-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001035704-01-000113.txt : 20010228
<SEC-HEADER>0001035704-01-000113.hdr.sgml : 20010228
ACCESSION NUMBER:		0001035704-01-000113
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20010223
FILED AS OF DATE:		20010226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL URANIUM CORP
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		
		SEC FILE NUMBER:	000-24443
		FILM NUMBER:		1553861

	BUSINESS ADDRESS:	
		STREET 1:		1050 SEVENTEENTH STREET
		STREET 2:		SUITE 950
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
		BUSINESS PHONE:		3036287798

	MAIL ADDRESS:	
		STREET 1:		1050 SEVENTEENTH STREET
		STREET 2:		SUITE 950
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d84546e6-k.txt
<DESCRIPTION>FORM 6-K
<TEXT>

<PAGE>   1
                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                        Report of Foreign Private Issuer
                        Pursuant to Rule 13a-16 or 15d-16
                     of the Securities Exchange Act of 1934

For the month of February 2001


                        International Uranium Corporation
                 (Translation of registrant's name into English)

    Independence Plaza, Suite 950, 1050 Seventeenth Street, Denver, CO 80265
                    (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

                  Form 20-F   X             Form 40-F
                            -----                     ------


Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                  Yes                        No   X
                      -----                     -----

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________________.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                        International Uranium Corporation
                                        -----------------------------------
                                                   (Registrant)

Date:  February 23, 2001                By:  /s/  Ron F. Hochstein
       -----------------                    -------------------------------
                                            Ron F. Hochstein, President






<PAGE>   2




                                  EXHIBIT INDEX

Exhibit Number                 Description
- --------------                 -----------

    99.1                  1st Quarter 2001 Report

    99.2                    Financial Statements

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d84546ex99-1.txt
<DESCRIPTION>FIRST QUARTER 2001 REPORT
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.1

REPORT TO SHAREHOLDERS
1ST QUARTER 2001
(U.S. DOLLARS)

International Uranium Corporation (the "Company") had a net loss of $709,424,
for the first three months of fiscal year 2001, or about $0.01 per share. This
compares with a net loss of $237,485, or less than $0.01 per share, for the
first quarter of last year. This difference is largely due to the fact that the
Company's White Mesa Mill was on standby during this last quarter, and did not
generate income from the processing of alternate feed materials. The Company
continues to have a strong cash position of $12,511,335, as of December 31,
2000.

Operational highlights include the receipt of uranium-bearing material excavated
from the Linde site, located in Tonawanda, New York. This is the Company's third
FUSRAP (Formerly Utilized Sites Remedial Action Program) contract with IT
Corporation, the U.S. Army Corp. of Engineers contractor, and is expected to
generate over 70,000 tons of material. Linde material began arriving at the
White Mesa Mill near the end of the last fiscal year. In addition to material
from Linde, the Mill continues to receive material from the Ashland 1 project.
This project was originally estimated at 100,000 tons of material, but based on
current estimates, the Ashland 1 project will generate over 150,000 tons of
uranium-bearing material, which will ultimately be recycled through the Mill for
the recovery of uranium. In addition to these two FUSRAP contracts, the Company
continued to receive materials delivered under contract with a private sector
nuclear fuel cycle company.

During the quarter, the Company received approval from the U.S. Nuclear
Regulatory Commission for two new license amendments for alternate feeds. A
third license amendment is currently in the review stage. When this license
amendment is approved the Company will have applied for and successfully
received thirteen amendments, to date, for the processing of uranium-bearing
materials. The Company continues to aggressively pursue other alternate feed
opportunities.

The Mill's processing operations continued in a standby mode during this
quarter. Mill personnel continued to receive alternate feed materials and to
perform routine maintenance in preparation for the next alternate feed run.
Metallurgical test programs for potential alternate feed projects were also
performed in support of the Company's alternate feed program. Based on current
projections, processing of the material is scheduled to begin in the third
quarter official 2001, once sufficient material has been stockpiled at the Mill
and pending the receipt and timing of additional contracts.

The Company continued to evaluate offers for the sale of its U.S. based uranium
mining assets, and is continuing to discuss with interested parties potential
participation in its Mongolian Joint Venture. These efforts were hampered by the
continued weakness in the uranium market. Uranium spot market prices continued
downward, decreasing from $7.45 per pound U3O8 at the beginning of the fiscal
year, to $7.10 per pound at the end of the quarter. Prices have declined
significantly from the end of the first quarter of fiscal 2000 where they were
$9.60 per pound U3O8. Spot market volume during the quarter was approximately 4
million pounds of U3O8 equivalent, which was only 60 percent of the volume for
the same period last year.

