Ramping Up for the Energy Transition - Energy Fuels Poised for Growth in Critical Minerals

• Mark Chalmers, President & CEO of Energy Fuels, presented an update on the company following the PDAC conference in Toronto.
• Energy Fuels has diverse interests which includes uranium, vanadium and rare earths. The company has made significant advancements with rare earths. They purchased the Bahia in Brazil, and are building out a separation plant at White Mesa to allow the processing of rare earth materials.
• The company has eight years of long-term uranium contracts, which gives them confidence. They believe there is strong focus and demand for processing capabilities in the U.S., especially given geopolitical tensions, and are confident about their ability to fulfill contracts starting this year.
• Energy Fuels controls the only uranium mill in the district, making them a unique player. ‍
• Energy Fuels has been able to access capital when required. Their partnership with Neo for rare earths continues, and they are always open to strategic partnerships if they make sense for their goals.

About Energy Fuels

As the leading U.S. producer of uranium, the fuel for carbon-free nuclear energy, Energy Fuels is playing a vital role in the global transition to clean energy. With licensed mines and processing facilities across the country, Energy Fuels has more production capacity and in-ground uranium resources than any other American producer. The company is also emerging as a major U.S. producer of vanadium while helping to reestablish a fully integrated domestic rare earth supply chain.

With diverse cash flow from uranium, vanadium, and rare earths, Energy Fuels is uniquely positioned to capitalize on growing demand for minerals critical to clean energy technologies. As nations work to combat climate change by expanding nuclear energy and advancing renewable energy sources, Energy Fuels has the assets and capabilities to deliver the raw materials essential for building a low-carbon future.

Interview with President & CEO, Mark Chalmers

Potential for Strong Growth Ahead

In a recent interview following the annual Prospectors and Developers Association of Canada (PDAC) conference, Energy Fuels President and CEO Mark Chalmers expressed great optimism about the company’s potential for substantial growth in the years ahead.

Chalmers noted the company’s uranium production is ramping up to fulfill several long-term supply contracts secured last year. This contracted revenue provides Energy Fuels financial stability as it continues advancing its rare earth element production capabilities.

The company is currently constructing a rare earth separation facility at its White Mesa Mill in Utah, with operations slated to begin in the first half of 2023. This will make Energy Fuels the first U.S company in several decades with commercial-scale rare earth separation capabilities.

According to Chalmers, interest in Energy Fuels’ rare earth capabilities was very high at PDAC this year. With rare earths critical to clean energy technologies and supply chains currently dominated by China, many countries are eager to find alternate suppliers. Chalmers said Energy Fuels is already fielding inquiries about supplying rare earth oxides and metals from countries across the Americas and around the world.

In addition to its rare earth separation capabilities, Energy Fuels owns the only conventional uranium mill operating in the U.S. today. The White Mesa Mill gives the company a strategic advantage, as permitting and constructing new mills is a lengthy and costly process.

While other companies have discussed building new rare earth and uranium mills in the region, Chalmers expressed little concern about potential competition. He emphasized Energy Fuels is in a strong position given its operational capabilities, healthy cash reserves, and strategic partnerships.

Poised for Further Growth

Energy Fuels has systematically positioned itself to capitalize on rising demand for materials critical to clean energy over the next several years. In addition to its uranium production and imminent rare earth separation capabilities, the company also produces vanadium, another critical mineral.

Chalmers emphasized 2022 was an exceptional year for the company, having made significant progress on permitting, asset development, and strategic acquisitions. With even more milestones on tap for 2023, he said Energy Fuels has “started to fly” and has reached an exciting inflection point.

5 Key Takeaways for Investors

1. Leading US producer of uranium, the fuel for nuclear energy which is seeing renewed growth amid the clean energy transition.
2. Expanding into rare earth elements production, critical for EVs, wind turbines, batteries, etc. Recently built rare earth separation facility.
3. Potential for significant growth as demand rises for uranium, rare earths, vanadium and other critical minerals.
4. Strong competitive position with White Mesa Mill, only conventional uranium mill operating in the US today. Strategic asset.
5. Well-positioned financially after asset sales and new uranium contracts. Executing strategy with investments in new projects and acquisitions.

Summary

For investors, Energy Fuels offers a remarkable opportunity to capitalize on the global clean energy transition. As demand rises for uranium, rare earths, vanadium and other critical minerals, Energy Fuels has operational capabilities, strategic partnerships, and financial resources to deliver substantial growth.

The company expects to achieve several key milestones over the next 12-18 months that will further enhance its position as a leading U.S. critical mineral producer. For investors looking to add exposure to the booming critical minerals space, Energy Fuels is an attractive investment to consider.