Good morning, ladies and gentlemen, and welcome to the annual meeting of shareholders of Energy Fuels Inc. My name is J. Birks Bovaird. I'm speaking to you from Toronto, Ontario. I'm the chairman of the company, and I will act as the chairman of this meeting. The corporate secretary of the company, David C. Frydenlund, will act as secretary of the meeting. Also with us today are Mark Chalmers, President and CEO, Curtis Moore, Vice President, Marketing and Corporate Development, and Matthew Kapell, Chief Accounting Officer.
This is Mark Chalmers, President and CEO of Energy Fuels. Although we are disappointed that we cannot see each of you today, our thoughts are with you, your families, and your communities. We wanna thank you for your patience as we navigate through this unprecedented situation by moving to an electronic meeting this year.
This is David C. Frydenlund, CFO, General Counsel, and Corporate Secretary of Energy Fuels. This meeting is held in accordance with the Ontario Business Corporations Act, which permits shareholders' meetings by electronic means and is deemed to be held in Toronto, Ontario. Please look to your screen at this time for instructions on asking questions, and for those of you who are eligible to vote at the meeting on casting your votes. Only shareholders and proxy holders who have been provided a 13-digit control number located on the form of proxy you have received are entitled to vote at the meeting. As with any new technology, unexpected glitches may occur. However, our service providers for this platform are very experienced at running virtual AGMs and will provide support throughout this meeting.
To request individualized support, please click on the support button on your screen or call AST at. I'm gonna give you a couple of phone numbers. Call AST at 1-866-751-6315 if within North America, or 1-212-235-5754 if outside of North America if you need support.
Thank you, Dave. The annual meeting of shareholders, to make the best use of our time, certain shareholders have been asked to move and second the resolutions, which we will consider and which are set out in the notice of meeting. This will allow more time for voting as well as any questions and comments later in the meeting. We welcome shareholders to submit questions as they arise, though we may address them at a later point in the meeting, depending on subject matter. We will pause periodically throughout the meeting to review any questions directly related to proposals, during which you may experience brief periods of silence. General questions relating to the company's business and operations will be addressed after the CEO's presentation, following the meeting. We will conduct the votes on the matters before us by poll.
In this format, every shareholder entitled to vote on the matter, that is, every shareholder or proxy holder who has been provided a 13-digit control number, has one vote in respect of each share, entitled to be voted on the matter and held by that shareholder. If you previously voted by proxy, please note that voting in the poll will void your previously cast votes, and any votes submitted here will govern. We note that the proxies received to date indicate that the company has sufficient votes to pass all matters in accordance with the recommendations of management. The poll will be open for all resolutions at the same time. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on all resolutions prior to casting your vote on any of the resolutions.
Your votes may be changed until voting is closed just prior to the termination of the meeting. AST Trust Canada will act as virtual scrutineer of this meeting to report on the shareholders present virtually and the number of securities represented virtually and by proxy at this meeting and any adjournment thereof, to compute the votes cast by proxy and by the poll conducted at this meeting or any adjournment thereof, and to report to me on these matters.
The notice calling this meeting, the management information circular of the company, dated April 7, 2020, and a form of proxy, were mailed to all registered shareholders and were also mailed, or notice was delivered in accordance with the notice and access requirements to all non-registered shareholders, in accordance with the National Instrument 54-101 of the Canadian Securities Administrators and Rule 14a-16 of the United States Securities Exchange Act of 1934. The Affidavit of Mailing has been duly filed, and I direct that the affidavit be attached to the minutes of this meeting as a schedule. If you're entitled to vote at this meeting, and you may, you may address the meeting when there is a call to discuss a motion before the meeting.
Should a shareholder or proxy holder entitled to vote at the meeting like to address the chair or other speaker on any motion, please type in your question or comment in the message section provided on your screen. Subject to timing constraints and applicability to the matters being discussed, the secretary or other speaker may read the question aloud and provide a response during the course of the meeting. A quorum for the transaction of business at a meeting of shareholders is at least two persons present, in this case, virtually, each being a shareholder entitled to vote at the meeting, or a duly appointed proxy holder or representative for an absent shareholder so entitled. I will now ask the secretary to report on attendance at the meeting.