The Company sold approximately 23,000 pounds of V2O5 as vanadium pregnant liquor
(VPL). This material was priced slightly above the market price for V2O5, which
decreased $0.25 during the quarter, beginning the quarter at $1.70 per pound
V2O5 and ending the quarter at $1.45 per pound V2O5. The Company holds
approximately 424,000 pounds of vanadium inventory, as blackflake,


<PAGE>   2

that it intends to sell as vanadium prices strengthen. The Company also holds
approximately 144,000 pounds of vanadium as VPL.

FINANCIAL REVIEW

Revenues for the first quarter of fiscal 2001 were $323,790, a decrease of
$3,301,861 or 91%, as compared to $3,625,651 for the first quarter of fiscal
2000. Revenues consist of uranium sales, vanadium sales and process milling
fees. As a result of the Company's decision to sell, in fiscal 2000, its
remaining long-term uranium sales contracts and uranium inventory there is no
uranium revenue during the current quarter. For the first quarter of fiscal
2000, uranium sales contributed $3,267,600 or 90% of the total revenues for that
period. Revenue from the sale of vanadium was $47,533 during the quarter.

Alternate feed processing activities during the first quarter of fiscal 2001
consisted primarily of the receipt, sampling and analysis of the Ashland 1 and
Linde materials. Revenue from process milling activities for the first quarter
of fiscal 2001 was $276,257 compared to $358,051 for the first quarter of fiscal
2000, a decrease of $81,794 or 23%. The reduction was due to a decrease in
volumes, as only 28,000 tons were received during the first quarter of fiscal
2001, as compared to 33,000 tons during 2000. To date over 151,000 tons have
been received at the White Mesa Mill from the Ashland 1 and Linde sites. The
Company receives a recycling fee as these materials are delivered. A portion of
the fees are recognized as revenues to the extent costs are incurred receiving
materials, the remaining recycling fees are recorded as deferred revenue until
the material is processed. The costs for processing the material will also be
recognized at the time of processing.

Costs of products sold for the first quarter of fiscal 2001 were $22,108 as
compared to $2,765,000 for the first quarter of fiscal 2000, a decrease of
$2,742,892. This reduction was due to no uranium sales during the quarter.

Process milling expenditures for the first quarter of fiscal 2001, of $182,599,
increased $20,378 or 13% as compared to process milling expenditures of $162,221
for the first quarter of fiscal 2000. The increase was largely due to more
severe weather conditions at the Mill. Costs incurred consist primarily of
payroll and related expenses for personnel, fuel & lube, parts and supplies and
contract services required to receive alternate feed materials.

Mill standby expenses were $648,326 for the three months ended December 31,
2000. These expenditures consist primarily of payroll and related expenses for
personnel, parts and supplies, contract services and other overhead expenditures
required to maintain the Mill in a standby mode. The Mill was on standby during
the entire first quarter of fiscal 2001 as compared to the first fiscal quarter
of 2000 when the conventional mill run, that began in fiscal 1999, was
completed. As a result, there were no standby expenses for the three months
ended December 31, 1999.

Selling, general and administrative expenses for the first quarter of fiscal
2001 were $433,297, a decrease of $531,580 or 55% as compared to the first
quarter of fiscal 2000. The decrease related primarily to the Company's decision
during fiscal 2000 to significantly reduce overhead costs. Selling, general and
administrative expenses consist primarily of payroll and related expenses for
personnel, legal, contract services and other overhead expenditures. The Company
anticipates that selling, general and administrative costs for fiscal 2001 will
continue at current levels.
<PAGE>   3

Net interest and other income was $341,826 for the first quarter of fiscal 2001
as compared to $194,269 for the first quarter of fiscal 2000. The increase of
$147,557 is primarily the result of improved interest income from the higher
cash balances available for investment, as well as a decrease in interest
expense.

As a result of the foregoing, the Company recorded a net loss of $709,424 ($0.01
per share) for the three months ended December 31, 2000, as compared with a net
loss of $237,485 (less than $0.01 per share) for the three months ended December
31, 1999.

