Filed by Energy Fuels Inc.
(Commission File No.: 001-36204)
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Uranerz Energy Corporation
(Commission File No.: 001-32974)
Energy Fuels Files Technical Reports for Roca Honda, Wate and
Sage
Plain Uranium Projects
Lakewood, Colorado March 19, 2015
Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) (Energy Fuels
or the Company) is pleased to announce that it has filed an updated
mineral resource estimate and preliminary economic assessment for its 60%-owned
Roca Honda uranium project, a mineral resource estimate for its 50%-owned
high-grade Wate breccia-pipe uranium project, and an updated mineral resource
estimate for its 100%-owned Sage Plain uranium/vanadium project. Each of these
reports is described in more detail below:
The Roca Honda Project:
The Company has filed on the System for Electronic Document
Analysis and Retrieval (SEDAR, www.sedar.com) a report titled,
Technical Report on the Roca Honda Project, McKinley County, State of New
Mexico, U.S.A. (the Roca Honda Technical Report) dated February 27,
2015, which includes an updated mineral resource estimate and preliminary
economic assessment prepared in accordance with National Instrument 43-101,
Standards for Disclosure for Mineral Projects, of the Canadian Securities
Administration (NI 43-101). The Roca Honda Technical Report was
prepared by Barton G. Stone, C.P.G., Robert Michaud, P.Eng., Stuart Collins,
P.E., Mark Mathisen, C.P.G., and Harold R. Roberts, P.E. and COO of Energy
Fuels, each of whom is a qualified person within the meaning of NI 43-101. The
Roca Honda Technical Report replaces a previous August 6, 2012 technical report
on the project.
The new report reflects the economics of toll milling ore at
Energy Fuels 100%-owned White Mesa Mill, rather than at a new mill which had
previously been planned to be constructed closer to the Roca Honda project site.
Eliminating construction of a new mill would be expected to have a significant
impact on capital costs and the time line for developing the project. Although
operating costs for the project are expected to increase as a result of
increased transportation costs and the tolling milling charge, the life of mine
capital costs are expected to be reduced by approximately $115 million. The
Company believes the project is preferable with toll milling, because it is
expected to substantially reduce capital costs and the time and licensing risks
associated with constructing a new mill.
The project is estimated to have approximately 14.56 million
pounds of uranium contained in approximately 1.51 million tons of Measured and
Indicated Mineral Resources with an average grade of 0.48%
eU3O8. In addition, the project is estimated to
have approximately 11.21 million pounds of uranium contained in approximately
1.20 million tons of Inferred Mineral Resources with an average grade of 0.47%
eU3O8. Under the base-case scenario contained
in the Roca Honda Technical Report, the Roca Honda project is expected to have a
9-year mine life with average annual production of approximately 2.6 million
pounds of U3O8 per year.
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Wate Project:
The Company has filed on SEDAR a report titled, NI 43-101
Technical Report on Resources Wate Uranium Breccia Pipe Northern Arizona,
U.S.A. (the Wate Technical Report) dated March 10, 2015, which
includes a new mineral resource estimate prepared in accordance with NI 43-101.
The Wate Technical Report was prepared by Allan Moran, C.P.G AIPG and Frank A.
Daviess, MAusIM, RM SME, each of whom is a qualified person within the meaning
of NI 43-101.
The Wate project is a high-grade breccia pipe uranium deposit
located in Northern Arizona. It is held in a joint venture called Wate Mining
Company, LLC (WMC), which is owned 50% by the Companys subsidiary, EFR
Arizona Strip LLC, and 50% by Uranium One Americas, Inc. EFR Arizona Strip LLC
is the manager of the project. The Wate Technical Report was prepared for WMC.
According to the Wate Technical Report, the project has a total of approximately
1.12 million pounds of uranium contained in approximately 0.07 million tons of
Inferred Mineral Resources with an average grade of 0.79%
eU3O8.
The Company has considerable experience mining similar
deposits, as the Company has ongoing mining operations at the Pinenut mine,
recently completed mining operations at its Arizona 1 project in 2014, and
announced that it is preparing to resume development at its Canyon mine. Wate,
Pinenut, Canyon, and Arizona 1 are all breccia pipe deposits located in
Northern Arizona. The Company is currently awaiting the issuance of a state
mineral lease for the Wate project. In Arizona, a state mineral lease is similar
to a mining permit in other jurisdictions, as it confers the right to mine and
ship ores and to conduct all support operations.
Sage Plain Project:
The Company has filed on SEDAR a report titled, Updated
Technical Report on Sage Plain Project (Including the Calliham Mine), San Juan
County, Utah, U.S.A. (the Sage Plain Technical Report) dated March 18,
2015, which includes a new mineral resource estimate prepared in accordance with
NI 43-101. The Sage Technical Report was prepared by Douglas C. Peters, C.P.G.,
who is a qualified person within the meaning of NI 43-101. The Sage Plain
Technical Report replaces a previous December 16, 2011 technical report on the
project.
In August 2014, the Company completed the sale of certain
non-core mining assets along the Colorado-Utah border, including unpatented
mining claims associated with the Sage deposit. As a result, the Company filed
this new technical report based on a re-evaluation of data and to include only
the rights retained by the Company (the Calliham mine) after removing the Sage
claims from the project. According to the new Sage Plain Technical Report, the
Sage Plain project has approximately 1.61 million pounds of uranium and 13.26
million pounds of vanadium contained in approximately 0.48 million tons of
Measured and Indicated Mineral Resources with an average grade of 0.17%
eU3O8 and 1.40% V2O5. In addition, the project is
estimated to have approximately .04 million pounds of uranium and 0.28 million
pounds of vanadium contained in approximately .01 million tons of Inferred
Mineral Resources with an average grade of 0.16% eU3O8 and
1.20% V2O5.
