In Response to Surging Prices, Supportive Government Policies, and a Domestic Focus on Security of Supply, Energy Fuels Has Commenced Production at Three of its U.S. Uranium Mines Nuclear energy is increasingly being recognized as a clean energy resource globally, while buyers seek
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In Response to Surging Prices, Supportive Government Policies, and a Domestic Focus on Security of
Supply, Energy Fuels Has Commenced Production at Three of its U.S. Uranium Mines
Nuclear energy is increasingly being recognized as a clean energy resource globally, while buyers seek
non-Russian uranium supply; Energy Fuels is uniquely positioned to immediately increase uranium
production through multiple assets in the U.S., including the only licensed and operating conventional
uranium processing facility in the U.S.
LAKEWOOD, Colo., Dec. 21, 2023 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy
Fuels" or the "Company" ), a leading U.S. producer of uranium , rare earth elements (“ REE”), and
vanadium, is pleased to announce that , in response to strong uranium market conditions, it has
commenced uranium production at three (3) of its permitted and developed uranium mines located in
Arizona and Utah . In addition, the Company i s preparing two (2) additional mines in Colorado and
Wyoming for expected production within one (1) year and advancing permitting on several other large-
scale U.S. mine projects in order to increase uranium production in the coming years.
Energy Fuels is in an exceptional position to ramp up U.S. uranium production to take advantage of today’s
highly favorable market conditions, where spot prices have reached a 16 -year high at nearly $90.00 per
pound of U3O8. Energy Fuels has more licensed uranium production capacity than any other U.S. company
(over 10 million pounds of U3O8 per year), the only operable conventional uranium mill in the U.S., an in
situ recovery (“ISR”) facility, several permitted mines in various stages of production, development and
standby, and one of the largest in-ground uranium (and vanadium) resource portfolios in the U.S. Energy
Fuels has accounted for roughly two-thirds of all U.S. uranium production over the past five (5) years. Once
production is fully ramped up at three (3) mines (Pinyon Plain, La Sal and Pandora) by mid- to late-2024,
the Company expects to be producing uranium at a run -rate of 1.1 to 1.4 million pounds per year. Ore
mined from the three (3) mines during 2024 will be stockpiled at the Company’s White Mesa Mill in Utah
(the “ Mill”) for processing in 2025 , subject to market conditions, contract requirements and/or Mill
schedule. The Company is also preparing two (2) mines (Whirlwind and Nichols Ranch) to commence
uranium production within one (1) year, which would increase Energy Fuels’ uranium production to over
two (2) million pounds of U3O8 per year starting in 2025, if strong market conditions continue as expected.
At the same time, Energy Fuels will continue to produce uranium from its alternate feed recycling program
(expected to total approximately 150,000 pounds of finished U3O8 in 2024), while the Company stockpiles
ore as raw materials from its conventional mines pending the upcoming Mill run . The Company also
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expects to commence an ore buying program from third -party miners in 2024, which is expected to
increase the Company’s short-term uranium production profile even further. In 2024, the Company also
plans to advance permitting and development on the Roca Honda, Sheep Mountain and Bullfrog projects,
which could expand the Company’s uranium production to up to five (5) million pounds of U3O8 per year
in the coming years. Energy Fuels also expects to produce 1.0 – 2.0 million pounds of vanadium per year,
which could be held as in -process inventory or processed into finished V 2O5 available for sale into
improving markets.
The Company’s decision to ramp -up uranium production at this time was driven by several favorable
market and policy factors, including strengthening spot and long-term uranium prices, increased buying
interest from U.S. nuclear utilities, U.S. and global government policies supporting nuclear energy to
address global climate change, and the need to reduce U.S. reliance on Russian and Russian -controlled
uranium and nuclear fuel. Underscoring these positive trends, attendees at the recently concluded World
Climate Action Summit of the 28th Conference of the Parties of the U.N. Framework Convention on Climate
Change Summit (“ COP28”) hosted in Dubai, UAE from November 30, 2023 to December 12, 2023,
emphasized the need for more nuclear energy, fueled by uranium, to lower global carbon emissions and
help address climate change. According to a December 1, 2023 U.S. Department of Energy (“DOE”) news
release, more than 20 countries on four continents, including the U.S., pledged to triple nuclear energy by
2050, recognizing “the key role of nuclear energy in achieving global net -zero greenhouse gas emissions
by 2050 and keeping the 1.5-degree goal within reach.”
Nuclear enjoys strong bipartisan support across the U.S. government. The current fleet of U.S. nuclear
plants provides about 20% of all electricity in the U.S. – and about 50% of all carbon-free electricity in the
U.S. The U.S. government has acted aggressively to support the existing fleet of reactors, advance future
nuclear technologies, and restore domestic nuclear fuel capabilities through the Infrastructure Investment
and Jobs Act of 2021 and the Inflation Reduction Act of 2022 . The U.S. Congress recently included the
Nuclear Fuel Security Act (“NFSA”) in the National Defense Authorization Act (“NDAA”), which is a critical
step in restoring U.S. uranium and nuclear fuel capabilities and leadership. On December 11, 2023 , the
U.S. House of Representatives overwhelmingly passed a ban on the import of Russian uranium and nuclear
fuel into the U.S. in response to Russia’s unprovoked invasion of Ukraine and ongoing atrocities. The
Russian uranium ban appears to enjoy overwhelming support in the U.S. Senate.
