Energy Fuels (UUUU) expects finished uranium production at its White Mesa Mill to reach approximately 1.6 million pounds by June 30, which would be already within its full-year guidance range of 1.5 million to 2.5 million pounds of U3O8, the company said Thursday.
The company reported average monthly production of more than 265,000 pounds of U3O8 from ores mined in US, including the Pinyon Plain Mine in Arizona and the La Sal Complex in Utah.
Energy Fuels plans to complete its current uranium ore processing campaign at the White Mesa Mill by the end of June to rebuild ore stockpiles and to resume processing in Q4.
Starting in July, Energy Fuels plans further modifications to the mill's existing phase 1 rare earth elements circuits, with upgrades are expected to enable commercial production of heavy rare earth elements, including samarium, europium, gadolinium, terbium and dysprosium. The modifications are also expected to include a circuit for processing certain uranium-bearing mixed rare earth carbonates sourced from rare earth mines globally, the company said.
Energy Fuels said it expects to mine around 750,000 to 850,000 pounds of contained U3O8 in ore during the H1.
Energy Fuels said mining, processing and transportation costs at the Pinyon Plain mine continue to range from $23 to $30 per pound, while uranium processing costs at the White Mesa Mill range from $9 to $12 per pound of U3O8. The company said it expects its cost of sales to decline this year.
Shares of Energy Fuels were up more than 4% in Thursday pre-bell activity.