Company Quick10K Filing
Energy Fuels
Price13.01 EPS-0
Shares98 P/E-43
MCap1,277 P/FCF-37
Net Debt-35 EBIT-28
TEV1,243 TEV/EBIT-44
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-02
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-03-17
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-12
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-15
8-K 2020-12-31 Other Events, Exhibits
8-K 2020-12-14 Other Events
8-K 2020-09-08
8-K 2020-08-20
8-K 2020-06-16
8-K 2020-05-27
8-K 2020-02-14
8-K 2019-12-31
8-K 2019-08-01
8-K 2019-05-30
8-K 2019-05-03
8-K 2019-03-28
8-K 2019-02-22
8-K 2018-11-02
8-K 2018-10-25
8-K 2018-08-10
8-K 2018-07-18
8-K 2018-06-28
8-K 2018-06-01
8-K 2018-05-02
8-K 2018-04-03
8-K 2018-03-14
8-K 2018-02-16
8-K 2018-01-25
8-K 2018-01-17

EFR 10Q Quarterly Report

Part I
Item 1. Condensed Consolidated Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosure.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.10 efr9302020-exx1010.htm
EX-10.4 efr9302020-exx104.htm
EX-10.5 efr9302020-exx105.htm
EX-10.6 efr9302020-exx106.htm
EX-23.1 efr9302020-exx231.htm
EX-31.1 efr9302020-exx311.htm
EX-31.2 efr9302020-exx312.htm
EX-32.1 efr9302020-exx321.htm
EX-32.2 efr9302020-exx322.htm
EX-95 efr9302020-exx951.htm

Energy Fuels Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
0.30.20.20.10.10.02015201620182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12015201620182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12015201620182020
Ops, Inv, Fin

efr-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-36204
efr-20200930_g1.jpg
ENERGY FUELS INC.
(Exact name of registrant as specified in its charter)
Ontario,Canada98-1067994
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
225 Union Blvd.,Suite 600
Lakewood,Colorado80228
(Address of principal executive offices)(Zip Code)

(303) 974-2140
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, no par valueUUUUNYSE American
EFRToronto Stock Exchange
Warrants to purchase common sharesUUUU-WTNYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No




Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes      No

As of October 30, 2020, the registrant had 131,074,328 common shares, without par value, outstanding.



ENERGY FUELS INC.
FORM 10-Q
For the Quarter Ended September 30, 2020
INDEX
 Page
PART I – FINANCIAL INFORMATION 
PART II – OTHER INFORMATION 
SIGNATURES 

3


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report and the exhibits attached hereto (the “Quarterly Report”) contain “forward-looking statements” within the meaning of applicable United States ("U.S.") and Canadian securities laws, which are included but are not limited to statements with respect to Energy Fuels Inc.’s (the “Company” or “Energy Fuels”) anticipated results and progress of the Company’s operations in future periods, planned exploration, if warranted, development of its properties, plans related to its business, and other matters that may occur in the future. 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,” “budget,” “scheduled," "forecasts,” "intends,” “anticipates” or “does not anticipate,” "continues," “plans,” “estimates,” or “believes,” and similar expressions or variations of such words and phrases or statements stating that certain actions, events or results “may,” “could,” “would,” “might,” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Energy Fuels believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and such forward-looking statements included in, or incorporated by reference into, this Quarterly Report should not be unduly relied upon. This information speaks only as of the date of this Quarterly Report.
Readers are cautioned that it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include global economic risks such as the occurrence of a pandemic and risks generally encountered in the exploration, development, operation, and closure of mineral properties and processing and recovery facilities, as well as risks related to the activities proposed in the President’s Budget for fiscal year 2021, including the establishment of a Uranium Reserve for the United States, and risks related to any additional recommendations of the United States Nuclear Fuel Working Group not benefiting the Company in any material way. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:
global economic risks, including the occurrence of unforeseen or catastrophic events, such as the emergence of a pandemic or other widespread health emergency (or concerns over the possibility of such an emergency), which could create economic and financial disruptions and require the Company to reduce or cease operations at some or all of its facilities for an indeterminate period of time, and which could have a material impact on the Company’s business, operations, personnel and financial condition;
risks associated with mineral reserve and resource estimates, including the risk of errors in assumptions or methodologies;
risks associated with estimating mineral extraction and recovery, forecasting future price levels necessary to support mineral extraction and recovery, and the Company’s ability to increase mineral extraction and recovery in response to any increases in commodity prices or other market conditions;
uncertainties and liabilities inherent to conventional mineral extraction and recovery and/or in-situ uranium recovery operations;
risks associated with the activities proposed in the President’s Budget for fiscal year 2021, including the establishment of a Uranium Reserve for the United States, being subject to appropriation by the Congress of the United States, and the details of implementation of the President’s Budget not yet having been defined;
risks associated with any additional recommendations of the U.S. Nuclear Fuel Working Group not benefiting the Company in any material way;
geological, technical and processing problems, including unanticipated metallurgical difficulties, less than expected recoveries, ground control problems, process upsets, and equipment malfunctions;
risks associated with the depletion of existing mineral resources through mining or extraction, without replacement with comparable resources;
risks associated with identifying and obtaining adequate quantities of alternate feed materials and other feed sources required for operation of the White Mesa Mill in Utah;
risks associated with labor costs, labor disturbances, and unavailability of skilled labor;
4


