There Has Been No Announced Decision with Respect to the Uranium Section 232 Trade Action
There Has Been No Announced Decision with Respect to the
Uranium Section 232 Trade Action
July 12, 2019
Ur‐Energy Inc. (NYSE American: URG; TSX: URE) (“Ur‐Energy”) and Energy Fuels Inc. (NYSE American:
UUUU; TSX: EFR) (“Energy Fuels”) confirm that they are unaware of any decision by the White House with
respect to the U.S. Department of Commerce (“DOC”) investigation into the effects of uranium imports
on U.S. national security.
Several news reports are providing conflicting information regarding a decision by the President on the
uranium Section 232 Petition. As of this morning, we have not been informed by the White House or the
DOC that a decision has been made. Once a decision is made public by the Administration, we will convey
the information via a joint press release.
The investigation was initiated on the basis of a petition by Ur‐Energy and Energy Fuels. DOC submitted
the report on its investigation to the White House on April 14, 2019. The statutory 90‐day deadline for the
President’s decision runs to July 13, 2019.
About Energy Fuels: Energy Fuels is a leading integrated U.S. uranium mining company, supplying U3O8 to
major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees
are in the western United States. Energy Fuels holds three of America’s key uranium production centers,
the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project
in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a
licensed capacity of over 8 million pounds of U3O8 per year. The Nichols Ranch Processing Facility is an in‐
situ recovery production center with a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is
an in‐situ recovery production center with a licensed capacity of 1.5 million pounds of U3O8 per year, which
is currently on care and maintenance due to low uranium prices. Energy Fuels also has the largest uranium
resource portfolio in the U.S. among producers, and uranium mining projects located in a number of
Western U.S. states, including one producing in‐situ recovery project, mines on standby, and mineral
properties in various stages of permitting and development. Energy Fuels also produces vanadium as a co‐
product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions
warrant. 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.
About Ur‐Energy: Ur‐Energy is a U.S. uranium mining company with corporate and operations offices in
Denver, Colorado and Casper, Wyoming. Ur‐Energy operates the Lost Creek in‐situ recovery uranium
facility in south‐central Wyoming. Ur‐Energy has produced, packaged and shipped more than 2.5 million
pounds from Lost Creek since the commencement of operations. Applications are under review by various
agencies to incorporate our LC East project area into the Lost Creek permits, and to construct and operate
at our Shirley Basin Project. Ur‐Energy is engaged in uranium mining, recovery and processing activities in
the United States, including the acquisition, exploration, development and operation of uranium mineral
properties. The primary trading market for Ur‐Energy’s common shares is the NYSE American under the
trading symbol “URG;” Ur‐Energy’s common shares also trade on the Toronto Stock Exchange under the
trading symbol “URE.” Ur‐Energy’s website is www.ur‐energy.com.
Cautionary Note Regarding Forward‐Looking Statements: Certain information contained in this
statement, including any information relating to: the timing for and outcome of the President’s
consideration of the report from DOC on the effects of uranium imports on national security; and any other
statements regarding Energy Fuels’ or Ur‐Energy’s future expectations, beliefs, goals or prospects;
constitute forward‐looking information within the meaning of applicable securities legislation (collectively,
"forward‐looking statements"). All statements in this news release that are not statements of historical
fact (including statements containing the words "expects," "does not expect," "plans," "anticipates," "does
not anticipate," "believes," "intends," "estimates," "projects," "potential," "scheduled," "forecast,"
"budget" and similar expressions) should be considered forward‐looking statements. All such forward‐
looking statements are subject to important risk factors and uncertainties, many of which are beyond
Energy Fuels’ and Ur‐Energy’s ability to control or predict. A number of important factors could cause
actual results or events to differ materially from those indicated or implied by such forward‐looking
statements, including without limitation factors relating to: the timing for and outcome of the President’s
consideration of the report from DOC on the effects of uranium imports on national security; and other
risk factors as described in Energy Fuels’ and Ur‐Energy’s most recent annual reports on Form 10‐K and
quarterly financial reports. Energy Fuels and Ur‐Energy assume no obligation to update the information in
this communication, except as otherwise required by law. Additional information identifying risks and
uncertainties is contained in Energy Fuels’ and Ur‐Energy’s filings with the various securities commissions
which are available online at www.sec.gov and www.sedar.com. Forward‐looking statements are provided
for the purpose of providing information about the current expectations, beliefs and plans of the
management of Energy Fuels and Ur‐Energy relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. Readers are also cautioned not to place undue
reliance on these forward‐looking statements, that speak only as of the date hereof.
For Further Information, Please Contact:
Karen Heinold
202.379.6358