Energy Fuels Inc (EFR)

Energy Fuels Expects to Achieve Full-Year Uranium Production Guidance by Mid-YearJune 11, 2026 6:15 AM
PR Newswire (US) Mid-year update highlights strong execution across the Company's U.S. uranium operations, with an expected 1.6 million pounds of finished U3O8 produced from January through June 2026, falling within the Company's 2026 full-year production guidance range of 1.5 to 2.5 million pounds.DENVER, June 11, 2026 /PRNewswire/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements (REEs), and other critical materials, today provided a mid-year update on its U.S. uranium segment, demonstrating solid operational execution and continued progress against 2026 production objectives. Processing and Production at the White Mesa Mill in Utah:The Company expects finished uranium production at its 100%-owned White Mesa Mill in Utah (the "Mill") to reach approximately 1.6 million pounds by June 30, which falls within the previously published full-year guidance range of 1.5 to 2.5 million pounds of U3O8, in just six (6) months. This equates to average monthly production of more than 265,000 pounds of U3O8 from the processing of ores mined at the Company's U.S. conventional assets, including the Pinyon Plain mine in Arizona and La Sal Complex in Utah.As planned, the Company expects to complete the current uranium ore processing campaign at the Mill by the end of June 2026 to rebuild ore stockpiles. The Company currently expects to resume ore processing at the Mill in Q4-2026, subject to continued strong ore production at conventional mines, uranium market conditions, and the potential for a rare earth element ("REE") processing campaign.Starting in July 2026, the Company expects to commence further modifications to the existing Phase 1 REE circuits at the White Mesa Mill, which are currently capable of producing commercial quantities of separated neodymium-praseodymium ("NdPr"). The modifications are expected to also enable the commercial production of "heavy" REEs, including samarium ("Sm"), europium ("Eu"), gadolinium ("Gd"), terbium ("Tb") and dysprosium ("Dy"). The Phase 1 modifications are also expected to include a circuit to process certain uranium-bearing mixed REE carbonates ("MREC") sourced from REE mines globally, including MRECs from ionic adsorption clays that are often enriched in "heavy" REEs. Because MRECs can be fed directly into solvent extraction separation, the new circuit is expected to enable the Mill to process both uranium and separated REEs simultaneously.Permitting for the planned Phase 1 modifications and Phase 2 REE expansion with the State of Utah is proceeding on schedule. The Phase 1 REE modifications are expected to be operational in late 2027 to early 2028. The Phase 2 REE expansion is expected to increase total White Mesa Mill REE capacity to nearly 6,300 metric tons per annum ("tpa") of NdPr, 80 tpa Tb, and 288 tpa Dy, along with the Sm, Eu and Gd capacity being constructed in the Phase1 modifications discussed above.Conventional and ISR Uranium Mining UpdatesThe Company's conventional uranium mines also continue to perform well. As anticipated, ore grades and contained uranium are lower in the first half of 2026 as mining advances through lower grade areas in the upper portions of the high-grade Main Zone at Pinyon, and the Company establishes new and higher-grade areas at the La Sal Complex. As a result, the Company expects to mine approximately 750,000 to 850,000 pounds of contained U3O8 in ore during the first half of 2026. In the second half of 2026, grades and tonnage are expected to increase.The Company continues to advance development at several other uranium properties. Delineation drilling at the Nichols Ranch property has exceeded 136,000 feet in 214 drill holes in 2026, and the Company expects to use these results to update the project's NI 43-101 and S-K 1300-compliant Technical Report later this year. The Company has also begun dewatering the existing decline at its fully permitted Whirlwind uranium mine in Utah and Colorado. After dewatering, the Company expects to complete decline rehabilitation at Whirlwind in 2026 in preparation for potential uranium production in 2027. At the Energy Queen mine (part of the La Sal Complex), the Company has assessed the condition of the existing headframe, hoist and other infrastructure and has begun the upgrades needed to start rehabilitation in 2027.Continued Low Uranium CostsMining, processing, and transport costs at the Pinyon Plain mine continue to track between $23 and $30 per pound for the Pinyon Plain mine, in line with previously stated expectations. The cost of uranium processing at the White Mesa Mill is at historic lows, ranging between $9 and $12 per pound of U3O8. As a result, cost of sales is expected to continue to drop in 2026, as further sales are made into the Company's portfolio of contracts with U.S. nuclear utilities, along with opportunistic spot sales.Ross Bhappu, President and CEO of Energy Fuels stated: "Energy Fuels remains focused on disciplined execution across our uranium, rare earth and mineral sand businesses. Our uranium segment continues to differentiate Energy Fuels as the clear leading U.S. uranium producer through our strong operating performance, production and costs. We also continue to advance key strategic initiatives in our other segments, including rare earth permitting and construction at the White Mesa Mill, advancing our Donald, Vara Mada and Bahia rare earth and mineral sand projects, and the planned acquisition of Australian Strategic Materials, which is expected to strengthen our rare earth market position as one of the few ex-China suppliers of rare earth metals and alloys globally."About Energy FuelsEnergy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is developing three (3) heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.comQualified PersonThe technical information in this press release has been reviewed on behalf of the Company by Daniel Kapostasy, Senior Vice President and Chief Technical Officer of the Company.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation (collectively, "forward-looking statements"), which may include, but are not limited to, statements with respect to: expected quantities of finished U3O8 production at the Mill; timing for completion of U3O8 ore processing campaign at the Mill; timing of resumption of ore processing at the Mill; timing, scope and expected results of further modifications to the Phase I REE circuit, including resulting commercial production; expected production of conventional U3O8 at the La Sal Complex; the timing of updated Technical Reports relating to Nichols Ranch; completion and timing of rehabilitation activities at Whirlwind, anticipated costs of sales in 2026 and any expectation that the Company is or will continue to be a leading producer of uranium, REEs and critical materials in the U.S. or otherwise. 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 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: commodity prices and price fluctuations; risks inherent in mining, processing, engineering and construction activities, including operational interruptions, delays or cost overruns; variability in ore grades, metallurgical recoveries and processing rates; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; government and political actions or inactions; market factors, including future demand for REEs, titanium and zirconium; 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.Without limiting the foregoing, forward-looking statements regarding the Company's expected uranium production by June 30, 2026 and its ability to meet or exceed previously disclosed full-year production guidance are subject to additional risks and uncertainties, including, but not limited to: uncertainties in reconciling finished uranium production at the Mill with contained uranium mined and stockpiled; variability in ore grades, metallurgical recoveries and processing rates; the timing and continuity of ore deliveries to the Mill; unplanned equipment outages, maintenance requirements or operational interruptions; changes in mine sequencing or production rates at the Company's conventional mining operations; and the potential for differences between estimated and actual production results over the remainder of the current processing campaign.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.  View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-expects-to-achieve-full-year-uranium-production-guidance-by-mid-year-302797516.htmlSOURCE Energy Fuels Inc. Original: Energy Fuels Expects to Achieve Full-Year Uranium Production Guidance by Mid-Year

U.S. Tungsten Supply Chain Tightens As A Nevada Past-Producer Mobilizes Drone Geophysics And Property-Wide Soil Geochemistry Toward Drill-Ready TargetsMay 27, 2026 9:05 AM
PR Newswire (Canada) Issued on behalf of Western Star Resources Inc. With APT Rotterdam tungsten prices up roughly 900% over twelve months, the January 1, 2027 DFARS procurement cliff on Chinese-origin tungsten now eight months away, and Canadian CMETC tax architecture actively subsidizing tungsten exploration, one Nevada junior is moving from historical production to modern-vintage drill targeting.USA News Group News CommentaryVANCOUVER, BC, May 27, 2026 /CNW/ -- The Western tungsten supply problem has reached the operational tooling stage. APT Rotterdam tungsten prices traded at approximately US$3,185 per metric tonne unit in early May 2026 — a roughly 900% increase over the past twelve months — driven by Chinese export licensing controls, the looming January 1, 2027 DFARS 252.225-7052 procurement cliff on Chinese, Russian, Iranian, and North Korean-origin tungsten products across the U.S. defense supply chain, and the Canadian Critical Mineral Exploration Tax Credit (CMETC) expansion that now actively subsidizes tungsten exploration under Bill C-15 (Royal Assent March 26, 2026). Inside that landscape, Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), Almonty Industries Inc. (TSX: AII) (OTCQX: ALMTF), Guardian Metal Resources PLC (AIM: GMET) (OTCQX: GMTLF), EQ Resources Limited (ASX: EQR) (OTCPK: EQRMF), and Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) collectively span the spectrum of Western-aligned tungsten and critical-mineral exposure.Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) on May 21, 2026 announced that its technical team has mobilized to the Company's Rowland Tungsten Property in Elko County, Nevada, to commence the first phase of its 2026 field exploration program. The initial program includes a high-resolution drone magnetic survey, systematic prospecting, sampling of historical waste dumps and workings, and a property-wide soil geochemistry campaign — designed to refine the Company's understanding of the prospective tungsten-bearing skarn horizons. The objective: generate drill-ready targets during the 2026 field season.Blake Morgan, CEO and President of Western Star, framed the program as the first modern exploration program ever conducted on the past-producing Rowland tungsten system. The property has documented historical production but has not previously been evaluated using modern drone geophysics and systematic property-wide geochemistry. Mineralization at Rowland is hosted in skarn zones up to 100 feet wide, developed along intrusive contacts between Cretaceous-aged quartz monzonite stock and a host sequence of limestones, shales, and quartzites — with scheelite as the primary tungsten mineral. Drone geophysical results are expected in the coming weeks, with soil samples submitted for certified laboratory analysis.The geological foundation under Rowland is substantial. Historical production figures — based on previous records and not yet independently verified by the Company — include 4.5 tons at 3.38% WO3 shipped in 1943 and approximately 1,000 tons at 0.5–1.0% WO3 produced between 1954 and 1956. These represent the documented past-producing footprint that the modern 2026 program is designed to convert into structurally controlled, geochemically validated drill targets. Western Star expects to integrate the drone geophysical results, soil geochemistry, and historical production data into priority drill target generation, with drill permitting also progressing in parallel.The macro environment under the program is unusually supportive. The January 1, 2027 DFARS 252.225-7052 procurement cliff — which codifies under 10 U.S.C. §4872, NDAA Section 844 (FY2021), and Section 854 (FY2024) — extends prohibitions across the entire defense supply chain from mining through finished tungsten metal powders, tungsten heavy alloys, samarium-cobalt magnets, NdFeB magnets, and tantalum metals/alloys. The Canadian CMETC framework — expanded under Budget 2025 (November 4, 2025) and enacted via Bill C-15 (Royal Assent March 26, 2026) — added tungsten to the eligible critical minerals list, providing a 30% non-refundable credit on top of the 100% Canadian Exploration Expense deduction for FT share agreements through March 31, 2027.Western Star also recently engaged Plutus Invest & Consulting GmbH — a Bremen-based investor relations and marketing firm — under a mandate fee of €200,000 through April 30, 2027, positioning the Company for European market awareness during the back half of 2026 and through Q1 2027 — precisely the window during which the U.S. federal procurement cliff takes effect and the Company's maiden drill program is generating its first modern technical results. The scientific and technical information at Rowland has been reviewed by Jasper Mowatt, MAusIMM, a Qualified Person under NI 43-101. For more company information, visit USA News Group. In other industry developments and happenings in the market include: Almonty Industries Inc. (TSX: AII) (OTCQX: ALMTF) has continued to advance commissioning and ramp-up of its Sangdong tungsten project in South Korea — one of the largest tungsten mines outside of China and the central pillar of the Western tungsten capacity build-out. Sangdong's projected mine life and production scale position Almonty as the single largest Western-aligned source of new tungsten production capacity heading into the 2026–2027 window. The Company's existing producing assets in Portugal and Spain provide additional near-term cash flow and operational platform under the tightening Western tungsten procurement environment.Almonty's strategic positioning — operating producing tungsten assets while simultaneously commissioning the largest non-China tungsten development project in the Western world — places AII as the public-market reference for tungsten production scale-up. As the January 2027 DFARS procurement cliff approaches, the supply premium attaching to allied tungsten production capacity continues to widen — a structural feature of the broader Western critical-minerals capital cycle.Guardian Metal Resources PLC (AIM: GMET) (OTCQX: GMTLF) has continued exploration and resource definition work at its Pilot Mountain tungsten project in Nevada — among the highest-grade tungsten development assets currently positioned in the U.S. critical-minerals procurement environment. The Company's strategic positioning within the U.S. domestic tungsten supply chain build-out has been reinforced by continuing engagement under U.S. Department of War and Defense Production Act-related programs targeting domestic tungsten capacity.Guardian Metal's U.S.-based positioning at Pilot Mountain — combined with its dual AIM/OTCQX listing structure — provides the public-market reference for U.S. tungsten development assets at advanced exploration stage. The procurement environment is increasingly differentiating among tungsten exposures by jurisdictional alignment, project stage, and resource verification — a sequencing the broader sector has been pricing into the development-stage assets through the back half of 2025 and into 2026.EQ Resources Limited (ASX: EQR) (OTCPK: EQRMF) has continued to advance its tungsten production operations at the Mt Carbine project in Queensland, Australia — one of the few currently producing tungsten assets in the broader Western-allied production complex. The Company has continued to leverage the structurally higher tungsten price environment through 2025 and into 2026, with operations focused on tungsten concentrate production at scale.EQ Resources' positioning as a producing Australian tungsten operator provides the operational reference point for what tungsten production economics look like inside the current commodity price environment — and reinforces the broader structural premium attaching to Western-allied tungsten supply. Australia's positioning as a tier-one mining jurisdiction with growing U.S. defense procurement engagement continues to reinforce the strategic relevance of EQ's production base.Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has continued to expand its critical minerals portfolio through 2026, advancing the Vara Mada (formerly Toliara) Project in Madagascar — renamed January 8, 2026 via the updated feasibility study release. The Vara Mada Project represents one of the largest critical-mineral development assets in the Energy Fuels portfolio, providing rare earth, titanium, and other critical-mineral exposure alongside the Company's established uranium production base. The Company continues to advance its White Mesa Mill in Utah as the primary U.S. processing facility for uranium and rare earth concentrates.Energy Fuels' integrated U.S.-based production and processing infrastructure — anchored by White Mesa Mill — positions UUUU as one of the most operationally diversified critical-minerals platforms in the public market. The Company is renegotiating Vara Mada fiscal terms with the new Randrianirina government in Madagascar following the October 2025 political transition. Across the Western critical-minerals development complex, UUUU's processing capability provides architectural reference for what a vertically integrated critical-minerals producer can look like at scale.Across the comparable set, the message is consistent: Western tungsten supply economics have entered a new phase, U.S. and allied procurement environments are repricing in real time, and the upstream resource layer is where the asymmetry of the trade lives. Western Star Resources' May 21 field mobilization at Rowland — paired with documented historical tungsten production, the Plutus European IR mandate, and the converging DFARS and CMETC policy windows — places the Company at the modern-vintage-exploration entry point inside the broader Western tungsten capital cycle. For investors building exposure to the U.S. tungsten supply chain reshore thesis, WSR deserves a closer look.CONTINUED… Read this and more news for Western Star Resources Inc. at: https://usanewsgroup.com/wsr-landingCONTACT: 
USA News Group
info @therooster-2873Article Sources:https://www.juniorminingnetwork.com/junior-miner-news/press-releases/3243-cse/wsr/203835-western-star-resources-mobilizes-field-team-to-rowland-tungsten-property-and-launches-drone-geophysics-and-property-wide-geochemical-program.htmlhttps://almonty.com/news/https://guardianmetalresources.com/news/DISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has previously been paid a fee for Western Star Resources Inc. advertising and digital media from the company directly. That compensation has since expired. MIQ expects further compensation in the future. There may be 3rd parties who may have shares of Western Star Resources Inc., and may liquidate their shares which could have a negative effect on the price of the stock. Previous compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not currently own shares of Western Star Resources Inc. but reserves the right to buy and sell, and will buy and sell shares of Western Star Resources Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation in the future as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Issued on behalf of Western Star Resources Inc. by USA News Group / Market IQ Media Group, Inc.Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg View original content:https://www.prnewswire.com/news-releases/us-tungsten-supply-chain-tightens-as-a-nevada-past-producer-mobilizes-drone-geophysics-and-property-wide-soil-geochemistry-toward-drill-ready-targets-302783006.htmlSOURCE USA News Group Original: U.S. Tungsten Supply Chain Tightens As A Nevada Past-Producer Mobilizes Drone Geophysics And Property-Wide Soil Geochemistry Toward Drill-Ready Targets

Inside America's Largest Conventional Measured and Indicated Uranium Deposit: Eagle Nuclear Energy Advances Aurora Toward Pre-FeasibilityMay 14, 2026 10:57 AM
PR Newswire (US) Issued on behalf of Eagle Nuclear Energy Corp.Environmental baseline studies commence at flagship Aurora Uranium Project ahead of 27,000-foot, 47-hole drill program scheduled to commence in July 2026; PFS targeted second half of 2027NEW YORK, May 14, 2026 /PRNewswire/ -- Equity Insider News Commentary — The United States burns through roughly 50 million pounds of uranium each year to fuel the world's largest fleet of nuclear reactors, and imports approximately 95% of that uranium from foreign suppliers.[1] That structural import dependence — combined with accelerating demand projections for nuclear power across AI data centers, grid expansion, and emerging space-deployment mandates — has placed domestic uranium development firmly into the national security conversation. Spot uranium pricing reached approximately $86.55 per pound as of May 1, 2026, up 24% over the trailing twelve months, providing the price backdrop against which the small group of U.S.-asset uranium developers has been advancing through the spring of 2026.[2] Eagle Nuclear Energy Corp. (NASDAQ: NUCL) — a next-generation nuclear energy company that owns the rights to the largest conventional, measured and indicated uranium deposit in the United States— on May 5, 2026 announced the commencement of environmental baseline studies in advance of the Company's previously announced 27,000-foot, 47-hole Pre-Feasibility Study ("PFS")-related drill program at its flagship Aurora Uranium Project, located along the Oregon–Nevada border.[3] The studies are being conducted by numerous engaged consultants ahead of the drill program, which is scheduled to commence in early July 2026 using two to three rigs over an estimated three- to four-month period.[3]Aurora: A Defined Conventional Uranium ResourceThe Aurora Uranium Project hosts 32.75 million pounds of indicated and 4.98 million pounds of inferred uranium resource under the SK-1300 TRS reporting standard.[2] The adjacent Cordex deposit, also held by the Company, is positioned as offering significant potential to expand the project's overall resource inventory beyond Aurora's current indicated and inferred base.[3] Together, the assets anchor Eagle's stated long-term strategy to develop an integrated nuclear energy platform that combines domestic uranium resources with exclusive Small Modular Reactor (SMR) technology —the integrated platform strategy the Company has emphasized since its February 25, 2026 Nasdaq listing..[2]Drill Program Engineering and Permitting SequenceOn April 1, 2026, Eagle announced its plans to conduct a 27,000-foot drill program at Aurora — designed by resource consultants BBA USA Inc. ("BBA") to address data gaps identified through a comprehensive Gap Analysis study and advance the project toward a PFS.[4] On April 9, 2026, the Company signed a Drilling Services Agreement with Fallon, Nevada-based Harris Exploration Drilling & Associates Inc. ("Harris Drilling"), which committed up to three track-mounted core drill rigs to complete the 47-hole program designed by BBA.[5]The permitting workstream advanced in parallel. On March 18, 2026, Eagle selected SLR International Corporation to lead the permitting effort at Aurora — a leading global mining and environmental consulting firm bringing experience with the federal and state permitting process for U.S. uranium developments.[6] On March 10, 2026, the Company announced it had joined the Uranium Producers of America — an industry trade association that aligns Eagle with the broader U.S. domestic uranium policy conversation.[6]The Company on April 15, 2026 provided its first quarter 2026 corporate update and financial results — the first quarter following the February 24, 2026 completion of its business combination with Spring Valley Acquisition Corp. II and the February 25, 2026 commencement of Nasdaq trading under the symbol "NUCL."[7]A Tightening Uranium Market BackdropThe price environment for U.S. domestic uranium developers has continued to firm through Q2 2026. Spot uranium pricing at approximately $86.55 per pound as of May 1, 2026 represents one of the strongest sustained price ranges of the past decade for the metal.[2] White House National Science and Technology Memorandum 3, issued April 14, 2026, mandates space-based nuclear deployment by 2028 and lunar reactor deployment by 2030 — federal directives that have increased the strategic importance of domestic uranium and the enriched fuel cycle running adjacent to it.[8]Across the broader uranium sector, producers operating U.S. and adjacent assets continue to reinforce the growing demand backdrop Eagle is advancing into. .Cameco Corporation (NYSE: CCJ) (TSX: CCO), one of the world's largest publicly listed uranium producers, has continued to advance the Cigar Lake operation and the McArthur River/Key Lake restart in the Athabasca Basin of Saskatchewan — alongside its strategic 49% interest in Westinghouse Electric Company. The Company has remained the benchmark name for senior uranium production exposure in the public markets.Uranium Energy Corp. (NYSE American: UEC) has continued to advance its U.S.-based in-situ recovery uranium production platform across Texas and Wyoming, alongside development-stage assets in the Powder River and Great Divide basins. UEC's positioning as one of the larger pure-play U.S. uranium developers makes its operational cadence a useful read on the broader U.S. uranium production conversation that Eagle's Aurora development pathway sits within.Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), the U.S.'s largest producer of uranium concentrates and a leading rare earth elements producer, operates the White Mesa Mill in Utah — the only fully licensed and operating conventional uranium mill in the United States. Energy Fuels' integrated U.S. uranium-and-critical-minerals positioning has continued to draw attention as the broader domestic supply chain policy conversation has accelerated.Denison Mines Corp. (NYSE American: DNN) (TSX: DML) has continued to advance its Phoenix In-Situ Recovery uranium project at Wheeler River in Saskatchewan toward final investment decision, with the project positioned as one of the lower-cost potential new uranium operations in North America. Denison's progress in the Athabasca Basin provides one of the more closely watched development timelines in the senior uranium developer cohort.Bottom Line on NUCL's PositionThe May 5, 2026 commencement of environmental baseline studies marks the start of the PFS-related workstream proper at Aurora. With the drill program scheduled to commence in July 2026 under a signed Drilling Services Agreement with Harris Drilling, permitting led by SLR, resource modelling by BBA, and the Company holding what it describes as the largest conventional measured and indicated uranium deposit in the United States, Eagle has translated its February 2026 Nasdaq listing into an operational execution profile aligned with the broader uranium sector's current growth cycle. . The PFS is targeted for the second half of 2027; the next several quarters will be defined by drill progress, baseline-study completion, and the permitting interface across federal and state regulators.[3]Read more about Eagle Nuclear Energy Corp. at: usanewsgroup.com/nucl-profileCONTACT:Equity Insider
editor @acblanke1SOURCES:Equity-Insider.com — "The U.S. Imports 95% of Its Uranium. One Nasdaq-Listed Newcomer is the Largest Conventional Deposit in the Country," GlobeNewswire, April 16, 2026, https://www.globenewswire.com/news-release/2026/04/16/3275617/0/en/The-U-S-Imports-95-of-Its-Uranium-One-Nasdaq-Listed-Newcomer-is-the-Largest-Conventional-Deposit-in-the-Country.htmlGlobeNewswire — "Domestic Uranium Development Update: Eagle Nuclear Energy (NASDAQ: NUCL) Initiates Pre-Drill Environmental Baseline Studies at Aurora Project," May 6, 2026, https://www.globenewswire.com/news-release/2026/05/06/3289153/0/en/Domestic-Uranium-Development-Update-Eagle-Nuclear-Energy-NASDAQ-NUCL-Initiates-Pre-Drill-Environmental-Baseline-Studies-at-Aurora-Project.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Announces Commencement of Environmental Baseline Studies in Advance of PFS-Related Drill Program at Aurora," GlobeNewswire, May 5, 2026, https://www.globenewswire.com/news-release/2026/05/05/3287674/0/en/Eagle-Nuclear-Energy-Announces-Commencement-of-Environmental-Baseline-Studies-in-Advance-of-PFS-Related-Drill-Program-at-Aurora.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Announces Plans to Conduct a 27,000 Ft Drill Program To Advance Aurora Toward a Pre-Feasibility Study," April 1, 2026, https://www.globenewswire.com/news-release/2026/04/01/3266610/0/en/Eagle-Nuclear-Energy-Announces-Plans-to-Conduct-a-27-000-Ft-Drill-Program-To-Advance-Aurora-Toward-a-Pre-Feasibility-Study.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Engages Drilling Company And Files Permit Applications For PFS-Related Drill Program at Aurora," April 9, 2026, https://www.globenewswire.com/news-release/2026/04/09/3270973/0/en/Eagle-Nuclear-Energy-Engages-Drilling-Company-And-Files-Permit-Applications-For-PFS-Related-Drill-Program-at-Aurora.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Selects SLR International Corporation to Lead the Permitting Effort at Aurora Uranium Project," March 18, 2026; "Eagle Nuclear Energy Joins Uranium Producers of America," March 10, 2026.Eagle Nuclear Energy Corp. — "Eagle Nuclear Energy Provides First Quarter 2026 Corporate Update," April 15, 2026.24/7 Wall St. — "Oklo, Nano Nuclear, Centrus, NuScale Surge as White House Space Nuclear Mandate Electrifies the Sector," April 16, 2026.DISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed by Equity Insider on behalf of MIQ. MIQ has been paid a fee by Creative Direct Marketing Group ("CDMG") for Eagle Nuclear Energy Corp. advertising and digital media. MIQ does not currently own shares of Eagle Nuclear Energy Corp., but reserves the right to buy and sell shares of Eagle Nuclear Energy Corp. at any time without any further notice commencing immediately and ongoing. There may also be 3rd parties who may have shares of Eagle Nuclear Energy Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been reviewed and approved on behalf of Eagle Nuclear Energy Corp. by CDMG.Cautionary Note Regarding Forward-Looking Statements:Certain statements included in this commentary are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this commentary — including statements regarding Eagle Nuclear Energy Corp.'s drill program schedule, environmental baseline studies, permitting timelines, PFS targets, resource expansion potential, anticipated nuclear energy market demand, U.S. domestic uranium supply chain dynamics, and integrated SMR platform development — are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control, and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks include, without limitation: risks related to the business combination with Spring Valley Acquisition Corp. II completed February 24, 2026 and matters disclosed in the Company's registration statement on Form S-1 originally filed with the SEC on March 19, 2026 and any amendments or supplements thereto; risks related to permitting and regulatory approvals; risks related to drilling results and resource expansion; market and commodity price volatility; legal and listing risks; and other operational and financial risks. Readers are cautioned not to place undue reliance on forward-looking statements. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo - https://mma.prnewswire.com/media/2840019/5969765/Equity_Insider_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/inside-americas-largest-conventional-measured-and-indicated-uranium-deposit-eagle-nuclear-energy-advances-aurora-toward-pre-feasibility-302771659.html Original: Inside America's Largest Conventional Measured and Indicated Uranium Deposit: Eagle Nuclear Energy Advances Aurora Toward Pre-Feasibility

