Energy Fuels Announces Management Streamlining
1
Energy Fuels Announces Management Streamlining
Lakewood, Colorado – February 14, 2018
Energy Fuels Inc. ( NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”) is pleased to
announce that, following the recent appointment of Mark S . Chalmers as President and Chief Executive
Officer (“CEO”), the Company has made certain changes to its management team. Mr. David C.
Frydenlund, the Company’s previous Senior Vice Pre sident, General Counsel and Corporate Secretary,
has been appointed Chief Financial Officer (“CFO”), General Coun sel and Corporate Secretary effective
as of March 2, 2018. Mr. Frydenlund will replace the Company’s current CFO, Daniel G. Zang, who will be
leaving the Company on March 1, 2018. Mr. Frydenlund has over 30 years of experience in the legal,
financial and capital markets field s, and has worked in the U.S. uranium mining industry since 1997,
serving in various legal, regulatory and finance -related capacities, including as CFO of International
Uranium Corporation (now Denison Mines Corp.) from 2000 -2005. In addition, Mr. W. Paul Goranson,
the Company’s previous Executive Vice President of Operations, has been ap pointed Chief Operating
Officer (“COO”) of the Company effective immediately. Mr. Goranson has been with Energy Fuels since
June 2015, with the merger of Uranerz Energy Corp. , and has over 30 years of mining, processing and
regulatory experience in both the conventional and ISR uranium extraction industries . Finally , the
Company’s current Controller, Mr. Matthew J. Tarnowski, has been appointed Chief Accounting Officer
(“CAO”) and Controller of the Company effective immediately. Mr. Tarnowski will continue to report to
Mr. Zang until March 1, 2018, after which time he will report to Mr. Frydenlund. Mr. Tarnowski has
worked with Energy Fuels since June 2011, holding roles of increasing responsibility on the Company’s
finance team.
Mark S. Chalmers stated: “ Through these management changes, th e Company expects to realize cost
savings by shrinking the size of our executive team, while also streamlining our management and
maintaining a high level of continuity by promoting individuals from within the organization. These three
individuals have extensive industry experience, and have each demonstrated exceptional leadership in
their respective roles. We are very fortunate to have this much bench strength in our management
positions. I look forward to continuing to work with our management team as we continue to grow the
Company during these difficult times. I am particularly excited about several Company initiatives we are
pursuing, including advancing our pending 232 Petition now before the U.S. Department of Commerce,
growing our alternate feed business, securing land cleanup work, evaluating opportunities in vanadium
recovery, and of course maintaining and advancing our industry leading, U.S.-based uranium production
portfolio.”
About Energy Fuels: Energy Fuels is a leading integrated US -based uranium mining company, supplying U 3O8 to
major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the
western United States. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill
in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill
is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million
pounds of U3O8 per year. The Nichols Ranch Processing Facility is an ISR pro duction center with a licensed capacity
of 2 million pounds of U 3O8 per year. Alta Mesa is an ISR production center currently on care and maintenance.
Energy Fuels also has the largest NI 43 -101 compliant uranium resource portfolio in the U.S. among producers, and
2
uranium mining projects located in a number of Western U.S. states, including one producing ISR project, mines on
standby, and mineral propert ies in various stages of permitting and development. The Company also produces
vanadium as a co -product of its uranium production from certain of its mines on the Colorado Plateau, as market
conditions warrant. 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”. Energy Fuels’ website is www.energyfuels.com.
Cautionary Note Regarding Forward -Looking Statements: Certain information contained in this news release,
including any information relating to: the Company being a leading producer of uranium in the U.S. ; the strength of
the Company’s management team; realizing cost savings, streamlining management, and maintaining a high level
of continuity as a result of the management changes; the 232 Petition; growing the alternate feed business;
securing land cleanup work; evaluating opportunities in vanadium; maintaining and advancing the Company’s
uranium production portfolio; and any other statements regarding Energy Fuels’ future expectations, beliefs, goals
or prospects; constitute forward- looking information within the meaning of applicable securities legisl ation
(collectively, "forward -looking statements"). All statements in this news release that are not statements of
historical fact (including statements containing the words "expects", "does not expect", "plans", "anticipates",
"does not anticipate", "bel ieves", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget"
and similar expressions) should be considered forward -looking statements. All such forward -looking statements are
subject to important risk factors and uncertainties, many of which are beyond Energy Fuels’ ability to control or
predict. A number of important factors could cause actual results or events to differ materially from those indicated
or implied by such forward- looking statements, including without limitati on factors relating to: the Company being
a leading producer of uranium in the U.S. ; the strength of the Company’s management team; realizing cost savings,
streamlining management, and maintaining a high level of continuity as a result of the management changes; the
232 Petition; growing the alternate feed business; securing land cleanup work; evaluating opportunities in
vanadium; maintaining and advancing the Company’s uranium productio n portfolio; and other risk factors as
described in Energy Fuels’ most recent annual report on Form 10 -K and quarterly financial reports. Energy Fuels
assumes no obligation to update the information in this communication, except as otherwise required by law.
Additional information identifying risks and uncertainties is contained in Energy Fuels’ filings with the various
securities commissions which are available online at www.sec.gov and www.sedar.com. Forward -looking
statements are provided for the pur pose of providing information about the current expectations, beliefs and plans
of the management of Energy Fuels relating to the future. Readers are cautioned that such statements may not be
appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward- looking
statements, that speak only as of the date hereof.
Energy Fuels Inc.
Curtis Moore – VP – Marketing & Corporate Development
(303) 974-2140 or Toll free: (888) 864-2125
www.energyfuels.com