Energy Fuels' Pinyon Plain Mine Delivers Record Uranium Production & Exceptional Drilling Results

• Energy Fuels' Pinyon Plain mine in Arizona achieved record monthly production of 151,400 pounds of uranium in April 2025, with an average grade of 1.64% eU₃O₈.
• The company's underground drilling program at the "Juniper Zone" revealed multiple high-grade intercepts, including sections with grades as high as 20.11% eU₃O₈.
• These high-grade intercepts are expected to significantly increase the estimated uranium resources at the mine and potentially lower mining and milling costs.
• The Pinyon Plain mine is positioned to be one of the largest and lowest-cost uranium mines supplying the U.S. nuclear energy industry in the coming years.
• Energy Fuels is diversifying beyond uranium into rare earth elements, heavy mineral sands, vanadium, and medical isotopes, strengthening its position in the critical minerals sector.

Energy Fuels (AMEX:UUUU) has established itself as a leading U.S. producer of uranium and other critical minerals essential for domestic energy security and technological advancement. The company operates the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium processing facility in the United States, where it processes ore from its mines into natural uranium concentrates for nuclear utilities.

Energy Fuels has recently expanded its portfolio beyond uranium to include rare earth elements (REE), heavy mineral sands (HMS), vanadium, and medical isotopes, positioning itself as a diverse critical minerals company. The company's latest breakthrough at its Pinyon Plain uranium mine in Arizona signals a significant advancement in domestic uranium production that could support America's nuclear energy industry, which currently generates approximately 18% of U.S. electricity and nearly 50% of the country's zero-emission electricity.

Record Production Achievements at Pinyon Plain

The Pinyon Plain mine in Arizona has reached an unprecedented milestone in April 2025, producing 4,604 tons of ore containing approximately 151,400 pounds of uranium with an average grade of 1.64% eU₃O₈. This production rate represents the largest monthly output since mining operations began last year, demonstrating the mine's increasing productivity and operational efficiency.

What makes this achievement particularly notable is that the uranium grades encountered during mining have significantly exceeded the predicted grades from previous drill programs. This positive variance suggests that the Main Zone of the deposit may contain considerably more uranium than initially projected in the Technical Report on the Pre-Feasibility Study from February 2023.

This overperformance in both production volume and grade is significant for investors as it indicates potential upside to the mine's economic projections and could extend the life of the operation.

Exceptional Drilling Results from the Juniper Zone

Beyond the current production from the Main Zone, Energy Fuels has conducted an extensive underground drilling program in the Juniper Zone, an additional area of mineralization within the Pinyon Plain mine. The results from this 49-core hole drilling program have revealed multiple high-grade intercepts that could substantially increase the mine's overall resource base.

The February 2023 Pre-Feasibility Study had estimated the Juniper Zone to contain 703,000 pounds of U₃O₈ at an average grade of 0.95% in Indicated Mineral Resources, plus a smaller amount of Inferred Resources. The new drilling results suggest this estimate may be conservative.

Highlight intercepts from the drilling program include:

• PPCH-034: 17.5 ft with an average grade of 5.70% eU₃O₈, including 4.0 ft at 20.11% eU₃O₈
• PPCH-028: 13.4 ft with an average grade of 7.02% eU₃O₈
• PPCH-029: 7.5 ft with an average grade of 7.50% eU₃O₈
• PPCH-035: 5.0 ft with an average grade of 5.15% eU₃O₈

These grades are exceptional by historical standards for U.S. uranium deposits. According to the company, these intercepts contain uranium concentrations that are believed to be unprecedented in the modern era of U.S. uranium mining.

Management's Strategic Vision

Mark Chalmers, Energy Fuels' President and CEO, emphasized the significance of these drilling results:

"I'm amazed at these drill results. With nearly 50 years in the uranium industry, I can say that these types of grades and intercepts in a U.S. uranium mine are extremely rare."

This statement from an industry veteran with half a century of experience underscores the exceptional nature of the discovery and provides investors with valuable context on its significance relative to other U.S. uranium deposits. Chalmers further explained the company's forward-looking plans:

"We plan to incorporate these results into an updated technical report for the Pinyon Plain mine later this year, which I believe will significantly increase the uranium reserves and resources and result in a lower mining and milling cost per pound. These results also confirm our belief that Pinyon Plain will likely be the largest and lowest cost U.S. uranium mine supplying the domestic nuclear energy industry over the next several years."

This strategic vision outlines a clear path forward for the company to potentially improve the economics of the Pinyon Plain mine and enhance its competitive position in the domestic uranium market.

Implications for Resource Estimates and Economics

The new drilling results are expected to have significant implications for the mine's resource estimates and economic projections. The company plans to incorporate these findings into an updated technical report later in 2025, which will likely result in:

• Increased uranium reserves and resources at the Pinyon Plain mine
• Potentially lower mining and milling costs per pound of uranium produced
• Enhanced economic projections for the overall operation

For investors, these developments could translate into improved project economics, potentially extending the mine life, increasing annual production, or improving the project's rate of return. The exceptionally high grades encountered could also provide the company with operational flexibility, potentially allowing for selective mining of higher-grade zones during periods of lower uranium prices.

Diversification into Critical Minerals

While the Pinyon Plain uranium mine represents a significant asset for Energy Fuels, the company has been actively diversifying its portfolio beyond uranium. As outlined in the company description, Energy Fuels is also focused on:

• Rare Earth Elements (REE) production at the White Mesa Mill
• Heavy Mineral Sands (HMS) projects in several international locations
• Vanadium oxide production when market conditions warrant
• Evaluation of medical isotope recovery from existing uranium process streams

This diversification strategy provides investors with exposure to multiple critical mineral markets beyond uranium, potentially reducing risk and capturing growth opportunities in emerging sectors like rare earths and medical isotopes.

The company's HMS portfolio includes the Kwale project in Kenya (in reclamation), the Toliara Project in Madagascar, the Bahia Project in Brazil, and a potential 49% interest in the Donald Project in Australia through a joint venture with Astron Corporation Limited.

For Investors

Energy Fuels presents a compelling investment case for those interested in the critical minerals sector, particularly uranium and rare earth elements. The record production and exceptional drilling results at the Pinyon Plain mine demonstrate the company's operational capabilities and the quality of its uranium assets. These developments position Energy Fuels to potentially benefit from growing demand for domestic uranium as the United States seeks to enhance energy security and reduce carbon emissions.

For investors evaluating Energy Fuels, key considerations include:

• The potential for improved economics at the Pinyon Plain mine following the incorporation of new drilling results into an updated technical report
• The company's position as the operator of the only conventional uranium mill in the United States
• Diversification across multiple critical mineral markets, reducing single-commodity risk
• Exposure to potential growth in nuclear energy demand as part of global decarbonization efforts
• Possible development of additional revenue streams from rare earth elements, heavy mineral sands, vanadium, and medical isotopes

As with all mining investments, investors should be mindful of commodity price risks, regulatory challenges, and the technical complexities of mineral extraction and processing. However, Energy Fuels' established production capabilities, diverse asset portfolio, and recent exploration success at Pinyon Plain suggest the company is well-positioned to capitalize on growing demand for critical minerals essential to clean energy and advanced technologies.