Western Nations Accelerate $12B Critical Mineral Initiatives as Global Export Restrictions Reach Record HighsMay 7, 2026 11:15 AM
PR Newswire (Canada) Issued on behalf of GoldHaven Resources Corp.USANewsGroup.com News Commentary VANCOUVER, BC, May 7, 2026 /CNW/ -- The money tells the story. Western governments just committed $12.1 billion in new mining project capital through 30 partnerships at the 2026 PDAC conference, while the U.S. launched its FORGE coalition, pulling in 54 nations and locking down 11 bilateral supply agreements in a single day[1]. That spending is reactive. A new OECD inventory confirms global export restrictions on critical raw materials have hit an all-time high, with supply concentration for cobalt, lithium, and rare earths now exceeding 90% among the top three producing nations[2]. The structural shift is pulling capital down the entire Western mineral pipeline, from early stage exploration to commercial production, and five companies are positioned directly in its path: GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF), Almonty Industries (NASDAQ: ALM) (TSX: AII), Brixton Metals (TSXV: BBB) (OTCQX: BBBXF), NioCorp Developments (NASDAQ: NB), and Energy Fuels (NYSE-A: UUUU) (TSX: EFR). Analysts now project the global critical minerals market will nearly double to $715 billion by 2035, with North American investment growing at the fastest rate as defense budgets, AI infrastructure, and electrification demand converge on the same finite set of inputs. An April 2026 OECD working paper on critical minerals and clean energy applications reinforces the thesis: projects offering exposure to multiple designated critical minerals across defense, energy, and technology supply chains are now attracting the strongest institutional capital[3].GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) just announced the upsizing of its previously announced non-brokered financing to gross proceeds of up to $1.2 million—due to strong investor demand. The additional capital is set to further strengthen GoldHaven's fully funded 2026 exploration program at its flagship Magno Project in the Cassiar District of British Columbia, and it's expected to support an expanded drill campaign targeting a large-scale, multi-phase mineral system with significant and critical metals exposure, including tungsten and indium."The level of investor interest reflects growing recognition of the opportunity at Magno," said Rob Birmingham, CEO of GoldHaven. "With drilling set to expand beyond our initial program, we are entering a catalyst-rich phase where we can begin to test the scale of this system across multiple high-priority targets. We believe Magno has the characteristics of a large, multi-phase mineral system, and this program is a key step in advancing that potential."Magno is a district-scale polymetallic property spanning more than 37,200 hectares, carrying silver, tungsten, lead, zinc, and indium mineralization. Tungsten is classified as a critical mineral by both the Canadian and U.S. governments, and Canada currently has no primary domestic tungsten production. GoldHaven Resources has already submitted its drill permit application at Magno and filed a technical report covering the polymetallic system, positioning the project for its first drill program as the funding comes together."We are entering an exciting and highly strategic phase at Magno, where multiple high-grade zones and distinct mineralization styles have now been defined across a large, consolidated land package," said Birmingham. "The combination of high-grade silver-lead-zinc mineralization and growing exposure to critical minerals such as tungsten and indium continues to reinforce our view that Magno hosts the hallmarks, continues to reinforce our view that Magno is emerging as a compelling district-scale silver and critical minerals exploration opportunity in the Cassiar District."The company is also active in Brazil, where an independent geological review of its 100%-owned Copeçal Gold Project confirmed a large-scale, structurally controlled hydrothermal gold system. The review identified higher-grade gold enrichment at the West Target tied to fold hinge structures, and copper-gold vectors at the East Target supported by zoned sulphide assemblages indicating increasing temperature at depth. A Phase II drill program at Copeçal is planned for 2026, designed to test the high-priority structural and geophysical targets identified through that review.CONTINUED… Read this and more news for GoldHaven Resources at: https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/In other industry developments:Almonty Industries (NASDAQ: ALM) (TSX: AII) announced the relocation of its corporate headquarters from Toronto, Ontario to Dillon, Montana, positioning the company closer to U.S. government agencies, defense contractors, and industrial partners following its Nasdaq listing and US$90 million IPO in July 2025 and a US$129 million follow-on financing in December 2025. The move accompanies the acquisition of Montana's Gentung Tungsten Project, expected to restart production in 2026, and deepens Almonty Industries' strategic alignment with U.S. critical mineral supply chain security."Relocating our headquarters to the United States is not merely symbolic," said Lewis Black, Chairman, President and CEO of Almonty Industries. "It reflects who we are – as Montana is the location of our recently acquired Gentung Tungsten Project – and where our future lies. Our investors, customers, and strategic partners are here because they recognize the urgency of building a Western tungsten supply chain free from Chinese dependence."Almonty Industries operates the Sangdong Mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, as well as projects in Portugal and Spain. With Sangdong Phase 1 complete and Gentung on track for restart, the company is targeting a dominant position in the global non-Chinese tungsten supply chain.Brixton Metals (TSXV: BBB) (OTCQX: BBBXF) reported the third batch of drill results from its Langis 2026 drill program at the Langis silver project in Ontario, Canada, including hole LM-26-290 with a 0.50-metre sample grading 82,334 g/t silver containing abundant native silver, representing the highest-grade single sample ever reported by the company and among the highest silver grades ever reported globally. The hole returned 11.35 metres averaging 4,560 g/t silver, with multiple additional bonanza-grade intercepts reported across the program."We are excited to report the third batch of drill results from the Langis 2026 drill program," said Gary R. Thompson, Chairman and CEO of Brixton Metals. "These results are extraordinary and are among the most significant silver drilled intercepts known to the company globally. Hole LM-26-290 has delivered an exceptional result, highlighted by 82,334 g/t silver from a 0.50m core length sample containing abundant native silver."Brixton Metals is advancing the Langis silver project in Ontario alongside its Thorn copper-gold-silver project in British Columbia, with ongoing drilling at Langis aimed at delineating the extent of bonanza-grade mineralization and establishing a mineral resource estimate.NioCorp Developments (NASDAQ: NB) announced Nebraska enacted legislation giving the company greater flexibility to qualify for approximately $200 million in state tax incentives over the first ten years of operations at the Elk Creek Project in southeast Nebraska, in return for investing hundreds of millions of dollars in the state and creating approximately 450 full-time equivalent jobs. Signed by Governor Jim Pillen on April 16, 2026, the legislation extends the period during which companies must meet Tier 6 Nebraska Advantage Act employment and investment requirements."I want to thank Governor Pillen, Revenue Committee Chairman Brad von Gillern, Senator Hallstrom, and members of the Nebraska Unicameral for supporting this effort," said Mark A. Smith, Chairman and CEO of NioCorp Developments. "Nebraska has stood behind the Elk Creek Project from the very beginning, and this is another clear demonstration of that commitment."The Elk Creek Project is expected to create approximately 450 permanent direct jobs in southeast Nebraska, support an estimated 2,100 additional jobs throughout the broader state economy, and generate approximately $6.59 billion in operating expenses over the project's life. NioCorp Developments is a leading U.S. critical minerals developer focused on advancing the project toward production.Energy Fuels (NYSE-A: UUUU) (TSX: EFR) produced its first kilogram of terbium oxide at its White Mesa Mill in Utah at 99.9% purity using monazite ore sourced domestically, representing the first U.S. mine-to-oxide capability for heavy rare earth oxides in decades and the first production volumes and purities sufficient for downstream metal and alloy validation. The achievement follows production of nearly 30 kilograms of dysprosium oxide at the same purity level, with both terbium and dysprosium now subject to Chinese export controls and critical to high-performance permanent magnets used in electric vehicles, drones, robotics, and defense applications."This success proves we can process and produce high purity 'heavy' rare earth oxides economically and at scale in the U.S.," said Mark Chalmers, CEO of Energy Fuels. "North America will soon have a reliable and secure U.S. commercial source of these vital critical materials ensuring availability for high-performance magnet and defense technologies."Energy Fuels has received requests from multiple magnet manufacturers and OEMs worldwide to begin product validation of its Dy and Tb oxide production. The company operates the White Mesa Mill as a leading U.S. producer of uranium, rare earths, and critical materials, advancing its strategy of becoming a globally significant critical material producer.FURTHER READING: https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/CONTACT:
USA News Group
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://thehub.ca/2026/04/17/canadas-critical-minerals-diplomacy-is-moving-fast-more-industrial-capacity-is-needed/ https://www.oecd.org/en/about/news/press-releases/2026/04/critical-raw-materials-face-rising-export-restrictions-increasing-risks-to-global-supply-chains.html https://www.oecd.org/en/publications/critical-minerals-and-clean-energy-applications_e3b08f4d-en.htmlLogo: https://mma.prnewswire.com/media/2838876/5951154/USA_News_Group_Logo.jpg View original content:https://www.prnewswire.com/news-releases/western-nations-accelerate-12b-critical-mineral-initiatives-as-global-export-restrictions-reach-record-highs-302765646.html Original: Western Nations Accelerate $12B Critical Mineral Initiatives as Global Export Restrictions Reach Record Highs

Energy Fuels Announces Q1-2026 ResultsMay 6, 2026 5:27 PM
PR Newswire (US) DENVER, May 6, 2026 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and other critical minerals, today reported its financial and operational results for the quarter ended March 31, 2026. The Company previously announced details for its upcoming May 7, 2026, earnings call. "Building on the strong foundation established under the leadership of Mark Chalmers, I am honored to step into the role of CEO and lead Energy Fuels through its next phase of growth," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "My immediate focus is disciplined execution—continuing to align our global teams, advancing development projects with a strong emphasis on schedule certainty and capital efficiency, and strengthening the operational foundation required to support sustained, long-term growth as a vertically integrated critical materials company."During the quarter, we made meaningful progress across our portfolio. We successfully produced terbium oxide at pilot scale, announced the planned acquisition of Australian Strategic Materials, and made the decision to install infrastructure at the White Mesa Mill to enable future production of heavy rare earth oxides, including samarium, europium, gadolinium, terbium and dysprosium. In our uranium business, we delivered 510,000 pounds of U3O8 to customers, meeting contract commitments, capitalizing on favorable spot market conditions, and remained on track to achieve our full-year uranium production and sales guidance."Across our uranium development portfolio, activity continues to accelerate. At Nichols Ranch and Whirlwind, development efforts are positioning us to quickly respond to favorable market conditions. In parallel, we have accelerated permitting on key development assets, including Roca Honda and Bullfrog, enhancing our ability to scale long-term domestic production in support of growing U.S. nuclear energy demand. Development of our rare earth elements and mineral sand business continues across multiple assets, including ongoing progress at our Donald Project joint venture in Australia, which has the potential to advance to construction in the near-term and provide a long-term source of monazite to our White Mesa Mill in Utah, with exceptional concentrations of both light and heavy rare earth oxides."Taken together, our Q1 results reflect solid execution today and reinforce the long-term opportunity in front of Energy Fuels."Q1 2026 HighlightsUnless noted otherwise, all dollar amounts are in U.S. dollars.Financial Highlights:Robust Balance Sheet with Over $950 million of Liquidity: As of March 31, 2026, the Company had $956.6 million of working capital, including $108.4 million of cash and cash equivalents, $802.2 million of marketable securities (comprised primarily of short-term, interest-bearing securities and uranium equities), $7.6 million of trade and other receivables, and $69.0 million of inventory. This liquidity supports ongoing operations and project development.Net Loss of $11 Million; Significant Year-over-Year Improvement: The Company incurred a net loss of $10.8 million ($0.04 per share) during the quarter, a substantial improvement from last year's Q1 net loss of $26.3 million ($0.13 per share). The improvement was driven primarily by higher uranium concentrate revenues and an increase in other income, partially offset by higher operating costs between periods.Over $8 Million Generated from Operating Cash Flows: The Company generated $8.3 million in cash from operating activities during the three months ended March 31, 2026, compared to $18.8 million used in cash from operating activities during the same period in 2025. The improvement resulted mainly from increased uranium revenues, including the collection of a significant portion of receivables within the quarter and reduced cash outflows for the reclamation activities at the Kwale Project. $36 Million in Revenue: The Company sold 510,000 pounds of U3O8 at a weighted average realized price of $70.04 per pound for total uranium revenues of $35.7 million. Spot market sales totaled 100,000 pounds for revenue of $9.6 million at a weighted average realized price of $95.88 per pound, while long-term contract sales totaled 410,000 pounds for revenue of $26.1 million at a weighted average realized price of $63.74 per pound.Uranium Milestones:Mined 425,000 Pounds of Contained U3O8: The Company continued mining at its Pinyon Plain, La Sal, and Pandora mines with combined mined ore and mineralized material containing approximately 425,000 pounds of U3O8. At its Pinyon Plain mine, the Company mined ore containing approximately 375,000 pounds of U3O8 with an average grade of approximately 1.12% eU3O8. Lower grades were reported in Q1 as the Company moved between high-grade zones. Grades are expected to increase in the coming periods.Produced Nearly 800,000 Pounds of Finished U3O8: The Company produced 790,000 pounds of finished U3O8 in Q1 2026 and reached 1 million pounds in April. Conventional ore processing at the White Mesa Mill in Utah (the "Mill") began as planned in Q4 2025 and, along with alternate feed material processing, is expected to continue throughout 2026, supporting contracted deliveries, potential spot sales, and reducing production costs. See below for further details.Well-Stocked to Meet Long-term Contract Obligations and Capture Market Opportunities: Due to mined ore production at the Pinyon Plain, La Sal, and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long-term uranium contract sales and potential spot sales as market conditions warrant. The Company's inventory balances at the end of Q1 2026 were as follows:Ore, mineralized material and raw materials (contained pounds of U3O8)(1)960,000Work-in-process (contained pounds of U3O8) (1)180,000Finished pounds of U3O81,100,000Total pounds of finished and contained U3O8(1)2,240,000(1) Estimated.
Guidance Unchanged: The Company's guidance for 2026 remains unchanged as follows:
Low
HighMined (contained pounds of U3O8)2,000,000
2,500,000Processed (finished pounds of U3O8)(1)1,500,000
2,500,000Sales (pounds of U3O8)(2)1,500,000
2,000,000

(1)Assumes the conventional uranium Mill run continues through 2026 including downtime for planned maintenance. The conventional Mill run is expected to be completed once available stockpiled mineralized materials have been processed. A subsequent Mill run will proceed pending receipt of sufficient mineralized material stockpiles to justify the restart, which is currently expected to be later in 2026 or early in 2027.(2)Subject to sales into the spot market depending on market conditions.Uranium Production Costs Reduced in Q1-2026: As of March 31, 2026, the Company's finished inventories of U3O8 had a weighted average cost of approximately $36 per pound, representing a reduction of approximately $7 per pound (16%) versus December 31, 2025. As previously disclosed, the cost to mine, transport and process Pinyon Plain ore is approximately $23 to $30 per pound. The Company plans to continue processing low-cost Pinyon Plain ore during 2026, blending it with relatively smaller quantities of lower grade, higher cost La Sal/Pandora and other mineralized material (at the Company's discretion), along with previously produced and purchased finished inventories from various sources over the years. The Company expects production costs to continue to decrease throughout 2026 as Pinyon Plain material is processed and sold.Uranium Price Update: The spot price of U3O8 is $86.25 per pound and the long-term price of U3O8 is $93.00 per pound, according to price data from TradeTech as of May 1, 2026.Rare Earth Element Milestones:Planned Acquisition of Australian Strategic Materials Limited: The Company entered into a definitive agreement on January 20, 2026, as amended on March 12, 2026, to acquire 100% of the issued share capital of Australian Strategic Materials Limited ("ASM") by way of a scheme of arrangement under Australian law. ASM is an Australian-based critical materials company with REE mining, processing, and metallization assets, including the Dubbo Project in New South Wales, a metallization and alloying facility in South Korea and plans to potentially construct a metallization and alloying facility in the U.S. Under the terms of the transaction, ASM shareholders will be entitled to receive 0.053 Common Shares (or CHESS Depositary Interests) for each ASM ordinary share held, and up to AUD$0.13 per ASM share in cash, subject to customary conditions. ASM option holders are expected to receive cash consideration of AUD$0.50 per option under a concurrent option scheme of arrangement. The transaction remains subject to court, regulatory and shareholder approvals under the Australian scheme of arrangement process. Australian foreign investment approval has been obtained. The Company expects the transaction to close as early as July 2026.Phase 1 Expansion to Enable Production of Heavy REEs: Energy Fuels is advancing plans to expand its existing Phase 1 rare earth elements ("REE") separation circuit at the Mill aiming for commercial-level recovery of heavy REEs, including samarium, europium, gadolinium, terbium, and dysprosium, and potentially other heavy REEs. Progress remains subject to several factors, including regulatory approvals, financing, successful development and implementation, and the availability of suitable feedstock.The Company is also evaluating enhancements to enable the Phase 1 Circuit to process uranium- and REE-bearing mixed rare earth carbonates ("MREC") or similar intermediate REE products from third-party sources. These materials are expected to be processed through the Mill's REE solvent extraction circuits without requiring the use of equipment needed for conventional uranium production, subject to applicable approvals and normal execution risks.Energy Fuels continues discussions with magnet and original equipment manufacturers ("OEMs") about future offtake for both light and heavy REEs, supporting the Company's long-term strategy to develop a diversified, non-Chinese rare earth supply chain.Phase 2 Expansion to Enable Large-Scale Production of Light and Heavy REEs: In January 2026, Energy Fuels announced the results of an AACE International Class 3 Bankable Feasibility Study ("BFS") for its planned Phase 2 REE separation circuit at the Mill. The Phase 2 Circuit is designed to materially boost both light and heavy REE production capacity and enable REE processing operations to function independently of the Mill's conventional uranium production.The combined Phase 1 and Phase 2 Circuits are expected to increase total NdPr production capacity from the current level of 1,000 tonnes per annum ("tpa") to approximately 6,229 tpa, in addition to roughly 80 tpa of Tb and 288 tpa of Dy. The Phase 2 Circuit is also expected to produce additional separated REE concentrates, including samarium-europium-gadolinium and holmium-group concentrates (which could be further processed and separated by the Company), along with approximately 198,000 pounds of U3O8 per year.The BFS estimates initial capital costs for the Phase 2 Circuit of approximately $410 million and forecasts strong long-term economics, including globally competitive production costs and substantial expected average annual EBITDA over the 40-year modeled life of the project. The Company has not yet made a final investment decision ("FID") with respect to the Phase 2 Circuit.Phase 1 and Phase 2 Expansion Combined Summary:Phase
NdPr (tpa)
Tb (tpa)
Dy (tpa)Phase 1: NdPr (Existing)
1,000
—
—Phase 1: Heavies (Planned)
—
14
48Phase 2: (Planned)
5,229
66
240Total (Phase 1 + Phase 2)(1)
6,229
80
288(1) Actual recoveries may differ.Successful Pilot-Scale Production of Tb: In March 2026, the Company announced the successful pilot-scale production of high-purity Tb oxide at the Mill, representing the first U.S. primary production of this critical heavy REE in decades. The Tb oxide achieved approximately 99.9% purity, meeting specifications required by global permanent magnet manufacturers.REE Price Update: European NdPr, Dy and Tb prices were $125/kg, $1,300/kg and $4,500/kg, respectively, while North American NdPr was $125/kg, all as of May 1, 2026, according to price data from Benchmark Mineral Intelligence.Heavy Mineral Sands Milestones:Vara Mada Project: In Q1 2026, Energy Fuels advanced it's 100%-owned Vara Mada Project in Madagascar, a large heavy mineral sand ("HMS") project with significant titanium, zirconium, and REE resources. The REE resources are expected to be processed into REE oxides in the Phase 2 expansion at the Mill discussed above.In January 2026, an updated Feasibility Study ("FS"), prepared in accordance with U.S. Regulation S-K 1300 and Canadian NI 43-101, confirmed the project's scale, 38 year mine life, and robust economics, including a post-tax, pre-debt net present value (10% discount rate) of approximately $1.8 billion and internal rate of return of approximately 25%. At full production, the project is expected to generate average annual EBITDA of over $500 million and average annual free cash flow of approximately $264 million over the modeled mine life.Project development at Vara Mada remains subject to a positive FID, regulatory approvals, updated permitting and final agreement on fiscal matters with the Government of Madagascar. Discussions are ongoing with respect to the legal and fiscal framework necessary to support project development, including mechanisms for long-term stability, tax and customs considerations, foreign exchange matters, enforcement mechanisms and adding monazite to the existing exploitation permit. These matters are expected to be addressed through an investment agreement requiring parliamentary approval and/or through revisions to applicable Malagasy law.Recent political developments in Madagascar, including changes in government leadership and cabinet appointments, have not significantly impacted the project at this time, but the Company continues to monitor conditions as negotiations progress to determine what, if any, impacts these events may have on the expected timelines and prospects for development of the project.Donald Project: The Company continued to advance the Donald Project via its joint venture with Astron Corporation Limited. The Donald Project has received all major regulatory approvals required to construct and operate the project and is expected to provide a long-term, large-scale source of monazite feedstock for the Company to process into light and heavy REE oxides at the Mill.Energy Fuels' ownership in the Donald Project JV increased to 10.5% as of March 31, 2026 with AUD $44.6 million in cash and stock contributed. The Company has the option to earn-in up to a 49% ownership interest through additional investments upon the achievement of designated milestones, including a potential future FID.The project is strategically significant due to high concentrations of heavy REEs, including dysprosium, terbium, and samarium, contained in the monazite concentrate expected to be produced at the project and delivered to the Mill over the 39-year modeled life of the project.Bahia Project: The Bahia Project is an HMS and REE-bearing monazite project in Brazil that has the potential to supply 3,000 to 5,000 tonnes of monazite per year to the Mill over the long term. The Company currently has two drill rigs operating at the Bahia Project to gather the technical data necessary to support future S-K 1300 and NI 43-101-compliant technical reports, which are currently targeted for completion as early as late 2026.Medical Isotope Highlights:The Company is advancing its medical isotope initiatives to separate critical radioisotopes for potential use in cancer treatments. Ongoing test and engineering work at the research and development ("R&D") pilot facility aims to produce R&D-scale quantities of radium-226 ("Ra-226"), while efforts continue to secure necessary licenses and advance engineering for the potential production of R&D-scale quantities of radium-228 ("Ra-228") at the Mill.  Upon the successful production of R&D quantities of Ra-226, the Company will assess developing commercial-scale production capabilities at the Mill for Ra-226, and potentially Ra-228, as early as 2028, pending completion of engineering design, offtake agreements, and regulatory approvals.Mr. Bhappu continued:"We invite all stakeholders to join us in our upcoming May 7, 2026, earnings call, details of which are below, to learn more about our exciting achievements."~~~Conference Call and Webcast at 9:00 AM MT (11:00 AM ET) on Thursday, May 7, 2026:Conference call access with the ability to ask questions:To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call.Rapid Connect URL: https://registrations.events/easyconnect/1570580/receHltm4sQsOafy4/Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.North American Toll Free: 1-800-715-9871To view the webcast online:Audience URL: https://app.webinar.net/5n8mp53lbg1Conference ReplayConference Replay Toronto: 1-647-362-9199Conference Replay North American Toll Free: 1-800-770-2030Conference Replay Entry Code: 1570580#Conference Replay Expiration Date: 05/14/2026The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.html, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.Selected Summary Financial Information:

Three Months Ended March 31,(In thousands, except per share data)
2026
2025Results of Operations:



Uranium concentrates revenues
$             35,720
$                   —Heavy mineral sands revenues
—
15,543Total revenues
35,838
16,898Operating loss
(16,928)
(26,193)Net loss attributable to Energy Fuels Inc.
(10,844)
(26,297)Basic net loss per common share
$               (0.04)
$               (0.13)Diluted net loss per common share
$               (0.04)
$               (0.13)(In thousands)
March 31, 2026
December 31, 2025Financial Position:



Working capital
$            956,634
$            927,438Property, plant and equipment, net
70,433
69,795Mineral properties, net
320,977
312,266Current assets
992,724
958,671Total assets
1,458,663
1,411,852Current liabilities
36,090
31,233Total liabilities
731,347
729,282Qualified Person StatementThe scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.ABOUT ENERGY FUELSEnergy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, used for nuclear energy generation. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the western United States and three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com.Cautionary Note Regarding Forward-Looking Statements: 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 are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rate, quantities or duration of production; any expectations as to uranium or other mineral grades and whether such grades will continue or change over time; any expectation as to costs of goods sold, costs of production or gross profits, gross margins or other margins; any expectation as to future sales or sales prices; any expectations as to future inventory levels or changes to inventory levels; any expectation that the Company will be profitable; any expectation that the Company will develop its planned expansion of REE separation capacity at the Mill; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that any of the critical minerals the Company produces will have a valuable upside; any expectation that the proposed ASM acquisition will close; any expectation that the Company's Vara Mada Project or Donald Project will advance to an FID within the expected timeframes or at all; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Vara Mada Project; any expectation that the Company will be successful in its engineering and test work for the production of Ra-226 and/or Ra-228 at the Mill; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation as to future uranium, vanadium, REE or HMS prices or market conditions. 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: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; the inclusion or exclusion, or change in listing status, of one or more Company projects on the U.S. Federal Infrastructure Project's Permitting Dashboard, list of FAST-41 Transparency Projects; changes to regulatory requirements; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the failure of the Government of Madagascar to agree on fiscal terms for the Vara Mada Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Vara Mada Project; the failure of the Company to provide or obtain the necessary financing required to develop the Vara Mada Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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, on SEDAR+ at www.sedarplus.ca, 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-announces-q1-2026-results-302764727.htmlSOURCE Energy Fuels Inc. Original: Energy Fuels Announces Q1-2026 Results

Energy Fuels Announces Call Details for Q1-2026 EarningsApril 23, 2026 6:40 AM
PR Newswire (Canada)

Conference Call and Webcast at 9:00 AM MT on Thursday, May 7, 2026DENVER, April 23, 2026 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements, and critical materials, will hold a conference call on Thursday, May 7, 2026, at 9:00 AM Mountain Time to discuss its financial results for Q1-2026.







Financial results and other highlights will be issued in a press release prior to the call.Energy Fuels' management will host the conference call, followed by a question-and-answer session.Conference call access with the ability to ask questions:To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call.Rapid Connect URL:  https://registrations.events/easyconnect/1570580/receHltm4sQsOafy4/Alternatively, you may dial into the conference call where you will be connected to the call by an Operator.North American Toll Free: 1-800-715-9871To view the webcast online:Audience URL: https://app.webinar.net/5n8mp53lbg1Conference ReplayConference Replay Toronto: 1-647-362-9199Conference Replay North American Toll Free: 1-800-770-2030Conference Replay Entry Code: 1570580 #Conference Replay Expiration Date: 05/14/2026About Energy FuelsEnergy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, used for nuclear energy generation. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the western United States and three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com.www.energyfuels.com



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Original: Energy Fuels Announces Call Details for Q1-2026 Earnings

ENERGY FUELS RELEASES 2025 SUSTAINABILITY REPORTApril 16, 2026 4:55 PM
PR Newswire (Canada)

DENVER, April 16, 2026 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements, and critical materials, today announced the release of its 2025 Sustainability Report, highlighting the Company's commitments, performance, and progress across environmental stewardship, workforce safety, community engagement, and responsible governance. The 2025 Sustainability Report covers performance data and key developments from the calendar years 2024 and 2025.







The 2025 report outlines Energy Fuels' continued focus on operating safely and responsibly while advancing its role as a reliable domestic supplier of materials essential to U.S. energy security, advanced manufacturing, and national security. The report details operational initiatives, risk management practices, and long-term priorities designed to support resilient, economically sustainable growth."Our sustainability strategy is closely integrated with how we run the Company," said Ross R. Bhappu, President and Chief Executive Officer of Energy Fuels. "The 2025 Sustainability Report reflects our emphasis on responsible operations, transparency, and disciplined execution as we continue to expand our uranium, rare earth and heavy mineral sands mining and processing capabilities, with a significant focus on supporting the communities in which we operate."Key areas covered in the 2025 Sustainability Report include:Environmental responsibility, including water stewardship, land management, and environmental compliance across Energy Fuels' operationsHealth, safety, and workforce performance, with an emphasis on safe operations, morale and employee engagementCommunity and Indigenous engagement, in regions where the Company operates including areas of emerging interestGovernance and oversight, including risk management, ethics, and compliance practices that support long-term shareholder valueThe report aligns Energy Fuels' disclosures with leading sustainability reporting frameworks commonly used across the mining and critical minerals sector, while maintaining a practical, operations-focused approach to sustainability and resiliency.Bhappu continued, "This report represents a foundation for our efforts moving forward and a base from which to grow and discover our future targets. It also demonstrates where we are today and showcases the importance of sustainability in our operating philosophy."The 2025 Sustainability Report is available on the Company's website at Energy Fuels - Uranium Mining & Energy - Governance or directly downloadable.ABOUT ENERGY FUELSEnergy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The Company owns the only fully licensed conventional uranium mill in the U.S.--the White Mesa Mill in Utah--where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands projects /rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Corporation Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.comCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis 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 are not limited to, statements with respect to  the Company's sustainability priorities, strategies, initiatives, governance practices, operational focus, community engagement, future targets, and expectations regarding environmental, health, safety, and workforce performance, as well as statements relating to the anticipated evolution, scope, or impact of the Company's sustainability efforts and disclosures. . 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 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, but are not limited to changes in regulatory requirements or reporting standards, evolving stakeholder expectations, operational conditions, environmental and permitting considerations, market conditions, ; 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. Statements regarding sustainability initiatives, environmental practices, governance frameworks, or community engagement are inherently forward-looking and are subject to evolving regulatory standards, operational realities, and external factors, and may change over time. 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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Original: ENERGY FUELS RELEASES 2025 SUSTAINABILITY REPORT

Ross Bhappu to Take Over as CEO of Energy Fuels as Company Enters Next Phase of GrowthApril 15, 2026 7:00 PM
PR Newswire (US)

DENVER, April 15, 2026 /PRNewswire/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earths, and critical materials, announced that Ross R. Bhappu has been appointed the Company's Chief Executive Officer, effective April 15, 2026.







Mr. Bhappu has served as President of Energy Fuels since August 2025 and brings more than three decades of leadership across mining, critical minerals, finance, and international resource development. He has held senior executive and board roles in the global mining sector, with extensive experience in project development, operations, government engagement, and capital markets. As President, Mr. Bhappu has been closely involved in advancing Energy Fuels' strategic priorities and supporting the execution of the Company's long-term growth strategy.Mr. Bhappu succeeds Mark S. Chalmers, who is retiring after more than eight years as CEO and a distinguished career spanning five decades in the uranium and critical materials industry. Both Mr. Bhappu and Mr. Chalmers have been working closely for the past several months in anticipation of the transition. Following his retirement, Mr. Chalmers has agreed to serve as an exclusive uranium and rare earth consultant to the Company for a two-year period, providing continuity and strategic support as Energy Fuels advances its growth initiatives.As CEO, Mr. Chalmers led the transformation of Energy Fuels from a small U.S. uranium producer into a diversified critical materials company with global reach. Today, Energy Fuels is the largest U.S. producer of uranium, a leading producer of rare earth elements and vanadium, and is an emerging global leader in the production of titanium and zircon minerals, which together are essential to clean-energy technologies, advanced manufacturing, and U.S. national security. Under his leadership, Energy Fuels leveraged its unique assets, infrastructure, and technical expertise to establish a domestic platform for critical material production and processing."Ross is a proven leader with deep industry experience and a strong understanding of Energy Fuels' operations and strategic direction," said Bruce D. Hansen, Chair of the Board of Directors. "At the same time, the Board extends its sincere gratitude to Mark for his extraordinary leadership, vision, and decades of service. Mark was instrumental in positioning Energy Fuels as the leading U.S. uranium producer and in guiding the Company's disciplined expansion into both upstream and downstream rare earth production. The Board is confident that Ross will build on this strong foundation as Energy Fuels continues to execute its long-term strategy."Mr. Bhappu commented, "I am honored to be appointed Chief Executive Officer of Energy Fuels and deeply appreciative of Mark's leadership and vision. Mark's work laid the groundwork for Energy Fuels' evolution into a diversified critical materials company and I look forward to leading the company as it pursues a substantial growth initiative including the permitting and construction of a number of new mines, the planned expansion of the White Mesa Mill and the addition of REE metal and alloy making through the planned acquisition of Australian Strategic Materials Limited.  Energy Fuels has a talented team and Board of Directors, and I look forward to executing our strategic plan together."Mr. Chalmers remarked, "Serving as CEO and guiding Energy Fuels' development into the leading U.S. critical materials company has been an honor, particularly considering my humble beginnings as a uranium miner in Colorado in the 1970s. I am confident that Ross will continue to inspire and lead our company to even greater heights."About Energy FuelsEnergy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, including but not limited to statements regarding the Company's leadership transition, future strategy, growth initiatives, permitting activities, project development, and expansion plans.  Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements 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, but are not limited to risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; government and political actions or inactions; market factors, including future demand for REEs, uranium, titanium and zirconium; 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. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.



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Original: Ross Bhappu to Take Over as CEO of Energy Fuels as Company Enters Next Phase of Growth

Energy Fuels Announces First U.S. Primary Production of Critical "Heavy" Rare Earth Material in DecadesMarch 25, 2026 6:15 AM
PR Newswire (Canada)

In a major win for U.S. critical mineral supply chains, Energy Fuels successfully produces high-purity terbium oxide in Utah from ore mined in Florida and Georgia, demonstrating the first U.S. mine to oxide capability to provide a secure western source of "heavy" rare earth oxides used in key commercial and defense technologies.DENVER, March 25, 2026 /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earths, and critical materials, today announced it has successfully produced its first kilogram (kg) of terbium (Tb) oxide at its White Mesa Mill in Utah. Using monazite ore sourced from the United States, the team achieved a purity of 99.9% Tb at pilot scale, which meets the specifications of global manufacturers of rare earth permanent magnets (REPMs). This achievement follows the Company's recent announcement that it had produced nearly 30 kg of 99.9% pure dysprosium (Dy) oxide production, another critical "heavy" rare earth oxide (REO) used in permanent magnets.







"This success proves we can process and produce high purity 'heavy' rare earth oxides economically and at scale in the U.S.," said Energy Fuels CEO Mark Chalmers. "North America will soon have a reliable and secure U.S. commercial source of these vital critical materials ensuring availability for high-performance magnet and defense technologies. This is just another example of the outstanding team the company has at both the Mill, and elsewhere, as the company continues to advance our strategy of becoming a world significant critical material producer."Energy Fuels believes it is the first U.S. company in many decades to produce high-purity Tb oxide from a primary mineral feedstock and publicly disclose actual production volumes and purities that are sufficient for downstream metal/alloy validation. Like the Company's Dy oxide, its Tb oxide has been requested by multiple magnet manufacturers and OEMs around the world to begin product validation. Both Dy and Tb are subject to Chinese export controls highlighting the need for secure, western supply chains.Adding Dy and Tb to permanent magnets makes a superior product for electric vehicles (EVs)/hybrid EVs, drones, robotics, and defense technologies by improving operational capabilities in high heat conditions and enabling smaller, lighter, and more powerful motors and actuators. The Mill expects to continue producing terbium oxide at an approximate rate of one kilogram per week in its existing pilot circuit, followed by pilot production of Sm, Eu, and Gd oxides.The Company also plans to expand its heavy rare earth element production capability at its existing Mill circuits for the planned commercial-level recovery of Dy, Tb, Sm, Eu and Gd, with the ability to separate other heavy rare earth elements such as Y and Lu if market conditions warrant. Subject to the receipt of required regulatory approvals and sufficient quantities of monazite sand feedstock, the expanded commercial circuit is expected to be operational as early as 2027, with planned production recovery of up to approximately 35 tonnes of Dy, 12 tonnes of Tb per year and potentially other heavy rare earth elements, in addition to the 850 – 1,000 tonnes of NdPr, from processing up to approximately 10,000 tonnes of monazite per year through existing circuits.The Company also plans to further expand its NdPr, Dy and Tb production capability and potentially other REE material production capability through the development of its stand-alone Phase 2 Circuit as early as 2029, subject to the receipt of regulatory approvals and sufficient feed materials. Upon commissioning, the Phase 2 Circuit is expected to increase the Mill's rare earth oxide production capacity to over 6,000 tpa of NdPr oxide, along with approximately 80 tpa of Tb and 288 tpa of Dy oxides. This would provide the capability to produce sufficient NdPr for up to approximately 7.0 million EVs/hybrid EVs per year.Moving forward, the Company expects to continue purchasing monazite concentrates from U.S. companies and to import additional significant quantities from allied nations, including Energy Fuels' "shovel-ready" Donald Project in Australia, massive Vara Mada Project in Madagascar, and prospective Bahia Project in Brazil. The Company is also planning to install circuits at the Mill to enable the processing of mixed rare earth concentrates (MREC) for both "light" and "heavy" rare earth oxides, subject to receipt of regulatory approvals. MREC is a partially processed, intermediate rare earth material.About Energy FuelsEnergy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The Company owns the only fully licensed conventional uranium mill in the U.S.—the White Mesa Mill in Utah—where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Corporation Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis 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 are not limited to, statements with respect to: any expectation that the Company can process and produce high purity 'heavy' rare earth oxides economically and at scale in the U.S.; any expectation that North America will soon have a reliable and secure U.S. commercial source of heavy rare earth elements; any expectation that the Company's Tb oxide will be successfully validated by magnet manufacturers and/or OEMs; any expectation that the Company's pilot scale production of heavy REEs will continue to be successful; any expectation of the purity of any of the REE or heavy REE oxides to be produced at the Mill; any expectation as to the timing of pilot and/or commercial scale production of REE or heavy REE oxides at the Mill; any expectation as to the Company's production capacity or expected timelines to production; any expectation as to estimated recoverable REE oxides; any expectation that the Company's development projects will be placed into production; and any expectation that the Company will be successful at recovering certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. 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 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: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; government and political actions or inactions; market factors, including future demand for rare earth elements, titanium and zirconium; 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 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.www.energyfuels.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-announces-first-us-primary-production-of-critical-heavy-rare-earth-material-in-decades-302724441.htmlSOURCE Energy Fuels Inc.

Original: Energy Fuels Announces First U.S. Primary Production of Critical "Heavy" Rare Earth Material in Decades

Energy Fuels Announces 2025 Results and 2026 GuidanceFebruary 26, 2026 7:01 PM
PR Newswire (Canada)

Increased uranium sales, over one million pounds of low-cost U.S. uranium production, successful ongoing heavy rare earth pilot production, and completion of upsized $700 million 0.75% convertible senior notes boosts working capital to near $1 billion.DENVER, Feb. 26, 2026 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and other critical minerals, today reported its financial and operational results for the year ended December 31, 2025. The Company previously announced details for its upcoming February 27, 2026, earnings call.







"2025 was a breakout year for Energy Fuels, as we achieved numerous operational, ramp-up, and growth milestones that we believe set the stage for significant future cashflow generation, market differentiation, and competitive advantages in the critical material space in the next few years," said Mark Chalmers, Energy Fuels' Chief Executive Officer. "As a result, we have raised our profile among investors, customers, and governments to be recognized as, not only the largest and lowest cost U.S. uranium producer, but also as an emerging global critical materials leader."In our uranium segment, we ended the year exceeding 2025 guidance on all metrics, including mining, production, and sales, while lowering our unit costs. Our uranium revenue is ramping up, and we signed two new long-term contracts with major utilities that are expected to increase our portfolio pricing in the coming years. In addition, we are investing significantly in our industry-leading U.S. assets, as we expect to remain the country's uranium leader for many years to come."Equally impressive has been our progress in rare earth processing and production. Energy Fuels' rare earth products have been confirmed, qualified, and used by manufacturers for EVs and hybrid EVs. In 2025, we made considerable investments in our rare earth segment. We strongly believe now is the time to capture opportunities, as vertical integration and access to low-cost 'molecules' are the key to higher margins, increased market share, and overall competitiveness in the space. In years past, we invested 'upstream' by securing low-cost rare earth feedstock at our Donald joint venture in Australia, Vara Mada project in Madagascar, and Bahia project in Brazil. Now, we are investing 'downstream', including our recently announced proposed acquisition of Australian Strategic Materials ("ASM"), which upon completion, will expand our reach into highly coveted rare earth metals and alloys. The proposed acquisition of ASM will also bring another potential material source of feedstock from the Dubbo project located in NSW, Australia.Ross Bhappu, President of Energy Fuels, added "We recently released feasibility studies for several of our development projects, including the proposed Phase 2 Circuit expansion of our rare earth processing at the White Mesa Mill in Utah and our Vara Mada project in Madagascar, demonstrating impressive net present values and future cashflows. The combined NPV of the Phase 2 Circuit and the Vara Mada project is $3.7 billion, or $15.26 per share (based on current shares outstanding), with expected EBITDA of $765 million for the first 15 years when the Phase 2 Circuit is combined with the expected EBITDA from the Vara Mada project over those years. "With an estimated capital cost of $410 million for the Phase 2 Circuit and an estimated all-in production cost of $29.39/kg NdPr equivalent produced from our Vara Mada project, we believe our REE oxide production ranks among the lowest capital and operating costs globally.Mr. Bhappu continued, "We believe interest in Energy Fuels is accelerating as customers, governments, and investors favor companies like us that deliver on promises. We think we are turning a corner, as past investments could generate substantial cashflows and profits across several segments by decade's end."Succession Planning Update:The Company's succession plans are proceeding as expected and, in accordance with existing employment agreements, it is anticipated that Mr. Ross Bhappu, the President of the Company, will be appointed to the role of President and Chief Executive Officer of the Company on April 15, 2026, and Mr. Mark Chalmers,  the current CEO, will be retiring at the same time which is his planned retirement date. Upon his retirement, Mr. Chalmers will continue as a consultant to the Company exclusively for two years to support, as required, Mr. Bhappu and others in the Company with current and future growth initiatives.2025 HighlightsUnless noted otherwise, all dollar amounts are in U.S. dollars.Financial Highlights:Robust Balance Sheet with Over $900 million of Liquidity: As of December 31, 2025, the Company had $927.4 million of working capital, including $64.7 million of cash and cash equivalents, $797.1 million of marketable securities (short-term, interest-bearing securities and uranium equities), $18.0 million of trade and other receivables, and $73.5 million of inventory, which puts the Company in a strong position to continue to advance its projects.Completed Upsized $700 Million Convertible Senior Notes Offering: On October 3, 2025, the Company closed its upsized offering of 0.75% Convertible Senior Notes due in 2031 for an aggregate principal amount of $700.0 million, including the exercise in full by the initial purchasers of their option to purchase an additional $100.0 million of notes, on a deal led by Goldman Sachs & Co. LLC. The notes have a conversion price of $20.34 per common share of Energy Fuels ("Common Share"), which represented a premium of approximately 32.5% to the last reported sale price of the Common Shares on the NYSE American on September 30, 2025, subject to customary anti-dilution adjustments. The effective conversion price of the notes was increased to $30.70 (representing a premium of 100% over the last reported sale price of the Common Shares on the NYSE American on September 30, 2025) through the purchase of capped call transactions.Net Loss of $86 Million: The Company incurred a net loss of $86.1 million or $0.38 per share, which is an increase from a net loss of $47.8 million or $0.28 per share for 2024. The increase was primarily due to higher ongoing costs as expected following the acquisition of Base Resources Limited in Q4 2024, including approximately $15.0 million increased ongoing selling, general and administrative costs associated with an expanded workforce to effectively progress the Company's global operations. Exploration and development costs were approximately $9.0 million higher to progress our projects, including: further exploration and development activities relating to the Juniper Zone at the Pinyon Plain Project, development at the La Sal Project, exploration at the Bahia Project and delineation drilling at Nichols Ranch. The Company also incurred approximately $6.9 million in charges for changes in Madagascar tax law and exploration projects the Company is no longer pursuing as it focuses on its core projects. Additionally, the average month end spot prices for uranium were approximately 13.8% lower in 2025 verses 2024 thereby reducing our revenues per pound.Uranium Milestones:$48 Million in Revenue: The Company sold 650,000 pounds of U3O8 at a weighted average realized price of $74.21 per pound for total uranium revenues of $48.2 million. Spot market sales totaled 350,000 pounds for revenue of $26.9 million at a weighted average realized price of $76.90 per pound, while long-term contract sales totaled 300,000 pounds for revenue of $21.3 million at a weighted average realized price of $71.06 per pound.Mined Over 1.7 Million Pounds of Contained U3O8: The Company continued mining at its Pinyon Plain, La Sal, and Pandora mines with combined mined ore and mineralized material containing approximately 1,720,000 pounds of U3O8. At its Pinyon Plain mine, the Company mined ore containing approximately 1,530,000 pounds of U3O8 with an average grade of approximately 1.62% eU3O8, which the Company believes makes Pinyon Plain one of the highest-grade uranium mines in U.S. history.Processed and Produced Over 1.0 Million Pounds of Finished U3O8: The Company processed and produced 1,015,000 pounds of finished U3O8 in 2025. The Company commenced its conventional ore processing campaign at the White Mesa Mill in Utah (the "Mill") in Q4 2025 as planned, which is expected to continue through Q2 2026 and is expected to support contracted U3O8 deliveries and potential spot sales in 2026. See below for further details.Two New Long-Term Utility Contracts: The Company entered into two new long-term uranium contracts in Q4 2025 with U.S. nuclear power generating companies, expanding its portfolio to six long-term uranium contracts with deliveries extended out to 2032. Both contracts retain exposure to uranium market upside by utilizing hybrid pricing, whereby a portion of the final sales price is calculated on a base escalated price with the other portion based on the spot price at the time of delivery, subject to floors and ceilings.Well-Stocked to Meet Long-term Contract Obligations and Capture Market Opportunities: Due to mined ore production at the Pinyon Plain, La Sal and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long-term uranium contract sales and potential spot sales as market conditions warrant. The Company's inventory balances at the end of 2025 were as follows:Ore, mineralized material and raw materials (contained pounds of U3O8)1,240,000Work-in-process (contained pounds of U3O8)130,000Finished pounds of U3O8810,000Total pounds of finished and contained U3O82,180,000Exceeded 2025 Guidance: The Company exceeded its production and sales guidance for 2025, which is summarized as follows:

2025 Guidance, as revised Q2 2025



Low
High
2025 ActualsMined (contained pounds of U3O8)
875,000
1,435,000
1,720,000Processed (finished pounds of U3O8)
700,000
1,000,000
1,015,000Sales (pounds of U3O8)
350,000
350,000
650,0002026 Guidance: The Company expects to continue mining its Pinyon Plain, La Sal and Pandora mines to process and/or stockpile ore and mineralized material at the Mill to meet its contract deliveries and complete potential spot sales, subject to market conditions. The Company's production and sales guidance for 2026 is as follows:

Low
HighMined (contained pounds of U3O8)
2,000,000
2,500,000Processed (finished pounds of U3O8)(1)
1,500,000
2,500,000Sales (pounds of U3O8)(2)
1,500,000
2,000,000(1) Assumes the current conventional uranium Mill run continues through Q2 2026, but could be longer depending on availability of stockpiled ore and mineralized materials available for processing. The Company is also looking at various additional REE processing capabilities at the Mill later in 2026. The Mill is expected to restart uranium processing in Q1 2027, but this could be sooner or later, depending on circumstances.(2) Subject to sales of inventory into the spot market depending on market conditions.Uranium Costs Reduced in Q4-2025 with Further Declines Expected in 2026: The Company commenced processing low-cost Pinyon Plain mine ores in Q4 2025, which is expected to continue through Q2 2026, during which we expect to process 1.5 to 2.5 million pounds of finished U3O8 in 2026. During that Mill run, the average mining and transportation costs to the Mill for Pinyon Plain ore are expected to continue to be approximately $10 to $14 per pound of recovered U3O8, which together with expected milling costs to continue to be approximately $13 to $16 per pound of recovered U3O8, are expected to continue to result in a total weighted average cost of approximately $23 to $30 per pound of recovered uranium, ranking among the lowest costs for mined uranium production in the world. These high-grade Pinyon Plain ores are expected to be blended and processed with a relatively small quantity of lower grade, higher cost, La Sal/Pandora mineralized material at the Company's discretion. The Company's finished inventories of U3O8 had a weighted average cost of approximately $43 per pound as of December 31, 2025, reflecting the weighted average cost of production and purchase of finished inventories from various sources over the years, as the Company continued to ramp up production and maximize economies of scale, including from Alternate Feed Materials, the La Sal/Pandora mines, low-grade mine clean-up materials, and purchases of uranium on the spot market. These costs do not fully reflect the expected lower costs of recently mined ores from the Pinyon Plain mine, which had only been processed and added to finished inventories commencing in early October (a conventional ore processing run, including Pinyon Plain and La Sal/Pandora ores, commenced at the Mill in early October 2025).Pinyon Plain Update: The Company updated its existing S-K 1300 and NI 43-101 compliant pre-feasibility study, which was furnished through a Form 8-K filing on February 26, 2026. Due to the high grades encountered during mining in the Main Zone that were not included in the original pre-feasibility the Mineral Resource model was re-estimated. Additionally, new drilling completed by Company in the Juniper Zone allowed those Mineral Resources to be converted from inferred to indicated Mineral Resources and then converted to probable Mineral Reserves. As of December 31, 2025, the remaining Mineral Reserves in the Main Zone totaled 2.1 million pounds U3O8 and the Mineral Reserves for the Juniper Zone totaled 0.5 million pounds U3O8, acknowledging that further exploration potential exists in the Juniper Zone. The Company intends to continue exploration in the Juniper Zone during 2026.Nichols Ranch and Whirlwind Update: The Company continues to advance rehabilitation, development and readiness activities at its Whirlwind mine in Colorado and Nichols Ranch ISR project in Wyoming. With strong market conditions and sufficient contracting activity, the Company believes these projects could support an increase in uranium production by up to approximately 600,000 pounds of U3O8 per year as early as 2027, subject to market conditions.Pipeline of Permitted and Advanced Uranium Projects to Support Long-Term Growth: The Company continued advancing permitting and development work on its large-scale uranium projects including Roca Honda (New Mexico) and Bullfrog (Utah), which together with Sheep Mountain (Wyoming) have the potential to expand the Company's uranium production by over 5.0 million pounds of U3O8 per year in the coming years, subject to market conditions and contracting.Uranium Price Update: The spot price of U3O8 is $89.50 per pound and the long-term price of U3O8 is $90.00 per pound, according to price data from TradeTech as of February 20, 2026.Rare Earth Element Milestones:Planned Expansion of Phase 1 Circuit: The Company is planning enhancements to expand its heavy REE production at its existing Phase 1 Circuit at the Mill, for the planned commercial-level recovery of dysprosium ("Dy"), terbium ("Tb"), samarium ("Sm"), europium ("Eu") and gadolinium ("Gd"), with the ability to separate other heavy REEs such as Yttrium and Lutetium if market conditions warrant. Subject to receipt of all required regulatory approvals, financing, the successful development of these enhancements and the receipt of sufficient quantities of monazite sand feedstock, the expanded Phase 1 Circuit is expected to be operational in 2027 for the production of up to 35 tonnes of Dy, 12 tonnes of Tb per year and potentially other heavy REEs, in addition to the 850 – 1,000 tonnes of neodymium-praseodymium ("NdPr"), from processing up to approximately 10,000 tonnes of monazite per year. The Company had previously announced its intention to start commercial production of Dy and Tb by the end of 2026, but has changed those plans in order to expand the enhancements to the Mill's Phase 1 Circuit to allow for the additional production of Sm, Eu and Gd and to provide the ability to separate other heavy REEs in the 2027 time frame.At the same time these enhancements are being made to the Phase 1 Circuit, the Company plans to make further enhancements to the Phase 1 Circuit to allow for the processing of uranium- and REE-bearing mixed rare earth carbonate ("MREC") or similar intermediary REE products from third-party sources in the Phase 1 Circuit, subject to receipt of all regulatory approvals, financing and the successful development of these further enhancements. As MREC or similar intermediate REE products would not need to utilize the Phase 1 Circuit's crack and leach circuits, it is expected that such products could be separated into NdPr and heavy REEs separately from uranium production, thereby allowing such feedstocks to be separated into REE oxides through the Phase 1 Circuit's SX circuits without interfering with normal Mill conventional uranium ore processing. These enhancements are expected to be made, and the Phase 1 Circuit operational to accept MREC and similar intermediary REE products in 2027. Multiple magnet manufacturers and OEMs have expressed strong interest in obtaining Dy, Tb and Sm samples, further validating the Company's strategy to establish a fully non-Chinese rare earth supply chain for commercial and defense applications.Phase 2 Expansion Planned to Enable Large-Scale Production of Light and Heavy REEs: In January 2026, the Company announced results of an AACE International (AACE) Class 3 Bankable Feasibility Study ("BFS") supporting the planned Phase 2 expansion. Highlights of the planned Phase 2 expansion include:Upon commissioning, Energy Fuels' Phase 2 Circuit is expected to become one of the world's largest and lowest cost producers of 'light' and 'heavy' rare earth oxides. The Mill has the current installed recovery in its existing Phase 1 Circuit to produce roughly 1,000 tonnes per annum ("tpa") NdPr. The Phase 2 Circuit will increase total expected production recovery (from the Phase 1 Circuit and Phase 2 Circuit) to over 6,000 tpa of NdPr (along with approximately 60 tpa of Tb and 200 tpa of Dy).A $1.9 billion NPV8%, or $7.96 per share (based on current outstanding shares), and IRR of 33% (after-tax) for the Phase 2 Circuit, which does not include the Company's recently announced Vara Mada Project or any of the Company's other heavy mineral sands ("HMS")/monazite projects, all of which are expected to supply REE ore to the Mill for processing into REE oxides.The NPV increases to $3.7 billion, or $15.26 per share (based on current shares outstanding), when the Phase 2 Circuit is combined with the recently announced $1.8 billion NPV from the Company's Vara Mada Project.$311 million of average annual EBITDA for the first 15 years from the Phase 2 Circuit, not including expected EBITDA from the Company's existing Phase 1 Circuit, recently announced expected project-level EBITDA from the Company's Vara Mada project, project-level EBITDA from any of the Company's other HMS/monazite projects, or the Company's U.S. industry leading uranium production.Expected average annual EBITDA increases to $765 million for the first 15 years when the Phase 2 Circuit is combined with the recently announced expected EBITDA from the Company's Vara Mada project over those years.Annual expected REE oxide production (recovered) over the 40-year modeled life of the project from the Phase 2 Circuit alone:5,513 tpa NdPr48 tpa Tb165 tpa Dy1,080 tpa SEG concentrate (samarium, europium and gadolinium)748 tpa Ho+ concentrate (Ho, Er, Tm, Yb, Lu and Y)198,000 pounds per year uranium (U3O8), which is in addition to the Company's U.S.-leading uranium production from its Pinyon Plain, La Sal and other conventional uranium mines.With an estimated capital cost of $410 million for the Phase 2 Circuit and an estimated all-in production cost of $29.39/kg NdPr equivalent produced from our Vara Mada project, we believe our REE oxide production ranks among the lowest capital and operating costs globally.The Company has not yet made a final investment decision ("FID") with respect to the Phase 2 Circuit.Planned Phase 1 and Phase 2 Expansion Recoveries:Phase
NdPr (tpa)
Tb (tpa)
Dy (tpa)Phase 1: NdPr (Existing)
1,049
—
—Phase 1: Heavies (Planned)
—
12
35Phase 2: (Planned)
5,513
48
165Total (Phase 1 + Phase 2)(1)
6,562
60
200(1) Actual recoveries may differ.First U.S. Producer to Publicly Report Commercial-Spec Dysprosium Production: The Company successfully produced separated Dy oxide at 99.9% purity, exceeding typical commercial specifications.U.S. Mined and Processed Rare Earths Successfully Manufactured into Permanent Magnets for Use in EVs and Hybrids: In September 2025, the Company announced that high-purity NdPr oxide produced from U.S.-sourced monazite concentrates was successfully manufactured into commercial-scale rare earth permanent magnets ("REPMs") by South Korea's largest manufacturer of EV drive unit motor cores. Approximately 1.2 metric tonnes of NdPr oxide were processed into approximately 3.0 metric tonnes of REPMs, enough to power approximately 1,500 new vehicles, and the magnets passed all quality assurance and quality control benchmarks for use in EV and hybrid applications.Strategic Collaboration with Vulcan Elements to Strengthen U.S. Magnet Supply Chains: In August 2025, the Company signed a Memorandum of Understanding with Vulcan Elements to advance a secure, ex-China supply chain for rare earth permanent magnets. Under the collaboration, the Company will supply high-purity NdPr and Dy oxides for validation in Vulcan's magnet manufacturing processes, with the intent to consider negotiating longer-term supply arrangements following validation.Technology Applicable to a Wide Range of Feedstocks: Unlike other companies who are experimenting with "heavy" REE production via recycling, we believe Energy Fuels is the only U.S. company producing separated "heavy" REE oxides from commercial REE ores. The REE separation techniques being utilized by Energy Fuels can also be applied to a wide range of feedstocks, including MREC and recycled materials.REE Price Update: European NdPr, Dy and Tb prices were $130/kg, $1,125/kg and $4,500/kg, respectively, as of February 19, 2026, according to price data from Benchmark Mineral Intelligence.Heavy Mineral Sands:Vara Mada Project (formerly known as the "Toliara Project"): On January 8, 2026, the Company announced results of an updated Feasibility Study ("FS"), prepared in accordance with U.S. Regulation S-K 1300 and Canadian NI 43-101, confirming the project's world-class scale, long mine life and robust economics. Based on the FS, the project is expected to have a modeled mine life of approximately 38 years and is projected to generate a post-tax, pre-debt net present value (10% discount rate) of approximately $1.8 billion and a post-tax internal rate of return of approximately 25%, with the potential to ramp up to over $500 million of annual EBITDA and generate average annual free cash flow of approximately $264 million over the modeled mine life. Advancement of the Vara Mada Project remains subject to a positive FID, regulatory approvals and the resolution of outstanding fiscal and permitting matters with the Government of Madagascar.Since acquiring the Project, the Company has been in discussions with the Government of Madagascar to establish the necessary legal regime to support development of the Project, which will be required before a positive FID can be made. These discussions have been focused on, among other things, mechanisms for achieving legal and fiscal stability, select tax and custom benefits, necessary adjustments to foreign exchange rules, protections from expropriation and access to international arbitration for dispute resolution. The Company has also been seeking clarification of existing procedures for adding monazite to the Project's mining permit, which currently allows for the production of ilmenite, rutile, and zircon. Recent discussions with the Government have focused on addressing these issues through an investment agreement to be approved by Parliament or through revisions to existing Malagasy law applicable to large-scale mining investments.On October 17, 2025, a new President of Madagascar was sworn in by the Country's High Constitutional Court following a period of social unrest and political instability that resulted in the removal of the Country's prior President. On October 20, 2025, a new Prime Minister was appointed, and on October 28, 2025, a new cabinet was announced. At this time, it is too early to determine whether and to what extent recent social and political developments in Madagascar may impact the Vara Mada Project, whether positively or negatively, including with respect to the Project's development prospects or timelines, the ability to achieve suitable fiscal or other terms applicable to the Project or the ability to achieve a positive FID. These developments have not had an impact on the financial results of the Company at this time. The Company will continue to monitor events as they unfold.There can be no assurance of achieving sufficient legal and fiscal stability or the timing thereof, or obtaining approval of the addition of monazite to the mining permit or the timing thereof. If such approvals are not obtained, or obtained on terms less favorable than expected, this could delay any FID in relation to the Vara Mada Project or prevent or otherwise have a significant effect on the development of the Vara Mada Project or ability to recover monazite from the Vara Mada Project.Donald Project: The Company continued to advance the Donald Project, a large monazite-rich HMS project in Australia, pursuant to its joint venture with Astron Corporation Limited. Having received the final major regulatory approval required to construct and operate the Donald Project, along with advancing commercial and financing avenues, the Company expects that an FID could be made on the Donald Project as early as Q1 2026. The Donald Project is of particular interest as the monazite concentrate has exceptional concentrations of the "heavy" rare earth elements, including Dy, Tb, and Sm.Bahia Project: The Company resumed drilling at the Bahia Project in Q4 2025 after securing its exploration permit, aiming to complete S-K 1300 and NI 43-101 reports by late 2026.Medical Isotope Highlights:The Company continues to advance its medical isotope initiatives to separate critical radioisotopes to support plans for the development and production of medical isotopes used in cancer treatments.The Company is currently completing test work and engineering on its research and development ("R&D") pilot facility for radium-226 ("Ra-226") production. In parallel, the Company continued efforts related to obtaining the required licensing and advancing engineering work for the potential concentration of R&D quantities of radium-228 ("Ra-228") at the Mill.During 2026, Energy Fuels plans to continue test work and design and to commission and begin operating a pilot facility to produce R&D quantities of Ra-226 for testing by end-users of the product. Upon successful production of R&D quantities of Ra-226, Energy Fuels plans to develop capabilities at the Mill for the commercial-scale production of Ra-226 and potentially Ra-228 by as early as 2028, conditional on completion of engineering design, securing sufficient offtake agreements for final radium production and receipt of all required regulatory approvals.Mr. Chalmers continued:"We invite all stakeholders to join us in our upcoming February 27, 2026, earnings call, details of which are below, to learn more about our exciting achievements."Conference Call and Webcast at 9:00 AM MT (11:00 AM ET) on Friday, February 27, 2026:Conference call access with the ability to ask questions:To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call.Rapid Connect URL:  https://registrations.events/easyconnect/7303950/rec487vdZtbJNlQLJ/Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.North American Toll Free: 1-800-715-9871To view the webcast online:Audience URL:  https://app.webinar.net/mqLMz6vzOEYConference ReplayConference Replay Toronto: 1-647-362-9199Conference Replay North American Toll Free: 1-800-770-2030Conference Replay Entry Code: 7303950#Conference Replay Expiration Date: 06/06/2026The Company's Annual Report on Form 10-K has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.html, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.Selected Summary Financial Information:

Years Ending December 31,
(In thousands, except per share data)
2025
2024
Results of Operations:




Uranium concentrates revenues
$                     48,234
$                     37,904
Heavy mineral sands revenues
15,821
39,874
Total revenues
65,922
78,114
Operating loss
(101,155)
(47,515)
Net loss attributable to Energy Fuels Inc.
(85,634)
(47,765)
Basic net loss per common share
$                        (0.38)
$                        (0.28)
Diluted net loss per common share
$                        (0.38)
$                        (0.28)








December 31,(In thousands)
2025
2024Financial Position:



Working capital
$                         927,438
$                         170,898Property, plant and equipment, net
69,795
55,187Mineral properties, net
312,266
278,330Current assets
958,671
230,187Total assets
1,411,852
611,969Current liabilities
31,233
59,289Total liabilities
729,282
80,292









Qualified Person StatementThe scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.ABOUT ENERGY FUELSEnergy Fuels is a leading US-based critical materials company, focused on uranium, REEs, HMS, vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in-situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which ceased mining and commenced final reclamation activities at the end of 2024, and is developing three (3) additional HMS projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver. 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." For more information on all we do, please visit www.energyfuels.com.Cautionary Note Regarding Forward-Looking Statements: 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 are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rate, quantities or duration of production; any expectations as to uranium or other mineral grades and whether such grades will continue or change over time; any expectation as to costs of goods sold, costs of production or gross profits, gross margins or other margins; any expectation as to future sales or sales prices; any expectations as to future inventory levels or changes to inventory levels; any expectation that the Company will be profitable; any expectation that the REE separation techniques being utilized by Energy Fuels can also be applied to a wide range of feedstocks, including rare earth concentrates, and recycle materials; any expectation that the Company will develop its planned expansion of REE separation capacity at the Mill; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that any of the critical minerals the Company produces will have a valuable upside; any expectation that the proposed ASM acquisition will close; any expectation that the Company's Vara Mada Project or Donald Project will advance to an FID within the expected timeframes or at all;  any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Vara Mada Project; any expectation that the Company will be successful in its engineering and test work for the production of Ra-226 at the Mill; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation as to future uranium, vanadium, REE or HMS prices or market conditions. 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: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; the inclusion or exclusion, or change in listing status, of one or more Company projects on the U.S. Federal Infrastructure Project's Permitting Dashboard, list of FAST-41 Transparency Projects; changes to regulatory requirements; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the failure of the Government of Madagascar to agree on fiscal terms for the Vara Mada Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Vara Mada Project; the failure of the Company to provide or obtain the necessary financing required to develop the Vara Mada Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; 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, on SEDAR+ at www.sedarplus.ca, 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.www.energyfuels.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-announces-2025-results-and-2026-guidance-302699124.htmlSOURCE Energy Fuels Inc.

Original: Energy Fuels Announces 2025 Results and 2026 Guidance

Energy Fuels Announces Details for 2025 Earnings Call and WebcastFebruary 12, 2026 6:15 AM
PR Newswire (US)

Conference Call and Webcast at 9:00 AM MT on Friday, February 27, 20265DENVER, Feb. 12, 2026 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements, and critical materials, will hold a conference call and webcast on Friday, February 27, 2026, at 9:00 AM Mountain Time to discuss its financial results for 2025. Energy Fuels' management will host the session, followed by a question-and-answer session.







