Energy Fuels produces 99.9% purity dysprosium

Mr. Mark Chalmers reports ENERGY FUELS SUCCESSFULLY PRODUCES FIRST KILOGRAM OF 99.9% PURITY DYSPROSIUM OXIDE AT ITS WHITE MESA MILL IN UTAH; ON TRACK TO COMMENCE TERBIUM PRODUCTION IN Q4 2025 Energy Fuels Inc. has successfully completed production of its first kilogram of dysprosium (Dy) oxide at pilot scale at the company's White Mesa mill in Utah. The company achieved a purity of 99.9 per cent Dy, which is well in excess of the 99.5-per-cent commercial specification. The mill expects to continue producing dysprosium oxide at a rate of two kilograms per week. Energy Fuels believes it is the first United States company to both produce high-purity Dy oxide and publicly disclose actual production volumes and purities. These oxides are being produced from monazite mined in Florida and Georgia, United States, and demonstrate the expected viability of Energy Fuels' completely non-Chinese rare-earth oxide supply chain. Multiple magnet manufacturers and OEMs (original equipment manufacturers) have already expressed their strong interest in obtaining these samples to accelerate their validation processes. Energy Fuels believes the quantity and purity of its Dy oxide production is unmatched in the United States at this time and is a testament to the White Mesa mill's world-class rare-earth element (REE) production capabilities. Pilot-scale production is expected to continue until approximately 15 kilograms of Dy oxide are produced. At that point, Energy Fuels intends to produce high-purity terbium (Tb) oxide and is targeting Q4 2025 for the first samples of Tb oxide to be available for end-user validation. Due to the ongoing success of this heavy REE pilot project, the company intends to construct and commission commercial-scale Dy, Tb (terbium) and potentially other heavy REE separation capacity at its White Mesa mill, which could be in production as soon as Q4 2026. "Energy Fuels' high-purity Dy oxide production is a major leap toward securing a U.S. supply of 'heavy' rare-earth oxides for a variety of commercial and defence uses," said Energy Fuels chief executive officer Mark S. Chalmers. "This is real, high-quality material in hand, ready for independent testing, demonstrating that our Utah facilities can deliver world-class critical minerals domestically. Data and knowledge from our pilot plants will guide the design and construction of commercial Dy, Tb and potentially other 'heavy' rare-earth separation infrastructure that we plan to install in Utah next year." Last year, Energy Fuels announced the completion and commissioning of its commercial-scale "light" rare-earth oxide circuit at the mill with a successful run of "on-spec" neodymium-praseodymium (NdPr) oxide used in permanent magnets for electric mobility, robotics, drones, wind energy and defence technologies. That material has been tested and qualified by magnet makers around the world and is expected to be used in EVs (electric vehicles) and hybrid vehicles available for sale in the United States, European Union and Asia this year. These production accomplishments demonstrate the company's growing capabilities to deliver critical minerals to the United States and build upon the company's structural advantages in the U.S. REE space including existing licences, facilities, knowledge and proven commercial capacity at the White Mesa mill in Utah. About Energy Fuels Inc. Energy Fuels is a leading U.S.-based critical minerals company, focused on uranium, REEs, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in situ recovery uranium projects in the Western United States, 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 United States. At the mill, Energy Fuels also produces advanced REE 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 additional 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 its common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR. We seek Safe Harbor.