In a recent interview with Tracy Weslosky of Investor.News, Mark Chalmers, President, CEO, and Director of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), discusses their recently announced Memorandum of Understanding (MOU) with Astron Corporation Ltd. (ASX: ATR) for the joint venture development of the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. This MOU, announced on December 27, 2023, is a key milestone in establishing a U.S.-centric rare earths supply chain, which is crucial for the country’s future needs.

The Donald Project promises to supply Energy Fuels with 7,000 to 14,000 metric tons of rare earth concentrate, using monazite sand from the deposit. Energy Fuels plans to process this at their White Mesa Mill in Utah, where they can handle the radioactive elements in monazite and extract valuable components like uranium. This positions them as a leader in the critical minerals.

Energy Fuels’ approach is cost-effective, leveraging existing infrastructure and skilled workforce in Utah. The initial phase of the project aims to produce 800 – 1,000 metric tons of the magnetic materials, Neodymium-Praseodymium (NdPr) oxide by Q1 2024, with plans for future expansion.

The U.S. government’s policy, set to restrict critical minerals sourced from Foreign Entities of Concern from 2025, highlights the significance of Energy Fuels’ project. As a leading U.S. producer of uranium, vanadium, and rare earth elements, the company plays a vital role in reducing U.S. dependence on foreign sources, particularly China.

This venture is expected to have a major impact on the electric vehicle and clean energy sectors in the U.S., offering a sustainable, competitive, and independent supply chain for critical minerals, essential for national security and technological progress. To access the complete interview, click here

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

For those following the critical metals space, there was some key U.S. news on December 1, 2023. The U.S. government announced their proposed policy for Foreign Entities of Concern (“FEOC”). The key part of the proposal effectively stated that starting from 2025 an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by an FEOC. FEOCs were named to be China, Russia, North Korea, and Iran.

This means OEMs selling in the U.S. auto market are now in a mad scramble to source processed critical minerals from non-FEOC sources before 2025, otherwise, their customers can miss out on the US$7,500 clean vehicle subsidy (half of which is impacted by material sourcing). One of the hardest to source will be the magnet rare earths used in the permanent magnet motor of most electric vehicles and many wind turbines. This is because China dominates the rare earths industry.

Energy Fuels is making major moves to build a new rare earths supply chain in the USA

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) is a leading U.S.-based critical minerals producer. In fact, they are the ‘leading’ U.S. producer of uranium, vanadium, and rare earth elements. Energy Fuels White Mesa Mill is “the only existing facility in North America with the licenses and capabilities to process monazite and produce advanced rare earth element products.”

2023 has been a very prosperous year for Energy Fuels with rare earth concentrate production and a booming uranium price helping their large uranium business.

Energy Fuels plan is to grow their rare earths concentrate business to also include rare earths separation to produce rare earth oxides. Phase 1 plans to have a capacity of 800 – 1,000 MT of neodymium-praseodymium (NdPr) oxide per year by Q1 2024 and Phase 2 a capacity of 1,500 – 3,000+ MT NdPr oxide per year by 2026/27. The Phase 3 plan is to produce heavy separated rare earths including dysprosium (Dy) and terbium (Tb) by 2027/28.

Energy Fuels is one of the leaders in the race to build up a U.S. rare earths supply chain independent of FEOC such as China

Source: Energy Fuels company presentation

To achieve their plan, Energy Fuels needs sufficient monazite ore as feed, hence their recent acquisitions. In February 2023, Energy Fuels acquired the Bahia heavy mineral sand (“HMS”) Project in Brazil that contains significant quantities of monazite (rare earths containing ore). But wait there’s more!

Energy Fuels announces a new rare earths sourcing MOU with Australian company Astron

As announced on December 27 Energy Fuels entered into an MOU to secure a near-term, large-scale Australian source of rare earth minerals. The announcement says this will supply a “new U.S.-based supply chain for decades” and that “most licenses and permits are in place (or at an advanced stage of completion)”. Energy Fuels proposed investment is ~A$180 million (~US$122 million) for a 49% interest in the new Joint Venture.

