Energy Fuels (NYSE American: UUUU) (TSX: EFR), along with a team from Penn State University has received additional funds to complete an ongoing feasibility study focused on the production of rare earth element (“REE”) products from natural, coal-based resources. The funds were awarded by the U.S. Department of Energy (“DOE”) Office of Fossil Energy and National Energy Technology Laboratory, which provided an initial $150,000 for the study last year. The study also looks at the production of REE products from other materials such as REE-containing ores like the natural monazite ore produced at UUUU’s White Mesa Mill, located in Utah. The feasibility study is designed to support a cost estimate for the production of individually separated rare earth oxides and rare earth metals and alloys from coal-based resources or other resources, including monazite, within the U.S., with a focus on REEs for the production of commodity and defense-related products. “We are pleased to continue our collaboration with the U.S. Department of Energy, as we work together to restore critical U.S. rare earth supply chains available for domestic manufacturing,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “As we continue to ramp-up production of an intermediate rare earth product at the White Mesa Mill in Utah, we are moving forward with designing and developing the infrastructure needed to responsibly produce separated rare earth oxides and other products needed by the electric vehicle, renewable energy, defense and other domestic industries. Furthermore, we believe we can design our infrastructure to process feeds produced in the DOE program as well as the monazite we are currently processing, for the recovery of uranium and REE products. We believe these kinds of collaborative public-private partnerships will be a key to restoring U.S. global leadership in the clean energy sector and re-establishing critical defense-related supply chains.”
To view the full press release, visit https://ibn.fm/rxUJt
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 (“U308”) to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and expects to commence commercial production of rare earth element (“REE”) carbonate in 2021. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the United States today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, and is completing final test-work for the production of REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. along with several uranium and uranium/vanadium mining projects 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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