Financial results and other highlights will be issued in a press release prior to the call.Conference call access with the ability to ask questions:To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call.Rapid Connect URL:  https://registrations.events/easyconnect/7303950/rec487vdZtbJNlQLJ/Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.North American Toll Free: 1-800-715-9871To view the webcast online:Audience URL:  https://app.webinar.net/mqLMz6vzOEYConference ReplayConference Replay Toronto: 1-647-362-9199Conference Replay North American Toll Free: 1-800-770-2030Conference Replay Entry Code: 7303950 #Conference Replay Expiration Date: 06/06/2026About Energy FuelsEnergy Fuels is a leading US-based critical minerals company, focused on uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced rare earth element products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is also developing three additional heavy mineral sands projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels is based in Lakewood, Colorado, near Denver. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and its common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-announces-details-for-2025-earnings-call-and-webcast-302686194.htmlSOURCE Energy Fuels Inc.

Original: Energy Fuels Announces Details for 2025 Earnings Call and Webcast

http://resourceinvestingnews.com/68349-energy-fuels-uranium-us-price-analyst.html


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Energy Fuels: A High-Leverage Play on the Uranium Price
Wednesday March 26, 2014, 1:41pm PDT

By Vivien Diniz - Exclusive to Resource Investing News

Rob Chang is a Metals and Mining Analyst at Cantor Fitzgerald Canada. He has covered the metals and mining space for over eight years for the sell-side and the buy-side. Prior to Cantor, Chang served on the equity research teams at Versant Partners, Octagon Capital and BMO Capital Markets. His buy-side experience includes managing $3 billion in assets as a director of research/portfolio manager at Middlefield Capital, where his primary resource portfolio outperformed its direct peer and benchmark by over 28% and 18%, respectively. He was also on a five-person multi-strategy hedge fund team, where he specialized in equity and derivative investments. He completed his Master of Business Administration from the University of Toronto’s Rotman School of Management.

RIN: We keep hearing about this uranium renaissance, but nothing has really happened yet. What’s been keeping the bull market for uranium at bay?

RC: In our opinion, there are two primary reasons prices remain low. First off, it’s the higher-than-normal inventory levels, and that’s mainly due to Japan not consuming the 20 million pounds that it usually consumes per year. Because of that we’re seeing a larger-than-normal inventory globally, so markets have 40 to 80 million pounds out there.

On top of that, we also have some markets waiting for Japan to announce the restarts of its reactors. There is a school of thought out there that believes Japan may never turn on any of the reactors although much of that dissipated with Japan’s recent announcement on its energy policy. However, as long as some of that still exists, there’s still going to be a little bit of an overhang, and a little bit of disbelief that the uranium renaissance, so to speak, will start.

That being said, we believe that’s unlikely for a couple of reasons. First off, Japan is running at a $75-billion deficit annually because of the substitution from nuclear power to other sources. That’s something it can’t afford given that the country continues to struggle economically.

On top of that, if we look at the global demand scenario and how it is shaping up, even if Japan doesn’t turn on all its reactors, the rate of growth will be so much that it doesn’t quite matter. In fact, given the current supply and demand situation, even if Japan doesn’t turn on any of its reactors, a major imbalance will still occur. Perhaps a little bit later, but it will still occur.

RIN: The general consensus is that uranium prices will go up. Do you have an idea of when that might happen?

RC: Our estimate is that’s going to be during the back half of this year. That’s when we’re going to really see the start. The reason is that from reports from utilities and producers, 2016 is the year when a lot of the utilities’ requirements will become uncovered.

What I mean by that is, generally utilities forecast how much uranium they need and make long-term contracts to get the supply in advance. However, because of the low price environment we’ve seen for awhile, many producers have been reluctant to negotiate at the lower prices. On top of that, utilities have been rewarded for waiting to lock in long-term contracts because the prices have been declining steadily, almost on a monthly basis. When you put those together, you’re seeing a lot less contract activity happening in the last few years. It’s to the point where, if we had full coverage, or close to full coverage of the last few years, in 2016 it flips dramatically to largely uncovered.

Knowing that, and being that we are only two years away, 2014 is the key year. We have a perfect storm happening.

RIN: Do you have an idea in terms of a target price? Are you expecting long-term prices to go up pretty quickly?

RC: Absolutely. We think prices will move pretty dramatically. For this year, we believe the price will average $43.25/lb. Then, next year, $62.50/lb and then $70/lb after. Given that we have $35/lb now, it’s going to be a pretty dramatic leap up.

RIN: That sounds good. You released a note on the US Department of Energy approving billions of dollars worth of nuclear loans. Can you elaborate a little bit on what that means for the nuclear landscape in the States? How does will it impact companies?

RC: The US is the number-one consumer, globally, of uranium and consumes about a quarter of global demand. There has been some thought that the US will be stepping away, or at least stagnant, in its uranium consumption.

This approval effectively green-lights Southern Co.’s Vogtle nuclear reactors in Georgia, and it shows the US is headed towards building more nuclear power. That shows domestic demand within the US, and is certainly positive that the country is going to consume more rather than the fear of them actually scaling back.

RIN: As far as the U.S. is concerned, what I’ve been hearing a lot more is to look at the ISR producers. What’s the difference in terms of economics between the hard-rock mining and the ISR mining?

RC: The difference between the two is that for ISR mining, it is solution mining. ISR miners are able to produce at a relatively low cost because essentially what they’re doing is drilling two holes. With one hole, they’re pumping solution into the ground; basically, soda water. On the other side they’re pulling it out. In between it’s dissolving uranium, making it mobile and sucking it up. It’s kind of an elegant low-environmental-impact way of mining. Generally, it’s lower cost because there’s very little rock moving and a lot less heavy equipment to operate the mine. That being said, it generally produces lower yields.

For the U.S. ISR producers, many of the ones that are emerging, or currently running, they’re generally expected to produce anywhere between 200,000 pounds to – when they’re fully ramped up – a million, maybe 2 million pounds. That’s pretty much their limit, given the type of mining method that they’re using and the size of most ISR amenable deposits.

Hardrock miners, such as Energy Fuels, which mine underground, and potentially open-pit as well, are the larger operations. Associated with them are higher costs, but they are capable of producing at a much larger scale. Whereas ISR producers would be doing 200,000 to a million pounds, EFR could scale up to multimillions rather easily, just like any other conventional type of mining you see. Higher cost is definitely higher production potential.

RIN: Just to look a little bit at Energy Fuels (TSX:EFR, NYSEMKT:UUUU), I’ve noticed that they get a lot of attention. They’re a pretty solid-looking company. What is it that draws this attention?

RC: There are a couple of really compelling points for Energy Fuels. First off, when you look at the fact that they own the only conventional mill in the entire US, that’s an important strategic advantage. There is no other place that you can conventionally mill uranium material, other than at the White Mesa mill.

The second thing is that it has a very impressive portfolio of projects, and past producing operations to the point where even though it is not currently operating in the current low price environment, quite a few can be turned on within six month and could probably over the course of a few years be able to ramp up production to anywhere from a million to potentially even 4 to 5 million pounds per year. When the price is right, EFR can act relatively quickly and be able to produce large amounts of uranium fairly quickly, capitalizing on the higher prices.

RIN: In terms of the significance of the White Mesa mill, you mentioned they are the only conventional mill in the US. What kind of a growth potential does the mill offer the company?

RC: The growth potential is that it has a strategic advantage for any new acquisitions because it will have the best cost profile in terms of figuring out the economics of acquiring projects. What I mean by that is if a competing company was to bid for a conventional mining asset, it would still need to factor in the cost of building its own mill … or the cost of paying EFR to mill the material for them. In contrast, EFR has that already built into their cost, and that’s a huge strategic advantage, because it can process it with its own mill – there isn’t that additional cost involved.

On top of that great negotiating power, EFR will have full visibility on the supply situation, at least on the conventional side, throughout the US. That’s because everyone has to go through EFR to process their material. It gives the company good informational advantages, and strategic acquisitions advantages as well.

RIN: Will Energy Fuels be taking advantage of toll milling?

RC: Absolutely. Toll milling gives EFR great opportunities to process other material at a very nice price. Since there is no competition, those using the toll mining services really have nowhere else to go, it’s certainly a very important key for Energy Fuels.

RIN: I found a December interview with Stephen Antony where he comments that Energy Fuels offers unique exposure to the growth of nuclear energy and the resulting uranium price increase. I think we touched a little bit on this already, but can you elaborate a little bit about what he may mean by that?

RC: It’s a high-leverage play on the price of uranium because the company is a higher-cost operator. When prices are low, of course the higher cost operator will not do as well as low cost producers, but if prices go higher, the company can make the decision to produce from its various operations fairly quickly. And as I said, within six months to about a year and a half it can produce up to 4 to 5 million pounds annually, quickly taking advantage and selling to the spot market that large volume of new production.

Keep in mind, the US only produces around 4 to 5 million pounds total, so EFR could effectively double US-based production if prices rise quickly. It can go from a company that is breaking even to a company that becomes very profitable very quickly. So that’s an excellent play. On top of that, the company owns a mill, so it gets to see supply coming from other locations, and of course, change prices accordingly to capture increased demand and increased desire to use its mill. That gives the company additional leverage.

RIN: You just mentioned how much the US produces per year, roughly. Is demand expected to grow?

RC: It’s expected to be mostly sideways. With the building of the new reactor right now, it’s certainly going to be positive. Long term, we still believe that the country is going to add anywhere between eight to 15 reactors from now until 2025. Globally speaking, the US accounts for about a quarter of the world’s power consumption of uranium, so it’s the world’s number-one consumer.

In total, the country consumes about 50 million pounds of uranium and produces about 4 to 5 million pounds. Because of that, the domestic security of supply is really important. Anyone producing from the US should get a premium simply because the US needs to have secure domestic sources of this material.

RIN: I heard recently that the DOE is actually selling some of its stockpiles of uranium. Is that true?

RC: Yes, the DOE uses that material to finance other parts of corroborations. For example, they’re decommissioning an enrichment facility, and they’re partially financing it by selling their inventories. So they have been doing that. It’s anywhere between 1 to 5 million pounds per year, sometimes up to 7 million. We do factor that into our model, and it’s expected that they will continue somewhere around that range.

RIN: Is that a strategic move on their end?

RC: They have a really large supply. They can afford to sell this material to finance projects and with this era of fiscal constraint, economics now rule the the day.

RIN: They aren’t even getting the best price for it at the moment, are they?

RC: Not at all. The ideal situation is that the DOE holds onto the material and does not further flood the market with material.

RIN: Now, Energy Fuels has a few partnerships with Cameco and Sumitomo. How do those factor into the company’s model?

RC: They certainly give support given that those are two large and notable organizations that have checked the quality of EFR’s portfolio and are backing the company. That certainly lends more credibility to the company, and those are experienced investors. That’s why I certainly believe it’s a positive to see them on the shareholder register.

RIN: What should investors be on the lookout for in regards to Energy Fuels in the coming year?

RC: The key thing really is the uranium price. Once it starts moving higher, it becomes an increasingly compelling story. As general market activity picks up, because it has a mill, the company is set to do very well; it is set up to become a good consolidator of the uranium space, especially on the western side of the US.

You may also see the company opportunistically pick up some good assets, which is going to be good for the overall portfolio. Overall, it’s a good leverage play.

RIN:Well that’s I have for today. Thank you for joining me Rob.

RC: Thank you.







Editorial Disclosure: Energy Fuels is an advertising client of the Investing News Network. This interview was conducted as part of their advertising campaign. This is paid-for content.

Rob Chang did not received compensation from the company for participating in this interview.

Securities Disclosure: Vivien Diniz holds no investment interest in any of the companies mentioned.

Rob Chang and Cantor Fitzgerald hold investments in Energy Fuels.



Tags: Energy Fuels, OTCQX:EFRFF, tsx:efr, uranium market, uranium price
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Ignite Your Portfolio With This Radioactive Pair Trade: Short Uranium Resources And Long Energy Fuels
Jul 30 2013, 10:30 | about: URRE (Uranium Resources, Inc.), EFRFF.PK (ENERGY FUELS INC), includes: USU
Editor's notes: URRE's recent run-up has left it drastically overvalued and EFRFF.PK accordingly undervalued. A former hedge fund analyst who called OCLS's decline likes the combination as the market looks closer.
Alpha-Rich articles are our best money-making long and short investment ideas.
They are released exclusively to Seeking Alpha Pro users 24 hours before publication.
Learn more about Seeking Alpha Pro.

Disclosure: I am short URRE. (More...)

EFRFF Should be Trading at Conservatively 10x the Valuation of URRE

As an analyst, I will admit to having a short bias by nature in the current market. This is mainly a function of the significant run-up in the overall equity market recently, and my thinking that a market correction may be in store in the near future. That being said, I know it is a much more difficult, and oftentimes futile, effort to try and time the overall market than it is to perform the diligent fundamental analysis required to find the best companies to both invest in and to bet against. As a result, I am always scanning for what seem to be the most primed stocks both to outperform and underperform in a given sector, looking to put on both a long and short trade at the same time in the same sector. A "pair trade" allows an investor to hedge out some market risk while also allowing for the potential of outsized gains by investing with the best and betting against the worst. Some of the largest and most sophisticated investment funds, including the largest hedge fund in the world at Bridgewater Associates, have been known to use pair trades often.

I found what looks to be a perfect setup for a pair trade with the recent run-up in the share prices of several uranium stocks. Not every stock in the sector enjoyed this run-up, including what I believe to be the strongest fundamental company in the uranium sector from a valuation perspective. This is a big positive in terms of timing an investment for the long side. I will get back to this company in a moment.

Unsubstantiated, Other-worldly Stock Price Takeoff in Two Particular Uranium Stocks

The shareholders of two uranium stocks in particular enjoyed quite spectacular elevator rides up in recent weeks: USEC Inc. (USU) has gone from $2.96 on July 8th to closing at $29.02 yesterday, rising almost 900% in just three weeks. Fellow Seeking Alpha author J Mintzmyer just put out a piece yesterday on why he thinks investors should stay away from USEC at the current price.

I had looked at USU before this article, and now, even after having read it, there is one uranium company that stands out to me as a significantly better short opportunity: Uranium Resources (URRE). There are several outside factors in play that caused an unjustified double in share price over just a one week period for URRE. In some ways, URRE reminds me of another company, Oculus (OCLS), that I covered thoroughly here and here on Seeking Alpha and recommended readers to short the stock when the share price was $6. Just as fast as Oculus had risen to $6, it came back to its current share price of $2.76. I expect a similar fate for URRE once investors realize this is not the stock to be holding to get the leveraged benefit of an upside turn in the uranium market.

As previously mentioned, there is one uranium company that I have found stands particularly poised to benefit from what seems to be a consensus among analysts will be a near-term significant rise in uranium spot prices. This rise in uranium spot prices will be a product of good old-fashioned supply and demand economics. I like when investment theses can be spelled out almost as simply as these three charts help show:

Here are two charts showing the increasing demand and resulting shortage of supply in the overall uranium market:

(click to enlarge)

(click to enlarge)

Now here is a Uranium Mine Production Cost Curve put together on 2010 data from the World Nuclear Association suggesting US$40/lb is a marginal price:

(click to enlarge)

The World Nuclear Association also notes at the bottom of this chart that "the cost curve may rise steeply at higher uranium requirements." It is pretty clear from the two charts above it that the uranium requirements have already risen significantly since 2010 and are set to continue to rise even more significantly. Production will not be able to keep up with supply. The U.S. alone consumes 55 million pounds of uranium each year while producing just 5 million pounds. The company I referenced earlier that I believe to be the long in the uranium sector is responsible for 25-30% of U.S. production while having the only operating conventional uranium mill in the U.S. This company is Energy Fuels (EFRFF.PK).

Here is the chart of Energy Fuels, where you can see the price run-up prior to Fukushima in 2011 when uranium spot prices went from $40 to $70:

(click to enlarge)

Here is the uranium spot price chart showing the price run-up from $40 to $70 prior to Fukushima:

(click to enlarge)

History Repeats Itself; Smart Money Again Backing Energy Fuels

Another key thing to note regarding the 10x jump in Energy Fuels stock price shown above, in addition to the rise in uranium spot prices during the same time frame, was the smart money that invested in Energy Fuels at $0.16/share in 2010 and experienced the 10 bagger potential here firsthand. Dundee Resources acquired a 19.8% ownership interest in Energy Fuels on July 7, 2010 at $0.16 per common share, right before the stock rose to $1.40 a share. Dundee Resources is a renowned smart-money investment fund in the resource space. Ned Goodman, the CEO of Dundee, and his firm have gotten so behind Energy Fuels that his son Mark Goodman joined the board. A top investment banker in the uranium space, Graham Moylan from Goodman's own Dundee, joined the company as CFO as well. This speaks volumes about Dundee's belief in and commitment to Energy Fuels.

More importantly for us as investors today, Energy Fuels' stock is back to $0.18 per share and Dundee just invested again at $0.14 per share last month. History repeats itself and smart money gets into the beaten down sectors ahead of the curve. Now is the time to get in alongside them and ride the wave again.

This table that Dundee Securities put together is an eye-opener as well in regards to the current severe mispricing of Energy Fuels' stock:

Further Analysis and Breakdown Between URRE and EFRFF

This past week URRE was up 112% vs 6% for EFRFF in the same time period. URRE's share price performance was likely primarily a result of the Japanese upper house election results last Sunday, which many believe paves the way for the historically pro-nuclear LDP party to re-start the vast majority of Japan's 50 nuclear reactors. These reactors have been idle since the March 2011 Fukushima incident. The re-start of Japan's reactor fleet could have an even further significant impact on near-term uranium demand and uranium prices.

The outlook for uranium prices is already very bright given the robust growth projected in nuclear power worldwide, but the re-start of nuclear reactors in Japan could be an important near-term catalyst. The uranium spot price has fallen from $73 per lb. pre-Fukushima to its current level of $34.50 per lb. The U.S. is the largest nuclear power market in the world, but is heavily reliant on imported uranium for ~90% of its supply requirements. The Russia-U.S. HEU agreement, which currently supplies the U.S. with ~50% of its imported uranium, is set to terminate in November 2013. As such, many market observers, including myself, believe that it is an ideal time to look at U.S. uranium producers.

A number of investors last week went to URRE as a means to get exposure to a brighter outlook for uranium prices. Below are eight reasons why I believe investors looking for exposure to a strengthening uranium market should be buying Energy Fuels and Shorting Uranium Resources:

1. Bona Fide Uranium Production

EFRFF is a substantial U.S.-based uranium producer, the second largest in the country with guidance of 1.175m lbs of uranium production for the current fiscal year. URRE will have no uranium production in the current fiscal year. URRE will most likely have minimal (50,000-100,000 oz) to no production next year either.

2. Control of the Only Conventional Uranium Mill

EFRFF owns the only licensed, operating conventional uranium mill in the U.S., the White Mesa Mill in Blanding, Utah. It is a very costly and time consuming process to permit and build a new uranium mill in this country, creating a very significant barrier to entry in the U.S. market (currently the largest nuclear power market in the world). URRE does not have a conventional mill and therefore its conventional uranium resources are "stranded" from a production perspective, unless it can actually permit and build a new mill or negotiate access to White Mesa from EFRFF (for example through toll milling).

3. Scalability

EFRFF has a truly scalable production base that can increase as uranium prices increase through its standby mines, other development projects as well as toll milling opportunities. URRE's potential production from its ISR projects is comparatively smaller with less scale.

4. Quality Uranium Sales Contracts with Utilities

EFRFF will deliver ~1 million lbs of uranium in its current fiscal year pursuant to contracts with three different utilities at a realized price of $56 per lb, a 60%+ premium to the current spot price. A key consideration for utilities when entering into long-term uranium supply contracts is security of supply. URRE has two contracts with foreign trading houses that have realized prices based on discounts to either the quoted uranium spot or long-term prices.

5. Analyst Coverage and Target Prices

According to Bloomberg, EFRFF has four covering analysts with an average target price of $0.3775, a 102% premium to yesterday's closing price. URRE only has coverage from one analyst with a price target of $3.90, a discount of 27% to yesterday's closing price.

6. Acquisition and Growth

EFRFF is growing. EFRFF is in the process of a major acquisition of Strathmore Minerals (STM-T, STHJF-OTCQX) which presents numerous operational synergies and greatly enhances EFRFF's production scalability. URRE recently announced significant cost-cutting efforts and in its most recent 10-Q indicated that it will likely need to issue equity pursuant to an ATM share offering program over the next 12 months to meet its funding requirements. This means shareholders are facing likely large dilution in the near-term.

7. Key Strategic Partner

KEPCO is Energy Fuels' (and Strathmore's) largest shareholder and is supporting Energy Fuels' acquisition of Strathmore (as announced last week). KEPCO invested $8 million in Strathmore in 2012 to develop Strathmore's Gas Hills project in Wyoming. There could be significant synergies between Strathmore`s Gas Hills project and its Sheep Mountain project in Wyoming which are only 28 miles apart. In 2012, Energy Fuels released a Pre-Feasibility Study on Sheep Mountain which described attractive project economics under three separate production scenarios, with the preferred scenario having a Net Present Value of $201 million (using a 7% discount rate and $65/lb. uranium price) and a production rate of up to 1.5 million lbs. per year and an initial mine life of 15 years.

Conclusion

M&A activity has picked up in the uranium market, which can typically signal a market bottom as major players eye value in the space. I believe Energy Fuels offers the best combination of limited downside in current market conditions and leveraged upside to rising prices in the Uranium spot price market. On the other end of the spectrum, Uranium Resources has significant downside risk, particularly after its share price just doubled in a week and there is the near-term likelihood of the company accessing its available $9 million in share value under ATM. Its future looks far bleaker as well in terms of any potential upside with no current or near-term production.

Upon completion of the Strathmore acquisition, Energy Fuels will have a fully diluted market cap of $180 million at its current share price. Uranium Resources currently supports a $110 million market cap. Being conservative, based upon Energy Fuels' current production of ~1 million pounds of uranium per year and an optimistic projection for Uranium Resources of 100,000 pounds of uranium next year, in addition to everything else discussed in this article, Energy Fuels should be trading at 10x the valuation of Uranium Resources.

I believe a pair trade of going long Energy Fuels and short Uranium Resources is the ideal way to play the uranium sector.

Additional disclosure: I am long EFRFF
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http://seekingalpha.com/article/1583262-ignite-your-portfolio-with-this-radioactive-pair-trade-short-uranium-resources-and-long-energy-fuels?source=google_news

Denison finalizes $110M deal to sell U.S. assets to Energy Fuels
By The Canadian Press | May 24, 2012
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TORONTO - Denison Mines Corp.(TSX:DML) has reached a definitive agreement to spin off its U.S. assets in a mostly stock deal that will see its shareholders receive a controlling interest in fellow uranium miner Energy Fuels Inc. (TSX:EFR).

Under terms of the stock-swap deal valued at more than $100 million, Energy Fuels will issue a promissory note and a nominal amount of cash to acquire Denison's U.S. mining assets and operations as well as all of the inter-company debt between Denison and the U.S. mining division.

Toronto-based Energy Fuels will later pay off the note by issuing some 425.4 million common shares to Denison's shareholders, who will then own about 66.5 per cent of the stock in Energy Fuels.

Based on Wednesday's closing price of 26 cents per Energy Fuels share, the deal would have a value of about $110 million.

The arrangement, which is subject to shareholder and regulatory approval, also calls on the parties not to solicit competing offers and provides the right to match any superior proposal. A reciprocal break fee of $3 million is payable under certain circumstances.

In the past, analysts have said that Denison, by divesting its U.S. assets and operations, would make itself a more attractive takeover prospect.

