InvestorNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Achieves Commercial Production of ‘On-Spec’ NdPr

June 10, 2024 at 15:16 PM EDT

Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REEs”) and vanadium, today announced that it has achieved commercial production of separated neodymium-praseodymium (“NdPr”) at its White Mesa Mill in Utah. According to the announcement, the NdPr produced by Energy Fuels meets 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, Energy Fuels is now able to produce this “on-spec” NdPr 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 this month. Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE from monazite on a commercial scale.

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

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based uranium and 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 U.S. 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 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 U.S. and several uranium and uranium/vanadium mining projects in production, 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. 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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InvestorNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Achieves Commercial Production of ‘On-Spec’ NdPr

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