Transport disruptions reflected in Energy Fuels' 2024 output

Friday, 28 February 2025

Total production of 158,000 pounds of finished U3O8 (60.8 tU) during 2024 from stockpiled alternate feed materials and newly mined ore was at the lower end of the company's previous guidance of 150,000-200,000 pounds, it said in its 2024 results announcement.

Production at Pinyon Plain began in late 2023, with the ore to be stockpiled at White Mesa ahead of processing. But in early August, Energy Fuels voluntarily suspended transportation of uranium across Navajo lands after the Navajo Nation challenged the legality of the transport following the completion of the first uranium shipment from the project.

In late January, the company signed an agreement with the Navajo Nation, facilitating the transport of uranium ore on the federal and state highways in which it also committed to assist in the cleanup of abandoned Cold War-era uranium mines. Ore transport from Pinyon Plain to White Mesa began again in February.

Ore containing about 208,000 pounds U3O8 was produced at Pinyon Plain during 2024, which was stockpiled at the mine site. Ore containing about 142,000 pounds of U3O8 from the La Sal and Pandora mines was produced and/or delivered to the mill, the company said.

It expects to mine and stockpile ore containing a total of approximately 730,000 to 1,170,000 pounds of U3O8 from the Pinyon Plain, La Sal and Pandora mines during 2025, subject to market conditions, mining rates and other factors, and also said it expects to purchase uranium ore from third-party miners in the region. So-called Alternate Feed Materials and mine cleanup materials, are expected to add a total of about 160,000 to 200,000 pounds of additional contained uranium to ore inventories.

Uranium processing activities from conventional ore inventories and Alternate Feed Materials are expected to result in total finished uranium production of 200,000 to 250,000 pounds U3O8 during the first half of 2025. Combined with existing inventories, this is expected to be sufficient to complete expected uranium sales in 2025, while providing additional material for discretionary sales on the spot market, the company said.

"2024 was a fundamental building year for Energy Fuels, as we resumed US uranium mining, realised profitable uranium sales, achieved commercial US rare earth production, and secured two 'Tier 1' critical mineral projects in allied nations, which upon development, are expected to be able to provide low-cost rare earth feedstocks to our US processing plant, while supporting additional stability, growth, and revenues for decades," President and CEO Mark Chalmers said, adding that Energy Fuels "is now well positioned to take advantage of numerous emerging opportunities in uranium, rare earths, mineral sands, and potentially medical isotopes".