Stephen P. Antony, P.E., President & CEO of Energy
Fuels, is a Qualified Person as defined by National Instrument 43-101
and has reviewed and approved the technical disclosure contained in this news
release.
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About Energy Fuels: Energy Fuels is currently
Americas largest conventional uranium producer. Energy Fuels operates the White
Mesa Mill, which is the only conventional uranium mill currently operating in
the U.S. The mill is capable of processing 2,000 tons per day of uranium ore and
has a licensed capacity of over 8 million lbs. of
U3O8.Energy Fuels has projects
located in a number of Western U.S. states, including a producing mine, mines on
standby, and mineral properties in various stages of permitting and development.
The Companys common shares are listed on the NYSE MKT under the trading symbol
UUUU, and on the Toronto Stock Exchange under the trading symbol EFR.
IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS OF
URANERZ ENERGY CORP. AND ENERGY FUELS INC.
On January 5, 2015, the Company announced a transaction
whereby it would acquire all of the issued and outstanding shares of Uranerz
Energy Corp. (Uranerz). This press release is for informational purposes only
and does not constitute an offer to purchase, a solicitation of an offer to sell
the shares of common stock of Uranerz or a solicitation of any proxy, vote or
approval. Energy Fuels will file with the United States Securities and Exchange
Commission (SEC) a registration statement on Form F-4 that will include a
proxy statement of Uranerz that also constitutes a prospectus of Energy Fuels.
Energy Fuels and Uranerz also plan to file with or furnish other documents to
securities regulatory authorities in Canada and the United States regarding the
proposed acquisition of Uranerz by Energy Fuels.
INVESTORS AND STOCKHOLDERS OF URANERZ ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION OF URANERZ BY
ENERGY FUELS.
Anyone may obtain copies of these documents when available
free of charge under Energy Fuels profile on SEDAR at www.sedar.com or EDGAR at
www.sec.gov, or by accessing Energy Fuels website at
www.energyfuels.com under the heading Investors and from Energy Fuels directly
by contacting Curtis Moore, Investor Relations: (303) 974-2140. Documents will
also be available free of charge under Uranerz profile on EDGAR at www.sec.gov
or on SEDAR at www.sedar.com, or by accessing Uranerz
website at www.uranerz.com under the heading Investors and from Uranerz
directly by contacting Derek Iwanaka, Investor Relations: (800) 689-1659. Energy
Fuels, Uranerz, their respective directors and certain of their executive
officers may be deemed to be participants in the solicitation of proxies from
the shareholders of Uranerz in connection with the proposed acquisition of
Uranerz by Energy Fuels. Information about the directors and executive officers
of Uranerz is set forth in its proxy statement for its 2014 annual meeting of
shareholders, which was filed with the SEC on April 29, 2014. Information about
the directors and executive officers of Energy Fuels can be found in its 2014
management information circular dated March 26, 2014, which is available at
www.sedar.com and www.sec.gov. Other information regarding
the participants in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be contained in the
proxy statement/prospectus and other relevant materials to be filed with the SEC
when they become available.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain Forward Looking
Information and Forward Looking Statements within the meaning of applicable
Canadian and United States securities legislation, which may include, but is not
limited to, statements with respect to the resource estimate, economic analysis,
expected capital reductions, and toll milling arrangements for the Roca Honda
Project, the resource estimate and receipt of the state mineral lease for the
Wate Project, and the resource estimate for the Sage Plain Project. Generally,
these forward-looking statements can be identified by the use of forward-looking
terminology such as plans, expects does not expect, is expected, is
likely, budget scheduled, estimates, forecasts, intends,
anticipates, does not anticipate, or believes, or variations of such words
and phrases, or state that certain actions, events or results may, could,
would, might or will be taken, occur, be achieved or have the
potential to. All statements, other than statements of historical fact, herein
are considered to be forward-looking statements. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements express or
implied by the forward-looking statements. Factors that could cause actual
results to differ materially from those anticipated in these forward-looking
statements include: the resource estimate, economic analysis, expected capital
reductions, and toll milling arrangements for the Roca Honda Project, the
resource estimate and receipt of the state mineral lease for the Wate Project,
and the resource estimate for the Sage Plain Project, and the other factors
described under the caption Risk Factors in the Companys Annual Information
Form dated March 18, 2015, which is available for review on SEDAR at
www.sedar.com, and in its Form 40-F, which is available for
review on EDGAR at www.sec.gov/edgar.shtml. Forward-looking statements contained
herein are made as of the date of this news release, and the Company disclaims,
other than as required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future events,
circumstances, or if managements estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, the reader is cautioned not
to place undue reliance on forward-looking statements.
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The Company assumes no obligation to update the information
in this communication, except as otherwise required by law. Additional
information identifying risks and uncertainties is contained in Energy Fuels
filings with the various securities commissions which are available online at
www.sec.gov and www.sedar.com. Forward-looking statements are provided
for the purpose of providing information about the current expectations, beliefs
and plans of the management of Energy Fuels relating to the future. Readers are
cautioned that such statements may not be appropriate for other purposes.
Readers are also cautioned not to place undue reliance on these forward-looking
statements, that speak only as of the date hereof.
Contact Information:
Energy Fuels Inc.
Curtis Moore
Investor
Relations
(303) 974-2140 or Toll free: 1-888-864-2125
investorinfo@energyfuels.com
www.energyfuels.com
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