Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), ("Energy Fuels", "EFR" or the "Company") an industry leader in uranium and rare earth elements production for the energy transition, today announced that its work to prepare for the restart of its Nichols Ranch in-situ recovery ("ISR") uranium mine 80 miles northeast of Casper, Wyoming in the Powder River Basin is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. The Company currently expects that the development of the remainder of its permitted Production Area 2 ("PA2") could be ready to commence production as early as July 1, 2025, with the start date based on market conditions.
Energy Fuels could quickly add uranium production from Nichols Ranch to its other operating conventional mines in Arizona and Utah. The Company also disclosed an additional uranium supply contract with a US nuclear energy utility in its Q2, 2024 quarterly report, continuing its commitment to the domestic uranium industry and demonstrating expanding offtake interest.
"We are very pleased with our progress to date in preparing Nichols Ranch for a potential restart of production in 2025, and these significant drilling results are exceeding our expectations and further demonstrate the strength of this project," said Mark Chalmers, president and CEO of Energy Fuels Inc. "This puts us one step closer on the path to meeting our projections, increasing our market share of the nuclear fuel supply chain, and potentially expanding our uranium resources."
With a licensed annual capacity of two million pounds of uranium, the fully licensed, permitted and constructed Nichols Ranch ISR facility is a priority resource in the Company's development pipeline. To restart production, the Company is performing delineation drilling and, based on that delineation drilling, plans to advance new header houses and install new well-fields in its permitted PA2 area at the mine. In addition to this delineation drilling, the Company has been advancing the restart by overhauling the on-site deep disposal well earlier this year and making some capital improvements to the existing plant.
Dan Kapostasy, Vice President, Technical Services stated, "We recently drilled 39 out of the planned 125 delineation holes at Nichols Ranch, with five that significantly exceeded expectations and the rest consistent with anticipated results. As we continue our exploration, we will better identify the location of resources within the site to allow us to optimize wellfield design ahead of a final mining decision, anticipated by the end of the year."
Highlights
Pre-development drilling activities at PA2 at Nichols Ranch have completed 39 drill holes to date. All but four holes have uranium mineralization and five have encountered mineralization greater than 1.0 GT.
The Company anticipates updating the Nichols Ranch Technical Report, which will include these significant drill intercepts, once the drilling campaign is completed later this year.
Following this drilling campaign, the Company intends to drill approximately 152 holes on its Collins Draw area, a southeastern extension of its Jane Dough mineralized trend located in Sections 35 and 36, T43N, R76W, and Sections 1, 2 & 12, T42N, R76W, Campbell County, Wyoming. Once complete, these holes, along with historical holes drilled by Cleveland Cliffs and American Nuclear will be used to estimate an NI 43-101/S-K 1300 compliant mineral resource, which would be added to the existing mineral resource at the Nichols Ranch Project.
Technical Details
The current mineral resource estimate for the Nichols Ranch area (including the Jane Dough, Hank and North Rolling Pin areas, but excluding Collins Draw) of the Nichols Ranch Complex is given below, and details can be found in the Technical Report on the Nichols Ranch Project, Campbell and Johnson Counties, Wyoming USAdated February 22, 2022 and effective December 31,2021, as amended February 8, 2023, and prepared by Grant A. Malensek, M. Eng., P. Eng., Mark Mathisen, C.P.G., Jeremy Scott Collyard, PMP, MMSA QP, each a Qualified Person employed by SLR, Jeffrey L. Woods, MMSA QP, a Qualified Person employed by Woods Process Services, and Phillip E. Brown, C.P.G., R.P.G., a Qualified Person employed by Consultants In Hydrogeology (the "Nichols Ranch Technical Report Summary").
Current Nichols Ranch Project Mineral Resource Estimate – Effective December 31, 2021
Notes:
All grades reported in this press release are "equivalent" eU3O8 grades as they were calculated from calibrated downhole gamma logging of the drill holes. The downhole probe was calibrated at the U.S. Department of Energy test pits located in Casper, Wyoming by Energy Fuels staff and verified on site by Century Geophysical Corporation. All drill holes reported are vertical and were verified as vertical using downhole deviation logging. All thicknesses reported are true thicknesses.