The MOU is with Astron Corporation Limited (ASX: ATR) (“Astron“) to jointly develop the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. The announcement states:

“The Donald Project is a world-class, world scale, ‘shovel-ready’ critical mineral deposit that Energy Fuels believes would provide it with another near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (“REEC“) that would be transported to the Company’s White Mesa Mill in Utah, USA (the “Mill“) for processing into REE oxides and other advanced REE materials and recovery of the contained uranium…The Donald Project is expected to provide Energy Fuels with 7,000 to 14,000 metric tons (“tonnes“) of REEC per year, containing 4,000 to 8,200 tonnes of total REE oxides (“TREO“), with commissioning and ramp-up expected to begin in 2026. Most of Energy Fuels’ proposed investment is expected to be disbursed in 2025.”

Note: REEC is rare earth elements concentrate.

Energy Fuel’s masterplan for rare earths products and supply sources

Source: Energy Fuels company presentation

Closing remarks

Energy Fuels is steadily putting together all the pieces of a jigsaw puzzle in order to create a new western supply chain of rare earths products, that will be needed to support the U.S. demand for their own electric vehicle and clean energy industry, independent of China.

The Bahia Project announced in early 2023 will provide near-term rare earth concentrate supply from Brazil, and all going to plan, the Donald Project will also provide a supply from 2026.

Meanwhile, Energy Fuels is currently doing very well from their U.S-based uranium production business, boosted by surging uranium prices in 2023 (now at US$91/lb at the time of writing).

Energy Fuels trades on a market cap of US$1.16 billion with the stock price up ~25% in the past year.

China’s recent decision to ban the export of rare earth processing technology marks a significant shift in the global rare earths market. This move, aimed at protecting China’s dominance in the strategic metals sector, encompasses technology for extracting and separating rare earths, as well as the production technology for rare earth metals, alloys, and some magnets. The ban has major implications for industries reliant on these materials, such as electronics, clean energy, and defense.

In response to this development, experts from the Critical Minerals Institute (CMI) have shared their insights. Melissa “Mel” Sanderson, a director at CMI, characterizes China’s move as predictable and in line with their stated intentions. She stresses the importance of the United States responding proactively, emphasizing the need to advance initiatives in greener, cleaner spaces like bio-extraction, and to invest in conventional technologies. Sanderson warns of the risks of over-reliance on nations like Australia, which have their own market priorities and limitations.

The consensus among experts is clear: the recent developments serve as a crucial wake-up call for the United States, emphasizing the need to prioritize technological advancements, particularly in sustainable sectors. They stress the importance of investing in traditional processing and separation technologies to prevent limitations in capacity. CMI Director Peyton Jackson further elaborates, “The U.S. government granted Lynas Rare Earths Ltd. (ASX: LYC) $300 million for a project feasibly achievable with just $30 million invested at White Mesa Utah. Production at White Mesa is expected to begin in January 2024, as scheduled. This exemplifies a vital point: often, solutions are more straightforward than they initially seem. It falls upon us to bring attention to these simpler, yet effective, approaches.”

CMI Co-Chair Jack Lifton comments: “The ban will impact mostly non-Chinese countries that are building rare earth processing and fabricating facilities de novo. Western companies, such as Solvay, Neo Performance (Sil-Met), and Lynas have been efficiently separating rare earths for some time. America’s MP and Energy Fuels are either re-starting and/or modifying existing solvent extraction processing systems to handle rare earth separations. Solvent extraction separation is a long-established practice everywhere. The issue is the production of rare earth metals and alloys and from them of rare earth permanent magnets. This is where China’s massive lead in manufacturing technology may be insurmountable. Time will tell.”

In this context, Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), a frontrunner in the industry, has embarked on an ambitious project. Jack Lifton explains: “Energy Fuels has begun construction of an up-to-date solvent extraction system with an initial capacity of 1000 tons per year of the total rare earths contained in monazite. The SX plant, designed in-house, will be among the world’s most streamlined and efficient. It will require only a fraction of the traditional number of mixer-settler stations today considered ‘necessary’ for a legacy SX system. The payable product of the EF system will be separated NdPr, also known as didymium. This first phase plant will produce enough NdPr per year for the production of 700 tons of neodymium-iron-boron type rare earth permanent magnets. Energy Fuels phase one SX plant will be operational on or before May 1, 2024.”

The ban on the export of rare earth processing technology by China and the proactive steps taken by companies like Energy Fuels underscore a larger issue: the strategic importance of rare earth elements and the technological independence of nations. The insights from CMI directors, combined with the initiatives of industry players like Energy Fuels, suggest a path forward for the U.S. to increase investment in both green and conventional technologies. This strategy is essential not only to address the immediate challenges posed by China’s policy change but also to pave the way for a more sustainable and secure future in the rare earths and broader critical minerals sector.