Mr. Chairman, we are pleased to report that there are 191 shareholders holding 50.6 million common shares, represented in person or by proxy at this meeting. This represents 44% of the 115 million issued and outstanding common shares.
Thank you. I declare that the requisite quorum of shareholders is present, and that the meeting is properly constituted for the transaction of business. I direct that the final scrutineer's report on attendance be annexed to the minutes of the meeting as is scheduled. The first item of business is the presentation of the financial statements of the company for the year ended December 31, 2019, together with the auditor's report thereon. Copies of the financial statements have been publicly filed and mailed to all shareholders who requested them. Are there any questions concerning the financial statements?
Mr. Chairman, this is Curtis Moore, Vice President of Marketing and Corporate Development. There are no questions at this time.
Thank you, Mr. Moore. As there are no questions, receipt and presentation of the financial statements for the year ended December 31, 2019, is hereby acknowledged. The next item of business is the election of directors. It's proposed that eight directors be elected at this meeting. As described in our management information circular, the company has adopted a majority voting policy that provides for individual director voting by the shareholders. Under the policy, if any nominee director receives a greater number of votes withheld than votes for his or her election, he or she will tender his or her resignation for consideration following the meeting.
In addition, in 2014, the board and the shareholders of the company approved an amendment to the company's bylaws, which requires that shareholders submit a notice of director nominations at least 35 days and not more than 65 days prior to the annual meeting. No notices of nomination were received by the company within the specified time period. May I have a motion to nominate the individuals recommended by the board of directors?
Mr. Chairman, this is Mark Chalmers. I nominate for election as directors of the company for the ensuing year, the following eight persons, whose nomination has been authorized by the board of directors: J. Birks Bovaird, Mark Chalmers, Ben Eshleman , Barbara Filas, Bruce Hansen, Dennis Higgs, Robert Kirkwood, and Alexander Morrison.
Thank you, Mr. Chalmers. As no other nominations were received by the company, in accordance with the advance notice provisions of the company's bylaws, I now declare the nominations closed. All of the nominees have signified their consent to act as directors of the company. May I have a motion in respect to the election of the nominees as directors?
Mr. Chairman, this is Mark Chalmers again. I move that the individuals I have nominated be elected as directors of the company to hold office until the close of the next annual meeting of shareholders or until their successors are duly elected or appointed.
This is David Frydenlund. I second the motion.
Thank you. Is there any discussion on this motion?
This is Curtis Moore. There are no questions at this time.
Thank you, Mr. Moore. As there are no questions, I now call for a vote on the motion before the meeting. All persons eligible to vote may enter their votes in Lumi at this time, as indicated on your screens. You may cast or change your vote until the poll for all proposals is closed just prior to the termination of the meeting. The next item of business is the appointment of auditors. As disclosed in the Management Information Circular, management is proposing that KPMG LLP, an independent registered public accounting firm located in Denver, Colorado, be reappointed as auditors of the company. I now ask for someone to make a motion.
Chairman, this is Mark Chalmers again. I move that KPMG LLP of Denver, Colorado, an independent registered public accounting firm, be appointed as auditors of the company until the next annual general meeting of the company at such remuneration as shall be fixed by the board of directors.
This is David Frydenlund. I second the motion.
Thank you. Is there any discussion on this motion?
Mr. Chairman, there are no questions at this time.
... As there are no questions, I now call for a vote on the motion before the meeting. All persons eligible to vote may enter their votes in Lumi at this time, as indicated on your screens. You may cast or change your vote until the poll for all proposals is closed just prior to the termination of the meeting. The next item of business is a vote on a non-binding advisory proposal to approve the compensation for the named executive officers as disclosed in the Management Information Circular. I now ask someone to make a motion.
Mr. Chairman, this is Mark Chalmers. I move that the following resolution be passed. Resolve that the compensation paid to the company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the compensation discussion and analysis, compensation tables, and narrative discussed, is hereby approved.
Mr. Chairman, this is David Frydenlund. I second the motion.
Thank you, gentlemen. Is there any discussion on this motion?
Mr. Chairman, this is Curtis Moore. There are no questions at this time.
