- Energy Fuels (TSX:EFR) is planning to restart its Nichols Ranch in-situ recovery uranium mine in Wyoming
- The company expects the development of the last of its permitted Production Area 2 to begin production by July 1, 2025, based on market conditions
- The Nichols Ranch ISR facility is a priority resource for the company’s development pipeline
- Shares of Energy Fuels are up 5.61 per cent to C$6.50 as of 10:55 am ET
Energy Fuels (TSX:EFR) is planning to restart its Nichols Ranch in-situ recovery (ISR) uranium mine in Wyoming.
In a news release, the company stated that it expects the development of the last of its permitted Production Area 2 to begin production by July 1, 2025, based on market conditions.
“We are very pleased with our progress to date in preparing Nichols Ranch for a potential restart of production in 2025, and these significant drilling results are exceeding our expectations and further demonstrate the strength of this project,” Mark Chalmers, CEO of Energy Fuels, said in a statement. “This puts us one step closer on the path to meeting our projections, increasing our market share of the nuclear fuel supply chain, and potentially expanding our uranium resources.”
To restart the project, Energy Fuels stated that it is conducting delineation drilling and plans to advance new header houses and install new well-fields in its permitted PA2 area at the mine.
The company highlighted that the Nichols Ranch ISR facility is a priority resource for the company’s development pipeline.
Additionally, Energy Fuels stated it has also landed an additional uranium supply contract with a U.S. nuclear energy utility in Q2 2024 to continue bolstering the domestic uranium industry.
Based out of Denver, Colorado, Energy Fuels is a leading producer of uranium in the United States. The company mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy.
Shares of Energy Fuels (TSX:EFR) are up 5.61 per cent to C$6.50 as of 10:55 am ET.
Join the discussion: Find out what everybody’s saying about this stock on the Energy Fuels Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo: Adobe Stock)