risks associated with the availability and/or fluctuations in the costs of raw materials and consumables used in the Company’s production processes;
risks and costs associated with environmental compliance and permitting, including those created by changes in environmental legislation and regulation, and delays in obtaining permits and licenses that could impact expected mineral extraction and recovery levels and costs;
actions taken by regulatory authorities with respect to mineral extraction and recovery activities;
risks associated with the Company’s dependence on third parties in the provision of transportation and other critical services;
risks associated with the ability of the Company to obtain, extend or renew land tenure, including mineral leases and surface use agreements, on favorable terms or at all;
risks associated with the ability of the Company to negotiate access rights on certain properties on favorable terms or at all;
the adequacy of the Company's insurance coverage;
uncertainty as to reclamation and decommissioning liabilities;
the ability of the Company’s bonding companies to require increases in the collateral required to secure reclamation obligations;
the potential for, and outcome of, litigation and other legal proceedings, including potential injunctions pending the outcome of such litigation and proceedings;
the ability of the Company to meet its obligations to its creditors;
the ability of the Company to access credit facilities on favorable terms;
risks associated with paying off indebtedness at its maturity;
risks associated with the Company’s relationships with its business and joint venture partners;
failure to obtain industry partner, government, and other third-party consents and approvals, when required;
competition for, among other things, capital, mineral properties, and skilled personnel;
failure to complete and integrate proposed acquisitions and incorrect assessments of the value of completed acquisitions;
risks posed by fluctuations in share price levels, exchange rates and interest rates, and general economic conditions;
risks inherent in the Company’s and industry analysts’ forecasts or predictions of future uranium, vanadium and copper price levels;
fluctuations in the market prices of uranium, vanadium and copper, which are cyclical and subject to substantial price fluctuations;
risks associated with the Company's uranium sales, if any, being required to be made at spot prices, unless the Company is able to enter into new long-term contracts at satisfactory prices in the future;
risks associated with the Company's vanadium sales, if any, generally being required to be made at spot prices;
failure to obtain suitable uranium sales terms at satisfactory prices in the future, including spot and term sale contracts;
failure to obtain suitable vanadium sales terms at satisfactory prices in the future;
risks associated with asset impairment as a result of market conditions;
risks associated with lack of access to markets and the ability to access capital;
public resistance to nuclear energy or uranium extraction and recovery;
Governmental resistance to nuclear energy or uranium extraction or recovery;
risks associated with inaccurate or nonobjective media coverage of the Company's activities and the impact such coverage may have on the public, the market for the Company's securities, government relations, permitting activities and legal challenges, as well as the costs to the Company of responding to such coverage;
uranium industry competition, international trade restrictions and the impacts on world commodity prices of foreign state subsidized production;
risks associated with the Company's involvement in industry petitions for trade remedies, including the costs of pursuing such remedies and the potential for negative responses or repercussions from various interest groups, consumers of uranium and participants in other phases of the nuclear fuel cycle;
risks associated with governmental actions, policies, laws, rules and regulations with respect to nuclear energy or uranium extraction and recovery;
5