Thank you, Mr. Moore. As there are no questions, I now call for a vote on the motion before the meeting. All persons eligible to vote may enter their votes in Lumi at this time, as indicated on your screens. You may cast or change your vote until the poll for all proposals is closed just prior to the termination of the meeting. The next item of business is a vote on the non-binding advisory proposal regarding the frequency with which shareholders will vote on say-on-pay proposals in the future, known as say on frequency, as detailed in the Management Information Circular. The say on frequency vote consists of three voting options, denoted by Proposal Four, representing a one-year frequency, Proposal Five, representing a two-year frequency, and Proposal Six, representing a three-year frequency.
Each voting option is mutually exclusive, meaning that shareholders should only vote for one of the three options and vote against or abstain on the other two options. It's the recommendation of management that shareholders vote against Proposals Four and Five and for Proposal Six. I now ask someone to make a motion.
Chairman, this is Mark Chalmers. I move that the following resolution be passed. Resolve that the shareholders of Energy Fuels Inc. determine on a non-binding advisory basis, that the frequency with which the shareholders shall have an advisory vote on executive compensation set forth in the company's proxy statement for its annual meeting of shareholders, beginning with 2020 annual meeting of shareholders, is I, every one year, II, every two years, or III, every three years.
Mr. Chairman, this is David Frydenlund. I second the motion.
Thank you, gentlemen. Is there any discussion on this motion?
This is Curtis Moore. There are no questions at this time.
Thank you, Mr. Moore. As there are no further questions, I now call for a vote on the motions before the meeting. Would all persons entitled to vote, please enter your votes now in Lumi at this time. If you have not entered your votes for all of the motions put forth at the meeting, please do so now. We will pause for about 20 seconds to allow for all shareholders to complete their votes before we close the polls, starting now. That's 20 seconds. I will ask that the polls now be closed.
Based on the preliminary scrutineer's report, proxies were received from sufficient number of shares relative to the total number of votes cast at the meeting, such that I declare the following: One, with respect to the election of directors, each of the nominees for director received more votes for the number of votes withheld, and accordingly, each of the directors has been duly appointed, and none of the directors is required to tender his or her resignation under the majority voting policy. Two, with respect to the appointment of auditors, the resolution that KPMG LLP of Denver, Colorado, an independent registered public accounting firm, be appointed as auditors of the company until the next annual meeting of the company, at such remuneration as shall be fixed by the board of directors, was approved by a majority of the votes cast.
Three, with respect to Say-on-Pay, the resolution that the compensation paid to the company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including this compensation discussion and analysis, compensation tables, and narrative discussion, was approved by the requisite majority. Four. With respect to the Say-on-Frequency, the resolution that the shareholders of the company determine on a non-binding advisory basis, that the frequency with which the shareholders shall have an advisory vote on executive compensation set forth in the company's proxy statement for its annual meeting of shareholders, beginning with the 2020 annual meeting of the shareholders, is every 3 years, received the most votes in favor and was passed.
I hereby direct that a copy of the scrutineer's final voting results be annexed to the minutes of the meeting, that a report on voting results be filed on SEDAR in accordance with Section 11.3 of the National Instrument 51-102, continuous disclosure obligations, and that Form 8-K, in accordance with Item 5.07, be filed on EDGAR pursuant to the filing requirements of the Securities Exchange Act of 1934. That concludes the scheduled business of this meeting. Is there any other business that anyone entitled to vote at this meeting wishes to bring to the attention of the meeting?
Mr. Chairman, this is Curtis Moore. There is no further business to be brought before this meeting.
Thank you, Mr. Moore. As there is no further business, I declare the meeting terminated. The formal part of this annual meeting of shareholders is now adjourned. I invite you to stay online for a short presentation on the company's activities to be given by Mark Chalmers, the President and Chief Executive Officer of the company.
Thank you, Mr. Chairman, and hello, everyone, out there that's listening to our presentation today in this meeting. My pleasure to give everyone an update on the company. This first slide, we've changed the title to America's Leading Producer of Critical Minerals, and we're very proud of that, and we're very excited about that. I think most of you were fully aware that we're the largest producer of uranium in the United States, and also a producer of vanadium, and we're now looking at adding rare earth elements to this list of critical minerals. Next slide. Look, I may be making some forward-looking statements, which are included at the back of this presentation. There's three pages, 23, 24, and 25. Next slide.
