Top US Uranium Mine Reports Record Monthly Production and Exceptional Drill Results to Support Domestic Nuclear Energy Production Energy Fuels’ Pinyon Plain Mine in Arizona produces a record 151,400 pounds of U3O8 contained in ore for
Top US Uranium Mine Reports Record Monthly Production and Exceptional Drill Results to Support
Domestic Nuclear Energy Production
Energy Fuels’ Pinyon Plain Mine in Arizona produces a record 151,400 pounds of U3O8 contained in ore for
the month of Apr il; Underground drill program identifies large areas of uranium mineralization with
average grades believed to be unprecedented in the modern era of U.S. uranium mining.
DENVER May 1, 2025 - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) , a leading U.S. producer of
uranium, rare earth elements (REE), and other critical minerals today reported that uranium mining rates
at its Pinyon Plain mine in Arizona reached record levels in April, while the ongoing underground drill
program at the mine delivers exceptional new results.
During April 2025, the Company mined 4,604 tons of ore, containing roughly 151,400 pounds of uranium
with an average grade of 1.64% eU3O8 at its Pinyon Plain mine, which the Company believes is one of the
highest-grade uranium mines in U.S. history. Production rates at the mine have steadily increased over the
past several months, with April’s results representing the largest monthly production rate since mining
began last year. Furthermore, as mined ore grades so far are significantly higher than the gamma probe
grades from previous drill programs, the Company believes it will mine considerably more uranium from
the Main Zone of the deposit versus what is described in the Technical Report on the Pre-Feasibility Study
on the Pinyon Plain Project (PFS) prepared in February 2023 in accordance with S-K 1300 and NI 43-101.
In addition to the increase in production, the Company is pleased to announce exceptional results from its
2024 – 2025 underground drill program in another area of mineralization at the Pinyon Plain mine called
the “Juniper Zone.” The February 2023 PFS includes a Mineral Resource estimate for the Juniper Zone of
703,000 pounds of U 3O8 at an average grade of 0.95% contained in 37,000 tons of Indicated Mineral
Resources, in addition to a small amount of Inferred Mineral Resources. New drill results show numerous
additional high-grade intercepts within the Juniper Zone and other zones within the deposit , which
together have the potential to significantly increase the mineable uranium resources at the mine.
49 core holes were completed in the Juniper Zone drilling program. Appendix A contains gamma log data
that the Company collected following drilling. Drill core is currently being sampled and will be sent for
analytical testing. Highlights from the drilling program include the following intercepts:
• PPCH-028: 13.4 ft with an average grade of 7.02% eU3O8
• PPCH-029: 7.5 ft with an average grade of 7.50% eU3O8
• PPCH-033: 9.3 ft with an average grade of 2.02% eU3O8
• PPCH-034: 17.5 ft with an average grade of 5.70% eU3O8
o including 4.0 ft with an average grade of 20.11% eU3O8
• PPCH-035: 5.0 ft with an average grade of 5.15% eU3O8
• PPCH-036: 7.5 ft with an average grade of 3.17% eU3O8
• PPCH-043: 11.0 ft with an average grade of 1.89% eU3O8
All drill holes were logged with calibrated Mt. Sopris gamma probes owned or rented by the Company. All probes were calibrated
at the U.S. Department of Energy test pits in Grand Junction, CO. Equivalent U3O8 grades (“eU3O8”) are calculated indirect readings
of contained in-situ uranium based on gamma radiation emitted by uranium daughter products.
All drill holes targeted the Juniper Zone and were completed from two underground drill stations. The
Company believes these drill results confirm that the Juniper Zone is a nother very high-grade zone of
uranium mineralization. All drill results can be found in the table set out in Appendix A to this release. The
Company is planning to conduct additional drilling in the Juniper Zone as it continues development of that
area.
“I’m amazed at these drill results,” said Energy Fuels President and CEO Mark Chalmers. “With nearly 50
years in the uranium industry, I can say that these types of grades and intercepts in a U.S. uranium mine
are extremely rare. We plan to incorporate these results into an updated technical report for the Pinyon
Plain mine later this year, which I believe will significantly increase the uranium reserves and resources
and result in a lower mining and milling cost per pound. These results also confirm our belief that Pinyon
Plain will likely be the largest and lowest cost U.S. uranium mine supplying the domestic nuclear energy
industry over the next several years. I am also extremely proud of our mine personnel, who are doing the
hard work to safely and responsibly produce the uranium needed to maintain America’s global leadership
in energy, technology, manufacturing, and economic opportunity.”
