US-Based Energy Fuels and South Korea-Based POSCO International Forge Collaboration to Create Non-China Rare Earth Magnet Supply Chain Collaboration could fast -track the formation of one of the world’s first commercial
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US-Based Energy Fuels and South Korea-Based POSCO International Forge
Collaboration to Create Non-China Rare Earth Magnet Supply Chain
Collaboration could fast -track the formation of one of the world’s first commercial
permanent rare earth magnet supply chains independent of China by linking Energy Fuels’
emerging U.S. rare earth oxide production with POSCO’s current position as a global leader
in traction motor cores used in EVs and hybrid EVs sold by major OEMs.
DENVER, March 17, 2025 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 heavy
mineral sands ( HMS), today announced the signing of a strategic Memorandum of
Understanding (MOU) with South Korea -based POSCO International Corporation (POSCO)
that sets out th e principal terms of a collaboration that, if successful, has the potential to
create a new non-China REE supply chain for electric vehicle (EV) and hybrid EV drivetrains
for U.S., E.U., Japanese and South Korean auto-makers.
POSCO is a proven producer of traction motor cores, which are key components in EV and
hybrid EV drivetrains and a global specialist in EV powertrain components. They are currently
a leading supplier to existing automotive customers, and POSCO’s drivetrains have been
qualified by U.S., South Korean, European and Japanese customers. We believe t his
collaboration places Energy Fuels in an excellent position to secure supportive sales
agreements for its REE oxides in the future . In addition, u pon successful validation, Energy
Fuels’ U.S.-processed REE oxide could be used in vehicles for U.S. and European markets as
soon as this year.
“Today’s agreement between Energy Fuels and POSCO International brings the U.S. and our
allies in Europe, South Korea and Japan one step closer to seeing vehicles powered by
American-made rare earth oxides with no ties to China, unlocking a scalable, high -quality
allied REE magnet processing and manufacturing route that does not currently exist in the
U.S.” said Energy Fuels’ President and CEO Mark Chalmers. “Energy Fuels is moving
aggressively to address a critical gap in the domestic market that is both c ompetitive and
shielded from geopolitical factors. ”
Initial qualification samples of Energy Fuels’ neodymium -praseodymium (NdPr) oxide,
produced at its White Mesa Mill in Utah, have already met all of POSCO’s applicable
specifications. Under the MOU, Energy Fuels will supply a larger scale sample of NdPr oxide
to POSCO, which will be processed into NdPr metal, alloy and finished high-performance
permanent REE magnets to qualify the Company’s NdPr oxide for use in POSCO’s traction
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motor cores. In addition, Energy Fuels will receive final magnet and sintered block samples
to demonstrate successful production of high-performance magnets from its NdPr oxide.
Upon successful validation of the initial sample supply of NdPr Oxide , Energy Fuels and
POSCO will discuss the potential delivery of additional mass production supply volumes of
NdPr oxide later this year for permanent REE magnet production, which will be enough to
power 30,000+ EVs, which could be available to consumers later this year.
In addition, following the completion of validation and other requirements under the MOU,
the parties have indicated their intention to discuss the potential for Energy Fuels to supply
U.S.-produced REE oxides to POSCO on a long-term basis, while leaving significant volumes
available for other customers, including commercial-scale REE metallization, alloying, and
magnet production initiatives, currently being constructed in the U.S.
Chalmers continued, “Energy Fuels and POSCO are working together to create a traceable,
competitively priced, and sustainably produced rare earth supply chain for allied magnet-
makers and U.S. and allied automotive partners. We are proud to work with POSCO, as they
have deep expertise, a strong network, and an existing customer base in permanent
magnets, traction drive units, and other motor systems , making our business relationship
with POSCO highly valuable for Energy Fuels . If a definitive agreement with POSCO is
completed this year , we could see Energy Fuels’ American-made rare earth s powering
vehicles in the U.S. in 2025.”
