September 27, 2022

Energy Fuels, the leading U.S. producer of critical materials, joins REIA

Headquartered in Denver, Colorado, Energy Fuels is emerging as the leading U.S. producer of several critical materials including uranium, vanadium, medical isotopes, and now rare earth elements (REE).

Energy Fuels recently entered the REE industry due to its licenses and ability to recover and/or manage uranium, thorium, and other radionuclides that naturally occur with major REE-bearing minerals.

In 2020, the company began processing monazite at its White Mesa Mill (Utah) for the recovery of REEs in a mixed REE carbonate that is roughly 32% – 34% NdPr. This is currently the most advanced REE material being produced in the U.S. at scale, as it has been “cracked-and-leached”, and it is ready for REE separation without further processing.

The proven technology for producing separated REE materials is called solvent extract, or SX. White Mesa Mill is an SX facility, having produced uranium and vanadium oxides for over 40 years using SX. Therefore, it is relatively straightforward for Energy Fuels to apply its SX knowhow towards REE recovery. Today, the company is in the process of installing SX infrastructure to produce “light” and “heavy” separated REE materials in the coming months and years.

The White Mesa Mill is also the largest uranium production facility in the U.S., and the company has uranium production facilities and mines in Wyoming, Texas, Arizona, Colorado, and New Mexico. Today, Energy Fuels is the largest U.S. producer of uranium.

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.”

Mark Chalmers, CEO of Energy Fuels, commented:
“Energy Fuels is pleased to join the Rare Earth Industry Association and contribute to its efforts toward promoting a responsible global rare earth industry. Since 2020, Energy Fuels has made spectacular progress in restoring a U.S. rare earth supply chain, due to our ability to recover rare earths and manage the radionuclides that naturally occur with major rare earth minerals. We believe collaborating with REIA and its members will help us achieve our vision of restoring a fully integrated U.S. rare earth supply chain in the coming years.”

Dr Badrinath Veluri, President of REIA, said: “We are very pleased to welcome Energy Fuels as our new member. Energy Fuels is playing a crucial role towards a more sustainable REE supply chain in the U.S. We look forward to working with their team and thank them for joining our global association.