During the year ended Dec. 31, 2018, this uranium-vanadium company generated $31.7 million of revenue, yielding a gross profit of 39%, or $12.4 million, from its mining and milling activities. The company experienced a net loss for the year of $25.4 million.
As for recoveries of uranium (U3O8), the year's total was 917,000 pounds (917 Klb), 424 Klb of which were for third parties.
In terms of U3O8 sales, the company sold 650 Klb at an average realized price of $47.37 per pound ($47.37/lb). Four hundred Klb of those were sold per existing contracts at an average price of $61.30/lb. The remaining 250 Klb were sold into contracts based on spot market prices, at a weighted average price of $25.07/lb.
As of year-end 2018, Energy Fuels had $52 million of working capital, including cash and cash equivalents. It had $41.7 million in marketable securities and about 430 Klb of uranium concentrate inventory.
Of note during 2018, Energy Fuels participated in petitioning the U.S. federal government to conduct a Section 232 investigation into the effects of uranium imports on domestic national security. Consequently, the U.S. Department of Commerce initiated such an inquiry, the results of which are pending.
Further, in 2018, Energy Fuels began recovering vanadium from the pond solutions at its White Mesa Mill. It did not release the first batches of finished vanadium product from those efforts, though, until early in following year, January 2019.
"2018 was a seminal year for Energy Fuels, as we believe we were able to successfully distinguish ourselves from other uranium mining companies in the U.S. and around the world," President and CEO Mark Chalmers said in the release. "We expect to continue to make big things happen in 2019."
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