The Pinyon Plain mine is a “breccia pipe” deposit containing large quantities of “natural uranium,” which
is the technical and legal term for unenriched uranium that produces low relative levels of radioactivity.
Mining natural uranium ore is the very first step in the production of baseload, 24/7/365 nuclear energy,
which currently generates roughly 18% of the electricity produced in the U.S., and nearly 50% of the zero-
emission electricity produced in the U.S . The Company processes the ore from Pinyon Plain and other
conventional uranium mines into natural uranium concentrate s (U3O8) at its nearby White Mesa Mill in
Utah, which is then sold to nuclear utilities who convert, enrich and manufacture the U 3O8 into fuel for
their reactors.
Qualified Person Statement
The scientific and technical information disclosed in this news release was reviewed and approved
by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the
Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.
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 evaluating the recovery of certain medical isotopes from existing
uranium process streams needed for emerging cancer treatments. The Company also owns the Kwale HMS
project in Kenya which ceased mining and commenced final reclamation activities at the end of 2024, and
is developing three (3) additional HMS projects: 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 Lim ited. The Company is based in Lakewood, Colorado, near
Denver. 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 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.; any expectation that the Pinyon Plain mine is
one of the highest -grade uranium mines in U.S. history; any expectation that the Company will mine
considerably more uranium from the main zone of the Pinyon Plain deposit versus what is described in the
previously published PFS; any expectation as to the grade and quantity of ore mined to date or to be mined
in the future at the Pinyon Plain mine; any expectation that the analytical testing will confirm the gamma
log data for the holes drilled to date and described in th is press release; any expectation that the drill
results will confirm that the Juniper Zone is a very high -grade zone of uran ium mineralization; any
expectation that the Company will incorporate the drill results into an updated S-K 1300/NI 43 -101
Technical Report for the Pinyon Plain mine later this year, or at all; any expectation that any such updated
Technical Report will significantly increase the uranium reserves and resources and/or result in a lower
mining and milling cost per pound; any expectation that the results will confirm the Company’s belief that
the Pinyon Plain mine will likely be the largest and lowest cost U.S. uranium mine supplying the domestic
nuclear energy industry over the next several years; any expectation that the Company’s evaluation of the
recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer
treatments will be successful or commercially feasible ; and any expectation that the Company’s
development projects, including the Toliara Project, Donald Project and Bahia Project will be successfully
developed and placed into commercial production . 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 Co mpany 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 stateme nts 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; the impositi on of tariffs and other
restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other
producers; public opinion; government and political actions; market facto rs, including commodity prices ;
actual results d iffering from estimates and projections; the ability of the Mill to recover 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 filed Annual Report on
Form 10 -K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at
www.sedarplus.ca, 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 estimat es 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.
Kim Ronkin Casey, Investor Relations Manager
303-389-4165 or Toll free: (888) 864-2125
www.energyfuels.com
APPENDIX A
2024-2025 JUNIPER ZONE DRILL RESULTS
Hole ID
Drill
Station1
From
(ft.) To (ft.)
Intercept
Length
(ft.)2
Uranium
Grade
(%
eU3O8)3
Uranium GT
(Grade x
Thickness)4
Azimuth
(deg.)
Dip
(deg.)5
Depth
(ft.
