Energy Fuels

Energy Fuels Announces Election of Directors - May 27, 2023

Energy Fuels Inc.(NYSE American: UUUU) (TSX: EFR) (" Energy Fuels" or the "Company"), a leading U.S.-based critical minerals company, announces the results of the election of directors at its annual meeting of shareholders (the "Meeting") held virtually on May 25, 2023.

The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows:

About Energy Fuels:

Energy Fuels is a leading US-based critical minerals company. The Company, as the 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 and plans to produce commercial quantities of separated REE oxides in the future. 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, 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, 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.

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Energy Fuels

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Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production

Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, rare earth elements (" REEs "), and vanadium, is pleased to announce that it has achieved commercial production of separated neodymium-praseodymium (" NdPr ") at its White Mesa Mill in Utah (the " Mill "). Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles (" EVs ") and dual power hybrids. Further, this 'on-spec' NdPr is now able to be produced by Energy Fuels at the full design capacity of its new Phase 1 REE separation circuit (850 to 1,000 metric tons (" tonnes ") of NdPr per year). The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024 . Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale.

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Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned

Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned

  • The Donald Project is an advanced-stage project with the potential to supply approximately 7,000 – 14,000 tonnes of monazite sand in a rare earth element (" REE ") concentrate (" REEC ") per year to Energy Fuels' White Mesa Mill (the " Mill "), located in Utah, U.S.A. , for processing into separated REE oxides, as early as 2026.
  • Under the joint venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million ) and issue $17.5 million in Energy Fuels shares to earn up to a 49% interest in the project.
  • Of these amounts, Energy Fuels expects to issue $3.5 million in Energy Fuels shares in 2024 and to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million at March 31, 2024 ) , prior to making a final investment decision to proceed with the development of the first phase of the project. A positive final investment decision would require the approval of both Energy Fuels and Astron and would generally require commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, as well as commitments for non-recourse and/or government-backed debt financing for the project.
  • The REEC production of approximately 7,000 to 8,000 tonnes per year from the first phase of the Donald Project would be processed at the Mill's recently constructed REE oxide separation circuit, which is expected to be fully commissioned by the end of Q2 2024 and has the capacity to process up to 10,000 tonnes of monazite sand per year into up to 1,000 tonnes of NdPr oxide per year, along with a heavy mixed REE carbonate, without the need for any further capital expenditures at the Mill.
  • During 2024 and 2025, the Company also plans to continue to design, permit, and construct an expansion of REE oxide production capacity at the Mill to 40,000 – 60,000 tonnes of monazite per year, which is expected to be completed in 2027, and would have the capacity to process the second phase of monazite production from the Donald Project of 13,000 to 14,000 tonnes of REEC per year, which could be available as early as 2029/2030, as well as planned monazite production from the Company's Bahia Project in Brazil and the Company's planned acquisition of the Toliara Project in Madagascar .
  • The Company's REE production initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities, which are proceeding as planned. The Company expects to produce approximately 150,000 to 500,000 pounds of uranium oxide (" U 3 O 8 " ) in 2024 from its U.S. mines and alternate feed materials ramping up to mining at a run-rate of approximately 1.1 million to 1.4 million pounds of U 3 O 8 per year later this year from three of its existing mines, with plans to increase mining to the rate of approximately 2 million pounds of U 3 O 8 per year by 2025 and up to 5 million pounds per year in coming years if market conditions continue to be positive, as expected.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, REEs, and vanadium, is pleased to announce that it has executed binding agreements with Astron Corporation Limited (" Astron ") creating a joint venture (the " Venture ") to develop and operate the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the " Donald Project "). All references to dollars or $ in this news release are references to US$ unless otherwise indicated.

The Donald Project is a world-class, world scale, REE and heavy mineral sand (" HMS ") deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (" REEC ") that would be transported to the Company's Mill in Utah, USA for processing into REE oxides and other advanced REE materials to fuel the clean energy transition and meet critical U.S. national security needs.

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Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Clean Energy and Precious Metals Hybrid Virtual Investor Conference held May 23 rd are now available for online viewing.

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This in-person and virtual event will showcase live company presentations and interactive discussions featuring all types of metals including Gold, Silver, Palladium, Platinum and "Clean Energy Metals" such as Cobalt, Copper, Nickel, Phosphate, Rare Earth Elements, Uranium and Zinc. 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:

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Driven by rising demand and massive supply disruptions, uranium prices shot up in 2007 from US$72 per pound at the start of the year to an all-time high of US$136.22 by early June. However, uranium prices didn’t last long above US$100 per pound, and the market value of the energy fuel was in the doldrums for more than a decade.

Prices began to climb again in 2021, and picked up speed in 2023. This rally led the uranium spot price to hit a major milestone in January 2024 when it broke through the US$100 per pound level for the first time in 17 years. This recent rally was sparked by a confluence of global and market events, including the Russia-Ukraine war and uranium supply challenges related to conversion and enrichment.

The drive for nuclear energy to be a part of the fight to combat climate change is also having an oversized impact on the uranium price outlook as governments look to nuclear as a carbon-free energy source. Even Sweden is considering lifting its ban on uranium mining in an effort to support growth in it own nuclear power industry, for which it currently imports nuclear fuel. "Sweden currently uses 2.4 million pounds U3O8 annually in its three nuclear power plants and has committed to building two additional nuclear reactors by 2035," World Nuclear News reported.

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Denison Announces Completion of Inaugural ISR Field Test Program at Midwest

Denison 70 Logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is pleased to announce it has completed the inaugural In-Situ Recovery ("ISR") field test program (the "Program") at Denison's 25.17% owned Midwest Uranium Project ("Midwest").  The Program involved drilling 10 small diameter boreholes within the Midwest Main deposit primarily undertaken to evaluate site-specific conditions for ISR mining. A series of tests were successfully performed on each borehole, creating an extensive database of geological, hydrogeological, geotechnical, and metallurgical data and validating certain key assumptions in the previously completed internal conceptual mining study (the "Concept Study") evaluating the potential use of ISR mining at Midwest (see Press Release dated April 12, 2023 ). View PDF

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