risks related to potentially higher than expected costs related to any of the Company's projects or facilities;
risks associated with the Company’s ability to recover vanadium from pond solutions at the White Mesa Mill;
risks related to the Company’s ability to recover copper from our Canyon uranium project ores;
risks related to securities regulations;
risks related to stock price and volume volatility;
risks related to the Company's ability to maintain our listing on the NYSE American and Toronto Stock Exchanges;
risks related to the Company's ability to maintain our inclusion in various stock indices;
risks related to dilution of currently outstanding shares, from additional share issuances, depletion of assets or otherwise;
risks related to the Company's lack of dividends;
risks related to recent market events;
risks related to the Company's issuance of additional common shares ("the Common Shares") under our At-the-Market ("ATM") program or otherwise to provide adequate liquidity in depressed commodity market circumstances;
risks related to acquisition and integration issues;
risks related to defects in title to the Company's mineral properties;
risks related to the Company's securities; and
risks related to any material weakness that may be identified in our internal controls over financial reporting. If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively affected.
This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the section heading: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Statements relating to “Mineral Reserves” or “Mineral Resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the Mineral Reserves and Mineral Resources described may be profitably extracted in the future.
We qualify all the forward-looking statements contained in this Quarterly Report by the foregoing cautionary statements.

6


Cautionary Note to United States Investors Concerning Disclosure of Mineral Resources
The Company is a U.S. Domestic Issuer for United States ("U.S.") Securities and Exchange Commission ("SEC") purposes, most of its shareholders are U.S. residents, the Company is required to report its financial results under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), and its primary trading market is the NYSE American. However, because the Company is incorporated in Canada and also listed on the Toronto Stock Exchange ("TSX"), this Quarterly Report contains certain disclosure that satisfies the additional requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. Unless otherwise indicated, all reserve and resource estimates included in this Quarterly Report, and in the documents incorporated by reference herein, have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators (the “CSA”), which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from the requirements of SEC Industry Guide 7, and reserve and resource information contained herein, or incorporated by reference in this Quarterly Report, and in the documents incorporated by reference herein, may not be comparable to similar information disclosed by companies reporting reserve and resource information under SEC Industry Guide 7. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserve” under SEC Industry Guide 7. Under SEC Industry Guide 7 standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves; the three-year historical average price, to the extent possible, is used in any reserve or cash flow analysis to designate reserves; and the primary environmental analysis or report must be filed with the appropriate governmental authority.
SEC Industry Guide 7 disclosure standards historically have not permitted the inclusion of information concerning “Measured Mineral Resources,” “Indicated Mineral Resources” or “Inferred Mineral Resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by SEC Industry Guide 7 standards. United States investors should also understand that “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “Inferred Mineral Resources” may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into mineral reserves. Investors are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.
Disclosure of “contained pounds” or “contained ounces” in a resource estimate is permitted and typical disclosure under Canadian regulations; however, SEC Industry Guide 7 historically only permitted issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of SEC Industry Guide 7, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC Industry Guide 7 standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that report in accordance with SEC Industry Guide 7 standards.
On October 31, 2018, the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the “New Rule”), introducing significant changes to the existing mining disclosure framework to better align it with international industry and regulatory practice including NI 43-101. The SEC adopted a two-year transition period for registrants to come into compliance with the New Rule. Accordingly, the Company will need to bring its disclosure into compliance in 2021. At this time, the Company does not know the full effect of the New Rule on its mineral resources and reserves and therefore the disclosure related to the Company’s mineral resources and reserves may be significantly different when computed using the requirements set forth in the New Rule.


