Technology Developed To Produce Six Rare Earth Oxides

DENVER, CO - Energy Fuels Inc. has successfully developed the technology it believes is required to produce six (6) of the seven (7) rare earth oxides, at scale. Energy Fuels' White Mesa Mill in Utah currently has the commercial capacity to process monazite ore concentrates into separated neodymium-praseodymium (NdPr) oxide. Through its ongoing testwork at the White Mesa Mill, the Company believes it now has the technical knowhow to design, construct, and commission the expansion of its existing infrastructure to produce these six (6) rare earth oxides from monazite relatively quickly.

Monazite does not have significant quantities of scandium (Sc), which is another metal subject to Chinese export controls that is often considered a "rare earth." Therefore, due to a lack of Sc in monazite, Energy Fuels has not advanced its ability to produce Sc oxide at this time.

Mark S. Chalmers, President and CEO, said "Energy Fuels is uniquely positioned to quickly help fill many of the gaps President Trump identifies in his Critical Mineral Executive Order. We have a long history of producing uranium and vanadium oxides at our White Mesa Mill in Utah, and last year we successfully launched commercial rare earth processing capacity at the Mill, showing the world that our technology and infrastructure works at scale. We now have the data, knowledge and much of the infrastructure in place to produce 'light', 'mid' and 'heavy' rare earth oxides at scale at the White Mesa Mill. We encourage the U.S. government to showcase its commitment to American rare earth manufacturing with focused support to proven companies like Energy Fuels that have made significant investments in the critical mineral space and demonstrated their ability to commercially produce the critical minerals our country needs."