Look at, many of you have seen the investment themes of the company, a number of times, but we continue to update it as we evolve as a company. We are and continue to be the largest U.S. producer of uranium in the United States. We have more assets, we have more resources, and we can upgrade our production quicker, faster than any of our peers. And again, we're very proud of that. We also have had a long history of producing vanadium. We produced vanadium last year when the prices were higher, and we still have the ability to respond at improved market conditions. Third item there is a rare earth potential, and again, this is fairly new.
Actually, we announced about 5 or 6 weeks ago that we're looking at getting into rare earths, and we'll talk about it more in the presentation. We think we're uniquely placed to capitalize on this opportunity, and as I said, I'll talk more in a moment or two. Both all three of those uranium, vanadium, and rare earths have substantial government support both from a uranium perspective and a rare earth production perspective. Recently, the U.S. government has created the U.S. Uranium Reserve, which is being appropriated, or at least the first years is in for appropriations, which is $150 million a year over 10 years, for a total of $1.5 billion.
I also wanna note that in the rare earth space, there's also a similar appropriation for 2020. It is $50 million a year for five years. So, there is some common themes on how the U.S. government is approaching both uranium and nuclear fuel cycle and rare earth production in the United States. We also continue to have a very strong cash and working capital position with significant inventories that we hope to monetize at higher prices. As of March thirty-first, we had around $48 million of cash or marketable securities, which included a substantial amount of uranium and vanadium inventories. Next slide. Again, many of you have seen this slide before as we upgraded as the largest producer of uranium over the last few years.
You know, and we have significant capacity to increase as the market improves. We are the only company that has three production sites, two in-situ recovery sites on standby, and White Mesa continues to produce currently. We're very proud of that, and that gives us substantial capacity with licensed capacity of around 11.5 million pounds, which really dwarfs all our peers. As you all are aware, White Mesa is the only conventional mill in the United States. You know, with uranium and vanadium process capabilities, and we look to expand that to rare earths, hopefully in the next year or two. Next slide. Again, many of you have seen this, this slide here. It's our footprint from Wyoming all the way down to South Texas.
The two green stars are the two in-situ recovery facilities, which are on standby, and the blue star is the White Mesa Mill. And then the little green dots are the various conventional mines that we have that are surrounding these production centers. Also, the little kind of light blue, gray triangles are the nuclear power plants in the United States, mainly on the East Coast, where we still continue to get around 20% of our electricity from, and that also equates to 55% of the carbon-free electricity in the United States. Next slide. This is just a summary list of the many projects that we have, most of which are permitted, constructed, and substantially developed.
And so, you know, again, no one in our peer group, in the United States or actually anywhere in the world that I know of, has this list or this capacity of existing proven projects ready to go. And, you know, several of these also have vanadium, which I'm sure many of you are aware of, but you know, this is a quite a significant list and gives us the ability to respond, again, quicker, faster than any of our peers. Next slide. Again, a summary, and you know, the title of this slide is Proven Uranium Assets. I just wanna remind people that probably better than 50% of all new projects will fail or not achieve their objectives.
White Mesa Mill has been around since 1980, and has produced a substantial amount of uranium and vanadium over that period of time. If you take a current uranium, vanadium prices, that's in the order of $2 billion of revenue from that facility, over the last 40 years or so, I consider that very proven. Now, Nichols Ranch is a newer project, has produced a little over 1 million pounds, still has a number of licensed well fields ready to go, but again, ready to go, and, but again, proven. Alta Mesa in the same boat, also, has produced about 4.6 million pounds on a very large private ranch, with significant opportunity to increase and expand the resource of potential on that project.
And then the last project on this list, the Canyon Mine, which is also on standby, which is what I call a momentum project, and, I'm proud to say that I helped, assemble that, headframe back in 1988. So we're really looking forward to mining that in the not-too-distant future. Next slide. Now, let's talk a little bit about the rare earth opportunity. I mean, I think most of you have heard a lot of discussion, in the media over the last, particularly last year, on rare earths and our dependency on mainly China, on rare earth production.
