Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Joins with Neo Performance Materials (TSX: NEO) to Launch U.S.-European Rare Earth Production Initiative

Energy Fuels (NYSE American: UUUU) (TSX: EFR) has partnered with Neo Performance Materials (TSX: NEO) to unveil a new rare earth production initiative spanning both North American and European critical material supply chains. The separated rare earth products produced in Europe from U.S.-sourced feedstock should strengthen and diversify the U.S. and European rare earth supply chains. As outlined in the announcement, the initiative will produce value-added rare earth products from natural monazite sands processed by Energy Fuels in the Southeastern United States. The resulting mixed rare earth carbonate will be shipped to Neo’s rare earth separations facility in Estonia, where it will be processed into separated rare earth materials for use in rare earth permanent magnets and other rare earth-based advanced materials. In addition to the initiative with Neo, Energy Fuels continues to assess other opportunities for developing value-added U.S rare earth production capabilities in the future. “Together, Energy Fuels, Neo and Chemours have successfully created an integrated rare earth supply chain based in the U.S. and Europe,” stated Energy Fuels president and CEO Mark S. Chalmers in the press release. “Monazite is coveted globally as one of the highest-value rare earth minerals in the world, due to its excellent distribution of neodymium and praseodymium (‘NdPr’), as well as ‘heavy’ rare earths. It is already mined here in the U.S. and elsewhere around the world. However, until now, there has been no integrated ability to process monazite in the U.S. or Europe into the rare earth materials needed to supply the rapidly increasing demand for electric vehicles, renewable energy systems, and other clean energy and advanced technologies. Energy Fuels is proud to help solve this challenge for both U.S. and European markets. Under the agreement announced today, we plan to supply all or a portion of our mixed rare earth carbonate to Neo for several years, while also developing our own separation, metals, alloys, and other downstream rare earth capabilities at the White Mesa Mill for supply into the U.S. as domestic markets grow.”
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About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 (“U308”) to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and expects to commence commercial production of rare earth element (“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 United States today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, and is completing final test-work for the production of REE carbonate from various uranium-bearing ores. 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. along with several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.