Positioned to Power the Future - Why Energy Fuels Should Be on Your Radar

• Energy Fuels is the leading producer of uranium in the US, a major producer of Vanadium, and is an emerging player in the rare earths space where its work is helping reestablish a fully integrated US supply chain.
• The rare earths market has been dominated by China for many years, and this poses a challenge for Western countries.
• Many small players have entered the rare earths market, but there is a realization that the sector might benefit from consolidation.
• Energy Fuels' White Mesa facility stands out as a potential solution to the rare earth supply chain. With a fully paid-for and permitted infrastructure, it is in a strong position to support other companies and projects in the rare earths space.
• There's a growing awareness of the need for government involvement and support in critical minerals sectors. However, there is still a gap in understanding and action, particularly around the challenges facing mining projects in the US and the essential role they play in closing the supply-demand gap for rare earths.

About Energy Fuels

Energy Fuels is a leading US-based critical minerals company producing uranium, rare earth elements, vanadium, and evaluating radionuclides. The White Mesa Mill in Utah is the only operating conventional uranium mill in the US today with licensed capacity of over 8 million pounds of U3O8 per year. The mill also has capability to produce rare earth oxides and vanadium. In addition, Energy Fuels has acquired the Bahia Project in Brazil with significant quantities of titanium, zirconium, and rare earth minerals. With one of the largest US NI 43-101 compliant uranium resources and additional mining projects in permitting, Energy Fuels is leveraging its expertise to meet growing demand for critical minerals and uranium.

Interview with President & CEO, Mark Chalmers

Leveraging Existing Infrastructure

In a recent interview at the Rare Earths Conference in Barcelona, Energy Fuels President and CEO Mark Chalmers outlined the company’s unique strengths. With existing infrastructure and technical expertise, Energy Fuels can help fill widening supply gaps for critical minerals and uranium while other aspiring miners struggle with inflated costs and project delays.

Chalmers noted how rare earth projects estimated to cost $500-900 million just a couple years ago are now budgeting upwards of $2 billion due to inflation and labor constraints. At the same time, demand forecasts continue growing for rare earths and uranium to support electric vehicle and clean energy targets. This widening supply-demand imbalance creates opportunity for proven miners like Energy Fuels with operational experience and infrastructure.

Scaling Production

Chalmers explained how Energy Fuels will leverage its fully permitted White Mesa Mill in Utah with a $25 million upgrade starting early next year. The company plans to produce intermediate rare earth products from natural monazite sands, followed by separated rare earth oxides as demand and production scale. With this stepping stone approach, Energy Fuels can provide critical downstream processing for emerging rare earth miners lacking separation capabilities.

Diverse Mineral Production

In addition to rare earths, Energy Fuels continues supplying uranium under long-term sales agreements signed in recent months at prices inching towards $70 per pound. The company also produces isotopes like radium-226 from existing mill tailings, with a focus on producing over 10 different critical minerals.

Chalmers noted that while other miners pursue single metals, Energy Fuels diverse production slate provides stability amid volatile markets. The company’s proven capabilities position it as a key partner in rebuilding critical mineral supply chains domestically.

Conclusion

As the only US-based company capable of producing over 10 critical minerals, Energy Fuels offers unmatched leverage to surging demand as global electrification accelerates. With existing facilities and technical expertise, Energy Fuels can scale production faster and more economically than unproven competitors. Led by an experienced management team, the company is poised to consolidate upstream rare earth resources while expanding its downstream processing capabilities.

For investors seeking exposure to the critical minerals mega-trend that will power our clean energy future, Energy Fuels represents a unique opportunity. The company's diversified production slate also provides stability amid market volatility. As the world wakes up to mineral supply chain vulnerabilities, Energy Fuels stands ready to deliver for its shareholders.