Energy Fuels Inc., Consolidated Uranium Inc. Complete Acquisition and Strategic Alliance

Energy Fuels UUUU, a leading U.S.-based uranium mining company and Consolidated Uranium, have closed a previously announced acquisition. In July 2021, the two companies announced plans for Consolidated Uranium to acquire a portfolio of UUUU’s conventional uranium projects located in Utah and Colorado as well as enter into toll-milling, operating, and investor rights agreements in connection to the acquired project.

The projects included in the transaction include the Tony M Mine, located in the Henry Mountains area of southeastern Utah; the Daneros Mine, located in the White Canyon District; and the Rim Mine, located in the East Canyon portion of the Uravan Mineral Belt. According to the announcement, the completion of the acquisition signals CUR’s commitment to becoming a new player in the U.S. uranium sector. With the history of these projects — the mines have produced more than 1 million pounds of uranium over the past 15 years — Consolidated Uranium looks to be a strong presence in the United States, which is the largest generator of nuclear power in the world as well as the largest consumer of uranium. In addition, CUR named Mark Chalmers, Energy Fuels president and CEO as a new member of its board of directors.

“We are pleased to partner with Consolidated Uranium in unlocking the value of these significant U.S. uranium assets,” said Chalmers in the press release. “Energy Fuels will continue to focus on our core, low-cost uranium projects — the Nichols Ranch and Alta Mesa ISR facilities, and the Pinyon Plain, La Sal, and other conventional properties — in addition to our quickly emerging rare earth business at the White Mesa Mill. We have long believed that markets have not properly valued these mines and properties within our asset portfolio. We look forward to working with Phil and his team to advance these projects in the near term, while also providing our shareholders with an opportunity to enjoy significant exposure to the future share price performance of CUR.”

To view the full press release, visit https://ibn.fm/NV4pw

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial production of rare earth 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 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, has the ability to produce vanadium when market conditions warrant, as well as rare earth 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 these 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. For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

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