GreenEnergyBreaks — Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Enters SID Agreement for Base Resources Transformational Acquisition

April 22, 2024 at 11:31 AM EDT

Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REEs”) and vanadium has executed a definitive scheme implementation deed (“SID”) with Base Resources Limited. According to the agreement, Energy Fuels has agreed to acquire 100% of the issued shares of Base Resources in consideration for 0.0260 Energy Fuels common shares and A$0.065 in cash; the transaction will be payable by way of a special dividend by Base Resources to its shareholders for each Base Resources ordinary share held. The transaction has a total equity value of an estimated A$375 million. Highlights of the agreement include that the acquisition will include Base Resources’ wholly owned, advanced, world-class Toliara heavy mineral sands project in Madagascar and that Toliara monazite will be produced at UUUU’s White Mesa Mill into separated REE oxides. The company also noted that the transaction will also secure Base Resources’ mine development and operations team, which has an established track record. In addition, Energy Fuels is engaged in high-level discussions with U.S. government agencies and other entities that provide support for both domestic and international critical mineral projects.“The acquisition of Base Resources and the Toliara project represents a monumental leap forward for the company, as we continue to execute on a truly revolutionary REE, uranium and critical mineral combined strategy,” said Energy Fuels president and CEO Mark Chambers in the press release. “For the past four-plus years, Energy Fuels has innovated a new way to produce critical minerals, that we believe is more cost competitive than traditional approaches, by leveraging our uranium processing expertise and infrastructure to develop a secure, U.S.-centric REE oxide supply chain. . . . The transaction will not only secure a world-class project for Energy Fuels at a highly attractive acquisition price compared to the fundamental value of the project but will also secure a mine development and operations team with a successful track record of designing, constructing and profitably operating a world-class heavy mineral sands operation in Africa.”

To view the full press release, visit https://ibn.fm/TWsqd

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based critical minerals company. As the leading producer of uranium in the United States, Energy Fuels 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 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, and substantially all 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 country today, has a licensed capacity of more than 8 million pounds of U3O8per 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 U3O8per 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, Energy Fuels also has one of the largest NI 43-101-compliant uranium resource portfolios in the United States and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

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GreenEnergyBreaks — Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Enters SID Agreement for Base Resources Transformational Acquisition

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