Initial Pre-Production Drilling Intercepts Showing Stronger Mineralization than Anticipated

DENVER, Sept. 11, 2024 /PRNewswire/ - Energy Fuels Inc. UUUU EFR, ("Energy Fuels", "EFR" or the "Company") an industry leader in uranium and rare earth elements production for the energy transition, today announced that its work to prepare for the restart of its Nichols Ranch in-situ recovery ("ISR") uranium mine 80 miles northeast of Casper, Wyoming in the Powder River Basin is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. The Company currently expects that the development of the remainder of its permitted Production Area 2 ("PA2") could be ready to commence production as early as July 1, 2025, with the start date based on market conditions.

Energy Fuels could quickly add uranium production from Nichols Ranch to its other operating conventional mines in Arizona and Utah. The Company also disclosed an additional uranium supply contract with a US nuclear energy utility in its Q2, 2024 quarterly report, continuing its commitment to the domestic uranium industry and demonstrating expanding offtake interest.

With a licensed annual capacity of two million pounds of uranium, the fully licensed, permitted and constructed Nichols Ranch ISR facility is a priority resource in the Company's development pipeline. To restart production, the Company is performing delineation drilling and, based on that delineation drilling, plans to advance new header houses and install new well-fields in its permitted PA2 area at the mine. In addition to this delineation drilling, the Company has been advancing the restart by overhauling the on-site deep disposal well earlier this year and making some capital improvements to the existing plant.

Dan Kapostasy, Vice President, Technical Services stated, "We recently drilled 39 out of the planned 125 delineation holes at Nichols Ranch, with five that significantly exceeded expectations and the rest consistent with anticipated results. As we continue our exploration, we will better identify the location of resources within the site to allow us to optimize wellfield design ahead of a final mining decision, anticipated by the end of the year."

Highlights

Pre-development drilling activities at PA2 at Nichols Ranch have completed 39 drill holes to date. All but four holes have uranium mineralization and five have encountered mineralization greater than 1.0 GT.

U36-17-595 14.0 ft at 0.322% eU 3 O 8 = 4.50 GT

U36-17-610 11.5 ft at 0.103% eU 3 O 8 = 1.18 GT 6.0 ft at 1.523% eU 3 O 8 = 9.14 GT

U36-17-611 20.5 ft at 0.126% eU 3 O 8 = 2.57 GT 7.5 ft at 0.351% eU 3 O 8 = 2.64 GT

U36-18-058 18.0 ft at 0.104% eU 3 O 8 = 1.86 GT

U36-18-061 8.0 ft at 0.198% eU 3 O 8 = 1.59 GT

The Company anticipates updating the Nichols Ranch Technical Report, which will include these significant drill intercepts, once the drilling campaign is completed later this year.

Following this drilling campaign, the Company intends to drill approximately 152 holes on its Collins Draw area, a southeastern extension of its Jane Dough mineralized trend located in Sections 35 and 36, T43N, R76W, and Sections 1, 2 & 12, T42N, R76W, Campbell County, Wyoming. Once complete, these holes, along with historical holes drilled by Cleveland Cliffs and American Nuclear will be used to estimate an NI 43-101/S-K 1300 compliant mineral resource, which would be added to the existing mineral resource at the Nichols Ranch Project.

Technical Details

The current mineral resource estimate for the Nichols Ranch area (including the Jane Dough, Hank and North Rolling Pin areas, but excluding Collins Draw) of the Nichols Ranch Complex is given below, and details can be found in the Technical Report on the Nichols Ranch Project, Campbell and Johnson Counties, Wyoming USA dated February 22, 2022 and effective December 31,2021, as amended February 8, 2023, and prepared by Grant A. Malensek, M. Eng., P. Eng., Mark Mathisen, C.P.G., Jeremy Scott Collyard, PMP, MMSA QP, each a Qualified Person employed by SLR, Jeffrey L. Woods, MMSA QP, a Qualified Person employed by Woods Process Services, and Phillip E. Brown, C.P.G., R.P.G., a Qualified Person employed by Consultants In Hydrogeology (the "Nichols Ranch Technical Report Summary").

Current Nichols Ranch Project Mineral Resource Estimate – Effective December 31, 2021

Classification Project Area Sand Tonnage (tons) Grade (%eU 3 O 8 ) Contained Metal (lb U 3 O 8 ) EFR Attrib.

