• Biden calls for 100-day review of strategic supply chains
• Already leading uranium/vanadium producer, UUUU has made significant strides in REE space in 2021
• Energy Fuels on schedule to produce intermediate rare earth product in 2021

In the midst of President Joe Biden’s 100-day review of U.S. strategic supply chains (https://ibn.fm/jc5jW), companies around the country, including Energy Fuels (NYSE American: UUUU) (TSX: EFR), are watching closely for the results. Last year, Energy Fuels, the country’s largest producer of uranium and the leading conventional producer of vanadium, announced plans to enter the rare earth elements (“REE”) space. Just under a year later, the company is about to begin commercial production of an intermediate rare earth product at its facility in Utah. This product contains excellent distributions of the rare earths needed for electric vehicles (“EVs”), renewable energy systems, batteries, technology, and military and defense applications.

The supply chain review is intended to boost manufacturing jobs by strengthening U.S. supply chains for advanced batteries, pharmaceuticals, critical minerals and semiconductors; the review will also examine the nation’s reliance on imports of these goods — a potential national security and economic risk that the Biden administration hopes to address.

“These are the kinds of common sense solutions that all Americans can get behind,” Biden said, discussing the review. “It’s about resilience, identifying possible points of vulnerabilities in our supply chains and making sure we have the backup alternatives or workarounds in place.”

The review appeared to be distinctly bipartisan; an AP article reported that Biden met with Republican and Democratic lawmakers at the Oval Office before signing the order. “This is a critical area where Republicans and Democrats agreed — it was one of the best meetings I think we’ve had so far and we’ve only been here about five weeks,” Biden said. “It was like the old days. People were actually on the same page.”

Energy Fuels has a keen interest in the outcome of the analysis. Last year, the company announced its interest in entering the REE market as a complement to its core uranium and recycling businesses. Since that announcement, the company has emerged as a major player in the commercial rare earth business. Its initial goal was to enter the commercial REE business in H1 2021, working to supply up to 50% of U.S. rare earth demand contained in a mixed REE carbonate over the next few years.

The company is expected to soon begin processing its first monazite ore at its White Mesa Mill in Blanding, Utah, and producing a marketable mixed rare earth element carbonate. If successful Energy Fuels will be producing a rare earth product at a stage more advanced than any other U.S. company. This work represents a crucial step toward re-establishing a fully integrated U.S. rare earth element supply chain.

In addition, the company has plans to install REE separation and additional downstream capabilities over the next few years. These plans can be implemented within the company’s existing infrastructure (https://ibn.fm/gSXQP). With its expansion into the growing REE market, strong balance sheet, diverse business opportunities, and all debt paid off last year, the company is leveraging a robust business model that allows it to be well positioned to capitalize on the increasing momentum for the REE space.

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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