Back in April, RBC Capital Markets analyst Adam Schatzker said the U.S. operations "acted as a poison pill for potential acquirers."

"The U.S. assets suffered from unpredictable grades, fluctuating production and high cash costs," Schatzker wrote in a note to clients.

"While they offered investors financial leverage through high operating costs, they were likely not attractive to more senior mining companies. On the other hand, the Canadian assets, located in the heart of one of the top uranium camps in the world, offer the potential for world-class discoveries."

Energy Fuels president and CEO Steve Antony said at the time that the proposed deal would be transformational for his company and reshape the landscape of the uranium sector in the United States.

"It combines the highly strategic asset of the only operating uranium mill in the U.S., White Mesa, with a significant resource base that substantially increases White Mesa's available feedstock."

"The result is an unmatched production growth profile and the opportunity for both Energy Fuels and Denison shareholders to benefit from the clear operational synergies that result from this transaction.''


http://www.canadianbusiness.com/article/85353--denison-finalizes-110m-deal-to-sell-u-s-assets-to-energy-fuels

Small Uranium Stocks Tempt Major Players
Companies / Uranium May 09, 2012 - 01:53 AM

By: The_Energy_Report

Companies

Best Financial Markets Analysis ArticleInvestors may still be holding their breath, but larger mining companies aren't waiting around for the price of uranium to go up. No, indeed, they are buying smaller companies on the cheap. In this exclusive interview with The Energy Report, Equity Research Analyst Rob Chang of Versant Partners makes his case for deep value and discusses his favorite plays. With or without Germany and Japan, life goes on for uranium producers.

The Energy Report: Fourteen months after the fact, the biggest story in uranium is still the tsunami that struck Japan and destroyed four nuclear reactors at the Fukushima Daiichi nuclear power station. Japan is attempting to eradicate its dependency on nuclear energy. Are any plants still operating? Will all reactors be shut down in the near future?

Rob Chang: My numbers indicate that there are 50 reactors in Japan in total with only one still operating, and that last one is scheduled for a regular maintenance shutdown in early May. Since the Fukushima disaster occurred, every reactor that has been turned off for routine maintenance has not been permitted to restart. By mid-May, Japan will no longer run on nuclear power at all.

TER: There is a huge rise in carbon emissions in Japan, where fuel oil consumption for power production has doubled. Are drastically increased emissions likely to affect policy decisions in Japan, Germany or elsewhere?

RC: The carbon emissions are certainly growing. For Japan and Germany, an incredible rise is expected. There was an estimate that over the next few years, the increase in CO2 for Germany alone will be between 170–400 million tons (Mt) of additional CO2, which completely contradicts the country's previous goals. The populations and governments of these two countries are currently putting carbon emission concerns behind their fears of nuclear power. Germany is aggressively following its anti-nuclear power path while moving toward renewables and using other sources of power, such as natural gas, which unfortunately does generate a lot of CO2. Whether the country decides to go back to its original commitment of reducing CO2 emissions or to stay the path of avoiding nuclear at all costs will certainly be an issue, considering that alternative energy sources can't yet meet their energy demands.

TER: It sounds like there could be some very interesting alternative plays emerging from Germany and Japan's planned energy shifts, as both countries have large economic bases.

RC: That's the goal for both countries, to move toward alternative energy, which includes solar, wind power, hydro and geothermal. The problem with that is none of these can really provide a consistent form of baseload power. With solar, if you get a sustained period of darkness, you're going to have problems. You could also have a lack of wind, or a lack of suitable locations to build dams to generate hydro-electric power. As for geothermal, Japan has some capacity, but studies show that it's not enough to fully replace nuclear.

TER: What are the predominant, global sources of baseload energy?

RC: Baseload sources of power, those that are available at all times, include natural gas, coal and nuclear. Of the three, only one is zero-carbon emitting after being built, and that would be nuclear power. That's the big argument in favor of nuclear power. It is pretty much the only source of baseload power that solves all of the problems in terms of carbon emissions, low-cost power production and being relatively safe outside of the potential of nuclear meltdowns. Even when we look at Fukushima, it's really more about fear than reality. Nuclear power is still quite safe.

TER: Rob, you said nuclear is low-cost compared to other forms of energy. Tell me more.

RC: The costs of operating a nuclear power plant after it's already been built are probably the lowest among all energy sources. If you look at it in terms of alternative energy, which are heavily government-subsidized forms of power, it's actually very expensive to run those projects. On top of that, you still have the additional not-in-my-backyard problems for wind farms, which many people dislike. Although alternative forms of energy sound like a great option, nuclear power makes a lot more sense.

TER: Looking at a chart, uranium seems to have some support at about $50/pound (lb), and it seems to be in a trading range now with resistance at around $55/lb. That looks like a consolidation pattern to me.

uranium

RC: I'm more of a fundamentals analyst than a technical analyst, but I do observe the same patterns that you're seeing. It seems like it's trading in that range primarily because of near-term supply and demand fundamentals. Two, three or five years from now, if mine production schedules go the way they're supposed to, we should be in balance, with maybe even a slight surplus.

TER: Where is new supply coming from?

RC: The three primary mines that are coming online that are expected to meet upcoming demand are Cigar Lake in the Athabasca, run by Cameco Corp. (CCO:TSX; CCJ:NYSE), the expansion of Olympic Dam by BHP Billiton Ltd. (BHP:NYSE; BHPLF:OTCPK) in Australia and the Imouraren mine that's run by AREVA (AREVA:EPA) in Niger. Together, these make up the bulk of the upcoming supply that's theoretically supposed to balance the increase in demand. That's assuming the World Nuclear Association's best-case scenario, as presented last year, unfolds. Demand may be lower or higher, but it does take into account the shutdowns in Japan and Germany.

TER: Does this consolidation pattern have anything to do with the acquisitions we've been seeing in the industry?

RC: I can't really say it is definitely a consolidation pattern. But when you are seeing consolidation in the industry, you generally see it in the low parts of the market when larger firms can see value in other firms and believe that their prices are going to go up and markets are going to be better. They might as well buy now when it's cheap and get bigger. We are certainly seeing that now, and we have been seeing that for the last two years. In my opinion, we're going to see more of it going forward.

We've seen some pretty nice ones—the Chinese buying Extract Resources Ltd. (EXT:TSX; EXT:ASX), Fission Energy Corp. (FIS:TSX.V; FSSIF:OTCQX) getting Pitchstone Exploration Ltd. (PXP:TSX.V) and now Energy Fuels Inc. (EFR:TSX) acquiring the U.S. assets of Denison Mines Corp. (DML:TSX; DNN:NYSE.A). These represent a lot of very positive signs for the industry because usually when you see consolidation, it signals the bottom in most industries. It looks as though we may be seeing that as well here.

TER: What about uranium price? Will it remain weak, as it is now at $50–55/lb.?

RC: It could, unless we have a catalyst. Right now, it seems like a very comfortable range for uranium. The main catalysts that many are waiting for is Japan's possible decision to restart its nuclear reactors. Once that happens, I would bet that we would see a run-up in the spot price. How far up it goes will be tough to say. It will entirely depend on how aggressive the nuclear roll-out or re-ignition occurs in Japan. For most of us, we believe that it's not a matter of if, but when the reactors are restarted. The government has already decided that it needs to. It's more a matter of getting the locals and the mayors in the areas to sign off on it. But once that happens, we should see the price go up.

TER: What is your price forecast?

RC: I believe uranium prices will rise a little bit, from here at least. For 2012, we're expecting an average price of $55/lb.

TER: If it rose above $55/lb, would that create a secular bull trend in uranium equities?

RC: I believe so. The uranium equities have been moving higher over the last six to eight months, primarily based on the fundamentals despite the fact that the uranium price hasn't moved. I fully recognize that they've come off highs from January and February, but overall they're still up relative to the Fukushima event. I believe that as the uranium spot price moves higher, there will certainly be more interest in the uranium equities.

TER: What names are you recommending to investors?

RC: The three names that we cover are Energy Fuels, Fission Energy and Kivalliq Energy Corp. (KIV:TSX.V). We still are very bullish on all three.

TER: Ok, let's take Energy Fuels first.

RC: As you know, Energy Fuels acquired the U.S. assets of Denison Mines, but Denison has been getting most of the publicity because it is basically cleaning itself up to be acquired by Rio Tinto (RIO:NYSE; RIO:ASX) for its Athabasca assets. However, people should be recognizing Energy Fuels as a big winner given that it has established itself as the premier producer in the U.S. That's pretty significant, because the U.S. is the largest consumer of uranium. The U.S. consumes over 50 million pounds (50 Mlb), but it only produces 4 Mlb/year. So there's a massive shortfall between U.S. demand and supply. Security of supply is always going to be important for power generation.

Another thing is that Energy Fuels acquired the White Mesa mill from Denison, which allows it to put its Energy Queen and Whirlwind mines into production. Those are two turn-key mines that could be turned on within a year of the production decision. Those two mines are basically on pause while Energy Fuels clears all of the permitting and rebuilding hurdles for the Piñon Ridge mill, but now that it has acquired the White Mesa mill, it no longer needs to wait for Piñon Ridge. It can just go and process everything through there. So, unlocking those two mines will allow it to produce over 1 Mlb/year in the U.S. and provide immediate upside. There aren't that many producers out there, and Energy Fuels is a new producer on the block. I can see the company commanding a premium once the dust settles.

TER: Your target price on Energy Fuels is $1.10, which is an implied 300% return from here. Do you believe that startup of these two turn-key mines is going to be the catalyst for that kind of move?

RC: It's one of many catalysts. It's a near-term producer now, so that is also factoring the net asset value (NAV) of the production coming from those mines. It factors in all revenue streams coming into the company. The reason why, in my opinion, Energy Fuels has been trading this low is that uranium has been out of favor and Energy Fuels has been viewed previously as a developer that was not producing and still needed a permit. These hurdles have been addressed, improved upon or eliminated. I think once people give Energy Fuels a good hard look, they will realize it's significantly undervalued.

The overall market has been pretty negative, so investors are pretty reluctant to deploy capital. And they generally prefer producing companies that are large and subsequently safer. Energy Fuels has historically been a developer, but will be a producer after the deal closes. For this combination of reasons, it is not moving up as much as it should be. I believe that this is temporary and when sanity returns to the market, Energy Fuels will rise.

TER: What about Kivalliq?

RC: Kivalliq has the highest grades of any uranium company outside of the Athabasca Basin, 0.69% U3O8. The global median for U3O8 grades is 0.07%. So at 0.69%, Kivalliq is actually one decimal spot to the left of the global median. Kivalliq is located in Nunavut, which does present some challenges given there is little infrastructure in the area. However, the company already has 27 Mlb of this high-grade uranium near the surface. It has the potential of getting a lot more. There is the possibility that it could grow this to a +100 Mlb resource with the proper time and drilling. This makes Kivalliq a very interesting company. Another reason to like this company is that to the northeast of it, AREVA is developing the Kiggavik uranium deposit, which is a +100 Mlb uranium deposit. AREVA is way ahead of Kivalliq in terms of exploration/development, and there may be some synergies involved there in terms of Kivalliq being able to use AREVA's infrastructure builds. So I'm very positive on Kivalliq.

TER: Kivalliq has been weak for the past month. Does that make it even more interesting to you? Do you see it as a deep value currently?

RC: Absolutely. I have $1.10 target price for Kivalliq as well. That's about 150% of upside from here. So I believe there is lots of upside.

TER: Your third pick was Fission.

RC: I really like Fission Energy. This is in the Athabasca Basin, located right next door to Hathor Exploration, which is now Rio Tinto's Roughrider deposit. In fact, the western extension of the Roughrider deposit actually goes over the border into Fission's territory. If Rio Tinto was to ever develop this, it would make a lot of sense to develop that little nub that goes over the border. There's no reason for Rio Tinto to stop right at the property line. A few meters to the west of that is Fission Energy's J Zone deposit, which has an initial NI 43-101-compliant resource of 9 Mlb that it announced earlier this year. It would make a lot of sense for anyone, like Rio Tinto, wanting to consolidate the region, to buy Fission Energy next door as well as Denison's and AREVA's assets. Within a 5 kilometer (km) area, there is already more than 110 Mlb of uranium. So it would make a lot of sense for one company just to consolidate the whole region.

TER: An acquisition certainly does not look to be baked into Fission's stock price.

RC: It was previously. Fission traded over $1 at one point in November, when Hathor was being acquired. It's the classic situation where investors buy on the potential and when it doesn't happen immediately, they give up and sell. It is further exacerbated by the fact that we have a negative market in general.

Even though you've seen Fission drift lower, the story hasn't fundamentally changed. If anything, it is closer to actually happening now than it was right after Rio Tinto bought Hathor. I haven't seen many scenarios where an acquiring company buys Company A and immediately turns around and buys Company B. They generally take some time in between to digest the acquisition or do more work. So, if anything, now would probably be a better time to buy Fission.

Another reason Fission has drifted down is that many expect Rio Tinto to acquire Denison first given that it's larger, and then turn its attention to Fission last, or after AREVA. So maybe it's more of a timing issue and people would get back into Fission when they see more activity in the basin and because they could see a bid for Denison.

TER: What are some other names you like?

RC: Uranerz Energy Corp. (URZ:TSX; URZ:NYSE.A) is a near-term producer. It is scheduled to produce by the end of this year, which would make it the next uranium producer in the world. It is located in the Powder River Basin in Wyoming. It has pretty high grades as far as in situ recovery (ISR) mining goes. It's an ISR miner, which means it uses injection wells and pumps the solution out of the ground. It is a low-cost operation similar to that of Uranium One Inc. (UUU:TSX) in Kazakhstan and some of the assets that Cameco has in the U.S. Uranerz is also run by one of the best management teams that I've come across in the uranium space. Given that it's a near-term producer, I am very positive on Uranerz for the same reason I feel that Energy Fuels is a bigger deal than what the market is giving it credit for.

Another name that I've very positive on is U3O8 Corp. (UWE:TSX.V). It is basically a South American consolidator of uranium assets, with assets in Colombia, Argentina and Guyana. I had the opportunity to visit all three. The flagship property is in Colombia, where it has decent grades. It looks like it there will be a suite of metals that the company can extract. In fact, it believes it can economically extract other metals such as molybdenum, vanadium, some rare earths and phosphate. Its asset in Guyana could be another Athabasca Basin.

TER: Many thanks to you, Rob.

RC: I've enjoyed it. Thank you for having me back.

Versant Partners Analyst Rob Chang has extensive financial markets experience dating back to 1995. He helped run a multistrategy hedge fund, worked in base metals research at BMO Capital Markets, managed resource funds at a boutique investment management firm and was a global mining equity analyst at an independent investment bank.

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DISCLOSURE:
1) George S. Mack of The Energy Report conducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of The Energy Report: Fission Energy Corp., Uranerz Energy Corp. and Energy Fuels Inc.. Streetwise Reports does not accept stock in exchange for services.
3) Rob Chang: I personally and/or my family own shares of the following companies mentioned in this interview: From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

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PRESS RELEASE
April 16, 2012, 5:16 p.m. EDT
Energy Fuels Inc. and Denison Mines Corp. Announce Transaction to Create Leading U.S. Uranium Company

TORONTO, ONTARIO, Apr 16, 2012 (MARKETWIRE via COMTEX) -- Energy Fuels Inc. ("Energy Fuels" or "EFR") CA:EFR -7.27% and Denison Mines Corp. ("Denison" or "DML") CA:DML -3.91% DNN -2.25% today announced that they have entered into a Letter Agreement to complete a transaction (the "Transaction") whereby EFR will acquire all of Denison's mining assets and operations located in the United States (the "US Mining Division") from Denison in exchange for 425,441,494 common shares of EFR (the "EFR Share Consideration"). Immediately following the closing of the Transaction, Denison will complete a Plan of Arrangement (the "Denison Arrangement") whereby Denison will complete a reorganization of its capital and will distribute the EFR Share Consideration to DML shareholders on a pro rata basis as a return of capital in the course of that reorganization. Upon completion of the Denison Arrangement, Denison shareholders will receive approximately 1.106 common shares of EFR for each common share of DML owned and will in aggregate own approximately 66.5% of the issued and outstanding common shares of EFR.

Energy Fuels and Denison believe that the Transaction and the Denison Arrangement will provide a number of substantial benefits for shareholders of both companies, including the following:




-- Creation of the largest 100% U.S. pure-play uranium producer and one of
the largest holders of National Instrument 43-101("NI 43-101") compliant
U.S. based uranium resources.
-- 2012 production forecasts totaling greater than 25% of total U.S.
estimated production.
-- Measured and Indicated Resources of 49.8 million lbs of U3O8, plus
Inferred Resources of 17.9 million lbs of U3O8.
-- U.S. focus provides compelling fundamentals: domestic consumption of 55
million lbs of U3O8 per year vs. domestic production of only 4 million
lbs of U3O8 per year.
-- Clear operational synergies and capital efficiencies to increase
production.
-- Combination of mining and development assets which will accelerate the
rate of development of EFR mines, provide higher throughput of mill
feed, and extend the number of years of production at the White Mesa
Mill.
-- EFR's Sheep Mountain Project is an advanced-stage development asset
which provides flexibility to bring an additional 1.5 million lbs per
year of U.S.-produced U3O8 on-line.
-- Creation of a strategic platform for continued uranium consolidation
within the U.S.
-- Substantial vanadium by-product from the White Mesa Mill and Colorado
Plateau Properties, where historic uranium to vanadium ratios have
averaged approximately 5:1.
-- Combined management expertise, with decades of combined uranium mining
and processing experience.
-- DML shareholders to benefit from the division of two distinctly
different business profiles as well as exclusive management focus on
exploration and development, such as DML's high-profile Wheeler River
project in the Athabasca Basin region of northern Saskatchewan and its
Mutanga project in Zambia.




Steve Antony, President and CEO of Energy Fuels commented, "This transaction is transformational for Energy Fuels and reshapes the landscape of the uranium sector within the U.S. It combines the highly strategic asset of the only operating uranium mill in the U.S., White Mesa, with a significant resource base that substantially increases White Mesa's available feedstock. The result is an unmatched production growth profile and the opportunity for both Energy Fuels and Denison shareholders to benefit from the clear operational synergies that result from this transaction. I look forward to working with Denison's U.S. team to maximize the benefits of this important combination."

Ron Hochstein, President and CEO of Denison added, "This transaction is an important step forward for Denison. The Company has evolved on two parallel but different tracks, being both an exploration and development entity with a global footprint and an established producer in the United States. We are pleased to have the opportunity to combine our U.S. operations with such a complimentary set of assets and people. I'm excited about the opportunities that lie ahead for both Denison and Energy Fuels shareholders and believe that this transaction only serves to strengthen the operations of both companies."

Transaction Details

Pursuant to the Letter Agreement, the parties have agreed to enter into exclusive negotiations with a view to entering into a definitive agreement in respect of the Transaction (the "Arrangement Agreement"). The execution of the Arrangement Agreement is subject to the following conditions:




(a) Korea Electric Power Corporation ("KEPCO") shall have waived its right
of first opportunity provided for in the strategic relationship
agreement dated as of June 15, 2009 among Denison, KEPCO and a
subsidiary of KEPCO, or the 30-day period for exercising such right
shall have expired without KEPCO exercising right;
(b) the entering into of support agreements with all directors and
officers of Denison, who own shares of Denison, and Zebra Holdings and
Investments S.a.r.l. and Lorito Holdings S.a.r.l.;
(c) the entering into of support agreements with all directors and
officers of Energy Fuels, who own shares of Energy Fuels, and with the
three largest shareholders of Energy Fuels;
(d) the prior approval by the boards of directors of each of Denison and
Energy Fuels;
(e) there shall not have been any event or change that has had or would be
reasonably likely to have a material adverse effect on the business,
operations, results of operations, prospects, assets, liabilities or
financial condition of the U.S. Mining Division and of the Energy
Fuels group taken as a whole.




The three largest shareholders of Energy Fuels, Dundee Resources Ltd., Pinetree Capital Ltd. and Mega Uranium Ltd. who collectively own approximately 22.7% of Energy Fuels' outstanding common shares, have indicated their willingness to enter into support agreements in respect of the Transaction. Zebra Holdings and Investments S.a.r.l. and Lorito Holdings S.a.r.l., which combined are one of the largest shareholders of Denison, owning approximately 9.9% of Denison's outstanding commons shares, have also indicated their willingness to enter into support agreements in respect of the Transaction.

At its shareholder meeting to approve the Transaction, Energy Fuels also expects to seek shareholder approval to implement a 10-for-1 consolidation of its common shares.

Following execution of the Arrangement Agreement, it is anticipated that completion of the Transaction will be subject to the following additional conditions:




a) approval of the Denison Arrangement by Denison shareholders;
b) approval of the issuance of the EFR Share Consideration as part of the
Transaction by Energy Fuels shareholders;
c) court approval of the Denison Arrangement;
d) receipt of third party approvals and consents; and
e) receipt of all required regulatory approvals, including acceptance by
the Toronto Stock Exchange.




The Letter Agreement contains customary deal protection mechanisms, including a reciprocal break fee of Cdn$3.0 million payable in certain circumstances, non-solicitation provisions and a right to match any superior proposal.

Completion of the Transaction is subject to a number of conditions and contingencies, many of which are beyond the control of Denison and Energy Fuels. These conditions include the entering into of definitive agreements, receipt of third party and regulatory approvals, receipt of shareholder and court approval, and the absence of any material adverse changes. Although it is the intention of Denison and Energy Fuels to proceed as expeditiously as possible toward completion of the Transaction and the Denison Arrangement, there can be no guarantee that these transactions will be completed.

Advisors and Counsel

Dundee Securities Ltd. is acting as financial advisor to Energy Fuels and its board of directors, and has provided a verbal opinion to the effect that, as of the date hereof, the consideration offered to Denison by Energy Fuels is fair, from a financial point of view, to Energy Fuels. Dundee Securities Ltd. and Dundee Resources Ltd. are wholly-owned subsidiaries of Dundee Corporation. Borden, Ladner and Gervais LLP is acting as legal advisor to Energy Fuels.

Haywood Securities Inc. is acting as financial advisor to Denison and its board of directors, and has provided an opinion to the effect that, as of the date hereof and subject to the assumptions, limitations and qualifications set out therein, the consideration to be received by shareholders of Denison is fair, from a financial point of view, to shareholders of Denison. Blake, Cassels & Graydon LLP is acting as legal advisor to Denison.

Conference Call

Energy Fuels and Denison will be hosting a conference call on Tuesday, April 17, 2012 starting at 10:30 a.m. (Toronto time) to discuss the Transaction. The call will be available live through a webcast link on Energy Fuels website ( www.energyfuels.com ) and Denison's website ( www.denisonmines.com ), and by dialing 1-888-789-9572 (toll free) or 416-695-7806. A recorded version of the conference call will be available for playback approximately two hours following the conclusion of the call by dialing 905-694-9451 or 800-408-3053 (password:6637859). The presentation will also be available at www.energyfuels.com and www.denisonmines.com .

Overview of EFR and Denison's U.S. Mining Division

Energy Fuels Inc.

