Energy Fuels - Establishing an Integrated U.S. Rare Earth Supply Chain

About Energy Fuels

Energy Fuels is the leading U.S. producer of uranium and emerging producer of rare earth elements (REEs). The company operates the White Mesa Mill in Utah, the only operating conventional uranium mill in the U.S. with annual licensed capacity of over 8 million pounds of uranium oxide. Energy Fuels also holds the Nichols Ranch in-situ recovery (ISR) project in Wyoming on standby with annual licensed capacity of 2 million pounds of uranium. The mill provides production capabilities for uranium, vanadium, and REEs from various uranium-bearing ores. Beyond these facilities, Energy Fuels has one of the largest U.S. uranium resource portfolios and a pipeline of projects in different stages of permitting and development. The company recently expanded into REE production to supply growing demand for clean energy and advanced technologies. Energy Fuels is evaluating recovery of medical isotopes for cancer therapeutics. With most assets and employees in the U.S., Energy Fuels is focused on providing domestic supplies of critical minerals.

Building Out Integrated Rare Earth Supply Chain

Energy Fuels aims to establish a fully integrated U.S. rare earth supply chain to reduce reliance on China. China currently dominates rare earth processing and that Energy Fuels is in a unique position to produce both uranium and rare earths from its existing operations.

The company recently held an open house in Utah to showcase its emerging rare earth business. Energy Fuels can process rare earths from monazite, a mildly radioactive mineral that also contains uranium. Energy Fuels has the expertise and facilities to handle the radioactivity and extract both the rare earths and uranium.

Demand Outlook for Rare Earths and Uranium

With the global transition to electric vehicles and clean energy underway, demand will surge for the rare earths needed for EV motors, batteries, and other technologies. Energy Fuels aims to become a major global supplier of rare earth materials over the next 3-4 years.

And with nuclear, a clean, reliable baseload power source, there is renewed demand for uranium that Energy Fuels is positioned to meet as an existing large-scale U.S. producer. The company supplies fuel for nuclear energy, which complements intermittent renewable energy sources.

U.S. Government Collaboration

Energy Fuels are currently building out their strategy with their own balance sheet but a potential collaboration with the U.S. government on shoring up supply chains would be considered if it helped them expand their activities.

Energy Fuels has a track record of working with the government given the strategic importance of their materials. Further partnership would aid their scale-up to reduce U.S. reliance on adversarial nations for uranium and rare earths.

Navigating Geopolitical Tensions

With many rare earths and uranium sourced from countries like Russia and China, Energy Fuels is uniquely positioned with its production centers based entirely in the United States. The company can supply these critical minerals domestically, avoiding geopolitical tensions.

Conclusion

As the only U.S.-based company producing both uranium and rare earths, Energy Fuels offers a compelling investment opportunity. With rare earth demand projected to surge for clean energy technologies and uranium seeing renewed interest for nuclear power generation, the company anticipates becoming a world leader in both segments. Energy Fuels plans to leverage its existing U.S. facilities and expertise to create a fully integrated supply chain for these strategic minerals. For investors seeking exposure to the electrification and energy security trends, Energy Fuels provides a diversified, vertically integrated platform entirely focused in the United States.