Qualified Person Statement
The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as a leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation that the development of the remainder of PA2 could be ready to commence production as early as July 1, 2025, based on market conditions; any expectation that the Company's progress to date and/or delineation drilling results to date puts the Company one step closer on the path to meeting its projections, increasing its market share of the nuclear fuel supply chain, and/or potentially expanding its uranium resources; any expectation that the Company anticipates updating the Nichols Ranch Technical Report; any expectation that, following the current delineation drilling campaign, the Company will drill approximately 152 holes to convert the historic resource at the Collins Draw area to a current NI 43-101/S-K 1300 mineral resource, or that any such mineral resource would be added to the mineral resource at the Nichols Ranch Project; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; and any expectation as to the accuracy of mineral resource estimates or that any mineral resources will actually be mined. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; market factors; market prices and demand for uranium; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Energy Fuels (TSX:EFR,NYSE:UUUU) has been the largest producer of uranium in the United States and an emerging producer of rare earth elements (REEs). The company is also a major producer of vanadium when market conditions warrant. The company’s portfolio of assets positions it to contribute meaningfully to some of the most important challenges faced by the world today - climate change and energy security. Uranium remains the core business for Energy Fuels; however, the company is rapidly expanding its REE capacity, as well.
Energy Fuels is the only uranium producer with both conventional production and in-situ recovery (ISR) in the US. Its 100-percent-owned White Mesa Mill is the only conventional uranium mill in the country with a licensed capacity of over 8 million pounds (Mlbs) of U3O8 per year. The company also owns the Nichols Ranch uranium recovery facility in Wyoming, which is a fully permitted uranium ISR facility with a licensed capacity of 2 Mlbs of U3O8 per year. The Nichols Ranch project is currently being maintained on standby.
Favorable uranium market conditions prompted Energy Fuels to ramp up uranium production at three permitted and developed uranium mines in Arizona and Utah. Once production is fully ramped up at Pinyon Plain, La Sal and Pandora, the company expects to produce uranium at a run rate of 1.1 to 1.4 million pounds per year. Ore mined from the three sites in 2024 will be stockpiled at the White Mesa Mill in Utah for processing in late-2024 or 2025.
The company is also preparing the Whirlwind and Nichols Ranch mines to commence uranium production within one year, potentially increasing uranium production to over two million pounds of U3O8 annually starting in 2025.
In addition to its core uranium business, Energy Fuels is building out its rare earth element (REE) production and processing at the White Mesa Mill. The company recently completed construction of phase 1 rare earth oxide production with the capacity to produce 800 to 1,000 metric tons (MT) of neodymium-praseodymium (NdPr) oxide per year. The company is designing phase 2 and 3, which will increase NdPr oxide production to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy).
In December 2023, Energy Fuels and Astron Corporation executed a non-binding MOU to jointly develop the Donald Mineral sands project, a large heavy mineral sand deposit that has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year soon after.
Further to becoming a global leader in critical minerals production, in April 2023, Energy Fuels executed a definitive scheme implementation deed with Base Resources (ASX:BSE,AIM:BSE) to acquire 100 percent of the issued shares of Base Resources. The acquisition includes Base Resources' 100 percent-owned advanced, world-class Toliara heavy mineral sands project in Madagascar.
Vanadium and medical isotopes present another long-term growth opportunity for Energy Fuels. White Mesa Mill is a significant US producer of vanadium (V2O5), and the only primary producer in the US It currently holds 0.9 Mlbs in inventory and aims to selectively produce and sell into the market based on the strength of price. The company also continues to evaluate the potential to recover medical isotopes from its existing uranium and vanadium process streams. These isotopes are required for emerging cancer therapies.
Sustainability is a key part of the company’s focus. It is committed to recycling naturally bearing uranium and vanadium materials. White Mesa Mill has a separate circuit for processing alternate feed materials, thereby promoting sustainable sourcing, reducing carbon emissions and saving resources.
Further, the company benefits from a management team with a record of building and operating both conventional and ISR uranium mines globally.
Get access to more exclusive Uranium Investing Stock profiles here
America’s Leading Producer of Critical Materials for the Clean Energy Transition
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from Precious Metals & Critical Minerals Hybrid Virtual Investor Conference held May 22 nd are now available for online viewing.
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download
investor materials from the company's resource section.
