Energy Fuels Announces Sale of Secured Convertible Note and Receipt of Payment in Full for Prior Sale of Alta Mesa ISR Project Together with $41.8 million previously paid by enCore, net proceeds from the Note total $64.2 million
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Energy Fuels Announces Sale of Secured Convertible Note
and Receipt of Payment in Full for Prior Sale of Alta Mesa ISR Project
Together with $41.8 million previously paid by enCore, net proceeds from the Note total $64.2 million
LAKEWOOD, Colo., Nov. 13, 2023 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy
Fuels" or the "Company" ) is pleased to announce that, on November 9, 2023, it sold to MMCAP
International Inc. SPC (“MMCAP”) the remaining unpaid balance of $20 million owed under the Secured
Convertible Note (the “ Note”) issued to the Company by enCore Energy Corp. (" enCore") as partial
consideration for enCore’s purchase of the Alta Mesa In-Situ Recovery Project (the “Alta Mesa Sale”), as
previously announced on February 15, 2023 , for total consideration of $21 million plus $1.5 million in
unpaid accrued interest, less a sales commission of $100,000 paid to a third-party broker. As disclosed in
the Company’s Form 10-Q for the quarter ended September 30, 2023, enCore previously paid $40 million
toward the $60 million principal Note balance and $1.8 million of interest to the Company in partial
fulfillment of its obligations under the Note. As a result of enCore’s earlier paydown and the $22.4 million
received in connection with the Note’s sale, the Company has now received payment in full for the Alta
Mesa Sale, and no further consideration is owed in connection therewith. All references to dollar amounts
in this press release are references to US$.
ABOUT ENERGY FUELS
Energy Fuels is a leading US -based critical minerals company. The Company, as the leading producer of
uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to
major nuclear utilities for the production of carbon- free nuclear energy. Energy Fuels recently began
production of advanced rare earth eleme nt (“REE”) materials, including mixed REE carbonate, and plans
to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces
vanadium from certain of its projects, as market conditions warrant, and is evaluating the rec overy of
radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado,
near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two
of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in- situ
recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating
in the US today, has a licensed capacity of over 8 million pounds of U 3O8 per year, and has the ability to
produce vanadium when market conditions warrant, as well as REE products, from various uranium -
bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds
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of U3O8 per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have
significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In
addition to the above production facilities, Energy Fuels also has one of the largest NI 43 -101 compliant
uranium resource portfolios in the US 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." Energy Fuels' website
is www.energyfuels.com.
Cautionary Note 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 the Company will maintain its position as a leading U.S. -based critical minerals
company or as the leading producer of uranium in the U.S. Generally, these forward- looking statements
can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,”
“is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does
not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events
or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential
to.” All statements, other than statements of historical fact, herein are considered to be forward- looking
statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company 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; the availability of feed
sources for the Mill; competition from other producers; public opinio n; government and political actions;
available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element
oxides or other rare earth element products to meet commercial specifications on a commercial scale at
acceptable costs or at all; market factors, including future demand for rare earth elements ; the ability of
the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices
and demand for medical isotopes; and the other factors described under the caption “Risk Factors” in the
Company’s most recently fil ed 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 the Company’s website at
www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news
release, and the Company disclaims, other than as required by law, any obligation to update any forward-
looking statements whether as a result of new information, results, f uture 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 a nticipated in such statements. Accordingly, the reader is cautioned not to place
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undue reliance on forward- looking statements. The Company assumes no obligation to update the
information in this communication, except as otherwise required by law.
Investor Inquiries:
Energy Fuels Inc.
Curtis Moore, SVP - Marketing and Corporate Development
(303) 974-2140 or Toll free: (888) 864-2125
www.energyfuels.com