Energy Fuels Inc. is a uranium and vanadium mineral development company. The Company recently acquired Titan Uranium Inc., including the Sheep Mountain Project in the Crooks Gap District of Wyoming. The Company also received a Final Radioactive Materials License from the State of Colorado for the proposed Pinon Ridge Uranium and Vanadium Mill in March 2011. The mill will be the first uranium mill constructed in the United States in over 30 years.

With about 61,000 acres of highly prospective uranium and vanadium properties located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, as well as exploration properties in Saskatchewan's Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned subsidiaries, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals.

On March 1, 2012, Energy Fuels announced an updated Preliminary Feasibility Study for Sheep Mountain. The study contemplates the concurrent development of the underground and open pit deposits for a 15 year mine life. This option generates a pre-tax Internal Rate of Return (IRR) of 42% and a Net Present Value (NPV) of US$201 million, at a 7% discount rate and a $65/lb long term U3O8 price. This option has an expected initial CAPEX requirement of US$109 million and OPEX of US$32.31 per lb. recovered. The Sheep Mountain project is currently at an advanced stage of permitting. Production is expected to commence in 2015, with a peak production rate of 1.5 million lbs U3O8 per year.

The Sheep Mountain Project contains an Indicated Resource of 12,895,000 tons at an average grade of 0.12% eU3O8 (30,285,000 lbs eU3O8). This figure includes Probable Reserves of 7,453,000 tons at an average grade of 0.123% eU3O8 (18,365,000 lbs eU3O8). Energy Fuels' Colorado Plateau properties additionally contain Measured & Indicated Resources of 1,951,486 tons at an average grade of 0.24% eU3O8 and 0.89% V2O5 (9,371,821 lbs eU3O8 and 34,862,116 lbs V2O5).

The technical information in this news release regarding the Sheep Mountain Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from Preliminary Feasibility Study for Sheep Mountain dated April 13, 2012 which is filed on EFR's SEDAR profile and is available for viewing at www.sedar.com .

Stephen P. Antony, President and CEO of Energy Fuels, is Energy Fuels' Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information related to EFR's assets contained in this release.

Denison's U.S. Mining Division

All of Denison's U.S. assets are held directly or indirectly through its wholly-owned subsidiary Denison Mines Holdings Corp. ("DMH"). DMH holds its uranium mining and milling assets through subsidiaries, as follows:




-- the White Mesa Mill, a 2,000-ton per day uranium and vanadium processing
plant near Blanding, Utah through Denison White Mesa LLC;
-- the Colorado Plateau mines, straddling the Colorado and Utah border,
through Denison Colorado Plateau LLC;
-- the Daneros uranium mine in the White Canyon district of southeastern
Utah, and other exploration properties through Utah Energy Corporation;
-- the Arizona Strip properties through Denison Arizona Strip LLC;
-- the Henry Mountains uranium complex in southern Utah and other
exploration properties through Denison Henry Mountains LLC; and
-- miscellaneous properties through Denison Properties LLC.




All of the U.S. properties are operated by Denison Mines (USA) Corp., a wholly-owned subsidiary of DMH.

Denison's White Mesa Mill in Utah is the only conventional uranium mill currently operating in the U.S. It is fully licensed and permitted to process 2,000 tons per day, producing up to 8 million lbs of uranium per year. A vanadium co-product recovery circuit allows for the processing of vanadium ore within the Colorado Plateau mines and its central location allows for hauling of uranium ore from Arizona, Utah, Colorado, and New Mexico.

The Arizona Strip has higher grade production from breccia pipes. The Arizona 1 mine is currently producing with a track-record of resource replacement. A second mine (Pinenut) is expected to open in 2012. Shaft sinking is expected to begin at the Canyon mine in the fourth quarter 2012, pending regulatory approval, and the EZ1 & EZ2 properties are progressing through permitting.

The Henry Mountains Complex in Utah consists of the Bullfrog and Tony M deposits and represents Denison's largest resource in the U.S. (12.8 million lbs Indicated Resources, 8.1 million lbs Inferred Resources). Currently the complex is on care and maintenance. It was fully permitted in September 2007 and has excellent infrastructure, access, and is production ready. Haulage to the mill is along County and State highways.

The technical information in this news release regarding the Henry Mountains Complex was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from the technical reports prepared for DML titled "Technical Report on the Tony M-Southwest Deposit, Henry Mountains Complex, Utah, USA" dated March 19, 2009, and "Technical Report on the Henry Mountains Complex Uranium Project, Utah, U.S.A." dated October 17, 2006, which are filed on Denison's SEDAR profile and are available for viewing at www.sedar.com .

Ron Hochstein, President and CEO for Denison, is Denison's Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information related to Denison's U.S. Mining Division contained in this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information relating to the proposed Transaction between Energy Fuels and Denison, the benefits and synergies of the Transaction, future opportunities for the combined company and any other statements regarding Energy Fuels' and Denison's future expectations, beliefs, goals or prospects constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in this news release that are not statements of historical fact (including statements containing the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond Energy Fuels' and Denison's ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation: the parties' ability to consummate the Transaction; the conditions to the completion of the Transaction, including the receipt of shareholder approval, court approval or the regulatory approvals required for the Transaction may not be obtained on the terms expected or on the anticipated schedule; the ability of the parties to agree to terms on the definitive agreements relating to the Transaction; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the Transaction; the volatility of the international marketplace; and other risk factors as described in Energy Fuels' and Denison's most recent annual information forms and annual and quarterly financial reports.

Energy Fuels and Denison assume no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in Energy Fuels' and Denison's respective filings with the various provincial securities commissions which are available online at www.sedar.com . Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of each of Energy Fuels and Denison relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.

CAUTIONARY NOTE REGARDING TECHNICAL DISCLOSURE

This news release and the information contained herein does not constitute an offer of securities for sale in the United Sates and securities may not be offered or sold in the United States absent registration or exemption from registration. The terms "Inferred Resources", "Indicated Resources", "Measured Resources", "Mineral Resources" and "Probable Reserves" used in this news release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "Mineral Resources", Measured Resources", "Indicated Resources", "Inferred Resources" and "Probable Reserves" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources or Probable Reserves will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an Inferred Resource exists, or is economically or legally mineable. Accordingly, information regarding resources and reserves contained or referenced in this news release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.

This news release and the information contained herein does not constitute an offer of securities for sale in the United Sates. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.




Contacts:
Energy Fuels Inc.
Stephen P. Antony
President & CEO
(303) 974-2140
s.antony@energyfuels.com

www.energyfuels.com
Denison Mines Corp.
Ron Hochstein
President & CEO
(416) 979-1991 x232
rhochstein@denisonmines.com

www.denisonmines.com




SOURCE: Denison Mines Corp. and Energy Fuels Inc.



mailto:s.antony@energyfuels.com

http://www.energyfuels.com mailto:rhochstein@denisonmines.com

http://www.denisonmines.com


Copyright 2012 Marketwire, Inc., All rights reserved.

http://www.marketwatch.com/story/energy-fuels-inc-and-denison-mines-corp-announce-transaction-to-create-leading-us-uranium-company-2012-04-16

Energy Fuels Reports on Sage Plain Project Exploration and Development Activities

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2012) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") today provided an update on recent drilling, technical reports, and development activities at the Company's new Sage Plain Project ("Project") located in San Juan County, Utah and San Miguel County, Colorado, about 20 miles northeast of Monticello, Utah. As has been previously reported in several press releases over the last year, Energy Fuels has been assembling a significant land package, largely contiguous, in the Project area. The Project will be the 3rd and 4th uranium and vanadium mines owned or controlled by Energy Fuels. The Project is being developed by Colorado Plateau Partners LLC ("CPP"), a 50:50 joint venture between subsidiaries of Energy Fuels and Aldershot Resources Ltd. of Vancouver, B.C.

The Sage Plain Project consists of 5,635 acres, including about 1,680 acres of fee land, 2,013 acres of Utah State School and Institutional Trust Lands, and 1,942 acres of unpatented mining claims on land managed by the U.S. Bureau of Land Management ("BLM"). This area is located in the southern extension of the Uravan Mineral Belt, which is characterized by vanadium-to-uranium ratios in excess of 6:1.

Most of the Project and all of surface disturbance will be located in Utah, with a small portion of the underground workings extending into Colorado. There are two historic uranium-vanadium mines within the project area, the Calliham Mine and the Sage Mine. These two historically productive mines have been idle for about 20 years. Both mines were operated by Atlas Minerals in the 1970's and 1980's. The Calliham Mine was acquired by Umetco Minerals, who operated the mine briefly in the early 1990's. Both mines ceased production due to depressed metal prices, not resource depletion.

Drilling:

In the Fall of 2011, CPP conducted two drilling programs in the Project area for the purpose of verifying historic drilling and map data. Seven holes were drilled on the Sage claims, and ten holes were drilled near the Calliham mine. This drilling successfully confirmed the accuracy of the historic data and increased the historic mineral resource totals. Previous drilling had been performed on the Calliham and Sage Mines by several operators, namely Hecla, Atlas Minerals, Pioneer, and Truchas. These companies drilled approximately 1,349 holes within the Project boundary.

Recent NI 43-101 Technical Report:

As a result of this drilling and additional data analysis, CPP filed a NI 43-101 technical report in December which supports the presence of 642,971 tons of Measured and Indicated Mineral Resource in the Project area with an in-place grade of 0.22% U3O8 and 1.39% V2O5 (2,833,795 lbs. U3O8 and 17,829,289 lbs. V2O5). Additionally, Inferred Mineral Resources are estimated at 49,136 tons with an in-place grade of 0.184% U3O8 and 1.89% V2O5 (181,275 lbs. U3O8 and 1,854,034 lbs. V2O5).

Energy Fuels' share of the combined Project Measured and Indicated Mineral Resources is 439,093 tons containing 1,975,704 lbs. U3O8 (0.225% U3O8) and 12,224,227 lbs. V2O5 (1.39% V2O5). Energy Fuels' portion of Inferred Mineral Resources is 24,568 tons containing 90,638 lbs. U3O8 (0.184% U3O8) and 927,017 lbs. V2O5 (1.89% V2O5).

Under the CPP joint venture agreement, Energy Fuels will be the operator of the Sage Plain Project. It is anticipated that the uranium and vanadium resource will be milled at Energy Fuels' proposed Piñon Ridge Mill, approximately 76 road miles away.

Current Development Status:

Currently, the Project is transitioning from exploration to development, and with that transition, Energy Fuels has assumed the Project operator role. CPP initiated permitting on both the Calliham and the Sage Mine in the Fall of 2011. The primary agency for the mine permits is the Utah Department of Oil Gas and Minerals ("DOGM"). Surface mapping has been completed, along with topsoil sampling and groundwater sampling. Consultants are being evaluated to support the permitting team.

The Energy Fuels team has enjoyed considerable recent permitting success with county, state and federal agencies for mines in Colorado and Utah. In addition, Energy Fuels has obtained major approvals for the proposed Piñon Ridge Uranium-Vanadium Mill in Montrose County, Colorado, including approval from the U.S. Environmental Protection Agency ("EPA") in October 2011.

The estimated timeline to complete permitting of the Calliham and Sage Mines is 16 to 20 months (about the 2nd Quarter 2013).

Steve Antony, Energy Fuels' President and CEO stated, "We believe there is excellent potential to expand upon this resource and our goal is to put these mines back into production. Once in production, the Sage and Calliham Mines along with our Energy Queen and Whirlwind mines will produce sufficient mill feed to meet 100% of the needs of our proposed 500 ton per day Piñon Ridge Mill. We are also working with local miners to develop ore purchase opportunities in the vicinity of the mill to supplement and extend our production."

Stephen P. Antony is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this press release.

Colorado Court of Appeals Upholds Montrose County Special Use Permit for Energy Fuels’ Piñon Ridge Mill

Toronto, Ontario – December 8, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”) announced today that the Colorado Court of Appeals upheld the Montrose County Special Use Permit for the Piñon Ridge Uranium and Vanadium Mill. On March 3, 2011, the State of Colorado District Court in Montrose County denied a legal challenge by Sheep Mountain Alliance (“SMA”) seeking to overturn the Montrose County Board of County Commissioners’ decision to issue a Special Use Permit for the Piñon Ridge Mill. Today’s decision affirms the District Court’s decision to deny that legal challenge by SMA.
“Energy Fuels is extremely pleased with today’s decision. This is another major step forward for the Piñon Ridge Mill and Energy Fuels,” stated Stephen P. Antony, President and CEO of Energy Fuels. “The Appellate Court’s well-reasoned decision verifies the quality of our project and the thoroughness of the regulatory review process.”
SMA now has 45-days to request a rehearing on the case. SMA can also petition the Colorado Supreme Court to hear the case; however, the Colorado Supreme Court does not typically choose to hear cases on straightforward county land-use decisions. Energy Fuels believes that the narrow legal avenues still available to SMA have very little chance of success.
SMA has also challenged the Radioactive Materials License for the Piñon Ridge Mill issued by the Colorado Department of Public Health and Environment. That challenge is currently being heard by the State of Colorado District Court in Denver.
“Two State Courts have now upheld the Piñon Ridge Mill decision,” continued Mr. Antony. “We remain optimistic that the Colorado District Court in Denver will also uphold the Radioactive Materials License for the Piñon Ridge Mill which will allow Energy Fuels to move forward toward construction of this important project.”

Energy Fuels Inc. and Titan Uranium Inc. Sign Letter of Intent to Merge

TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Energy Fuels Inc. ("Energy Fuels" or "EFR") (TSX:EFR) and Titan Uranium Inc. ("Titan") (TSX VENTURE:TUE) today announced they have entered into a Letter of Intent (the "LOI") to pursue a transaction whereby EFR will acquire by way of a plan of arrangement all of the outstanding common shares of Titan (the "Transaction"). Upon completion of the Transaction, existing Titan shareholders will own approximately 42% of the issued and outstanding common shares of EFR, which will then own 100% of Titan.

Energy Fuels and Titan believe that the Transaction will provide a number of significant benefits to the shareholders of both companies, including the following:

Increased scale and market presence in the uranium sector
Substantial NI 43-101 compliant resource (37 million pounds U3O8 Measured + Indicated, 4.3 million pounds U3O8 Inferred – see details below)
Enhanced near-term production profile
Focus on US production with low political risk
Creation of a strong platform for continued uranium consolidation within the US
Greater financial strength
Combined management experience and expertise
On completion of the Transaction, Titan shareholders will receive 0.68 common shares of EFR for each whole common share of Titan. Based on the 20 day volume weighted average prices and the closing prices of each company's common shares on the TSX and TSX-V, on October 24, 2011, this share exchange ratio represents a premium of 24.5% and 33.6%, respectively, to the Titan shareholders.

Steve Antony, President and CEO of Energy Fuels commented, "Energy Fuels is very pleased to be able to add Titan's very significant NI 43-101 mineral resource to our pool of assets, and to increase our presence in the conventional uranium mining space. Following the Transaction the combined company will have 37 million pounds of measured and indicated resources and 4.3 million pounds of inferred resources, placing the combined company among the largest holders of NI 43-101 compliant uranium resources in the US."

Chris Healey, President and CEO of Titan added, "We at Titan are excited at the potential to be part of a growing future producer, moving towards our stated goal of being part of a mid-tier uranium producer, with assets recoverable by conventional mining techniques and located in the US."

Overview of EFR and Titan and their Assets

Energy Fuels Resources

The Energy Fuels management team has extensive permitting and operating experience in conventional mining, and has concentrated on developing the first uranium mill to be licensed in the US in 30 years. Its Piñon Ridge uranium/vanadium mill, 12 miles west of Naturita in the Paradox Valley of western Colorado was granted its final radioactive materials license on March 7, 2011.

At the same time the Energy Fuels team has assembled uranium properties in western Colorado, eastern Utah, and northern Arizona. Energy Fuels has filed NI 43-101 Technical Reports documenting 1,309,000 tons of measured and indicated resource at a grade of 0.25% (6,538,000 lbs. contained U3O8) and 986,000 tons of inferred resource at a grade of 0.22% (4,346,000 lbs. contained U3O8). Significant historical production in this region came from several miners including Union Carbide, Atlas Minerals, and Pioneer-Uravan and major historic resources also remain in place to be developed.

Additionally, Energy Fuels has two fully permitted mines, the Whirlwind and Energy Queen Mines and has initiated permitting on two additional mines, the Calliham and the Sage, both in southeastern Utah.

Stephen P. Antony, President and CEO of Energy Fuels, is Energy Fuels' Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information related to EFR's assets contained in this release.

Titan Uranium Inc.

Titan has focused on exploring and developing uranium properties in the western USA. Its major asset is a 100% interest in the Sheep Mountain uranium mine in the Crooks Gap Mining District of Fremont County, Wyoming. The Sheep Mountain mine has an NI 43-101 compliant Indicated Resource of 13,841,000 tons at an average grade of 0.110% eU3O8, (30.4 million pounds contained U3O8). The technical report on the Sheep Mountain uranium project, dated January 20, 2011 was prepared for Titan by BRS Inc. Additional information including the estimation method and cut-off grade may be found in the report which has been filed on SEDAR.

The Sheep Mountain project is currently at an advanced stage of permitting. Production expected to commence in 2014, with a peak production rate of 1.5 million pounds U3O8 per year.

Titan also has significant interests in uranium exploration projects in Utah, Wyoming, Arizona and Saskatchewan.

The Titan management team brings extensive uranium exploration and production experience, including both conventional and in-situ recovery mining, to the company.

Chris M. Healey, PG (Wyoming), President and CEO for Titan, is Titan's Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information related to Titan's assets contained in this release.

Transaction Details

Pursuant to the LOI, the parties have agreed to enter into exclusive negotiations with a view to entering into a definitive agreement in respect of the Transaction (the "Merger Agreement"). The execution of the Merger Agreement is subject to the following conditions:

the entering into of support agreements with all directors and officers of Titan and with the two largest shareholders of Titan;
the entering into of support agreements with all directors and officers of Energy Fuels and with the two largest shareholders of Energy Fuels;
the prior approval by the boards of directors of each of Titan and Energy Fuels;
the satisfaction of each party with the results of its due diligence investigations of the other party.
The three largest shareholders of Titan, Pinetree Capital Ltd., Mega Uranium Ltd., together with their CEO Sheldon Inwentash, also the Chairman of the Board of Titan, who collectively own approximately 19% of Titan's outstanding common shares, and the two largest shareholders of Energy Fuels, Dundee Resources Limited and Pinetree Capital Ltd., who collectively own approximately 24% of Energy Fuels' outstanding common shares, have indicated their willingness to enter into support agreements in respect of the Transaction.

The LOI also provides that, upon signing of the Merger Agreement and satisfaction of certain conditions, EFR will lend Titan up to US$1,500,000 in the form of a secured bridge loan. The loan would be secured against Titan's Sheep Mountain project, bear interest a rate of 5% per annum payable at maturity and mature upon the earlier of (i) the closing of the Transaction and (ii) February 28, 2012. The LOI also permits Titan to obtain interim debt financing of up to US$1,000,000 prior to signing of the Merger Agreement.

Following execution of the Merger Agreement, it is anticipated that completion of the Transaction will be subject to the following additional conditions:

approval of the Transaction by Titan shareholders;
approval of the Transaction by Energy Fuels shareholders;
court approval of the plan of arrangement; and
receipt of all required regulatory approvals, including acceptance by the Toronto Stock Exchange and TSX Venture Exchange.
The Merger Agreement will contain customary deal protection mechanisms, including a break fee payable in certain events, non-solicitation provisions and a right to match any superior proposal.

Dundee Securities Ltd. is acting as financial advisor to Energy Fuels.

Energy Fuels Announces Acquisition of Key Uranium and Vanadium Property in Utah’s Sage Plain District
Toronto, Ontario – October 17, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”) announced today that the Company purchased a 20-year mining lease (the “Skidmore Lease”) in southeast Utah’s Sage Plain District from privately held Nuclear Energy Corporation for US$1,500,702. With this acquisition, Energy Fuels has assembled sufficient contiguous historical resource acreage to begin permitting a uranium/vanadium mine in the Uravan Mineral Belt with Utah’s Department of Oil, Gas, and Minerals. This has the potential to be the third mine permitted to feed Energy Fuels’ proposed Piñon Ridge Uranium and Vanadium Mill near Naturita, Colorado, supplementing future production from the already permitted Whirlwind Mine near Gateway, Colorado, and the Energy Queen Mine near La Sal, Utah.
Consideration of US$500,000 is payable at closing with the balance due in equal interest- free installments over the next four years. The Skidmore Lease is located on approximately 709-acres in San Juan County, Utah, and includes large portions of the historic Calliham Mine. It is also adjacent to the Calliham Lease, the Crain Lease, the Sage Properties, and other mining claims already owned or controlled by Energy Fuels through Colorado Plateau Partners, LLC, (“CPP”), a 50/50 joint venture joint venture of Energy Fuels and Lynx-Royal JV, LLC (“Lynx-Royal”).
Energy Fuels intends to assign the Skidmore Lease to CPP, in exchange for Lynx-Royal paying US$250,000 to Energy Fuels, reducing Energy Fuels’ current net expenditure on the Skidmore property to US$250,000. In addition, the CPP joint venture will assume 100% of future monetary obligations for the purchase. As the contractual operator of any mines developed by CPP, Energy Fuels will receive all production from this property as feed for the Piñon Ridge Mill.
The Skidmore Lease currently contains 184,000 tons of historic uranium and vanadium resources at grades of 0.20% eU3O8 (729,000 lbs.) and 1.11% V2O5 (4,072,400 lbs.). These historic estimates are categorized as “mineable” in a 1994 report by Umetco Minerals Corporation (“Umetco”), successor to Union Carbide Corporation, prepared after the most recent mining occurred on the property. The report categorizes an additional 50,000 tons of uranium and vanadium resources on the Skidmore Lease as “potential” at grades of 0.18% eU3O8 (192,000 lbs.) and 1.26% V2O5 (1,266,000 lbs.).
This same 1994 Umetco report states that the Skidmore, Crain, Calliham, Sage, and other nearby properties, collectively referred to as the “Sage Plain Project Area” by Energy Fuels, which is all owned or controlled by the Company through CPP, contain 627,850 tons of historical “mineable” and “potential” uranium and vanadium resources at grades of 0.21% eU3O8 (2,636,620 lbs.) and 1.268% V2O5 (15,921,780 lbs.).
While deemed reliable by Energy Fuels’ geologists, the 1994 Umetco (Union Carbide) report is not in compliance with NI 43-101, and the historical resource estimates should not be relied upon. In the opinion of Energy Fuels’ geologists, Umetco’s “mineable” category generally corresponds to the “measured and indicated” classification under NI 43-101, and the “potential” category generally corresponds to the “inferred” classification under NI 43-101. Umetco’s resource estimate is not supported by current technical reports, and a qualified person has not done the work necessary to verify the estimates under NI 43-101. Energy Fuels intends to undertake the work necessary over the next 18 months to establish a current mineral resource report on the property in compliance with NI 43-101.
According to Stephen P. Antony, President and CEO of Energy Fuels, “The Skidmore Lease represents a major acquisition for Energy Fuels. The parcel has seen production in the recent past, and there are still considerable uranium and vanadium resources remaining on the property. Combining all of the Company’s recent resource acquisitions in the Sage Plain Project Area, the Energy Fuels team is optimistic that we can obtain a permit for a third mine to complete the mill feed requirement for the 500 ton per day Piñon Ridge Mill.”
The Skidmore property is accessible through historic developed mine workings on Energy Fuels’ Calliham property acquired earlier this year. Engineering studies and drilling are currently underway to assess, rehabilitate, and develop the resources in this district.
This third mine will be located within about 70 highway miles of Energy Fuels’ Piñon Ridge Mill. The mill received a Final Radioactive Materials License from the State of Colorado on March 7, 2011.
Stephen P. Antony is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this press release.

