LAKEWOOD, Colo., Dec. 15, 2021 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce the execution of a Memorandum of Understanding ("MOU") with Nanoscale Powders LLC ("NSP") for the development of a novel technology (the "Technology") for the production of rare earth element ("REE") metals (the "Project"). We believe this Technology, which was initially developed by NSP, and will be advanced by the Company and NSP working together, has the potential to revolutionize the rare earth metal making industry by reducing costs of production, reducing energy consumption, and significantly reducing greenhouse gas ("GHG") emissions. Producing REE metals and alloys ("REE Metals") is a key step in a fully integrated REE supply chain, after production of separated REE oxides ("REE Oxides") and before the manufacture of neodymium iron boron ("NdFeB") magnets used in electric vehicles ("EVs"), wind generation and other clean energy and advanced technologies.

Energy Fuels is quickly building a new, environmentally friendly REE supply chain in the United States, and the Project with NSP represents an exciting opportunity to significantly improve the REE metal-making process and potentially provide Energy Fuels with a competitive advantage in the REE supply chain. At its White Mesa Mill (the "Mill") in Utah, the Company is currently producing mixed REE carbonate ("REE Carbonate") while recovering uranium from natural monazite sands ("Monazite") which are produced as a low-cost byproduct of heavy mineral sands mining in the U.S. and around the globe. Energy Fuels' REE Carbonate is the most advanced REE product being produced in the U.S. today. The Company is also moving quickly toward producing REE Oxides at the Mill using proven solvent extraction ("SX") technologies. The Mill has over 40 years of experience producing uranium and vanadium oxides using SX technology.