During 2024, Energy Fuels expects to sell 200,000 pounds of uranium into its existing portfolio of long -
term contracts, which is expected to occur in Q1 2024. In addition, a utility customer has the option to
purchase an additional 100,000 pounds of uranium from Energy Fuels in 2024. The Company holds
uncommitted inventory and, with the benefit of future production, will continue to evaluate additional
spot and/or long-term uranium sales opportunities during 2024 and beyond.
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In addition to the Company’s uranium business, t he Company will also continue to advance its REE
program at the Mill in 2024 to fully capitalize on the Mill’s unique and valuable capabilities. As previously
announced, the Mill is in the process of installing the capacity to produce up to 1,000 tonnes of
neodymium-praseodymium (“NdPr”) oxide per year, subject to receipt of sufficient monazite feed . This
capacity is expected to be completed in Q1 2024. This quantity of NdPr oxide could power up to 1 million
electric vehicles (“EVs”) per year. At the current time, the Company expects to produce roughly 60 – 80
tonnes of NdPr oxide in 2024, as it ramps -up and optimizes the newly installed circuit. Th e Mill’s REE
production capacity is complementary to its uranium operating capacity and is not intended to diminish
the Mill’s future uranium production profile in any way . The Company expects to provide additional
updates on future monazite supply in the coming weeks/months.
MARK S. CHALMERS, PRESIDENT AND CEO OF ENERGY FUELS STATED:
“Due to the substantial increase in uranium prices, U.S. government support for nuclear energy and
nuclear fuel, and a global focus on reducing carbon-emissions, Energy Fuels is resuming large-scale
uranium production. Uranium spot prices are currently near $90 per pound, which is the highest level seen
since 2007 when the uranium spot price reached a high of $135 per pound, or over $200 per pound on an
inflation-adjusted basis. Energy Fuels is recognized globally as a dependable U.S. uranium supplier that
operates to the highest environmental, safety, and efficiency standards . Energy Fuels has made the
required investments over the past several years to prepare for today’s uranium markets , and we are
uniquely positioned to successfully resume U.S. uranium production in 2024. This is evidenced by our
production of roughly two-thirds of all uranium produced in the U.S. over the past five years.
“In addition to aggressively restarting uranium production, we will also continue to rapidly advanc e our
rare earth element processing and other plans, which are expected to become significant value streams
that complement our core uranium business. Our shareholders will receive “multi-commodity” exposure
in the ‘Energy Transition’ space. Numerous established and emerging clean energy technologies require
specialized advanced materials produced from minerals that are naturally radioactive when they are
mined, due to the presence of uranium and other elements. Energy Fuels is uniquely capable of processing
these minerals and producing a number of these advanced materials. I know of no other public company
in the world that can potentially execute these unique plans on the scale we have planned.
“Finally, as 2023 comes to a close, I wish to thank our amazing workforce, who are allowing us to respond
so quickly to today’s improved uranium market conditions while also capitalizing on our rare earth
opportunities. I am humbled by t heir dedication, creativity, professionalism, and tenacity, which is truly
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unparalleled in my experience. I also wish all our shareholders, employees, and stakeholders a very Happy
Holiday and a Happy New Year. 2024 could be a big year for Energy Fuels.”
ABOUT ENERGY FUELS
Energy Fuels is a leading US -based uranium and 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 element (“REE”) materials, including mixed REE carbonate, and
plans to produce commercial quantities of separated REE oxides commencing in 2024. Energy Fuels also
produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the
recovery 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 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 in production, 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 uranium and critical
minerals company or as the leading producer of uranium in the U.S.; any expectation that any mines
currently under development by the Company will be in production within one year, or at all; any
expectation as to production levels or of increased production in coming years at any of the Company’s
mines or facilities; any expectation that the Company’s ramp-up of production will allow the Company to
take advantage of today’s highly favorable market conditions or that strong market conditions will
continue; any expectation as to when ore mined by the Company may be processed at the Mill for the
recovery of contained uranium; any expectation as to the success of the Company’s permitting programs;
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any expectations as to future market conditions or future political support for the nuclear industry ; any
expectations that spot and long-term uranium prices may strengthen in the future; any expectation as to
any future spot and/or long-term uranium sales opportunities; any expectation that the Company will be
successful in advancing its REE initiatives or that it will be successful in installing REE production capacity
at the Mill ; any expectation that the Company’s shareholders will receive “multi- commodity” exposure;
and any expectation that the Company will continue to be successful at operating to the highest
environmental, safety and efficiency standards . 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 opinion; 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, 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 a nticipated in such statements. Accordingly, the reader is cautioned not to place
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
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(303) 974-2140 or Toll free: (888) 864-2125
www.energyfuels.com