7


PART I
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
ENERGY FUELS INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited) (Expressed in thousands of U.S. dollars, except per share amounts)
Three months endedNine months ended
September 30,September 30,
2020201920202019
Revenues
Uranium concentrates$ $ $ $66 
Vanadium concentrates 16  1,957 
Alternate feed materials processing and other486 407 1,274 3,141 
Total revenues 486 423 1,274 5,164 
Costs and expenses applicable to revenues
Costs and expenses applicable to uranium concentrates   63 
Costs and expenses applicable to vanadium concentrates 16  1,476 
Costs and expenses applicable to alternate feed materials and other   2,079 
Total costs and expenses applicable to revenues 16  3,618 
Other operating costs
Impairment of inventories 138 2,330 1,644 8,412 
Development, permitting and land holding1,944 2,310 2,681 8,051 
Standby costs3,451 869 8,104 3,204 
Accretion of asset retirement obligation478 484 1,434 1,478 
Selling costs3 30 15 167 
General and administration3,820 3,216 11,020 10,692 
Total operating loss(9,348)(8,832)(23,624)(30,458)
Interest expense(218)(419)(913)(1,110)
Other income628 2,312 1,745 3,181 
Net loss(8,938)(6,939)(22,792)(28,387)
Items that may be reclassified in the future to profit and loss
Foreign currency translation adjustment(171)241 (398)(666)
Other comprehensive income (loss)(171)241 (398)(666)
Comprehensive loss$(9,109)$(6,698)$(23,190)$(29,053)
Net loss attributable to:
Owners of the Company$(8,855)$(6,840)$(22,699)$(28,279)
Non-controlling interests(83)(99)(93)(108)
$(8,938)$(6,939)$(22,792)$(28,387)
Comprehensive loss attributable to:
Owners of the Company$(9,026)$(6,599)$(23,097)$(28,945)
Non-controlling interests(83)(99)(93)(108)
$(9,109)$(6,698)$(23,190)$(29,053)
Basic and diluted loss per share $(0.08)$(0.07)$(0.19)$(0.30)
See accompanying notes to the condensed consolidated financial statements.
8


ENERGY FUELS INC.
Condensed Consolidated Balance Sheets
(unaudited) (Expressed in thousands of U.S. dollars, except share amounts)
September 30, 2020December 31, 2019
ASSETS
Current assets
Cash and cash equivalents$26,584 $12,810 
Marketable securities1,538 4,838 
Trade and other receivables, net964 1,254 
Inventories, net27,420 22,808 
Prepaid expenses and other assets1,903 1,462 
Total current assets58,409 43,172 
Inventories, net1,149 1,149 
Operating lease right of use asset722 922 
Investments accounted for at fair value566 654 
Property, plant and equipment, net24,299 26,203 
Mineral properties, net83,539 83,539 
Restricted cash 20,228 20,081 
Total assets$188,912 $175,720 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities$3,002 $5,438 
Current portion of operating lease liability281 288 
Current portion of warrant liabilities2,499  
Current portion of asset retirement obligation 46 46 
Current portion of loans and borrowings 7,898 16,866 
Total current liabilities13,726 22,638 
Warrant liabilities  2,791 
Operating lease liability544 758 
Asset retirement obligation 20,360 18,926 
Total liabilities34,630 45,113 
Equity
Share capital
Common shares, without par value, unlimited shares authorized; shares issued and outstanding 130,273,504 at September 30, 2020 and 100,735,889 at December 31, 2019
540,690 493,958 
Accumulated deficit(392,735)(370,036)
Accumulated other comprehensive income2,591 2,989 
Total shareholders' equity150,546 126,911 
Non-controlling interests3,736 3,696 
Total equity154,282 130,607 
Total liabilities and equity$188,912 $175,720 
Commitments and contingencies (Note 14)
See accompanying notes to the condensed consolidated financial statements.
9