At December 31, 2000, the Company had cash and cash equivalents of $12,511,335
and working capital of $5,726,759 as compared to cash and cash equivalents of
$11,650,600 and working capital of $10,556,005 at September 30, 2000. The
reduction in the working capital balance, when compared to 2000 fiscal year end
figures is primarily due to the Company's current plans to begin processing of
the Linde and Ashland 1 material in the third quarter of 2001. As a result of
this plan, the deferred revenue of $4.2 million was reclassified as a current
liability.

Net cash used in operating activities was $731,638 for the three months ended
December 31, 2000 and consisted primarily of the loss from continuing operations
of $709,424 and decreases in accounts payable and accrued liabilities of
$396,759 offset by non-cash items of depreciation/amortization of $287,052.

Net cash used in investment activities was $162,875 for the three months ended
December 31, 2000 and consisted primarily of increases of $144,404 to restricted
marketable securities collateralizing the Company's reclamation obligations.

Net cash provided by financing activities for the three months ended December
31, 2000 totaled $1,755,248 and consisted primarily of an increase in deferred
revenues of $1,759,653.

In January 2001, as a result of its strong cash position, the Company elected to
cancel its $5,000,000 working capital loan agreement with Wells Fargo Bank N.A.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Company wishes to caution readers that disclosures made in the foregoing
Financial Review and elsewhere in this Report to Shareholders represent
forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performance,
or achievements of the Company to be materially different from any future
results, performance, or achievements expressed or implied by any
forward-looking statements made by or on behalf of the Company.

Risk factors that affect the Company's results and the above discussion include,
but are not limited to, competition, environmental regulations, the ability to
develop the alternate feed business, changes to reclamation requirements,
dependence on a limited number of customers, volatility and sensitivity to
market prices for uranium and vanadium, the impact of changes in foreign
currencies' exchange rates, political risk arising from operating in Mongolia,
changes in government regulation and policies including trade laws and policies,
demand for nuclear power, replacement of reserves and production, receipt of
permits and approvals from governmental


<PAGE>   4

authorities (including amendments for each alternate feed transaction) and other
operating and development risks.

As a result of the foregoing and other factors, no assurance can be given as to
the future results, levels of activity and achievement.

ON BEHALF OF THE BOARD

/s/ Ron F. Hochstein

Ron F. Hochstein

President and Chief Executive Officer
February 23, 2001


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d84546ex99-2.txt
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.2

                        INTERNATIONAL URANIUM CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                         DECEMBER 31, 2000      SEPTEMBER 30, 2000
                                                         -----------------      ------------------
<S>                                                         <C>                    <C>
ASSETS

         Current assets:
         Cash and cash equivalents                          $ 12,511,335           $ 11,650,600
         Trade and other receivables                           2,484,540              2,443,063
         Inventories                                           1,900,062              1,913,538
         Prepaid expenses and other                              141,196                256,688
                                                              17,037,133             16,263,889
                                                            ------------           ------------
         Plant and equipment, net                              4,708,536              4,977,118
         Notes receivable                                        200,088                200,088
         Restricted cash and marketable securities             9,015,393              8,870,989
         Other asset                                           2,840,000              2,840,000
                                                            ------------           ------------
                                                            $ 33,801,150           $ 33,152,084
                                                            ============           ============

LIABILITIES

         Current liabilities:
         Accounts payable and accrued liabilities           $    259,293           $    656,051
         Notes payable (Note 2)                                   11,425                 15,830
         Deferred revenue                                     11,039,656              5,036,003
                                                              11,310,374              5,707,884
                                                            ------------           ------------
         Notes payable, net of current portion                    54,607                 54,607
         Reclamation obligations                              12,192,494             12,192,494
         Deferred revenue                                             --              4,244,000
         Deferred credit                                       4,220,000              4,220,000
                                                            ------------           ------------
                                                              27,777,475             26,418,985
                                                            ------------           ------------

SHAREHOLDERS' EQUITY

         Share capital (65,525,066 shares
         issued and outstanding)                              37,439,402             37,439,402
         Deficit                                             (31,415,727)           (30,706,303)
                                                            ------------           ------------
                                                               6,023,675              6,733,099
                                                            ------------           ------------
                                                            $ 33,801,150           $ 33,152,084
                                                            ============           ============
</TABLE>

ON BEHALF OF THE BOARD

/s/ Ron F. Hochstein                          /s/ Lukas H. Lundin
- --------------------------                    -------------------------------
Ron F. Hochstein, Director                    Lukas H. Lundin, Director

