Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading producer of uranium in the United States, along with a team from Penn State University recently announced the award of a contract from the U.S. Department of Energy (“DOE”) Office of Fossil Energy (“FE”) and the National Energy Technology Laboratory (“NETL”). The government grant for an initial amount of $150,000 was awarded for the development of a design for the production of rare earth elements (“REEs”) from coal-based resources (https://ibn.fm/kMbwJ). If Energy Fuels is successful at the conceptual design phase, the DOE could award the company an additional $1.3 million to complete a feasibility study. An article discussing this quotes Energy Fuels president and CEO Mark S. Chalmers, who stated, “We are excited to have the opportunity to work with the DOE Office of Fossil Energy, the National Energy Technology Laboratory, and Penn State on this important rare earth initiative. Energy Fuels has been carrying out substantial work over the past year to explore the potential for implementing a commercial rare earth recovery and processing program at our White Mesa Mill. This initiative to produce REEs from coal-based resources is complementary to our ongoing efforts and will potentially broaden the sources of REE feedstock available to us in the future. We also hope this project opens the door for us to work with the DOE and other agencies on future rare earth initiatives.”
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About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the United States 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. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the United States, including several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol UUUU; the company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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