In an InvestorNews interview, Tracy Weslosky spoke with Curtis Moore, Senior VP of Marketing & Corporate Development at Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR). Curtis discussed Energy Fuels’ focus on monazite sand, highlighting its high neodymium-praseodymium (NdPr) content, which provides a cost processing advantage over other rare earths bearing ores like bastnaesite. He explained that monazite’s value is enhanced by its higher concentration of NdPr, essential for permanent rare earth magnets used in EVs and wind turbines, and its higher concentration of heavy rare earths. Curtis noted that while monazite has higher uranium and thorium levels than bastnaesite, Energy Fuels can efficiently process these elements at their uranium mill. He emphasized Energy Fuels’ unique advantage in handling the naturally occurring uranium and thorium in rare earth bearing ores, a significant challenge for other companies. This capability allows them to potentially monetize these elements, especially as thorium markets mature.

Curtis also addressed a key question he wishes people would ask more often: why Energy Fuels is likely to succeed in the rare earth sector where many others have failed? He attributed their potential success to their inherent advantages in processing rare earth bearing ores and producing advanced materials. These advantages include their experience with solvent extraction, a technology crucial for producing separated rare earth oxides, and their existing infrastructure at the White Mesa Mill in Utah. Curtis highlighted their $25 million investment in a rare earth separation circuit at the mill, which is expected to be operational in the first quarter of 2024, with a capacity to produce about 1000 metric tons of NdPr oxide per year, enough for 500,000 to 1,000,000 EVs annually. He expressed high confidence in their ability to succeed in the rare earth industry due to these factors.

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

Northvolt’s Innovative Financing in Quebec: A Model of International Collaboration

The recent news about Northvolt AB‘s venture in Quebec is a testament to the power of international finance collaboration. This project, backed by a mix of private European and American financiers, alongside public funds from Ontario and Quebec, is remarkable. Notably, the involvement of major players like Volkswagen, BlackRock, Goldman Sachs, and Canadian provincial investment groups highlights a unique synergy. This contrasts sharply with the American approach, which often relies on tax breaks rather than direct investment. The Canadian model, with its subject matter awareness and understanding, is a commendable approach that others, especially in the U.S., should consider emulating.

Ucore’s Dual Government Support: A Sign of Confidence

Ucore Rare Metals Inc.’s (TSXV: UCU | OTCQX: UURAF) recent acquisition of a $4.28 million funding agreement from the Canadian Government, in addition to support from the U.S. Department of Defense, speaks volumes about its credibility. This bi-national backing for a Canadian company with operations in the U.S. showcases the growing government recognition of the importance of rare earth elements and the technologies that Ucore brings to the table.

First Phosphate’s Vision and Recognition

The acknowledgment of First Phosphate Corp. (CSE: PHOS | FSE: KD0) by Professor Whittingham, a key figure in lithium-ion battery development, is significant. First Phosphate’s strategy to leverage Quebec’s phosphate resources for lithium iron phosphate batteries aligns well with current industry trends and Professor Whittingham’s endorsement. This positions them as an underrated yet potentially influential player in the battery materials market.

The Uranium Boom: A New Era for North American Energy

The recent surge in interest and investment in uranium, highlighted by companies like F3 Uranium Corp. (TSXV: FUU | OTCQB: FUUFF) and Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), signals a major shift in North American energy priorities. The rapid market capitalization growth and the reopening of mines underscore a renewed focus on nuclear power as a crucial component of the future energy mix. This shift is a clear response to the growing need for sustainable and reliable energy sources.

Biden-Harris Administration’s Push for Domestic Battery Manufacturing

The announcement of a $3.5 billion investment by the Biden-Harris Administration to bolster domestic battery manufacturing marks a significant step in America’s clean energy journey. This investment aims to enhance the U.S.’s position in the global battery market, create jobs, and support the clean energy transition. It’s a move that aligns with the growing realization of the importance of battery technology in the modern energy landscape.

Critical Minerals Institute’s Masterclass: A Focus on Future Financing

The upcoming Critical Minerals Institute masterclass on charitable flow-through and critical minerals is a crucial event for those in the industry. Understanding the mechanics of flow-through financing is vital for the development of junior companies. This masterclass represents an invaluable learning opportunity for those looking to deepen their understanding of the financial landscape in the critical minerals sector.

