Energy Fuels Inc. Advances Ra-226 Production and Evaluates Radioisotope Recovery

Energy Fuels Inc. is advancing its R&D pilot facility for the production of Ra-226 at its Mill. The company plans to set up the initial stage of the pilot facility and produce research and development quantities of Ra-226 for testing by end-users by the end of the year. This initiative includes evaluating radioisotope recovery at the Mill, with the potential for commercial sales of recovered isotopes.

The company also aims to fulfill existing uranium sales contracts and pursue additional contracts with U.S. utilities. Market conditions for uranium, vanadium, heavy mineral sands (HMS), and rare earth elements (REE) are being monitored closely.

The forward-looking statements in this release highlight potential risks, including commodity price fluctuations, engineering challenges, regulatory requirements, and competition. Specific concerns include the fiscal terms and approvals for the Toliara Project in Madagascar, and the company's ability to secure financing and permits for various projects, including the Donald and Bahia Projects.

The company is exploring the production of RE Carbonate, REE oxides, and other REE products at the Mill, contingent on market demand and cost-effectiveness. Energy Fuels is also assessing the recovery of radium and other isotopes, considering market prices and demand for medical isotopes.

The company's forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those anticipated. Energy Fuels disclaims any obligation to update these statements, except as required by law.

The Donald Project's monazite production estimates are based on a feasibility study prepared on June 27, 2023, under JORC standards. This study's results may not align with data under NI 43-101 or S-K 1300 standards.