Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earths, and critical minerals, announced it has completed production of its first kilogram of dysprosium (Dy) oxide at pilot scale at the Company’s White Mesa Mill in Utah. The material achieved 99.9% purity, exceeding the 99.5% commercial specification, and the Mill expects to continue producing Dy oxide at a rate of two kilograms per week. Energy Fuels believes it is the first U.S. company to both produce high-purity Dy oxide and publicly disclose actual production volumes and purities. Produced from monazite mined in Florida and Georgia, the oxides demonstrate the viability of a fully non-Chinese rare earth oxide supply chain. Multiple magnet manufacturers and OEMs have already expressed strong interest in obtaining samples to accelerate validation processes.

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About Energy Fuels

Energy Fuels is a leading U.S.-based critical minerals company, focused on uranium, REEs, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is also developing three (3) additional heavy mineral sands projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels is based in Lakewood, Colorado, near Denver. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and its common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” For more information on all Energy Fuels does, please visit http://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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