,435 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-02-23 16:24:25

Filing Documents

DESCRIPTION OF BUSINESS 13

ITEM 1. DESCRIPTION OF BUSINESS 13

RISK FACTORS 36

ITEM 1A. RISK FACTORS 36

UNRESOLVED STAFF COMMENTS 58

ITEM 1B. UNRESOLVED STAFF COMMENTS 58

CYBERSECURITY 58

ITEM 1C. CYBERSECURITY 58

DESCRIPTION OF PROPERTIES 60

ITEM 2. DESCRIPTION OF PROPERTIES 60

OVERVIEW 61

ITEM 2A. OVERVIEW 61

SUMMARY OF MINERAL RESERVES AND RESOURCES 64

ITEM 2B. SUMMARY OF MINERAL RESERVES AND RESOURCES 64

THE NICHOLS RANCH PROJECT 68

ITEM 2C. THE NICHOLS RANCH PROJECT 68

THE WHITE MESA MILL 81

ITEM 2D. THE WHITE MESA MILL 81

THE PINYON PLAIN PROJECT 88

ITEM 2E. THE PINYON PLAIN PROJECT 88

THE ROCA HONDA PROJECT 96

ITEM 2F. THE ROCA HONDA PROJECT 96

THE SHEEP MOUNTAIN PROJECT 103

ITEM 2G. THE SHEEP MOUNTAIN PROJECT 103

THE BULLFROG PROJECT 111

ITEM 2H. THE BULLFROG PROJECT 111

THE LA SAL PROJECT 116

ITEM 2I. THE LA SAL PROJECT 116

THE BAHIA PROJECT 126

ITEM 2J. THE BAHIA PROJECT 126

NON-MATERIAL MINERAL PROPERTIES 132

ITEM 2K. NON-MATERIAL MINERAL PROPERTIES 132

LEGAL PROCEEDINGS 137

ITEM 3. LEGAL PROCEEDINGS 137

MINE SAFETY DISCLOSURE 137

ITEM 4. MINE SAFETY DISCLOSURE 137 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 138

[RESERVED] 142

ITEM 6. [RESERVED] 142

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 143

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 143

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 156

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 156

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 158

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 158

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 159

ITEM 8A. REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 159

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) 161

ITEM 8B. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) 161

CONSOLIDATED BALANCE SHEETS 162

ITEM 8C. CONSOLIDATED BALANCE SHEETS 162

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 163

ITEM 8D. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 163

CONSOLIDATED STATEMENTS OF CASH FLOWS 165

ITEM 8E. CONSOLIDATED STATEMENTS OF CASH FLOWS 165

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 167

ITEM 8F. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 167

(1). THE COMPANY AND DESCRIPTION OF BUSINESS 167

ITEM 8F(1). THE COMPANY AND DESCRIPTION OF BUSINESS 167

(2). SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 168

ITEM 8F(2). SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 168

(3). MARKETABLE SECURITIES 173

ITEM 8F(3). MARKETABLE SECURITIES 173

(4). RECEIVABLES 173

ITEM 8F(4). RECEIVABLES 173 1

(5). INVENTORIES 174

ITEM 8F(5). INVENTORIES 174

(6). INVESTMENTS 174

ITEM 8F(6). INVESTMENTS 174

(7). PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTIES 176

ITEM 8F(7). PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTIES 176

(8). ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH 178

ITEM 8F(8). ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH 178

(9). CAPITAL STOCK 179

ITEM 8F(9). CAPITAL STOCK 179

(10). BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE 180

ITEM 8F(10). BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE 180

(11). SHARE-BASED PAYMENTS 180

ITEM 8F(11). SHARE-BASED PAYMENTS 180

(12). INCOME TAXES 185

ITEM 8F(12). INCOME TAXES 185

(13). SUPPLEMENTAL FINANCIAL INFORMATION 187

ITEM 8F(13). SUPPLEMENTAL FINANCIAL INFORMATION 187

(14). COMMITMENTS AND CONTINGENCIES 188

ITEM 8F(14). COMMITMENTS AND CONTINGENCIES 188

(15). FAIR VALUE ACCOUNTING 189

ITEM 8F(15). FAIR VALUE ACCOUNTING 189

(16). REVENUE 191

ITEM 8F(16). REVENUE 191

(17). RELATED PARTY TRANSACTIONS 192

ITEM 8F(17). RELATED PARTY TRANSACTIONS 192

(18). SUBSEQUENT EVENTS 192

ITEM 8F(18). SUBSEQUENT EVENTS 192

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 193

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 193

CONTROLS AND PROCEDURES 193

ITEM 9A. CONTROLS AND PROCEDURES 193

OTHER INFORMATION 193

ITEM 9B. OTHER INFORMATION 193

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 194

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 194 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 195

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 195

EXECUTIVE COMPENSATION 195

ITEM 11. EXECUTIVE COMPENSATION 195

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 195

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 195

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 195

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 195

PRINCIPAL ACCOUNTANT FEES AND SERVICES 195

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 195 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 195

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 195

FORM 10-K SUMMARY 199

ITEM 16. FORM 10-K SUMMARY 199 SIGNATURES 200 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY This Annual Report on Form 10-K and the exhibits attached hereto (the " Annual Report ") contain "forward-looking statements" and "forward-looking information" within the meaning of applicable United States (" U.S. ") and Canadian securities laws (collectively, " forward-looking statements "), which may include, but are not limited to, statements with respect to Energy Fuels Inc.'s (the " Company's " or " Energy Fuels' "): anticipated results and progress of our operations in future periods; planned exploration; development of our properties; plans related to our business, such as the ramp-up of our uranium business in response to improved uranium prices, our rare earth element (" REE ") line of business, including work on our South Bahia heavy mineral sands (" HMS ") project in Brazil (the " Bahia Project ") and our planned development of capabilities for the commercial separation of REEs at our White Mesa Mill (the " White Mesa Mill " or the " Mill ") in Utah; plans related to our potential recovery of radioisotopes at the Mill for use in the production of targeted alpha therapy (" TAT ") medical treatments; any plans related to the acquisition of additional mineral properties; and any plans relating to the ramp-up of production or ongoing operations at any of our uranium, uranium/vanadium and/or HMS properties. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, schedules, assumptions, future events, or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "is likely," "budgets," "scheduled," "forecasts," "inten

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