Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company that is also moving faster than any other company to re-establish a domestic rare earth elements (“REE”) supply chain, appears set to benefit from growth of the global REE market. A recent Mordor Intelligence article is reporting that the sector has reached an estimated 161,354.65 tons this year, with an expected compound annual growth rate (“CAGR”) of more than 4% between now and 2027. “According to Mordor, factors driving the growth of the market include high demand from emerging economies and dependency of ‘green technology’ on rare earth elements,” reads a recent article. Energy Fuels is “focused on responsibly producing the raw materials needed for the clean-energy revolution and, in 2021, began recovering REEs. The effort is complementary, as the highest-value REE-bearing minerals also contain uranium and other naturally radioactive elements that need to be managed or recovered. UUUU’s White Mesa Mill in Utah is the only existing facility in North America with the licenses and capabilities to process monazite, the highest value REE mineral in the world. Last year, Energy Fuels began commercial production of an intermediate REE product, called ‘mixed rare earth carbonate’ that is ready for REE separation without further processing. This makes Energy Fuels the only U.S. company producing an REE product this far down the REE supply chain. The company plans to fully integrate REE production in the next two to three years.”
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About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees are in the United States . Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming and the Alta Mesa ISR Project in Texas. 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 and has the ability to produce vanadium when market conditions warrant, as well as REE carbonate and uranium 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 Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. 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 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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