Energy Fuels' U.S. NdPr oxide validated for EV magnets

Mr. Mark Chalmers reports U.S. MINED AND PROCESSED RARE EARTHS SUCCESSFULLY MANUFACTURED INTO PERMANENT MAGNETS FOR USE IN EVS AND HYBRIDS High-purity neodymium-praseodymium (NdPr) oxide produced at Energy Fuels Inc.'s White Mesa mill in Utah has been manufactured into commercial-scale REPMs by South Korea's largest manufacturer of drive unit motor cores, pursuant to a previously announced MOU (memorandum of understanding), and has passed all quality assurance and quality control (QA/QC) benchmarks for use in EV (electric vehicle) drive unit motors sold to major automotive manufacturers. This included the successful manufacture of Energy Fuels' NdPr oxide into NdPr metal, neodymium-iron-boron (NdFeB) alloy sintered blocks (45H grade) and high performance, high-temperature NdFeB REPMs. Energy Fuels has received final confirmation from leading global automotive supplier that its high-purity NdPr oxide, mined in Florida and Georgia and processed in Utah, has been qualified for use in rare-earth permanent magnets (REPMs) for drive unit motors used in electric vehicles (EVs) and hybrid EVs. The successful production of REPMs from Energy Fuels' NdPr oxide marks a decisive breakthrough in building a mine-to-magnet supply chain independent of China, using rare-earth oxides (REOs) produced in the United States. Energy Fuels' NdPr oxide has now been qualified for use in high-temperature drive units, which are installed in EV and hybrid vehicles manufactured by major automotive companies across North America, the European Union, Japan and Korea. Drive units powered by Energy Fuels' NdPr oxide are expected to be installed in new vehicles and be available in the marketplace within the next few months. Now that Energy Fuels' NdPr has been validated, the parties now intend to engage in negotiations for a potential longer-term supply arrangement. "We are excited to announce that rare-earth oxides mined, processed and produced in America are expected to be powering EVs and hybrids for sale around the world very soon, representing a major achievement in restoring domestic critical mineral supply chains," said Mark S. Chalmers, chief executive officer of Energy Fuels. "Commercial validation of our rare-earth oxides at scale is a significant triumph for Energy Fuels, proving we have the capacity and expertise to produce rare-earth materials that meet both commercial and defence requirements, at scale and to appropriate purity and performance specifications. Energy Fuels also recently announced that we are producing pilot quantities of 99.9-per-cent purity dysprosium oxide, a critical 'heavy' rare earth and another key ingredient in NdFeB magnets. We plan to construct heavy rare-earth oxide capacity in 2026 at our White Mesa mill in Utah, thereby 'closing the loop' on this important non-China supply chain." The 1.2 metric tonnes of NdPr oxide supplied by Energy Fuels earlier this year was processed into approximately 3.0 metric tonnes of REPMs, which is enough to power approximately 1,500 new electric and hybrid electric vehicles. Energy Fuels has received 25 kilograms of the 45H grade NdFeB sintered block alloys as a testament to this landmark achievement. The REOs produced by Energy Fuels were derived from monazite concentrates mined in Florida and Georgia, United States, at heavy mineral sand (HMS) operations owned and operated by The Chemours Company. Chemours' monazite concentrate was processed into high-purity NdPr oxide at Energy Fuels' White Mesa mill in Utah. The White Mesa mill is the only facility in North America currently licensed and capable of producing high-purity REOs from monazite. About Energy Fuels Inc. Energy Fuels is a leading United States-based, global critical minerals company, focused on uranium, rare-earth elements, heavy mineral sands, vanadium and medical isotopes. The company owns and operates several conventional and in-situ uranium projects in the Western U.S., as well as the White Mesa mill, which is the only operating conventional uranium mill in the U.S. The mill also houses the company's commercial-scale rare-earth processing circuits. Additionally, Energy Fuels is developing heavy mineral sand projects around the world to supply titanium and zirconium minerals to global markets, along with monazite to the mill for processing into separated rare-earth oxides. We seek Safe Harbor.