Madagascar Government Lifts Suspension on Energy Fuels’ Toliara Critical Minerals Project Council of Ministers gives U.S.-based Energy Fuels the ‘green light’ to continue development of its world- class Toliara titanium, zirconium and rare earth elements project
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Madagascar Government Lifts Suspension on Energy Fuels’ Toliara Critical Minerals Project
Council of Ministers gives U.S.-based Energy Fuels the ‘green light’ to continue development of its world-
class Toliara titanium, zirconium and rare earth elements project
LAKEWOOD, Colo., November 28, 2024 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR)
(“Energy Fuels” or the “Company”), a leading U.S. producer of uranium, rare earth elements (“REEs”), and
critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the
President of the Republic of Madagascar, has lifted the suspension (the “Suspension”) of the Company’s
100%-owned Toliara critical minerals project (the “Toliara Project”). The Suspension was imposed by the
Government in November 2019. In October 2024, Energy Fuels acquired Base Resources and the Toliara
Project.
Mark S. Chalmers, President and CEO of Energy Fuels stated:
“The lifting of the suspension by the Malagasy Government is a very significant step in
the development of the Toliara rare earths, titanium, and zirconium project. The
Company can now re-commence development and other technical activities on the
ground, which are expected to include the re-establishment of the Company’s social
programs, additional mine planning and engineering, expanding the critical mineral
resource base, as well as progressing any other legal activities necessary to progress the
Toliara Project and achieve a positive financial investment decision.
“Having closely evaluated countless mining projects around the world during my 45-year
career, I believe the Toliara Project is truly a ‘generational’ mining project, having the
potential to provide the U.S. and the rest of the world with large quantities of critical
minerals for many decades, including rare earth elements which we plan to process at
our existing facility in the U.S.
“We also believe the Toliara Project has the strong potential to be a ‘crown jewel’ of
Madagascar’s future economy, a leader in the global clean energy transition, and a
model for sustainable mining in Africa, harnessing the principles and practices
established and refined by Base Resources over 11 years operating the Kwale titanium
and zirconium operation in Kenya. Energy Fuels acquired Base Resources this past
October, including its well-regarded management and operations team which remains
in place.
“We look forward to growing our partnership with the Government of Madagascar as
we formalize the fiscal and other terms applicable to the project, move forward with
development activities, and rapidly progress Toliara towards operation for the benefit of
our host communities, the nation of Madagascar, and our shareholders.”
Lifting the Suspension
The Toliara Project currently holds a mining permit that allows production of titanium and zirconium
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minerals, including ilmenite, rutile and z ircon. In 2019, d evelopment activities at the Project were
suspended by the Government of Madagascar, pending negotiation of fiscal and other terms applicable to
the Toliara Project.
Now that the Government has lifted the suspension, the Company can recommence development and
investment in the Project , re-establish community and social programs , and advanc e the technical,
environmental and social activities necessary to achieve a positive Financial Investment Decision (“FID”),
which the Company expects to make in early 2026.
While the Project is progressing towards a FID, the Company will continue working with the Government
of Madagascar to formalize the fiscal, stability and other terms applicable to the project , including the
addition of rare -earth element production to the existing mining permit, through a memorandum of
understanding, an investment agreement, amendments to existing laws and other mechanisms as
appropriate.
ABOUT ENERGY FUELS
Energy Fuels is a leading US -based critical minerals company, focused on uranium, REEs, heavy mineral
sands (“ HMS”), vanadium and medical isotopes. The Company 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 and owns and operates several conventional
and in situ recovery uranium projects in the western United States. The Company 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, the Company also produces advanced REE products, vanadium oxide
(when market conditions warrant), and is preparing to begin pilot -scale recovery of certain medical
isotopes from existing uranium process streams needed for emerging cancer tre atments. The Company
also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing
three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil,
and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a
joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver,
with its heavy mineral sands operations primarily managed from Perth, Australia. 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." For more information on all we do, please visit http://www.energyfuels.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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 the Company will re-commence development activities on the
ground, re-establish the Company’s community programs or progress the other activities necessary to
achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a ‘generational’
critical minerals project or that it has the potential to provide the U.S. and the rest of the world with
large quantities of titanium, zirconium, REEs and other materials for decades or at all; any expectation
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that the Toliara Project has the strong potential to be a ‘crown jewel’ of Madagascar’s future economy,
a leader in the global clean energy transition or a model for sustainable mining in Africa, or that it will
adopt the proven approaches from the Company’s Kwale Operation in Kenya; any expectation that the
Company will continue working with the Government of Madagascar to formalize fiscal and other terms
applicable to the project through a memorandum of understanding, an investment agreement,
amendments to existing laws and other mechanisms as appropriate; any expectation that rare -earth
element production will be added to the existing mining permit; any expectation that the financial and
legal stability of the Toliara Project will be maintained; any expectation that a positive FID will be made
for the Toliara Project and the timing of any such positive FID ; and any expectation that the Toliara
Project will be developed . 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," "mi ght" 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, uncert ainties 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;
competition from other producers; public opinion; government and political actions; the failure of the
Company to provide or obtain the necessary financing required to develop the Project; market factors,
including future demand for REEs; and the other factors described under the caption "Risk Factors" in the
Company's 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 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 anticipated 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
(303) 974-2140 or Toll free: (888) 864-2125
www.energyfuels.com
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