Commencement Of Production At Three U.S. Uranium Mines

LAKEWOOD, CO - Energy Fuels Inc. reported that in response to strong uranium market conditions, it has commenced uranium production at three (3) of its permitted and developed uranium mines located in Arizona and Utah. In addition, the Company is preparing two (2) additional mines in Colorado and Wyoming for expected production within one (1) year and advancing permitting on several other large-scale U.S. mine projects in order to increase uranium production in the coming years.

Energy Fuels is in an exceptional position to ramp up U.S. uranium production to take advantage of today's highly favorable market conditions, where spot prices have reached a 16-year high. Energy Fuels has more licensed uranium production capacity than any other U.S. company (over 10 million pounds of U3O8 per year), the only operable conventional uranium mill in the U.S., an in situ recovery (ISR) facility, several permitted mines in various stages of production, development and standby, and one of the largest in-ground uranium (and vanadium) resource portfolios in the U.S. Energy Fuels has accounted for roughly two-thirds of all U.S. uranium production over the past five (5) years. Once production is fully ramped up at three (3) mines (Pinyon Plain, La Sal and Pandora) by mid- to late-2024, the Company expects to be producing uranium at a run-rate of 1.1 to 1.4 million pounds per year. Ore mined from the three (3) mines during 2024 will be stockpiled at the Company's White Mesa Mill in Utah (the "Mill") for processing in 2025, subject to market conditions, contract requirements and/or Mill schedule. The Company is also preparing two (2) mines (Whirlwind and Nichols Ranch) to commence uranium production within one (1) year, which would increase Energy Fuels' uranium production to over two (2) million pounds of U3O8 per year starting in 2025, if strong market conditions continue as expected.

At the same time, Energy Fuels will continue to produce uranium from its alternate feed recycling program (expected to total approximately 150,000 pounds of finished U3O8 in 2024), while the Company stockpiles ore as raw materials from its conventional mines pending the upcoming Mill run. The Company also expects to commence an ore buying program from third-party miners in 2024, which is expected to increase the Company's short-term uranium production profile even further. In 2024, the Company also plans to advance permitting and development on the Roca Honda, Sheep Mountain and Bullfrog projects, which could expand the Company's uranium production to up to five (5) million pounds of U3O8 per year in the coming years. Energy Fuels also expects to produce 1.0 – 2.0 million pounds of vanadium per year, which could be held as in-process inventory or processed into finished V2O5 available for sale into improving markets.