LAKEWOOD, Colo., April 23, 2021 /PRNewswire/ - Energy
Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the
"Company") is pleased to announce that the U.S. Department
of Energy ("DOE") Office of Fossil Energy and National
Energy Technology Laboratory has exercised their option to award
Energy Fuels, working with a team from Penn
State University, an additional $1.75
million to complete a feasibility study ("Feasibility
Study") on the production of rare earth element ("REE")
products from natural coal-based resources, as well as from other
materials such as REE-containing ores like the natural monazite ore
("Monazite") the Company is currently processing at its
White Mesa Mill in Utah.
This award follows the DOE providing Energy Fuels a $150,000 contract in 2020 for the successful
completion of a conceptual design for the same initiative,
resulting in a total award to Energy Fuels of $1.9 million. The Feasibility Study is intended
to support a cost estimate for the production of individually
separated rare earth oxides and rare earth metals and alloys from
coal-based resources or other resources, including Monazite, within
the U.S., with a focus on REEs for the production of commodity and
defense-related products.
Energy Fuels is already evaluating the potential to develop
commercial REE separation, metals, alloys, and other downstream REE
capabilities at the White Mesa Mill, or nearby, with the goal of
fully integrating a commercial U.S. REE supply chain in the coming
years. The Company's work on the DOE Feasibility Study is expected
to complement these efforts and has the potential to accelerate the
Company's move into commercial production of separated REE oxides
and other value-added REE products in the U.S. in the coming
years.
"We are pleased to continue our collaboration with the U.S.
Department of Energy, as we work together to restore critical U.S.
rare earth supply chains available for domestic manufacturing,"
stated Mark S. Chalmers, President
and CEO of Energy Fuels. "As we continue to ramp-up production of
an intermediate rare earth product at the White Mesa Mill in
Utah, we are moving forward with
designing and developing the infrastructure needed to responsibly
produce separated rare earth oxides and other products needed by
the electric vehicle, renewable energy, defense and other domestic
industries. Furthermore, we believe we can design our
infrastructure to process feeds produced in the DOE program as well
as the Monazite we are currently processing, for the recovery of
uranium and REE products. We believe these kinds of collaborative
public-private partnerships will be a key to restoring U.S. global
leadership in the clean energy sector and re-establishing critical
defense-related supply chains."
About Energy Fuels: Energy Fuels is a leading
U.S.-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 in the process of ramping-up to
commercial production of REE carbonate in 2021. Its corporate
offices are in Lakewood, Colorado
near Denver, 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, as well as REE
carbonate from various uranium-bearing ores. The Nichols Ranch ISR
Project is currently on standby and has a licensed capacity of 2
million pounds of U3O8 per year. The
Alta Mesa ISR Project is also currently on standby. 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 Note Regarding Forward-Looking
Statements: This news release contains
"forward-looking information" within the meaning of applicable
securities laws in the United
States and Canada.
Forward-looking information may relate to future events or future
performance of Energy Fuels. All statements in this release, other
than statements of historical facts, with respect to Energy Fuels'
objectives and goals, as well as statements with respect to its
beliefs, plans, objectives, expectations, anticipations, estimates,
and intentions, are forward-looking information. Specific
forward-looking statements in this discussion include, but are not
limited to, the following: any expectation as to the outcome of the
Feasibility Study; any expectation that the White Mesa Mill will be
successful in producing REE carbonate on a commercial basis; any
expectation that Energy Fuels will be successful in developing U.S.
separation, metals or metal/alloy capabilities at the White Mesa
Mill or nearby, or otherwise fully integrating a low cost U.S REE
supply chain in the future; any expectation with regard to the cost
of producing and separating REE carbonate at the White Mesa Mill;
any expectation that the Company's work on the Feasibility
Study will complement the Company's current efforts or have the
potential to accelerate the Company's move into commercial
production of separated REE oxides and other value-added REE
products; any expectation that the Company's collaboration with DOE
will restore critical U.S. rare earth supply chains available for
domestic manufacturing; any expectation that the Company can design
its infrastructure to process feeds produced in the DOE program as
well as the Monazite it is currently processing, for the recovery
of uranium and REE products; and any expectation that the Company's
collaboration with DOE will be a key to restoring U.S. global
leadership in the clean energy sector and re-establishing critical
defense-related supply chains. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "continues", "forecasts", "projects", "predicts",
"intends", "anticipates" or "believes", or variations of, or the
negatives of, such words and phrases, or state that certain
actions, events or results "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. This information
involves known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking information. Factors that
could cause actual results to differ materially from those
anticipated in these forward-looking statements include risks
associated with: technical difficulties; processing difficulties
and upsets; commodity price levels and fluctuations; competition
from other facilities domestically and internationally; available
supplies of coal-based or other resources that meet commercial
specifications; the availability of long-term purchase and supply
agreements; capital requirements; the ability of the White Mesa
Mill to produce REE carbonate or other REE products that meet
commercial specifications on a commercial scale at acceptable
costs; market factors, including future demand for REEs; permitting
and licensing matters; and legal and regulatory challenges.
Forward-looking statements contained herein are made as of the date
of this news release, and Energy Fuels 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. Energy Fuels assumes no obligation to update the
information in this communication, except as otherwise required by
law.
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SOURCE Energy Fuels Inc.