Having dropped from C$13.53/share (US$10.55/share) to C$6.85/share between April 15 and May 13, the stock has since climbed to C$8.36 as of May 17.
"Energy Fuels continues to benefit from increases in the prices for all of the critical elements and materials we produce. Though volatile, uranium prices have continued to exhibit strength and resilience, which we expect to continue as Russia's invasion in Ukraine continues," the company's president and CEO Mark Chalmers said.
The company's total revenues in Q1 rose to US$2.94 million, which is up from US$353,000 a year earlier.
Energy Fuels' net losses for the quarter, meanwhile, extended to US$14.73 million, or US$0.09 per share, which compares to US$10.91 million, or US$0.08 per share for Q1 2021.
The company noted that as of March 31, it had a balance sheet with US$136.6 million of working capital, including US$105.8 million of cash and marketable securities, US$29.7 million of inventory, and no short- or long-term debt.
Energy Fuels also produces vanadium from certain projects, as market conditions warrant, and is ramping up to full commercial-scale production of rare earths carbonate.
"We have also been selling some of our vanadium inventory over the past few months, as prices rose during the quarter," Chalmers said.
"This quarter we have sold 150,000 pounds of vanadium as FeV at an average price of US$20.65 per pound of V, which equates to about US$11.00 per pound V2O5," he said.
The company noted that while currently there is no vanadium production planned for this year, it is evaluating potentially bringing some online in response to market improvements.
During 2022, Energy Fuels plans to recover 100,000-120,000 pounds of uranium and about 650-1,000 tonnes of mixed RE carbonate containing approximately 300-450 tonnes of TREO.
The company has a market capitalization of C$1.31 billion.