—

Jack Lifton brings his extensive knowledge and insight into the latest developments in the technology metals sector, offering a comprehensive overview of the current trends and future prospects. Jack is the Co-Chairman of the Critical Minerals Institute and is well known for coining the term #technologymetals in 2010.

In a recent interview with Jack Lifton, Co-Chairman of the Critical Minerals Institute (CMI), Mark Chalmers, President, CEO and Director of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) discussed the company’s pivotal role in North America’s rare earth production landscape. Lifton opened the conversation by highlighting the scarcity of rare earth producers in North America, noting that Energy Fuels Inc. and MP Materials Corp. (NYSE: MP) are the only two companies currently active in this space. Chalmers elaborated on Energy Fuels’ unique approach to this market, particularly its focus on monazite, a mineral essential for producing magnet rare earths.

Chalmers revealed Energy Fuels’ strategy for entering the rare earth permanent magnet supply chain. The company has already made significant strides in producing rare earths carbonate through its partnership with The Chemours Company (“Chemours”) (NYSE: CC), and plans to further this progress by initiating the separation of this carbonate into NdPr (Neodymium-Praseodymium) oxides at their White Mesa Mill by early 2024. Energy Fuels is actively expanding its source streams, including the acquisition of the Bahia Project in Brazil, with the aim of significantly scaling up production to meet the growing demand for rare earths in various industries, particularly automotive.

The conversation then shifted to the broader market dynamics and future outlook. Chalmers emphasized the need for integration in the rare earths industry to achieve economic viability. He pointed out that merely participating in a single step of the production process is insufficient. To be competitive, particularly against Chinese production models, companies must oversee the entire process from securing low-cost feeds to final product delivery. This integration, according to Chalmers, is key to Energy Fuels’ strategy, as it ensures each step contributes economically and leads to a more competitive and resilient business model.

Lifton acknowledged Chalmers’ unique expertise and the company’s strong position in a demand-driven industry. Chalmers responded by emphasizing Energy Fuels’ commitment to action over promotion, noting their progress in the rare earths strategy over the past three and a half years. This approach has not only been about advancing in the market but also about setting the right focus and leveraging expertise in strategic global locations.

One significant aspect of Energy Fuels’ strategy is its focus on monazite sands. Chalmers noted the advantages of monazite, such as its higher concentration of magnet rare earths compared to bastnaesite. He also addressed the challenges associated with monazite, primarily its natural radioactivity, which Energy Fuels is uniquely equipped to handle thanks to its licensed facility. This capability sets Energy Fuels apart, as it can safely process monazite while recovering valuable uranium.

To access the complete interview, click here

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

In a recent engaging discussion with Brandon Colwell, President of the Critical Minerals Institute (CMI), Mark Chalmers, President, CEO and Director of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), shed light on the company’s latest achievements and future strategies in the critical mineral supply chain, especially focusing on uranium, rare earth elements (rare earths), and vanadium.

Q3 Success and Contributing Factors

Chalmers highlighted Energy Fuels’ impressive net income of $10.47 million in Q3 2023. The success, he noted, stemmed from a mix of uranium and rare earth carbonate sales, complemented by non-cash adjustments, including investments and the valuation of the note with enCore Energy Corp. (NYSE American: EU | TSXV: EU). He emphasized the long-term benefits reaped from the sale of the Alta Mesa Project earlier in the year.

Strategic Financial Management and Growth Plans

When asked about the company’s financial strategies, Chalmers underscored the importance of maintaining a strong balance sheet. Fully funded for uranium and rare earth activities in the U.S., Energy Fuels is also exploring potential mergers and acquisitions in these sectors, aiming to diversify and strengthen its portfolio further.

Navigating the Uranium Market and Sales Strategy

Delving into the uranium market dynamics, Chalmers discussed how Energy Fuels capitalizes on its low-cost production capabilities. The company’s ability to maintain high margins is attributed to its efficient production methods and strategic inventory management. Chalmers also touched on the broader market trend of sourcing from the U.S. and allied countries, expecting this trend to continue as reliance on foreign sources decreases gradually.

Future Production and Expansion in Uranium Mining

Chalmers expressed optimism about the upcoming production expansions. Energy Fuels is preparing four mines, with the Pinyon Plain Mine expected to be one of the first to come online. This expansion is anticipated to sustain high margins and contribute significantly to company revenue, backed by long-term contracts and ongoing negotiations for more.

