Energy Fuels & Navajo Nation Reach Historic Agreement Paving Way for Renewed Production on Navajo Lands

• Energy Fuels and Navajo Nation sign landmark agreement on uranium ore transport and abandoned mine cleanup on Navajo lands.
• Uranium ore shipments from Pinyon Plain mine in Arizona to White Mesa Mill in Utah to resume in February 2025 with enhanced safety protocols.
• Energy Fuels to transport up to 10,000 tons of uranium-bearing cleanup materials from abandoned Navajo mines at no cost.
• Agreement helps restore trust, allows uranium production critical for U.S. energy independence and non-carbon electricity.
• Energy Fuels aligned with Biden administration priorities on domestic energy production and reducing reliance on Russia.

Energy Fuels Inc. is a leading U.S. producer of uranium, rare earth elements (REE), and critical minerals. The Denver-based company operates the Pinyon Plain Mine in northern Arizona and the White Mesa Mill in southern Utah. Energy Fuels is the largest uranium producer in the U.S. and plays a vital role in restoring the domestic nuclear fuel cycle, advancing U.S. energy independence, and supporting bans on Russian uranium imports.

Historic Navajo Nation Agreement

Energy Fuels and the Navajo Nation, the largest indigenous tribe in the U.S., announced a landmark agreement governing the transport of uranium ore on highways crossing Navajo lands. Uranium ore shipments from the Pinyon Plain mine to the White Mesa Mill are set to resume in February. Energy Fuels President and CEO Mark Chalmers stated:

"I am personally honored that the Navajo Nation was willing to work with us in good faith to address their concerns and ensure that uranium ore transportation through the Navajo Nation will be done safely and respectfully."

The Navajo Nation has long dealt with impacts from Cold War-era uranium mining that left behind numerous abandoned mine and mill sites. This caused understandable mistrust toward the government and energy companies. Acting Attorney General Heather Clah commented:

"We appreciate the sincere approach the Energy Fuels' negotiation team took with the Navajo Nation. They demonstrated a genuine understanding for the Navajo Nation's and the Navajo People's trauma regarding uranium and engaged as a partner in good faith to build a trusting relationship."

Enhanced Safety Protocols

Under the deal, Energy Fuels agreed to take additional protective measures beyond the strict existing U.S. Department of Transportation (USDOT) requirements for uranium ore transport:

• Limiting transport to specified routes and times of day
• Avoiding transport on Navajo holidays and events out of cultural respect
• Detailed emergency response, notice and reporting procedures
• Higher insurance, driver qualification and training standards
• State-of-the-art truck cover systems to prevent dust
• Allowing for Navajo escorts, blessings, inspections and licensing

Abandoned Mine Cleanup

Importantly, Energy Fuels committed to transport up to 10,000 tons of uranium-bearing materials from abandoned Navajo mines, at no cost, to assist in the cleanup of these sites. Most are relics of old U.S. government programs from the 1940s onward that Energy Fuels had no involvement with. The company will also contribute funds to support the Navajo Nation's transportation safety, education, environment, health and economic development programs related to uranium. Stephen B. Etsitty, Executive Director of the Navajo Nation Environmental Protection Agency added:

"We have a settlement agreement that will allow the Navajo Nation to monitor and inspect the haul trucks and that provides financial compensation for the expenses to improve safety and protect the environment."

Restoring Trust & Production

Negotiations between Energy Fuels and the Navajo Nation began in August 2024 after the company voluntarily paused ore shipments. The agreement involved numerous meetings with the Nation's senior leadership. Chalmers said:

"We are proud to be a part of a historic agreement with the Navajo Nation, and we are committed to fulfilling our promises to them. We hope this agreement marks the beginning of a constructive relationship that restores trust with our neighbors."

The deal clears the way for Energy Fuels to process ore from Pinyon Plain into uranium concentrates at the White Mesa Mill. This is a crucial first step in the nuclear fuel cycle for generating zero-emission electricity. Nuclear power provides 18% of electricity and 46% of carbon-free electricity in the U.S. according to the Nuclear Energy Institute.

Alignment with U.S. Priorities

Energy Fuels' uranium production, along with its growing rare earth and critical mineral capabilities, support the Biden administration's recently announced actions to unleash American energy production, restore the nuclear fuel supply chain, and reduce reliance on Russian imports.

On his first day in office, President Biden signed executive orders aimed at boosting domestic energy output and declaring a national energy emergency. Energy Fuels is positioned to play a key role in achieving those objectives.

For Investors

The landmark agreement between Energy Fuels and the Navajo Nation represents a major step forward for the company's uranium operations. By allowing ore shipments to resume with enhanced safety measures and assisting in the cleanup of legacy abandoned mines, Energy Fuels can restore production, rebuild trust with indigenous communities, and support the replenishment of domestic uranium supply. With nuclear energy poised for a resurgence and the U.S. government prioritizing energy independence, Energy Fuels appears well-positioned to benefit from growing demand for domestic uranium. Investors should watch for updates on the company's production and sales in the coming quarters.