Energy Fuels Inc. Files 8-K: Material Agreement & Equity Sales

TL;DR

Energy Fuels (UUUU) filed an 8-K: new deal signed, equity sold, financials out.

AI Summary

Energy Fuels Inc. announced on June 3, 2024, that it has entered into a material definitive agreement. The company also disclosed information regarding unregistered sales of equity securities and filed financial statements and exhibits as part of this 8-K filing.

Why It Matters

This filing indicates significant corporate activity for Energy Fuels Inc., including a new material agreement and potential equity transactions, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — The filing involves a material definitive agreement and unregistered sales of equity, which can introduce financial and regulatory risks.

Key Players & Entities

• Energy Fuels Inc. (company) — Registrant
• June 7, 2024 (date) — Date of Report
• June 3, 2024 (date) — Date of earliest event reported
• 225 Union Blvd., Suite 600 (address) — Principal executive offices
• Lakewood, Colorado (location) — Principal executive offices location

FAQ

Key Financial Figures

• $10.6 million — gy Fuels expects to spend approximately $10.6 million to advance the Donald Project in 2024,
• $223 million — ompany's working capital (approximately $223 million as of March 31, 2024). The Venture U
• $183 million — Energy Fuels has the right to invest AUD$183 million (approximately $122 million at current
• $122 million — o invest AUD$183 million (approximately $122 million at current exchange rates) to earn up t
• $17.5 million — hares having a potential total value of $17.5 million (the " New Energy Fuels Shares "), of w
• $3.5 million — " New Energy Fuels Shares "), of which $3.5 million in New Energy Fuels Shares will be issu
• $14.0 million — be in Q3 or Q4 2024, and the remaining $14.0 million in New Energy Fuels Shares will be issu
• $183 m — uels has completed its investment of AUD$183 million, further Venture expenditures for

Filing Documents

• form8k.htm (8-K) — 31KB
• exhibit23-1.htm (EX-23.1) — 2KB
• 0001062993-24-012199.txt ( ) — 252KB
• efr-20240603.xsd (EX-101.SCH) — 5KB
• efr-20240603_cal.xml (EX-101.CAL) — 1KB
• efr-20240603_def.xml (EX-101.DEF) — 22KB
• efr-20240603_lab.xml (EX-101.LAB) — 46KB
• efr-20240603_pre.xml (EX-101.PRE) — 25KB
• form8k_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On June 3, 2024, Energy Fuels Inc. (" Energy Fuels " or the " Company ") and Astron Corporation Limited (" Astron ") executed certain definitive agreements (the " Joint Venture Agreements "), creating a joint venture (the " Venture ") to develop and operate the Donald Rare Earth and Mineral Sands Project (the " Donald Project "). The parties to the Joint Venture Agreements are EFR Donald Ltd (" EFR "), a wholly-owned subsidiary of Energy Fuels Inc., Dickson & Johnson Pty Ltd (" D&J ", and together with EFR, the " Joint Venturers "), Donald Project Pty Ltd (the " Joint Venture Company "), Donald Mineral Sands Pty Limited (" DMS "), the current owner of the tenements and other assets that will be transferred or licensed to the Joint Venture Company, and Astron Mineral Sands Pty Ltd, a wholly-owned subsidiary of Astron and the initial manager of the Venture. All references to "dollars" or "$" in this Current Report are references to US$ unless otherwise indicated. The Donald Project The Donald Project is an advanced-stage, large-scale critical mineral deposit underpinned by the ilmenite, zircon and monazite-rich Donald deposit in the Wimmera region of Victoria, Australia. Energy Fuels expects that the Donald Project could provide the Company with a near-term, low-cost and large-scale source of monazite sand in a rare-earth element concentrate (" REEC ") that would be transported to the Company's White Mesa Mill in Utah, USA (the " Mill ") for processing into rare-earth element (" REE ") oxides and other advanced REE materials. Energy Fuels expects the Donald Project to provide the Company with approximately 7,000 to 8,000 metric tons (" tonnes ") of REEC per year (" Donald - Phase 1 "), commencing as early as 2026. 8,000 tonnes of REEC from the Donald Project is expected to contain approximately 4,700 tonnes of total REE oxides (" TREO "), including roughly 990 tonnes of neodymium-praseodymium (" NdPr ") oxi

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities. The information set forth under Item 1.01 is incorporated herein by reference. The New Energy Fuels Shares expected to be issued pursuant to the Joint Venture Agreements will be exempt from the registration requirements of the United States Securities Act of 1933, as amended, under Section 4(a)(2) thereof. Using the NYSE American closing price on June 4, 2024, Energy Fuels could issue up to an estimated 2,558,480 common shares to Astron in connection with the Joint Venture Agreements.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. 23.1 Consent of Daniel Kapostasy dated June 7, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains certain "forward looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities legislation (collectively, "forward-looking statements"), which may include, but are not limited to, statements with respect to: any expectation as to production levels or timing or duration of production from the Donald Project or any of the Company's other mines or projects; any expectations as to costs of production at the Donald Project or any of the Company's mines or other projects; any expectation that the Donald Project is an advanced-stage, large-scale critical mineral deposit; any expectation that any Subpart 1300 Regulation S-K compliant mineral reserves or mineral resources will be identified at the Donald Project; any expectation that the Company's AUD$183 million investment in the Venture will satisfy most of the equity capital requirements for the construction of Donald - Phase 1; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REE oxides produced from monazite at the Mill, that Astron will be able to secure commitments for satisfactory offtake and/or sales agreements for ilmenite and zircon produced from HMC from the project, or that any such commitments obtained would support non-recourse and/or government-backed debt financing for the Donald Project; any expectation that Energy Fuels will be successful in obtaining any grants, low-interest debt, non- or limited- recourse debt, loan guarantees, or other support vehicles from any government agencies or offices, or at all; and any expectation that a positive Donald - Phase 1 FID or Donald - Phase

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ENERGY FUELS INC. (Registrant) Dated: June 7, 2024 By: /s/ David C. Frydenlund David C. Frydenlund Executive Vice President, Chief Legal Officer and Corporate Secretary 5

View Full Filing

View this 8-K filing on SEC EDGAR