The president, back in July of 2019, issued a number of presidential determinations declaring that rare earth production is a U.S. national security issue, and he directed the U.S. Department of Defense to do something about it, including purchases of domestically produced rare earth production. Why does Energy Fuels have a role here? We've had a number of discussions with several entities, including the U.S. government. White Mesa Mill can process rare earth ores under, we believe, existing licenses or minor adjustments or modifications to those existing licenses. We have the ability to recover the uranium, and we've done a fair amount of bench-scale test work already on certain rare earth streams, which has been positive.
And most recently, we've engaged a team of experienced rare earth experts, both from commercial perspective and technical perspective, and the fact that really most rare earths contain radioactive either thorium or uranium, and that is our core business. So a lot of people's problem becomes our opportunity because this is what we do for our business. So, you know, again, very excited about this. Next slide. Look at the processing of rare earth ores is very well understood. Certainly, the process has to be changed for different mineralogies. And so, you know, we've got a little bit of a head start there, particularly with some of the people that we brought on board.
The advantages, the White Mesa Mill, you know, it is a very flexible facility. That's why it has stood the test of time. You know, we're used to dealing with uranium ores and alternate feeds and have responsibly handled this material for the last 40 years. So, we also have a lot of experience with some of the different steps in the rare earth recovery process, including solvent extraction. So, you know, we are in a very, very unique position here. We think that, you know, our initial target is going to be monazite streams, which traditionally have more uranium and thorium than a lot of the other rare earths.
We're excited about that because Monazite is a source of rare earths that really hasn't been tapped much in the past 10 or 20 years because of the uranium and thorium in those streams. So right now, we're not expecting to physically mine rare earth ores. We're seeking to process through third party ores or streams, toll process, like we've done with uranium and vanadium over the years, but that could change. We'll see how it goes, but we're looking at creating a processing facility, reestablishing that in the United States, and really creating a hub for critical minerals in the United States. Next slide. Just recently, we made the announcement that we had engaged two very esteemed professionals in the rare earth space. We engaged Constantine Karayannopoulos.
He has over 25 years in the rare earth space. He founded and is currently the chair of the board of a company called Neo Performance Materials. It's a global rare earth, specialty materials company. Back in 2012, Constantine sold that company, Neo, to Molycorp for CAD 1.3 billion, which at the time is, the US dollar and Canadian dollar are basically at parity, so it's at $1.3 billion as well. And Molycorp unfortunately went into bankruptcy, but Neo, the core asset that Constantine founded, remained profitable through that bankruptcy. So, you know, we've got a guy here that has a long history of profitable operations in the rare earth space.
He's known globally, and probably, you know, you know, one of, you know, the most successful persons in this space, you know, outside of China, and I don't think that most of the Chinese make money on selling properties, but Constantine certainly has a pedigree that's really ideally suited with where we are in this space at this point in time. In addition, Brock O'Kelley joined us. Brock has about 35 years experience with rare earths. He actually worked with Constantine back in the Molycorp days, and he had several decades of progressive experience at Molycorp. He currently is a research associate professor at the Colorado School of Mines, mainly focused on rare earth-related projects.
So, you know, again, we're excited to get off to a really good start with two very experienced people in this this sector. We also have access to ANSTO in Australia. It's one of the world's leading experts for doing testing and piloting of rare earth element materials. Next slide. Now, let's go back to uranium, which I wanna say is first and foremost, and continues to be our core focus as a company. Rare earths just will be a nice complement, in my opinion. Nuclear energy continues to grow. I like this slide that's shown on sort of the bar chart there from the World Nuclear Association, some of the data that they put out on a fairly routine basis, basically showing that nuclear is growing.
It's actually growing quicker, faster, and healthier than it was before Fukushima. You know, you can see the sort of yellowish graph from January 2018, and then the blue is January of 2020, and in between that, you had Fukushima. So, it's not like, you know, exponential growth, but it is growth. It's steady, and as I mentioned earlier, 20% of our electricity in the United States comes from nuclear, and it looks like a bright new era when it comes to things like the small modular reactors. There's a lot of major strides and steps being made on that front. I'm very excited about that. So nuclear is well positioned for the future, particularly with clean energy. Next slide.
