LAKEWOOD, Colo., Sept. 21, 2020 /PRNewswire/ - Energy Fuels
Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the
"Company") is pleased to announce that it has been advised by
the U.S. Department of Energy ("DOE") Office of Fossil Energy
("FE") and the National Energy Technology Laboratory ("NETL") of
their intent to award a contract to Energy Fuels, working with a
team from Penn State, to evaluate and
develop a conceptual design to allow for the commercial production
of mixed rare earth oxides ("REO") from coal-based resources in an
environmentally benign fashion. Furthermore, the DOE has the option
to award Energy Fuels a contract for the completion of a
feasibility study on this initiative.
The DOE has already demonstrated the technical feasibility of
extracting rare earth elements ("REE") from coal and coal-based
resources, including coal refuse, over/under burden materials,
power generation ash and the like. The DOE wishes to accelerate the
advancement of commercially viable technologies to produce rare
earth elements from these coal-based resources. Energy Fuels
applied for this grant in June 2020,
as REEs contained in these coal-based resources are similar to the
REEs contained in other materials the Company is currently
evaluating in its REE program.
The first phase of DOE funding will allow Energy Fuels and the
team from Penn State to complete a
detailed conceptual design and flowsheet for the potential
commercial operation of a facility that produces REOs from
coal-based resources. Following this phase, the DOE will conduct a
merit evaluation and determine whether to award the funding for the
development of a feasibility study.
Mark S. Chalmers, President and
CEO of Energy Fuels stated: "We are excited to have the opportunity
to work with the DOE office of Fossil Energy, the National Energy
Technology Laboratory, and Penn State
on this important rare earth initiative. Energy Fuels has been
carrying out substantial work over the past year to explore the
potential for implementing a commercial rare earth recovery and
processing program at our White Mesa Mill. This initiative to
produce REOs from coal-based resources is complementary to our
ongoing efforts and will potentially broaden the sources of REE
feedstock available to us in the future. We also hope this project
opens the door for us to work with the the DOE and other agencies
on future rare earth initiatives.
"Rare earths are used in a host of advanced and everyday
technologies, including cell phones, computers, renewable energy
generation, batteries, automobiles, and military applications.
However, the U.S. does not currently have a fully integrated rare
earth supply chain. Therefore, the government has made it a
priority to assist in the development of domestic sources of rare
earth production. With this award, we are excited to play a
role in this effort, while also pursuing our other complementary
rare earth initiatives."
About Energy Fuels: Energy Fuels is a leading
US-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant, and is evaluating the potential to implement
a commercial rare earth recovery and processing program at
its White Mesa Mill. Its corporate offices are near
Denver, Colorado, and all of its
assets and employees are in the United
States. Energy Fuels holds three of America's key uranium
production centers, the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery
("ISR") Project in Wyoming, and
the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only
conventional uranium mill operating in the U.S. today, has a
licensed capacity of over 8 million pounds of
U3O8 per year, and has the ability to produce
vanadium when market conditions warrant. The Nichols Ranch ISR
Project is on standby and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is also on standby and has a licensed capacity of 1.5
million pounds of U3O8 per year. In addition
to the above production facilities, Energy Fuels also has one of
the largest NI 43-101 compliant uranium resource portfolios in the
U.S., and several uranium and uranium/vanadium mining projects on
standby and in various stages of permitting and development. The
primary trading market for Energy Fuels' common shares is the NYSE
American under the trading symbol "UUUU", and the Company's common
shares are also listed on the Toronto Stock Exchange under the
trading symbol "EFR." Energy Fuels' website is
www.energyfuels.com.
Cautionary Notes: This news release
contains certain "Forward Looking Information" and "Forward Looking
Statements" within the meaning of applicable United States and Canadian securities
legislation, which may include, but is not limited to, statements
with respect to: any expectation that DOE will in fact award
a contract to Energy Fuels to evaluate and develop a conceptual
design to allow for the commercial production of mixed REOs from
coal-based resources, as advised by DOE; any expectation that DOE
may award Energy Fuels a contract for the completion of a
feasibility study on this initiative; any expectation that this
initiative may be complementary to Energy Fuels' ongoing efforts or
will potentially broaden the sources of REO feedstock available to
Energy Fuels in the future; any expectation that this project may
open the door for Energy Fuels to work with the DOE and other
agencies on future rare earth initiatives, or that Energy Fuels may
play a substantial role in the U.S. government's priority to assist
in the development of domestic sources of rare earth production;
and any expectation regarding the ability of Energy Fuels to
implement a commercial rare earth recovery and processing
program. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans," "expects," "does not expect," "is expected," "is likely,"
"budgets," "scheduled," "estimates," "forecasts," "intends,"
"anticipates," "does not anticipate," or "believes," or variations
of such words and phrases, or state that certain actions, events or
results "may," "could," "would," "might" or "will be taken,"
"occur," "be achieved" or "have the potential to." All statements,
other than statements of historical fact, herein are considered to
be forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements include risks associated with:
any expectation that DOE will in fact award a contract to
Energy Fuels to evaluate and develop a conceptual design to allow
for the commercial production of mixed REOs from coal-based
resources, as advised by DOE; any expectation that DOE may award
Energy Fuels a contract for the completion of a feasibility study
on this initiative; any expectation that this initiative may be
complementary to Energy Fuels' ongoing efforts or will potentially
broaden the sources of REO feedstock available to Energy Fuels in
the future; any expectation that this project may open the door for
Energy Fuels to work with the DOE and other agencies on future rare
earth initiatives, or that Energy Fuels may play a substantial role
in the U.S. government's priority to assist in the development of
domestic sources of rare earth production; any expectation
regarding the ability of Energy Fuels to implement a commercial
rare earth recovery and processing program; and the
other factors described under the caption "Risk Factors" in the
Company's most recently filed Annual Report on Form 10-K, which is
available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR
at www.sedar.com, and on the Company's website at
www.energyfuels.com. Forward-looking statements contained herein
are made as of the date of this news release, and the Company
disclaims, other than as required by law, any obligation to update
any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. The Company assumes no obligation to
update the information in this communication, except as otherwise
required by law.
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SOURCE Energy Fuels Inc.