Advancements in Rare Earths Separation and Government Engagement

Chalmers also addressed the company’s progress in developing rare earth separation capabilities. Energy Fuels has independently funded most of its rare earth strategy, including the development of its White Mesa facility, expected to commence operations in Q1 2024. The company has been diversifying its monazite feed sources, including the acquisition of the Bahia Project in Brazil, and is in active discussions with the U.S. government and other potential stakeholders to further its position in the rare earth market. With a strong financial foundation, the company is well-poised for future growth and is actively contributing to the domestic production of critical minerals in the United States.

To access the complete interview, click here

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

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Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), a prominent player in the uranium and rare earth industries, unveiled its financial results for the quarter ending September 30, 2023. With exponential growth and remarkable achievements, join me on their webcast at 4PM EST (today, 11-06-2023) to secure the full update.

Q3-2023 Financial Highlights

• The quarter boasted a stellar balance sheet with $162.50 million in working capital, a marked improvement from the $116.97 million as of December 31, 2022. The company’s position is reinforced with zero debt and significant assets in cash, marketable securities, and inventory.
• The net income for the quarter stood at $10.47 million or $0.07 per share. This includes the impressive sale of 180,000 pounds of uranium (U₃O₈) to a leading U.S. nuclear utility, garnering a gross profit margin of 50%.
• While uranium remains a significant part of their portfolio, Energy Fuels is also actively diversifying. Efforts towards developing commercial rare earth separation capabilities are ongoing, and results thus far are promising.

Uranium: The Backbone of Energy Fuels

Uranium sales have seen a consistent upswing in 2023. Notably, the company sold 180,000 pounds of U₃O₈ at a commendable gross margin of 50% this quarter.

Furthermore, the proactive approach towards preparing four of their conventional uranium mines for production signifies Energy Fuels’ commitment to bolstering their uranium segment. The company aims to commence production in these mines by early 2024.

Rare Earths: The Road Ahead

Energy Fuels is making strides in the rare earth sector. Their ambitious “Phase 1” is set to be completed by early 2024, positioning them as a dominant producer of neodymium-praseodymium (NdPr) oxide outside China. This venture alone could cater to up to 1 million electric vehicles annually.

With “Phase 2” and “Phase 3” on the horizon, Energy Fuels is strategically positioning itself to meet the growing demand for rare earth elements, essential for various industries.

A Glance at Vanadium

Though the company did not sell any vanadium this quarter, their strategy seems to be geared towards leveraging market strength, as evident from their Q1-2023 sales.

CEO’s Perspective

Mark S. Chalmers, President and CEO of Energy Fuels, lauds the company’s progress. In his statement, he emphasized the company’s vision to establish a U.S. critical mineral hub. He highlighted the successful uranium sales and their vision for the rare earths supply chain.

Chalmers aptly said, “Energy Fuels’ business strategy and execution sits at an intersection of rapidly growing commodity markets, critical to the clean energy transition.”

Closing Thoughts and What’s Next

Today, we will be on the conference call scheduled for 4PM EST, eager to understand more about Energy Fuels’ future plans and the way forward.

With its strategic focus on both uranium and rare earths, Energy Fuels is well down the path to becoming the American Critical Mineral Powerhouse.

Author’s Note: To access the detailed Q3-2023 report, please visit the official SEC or SEDAR websites, or [Energy Fuels’ website].

Uranium has been a winning sector in 2023 with uranium prices up 41% YoY, making it the best performing energy commodity in the past year. As the uranium price hovers near a 12 year record high (US$69/lb), today’s company is set to benefit.

25 year uranium price chart shows uranium approximately at the highest level since Jan. 2011

Source: Trading Economics

Energy Fuels Inc.

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) (“Energy Fuels”) is the leading producer of uranium and vanadium and a growing rare earths processor, all in the USA.

Energy Fuels holds two of America’s key uranium production centers: The White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill has a licensed capacity of over 8 million pounds of U₃O₈ per year.

Q2, 2023 financial results

As announced on August 4, 2023, Energy Fuels reported a small net loss in Q2, 2023 of US$4.89 million. The Company reported some nice revenues and profits from its uranium and rare earths sales during the quarter; however, increased expenses associated with preparing four uranium mines for production and expenses associated with developing commercial rare earth element separation capabilities dragged down the bottom line.