ENERGY FUELS INC.
Condensed Consolidated Statements of Changes in Equity
(unaudited) (Expressed in thousands of U.S. dollars, except share amounts)
 Common StockDeficitAccumulated
other
comprehensive
income
Total
shareholders'
equity
Non-controlling
interests
Total equity
 SharesAmount
Balance at December 31, 2019100,735,889 $493,958 $(370,036)$2,989 $126,911 $3,696 $130,607 
Net loss— — (5,657)— (5,657)(7)(5,664)
Other comprehensive loss— — — 152 152 — 152 
Shares issued for cash by public offering11,300,000 16,611 — — 16,611 — 16,611 
Shares issued for cash by at-the-market offering2,388,815 4,047 — — 4,047 — 4,047 
Share issuance cost— (1,563)— — (1,563)— (1,563)
Share-based compensation— 997 — — 997 — 997 
Shares issued for the vesting of restricted stock units490,453 — — — — — — 
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units— (415)— — (415)— (415)
Shares issued for consulting services30,000 57 — — 57 — 57 
Contributions attributable to non-controlling interest— — — — — 133 133 
Balance at March 31, 2020114,945,157 $513,692 $(375,693)$3,141 $141,140 $3,822 $144,962 
Net loss— — (8,187)— (8,187)(3)(8,190)
Other comprehensive loss— — — (379)(379)— (379)
Shares issued for cash by at-the-market offering5,559,548 8,969 — — 8,969 — 8,969 
Share issuance cost— (202)— — (202)— (202)
Share-based compensation— 704 — — 704 — 704 
Shares issued for consulting services30,000 33 — — 33 — 33 
Balance at June 30, 2020120,534,705 $523,196 $(383,880)$2,762 $142,078 $3,819 $145,897 
Net loss— — (8,855)— (8,855)(83)(8,938)
Other comprehensive loss— — — (171)(171)— (171)
Shares issued for cash by at-the-market offering9,708,799 17,168 — — 17,168 — 17,168 
Share issuance cost— (388)— — (388)— (388)
Share-based compensation— 668 — — 668 — 668 
Shares issued for consulting services30,000 46 — — 46 — 46 
Balance at September 30, 2020130,273,504 $540,690 $(392,735)$2,591 $150,546 $3,736 $154,282 
10


 Common StockDeficitAccumulated
other
comprehensive
income
Total
shareholders'
equity
Non-controlling
interests
Total equity
 SharesAmount
Balance at December 31, 201891,445,066 $469,303 $(332,058)$3,843 $141,088 $3,766 $144,854 
Net loss— — (12,127)— (12,127)(7)(12,134)
Other comprehensive loss— — — (136)(136)— (136)
Shares issued for cash by public offering754,712 2,471 — — 2,471 — 2,471 
Share issuance cost— (62)— — (62)— (62)
Share-based compensation— 1,121 — — 1,121 — 1,121 
Shares issued for exercise of stock options33,906 102 — — 102 — 102 
Shares issued for the vesting of restricted stock units850,150 — — — — — — 
Shares issued for consulting services18,848 52 — — 52 — 52 
Balance at March 31, 201993,102,682 $472,987 $(344,185)$3,707 $132,509 $3,759 $136,268 
Net loss— — (9,312)— (9,312)(2)(9,314)
Other comprehensive loss— — — (771)(771)— (771)
Shares issued for cash by at-the-market offering2,141,817 6,595 — — 6,595 — 6,595 
Shares issued to settle liabilities266,272 847 847 847 
Share issuance cost— (151)— — (151)— (151)
Share-based compensation— 663 — — 663 — 663 
Shares issued for exercise of stock options20,899 44 — — 44 — 44 
Shares issued for exercise of warrants1,450 5 — — 5 — 5 
Shares issued for consulting services18,237 63 — — 63 — 63 
Contributions attributable to non-controlling interest— — — — — 46 46 
Balance at June 30, 201995,551,357 $481,053 $(353,497)$2,936 $130,492 $3,803 $134,295 
Net loss— — (6,840)— (6,840)(99)(6,939)
Other comprehensive loss— — — 241 241 — 241 
Shares issued for cash by at-the-market offering2,618,297 5,978 — — 5,978 — 5,978 
Share issuance cost— (134)— — (134)— (134)
Share-based compensation— 714 — — 714 — 714 
Shares issued for consulting services18,848 57 — — 57 — 57 
Balance at September 30, 201998,188,502 $487,668 $(360,337)$3,177 $130,508 $3,704 $134,212 

See accompanying notes to the condensed consolidated financial statements.