<PAGE>   2

                        INTERNATIONAL URANIUM CORPORATION
                CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED DECEMBER 31
                                                          2000                   1999
                                                      ------------           ------------
<S>                                                   <C>                    <C>
OPERATIONS
Revenue
         Uranium sales                                $         --           $  3,267,600
         Vanadium sales                                     47,533                     --
         Process milling                                   276,257                358,051
                                                      ------------           ------------
                  Total revenue                            323,790              3,625,651
                                                      ------------           ------------
Costs and expenses
         Uranium cost of sales                                  --              2,765,000
         Vanadium cost of sales                             22,108                     --
         Process milling expenditures                      182,599                162,221
         Mill stand-by expenditures                        648,326                     --
         Selling, general and administrative               433,297                964,877
         Depreciation                                       88,710                165,307
                                                      ------------           ------------
                                                         1,375,040              4,057,405
                                                      ------------           ------------

Operating loss                                          (1,051,250)              (431,754)

         Net interest and other income                     341,826                194,269
                                                      ------------           ------------
Loss for the period                                   $   (709,424)          $   (237,485)
                                                      ============           ============

Basic/diluted loss per common share                   $      (0.01)          $         --
                                                      ============           ============

DEFICIT
Deficit, beginning of period                           (30,706,303)           (15,461,652)
         Loss for the period                              (709,424)              (237,485)
                                                      ------------           ------------
DEFICIT, END OF PERIOD                                $(31,415,727)          $(15,699,137)
                                                      ============           ============
</TABLE>


<PAGE>   3


                        INTERNATIONAL URANIUM CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOW
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   THREE MONTHS ENDED DECEMBER 31
                                                                     2000                   1999
                                                                 ------------           ------------
<S>                                                              <C>                    <C>
CASH PROVIDED BY (USED IN)

OPERATING ACTIVITIES
Loss for the period                                              $   (709,424)          $   (237,485)
Items not affecting cash
     Depreciation and amortization                                    287,052                165,307
                                                                     (422,372)               (72,178)
                                                                 ------------           ------------
Changes in non-cash working capital items
     (Increase) decrease in trade and other receivables               (41,476)             1,016,542
     Decrease (increase) in inventories                                13,476               (342,341)
     Decrease in other current assets                                 115,493                 48,500
     Decrease in other accounts payable and accrued                  (396,759)            (1,087,278)
     liabilities

                                                                 ------------           ------------
     NET CASH USED IN OPERATIONS                                     (731,638)              (436,755)
                                                                 ------------           ------------

INVESTING ACTIVITIES
     Properties, plant and equipment                                  (18,471)               (50,479)
     Mongolia mineral properties                                           --               (120,057)
     Collection of notes receivable                                        --                  1,928
     Increase in restricted marketable securities                    (144,404)              (132,993)
                                                                 ------------           ------------
     NET CASH USED IN INVESTMENT ACTIVITIES                          (162,875)              (301,601)
                                                                 ------------           ------------

FINANCING ACTIVITIES
     Decrease in notes payable                                         (4,405)              (980,071)
     Increase in deferred revenue                                   1,759,653              2,325,516
                                                                 ------------           ------------
     NET CASH PROVIDED BY FINANCING ACTIVITIES                      1,755,248              1,345,445
                                                                 ------------           ------------

Increase in cash and cash equivalents                                 860,735                607,089
Cash and cash equivalents, beginning of period                     11,650,600                469,407
                                                                 ------------           ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                         $ 12,511,335           $  1,076,496
                                                                 ============           ============

SUPPLEMENTARY CASH FLOW INFORMATION
     Cash interest paid                                          $      5,746           $     38,009
     Cash interest received                                      $    330,599           $    167,630
</TABLE>


<PAGE>   4


                        INTERNATIONAL URANIUM CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       (UNITED STATES DOLLARS) (UNAUDITED)

1.   Basis of Preparation of Financial Statements

     These unaudited interim consolidated financial statements of the Company
     and its subsidiaries have been prepared in accordance with accounting
     principals generally accepted in Canada on a basis consistent with the
     consolidated financial statements of the Company included in its 2000
     annual report.

2.   Notes Payable

     In January 2001, as a result of its strong cash position, the Company
     elected to cancel its $5,000,000 working capital loan agreement with Wells
     Fargo Bank, NA.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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