Energy Fuels Distinct in Production of Rare Earth Metals

Energy Fuels Corporation (NYSE: UUU), in partnership with Nanoscale Powders LLC (NSP), plans to develop new technology for the production of rare earth metals. The company believes that this technology, initially developed by NSP and to be advanced by the UUU-NSP partnership, has the potential to revolutionize the rare earths manufacturing industry by improving safety, reducing production costs, and energy consumption, and significantly reducing greenhouse gas emissions.

NSP brings its technology, while UUU provides rare earth materials and industrial-scale processing facilities. A recent article quoted UUU President and CEO Mark S. Chalmers as saying, "Energy Fuels has restored monazite 'cracking and leaching' capabilities at its White Mesa, Utah facility, where today we are producing high purity mixed rare earth carbonates that can be separated."

“Currently, no other company in the U.S. is producing a high purity REE product that can be used for commercial levels of separation, NSP has proven their technology on a small scale and we look forward to working with them to advance the technology to pilot scale and then to commercial scale in the next few years.”

Energy Fuels is a leading uranium mining company in the United States, supplying U3O8 to major nuclear facilities. The company also produces vanadium from some of its projects as market conditions permit and is ramping up commercial-scale REE carbonate production. The company's offices are located in Lakewood, near Denver, Colorado, and all of its assets and employees are located within the United States.

Energy Fuels has three key uranium production centers in the US: the White Mesa Plant in Utah, the Nichols Ranch in-situ recovery (ISR) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa plant is currently the only conventional uranium plant in the U.S. with a licensed capacity of over 8 million pounds of U₃O₈ per year and the ability to produce vanadium when market conditions permit, as well as rare earth metals for the production of carbonates and uranium from various uranium-bearing ores.

The Nichols Ranch ISR project is in the standby phase with a permitted capacity of 2.0 million pounds of U₃O₈ per year, and the Alta Mesa ISR project is also in the standby phase with a permitted capacity of 1.5 million pounds of U₃O₈ per year. In addition to these production facilities, Energy Fuels has one of the largest portfolios of NI 43-101 compliant uranium resources in the United States, as well as several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

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