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.

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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.

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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.

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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.

As the electric vehicles (EV) decade begins the need for quality rare earths in top tier locations is becoming a key focus for governments, OEMs, and electric motor manufacturers. Safer supply chains that can provide critical rare earths such as Neodymium (Nd) and Praseodymium (Pr) for electric motor magnets are becoming critically important, as we saw this week with the US Senate bill on rare earths.

Appia Energy Corp. (CSE: API | OTCQB: APAAF) is currently exploring and developing uranium and rare earth deposits in its Alces Lake property, in the Athabasca Basin area of northern Saskatchewan, Canada. They also have a promising uranium-rare earths project in Ontario, Canada.

Alces Lake Rare Earth Project

What is unique about Alces Lake is that it hosts some of the highest  rare earth elements (REE) grades in the world (2nd highest average grade as shown on the chart below). At a 4 wt% total rare earth oxide cutoff, Alces Lake average grade is 16.65 wt% Total Rare Earth Oxides (TREO).

A grade comparison of global rare earth projects

Source

Alces Lake has excellent mineralogy with high value rare earths

At Alces Lake all the REEs have simple mineralogy and are hosted 100% within ‘monazite’, which means it can be economically extracted.

Even better is that the monazite is enriched in valuable critical rare earth elements, namely Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb). These 4 elements account for between 23-25% of the TREO, or ~85% of the potential value at Alces Lake.

Alces Lake has high-grade outcrops and drill hole intersections comprising an average of 27% monazite. Locally up to 85% monazite is naturally pre-concentrated

Source

Appia have access to a nearby pilot plant and extraction lab in Saskatchewan, Canada

The Alces Lake Project is located close to a pilot plant and REE extraction lab in Saskatoon, Saskatchewan, which is the same Provincial jurisdiction as the Project. It has a capacity of 2,000 tonnes of material per annum. This gives Appia a significant advantage by having a low start up CapEx to commence some production via a fully permitted plant and extraction facilities at the Saskatchewan Research Council (SRC). Unlike competitors this means the rare earths can be produced in North America and not China.

Considering environmental regulations, especially due to safe handling and disposal radioactive materials, the Province of Saskatchewan, and SRC, are miles ahead of other global jurisdictions because they permit high-grade uranium mines in the northern parts of the province.  A country like India, or USA, has policies in-place that are detrimental to processing monazite for REEs because of the presence of Uranium/Thorium.  In Saskatchewan, and working with SRC, a lot of these problems are already resolved, as Saskatchewan is a global jurisdiction that continuously leads efforts in safely working with radioactive materials.

Appia’s projects summary and strategy

Alces Lake Rare Earths Project

Based on mineralization discovered to date, Appia would “ideally” consider a surface and near-surface operation to start production, smaller than open pit scenario, easier to permit and manage, potentially low CapEx and OpEx. Given the nearby pilot plant and extraction facility in Saskatchewan the Project will be easier to put into small scale production of rare earth oxides.

Saskatchewan Uranium Projects

Appia also holds surface rights to exploration for about 57,048 hectares (140,968 acres) in Saskatchewan. Within this area Appia has high-grade uranium deposits in the prolific Athabasca Basin area; including Loranger, Eastside and North Wollaston properties.

Elliot Lake Uranium-REE Project

This Project is located in northern Ontario. Elliot Lake has a NI 43-101 Mineral Resource Estimate of 8.0 million lbs contained metal U3O8 and 47.7 million lbs contained metal TREE Indicated; and 47.7 million lbs contained metal U3O8 and 133.2 million lbs contained metal TREE Inferred. Indicated TREE grades are 1,647ppm, and CRE 344ppm.

The next step for Appia is to raise additional capital to fully fund aggressive property-wide exploration on Alces Lake as well as the Saskatchewan uranium properties for the next 12 to 24 months, with a view of producing a mineral resource estimate at Alces Lake.

Experts view

Rare earths expert and host of the Technology Metals Show Jack Lifton quoted to InvestorIntel:“Appia Energy’s Alces Lake deposit in Saskatchewan is probably the best choice for development into a producing rare earth magnet materials’ mine in North America.”

Closing remarks

The rare earths sector looks highly likely to follow in the foot-steps of uranium, which recently got a huge boost from the US Government. A rare earths funding bill has now been put to the US Senate with the intent to help revive the U.S. rare earths industry.

Investors can look to capitalize on the positive sentiment in the rare earths sector, especially those companies in safe countries with lower start-up CapEx.

Appia Energy offers a North American high grade rare earths project with a low CapEx pathway to production via a third party existing fully permitted plant and extraction facility in Saskatchewan. Plus Appia also has uranium projects.

Rare earths expert Jack Lifton and the man who coined the term “technology metals” is also very positive on Appia Energy, making them a top tier junior for investors to consider.

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