Basis EFR Attrib. lbs U 3 O 8 Recovery (%) Measured Nichols Ranch A 11,000 0.187 41,140 100 % 41,140 71.0 Total Measured 11,000 0.187 41,140 100 % 41,140 71.0 Indicated Nichols Ranch A 359,000 0.166 1,189,693 100 % 1,189,693 60.4 Jane Dough A 1,892,000 0.112 4,237,000 81 % 3,431,970 60.4 Hank F 450,000 0.095 855,000 100 % 855,000 60.4 North Rolling Pin F 582,000 0.057 665,000 100 % 665,000 60.4 Total Indicated 3,283,000 0.106 6,946,643 88.4 % 6,141,663 60.4 Total Measured + Indicated 3,294,000 0.106 6,997,833 88.5 % 6,182,803 60.4 Inferred Jane Dough A 188,000 0.112 420,000 81 % 340,200 60.4 Hank F 423,000 0.095 803,000 100 % 803,000 60.4 North Rolling Pin F 39,000 0.042 33,000 100 % 33,000 60.4 Total Inferred 650,000 0.097 1,256,000 93.6 % 1,176,200 60.4

Notes: 1. SEC S-K 1300 definitions were followed for all Mineral Resource categories. These definitions are also consistent with CIM (2014) definitions in NI 43-101. 2. Measured Mineral Resource includes reduction for production through December 31, 2021. 3. Mineral Resources are 100% attributable to EFR for Nichols Ranch, Hank, and North Rolling Pin, and are in situ. Mineral Resource estimates are based on a GT cut-off of 0.20 %-ft. 4. Mineral Resources are 81% attributable to EFR and 19% attributable to United Nuclear Corp in parts of Jane Dough, and are in situ. 5. Mineral Resource estimates are based on a GT cut-off of 0.20 %-ft 6. The cut-off grade is calculated using a metal price of $65/lb U 3 O 8 , operating costs of $19.28/lb U 3 O 8 , and 60.4% recovery (based on 71% process recovery and 85% under wellfield). 7. Mineral Resources are based on a tonnage factor of 15.0 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.13 t/m 3 ). 8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 9. Numbers may not add due to rounding.

Hole ID From (ft) To (ft) Thickness (ft) %eU 3 O 8 Grade x Thickness (GT) U36-17-594 565.0 568.0 3.0 0.149 0.45 U36-17-595 567.5 575.5 7.0 0.071 0.50 585.0 598.0 14.0 0.322 4.50 U36-17-596 Uranium Mineralization U36-17-597 Uranium Mineralization U36-17-598 Uranium Mineralization U36-17-599 Uranium Mineralization U36-17-600 Not Drilled U36-17-601 Uranium Mineralization U36-17-602 Uranium Mineralization U36-17-603 Uranium Mineralization U36-17-604 Uranium Mineralization U36-17-605 537.5 543.5 6.0 0.099 0.59 U36-17-606 Uranium Mineralization U36-17-607 Uranium Mineralization U36-17-608 Uranium Mineralization U36-17-609 574.0 576.0 2.0 0.179 0.38 U36-17-610 488.0 499.5 11.5 0.103 1.18 557.0 563.0 6.0 1.523 9.14 U36-17-611 555.5 576.0 20.5 0.126 2.57 586.0 593.5 7.5 0.351 2.64 U36-17-612 Uranium Mineralization U36-17-613 Uranium Mineralization U36-17-614 Uranium Mineralization U36-17-615 Uranium Mineralization U36-17-616 Uranium Mineralization U36-17-617 615.5 619.0 3.5 0.110 0.39 U36-17-618 Uranium Mineralization U36-17-619 423.0 427.0 4.0 0.136 0.54 U36-17-620 Uranium Mineralization U36-17-621 Uranium Mineralization U36-17-622 544.5 548.0 3.5 0.153 0.54 U36-17-623 Uranium Mineralization U36-17-624 478.0 483.0 5.0 0.117 0.59 U36-17-625 Barren U36-18-057 Uranium Mineralization U36-18-058 581.5 599.5 18.0 0.104 1.86 603.0 613.5 10.5 0.069 0.73 U36-18-059 Barren U36-18-060 Barren U36-18-061 637.5 645.5 8.0 0.198 1.59 U36-18-062 Barren U36-18-063 Uranium Mineralization U36-18-064 627.0 635.5 8.5 0.097 0.82

All grades reported in this press release are "equivalent" eU 3 O 8 grades as they were calculated from calibrated downhole gamma logging of the drill holes. The downhole probe was calibrated at the U.S. Department of Energy test pits located in Casper, Wyoming by Energy Fuels staff and verified on site by Century Geophysical Corporation. All drill holes reported are vertical and were verified as vertical using downhole deviation logging. All thicknesses reported are true thicknesses.

Qualified Person Statement

The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.

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SOURCE Energy Fuels Inc.

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