• Energy Fuels is making major strides toward restoring critical U.S. rare earth supply chains
• No other U.S. company is producing a product this far down the rare earth value chain
• Company working to transform into ‘America’s Critical Mineral Hub,’ with the main focus being on the White Mesa Mill

As the U.S. government appears to be throwing support and assistance behind efforts to limit its dependence on other countries for the mining and production of various metals, Energy Fuels (NYSE American: UUUU) (TSX: EFR) is increasing its efforts to produce commercial rare earth elements (“REEs”), as well as continue its commitment to uranium production, recycling and environmental and social responsibility (https://ibn.fm/XBT1k). 

“Without a doubt, Energy Fuels is making major strides toward restoring critical U.S. rare earth supply chains, while also maintaining our position as the leading U.S. uranium producer,” said UUUU’s president and CEO Mark S. Chalmers. “On rare earths, our efforts over the past several months culminated in the announcement on March 1 that Energy Fuels and Neo Performance Materials were creating a new, U.S.-European rare earth supply chain. 

“In early March, we began to receive shipments of rare-earth-rich natural monazite sands from Chemours’ Georgia heavy mineral sand operations,” he continued. “In late-March, we began to ramp-up production of an intermediate rare earth product at our White Mesa Mill in Utah using monazite from Chemours. This is expected to be a high-value product ready to be separated and refined into value-added rare earth products at Neo’s plant in Europe. At this time, no other U.S. company is producing a product this far down the rare earth value chain.”

Energy Fuels first announced its intended entry into the REE sector in April 2020 (https://ibn.fm/j2viA). The company made the decision to enter the space after months of deliberate review and testing, including discussions with various technical experts and the U.S. government. The company noted at the time that the U.S. government was actively seeking a domestic source of REE minerals, which are needed for national defense.

Energy Fuels identified its Utah-based White Mesa Mill as uniquely suited to potentially receive and process a certain type of ore called monazite for the recovery of REEs, along with uranium. Since that time, the company has identified and reached a series of essential landmarks on the journey to becoming a key producer of REEs. 

“However. . . we have much bigger rare earth plans, and the momentum is building rapidly as we execute our purposeful strategy,” said Chalmers. “We are now taking real steps toward designing and building fully integrated, U.S. rare earth production capabilities. . . . We continue to believe Energy Fuels has distinct advantages in the rare earth sector. Monazite ore has superior distributions of the high-value magnetic rare earths, including NdPr and ‘heavy’ rare earths, versus most other rare earth minerals mined around the world, and monazite is currently produced as a byproduct of existing heavy mineral sand operations. We are also taking steps to utilize licensed and existing facilities at the White Mesa Mill to process the monazite into value-added products. This is a highly capital efficient initiative.

“At the same time, we are transforming our company into ‘America’s Critical Mineral Hub,’ with the main focus being on the White Mesa Mill in Utah,” conclude Chalmers. “While nearly all current and future nuclear reactors are fueled by uranium, other clean energy and advanced technologies, including electric vehicles renewable energy and batteries, require other critical minerals that Energy Fuels produces. A robust market for responsibly produced, American clean energy products and technologies, made by American workers, is possible in the U.S.”

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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