Energy Fuels produced 162,000 pounds of U3O8 at its White Mesa Mill in Utah in 2022 and stands ready supply and increase the availability of US-produced uranium as Washington considers moves to reduce its reliance on Russian imports.

The Colorado, US-based company said in its annual results it remains the largest producer of uranium in the US. The White Mesa Mill is the only US uranium facility producing material quantities of uranium, the company said.

President and chief executive officer Mark Chalmers said that in 2022, positive uranium market fundamentals were magnified by concerns over security of supply, potentially creating new market dynamics for nuclear fuel. Nations around the world are embracing nuclear, as it provides clean, carbon-free electricity on a 24/7 basis, making it indispensable in the fight against climate change, he said.