Energy Fuels will also retain some exposure to short-term market upside and optionality at Alta Mesa and EnCore through the convertible note.” “This non-dilutive transaction will add cash to Energy Fuels’ significant working capital position, which was $122 million at September 30, 2022. Not only does it allow us to monetise the Alta Mesa Project for $120 million, it allows our company to focus and accelerate our higher priority uranium and rare earth projects without dilution to our shareholders. Through the proceeds from the transaction, Energy Fuels expects to fully fund its uranium, REE, vanadium and medical isotope business plans over the coming two to three years.Įnergy Fuels president and CEO Mark Chalmers said: “This is a unique transaction for Energy Fuels. The fully licensed and constructed past-producing ISR project and central processing facility has a total operating capacity of 1.5 million pounds of Triuranium octoxide (U3O8) per annum. The Alta Mesa project is located on about 200,000 acres of private land in south Texas. The total consideration will be paid by enCore Energy as $60m in cash at closing and $60m in a secured convertible note payable in two years from the completion of the deal. Uranium developer enCore Energy has agreed to acquire the Alta Mesa in-situ recovery (ISR) uranium project in Texas from uranium and rare earth elements (REE) producer Energy Fuels for $120m. Through the proceeds from the deal, Energy Fuels expects to fully fund its uranium, REE, vanadium and medical isotope business plans over the coming two to three yearsĮnCore Energy to acquire the Alta Mesa in-situ recovery uranium project.
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