11


ENERGY FUELS INC.
Condensed Consolidated Statements of Cash Flows
(unaudited) (Expressed in thousands of U.S. dollars)
Nine months ended
September 30,
20202019
OPERATING ACTIVITIES  
Net loss for the period$(22,792)$(28,387)
Items not involving cash:  
Depletion, depreciation and amortization1,911 921 
Share-based compensation2,369 2,498 
Change in value of Convertible Debentures(153)(447)
Change in value of warrant liabilities(215)(3,281)
Accretion of asset retirement obligation1,434 1,478 
Unrealized foreign exchange gain(860)(142)
Impairment of inventories1,644 8,412 
Revision of asset retirement obligation 151 
Other non-cash expenses 649 2,367 
Changes in assets and liabilities  
Increase in inventories(5,748)(12,854)
Decrease in trade and other receivables291 234 
Increase in prepaid expenses and other assets(442)(236)
Decrease in accounts payable and accrued liabilities(3,364)(2,688)
Changes in deferred revenue (2,724)
(25,276)(34,698)
INVESTING ACTIVITIES  
Purchase of property, plant and equipment(515) 
Maturities and sales of marketable securities3,707 19,530 
3,192 19,530 
FINANCING ACTIVITIES  
Issuance of common shares for cash, net of issuance cost44,642 14,696 
Proceeds from notes payable 801 
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units(415) 
Repayment of loans and borrowings(8,303)(79)
Cash received from exercise of warrants 5 
Cash received from exercise of stock options 146 
Cash received from non-controlling interest133 46 
36,057 15,615 
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH DURING THE PERIOD13,973 447 
Effect of exchange rate fluctuations on cash held in foreign currencies(52)43 
Cash, cash equivalents and restricted cash - beginning of period32,891 34,292 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD$46,812 $34,782 
Supplemental disclosure of cash flow information:
Net cash paid during the period for:
Interest$720 $1,110 
Warrant liability transferred to equity upon exercise$ $2 
See accompanying notes to the condensed consolidated financial statements.
12


ENERGY FUELS INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020
(unaudited) (Tabular amounts expressed in thousands of U.S. Dollars, except share and per share amounts)
1.    THE COMPANY AND DESCRIPTION OF BUSINESS
Energy Fuels Inc. was incorporated under the laws of the Province of Alberta and was continued under the Business Corporations Act (Ontario).
Energy Fuels Inc. and its subsidiary companies (collectively “the Company” or “EFI”) are engaged in uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium bearing materials generated by third parties. As a part of these activities the Company also acquires, explores, evaluates and, if warranted, permits uranium properties. The Company’s final uranium product, uranium oxide concentrate (“U3O8” or “uranium concentrate”), is sold to customers for further processing into fuel for nuclear reactors. The Company produces vanadium as a co-product of its uranium recovery from certain of its mines as market conditions warrant and from time to time from solutions in its tailing impoundment system. The Company is also evaluating potentially processing rare earth element ("REE") ores for the recovery of REEs and uranium.
The Company is an exploration stage mining company as defined by the U.S. SEC Industry Guide 7 as it has not established the existence of proven or probable reserves on any of its properties.
2.    BASIS OF PRESENTATION
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) and are presented in thousands of U.S. dollars, except for share and per share amounts. Certain footnote disclosures have share prices which are presented in Canadian dollars (“Cdn$”).
The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.
In management’s opinion, these unaudited condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations and cash flows on a basis consistent with that of the Company’s audited consolidated financial statements for the year ended December 31, 2019. However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year.  These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2019.
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated.
Certain prior period amounts have been reclassified in order to conform to the current period presentation. These reclassifications had no effect on the reported results of operations.
3.    MARKETABLE SECURITIES
The following table summarizes our marketable securities by significant investment categories as of September 30, 2020:
 Cost BasisGross Unrealized LossesGross Unrealized GainsFair Value
Marketable debt securities(1)
$493 $ $9 $502 
Marketable equity securities824 (480)692 1,036 
Marketable securities$1,317 $(480)$701 $1,538 
(1) Marketable debt securities are comprised primarily of U.S. government notes, and also include U.S. government agencies and tradeable certificates of deposits.
The following table summarizes our marketable securities by significant investment categories as of December 31, 2019:
13