below
surface)6
PPCH-001 DDS 1
31.0 38.0 7.0 0.77
5.39
113.6 -14.9600
1,488.8
78.5 81.5 3.0 0.69
2.07 1,500.0
94.5 95.5 1.0 0.35
0.35 1,503.7
PPCH-002 DDS 1 3.5 6.5 3.0 0.50
1.50 111.8 -24.7 1,481.7
35.3 42.3 7.0 0.37
2.59 1,496.7
PPCH-003 DDS 1 2.5 4.5 2.0 0.47
0.94 112.4 -33.5 1,481.5
PPCH-004 DDS 1 1.6 3.6 2.0 1.82
3.64 112.2 -39.0 1,481.3
PPCH-005 DDS 1 Mineralized - No significant intercepts 114.0 -44.3 NA
PPCH-006 DDS 1 Mineralized - No significant intercepts 112.9 -49.3 NA
PPCH-007 DDS 1 Mineralized - No significant intercepts 113.7 -55.4 NA
PPCH-008 DDS 1 0.5 2.0 1.5 0.35
0.53 111.9 -59.7 1,480.7
275.3 278.3 3.0 0.43
1.29 1,719.3
PPCH-009 DDS 1 Mineralized - No significant intercepts 130.8 -15.2 NA
PPCH-010 DDS 1 23.4 24.7 1.3 0.41
0.53
131.0 -23.8 1,489.0
PPCH-011 DDS 1 Mineralized - No significant intercepts 126.7 -32.1 NA
PPCH-012 DDS 1 Mineralized - No significant intercepts 129.8 -39.6 NA
PPCH-013 DDS 1 173.5 175.0 1.5 0.30
0.45 129.6 -44.6 1,601.8
PPCH-014 DDS 1 182.0 186.0 4.0 0.43
1.72 128.4 -49.8 1,621.0
PPCH-015 DDS 1
183.8 185.8 2.0 0.23
0.46
127.2 -55.1
1,631.3
290.2 294.7 4.5 0.58
2.61 1,720.6
339.2 340.7 1.5 0.24
0.36 1,758.3
PPCH-016 DDS 1 1.4 3.4 2.0 0.35
0.70 127.4 -59.5 1,481.9
206.7 211.2 4.5 1.88
8.46 1,660.9
Hole ID
Drill
Station1
From
(ft.) To (ft.)
Intercept
Length
(ft.)2
Uranium
Grade
(%
eU3O8)3
Uranium GT
(Grade x
Thickness)4
Azimuth
(deg.)
Dip
(deg.)5
Depth
(ft.
below
surface)6
214.2 221.7 7.5 0.40
3.00 1,669.9
226.7 234.2 7.5 0.32
2.40 1,680.7
248.7 250.2 1.5 0.34
0.51 1,694.5
257.2 261.2 4.0 0.33
1.32 1,703.9
279.2 281.7 2.5 0.29
0.73 1,721.6
302.7 308.2 5.5 0.97
5.34 1,744.4
324.1 327.6 3.5 0.82
2.87 1,747.6
PPCH-017 DDS 1 18.5 21.5 3.0 0.58
1.74 146.3 -17.0 1,485.3
PPCH-018 DDS 1 18.7 20.3 1.6 0.29
0.46 146.7 -25.3 1,487.7
PPCH-019 DDS 1 Mineralized - No significant intercepts 145.4 -33.9 NA
PPCH-020 DDS 1 197.5 200.2 2.7 0.51
1.38 145.5 -37.9 1,602.1
215.0 216.0 1.0 0.29
0.29 1,611.8
PPCH-021 DDS 1 251.7 255.7 4.0 0.63
2.52 145.0 -43.6 1,655.2
PPCH-022 DDS 1 229.1 240.6 11.5 0.27
3.11 143.0 -48.8 1,660.1
PPCH-023 DDS 1 197.5 200.2 2.7 0.51
1.38 144.8 -54.7 1,642.5
215.0 216.0 1.0 0.29
0.29 1,655.4
PPCH-024 DDS 1 Unable to Probe Hole - Collected Core 146.5 -59.3 NA
PPCH-025 DDS 1 18.5 20.5 2.0 0.34
0.68
162.5 -14.8 1,484.2
PPCH-026 DDS 1 Not Drilled
PPCH-027 DDS 1 Mineralized - No significant intercepts 162.4 -34.5 NA
PPCH-028 DDS 1 192.7 206.1 13.4 7.02
94.07 162.3 -39.4 1,609.9
PPCH-029 DDS 1 71.3 72.8 1.5 1.50
2.25 162.8 -44.0 1,529.6
199.7 207.2 7.5 7.50
56.25 1,623.0
PPCH-030 DDS 1 0.4 1.9 1.5 0.47
0.71 162.3 -49.1 1,480.4
Hole ID
Drill
Station1
From
(ft.) To (ft.)
Intercept
Length
(ft.)2
Uranium
Grade
(%
eU3O8)3
Uranium GT
(Grade x
Thickness)4
Azimuth
(deg.)
