Energy Fuels signs MOU with Vulcan Elements

Mr. Mark Chalmers reports ENERGY FUELS AND VULCAN ELEMENTS JOIN FORCES TO ADVANCE U.S. RARE EARTH MAGNET SECURITY Energy Fuels Inc. and Vulcan Elements have signed a memorandum of understanding (MOU) to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China. Rare earth magnets are used in a variety of commercial and defence applications, including satellites, robotics, artificial intelligence data centres, semiconductor fabrication, drones, defence systems, electric vehicles, consumer electronics, industrial motors and power tools. Under the collaboration, Energy Fuels has agreed to supply initial quantities of high-purity light and heavy separated rare earth oxides to Vulcan in Q4 (fourth quarter) 2025. Upon receipt, Vulcan will validate Energy Fuels' neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for production of rare earth magnet applications. After validating the oxides, Vulcan and Energy Fuels intend to negotiate additional long-term supply agreements for both NdPr and Dy oxides. NdPr and Dy are key raw materials required for the manufacture of rare earth magnets. The NdPr and Dy oxides that Energy Fuels will provide to Vulcan under the MOU for validation will be sourced exclusively from U.S. mines. Energy Fuels' White Mesa mill in Utah is the only operating U.S. facility capable of processing monazite mineral concentrates into separated rare earth oxides. Monazite concentrates are highly coveted in the rare earth industry because they have higher concentrations of light, mid- and heavy rare earth materials compared with other mineral sources. Energy Fuels currently sources monazite concentrates from heavy mineral sand mines owned by The Chemours Company in the United States in Florida and Georgia. Vulcan Elements' chief executive officer, John, Maslin stated: "Together, Vulcan Elements and Energy Fuels are onshoring one of the most important supply chains for America's future economy and security. We believe this collaboration will enable Vulcan to ensure it has access to the rare earth materials it needs in order to deliver high performance magnets for critical technologies and essential military capabilities." Mark S. Chalmers, CEO of Energy Fuels, added: "Energy Fuels and Vulcan Elements are innovative companies with similar visions of creating a secure Western rare earth magnet supply chain. We have both proven our capacity to deliver rare earth products that meet commercial specifications at scale from American-based facilities. We believe Vulcan Elements is emerging as a top-tier manufacturer, and we see this MOU as the first step towards building a long-term relationship that serves the interests of both companies and the U.S." Vulcan manufactures high performance rare earth magnets for defence and commercial applications, and is currently operating a commercial manufacturing facility in Durham, N.C. Vulcan's magnets meet requirements across commercial and defence applications -- from hard disk drives and AI (artificial intelligence) infrastructure to semiconductor fabrication equipment, robotics, drones and automotive applications. In 2024, Energy Fuels produced high-purity NdPr oxide at commercial scale at its White Mesa mill near Blanding, Utah. This light rare earth oxide has been validated by downstream rare earth metal, alloy and magnet manufacturers. Energy Fuels is currently piloting the production of heavy rare earth oxides that meet commercial specifications at the mill, with kilogram-scale samples of Dy oxide expected to be available in August, 2025, and terbium oxide in Q4 2025. About Vulcan Elements Vulcan Elements manufactures permanent sintered neodymium iron boron (NdFeB) magnets in the U.S. for critical defence and commercial applications. The company remains committed to advancing technological innovations, galvanizing America's manufacturing work force, and collaborating with both public- and private-sector stakeholders to strengthen the domestic rare earth magnet supply chain. About Energy Fuels Inc. Energy Fuels is a leading U.S.-based critical minerals company, focused on uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in situ recovery uranium projects in the Western U.S., has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the U.S. At the mill, Energy Fuels also produces advanced rare earth products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging targeted alpha therapy cancer treatments. Energy Fuels is also developing three heavy mineral sands projects: the Toliara project in Madagascar; the Bahia project in Brazil; and the Donald project in Australia, in which Energy Fuels has the right to earn up to a 49-per-cent interest in a joint venture with Astron Corp. Ltd. Energy Fuels is based in Lakewood, Colo., near Denver. 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. We seek Safe Harbor.