May 22 nd
| Presentation | Ticker(s) |
| Keynote Presentation: "What's next for precious metals?" -Jeff Christian, Managing Partner of CPM Group | |
| Viva Gold Corp. | (OTCQB: VAUCF | TSXV: VAU) |
| StrikePoint Gold, Inc. | (OTCQB: STKXF | TSXV: SKP) |
| Honey Badger Silver Inc. | (OTCQB: HBEIF | TSXV: TUF) |
| Relevant Gold Corp. | (OTCQB: RGCCF | TSXV: RGC) |
| Keynote Presentation: "Surveying the Critical Metals Landscape," –Jack Lifton, Senior Advisor, Energy Fuels, Inc. | |
| Azimut Exploration Inc. | (OTCQX: AZMTF | TSXV: AZM) |
| Energy Fuels Inc. | (NYSE American: UUUU | TSX: EFR) |
| Lion Copper & Gold Corp. | (OTCQB: LCGMF | CSE: LEO) |
| Alaska Silver Corp. | (Pink: WAMFF |TSXV: WAM) |
| Cygnus Metals Ltd. | (OTCQB: CYGGF |TSXV: CYG |ASX: CY5) |
| Power Metallic Mines, Inc. | (OTCQB: PNPNF |TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the Precious Metals & Critical Minerals Hybrid Virtual Investor Conference. Individual investors, institutional investors, advisors, and analysts are invited to attend.
This in-person and virtual event will showcase live company presentations and interactive discussions featuring Precious Metals and Critical Minerals including Gold, Silver, Antimony, Copper, Lithium, Nickel, PGM, Rare Earth Elements, Uranium and Vanadium. Company executives and industry experts will present live from the OTC Markets Group headquarters at 300 Vesey Street in New York City. All presentations will be broadcast to the Virtual Investor Conferences community. For those who are interested in attending, there are two ways to register:
Register for IN-PERSON attendance: register here
Register for ONLINE attendance: register here
For individuals joining online, it is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to attend and schedule 1x1 meetings with management.
"OTC Markets is proud to host the Precious Metals & Critical Minerals Hybrid Investor Conference , presented in collaboration with Murdock Capital, TAA Advisory LLC, The Prospector, and Resource World," said John Viglotti , SVP of Corporate Services, Investor Access at OTC Markets Group. "We are especially honored to welcome our distinguished keynote speakers, Jeff Christian, Managing Partner at CPM Group, and Jack Lifton, Senior Advisor at Energy Fuels, Inc., whose insights will be invaluable to this premier industry event."
May 22 nd
| Eastern Time (ET) | Presentation | Ticker(s) |
| 9:00 AM | Keynote Presentation: "What's next for precious metals?" -Jeff Christian, Managing Partner of CPM Group | |
| 9:30 AM | Viva Gold Corp. | (OTCQB: VAUCF | TSXV: VAU) |
| 10:00 AM | StrikePoint Gold, Inc. | (OTCQB: STKXF | TSXV: SKP) |
| 10:45 AM | Honey Badger Silver Inc. | (OTCQB: HBEIF | TSXV: TUF) |
| 11:15 AM | Relevant Gold Corp. | (OTCQB: RGCCF | TSXV: RGC) |
| 12:30 PM | Keynote Presentation: "Surveying the Critical Minerals Landscape," –Jack Lifton, Senior Advisor, Energy Fuels, Inc. | |
| 1:00 PM | Azimut Exploration Inc. | (OTCQX: AZMTF | TSXV: AZM) |
| 1:30 PM | Energy Fuels Inc. | (NYSE American: UUUU | TSX: EFR) |
| 2:00 PM | Lion & Copper Gold Corp. | (OTCQB: LCGMF | CSE: LEO) |
| 2:45 PM | Alaska Silver Corp. | (Pink: WAMFF |TSXV: WAM) |
| 3:15 PM | Cygnus Metals Ltd. | (OTCQB: CYGGF |TSXV: CYG) |
| 3:45 PM | Power Metallic Mines Inc. | (OTCQB: PNPNF |TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact :
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that the Company has entered into an Ore Purchase Agreement ("Agreement") with Energy Fuels Inc. (NYSE American: UUUU) (TSX:EFR).
Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the Company's flagship Sunday Mine Complex. The Agreement is for a one year period, and provisions for the delivery of up to 25,000 short tons of uranium bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.
George Glasier, Western's CEO stated: "This Agreement strengthens Western's strategic position and accelerates our generation of revenues, while rewarding shareholder investments that have yielded our current stockpiles. The collaboration with Energy Fuels provides synergies and leverage for both companies, while the North American nuclear fuel supply chain benefits from expedited near-term production of uranium resources."