The key is that their existing uranium and rare earths operations are profitable with gross margins running at around 50%. Furthermore, the increased expenses are those related to project developments to bring on new uranium production and in time rare earth oxides. The plan is that these expansions should lead to much stronger revenues and potential profits down the track. An analogy could be with Tesla (NASDAQ: TSLA) who ran losses until they got their new EV factories into scaled production.

Energy Fuels revenues are forecast to grow rapidly in 2024 and 2025 which should thereafter potentially lead to significant profits depending upon commodity prices

Source: Market Screener (Note: Red arrows by the author)

A robust balance sheet with strong inventory

As of June 30, 2023, Energy Fuels had a robust balance sheet with US$134.36 million of working capital (versus US$116.97 million as of December 31, 2022)

As of June 30, 2023, the Company held 766,000 pounds of finished U₃O₈, 906,000 pounds of finished V₂O₅, and 37 MT of finished high-purity, partially separated mixed REE carbonate in inventory.

The strong balance sheet supports Energy Fuels expansion plans.

Energy Fuels expansion potential

Energy Fuels state they have up to 2 million lbs. of short-term, low-cost uranium production capacity, all located in the USA.

Energy Fuels owns a portfolio of uranium assets with one producing, one on standby, and two in the pre-production stage. They also have 3 large-scale projects in permitting (Sheep Mountain; Roca Honda & Bullfrog) that have potential to produce additional 4+ million lbs. per year.

Energy Fuels most advanced uranium assets

Source: Energy Fuels company presentation

Energy Fuels also has their rare earths processing capacity to produce a mixed rare earth concentrate at their White Mesa Mill in Utah, USA. The near term plan is to expand this to include rare earths separation to produce rare earth oxides. Phase 1 plans to have a capacity of 800 – 1,000 MT of NdPr oxide per year by early 2024 and Phase 2 a capacity of 1,500 – 3,000+ MT NdPr oxide per year by 2026. The Phase 3 plan is to produce separated heavy rare earths including Dy and Tb by 2027. These figures are subject to achieving sufficient monazite ore as feed.

Energy Fuels has also recently acquired the Bahia heavy mineral sand (“HMS”) Project in Brazil which contains significant quantities of monazite (rare earths containing ore), titanium (ilmenite/rutile) and zirconium (zircon).

Closing remarks

Energy Fuels continues to establish itself as a leader in the critical minerals space in the US. They are already the leading uranium, vanadium, and rare earths producer in the USA.

Currently, financial results are not yet reflecting Energy Fuels’ full potential as expenses are elevated to support the Company’s aggressive growth plans.

Energy Fuels Inc. trades on a market cap of US$1.177 billion.

For investors willing to look out just a couple of years as their capacity ramps up very quickly, Energy Fuels should be strongly on your radar.

In a recent InvestorIntel interview, host Jack Lifton caught up with Mark Chalmers, CEO of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), a company that he boldly terms as the “single most underrated critical minerals company on the NYSE.”

In this interview, Chalmers elucidated that Energy Fuels stands unparalleled in its production capacity, especially in the uranium sector. With a global thrust towards carbon-free energy, he said that the uranium business is experiencing a renaissance. Following a dormant phase post-Fukushima, utilities are now vying for long-term contracts. This renewed interest aligns perfectly with Energy Fuels’ strategic moves to re-engage multiple mines.

Shifting gears to rare earths, Chalmers emphasized their pioneering status as the solitary producer in the US. Their successful alliance with domestic American heavy rare earths miner, Chemours, has ushered them into processing monazite and making strides in the rare earth carbonate sector. Energy Fuels’ Bahia heavy mineral sands project in Brazil, and its phase one separation plant in Utah stand as testaments to its rapid advancement.

A notable moment in the interview was when Lifton pointed out the vast disparity in construction costs between Energy Fuels and the recent US Department of Defense’s $300 million contract awarded to Lynas. Chalmers attributed Energy Fuels’ economic advantage to leveraging existing infrastructure, in-house expertise, and its unique ability to oversee everything internally.

In wrapping up, Lifton commended Energy Fuels for its unmatched potential and trajectory in critical minerals. Chalmers graciously responded, hinting at more exciting updates in the coming months.

With both uranium and rare earths witnessing global demand surges, Energy Fuels, under Chalmers’ aegis, is poised to redefine industry paradigms. To access the full Investor Coffee Interview, click here

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc., does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at [email protected].