• UUUU released Q1 2020 results demonstrating strong balance sheet, extensive uranium inventory
• Energy Fuels is largest U.S. uranium producer and a leading vanadium producer
• UUUU’s White Mesa Mill is only conventional uranium mill operating in the U.S. today; also evaluating entry into rare earth elements space

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), the largest producer of uranium and a leading producer of vanadium in the United States, recently released its financial results for the quarter ended March 31, 2020 (http://nnw.fm/wq7C6). The report shows a strong balance sheet with more than $48.4 million of cash, marketable securities, and uranium and vanadium inventories. In anticipation of the U.S. government’s plans to establish a domestic uranium reserve, the company strategically opted to not enter into any uranium sales commitments this year and is planning to add all 2020 uranium production to existing inventories. At current commodity prices, Energy Fuels inventories are valued at several million more than what is reflected on their balance sheet.

“At the end of 2020, we anticipate having nearly 700,000 pounds of uranium in inventory, which we hope to be able to sell to the U.S. government, or into otherwise improving uranium markets, at prices much higher than those we see today,” Energy Fuels President and CEO Mark S. Chalmers stated in a news release. “No other U.S. uranium miner has Energy Fuels’ balance sheet or the leverage to improving prices of our inventories.”

The proposed FY2021 federal budget, announced by President Donald Trump on February 10, 2020, includes a request for $150 million per year for the next 10 years to create a U.S. uranium reserve. This comes as part of an overall plan to revive and strengthen the U.S. nuclear fuel industry, as outlined in the U.S. Nuclear Fuel Working Group’s recently released ‘Strategy to Restore American Nuclear Energy Leadership’ report.

The report details a number of planned policy recommendations that include direct government purchases aimed at strengthening the domestic uranium mining industry in addition to preventing the dumping of Russian uranium into the U.S. via caps on Russian imports.

“Energy Fuels continued to be the clear leader in the U.S. uranium space during Q12020,” continued Chalmers. “We received excellent news from the U.S. government in February when President Trump published his budget for fiscal year 2021, which seeks appropriations totaling $1.5 billion over the next 10 years to create a new strategic U.S. uranium reserve.

“Energy Fuels has taken the leading role in obtaining the U.S. government’s support for U.S. uranium miners, spending more time and money on this initiative than any other U.S. uranium miner,” Chalmers added. “And this makes sense, since we have been the largest U.S. uranium producer since 2017, our assets have produced 34% of all U.S. uranium since 2006, and we have more proven facilities, more permitted resources, and more production capacity than any other U.S. miner.”

As part of its response to the president’s policy recommendations, the company is evaluating activities aimed at increasing uranium production at some or all of its production facilities, which include the currently operating White Mesa Mill, the recently operating Nichols Ranch in-situ recovery (ISR) facility, the standby Alta Mesa ISR facility, and the La Sal Complex and Canyon Mine. The policies recommended by the U.S. Nuclear Fuel Working Group represent the strongest levels of U.S. government support for the U.S. uranium mining industry since the 1970’s. Energy Fuels’ unmatched uranium production portfolio positions it to take the leading role in bringing U.S. uranium mining back to global prominence.

Based in Lakewood, Colorado, Energy Fuels holds three of America’s key uranium production centers: the Nichols Ranch (ISR) project in Wyoming, the Alta Mesa ISR Project in Texas, and the White Mesa Mill in Utah – the only conventional uranium mill operating in the U.S. today. These three assets have a combined annual licensed capacity of more than 11.5 million pounds of U3O8 per year. With an asset portfolio that boasts more uranium production facilities, in-ground resources, and production capacity than any other producer, Energy Fuels is in a unique position to continue as the leading producer of U.S. uranium in an era of viable transformation of the U.S. nuclear industry.

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://nnw.fm/UUUU

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