Warrant Repricing
Further to the news release issued by the Company on November 29, 2024, Western announces that a total of 2,868,541 previously issued common share purchase warrants (the "Warrants") have been repriced and are now exercisable at CAD$2.00 per share. The Company received consents from all holders of Warrants and filed an amended Form 13 dated February 27, 2025 under its profile on the Canadian Securities Exchange ("CSE") website. As previously announced, the term of the Warrants was extended with all Warrants now expiring on January 20, 2026. All other terms of the Warrants remain unchanged. In accordance with the CSE rules, no compensation warrant was repriced or extended. Western will not issue replacement Warrant certificates. The originally issued Warrant certificates will be utilized for any such exercises. Please refer to Western's news release issued on November 29, 2024 for additional details.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com , for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
Grant Glasier
Vice President Marketing and Project Development
303-808-3306
grantg@western-uranium.com
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
News Provided by GlobeNewswire via QuoteMedia
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .
As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").
The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.
Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."
Key Terms and Conditions of the MOU
Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.
The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.
The Government has agreed in the MOU, among other things, to:
In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:
The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
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AuKing Mining is advancing the Cloncurry Gold Project in Queensland, with near-term production potential supported by a large land package with multiple drill targets already defined and its right to acquire 50 percent of Orion Resources through a AU$5 million earn-in. Backed by diversified copper, uranium, and critical metals assets, plus strategic partnerships, the company is positioning itself as a growth-focused, emerging mid-tier producer.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of assets focused primarily on gold, but also uranium, copper, and critical minerals, across Australia, Tanzania, and Canada. The company aims to become a mid-tier producer through the acquisition and development of near-term production assets.
In February 2025, AuKing Mining entered into a strategic agreement with Gage Resources, an Australian subsidiary of Beijing-based Gage Capital Management. The agreement includes a $300,000 investment by Gage, resulting in a 10 percent stake in AuKing, and the sale of two non-core prospecting licenses in Tanzania to Gage for an additional $300,000. This partnership is expected to enhance AuKing's financial position and support its ongoing exploration and development activities.
Aerial Image of Mt Freda Open Pit & Exploration Land Package
AuKing Mining further reported a major step forward for the Cloncurry Gold Project, with its partner Orion Resources signing a non-binding term sheet for US$5 million in project financing from a long-established North American lender. The facility, if completed, will support the acquisition of Cloncurry assets, feasibility and development work at the Tick Hill JV, mining at Mt Freda, and processing at the Lorena plant. This is a key milestone as it retains the right to acquire 50 percent of Orion by investing AU$5 million before June 2027, positioning the company to benefit directly from the restart of gold production and the advancement of multiple near-term development opportunities.
In November 2024, AuKing Mining entered into an earn-in agreement with Orion Resources for the Cloncurry gold project in northern Queensland. This agreement allows AuKing to increase its stake in the project to 50 percent by investing AU$5 million in project funding by June 2027.
Orion’s Cloncurry Project interests, including the Mt Freda/Golden Mill mining leases. [Note the nearby Wynberg and Wallace/Wallace South gold projects are not assets being acquired by Orion]
A key component of this project is the Tick Hill Gold Joint Venture, involving AuKing, Orion Resources, and Tick Hill Mining, the current owner of the Tick Hill gold mine. The JV aims to establish a processing operation at Tick Hill, focusing initially on reprocessing the existing tailings stockpiles. A pre-feasibility study completed in 2020 outlined a processing capacity of 474,200 tonnes at 2 g/t gold over 13 months, yielding approximately 27,300 ounces of gold at an all-in sustaining cost (AISC) of AU$1,493 per ounce.
In March 2025, the JV partners signed a memorandum of understanding (MoU) to assess the viability of processing Tick Hill's tailings and other ore materials at the Lorena processing plant, located 15 km east of Cloncurry. This initiative aims to expedite the re-commencement of gold production in the region.
The JV also plans to evaluate the feasibility of reopening the historical open pit mine at Tick Hill, with the goal of extending the project's life and enhancing gold production. An independent preliminary economic assessment has concluded that the proposed tailings retreatment plan is both technically and financially viable, recommending progression to a final feasibility study.
Through these strategic initiatives, AuKing Mining is actively advancing the Cloncurry gold project, aiming to unlock significant value and establish a sustainable gold production operation in the Cloncurry region.
