Energy Fuels Obtains Final Approval For Hank ISR Uranium Project

LAKEWOOD, CO - Energy Fuels Inc. reported that the U.S. Bureau of Land Management ("BLM") has issued a Final Environmental Assessment ("EA") and granted its final approval for the Plan of Operations of the Company's 100% owned Hank Unit, an in situ recovery ("ISR") uranium project located in Wyoming's Powder River Basin. The U.S. Nuclear Regulatory Commission ("NRC") and the Wyoming Department of Environmental Quality ("DEQ") previously granted their approvals for the project in July 2011 and December 2010, respectively. The issuance of the EA and the approval of the Plan of Operations was the final major regulatory approval required for the Hank Unit.

This approval allows the Company to proceed with the development of mining facilities and related infrastructure at the Hank Unit, in the future as market conditions warrant. The Company is currently producing uranium from its 100% owned Nichols Ranch ISR Project, also located in Wyoming's Powder River Basin. The Hank Unit is licensed to be developed in the future as a satellite operation to the Nichols Ranch Processing Plant. The Company also continues to evaluate other production options, such as connecting the Hank Unit to the Nichols Ranch ISR Project via a pipeline, depending on market, permitting, and operational considerations.

Stephen P. Antony, President and CEO of Energy Fuels stated: "Final approval of the Hank ISR Uranium Project is a major achievement for Energy Fuels, as we continue to build more short-term scalability and optionality into our portfolio which can be brought into production as uranium market conditions improve. Indeed, this is the second major regulatory approval received by Energy Fuels in less than a week, as on July 16, 2015 we announced the receipt of the mine permit for our Sheep Mountain Project. I am extremely proud of our environmental permitting team and the track record of success they are building. I believe they are second-to-none in the U.S. uranium industry today."