Dip
(deg.)5
Depth
(ft.
below
surface)6
212.7 218.2 5.5 0.72
3.96 1,643.9
PPCH-031 DDS 1 0.4 3.4 3.0 0.54
1.62 161.1 -53.9 1,481.7
316.7 318.7 2.0 0.98
1.96 1,736.4
PPCH-032 DDS 1
0.5 3.5 3.0 0.51
1.53
161.1 -60.4
1,482.0
317.8 319.8 2.0 1.01
2.02 1,757.1
331.2 336.2 5.0 0.65
3.25 1,771.3
PPCH-033 DDS 2 163.6 172.9 9.3 2.02
18.79 57.7 -48.3 1,622.0
PPCH-034 DDS 2
142.0 159.5 17.5 5.70
99.75
58.6 -53.4
1,621.1
184.0 186.5 2.5 0.51
1.28 1,642.7
213.0 224.0 11.0 0.56
6.16 1,672.8
PPCH-035 DDS 2
121.5 126.5 5.0 5.15
25.75
57.8 -57.9
1,600.1
135.0 148.0 13.0 0.58
7.54 1,618.3
168.0 174.5 6.5 1.67
10.86 1,640.8
274.9 276.4 1.5 0.51
0.77 1,727.1
292.9 303.4 10.5 0.58
6.09 1,750.0
PPCH-036 DDS 2
131.1 138.6 7.5 3.17
23.78
58.5 -63.8
1,604.3
150.6 154.1 3.5 0.42
1.47 1,616.7
181.5 185.5 4.0 1.08
4.32 1,641.9
PPCH-037 DDS 2
210.6 213.2 2.6 0.28
0.73
73.4 -47.7
1,650.7
230.2 232.9 2.7 0.30
0.81 1,665.3
243.7 246.4 2.7 0.28
0.76 1,675.3
303.7 306.4 2.7 0.73
1.97 1,719.6
PPCH-038 DDS2 279.0 291.6 12.6 0.52
6.55 73.3 -52.9 1,725.5
Hole ID
Drill
Station1
From
(ft.) To (ft.)
Intercept
Length
(ft.)2
Uranium
Grade
(%
eU3O8)3
Uranium GT
(Grade x
Thickness)4
Azimuth
(deg.)
Dip
(deg.)5
Depth
(ft.
below
surface)6
306.0 309.2 3.2 0.59
1.89 1,739.5
PPCH-039 DDS 2 Mineralized - No significant intercepts 71.9 -58.1 NA
PPCH-040 DDS 2
100.1 101.1 1.0 0.38
0.38
71.8 -62.9
1,583.0
114.1 117.6 3.5 0.80
2.80 1,597.7
132.1 142.6 10.5 0.98
10.29 1,620.0
PPCH-041 DDS 2
297.0 299.0 2.0 0.30
0.60
86.6 -53.1
1,732.2
309.0 313.5 4.5 0.35
1.58 1,743.8
330.4 334.9 4.5 0.35
1.58 1,760.9
PPCH-042 DDS 2 368.3 369.5 1.2 0.29
0.35 84.9 -58.1 1,806.8
PPCH-043 DDS 2
98.7 100.2 1.5 0.51
0.77
84.1 -62.7
1,582.0
127.2 138.2 11.0 1.89
20.79 1,615.8
154.7 158.7 4.0 0.92
3.68 1,634.0
PPCH-044 Not Drilled
PPCH-045 Not Drilled
PPCH-046 DDS 1 5.5 7.0 1.5 0.81
1.22 178.0 5.2 1,478.4
19.5 24.0 4.5 0.98
4.41 1,476.8
PPCH-047 DDS 1 26.5 30.0 3.5 0.79
2.77 199.0 6.3 1,475.7
119.0 127.5 8.5 0.29
2.47 1,464.9
PPCH-048 Not Drilled
PPCH-049 Not Drilled
PPCH-050 DDS 2 130.6 151.1 20.5 3.52
72.16 63.8 -57.4 1,620.3
PPCH-051 DDS 2 110.1 112.6 2.5 0.65
1.63 94.7 -66.2 1,596.0
125.6 134.1 8.5 4.47
38.00 1,615.7
PPCH-052 DDS 2 99.1 100.6 1.5 0.58
0.87 99.1 -63.4 1,583.0
112.1 115.1 3.0 0.49
1.47 1,595.9