Okay, this is just a slide that shows, again, WNA data. Sort of shows the demand profile for uranium looking out to 2040, and current projects as they mine themselves out or burn themselves out, there definitely is a significant gap that needs to be filled with new uranium production. And you know, that bodes well for the uranium business on supply-demand fundamentals on its own. Next slide. Certainly, in the last couple months, with the supply disruptions mainly because of COVID-19, we saw a lot of uranium production coming off the market, and the price uranium increased fairly substantially, of nearly 35%, quite quickly. Now, it's still you know, at the $34 a pound or so spot price....
It's still not at levels to justify a Western world production, but it certainly took a good step in the right direction. So we hope that trend continues, but it did certainly create some interest in the uranium space. And I think that uranium has been the best performing metal of all metals, this year in 2020. Next slide. Now, continuing on in the uranium front, the Nuclear Fuel Working Group. Now, again, this is something that I'm very proud that our company has been the main flag waver in Washington, D.C. over the past couple years, on both the Section 232 that morphed into the Nuclear Fuel Working Group. They released a report on the twenty-third of April. It is probably the strongest commitment and support that the U.S. government has made in decades.
It's a non-partisan policy document that supports a number of solutions to support the US uranium mining and the front end of nuclear fuel cycle. It also provides strong justifications for appropriations, which we're currently using, and you know, on a number of different areas, like the national security and clean energy aspects, you know, countering Russian influence, also on nuclear technology globally, and promote nuclear non-proliferation initiatives. So, you know, we believe that this document probably wouldn't exist, won for our actions as a company, so this is a good example of us trying to make our luck. Next slide.
I've talked about some of these bits and pieces already, but some of the main recommendations, the main one is this US Uranium Reserve, calling for $150 million a year for 10 years. That's ongoing. That's in for appropriations right now. We think our assets are ideally placed, particularly with a long history of producing uranium. In addition to that, they call for, and this is not in for appropriation yet, but they call it the American Assured Fuel Supply. That could include up to another 17-19 million pounds of demand for newly produced uranium. They also call for the ending of the DOE's bartering program.
They have encouraged the extension of the Russian Suspension Agreement, which ends at the end of this year, and also hopefully reduce the quantities coming in from Russia. They've also given the Nuclear Regulatory Commission the ability to deny imports of fabricated fuel from Russia, and also streamlining regulatory reform for access to uranium deposits. So anyways, it's quite a strong report, setting forth the policy of the Trump administration, and as I said, we find this very helpful for us right now, when we're on the Hill and trying to advance the nuclear fuel cycle in the United States, and the reasons it needs to be advanced. Next slide.
Now, this is just a slide that many of you have seen, that we continue to update, just kind of where Energy Fuels fits in from a competitive perspective with our peer group in North America. You can see we're kind of in the middle of the pack. You know, a couple major—there's not a couple, there's a lot of differentiators here. Certainly, when you look at our market cap, around $200 million market cap, no one in our grouping, with exception of Cameco, has our cash position or working capital position. This is something that we are always going to maintain because it's important to keep that strong position. We also have more inventory, and again, outside of Cameco, than anyone. We have over 500,000 pounds currently.
We hope to have close to 700,000 pounds of uranium at the end of this year. We also have vanadium inventory, about 1.6 million pounds. But the real differentiator here, when you see these little green checks, are massive differentiators from the rest. We are first and foremost a uranium company, but as I said earlier, we're the only ones in North America that have both ISR and conventional, so two ticks. Cameco has ISR and conventional, but none of the others do. We also are the only primary producer of vanadium. We produced vanadium last year. We're very proud of that. The price dropped on us, but we did what we said we're gonna do.
We also have the ability to do alternate feed, and we're currently processing alternate feed at White Mesa as we speak. And we've done that for, like, 20 years, or at least White Mesa has done that, and it's been a $5 million-$15 million a year business. So tick, proven, we've done it. We've also done, and currently doing, some of the cleanup operations down in New Mexico on a private project. And we're currently receiving funds for that. And again, no one has the capabilities of doing that. And we're now adding another check, rare earths, which complements all these things because of the rare earths containing a substantial amount of uranium that we can recover.
