Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company, today announced its entry into a three-year supply agreement with The Chemours Company (NYSE: CC) to acquire a minimum of 2,500 tons per year of natural monazite sands, one of the highest-grade rare earth element (“REE”) minerals in the world. According to the update, Energy Fuels expects to process this monazite at its 100%-owned White Mesa Mill starting in Q1-2021, recover the contained uranium, and produce a marketable mixed REE carbonate, representing an extremely important step toward re-establishing a fully-integrated U.S. REE supply chain. “With our announcement today, southeast Utah is fast becoming America’s clean energy and critical minerals hub,” said Mark S. Chalmers, president and CEO of Energy Fuels. “Our goal is to domestically produce the raw materials needed for clean energy and advanced technologies, while creating green jobs in an economically challenged part of the country. Currently, the U.S. imports nearly all of our rare earth, uranium and vanadium requirements, despite having ample supplies here in the U.S. Importantly, in the United States we are highly regulated and operate to the highest standards, which means we produce these minerals more responsibly than many of the countries from which we currently import. Our agreement with Chemours may be the beginning of a real success story, not only for Energy Fuels, but also for local communities, Native Americans, conservation groups, the State of Utah, and the U.S. as a whole.”
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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, and anticipates commencing commercial production of rare earth element (“REE”) carbonate in 2021. 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, has the ability to produce vanadium when market conditions warrant and is completing final test-work for the production of REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. 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://ibn.fm/UUUU
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