The Mt Freda Complex, covering an area of no more than 6 sq kms, looking from north-west to the south-east, 30 kms south of the Lorena plant.
The Mt Freda Mining Complex is a key element in the proposed restart of mining operations at the Cloncurry Gold Project in northern Queensland. A comprehensive drilling program, consisting of an estimated 10,000 meters of combined diamond and reverse circulation (RC) drilling, is planned at Mt Freda to support the project’s development.
The Myoff Creek project, located in southeastern British Columbia, is a 100 percent-owned niobium and REE exploration asset held by AuKing Mining. It covers approximately 800 hectares across eight mineral claims. Historical work identified significant near-surface carbonatite mineralization spanning about 1.4 km by 0.4 km, with impressive intercepts of 0.93 percent niobium (Nb) and 2.06 percent total rare earth oxides (TREO). The zone remains open both at depth and laterally, and elevated niobium and cerium have been detected in rock chips nearly 2 km from the known mineralization, hinting at substantial upside. Positioned within a well-known mining region and easily accessible via established roads, the project is now primed for modern exploration, starting with a helicopter-borne aeromagnetic and radiometric survey to pinpoint new targets for drilling.
The Halls Creek project, also known as the Koongie Park Project, is located 25 km southwest of Halls Creek in Western Australia’s highly mineralized Halls Creek Mobile Belt. It hosts three significant deposits—Onedin, Sandiego, and Emull—with established resources in copper, zinc, gold, silver, and lead. Backed by a 2025 earn-in agreement with Cobalt Blue (ASX:COB), which can acquire up to 75 percent of the project, Halls Creek offers strong development economics, value-engineering upside, and exploration growth potential in one of Australia’s most prospective mining regions.
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a 11,000 m drilling program.
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
Mark Fisher is a seasoned resources executive with more than 35 years of global experience in the mining industry. His expertise spans strategic business planning, feasibility, project management, mine engineering, and operational leadership. Fisher has a proven record of delivering profitable and sustainable outcomes that enhance shareholder value, even in complex operating environments. He held senior leadership roles with Placer Dome and Barrick Gold Corporation, including president of Barrick’s Global Copper division. In that role, he led the development strategy for a portfolio of major copper assets across South America, Africa, the Middle East, and Asia.
Dr Kylie Prendergast is a geologist and technical leader with over 25 years’ international experience in exploration, project evaluation, and commercial management across multiple jurisdictions. She is currently a non-executive director of Helix Resources and has held senior leadership roles including managing director of Felix Gold and Mining Associates, GM exploration and business development at Mawarid Mining (Oman), and senior positions with Batu Mining (Mongolia), Gold Fields, BHP Billiton, Ivanhoe Mines, and North Limited. She brings a strong track record of advancing exploration assets and creating value through both technical expertise and strategic leadership.
Nick Harding is an FCPA with over 35 years’ experience in finance, corporate governance, and company administration across the resources and agribusiness sectors. For the past 16 years, he has acted as executive director, CFO, and company secretary for multiple ASX-listed junior explorers, guiding several from early-stage exploration through to development and production. Earlier in his career, Nick held senior finance roles with WMC Resources, Normandy Mining/Newmont Australia, and Beach Energy, gaining broad exposure across gold, copper, nickel, uranium, industrial minerals, and oil and gas.
Lincoln Ho brings over eight years of ASX-listed directorship experience, with a strong background in corporate strategy, mining exploration, and administration across both Australian and international jurisdictions. He has played a key role in guiding companies through transactions in local and overseas markets, working closely with corporate financiers in the emerging companies space. He is currently a non-executive director of Askari Metals and has previously served on the boards of Aldoro Resources, Redcastle Resources, and Red Mountain Mining.
Chris Bittar is an experienced geologist with a strong background in advancing projects from greenfield exploration through to mine-ready feasibility studies. He most recently served as senior project geologist at Pantoro Limited’s Norseman Project, overseeing near-mine exploration and resource development programs as part of the Definitive Feasibility Study. Prior to that, he held senior geology roles with Millennium Minerals (Nullagine Gold Project) and Pilbara Minerals (Pilgangoora Lithium Project), as well as exploration roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project). His expertise includes managing drilling campaigns, geological interpretation, data management, and project reporting. Throughout his career, Bittar has maintained a strong commitment to workplace safety and best practice standards.
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies, mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
