Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Finalizes Chemours Monazite Supply Agreement, Marks Beginning of ‘Real Success Story’

• Company to produce raw materials needed for clean energy, advanced technologies while also creating green jobs in economically underserved area
• Energy Fuels will be first U.S. company in years to produce marketable mixed REE concentrate on commercial scale

Energy Fuels (NYSE American: UUUU) (TSX: EFR), a diversified uranium miner, has finalized a three-year agreement with the Chemours Company (NYSE: CC) to obtain natural monazite ore, one of the highest-grade rare earth element (“REE”) minerals in the world (https://nnw.fm/8zVLu). The agreement calls for Energy Fuels to receive a minimum of 2,500 tons per year and represents a significant step in UUUU’s commitment to be a leader in re-establishing a fully integrated U.S. REE supply chain.

“With our announcement . . . Southeast Utah is fast becoming America’s clean energy and critical minerals hub,” Energy Fuels president and CEO Mark S. Chalmers stated. “Our goal is to domestically produce the raw materials needed for clean energy and advanced technologies, while creating green jobs in an economically challenged part of the country.

“Currently, the U.S. imports nearly all of our rare earth, uranium and vanadium requirements, despite having ample supplies here in the U.S.,” Chalmers continued. “Importantly, in the United States we are highly regulated and operate to the highest standards, which means we produce these minerals more responsibly than many of the countries from which we currently import. Our agreement with Chemours may be the beginning of a real success story, not only for Energy Fuels, but also for local communities, Native Americans, conservation groups, the State of Utah, and the U.S. as a whole.”

Based on the announcement, Energy Fuels intends to start process the monazite it receives from Chemours beginning the first quarter of 2021. The process will take place at UUUU’s wholly owned White Mesa Mill, which is located in Utah. The company will recover the uranium that results from that process and produce a marketable mixed REE carbonate, an essential step toward re-establishing a fully independent U.S. REE supply chain.

Once Energy Fuels successfully begins this process, UUUU will be the first company in the United States in years to produce a marketable mixed REE concentrate ready for separation on a commercial scale. Based on its estimates, UUUU plans to be able to provide almost 10% of total current U.S. REE demand. REEs are used in a wide variety of clean energy and advanced technologies, including wind turbines, electric vehicles, cell phones, computers, flat-panel displays, advanced optics, catalysts, medicine and national defense applications.

Energy Fuels’ mixed REE carbonate production from monazite ore should use only a small amount of its White Mesa Mill’s ore-production capacity and produce almost no waste. Initially, UUUU plans on obtaining the 2,500 tons of monazite sands from Chemours, as outlined in the contract, but the company will work to increase monazite ore supply, hopefully reaching approximately 15,000 tons of monazite ore per year. The White Mesa Mill is licensed and designed to process 2,000 tons of ore daily, or 720,000 tons of ore per year, so the anticipated production of monazite sands represents an estimated 2% of its throughput capacity. If successful at reaching those numbers, Energy Fuels projects its White Mesa Mill will be able to produce approximately 50% of U.S. REE demand in a mixed REE carbonate.

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://nnw.fm/UUUU

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