Energy Fuels Inc (NYSEAMERICA:UUUU) (TSE:EFR) announced a significant milestone on Tuesday as the company revealed it is now debt-free.
In a statement, the leading uranium producer in the US said that it had retired its remaining C$10.43 million of floating rate convertible unsecured subordinated debentures, the last of its debt.
"While many uranium and other natural resource companies have significant debt burdens, Energy Fuels is proud to announce that today we became debt free," CEO Mark Chalmers told shareholders.
READ: Energy Fuels applauds President Trump's executive order to address US overreliance on critical minerals from foreign adversaries
"Being debt-free distinguishes Energy Fuels not only from many of our peers in the uranium and natural resource sectors, but also from many public companies in general.”
The lack of debt will allow Energy Fuels to better manage market volatility, Chalmers added, and gives the Colorado-based company a 'clean slate' to increase uranium production when warranted and launch new rare earths initiatives.
"We have a number of opportunities in front of us right now, any one of which could result in significant cash flows for the company,” Chalmers said. “Critical minerals, including uranium, rare earth elements, and vanadium, are front-and-center in the US right now, including bipartisan support in the US government.”
The firm is working with the current administration and Congress to create a strategic US uranium reserve to enhance national security and energy security, according to a statement.
“As the leading uranium miner in the US, with more production facilities, capacity, expertise and in-ground resources than any other US uranium producer, we expect to be one of the prime beneficiaries of any US government support,” Chalmers said.
The firm added it will no longer list its shares on the Toronto Stock Exchange.
Contact Angela at email@example.com
Follow her on Twitter @AHarmantas