Clarification on Energy Fuels Mill License Approval Press Release of January 6, 2011

Toronto, Ontario – March 24, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), reported the approval of the Radioactive Materials License by the Colorado Department of Public Health and Environment for the 500 ton per day Piñon Ridge uranium/vanadium mill facility on January 6, 2011. In that news release, information was provided concerning the targeted production rates for the proposed Piñon Ridge mill, as well as targeted mining production rates for Energy Fuels’ Whirlwind and Energy Queen properties. The Company wishes to advise investors that the targeted production rates, life of mine and projected pounds per year of uranium and vanadium production set out in the January 6, 2011 news release have not been supported by an independent economic assessment, as required by NI 43- 101, and these estimates should not be relied upon.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and “Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to- time with the British Columbia, Alberta and Ontario Securities Commissions.

Files motion to dismiss lawsuit

(Reuters) - Uranium and vanadium mineral development company Energy Fuels Inc said it filed a motion in a Colorado district court to dismiss a nature-preservation group's lawsuit over the radioactive materials license the company received for its Pinon Ridge mill.

Colorado regulators on Monday gave final state approval for construction and operation of the first new uranium mill in the United States since the Cold War.

Sheep Mountain Alliance, an environmental coalition, has asked a Denver judge to revoke the license, and the state filed a motion seeking to have the lawsuit dismissed. A judge has yet to rule in the case.

Energy Fuels, which still requires air-quality approval from the U.S. Environmental Protection Agency for emissions of the radioactive gas radon for the project, said its motion joins the arguments presented in Colorado Department of Public Health and Environment's (CDPHE) motions.

Energy Fuels Inc. Announces Filing of Preliminary Short Form Prospectus

Toronto, Ontario – February 28, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), an advanced uranium and vanadium development company, announced today that it has filed a preliminary short form prospectus in connection with a best efforts offering (the “Offering”) of units (each, a “Unit”) in the capital of Energy Fuels. Each Unit consists of one common share (a “Common Share”) of the Company and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). The Offering is being made through a syndicate of agents led by Dundee Securities Ltd. and including Haywood Securities Inc., Scotia Capital Inc., Versant Partners Inc., Cormark Securities Inc. and Toll Cross Securities Inc. (collectively, the “Agents”). The Company has granted an over-allotment option (the “Over-Allotment Option”) to the Agents, pursuant to which the Agents may purchase, for a period of 30 days following the closing of this Offering, additional Units (the “Over-Allotment Units”), in a maximum number equal to 15% of the number of Units sold pursuant to the Offering.

Final pricing and determination of the number of Units to be sold pursuant to the Offering will be determined in the context of the market prior to the filing of the final short form prospectus in respect of the Offering. The Units will be offered in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, Canada by way of a short form prospectus.

In consideration for the services to be rendered by the Agents under the Offering, the Agents will receive a cash commission of 7% of the gross proceeds of the Offering (including any Units issued as a result of the exercise of the Over-Allotment Option). The Agents will also receive non transferable compensation warrants (the “Compensation Warrants”) entitling the Agents to purchase, in the aggregate, that number of Common Shares that is equal to 7% of the aggregate number of Units and Over-Allotment Units sold pursuant to the Offering.

The Company intends to use the net proceeds of the Offering to fund ongoing exploration and mine development activities at the Whirlwind and Energy Queen Mines, expansion of mineral resources at currently controlled properties through additional drilling and technical report preparation, continued Colorado Plateau property acquisition, detailed final design engineering for the proposed Piñon Ridge Mill, and for general working capital purposes.

Closing of the Offering is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the Agents, receipt of all necessary regulatory and stock exchange approvals including the receipt of listing approval by the Toronto Stock Exchange (“TSX”) for: (i) the Common Shares included in the Units and the Over-Allotment Units, and (ii) the Common Shares issuable pursuant to the exercise of the Warrants included in the Units, the Warrants included in the Over-Allotment Units and the Compensation Warrants. Successful listing of such Common Shares will be subject to the Company fulfilling all of the listing requirements of the TSX.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any U.S. state securities laws and may not be offered or sold in the United States, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.
This news release contains certain forward-looking statements and forward-looking information . All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta, Manitoba, Saskatchewan and Ontario provincial securities regulatory authorities.

FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Fuels Inc.
Gary Steele Investor Relations (303) 974-2140 Toll free: 1-888-864-2125 Email: investorinfo@energyfuels.com Website: www.energyfuels.com

TORONTO, ONTARIO -- 02/10/11 -- Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), an advanced uranium and vanadium development company announced today that the Company has acquired a mining lease (the Calliham lease) consisting of approximately 320 acres in San Juan County, Utah, from Nuvemco, LLC for consideration of 1,064,895 shares of Energy Fuels common stock. There is a historical mineral resource estimate on the property of 520,000 lbs. U3O8 and 3.5 million lbs. V2O5 based on drilling done by Atlas Minerals and Umetco Minerals in the late 1970s and 1980s (which pre-dates the adoption of NI 43-101). These drilling results were documented by Umetco Minerals Corp. (successor to Union Carbide Corp.) in a report prepared in 1991 and in the Company's possession. In the opinion of Energy Fuels' geologists, these estimates are relevant because of the proximity of the property to the Company's proposed Pinon Ridge Mill and very reliable, given that Umetco was a highly professional and successful producer in the region, actually producing from the Calliham Mine for several years.

Steve Antony, President and CEO of Energy Fuels commented, "We continue to make significant progress on the consolidation of uranium assets in the region. In the last four months we have acquired five property packages, all of which have been accretive to our total uranium assets and all within economic trucking distance of our mill site."

This property borders the 94 contiguous mining claims (1,942 acres) and a 733 acre Utah State Mineral Lease recently acquired by our Colorado Plateau Partners Joint Venture (CPP) in the Sage Plain area of Utah and Colorado at the south end of the Uravan Mineral Belt. The block of properties are about 70 highway miles from Energy Fuels' proposed Pinon Ridge Mill, which was licensed January 5, 2011.

Participation in this property will be offered to Royal Resources Limited (Royal) under the terms of the Colorado Plateau Partners (CPP) joint venture agreement with Energy Fuels. At Royal's option, the property may be assigned to CPP, with Royal paying 1/2 the cost of the property. However, the full resource ultimately defined on the property will provide assured mill feed for the Pinon Ridge Mill regardless of Royal's participation, under the terms of the joint venture agreement.

Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.

About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.

Contacts:
Energy Fuels Inc.
Gary Steele
Investor Relations
(303) 974-2140 or Toll free: 1-888-864-2125
investorinfo@energyfuels.com
www.energyfuels.com

Bought me a whole bunch more shares today on the "so called" bad news.

Energy Fuels' Pinon Ridge Uranium Mill Radioactive Materials License Challenged by Sheep Mountain Alliance
TORONTO, ONTARIO, Feb. 9, 2011 (Marketwire) --

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), an advanced uranium and vanadium development company, learned late Tuesday of a complaint in District Court, City and County of Denver, Colorado, brought by Sheep Mountain Alliance out of Telluride, Colorado. That complaint names the Colorado Department of Public Health and Environment as Defendant, and Energy Fuels' Colorado subsidiary, Energy Fuels Resources Corp. as an Indispensible Party and alleges improprieties in the January 5, 2011, issuance of the Radioactive Materials License for the Company's Pinon Ridge Uranium Mill.

Steve Antony, President and CEO of Energy Fuels stated that, "Upon review by the Company we find that the complaint has no merit."

About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.

Energy Fuels Inc.
Investor Relations
(303) 974-2140 or Toll free: 1-888-864-2125

investorinfo@energyfuels.com
www.energyfuels.com

Energy Fuels Acquires Hollie Claims- Expands Mineral Resources in the San Rafael Project, Emery County Utah
Toronto, Ontario – February 3, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), an advanced uranium and vanadium development company, announced today that the Company has agreed to acquire a 100% interest in a block of ten mining claims (the Hollie Claims) in Emery County, Utah, from Titan Uranium Corp. Based on the amended technical report entitled “Magnum Uranium Corp.’s Deep Gold Uranium Deposit, Emery County, Utah” dated May 21, 2009 (filed on Sedar by Magnum Uranium on May 22, 2009), the Hollie Claims contain an indicated mineral resource of 983,300 pounds U3O8 from 158,200 tons at a grade of 0.311% U3O8. This resource was originally drilled on an approximate 100ft. x 100ft. grid by Pioneer-Uravan in the late 70’s with confirmation drilling done by Magnum Uranium in 2007.
The Hollie Claims, located about 120 miles from the site of Energy Fuels’ recently approved Piñon Ridge uranium mill, are surrounded by claims in the San Rafael uranium district acquired by the Company from Magnum Uranium in the merger completed June 30, 2009. The purchase price for the Hollie Claims will be satisfied by the issuance of 1,046,067 shares of Energy Fuels common stock.
Steve Antony, President and CEO of Energy Fuels stated that, “With the addition of these indicated resources to our existing San Rafael 43-101 compliant U3O8 mineral resource base of 1.4 million lbs. measured and indicated and 1.3 million lbs. inferred resources, we now have sufficient resources in place to justify a mine plan and further development of the San Rafael project. We feel that additional drilling will expand the resource in the area even further.”
Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and
“Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to- time with the British Columbia, Alberta and Ontario Securities Commissions.

The daily chart shows a gap around 0.53-0.55. So that is a price objective for the near term.

The long-term charts show volume at the high over $5. That is more than a 10-bagger from where the stock is today, but TA-wise, it provides an idea of where the stock could go.

Energy Fuels Granted Special Use Permit for Pinon Ridge Mill by Montrose County

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), has successfully completed what is probably the most significant step on the critical path to constructing the Pinon Ridge Mill which will process uranium and vanadium ore in the Paradox Valley of western Montrose County, Colorado. The three person Montrose County Board of County Commissioners today unanimously approved the Company's Special Use Permit Application; the third unanimous approval in the County's permitting procedures. This clears the way for Energy Fuels to aggressively pursue the next important step in the permitting process which is obtaining the Radioactive Source Material License ("Mill License") from the Colorado Department of Public Health and Environment ("CDPHE"). Upon issuance of the mill license, Energy Fuels will have the right to construct and operate the mill.

The approval of this Special Use Permit moves the Company forward significantly in its strategic development. Energy Fuels is:

* well on the way to constructing the first new uranium mill in the US in more than 25 years
* continuing to acquire resources and assets, and is moving to consolidate hard rock uranium mining in the US
* a lower risk alternative to in-situ recovery methods for uranium production in the US

The Montrose County permitting process was initiated over 13 months ago on July 22, 2008, when Energy Fuels formally applied for a Special Use Permit to change the land use designation for the Company's 880 acre mill site located 12 miles west of Naturita, Colorado from "General Agricultural" to "Mineral Resource Operation Facility." Working closely with the County's Land Use Department, Energy Fuels has addressed the concerns of the citizens of Montrose County, and agreed to 19 stipulated conditions adopted after the original permit application. These conditions address issues including groundwater impacts, truck transportation, lighting, and others, all adopted to assure the mill will be a good and responsible neighbor in the Paradox Valley.

This permitting process has stepped through three levels of County regulation which include the West End Planning Advisory Committee, the Montrose County Planning Commission, and the Board of County Commissioners. There have been a total of 6 public meetings with three separate project presentations and more than 30 hours of testimony from over 300 interested parties, including residents of Montrose County, and many from outside the County."

According to George Glasier, President and CEO of Energy Fuels, "Our team has worked diligently on this permit for over a year, responding to objections with appropriate modifications to our original plan. From this point, the process moves into the technically based mill licensing arena, in which the Colorado Department of Public Health and Environment will evaluate our plans in accordance with the rules and regulations for building and operating a uranium mill. The Energy Fuels team is well prepared to demonstrate full compliance with CDPHE's regulations. The overwhelming support of the community in western Montrose County has made the difference in the Company's ability to prove to the Commissioners that this project is good for the County."

Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the content of this press release.

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 55,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling almost 50,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its recently acquired Magnum Uranium subsidiary, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia, Alberta and Ontario Securities Commissions.

Special use permit was approved by the Montrose Board of County Commissioners today. Another big step forward for Energy Fuels...

Energy Fuels Completes Transaction with Uranium One for Acquisition of Key Uranium Resource Acreage at Whirlwind Mine; Adds 6600 Acres of Prospective Acreage in DOE Uranium Lease Auction

May 29, 2008

Toronto, Ontario – Energy Fuels Inc.

Whirlwind Mine Resource Acquisition from Uranium One

Energy Fuels (TSX: EFR) has completed the acquisition from Uranium One of a Utah State uranium lease consisting of 320 acres in Grand County, Utah (“Section 16”). Section 16, surrounded on all sides by acreage currently controlled by Energy Fuels as part of the Whirlwind mining property, is a strategic fit with the Whirlwind mining plan. This lease brings the total acreage at Whirlwind owned or controlled by Energy Fuels to 4,750 contiguous acres.

Full release:
http://energyfuels.com/news/2008/index.php?&content_id=94

Energy Fuels Signs Definitive Joint Venture Agreement with Mesa Uranium, Advances Whirlwind BLM Permit, and Extends Warrants

Thursday May 22, 8:30 am ET

TORONTO, ONTARIO--(Marketwire - May 22, 2008) - Energy Fuels Inc. (TSX:EFR - News) -

Mesa Uranium Joint Venture

Energy Fuels and Mesa Uranium are pleased to announce that the companies have signed a definitive agreement (following the announcement of the Letter of Intent released in a June 5, 2007 news release) to form an exploration joint venture, West Lisbon JV, LLC ("West Lisbon"). West Lisbon was formed to explore the DAR property in the Lisbon Valley Mining District of San Juan County, Utah, and supports the Energy Fuels strategy of expanding existing mines and defined resources with nearby, accessible potential uranium resource properties. The northern boundary of the DAR property is located approximately two miles south of Energy Fuels' Energy Queen Mine which is currently being refurbished in preparation for production.

As previously released, the DAR property consists of 60 recently staked mining claims (approximately 1,240 acres) located one mile west of the North Alice Mine and is on trend with historic uranium mines in the Lisbon Valley District. The property is in a geologically similar environment and on trend with thick mineralization recently announced by Vane Minerals in a press release dated 11/16/2007. Vane's best intercepts ranged between 6.5 and 16.5 feet thick, and graded between 0.14% and 0.22% eU3O8.

West Lisbon contemplates a 50-50 shared expenditure agreement to conduct exploration drilling on the DAR property. Previous exploration work in the 1980's by Energy Fuels Nuclear, Inc. identified strong uranium mineralization in several drill holes. Energy Fuels will be the operator of West Lisbon and will conduct the initial exploration work consisting of permitting and drilling. Should an economic uranium deposit be discovered on the claims held by West Lisbon, Energy Fuels will operate all mines that are developed.

Whirlwind Mine BLM Permit Progress

Energy Fuels moved closer to being fully permitted at the Whirlwind Mine. An Environmental Assessment prepared by a third party consultant to evaluate the environmental impacts of the proposed Whirlwind mining plan was approved by the US Bureau of Land Management (BLM) on May 15, 2008, and is now out for public comment. The public will have until June 20, 2008, to review and offer comments on the document. After the close of the public comment period, the BLM will review the comments received. Energy Fuels anticipates approval of the Whirlwind Mine plan of operations by the BLM in July, 2008.

Warrant Extension

Energy Fuels has elected, through a resolution of its Board of Directors, to extend the expiry date of 5,687,637 issued and outstanding warrants of the Company (the "Warrants") from 5:00 p.m. (Toronto time) on June 14, 2008 to 5:00 p.m. (Toronto time) on June 14, 2009. The Warrants were issued December 14, 2006. Each Warrant entitles its holder to purchase one common share in the capital of the Company at a price of $2.20 per share. 76,465 of the Warrants are held by insiders of the Company ("Insider Warrants") and the balance of the Warrants is held by parties at arm's length to the Company.

The effective date of the amendment to the term of the Warrants held by arm's length parties will be on the tenth business day following the issuance of this press release. The Insider Warrants may not be exercised after 5:00 p.m. on June 14, 2008 until the amendments to the Insider Warrants are approved by the holders of a majority of the voting shares of the Company at its next meeting of the shareholders, excluding votes cast by, or on behalf of, the insiders whose Warrants are proposed to be amended ("Shareholder Approval"). The amendment to the term of Insider Warrants will be effective once Shareholder Approval is obtained. The Company expects to seek Shareholder Approval of the amendment to the Insider Warrants at its next annual meeting of the shareholders, which is anticipated to be held in early 2009.

The amendment to the term of the Warrants has been approved by the Toronto Stock Exchange, subject to certain conditions, including obtaining the Shareholder Approval described above with respect to the Insider Warrants, filing of certain documents with the Toronto Stock Exchange and the issuance of this press release.

Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.

About Energy Fuels

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and development company actively rehabilitating and developing formerly producing mines. With more than 40,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, Energy Fuels has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.

Cautionary Statement

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia, Alberta and Ontario Securities Commissions.

George E.L. Glasier, President & CEO


Contact:

Gary Steele
Energy Fuels Inc
Investor Relations
(303) 974-2147 or Toll free: 1-888-864-2125
Email: investorinfo@energyfuels.com
Website: www.energyfuels.com

Source: Energy Fuels Inc.

Energy Fuels and "Royal-Lynx" Form Joint Venture to Explore for Arizona Strip Uranium Deposits

TORONTO, ONTARIO--(Marketwire - May 6, 2008) -

Energy Fuels (TSX:EFR) and "Royal - Lynx" are pleased to announce the formation of a joint venture company to acquire, explore, evaluate and, if justified, mine uranium properties in the Arizona Strip region of Northern Arizona.

"Royal - Lynx" is itself a Joint Venture between Royal USA Inc, a wholly owned subsidiary of Royal Resources Limited (ASX:ROY), and Lynx2 LLC ("Lynx"). The Royal - Lynx Joint Venture was formed in April 2007 with Royal earning 80% by expenditure of US$4.5 million over 5 years. The purpose of the Royal - Lynx Joint Venture is to identify and acquire uranium and other mineral properties in the USA for exploration and development.

Energy Fuels currently controls, both directly and through participation with others, 4500 acres of potential uranium-bearing property in 26 separate prospect areas in Coconino and Mohave Counties, in the State of Arizona. Royal-Lynx wishes to actively participate in the exploration, development, and mining of these uranium properties.

The new Energy Fuels / Royal - Lynx joint venture will initially be owned 50:50 by each party, subject to adjustments based on future developments. Energy Fuels will contribute the Arizona acreage currently controlled by the Company. Royal-Lynx will contribute a minimum of $US2 million over a three year period. Once the Royal-Lynx cash commitment has been met, ongoing costs will be shared according to final ownership interest. Under the terms of the agreement, Energy Fuels will be the manager of the new joint venture and is designated as the operator of the exploration programs and any mines developed by the joint venture.

This agreement will allow Energy Fuels to pursue Arizona Strip exploration more aggressively than the Company could have done without a financial partner. Royal-Lynx will accelerate their participation in highly prospective uranium acreage in a district which offers the best U3O8 grades identified to date in the lower 48 states.

Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the content of this press release.

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and development company actively rehabilitating and developing formerly producing mines. With more than 40,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, the Company has a full pipeline of additional development prospects. Energy Fuels Inc., through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, collectively referred to as Energy Fuels, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.

Royal Resources Limited, (www.royalresources.com.au) is an Australian based exploration company with a portfolio of projects encompassing uranium and iron ore prospects. The Royal-Lynx Joint Venture has aggressively undertaken a uranium project acquisition program throughout southwestern Colorado and southeastern Utah to have controlling interests over claims totaling approximately 43,243 acres. Royal's board and management have extensive experience in exploration, project development, mining operations and public company administration.

Lynx is an active, experienced and dedicated team focused on the acquisition, exploration and development of uranium resources in the USA. Lynx is based in Salt Lake City, Utah, USA. The principals of Lynx, John Downen, Jim Black and Mike Leidich, have decades of experience in exploration for uranium and other minerals in the USA.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia, Alberta and Ontario Securities Commissions.

George E.L. Glasier, President & CEO

US investors should be aware that EFR.TO is classified as a PFIC or Passive Foreign Investment Company. There are instructions on the web site in regard to the Form 8621 that must be filed with the IRS. Failure to file and elect the QEF or mark to market option could potentially result in severe tax consequences down the road. This is an important consideration. I didn't know about it until after I was a shareholder, so it's kind of a moot point. I am trying to figure out how many of my other juniors could also be classified this way. So far, it looks like almost all of them are potentially PFICs. Lovely.

Owning uranium stocks right now is about as much fun as being drawn and quartered. Actually probably worse, because this is taking a lot longer. I imagine that getting the D&Q treatment is over pretty quickly. Yow.

The management and team at EFR is one of the main reasons why this company is part of my uranium portfolio. I have pasted the bio of the CEO/President below, George Glasier, which gives a good idea of the kind of experience they are bringing to the table:

Mr. Glasier, a lawyer by training, was Vice President of Sales and Marketing for Energy Fuels Corporation (“Energy Fuels”), a private US corporation, which, through its subsidiary Energy Fuels Nuclear, Inc. (“EFN”), produced five million pounds of U308 annually and was the largest uranium producer in the USA. Mr. Glasier traveled extensively with Robert W. Adams, the founder of Western Nuclear and Energy Fuels, to secure uranium contracts with roughly 60 international partners. Mr. Glasier directed the licensing and construction of the White Mesa Mill at Blanding, Utah, now owned by Denison Mines Corp. The mill is the only operating licensed mill on the Colorado plateau and one of only two mills operating in the USA. Former colleagues and senior executives of Mr. Glasier from Energy Fuels are dispersed throughout the uranium industry in senior positions including Gerald W. Grandey who is CEO of Cameco Corp. and Harold R. Roberts who is Vice President of Corporate Development at Denison.

Energy Fuels is only one permit away from putting their Whirlwind mine into production. You can count on one hand the juniors that are going into production in the next few years so this makes EFR a member of a pretty exclusive club. The big question that has been hanging over EFR like the Sword of Damocles is...what to do with the ore. Well, that's not really true. Because there is only one option at present and that is Denison's White Mesa mill.

So the question is, can Denison and EFR work out a toll milling agreement that works for both of them. In the meantime, Denison has been refurbishing the White Mesa mill so it is possible that they are not willing to enter a substantial milling agreement until they are sure that they can fulfill the terms. Or maybe they are waiting to see if EFR gets the final permit. It's kind of ironic, in a way, since the team at EFR are the ones that built White Mesa in an earlier incarnation of the company. The old Energy Fuels was one of the largest US producers of uranium during the last boom.

So...both of those events, assuming they come to pass, the final permit and a milling agreement, could be a catalyst that will put EFR back on an upward trajectory. That would be a welcome change.

Since StockHouse has made it impossible for me to access their site as a result of the "upgrade", I am going to try to see if I can get this board going. Maybe there are others in the same position.