Energy Fuels Secures Major Rare Earth Land Position in Brazil ~58.3 square mile (~37,300 acre) heavy mineral sand position has potential to feed the Company’s White Mesa Mill with rare earth element and uranium bearing natural monazite sand for decades

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Energy Fuels Secures Major Rare Earth Land Position in Brazil

~58.3 square mile (~37,300 acre) heavy mineral sand position has potential to feed the Company’s White

Mesa Mill with rare earth element and uranium bearing natural monazite sand for decades

Lakewood, CO – (May 19, 2022) – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or

the “Company” ) is pleased to announce that it has entered into binding agreements (the “ Purchase

Agreements”) to acquire seventeen (17) mineral concessions (the “ Transaction”) between the town s of

Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or

58.3 square miles) (the “Bahia Project”).

Based on significant historical drilling performed to date, it is believed that the Bahia Project holds significant

quantities of heavy minerals, including monazite , that will feed Energy Fuels’ quickly emerging U.S. -based

rare earth element (“REE”) supply chain. The Bahia Project has seen no previous mining, but several of the

concessions have valid exploration and mining permits with the Government of Brazil. Therefore, the

Company believes there is a clear path to moving the Bahia Project to production.

The Bahia Project is a well- known heavy mineral sand (“ HMS”) deposit with over 3,300 vertical historic

exploration auger holes drilled to date, indicating significant concentrations of titanium (ilmenite and rutile),

zirconium (zircon), and rare earth elements (monazite). Importantly, the mineralization is at or near the

surface, meaning the material is expected to be relatively easy to recover using standard, low -cost sand

mining techniques, including the use of front -end loaders, excavators and/ or dredges. Due to the drilling

method used historically, drilling performed to date only averages 5.86 meters deep, or the average depth

of the water table in the region. There is no reason to believe that minera lization stops at the water table.

Therefore, the Company believes mineralization is open at depth. Energy Fuels’ primary interest is in the

monazite which contains both rare earth elements and uranium . Preliminary assay data indicates the

monazite sand contained in the HMS concentrate ranges betw een 0.62% and 12.82% 1, and the uranium

contained in the monazite is expected to be comparable to typical Colorado Plateau uranium deposits.

1 This information comes from 16 different Exploration Reports filed with the Brazilian Government’s National Agency

of Minerals (ANM) over several years (2011-2019). These grades should be considered conceptual in nature since there

has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the

target being delineated as a mineral resource. The data was obtained by sampling 1-meter intervals from a hand auger

hole, separating out the heavy mineral fraction using heavy liquids, separating the heavy minerals by magnetic strength

and then point counting the minerals under a microscope. Energy Fuels plans to initiate a sonic drill program to better

define the exploration target and use industry best practices to determine an estim ate of all the heavy minerals found

within the project area. A qualified person has not done sufficient work to classify this historical estimate as current and

Energy Fuels is not treating this historical estimate as current.

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Energy Fuels plans to perform extensive exploration work over the next six months to further define and

quantify the HMS resource at the Bahia Project. This is expected to include a comprehensive sonic drilling

and geophysical mapping program to define the HMS grades and depths for the various mineral products ,

including the REE resources associated with the Bahia Project. The Company plans to engage industry leaders

in mineral processing to complete a P reliminary Economic Assessment under NI 43 -101 (Canada) and an

Initial Assessment under SK-1300 (US) during late Q1 or early Q2 2023.

Based on preliminary, historical resource estimates, the Company believes the Bahia Project has the potential

to supply approximately 3,000 – 10,000 tonnes per year of monazite sand concentrate to the Mill (depending

on production rates), containing approximately 1,500 – 5,000 tonnes of total rare earth oxides (“TREO”) per

year, potentially for decades. The Company expects to mine and produce an HMS concentrate at the site,

which contains all the valuable minerals, including monazite . This HMS concentrate would then be shipped

to an existing HMS facility for further refinement and separation of the monazite into a product Energy Fuels

can process at the Mill. The Company is evaluating whether this further refinement and separation step could

potentially be performed in Brazil. However at this time, the Company plans to ship lower concentrations of

monazite sand for concentration at a U.S. facility. Preliminary internal projections indicate this latter option

can be very cost-effective, despite the larger shipping quantities, as the less concentrated material will not

require the more expensive Class 7 designation applicable to higher concentrated materials, and it can be

shipped in bulk.

Mark S. Chalmers, President and CEO of Energy Fuels stated: “This is another very significant step in Energy

Fuels’ development as a major global rare earth element producer based in the United States. We are

aggressively seeking to expand our monazite sand feeds. With guidance from our heavy mineral sand experts,

the Company has been evaluating the acquisition of monazite-bearing projects. The Bahia deposit is well-

known throughout the HMS industry as having excellent potential to produce high -quality ilmenite, ru tile,

and zircon products, in addition to monazite. We are very pleased to have secured this project, as it has the

potential to provide Energy Fuels with our own low-cost source of monazite feed that we fully control. The

Company expects to supplement its monazite supply in the future with open market purchases ,

arrangements with existing monazite producers, and/or additional acquisitions. Energy Fuels is in advanced

discussions with other current and future monazite producers around the world to provide creative options

on how to best build upon our momentum and add further scale.

