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Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Poised for Growth as Demand for Rare Earth Elements Expected to Expand Over Next Decade
February 24, 2021

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Poised for Growth as Demand for Rare Earth Elements Expected to Expand Over Next Decade

  • Industry experts expect rare earth elements (“REE”) space to continue to grow significantly through 2030
  • UUUU entered REE business last year to complement its core uranium production; plans commercial production of intermediate REE product in H1 2021
  • Company expects to become leading U.S. player in this field, supplying up to 50% of nation’s rare earth demand in next few years

The rare earth elements (“REE”) market continues to be of interest for investors and governments around the world amid the heightened uncertainty due to trade restrictions out of China and increased demand for REE magnets, according to an article published by “Investing News Network” (https://ibn.fm/HfbHa). The sector provides the critical metals required for clean energy technologies and electronics that penetrates many segments of both the consumer and business spaces. As the country’s largest uranium producer and the leading critical minerals producer, Energy Fuels (NYSE American: UUUU) (TSX: EFR) has entered the REE space, committed to domestically supplying another critical mineral needed to making the new Biden Administration’s clean energy goals a reality.

After the initial hit to prices in the first half of 2020 as lockdowns and containment measures in China impacted the global supply chains, the REE space rebounded strongly in the second half of the year. And it appears that the sector’s growth will not stop there.

REEs, used in many tech devices and clean energy technologies such as smartphones, wind turbines and electric vehicles, will be critical for the sector over the next decade. Although REE’s supply and demand dynamics are still uncertain due to the pandemic, most analysts are optimistic for 2021 and beyond.

The push for the sector comes as Western countries continue to create supply chains less dependent on China. The article cites David Merriman of Roskill, a commodity research firm, who expects electric and hybrid vehicles’ drivetrains and wind turbine — which all use rare earth permanent magnets — to drive the sector’s robust growth for the remainder of the decade. For example, it is expected that REE demand for automotive applications will grow around 26.5% year-on-year in 2021.

Adamas Intelligence, a research firm focused on strategic metals and minerals, also expects demand to bounce back for nearly all end-use categories for rare earth elements in 2021. Global passenger battery EV, plug-in hybrid EV and hybrid EV sales are expected to drive the growth, increasing collectively by 20 to 40% year over year.

In April 2020, UUUU set out to penetrate the REE market as a complement to its core uranium product lines. Since the announcement of the expansion into REE business, the company has made significant strides, quickly becoming an emerging player in the space. Its initial goal is to enter the commercial REE business in H1 2021 and to supply up to 50% of U.S. rare earth demand contained in a mixed REE concentrate over the next few years.

The company also has plans to install REE separation, and perhaps additional downstream capabilities, over the next few years. The ambitious plans are to be achieved with the company’s existing infrastructure (https://ibn.fm/XhQAQ). With its expansion into the growing REE market 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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