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Mike Heim

Senior Vice President and Senior Equity Research Analyst at Noble Financial Markets

Michael Heim is a Senior Vice President and Senior Equity Research Analyst at Noble Capital Markets, specializing in energy, industrials, and shipping sectors. He covers companies such as Genco Shipping & Trading, Energy Fuels, Indonesia Energy Corporation, AZZ Inc., Kandi Technologies, Seanergy Maritime Holdings, and Flotek Industries, maintaining a notable 55.56% success rate and an average return of 84.88% across his published ratings. Heim began his career as an equity analyst and CFA, joining Noble Capital Markets in a senior research role and has authored numerous in-depth reports on various public companies. He holds the Chartered Financial Analyst (CFA) designation and operates under FINRA-regulated broker-dealer licenses.

Mike Heim's questions to ENERGY FUELS (UUUU) leadership

Question · Q3 2023

Asked about potential upgrade costs for the 2024 mill campaign, the reason for the drop in rare earth carbonate costs and its future sustainability, and the strategic focus of M&A activities.

Answer

The company stated the main capital cost is ~$25 million for the rare earth separation circuit, with no other major capital needed for restarting uranium production. The current rare earth carbonate cost is not a good forward indicator due to low production volumes; costs are expected to improve with scale. M&A for rare earths is focused on securing monazite resources ('tonnes in the ground'), while uranium M&A seeks operational synergies.

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