Energy Fuels (NYSE: UUUU) - You Need 3 Things to be Successful in Uranium, by @CruxInvestor

As part of our coverage of the World Nuclear Association in London this month, we interviewed Mark Chalmers, CEO of Energy Fuels (NYSE: UUUU). He came to London as part of his European Roadshow before heading to New York to talk to more potential investors.

My big takeaway from this discussion, and one I would encourage retail investors to look at and do their homework on, is that Uranium mining is not easy, it is very complicated. If management teams have not been through a cycle before, have not produced Uranium or sold Uranium into the market before, that would make us extremely nervous. Using a phrase Mark says in this interview: "They don't know what they do not know".

The other element that is really important is that Uranium companies now more than ever, even before the market turns, need cash. Cash is king. Those without it will struggle. There is only so much waiting and cost cutting that can be done. Energy Fuels has +$40M.

The asset or assets also need to be good. Both the grade and technically. What infrastructure do they have in place? The big win for Energy Fuels is their mill which is functioning and operating - it's the only one in the US and it can process either Uranium and Vanadium.

Mark Chalmers has had a lot of criticism for submitting the Section 232 Petition but he argues it was necessary but reluctantly done. He is honest and open. What do you make of his positioning in the market. And do you think Energy Fuels has what it takes to get a seat back at the table?

Interview highlights: