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InvestorNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), Astron Corp. Enter MOU to Develop Australia-Based REE and Mineral Sands Project

InvestorNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), Astron Corp. Enter MOU to Develop Australia-Based REE and Mineral Sands Project

Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REE”) and vanadium, has entered into a nonbinding Memorandum of Understanding (“MOU”) with Astron Corporation Limited to jointly develop the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. According to the MOU, Energy Fuels has exclusive rights through March 1, 2024, to conduct due diligence on the project and negotiate definitive and binding agreements regarding the joint venture. The agreement outlines plans for Energy Fuels to invest approximately $122 million to earn a 49% interest in the venture and to issue $17.5 million in common shares to Astron for being included in the venture to cover the entire Donald Deposit. The company anticipates that the Donald Project has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year thereafter. A world-class, world-scale, “shovel-ready” critical mineral deposit, the Donald Project has potential to be a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate for Energy Fuels.

“Energy Fuels is working to secure future large-scale in-siturare earth element projects around the world, which we expect to become low-cost sources of feed to supply our U.S.-centric REE supply chain in the coming years,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “Earlier in 2023, we acquired the Bahia Project in Brazil, and now we are working toward partnering with Astron on the Donald Project in Australia. Energy Fuels’ goal is to source monazite from the U.S. and around the world and become a reliable, globally diversified, multidecade supplier of U.S.-produced magnet REE oxides to EV manufactures and other end users. Our announcement today should help people ‘connect the dots’ to better understand the magnitude of our burgeoning REE business strategy. We are earning into an essentially ‘derisked’ heavy mineral sand project that is in Australia, has many years of detailed resource and project evaluation, and has all the main regulatory approvals in place or well-advanced.”

To view the full press release, visit https://ibn.fm/CQqGZ

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based uranium and critical minerals company. As the leading producer of uranium in the United States, Energy Fuels 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 beginning 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, and substantially all 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 country today, has a licensed capacity of more than 8 million pounds of U3O8per 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 U3O8per 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, Energy Fuels also has one of the largest NI 43-101-compliant uranium resource portfolios in the United States and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

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