 Cost BasisGross Unrealized LossesGross Unrealized GainsFair Value
Marketable debt securities (1)
$4,171 $ $37 $4,208 
Marketable equity securities824 (543)349 630 
Marketable securities$4,995 $(543)$386 $4,838 
(1) Marketable debt securities are comprised primarily of U.S. government notes, and also include U.S. government agencies, and tradeable certificates of deposits.
During the nine months ended September 30, 2020 and 2019, we did not recognize any other-than-temporary impairment losses.
The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities:
Due in less than 12 months$502 
Due in 12 months to two years 
Due in greater than two years 
$502 
4.    INVENTORIES
 September 30, 2020December 31, 2019
 Concentrates and work-in-progress(1)
$25,556 $20,893 
 Inventory of ore in stockpiles241 241 
 Raw materials and consumables2,772 2,823 
 $28,569 $23,957 
Inventories - by duration
   Current$27,420 $22,808 
   Long term - raw materials and consumables1,149 1,149 
$28,569 $23,957 
(1) For the three and nine months ended September 30, 2020, the Company recorded an impairment loss of $0.14 million and $1.64 million in the statement of operations related to concentrates and work in progress inventories (September 30, 2019 - $2.33 million and $8.41 million).
5.    PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTIES
The following is a summary of property, plant and equipment:
September 30, 2020December 31, 2019
CostAccumulated
Depreciation
Net Book ValueCostAccumulated
Depreciation
Net Book
Value
Property, plant and equipment
Nichols Ranch$29,210 $(15,641)$13,569 $29,210 $(14,115)$15,095 
Alta Mesa13,626 (3,861)9,765 13,626 (3,179)10,447 
Equipment and other13,415 (12,450)965 12,900 (12,239)661 
Property, plant and equipment total$56,251 $(31,952)$24,299 $55,736 $(29,533)$26,203 

14


The following is a summary of mineral properties:
 September 30, 2020December 31, 2019
Mineral properties
Uranerz ISR properties $25,974 $25,974 
Sheep Mountain34,183 34,183 
Roca Honda 22,095 22,095 
Other 1,287 1,287 
Mineral properties total$83,539 $83,539 
6.    ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH
The following table summarizes the Company’s asset retirement obligations:
 September 30, 2020December 31, 2019
Asset retirement obligation, beginning of period$18,972 $19,104 
 Revision of estimate (2,063)
 Accretion of liabilities1,434 1,931 
Asset retirement obligation, end of period$20,406 $18,972 
Asset retirement obligation:  
 Current$46 $46 
 Non-current20,360 18,926 
Asset retirement obligation, end of period$20,406 $18,972 
The asset retirement obligations of the Company are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the Company and the applicable regulatory authorities. The above provision represents the Company’s best estimate of the present value of future reclamation costs, discounted using credit adjusted risk-free interest rates ranging from 9.5% to 11.5% and an inflation rate of 2.0%. The total undiscounted decommissioning liability at September 30, 2020 is $41.75 million (December 31, 2019 - $41.75 million).
The following table summarizes the Company’s restricted cash:
 September 30, 2020December 31, 2019
Restricted cash, beginning of period$20,081 $19,652 
Additional collateral posted179 429 
Refunds of collateral(32) 
Restricted cash, end of period$20,228 $20,081