So when you look at the fact that we're first and foremost a uranium company, but we're not just focused on, or not just dependent on the price of uranium, this is something that, you know, gives us a lot of maneuvering room in changing market conditions. Next slide. Now, this is one of my all-time favorite slides because it shows over the last 15 years of who has produced the uranium. Now, the gray is Cameco, the blue is Energy Fuels or Energy Fuels assets, and the little graph there shows the price of uranium, both the spot price and the average long-term price over that 15-year period. Now, in green is Ur-Energy, and in kind of that reddish pink, that is Uranium One.
If you look at the production over 15 years from the assets of Cameco and Energy Fuels, the two companies have produced 85% of the uranium produced in the entire United States. The two gorillas in the room is Energy Fuels and Cameco. If you add Ur-Energy and Uranium One, and granted, they didn't start producing until about 2010 or 2011, it's like 97% of all the uranium produced in the United States was from four players. There are a couple other producers, but they are insignificant in the scheme of who is proven in producing uranium in the United States. So I think this is a good slide to refer to when you're looking at who is going to get to the market in the future. Next slide.
Now, I touched on this a little bit on the mine cleanup activities. We've been working on this for a number of years, and many of you have seen this slide before. The blue star is White Mesa Mill up in just southern Utah. You see the Four Corners region. You can see the ... kind of in the orange is the Navajo Nation. The red dots are abandoned uranium mines, mainly mined during the Cold War, that were either not reclaimed or poorly reclaimed. The U.S. government has collected nearly $2 billion in trust to clean up those mines. And that is in trust. White Mesa is ideally positioned to take that material and help clean up the Navajo Nation.
It's certainly something that I personally get very excited about because I would like us to assist the Navajo Nation in cleaning up these legacy issues. We are making progress here. We have started, and you can see a little green star in New Mexico. It's over by Grants, and there's one project there that we are currently cleaning up. We've trucked, I don't know the exact numbers, but probably north of 30,000 tons from that facility to White Mesa, and we're paid a fee to do so. We've also volunteered with the Navajo Nation to do a pilot cleanup with them. That got stopped because of COVID-19, but we look forward to getting that started in the not-too-distant future.
But we really want to show both the Navajos and the USEPA and the public at large that we can use this facility to clean up these facilities, recover the uranium, and do a service for the Navajo Nation due to these legacy Cold War-era legacy projects. So watch this space. It is progressing. And again, no one in our peer group has this type of you know related but not related to the business opportunity. Next slide. Okay, this is just kind of got a little bit of everything on one page when it comes to our financial flexibility. I talked about the $48.4 million at the end of March 2021. That includes our inventories valued at fairly low prices.
You can see that, little box on the, the right there. In that $48 million, that values our uranium at $23.13 a pound, and currently, the price of uranium is $33.70, which is 46% greater. That's not reflected in that, working capital amount. Vanadium is also up fairly substantially. So, you know, that is just, you know, to make sure that people understand that, you know, we're valuing, our inventories on the books less than current market prices. I mentioned the, inventories we have. You know, hopefully, we can capitalize on that, as this price goes up substantially. And, we also have limited debt, about $16 million matures at the end of 2020. We can pay that in cash or shares.
We're currently looking at how best to address that, but we feel we can address it without any major difficulty because we have the strong cash position that we have. Next slide. This is just a summary and a wrap-up of what I've just talked about. Again, number one, unmatched ability to increase our production. Remember the graph, it shows that Cameco and Energy Fuels have produced 85% of the uranium produced in the United States. You know, we have more facilities, more resources. We have more experience at producing uranium and vanadium than anyone else. The rare earth opportunity, and watch this space. This is really exciting stuff. You know, we talked about our balance sheet. We have this optionality, whether it be vanadium, alternate feeds, cleanup, and uranium and vanadium, or rare earths.
I'm just excited, everybody, and I think our shareholders should all be excited because we are truly unique in what we represent as an investment. Next slide. Okay, these are the forward-looking statements, page 22 and 23. Next slide. Next slide. My attorney made me do this to show it to you. So, those are the cautionary statements. I now would like to open the floor for any questions that anyone might have with regard to the presentation or how we're managing the company.
This is Curtis Moore. There are no questions at this time.
Okay, I would like to thank everybody for listening to the presentation. And again, I appreciate our shareholders and the support that you give us. And thank you for attending, and we'll see you next year at the next AGM.