Pilot Scale Production At White Mesa Mill #2

DENVER, CO – Energy Fuels Inc. reported on the heavy rare earth element (HREE) oxide production, which is the only heavy rare earth oxide production occurring from mined ores at a commercial facility in the United States.
Energy Fuels is now in the process of producing Dysprosium (Dy) oxide, at a minimum purity of 99.5% and potentially exceeding 99.9% purity, at pilot scale at its White Mesa Mill in Utah.  Energy Fuels expects to complete production of its first kilogram (kg) of Dy oxide within the next 30 days. The Company expects to continue producing Dy oxide on a pilot scale until the end of September 2025, at which time it expects to have produced approximately 15 kg of Dy., generating enough residuals to feed its Terbium (Tb) circuit starting the beginning of October 2025. The Company expects to have produced one kg of Tb on a pilot scale by the end of November 2025. If progress continues as planned, the Company expects to be able to start producing samarium (“Sm”) oxide on a pilot scale at the Mill in January of 2026.
Assuming the pilot scale production continues to be successful, the Company could be in a position to produce Dy, Tb and Sm on a commercial scale at its existing Phase 1 rare earth element separation circuit at the Mill, with minor modifications, as early as Q4, 2026 from existing feed sources and, if a production decision is made in 2025, as early as Q4 2027 from its permitted Donald Project in Australia.
“Energy Fuels is in a unique position to produce the heavy rare earth oxides needed by other U.S. producers to make rare earth metals, alloys and magnets”, said Mark Chalmers, President and CEO. “The Company has demonstrated its ability to separate NdPr on a commercial scale through the commissioning of its Phase 1 REE separations circuit at the Mill in April 2024. Piloting of our HREE production is going very well, with our first kg of Dy oxides expected shortly. With minor modifications to the Mill’s existing Phase 1 separations circuit, the Company could be in commercial production of Dy, Tb and Sm as early as Q4 2026. The Company’s permitted Donald Project, in Australia, is one of the richest deposits of HREEs in the world, which we could bring into production by the end of 2027, thereby providing much-needed U.S.-produced heavy rare earth oxides to other U.S. rare earth producers.”