Shares of Energy Fuels Inc. were up after the company said it has started production at three of its uranium mines in the United States and was preparing to start production at two more.

The mining company says it made the move in response to strong uranium market conditions, with spot prices at a 16-year high.

Once production is fully ramped up at the three mines in Arizona and Utah by mid- to late-2024, the company says it expects to be producing uranium at a run-rate of 1.1 million to 1.4 million pounds per year.

The company is also preparing two mines in Colorado and Wyoming to start uranium production within one year.

Once in production, the company says they would increase its uranium production to over two million pounds per year starting in 2025, if market conditions continue as expected.

Energy Fuels shares were up 62 cents at $9.92 in late-morning trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published Dec. 21, 2023.