Mr. Ross Bhappu reports

"HEAVY" RARE EARTHS PRODUCED BY ENERGY FUELS QUALIFIED FOR USE BY LARGEST PERMANENT MAGNET MANUFACTURER IN JAPAN

Energy Fuels Inc.'s terbium (Tb) oxide has successfully passed all qualifications for use by one of the world's largest manufacturers of rare-earth permanent magnets outside China.

The Japan-based manufacturer has informed Energy Fuels that the Tb oxide produced at its White Mesa mill in Utah meets their specifications and is approved for use in commercial REPM production with no further qualification or validation required.

"This latest qualification of Energy Fuels' heavy rare-earth oxides marks another significant milestone in establishing a secure, diversified supply chain for critical rare-earth materials," said Ross Bhappu, president and chief executive officer of Energy Fuels. "Successful qualification of our terbium oxide by one of the largest Japanese rare-earth permanent magnet manufacturers represents one of the strongest endorsements of our product quality and industry leading rare-earth processing capabilities to supply the heavy rare-earth materials needed for automobiles, advanced electronics, robotics, aerospace, defence systems and other advanced technologies."

Terbium is among the most valuable and strategically important rare-earth elements, serving as a critical input that improves the heat resistance and performance of high-strength NdFeB permanent magnets used in a variety of advanced technologies. Reflecting its extreme scarcity and limited production in the West, terbium oxide currently commands a market price of approximately $5.5-million per tonne according Benchmark Mineral Intelligence (CIF Europe),

Energy Fuels previously announced the qualification of its neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for the manufacture of rare-earth permanent magnets.

Upon closing of the pending acquisitions of Australian Strategic Materials (ASM) and Vacuumschmelze (VAC), Energy Fuels expects to become the leading vertically integrated "mine-to-rare earth permanent magnet" producer in the United States and Europe. The NdPr, Tb and Dy oxides produced by the company at the White Mesa mill will be key components of the company's supply chain.

About Energy Fuels Inc.

Energy Fuels is a leading United States critical materials company specializing in uranium, rare-earth elements, heavy mineral sands, vanadium and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, for nuclear energy generation. The company owns the only fully licensed conventional uranium mill operating in the U.S. -- the White Mesa mill in Utah -- where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the Western United States and three heavy mineral sands/rare-earths projects: the Vara Mada project in Madagascar, Bahia, project in Brazil, and Donald project in Australia (through a joint venture with Astron Ltd.). Based in Lakewood, Colo., its shares trade on the NYSE American (UUUU) and Toronto Stock Exchange (EFR), with chess depositary interests (CDIs) expected to trade on the ASX Ltd. (EF2) upon implementation of the scheme of arrangement with ASM.

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