Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based critical minerals company, has sold the remaining unpaid balance of $20 million owed under a secured convertible note to MMCAP International Inc. SPC. The note was issued to Energy Fuels by enCore Energy Corp. as partial consideration for enCore’s purchase of the Alta Mesa In-Situ Recovery Project. According to the announcement, enCore previously paid $40 million toward the $60 million principal note balance and $1.8 million of interest to the company in partial fulfillment of the note obligations. With enCore’s earlier paydown and the $22.4 million received in connection with the sale of the note, Energy Fuels has now received payment in full for the Alta Mesa sale, with no further amount being owed.

To view the full press release, visit https://ibn.fm/7rg1O

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based critical minerals company. As the leading producer of uranium in the United States, Energy Fuels mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE”) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, and substantially all assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR”) project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the country today, has a licensed capacity of more than 8 million pounds of U3O8per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR project is on standby and has a licensed capacity of 2 million pounds of U3O8per year. The company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition, Energy Fuels also has one of the largest NI 43-101-compliant uranium resource portfolios in the United States and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 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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