White Mesa Mill Campaign Expected To Begin Later This Year

DENVER, CO - Mark Chalmers, President and Chief Executive Officer of Energy Fuels Inc., said, “The Company continues to capitalize on uranium market opportunities, profitably selling an additional 100,000 pounds of uranium on the spot market, signing a new long-term sales contract with a U.S. nuclear utility at supportive pricing, and mining uranium from three of our conventional mines in anticipation of a large-scale uranium processing campaign at our White Mesa Mill expected to begin later this quarter and continue through 2025 and into 2026. Simultaneously, we achieved several milestones in the Company's long-term value creation strategy by entering into agreements to add two world-scale rare earth and heavy mineral sand projects to our portfolio which, upon earn-in of one and acquisition of the other, will together have the potential to generate significant margins and cash flows in the future.

This quarter, we also achieved another U.S. critical mineral industry milestone when we produced 'on-spec' separated NdPr at commercial scale at our White Mesa Mill in Utah from monazite sourced from Florida and Georgia. Our efforts this quarter have moved us closer to our business objective of becoming a long-term U.S. critical minerals company that produces many of the raw materials needed for the energy transition.”