Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Receives Monazite Shipments, Initial Step in Becoming Key U.S. Rare Earth Supplier

• Initial shipments of rare earth bearing monazite mineral mark beginning of plans to produce mixed rare earth element (“REE”) carbonate
• Company ramping up operations for “what we believe will become a burgeoning supply chain,” says CEO
• Energy Fuels plans to commercially produce REE product at a stage more advanced than any other U.S. company

Energy Fuels (NYSE American: UUUU) (TSX: EFR) has received the first shipments of natural monazite ore at its White Mesa Mill in Utah (https://ibn.fm/SFNkh). Monazite ore is a naturally occurring mineral, rich in rare earth elements, which is currently mined as a byproduct of other metal mining. The shipments mark the beginning of UUUU’s plans to ramp up production of mixed rare earth element (“REE”) carbonate, an intermediate rare earth product, which is also the beginning of the company’s plans to increase domestic production of these vital minerals.

Energy Fuels will buy monazite from The Chemours Company operation in the state of Georgia, produce a mixed REE carbonate at its plant in Utah, and sell this product to Neo Performance Materials’ REE separation plant in Europe for production of value-added REE products available to U.S. and European manufacturers.

“Over the past few months, Energy Fuels, Neo and Chemours have quietly worked to create something very significant: a new, fully integrated, U.S.-Europe rare earth supply chain,” said Mark S. Chalmers, president and CEO of Energy Fuels. “This weekend’s shipments of monazite ore from Chemours to Energy Fuels marks the beginning of operations for what we believe will become a burgeoning supply chain.

“There is a lot of excitement building for rare earths, because they make many clean energy and advanced technologies possible, including electric vehicles, wind generation, batteries and advanced electronics,” he continued. “Today’s announcement is a key milestone as our companies create, refine, and grow a sustainable rare earth supply chain capable of supplying growing demand for clean technologies in the U.S. and Europe.”

The shipment of monazite received by Energy Fuels was produced by The Chemours Company at its Offerman Mineral Sand Plant in Georgia. Once Energy Fuels produces the REE carbonate from this monazite, the product will be advanced to REE separation, which is the next stage in the REE value chain. If successful in the coming weeks, Energy Fuels will be commercially producing an REE product at a stage more advanced than any other U.S. company.

One of the highest-value REE-bearing minerals in the world, monazite contains approximately 50% to 60% REEs, along with significant quantities of recoverable natural uranium. The substance, which is currently mined in the United States, Australia and Africa, is a key ingredient for many permanent REE magnet technologies used in electric vehicles and other advanced technologies. Monazite contains superior concentrations of neodymium (Nd), praseodymium (Pr) and “heavy” rare earths needed for many clean energy and advanced technologies.

Although Energy Fuels is committed to its entry into the REE sector, the company also remains committed to maintaining its position as the leading U.S. producer of uranium and vanadium. In fact, the company expects to recover the uranium in the monazite ore, which will be used as fuel for clean, carbon-free nuclear energy. Energy Fuels is also continuing to evaluate constructing value-added U.S. rare earth separation and other capabilities at its facility in Utah in the next couple of years order to capture the full value of the REE supply chain.

For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

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