Energy Fuels previously announced commercial-scale production of high -purity, on-spec
separated NdPr oxides which can be scaled significantly at what the Company expects will
be at a low-cost relative to other producers, using high-grade monazite feedstock from mine
acquisitions and partnerships the Company has completed in U.S.-allied nations. Monazite
concentrates, produced as a low-cost byproduct of HMS projects, typically have a grade of
50-60% total rare earth oxides ( TREO), including 20% - 24% NdPr (on a %TREO basis) and
excellent distributions of valuable heavy REEs, including dysprosium (Dy), terbium (Tb) and
others. Key transactions completed by Energy Fuels in the HMS space to secure company-
controlled supply chains of monazite concentrates from four diversified and significant
sources that include:
• Toliara HMS Project (Madagascar, 100% acquisition of Base Resources, Oct. 2024)
• Donald HMS Project (Australia, right to earn -in to a 49% interest in a joint venture
with Astron Corporation with Energy Fuels’ receiving 100% of the monazite from the
project, June 2024)
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• Bahia HMS Project (Brazil, 100% acquisition, Feb. 2023)
• Ongoing relationship with Chemours (HMS mining and processing , Georgia &
Florida, USA)
The MOU is binding as it relates to: Energy Fuels requirement to ship the larger-scale sample
supply of NdPr oxide to POSCO for testing; POSCO’s requirement to provide samples to
Energy Fuels; the parties’ commitment to work towards verifying the quality of the NdPr oxide
and validate its use; the parties commitment to discuss the potential for Energy Fuels to
supply an additional supply of NdPr oxide for mass production to POSCO; and certain
administrative matters. The parties’ intent to potentially enter into definitive agreements for
the Company to supply U.S. – produced REE oxides to POSCO on a long -term basis is non-
binding unless and until any such definitive agreements have been entered into by both
parties.
ABOUT ENERGY FUELS
Energy Fuels is a leading US -based critical minerals company, focused on uranium, REEs, HMS,
vanadium and medical isotopes. The Company, which owns and operates several conventional and
in-situ recovery uranium projects in the western United States, 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 to produce carbon-free nuclear energy. 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 potential recovery of certain medical isotopes from
existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments.
The Company is also developing three (3) 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 Limited. The Company is based in Lakewood,
Colorado, near Denver, with its HMS operations 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 www.energyfuels.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking
Statements" within the meaning of applicable United State s 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 and POSCO will
be successful in a dvancing the c reation of a n on-China REE magnet supply chain, potentially
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available to US and allied automotive markets this year, or at all; any expectation that the Company’s
NdPr oxide will meet or continue to meet all required specifications and be or continue to be qualified
for use in traction motor cores that power EVs and hybrid EVs or otherwise; any expectation that the
Company and POSCO will enter into a definitive agreement for the delivery of additional NdPr oxide
later this year , or at all, for permanent REE magnet production or whether any such REE magnet
production would be enough to power 30,000 or more EVs; any expectation that the Company and
POSCO will enter into definitive agreements for the Company to supply U.S. – produced REE oxides
to POSCO on a long -term bases; any expectation that the Company will leave significant volumes
available for other customers, including commercial -scale REE metallization, alloying, and magnet
production initiatives in the U.S.; any expectation that the Company’s collaboration with POSCO will
position Energy Fuels to secure supportive sales agreements for its REE oxides in the future; any
expectation that Energy Fuels and POSCO will create a traceable, competitively priced, and
sustainably produced rare earth supply chain for allied magnet-makers and automotive partners; any
expectation that the Company will be able to or continue to produce high -purity, on-spec separated
NdPr oxides at a low-cost relative to other producers; any expectation that any of the Company’s HMS
projects will be permitted, developed and operated to produce high -grade monazite feedstock as a
low -cost byproduct of HMS projects , or at all ; any expectations as to the TREO and individual REE
grades and distributions within Company -produced monazite; and any expectation that the
Company will be successful in recovering certain medical isotopes from existing uranium process
streams needed for emerging cancer treatments. 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 sta te 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 stateme nts. 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; engineerin g, 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; 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, f uture
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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 anticip ated 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.
SOURCE Energy Fuels Inc.
For further information: Investor Inquiries: Energy Fuels Inc., Kim Ronkin Casey, Investor Relations
Manager, 303-389-4165 or Toll free: (888) 864-2125, [email protected]