Energy Fuels and Vulcan Elements Join Forces to Advance U.S. Rare Earth Magnet Security Under new MOU, Energy Fuels to supply Vulcan Elements with ex-China high-purity “light” and “heavy” rare earth oxides for production of rare earth permanent magnets in the United
Energy Fuels and Vulcan Elements Join Forces to Advance U.S. Rare Earth Magnet
Security
Under new MOU, Energy Fuels to supply Vulcan Elements with ex-China high-purity “light”
and “heavy” rare earth oxides for production of rare earth permanent magnets in the United
States, using high-purity NdPr and Dy oxides refined in Utah from minerals produced in Georgia
and Florida
Denver, Colorado, Durham, North Carolina, August 26, 2025 - Energy Fuels Inc. (NYSE
American: UUUU; TSX: EFR), a U.S. producer of rare earth element oxides, and Vulcan Elements,
a U.S. manufacturer of rare earth permanent magnets, are pleased to announce that the companies
have signed a Memorandum of Understanding (MOU) to co llaborate on creating a resilient
domestic supply chain for rare earth magnets independent of China. Rare earth magnets are used
in a variety of commercial and defense applications, including satellites, robotics, artificial
intelligence data centers, semiconductor fabrication, drones, defense systems, electric vehicles ,
consumer electronics, industrial motors, and power tools.
Under the collaboration, Energy Fuels has agreed to supply initial quantities of high-purity “light”
and “heavy” separated rare earth oxides to Vulcan in Q4 of 2025. Upon receipt, Vulcan will
validate Energy Fuels’ neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for
production of rare earth magnet applications. After validating the oxides, Vulcan and Energy Fuels
intend to negotiate additional long-term supply agreements for both NdPr and Dy oxides. NdPr
and Dy are key raw materials required for the manufacture of rare earth magnets.
The NdPr and Dy oxides that Energy Fuels will provide to Vulcan under the MOU for validation
will be sourced exclusively from U.S. mines. Energy Fuels ’ White Mesa Mill in Utah is the only
operating U.S. facility capable of processing monazite mineral concentrates into separated rare
earth oxides. Monazite concentrates are highly coveted in the rare earth industry because they have
higher concentrations of “light”, “mid ,” and “heavy” rare earth materials compared to other
mineral sources. Energy Fuels currently sources monazite concentrates from heavy mineral sand
mines owned by The Chemours Company in the United States in Florida and Georgia.
Vulcan Elements’ CEO John Maslin stated: “Together, Vulcan Elements and Energy Fuels are
onshoring one of the most important supply chains for America’s future economy and security.
We believe this collaboration will enable Vulcan to ensure it has access to the rare earth materials
it needs in order to deliver high-performance magnets for critical technologies and essential
military capabilities.”
Mark S. Chalmers, CEO of Energy Fuels , added: “Energy Fuels and Vulcan Elements are
innovative companies with similar visions of creating a secure Western rare earth magnet supply
chain. We have b oth proven our capacity to deliver rare earth products that meet commercial
specifications at scale from American-based facilities. We believe Vulcan Elements is emerging as
a top-tier manufacturer, and w e see this MOU as the first step to wards buil ding a long- term
relationship that serves the interests of both companies and the U.S.”
Vulcan manufactures high- performance rare earth magnets for defense and commercial
applications and is currently operating a commercial manufacturing facility in Durham, North
Carolina. Vulcan’s magnets meet requirements across commercial and defense applications—from
hard disk drives and AI infrastructure to semiconductor fabrication equipment, robotics, drones,
and automotive applications.
In 2024, Energy Fuels produced high- purity NdPr oxide at commercial scale at its White Mesa
Mill near Blanding, Utah. This “light” rare earth oxide has been validated by downstream rare
earth metal, alloy, and magnet manufacturers. Energy Fuels is currently piloting the production of
“heavy” rare earth oxides that meet commercial specifications at the Mill , with kilogram- scale
samples of Dy oxide expected to be available in August 2025 and Terbium oxide in Q4 2025.
About Vulcan Elements
Vulcan Elements manufactures permanent sintered neodymium iron boron (NdFeB) magnets in the
United States for critical defense and commercial applications. The company remains committed
to advancing technological innovations, galvanizing America’ s manufacturing workforce, and
collaborating with both public and private sector stakeholders to strengthen the domestic rare
earth magnet supply chain.
About Energy Fuels
Energy Fuels is a leading U.S.-based critical minerals company, focused on uranium, rare earth
elements, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and
operates several conventional and in-situ recovery uranium projects in the western United States,
has been the leading U.S. producer of natural uranium concentrate for the past several years,
which is sold to nuclear utilities that process it further for the production of carbon- free nuclear
energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and
operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels
also produces advanced rare earth products, vanadium oxide (when market conditions warrant),
and is evaluating the potential recovery of certain medical isotopes from existing uranium process
streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is also
developing three (3) heavy mineral sands projects: the Toliara Project in Madagascar; the Bahia
Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn
up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels is based
in Lakewood, Colorado, near Denver. The primary trading market for Energy Fuels' common
shares is the NYSE American under the trading symbol "UUUU," and its common shares are also
listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on
all Energy Fuels does, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking
Statements" within the meaning of applicable United States and Canadian securities legislation,
which may include, but are not limited to, statements with respect to: any expectation that Energy
Fuels will maintain its position as a leading U.S.-based uranium and critical minerals company
or as the leading producer of uranium in the U.S.; any expectation that Energy Fuels and Vulcan
will be successful in creating a resilient domestic supply chain for rare earth magnets independent
of China; any expectation that Energy Fuels’ NdPr and Dy oxides will meet or continue to meet
all required specifications or be successfully validated; any expectation that Energy Fuels and
Vulcan will enter into additional supply agreements for NdPr and/or Dy oxides on a long- term
basis or at all; any expectation that this collaboration will enable Vulcan to ensure it has access
to the rare earth materials it needs in order to deliver high- performance magnets for critical
American technologies and essential military capabilities; any expectation that Energy Fuels will
successfully develop any of its heavy mineral sands or other projects; and any expectation that
Energy Fuels will be successful in recovering certain medical isotopes from existing uranium
process streams needed for emerging cancer treatments. Generally, these forward-looking
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of historical fact, herein are considered to be forward-looking statements. Forward-looking
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actual results, performance or achievements of Energy Fuels to be materially different from any
future results, performance or achievements express or implied by the forward-looking statements.
Factors that could cause actual results to differ materially from those anticipated in these forward-
looking statements include risks associated with: commodity prices and price fluctuations;
engineering, construction, processing and mining difficulties, upsets and delays; permitting and
licensing requirements and delays; changes to regulatory requirements; legal challenges;
competition from other producers; public opinion; government and political actions or inactions;
market factors, including future demand for rare earth elements; and the other factors described
under the caption "Risk Factors" in Energy Fuels’ most recently filed Annual Report on Form 10-
K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR
at www.sedar.com, and on Energy Fuels’ website at www.energyfuels.com . Forward-looking
statements contained herein are made as of the date of this news release, and Energy Fuels
disclaims, other than as required by law, any obligation to update any forward-looking statements
whether as a result of new information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, the reader is cautioned not to
place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to
update the information in this communication, except as otherwise required by law.
Investor and Media Contact:
Energy Fuels Inc.
Kim Ronkin Casey, Investor Relations Manager
303-389-4165
www.energyfuels.com
Vulcan Elements
Jonah Glick-Unterman, Chief of Staff
www.vulcanelements.com