- Energy Fuels produces the raw materials that make numerous clean energy and advanced technologies possible
- UUUU is the largest U.S. producer of uranium, the fuel for carbon- and emission-free nuclear energy
- Company is beginning production of an intermediate rare earth element product with plans to integrate U.S. rare earth supply
Energy Fuels (NYSE American: UUUU) (TSX: EFR) has emerged as “America’s Critical Mineral Hub,” and a leader in the domestic production of uranium, vanadium and rare earth elements (REEs), which are the building blocks of many clean energy technologies, including electric vehicles (EVs), renewable energy systems, nuclear energy and advanced grid-scale batteries.
“Energy Fuels is proud to produce the raw materials that make numerous clean energy and advanced technologies possible,” said Energy Fuels president and CEO Mark Chalmers (https://ibn.fm/sTVQP). “And we do it all at the highest global standards for environmental protection.”
UUUU is the largest U.S. producer of uranium, which is the fuel for carbon- and emission-free nuclear energy; has launched a new fully integrated REE supply chain for the United States and Europe in just the past year; and is a leading producer of vanadium, which is used in steel, high-strength allows and grid-scale batteries.
Currently the United States obtains 20% of all of its electricity needs — and 55% of its carbon-free electricity — from nuclear. As the owner and operator of the only conventional uranium and vanadium mill in the United States, Energy Fuels’ appears to be in an ideal position as the country takes steps to “revitalize the domestic uranium mining and broader nuclear industries, to safeguard American energy and national security” (https://ibn.fm/UBBOI).
Those steps include the creation of a national uranium reserve; initial funding for the reserve was approved by Congress as part of the consolidated appropriations bill. Energy Fuels has been the largest producer of uranium in the country since 2017, and its assets have produced roughly one-third of all the uranium produced in the United States since 2006, second only to Cameco in U.S. production during this 15-year period.
Last year, UUUU recognized and seized a business opportunity complementary to its core uranium business: the production of REEs, a series of 17 naturally occurring elements that are the building blocks of clean-energy and advanced technologies. REEs are used in electric vehicles, wind energy, batteries, cell phones, computers, medical devices, defense applications and much more. Demand for rare earths is expected to skyrocket in the coming years as demand for these advanced technologies increases.
Energy Fuels’ REE production is based on monazite, one of the most valuable rare earth minerals in the world. The White Mesa Mill is the only facility in the country licensed and capable of processing monazite for the recovery of uranium and REEs. Because the company is using an existing licensed facility, UUUU’s production could be lower cost and quicker to market than other potential REE production sources. The company actually began ramping up production of an intermediate rare earth product (mixed rare earth carbonate) at the White Mesa Mill in late-March 2021. This is a precursor to the company’s plans to fully integrate a REE supply chain at the mill in the coming years.
Furthermore, Energy Fuels is in the position to produce vanadium in response to market needs. In 2019, UUUU’s White Mesa Mill was the number-one U.S. producer of vanadium. The mill is ready to resume production as market needs arise.
Finally, the U.S. has the toughest environmental regulatory structure in the world. Energy Fuels maintains a commitment to health, safety and environmental responsibility at every level of its operations. Energy Fuels follows a modern, comprehensive regulatory framework that ensures public health, worker safety and the highest global environmental standards.
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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