Energy Fuels (NYSE American: UUUU) (TSX: EFR) is emerging to become one of the diverse suppliers of rare earth elements (“REEs”). The company has seen monumental progress in its efforts to enter the REE market, which is expected to experience healthy growth. And, if demand continues to grow at its current pace, supply will need to pick up to meet the need for REEs globally. Analyst Ryan Castilloux, managing director of Adamas Intelligence, indicates that, while China will almost certainly remain a key player in the space, the next two to three years will be transitional for the supply chain outside of China in a number of ways. “We’ll see the beginnings of some major changes in 2022 outside of China and by 2026 should see a more diverse supplier landscape, albeit one still dominated by China,” a recent article quotes Castilloux as saying. Energy Fuels made its initial foray into the REE sector in 2019, and in September 2020, commenced the production and shipment of an intermediate rare earth element product, called mixed rare earth carbonate, at its White Mesa Mill in Utah. This is the most advanced REE material being produced in the U.S. today. Energy Fuels is set to install REE separation, and potentially REE metal-making and alloying capabilities at the White Mesa Mill in the next few years. The article quotes Energy Fuels president and CEO Mark Chalmers as saying, “With the increased demand for rare earths — up to a fivefold demand increase over the next 10 years — we will need all hands on deck… Combined with the current resurgence in uranium, rare earths represent a truly immense opportunity.”

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About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees are in the United States . Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“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 REE carbonate and uranium from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. 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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