Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading producer of uranium in the United States, today announced its entry into an agreement to acquire from GeoInstruments Logging LLC (“GIL”) all of its Prompt Fission Neutron (“PFN”) technology, equipment and related intellectual property. Under the agreement, Energy Fuels will be given the exclusive right to globally use, license and service this particular PFN technology, which is critical to successful uranium production, particularly from many in situ recovery (“ISR”) deposits, as it more accurately measures downhole in-situ U3O8 ore grade versus traditional Total Gamma and Spectral Gamma methods. “Energy Fuels’ acquisition of this PFN equipment and technology will further solidify Energy Fuels’ position as the leading uranium miner in the United States, especially in the ISR space,” Energy Fuels president and CEO Mark S. Chalmers stated in the news release. “We believe that acquiring PFN technology is now more important than ever, as we believe a revival of the U.S. uranium industry is imminent. On April 23, 2020, the U.S. Nuclear Fuel Working Group (“NFWG”) conclusively described why the U.S. needs healthy uranium and nuclear fuel industries in order to secure U.S. energy and national security and prevent Russia, China and other geopolitical rivals from gaining control of global – and U.S. – nuclear markets.”
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About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is in operation and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” 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://nnw.fm/UUUU
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