Energy Fuels (NYSE American: UUUU) (TSX: EFR), an industry leader in uranium and rare earth elements (“REE”) production for the energy transition, has been working to prepare for the restart of its Nichols Ranch in-situ recovery (“ISR”) uranium mine in Wyoming. This work is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. According to the announcement, 39 drill holes have been completed to date. All but four have uranium mineralization while five have encountered mineralization greater than 1.0 GT. Energy Fuels expects the development of the rest of its permitted Production Area 2 (“PA2”) to be ready to start production as early as July 1, 2025, based on market conditions.

“We are very pleased with our progress to date in preparing Nichols Ranch for a potential restart of production in 2025, and these significant drilling results are exceeding our expectations and further demonstrate the strength of this project,” said Mark Chalmers, president and CEO of Energy Fuels. “This puts us one step closer on the path to meeting our projections, increasing our market share of the nuclear fuel supply chain, and potentially expanding our uranium resources.”

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About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based critical minerals company. The company, as the leading producer of uranium in the United States, mines uranium and produces natural 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 in 2021, and commenced production of commercial quantities of separated REEs in 2024. 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, the Nichols Ranch ISR Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as RE Carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is currently 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 and has a licensed capacity of 1.5 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 U.S. and 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, and 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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