home Equities Energy Fuels Closes Sale of Non-Core Uranium Properties in Wyoming; Adds $5.39 Million to Balance Sheet

Energy Fuels Closes Sale of Non-Core Uranium Properties in Wyoming; Adds $5.39 Million to Balance Sheet

Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”), a leading uranium producer in the U.S., is pleased to announce that it has closed the sale of certain non-core uranium properties in Wyoming to Uranium Energy Corp. (“UEC”) for $5.39 million, including $2.94 million of cash and $2.45 million of shares in UEC at a deemed issuance price of $1.5072 per share of UEC.

The disposed properties, which are adjacent to UEC’s Reno Creek Project, are considered non-core to the Company, as they would require extensive permitting and licensing work, and significant time and capital, for Energy Fuels to bring them into commercial operation as a standalone project in the future. Therefore, the Company believes these assets are much better suited to be combined with UEC’s Reno Creek Project. In addition, the Company holds other low cost ISR assets that are currently in production, or that can be brought into production sooner and on a greater scale than the disposed assets. This includes the operating and fully-permitted Nichols Ranch ISR Project and the fully-permitted Jane Dough and Hank properties in Wyoming, along with the fully-constructed, licensed, and permitted Alta Mesa ISR Project in Texas which is currently on standby.

Mark S. Chalmers, President and CEO of Energy Fuels stated: “Maintaining the strength of our balance sheet is one of the central focuses of Energy Fuels. Therefore, we are endeavoring to monetize certain assets that are stranded or non-core to our long-term business plans. The completion of today’s transaction achieves this focus, by adding over $5 million to our balance sheet and reducing our holding costs. This is a remarkable time in the U.S. uranium market, and our filing of a 232 Petition earlier this year with the U.S. government has the strong potential to significantly increase the value of uranium produced in the United States. While we are disposing of stranded and non-core assets, we are retaining low-cost producing, constructed, and/or permitted assets. These are the assets that will enable Energy Fuels to ramp-up production more quickly and on a greater scale than our peers.”

About Energy Fuels: Energy Fuels is a leading integrated U.S. uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U3O8 per year. The Nichols Ranch Processing Facility is an in-situ recovery production center with a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is an in-situ recovery production center with a licensed capacity of 1.5 million pounds of U3O8 per year, which is currently on care and maintenance due to low uranium prices. Energy Fuels also has the largest uranium resource portfolio in the U.S. among producers, and uranium mining projects located in a number of Western U.S. states, including one producing in-situ recovery project, mines on standby, and mineral properties in various stages of permitting and development. Energy Fuels also produces vanadium as a by-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. 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”. Energy Fuels’ website is www.energyfuels.com.

Source: Energy Fuels