“At Energy Fuels, we have proven our ability to process natural monazite sand concentrate into a high purity

mixed rare earth carbonate, containing about 32% - 34% neodymium/praseodymium (NdPr). Our clear

current priorities are to continue to build our book of monazite feed to a world scale and to leverage our

existing solvent extraction experience and infrastructure at the Mill to produce both separated ‘light’ and

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‘heavy’ rare earth oxides , and other products, by adding commercial separation capabilities to the Mill. To

achieve these ambitious goals , we have assembled a team of rare earth heavy -weights, including Neo

Performance Materials, Carester SAS, and other heavy mineral sand and rare earth experts, that we believe

is unmatched anywhere in the world.

“In my view, this acquisition will provide significant credibility to investors, other monazite suppliers, and

clean energy manufacturers, as we will clearly demonstrate that Energy Fuels is well on its way to becoming

a large-scale producer of advanced rare earth materials in the U.S. We have already proven our processing

capabilities. Now, we are proving that upon successful completion of this acquisition, we will own and control

‘the elements’ to supply EV, renewable energy and other technology manufacturers.”

Under th e Transaction, Energy Fuels has entered into Purchase Agreements with private mineral rights

holders in Brazil to acquire seventeen ( 17) heavy mineral sand concessions comprising the Bahia Project ,

subject to a 90-day due diligence period. The total consideration for this acquisition is $2 7,500,000 in cash,

with non-refundable deposits totaling $2,750,000 cash due on signing, a nd additional non-refundable

deposits totaling $2 ,850,000 cash due at various benchmarks during the due diligence period , and the

remaining $21,900,000 due at closing. Closing is expected to follow the 90-day due diligence period and is

subject to Energy Fuels being satisfied with its due diligence investigations. The Purchase Agreements contain

other customary terms and conditions for a transaction of this nature.

CONTACT:

ENERGY FUELS

Curtis Moore – VP of Marketing & Corporate Development

(303) 974-2154;

ABOUT ENERGY FUELS

Energy Fuels is a leading U.S. -based uranium mining company, supplying U 3O8 to major nuclear utilities.

Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is

ramping up commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado,

near Denver, and all 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 Ni chols 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 U 3O8 per year,

has the ability to produce vanadium when market conditions warrant, as well as 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 U 3O8 per year. The Alta Mesa ISR Proje ct 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

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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.

Daniel Kapostasy, P.G., Director of Technical Services for Energy Fuels , is a Qualified Person as defined by

Canadian National Instrument 43-101 and has reviewed and approved the technical disclosure contained in

this news release, including sampling, analytical, and test data underlying such disclosure.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable securities laws in

the United States and Canada. Forward- looking information may relate to future events or future

performance of Energy Fuels. All statements in this release, other than statements of historical facts, with

respect to Energy Fuels’ objectives and goals, as well as statements with respect to its beliefs, plans,

objectives, expectations, anticipations, estimates, and intentions, are forward- looking information. Specific

forward-looking statements in this discussion include, but are not limited to, the following: ; any expectation

that the Transaction will close and that the Company will acquire the Bahia Project on the terms disclosed or

at all; any expectation as to the concentrations or quantities of heavy minerals, including monazite contained

in the Bahia Project; any expectation as to the potential annual supply of monazite sands from the Bahia

Project to the Mill, the contained tonnes of TREO per year, or the number of years or decades of such potential

supply; any expectation that monazite sands from the Bahia Project may be a low -cost source of monazite

feed; any expectation that there may be a clear path to moving the Bahia Project into production; any

expectation that the mineralization does not stop at the water table and is open at depth; any expectation as

to the exploration or development work the Company plans to perform on the Bahia Project; any expectation

that a Preliminary Economic Assessment under NI 43 -101 or an Initial Assessment under SK -1300 will be

performed and the timing of completion of any such assessments; any expectation as to how the Bahia Project

may be mined, or the manner or location of any further refinement and separation of mined material ; any

expectation as to the cost -effectiveness of transporting various forms of HMS from the mine to a

concentration facility; any expectation that the Company may become a major global rare earth element

producer based in the United States; any expectation that the Company may be successful in expanding its

monazite sand feeds; any expectation that the Company will or will continue to successfully process monazite

sand concentrates into a high purity mixed rare earth carbonate; any expectation that the Company may be

successful at developing a full scale separations facility at the Mill; and any expectation that the Company

will continue to be a leading U.S. based uranium mining company. Often, but not always, forward- looking

information can be identified by the use of words such as "plans", "expects", "is expected", "budget",

"scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or

"believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events

or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information

involves known and unknown risks, uncertainties and other factors that may cause actual results or events to

differ materially from those anticipated in such forward-looking information. Factors that could cause actual

results to differ materially from those anticipated in these forward-looking statements include risks associated

with: technical difficulties; mining or processing difficulties and upsets; licensing, permitting and regulatory

delays; litigation risks; competition from others; political actions or instability in foreign countries; and market

factors, including future demand for and prices realized from the sale of uranium, vanadium and REEs .

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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.