$UUUU Releases Q2 2021 Financial Report, Schedules Results Webcast

Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading uranium producer in the United States, has reported second-quarter financial results for the period ended June 30, 2021. Noteable numbers include the announcement that UUUU has $98.8 million — $79.4 million in cash and marketable securities and $29.2 million in inventory — working capital and that the company saw a net loss of $10.8 million, which included a non-cash, mark-to-market increase in warrant liabilities of $3.6 million resulting from a significant increase in the company’s share price. The report also noted that Energy Fuels is ready to provide uranium for the proposed U.S. Uranium Reserve once it is established by the U.S. government as well as for markets around the world. The company reported that it has begun ramping up to commercial-scale production of a mixed rare earth element (“REE”), actually delivering RE carbonate to a European separation facility last month. UUUU has also entered into a definitive agreement to sell a package of Energy Fuels’ non-core conventional uranium projects and has entered into a strategic alliance agreement to evaluate the recovery of thorium and potentially radium from the company’s RE carbonate and uranium process streams. The company will be hosting a results webcast on Aug. 3, 2021, at 4 p.m. ET to discuss its Q2 2021 financial results as well as its rare earth production and other corporate initiatives. Interested individuals can dial 1-888-664-6392 (toll free in the United States and Canada) to participate on the call. A recording of the call will also be available on the company website until Aug. 27, 2021. “The outlook for uranium also continues to improve, vanadium markets are strengthening and REE prices continue to exhibit strength,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “With three fully licensed uranium processing centers — the White Mesa Mill and the Nichols Ranch and Alta Mesa in situ recovery facilities — the largest NI 43-101 resource portfolio among U.S. uranium producers, and almost 700,000 pounds of U.S.-produced U3O8in inventory, the company remains well-positioned to benefit from a strengthening uranium market and the proposed U.S. Uranium Reserve once it is established by the U.S. government. But what I find most exciting about all this is that not only do we have excellent optionality and exposure to improved uranium markets, we are also leveraging our existing uranium assets to give the company and our shareholders exposure to vanadium, REEs and potentially medical isotope markets, all as complements to our primary uranium business. Each of these complementary businesses could develop into a significant business for the company in its own right and bodes well for our quickly developing ‘Critical Minerals Hub’ in the U.S.”

To view the full webcast, visit https://ibn.fm/s9RaA

To view the full press release, visit https://ibn.fm/QEzU4

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 (“U3O8”)to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to commercial-scale production of RE 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 more than 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant as well as REE carbonate 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 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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