DENVER, Oct. 31, 2024 /PRNewswire/ – Power Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”), an trade chief in uranium and uncommon earth parts (“REE“) manufacturing, lately reported its monetary effects for the quarter ended September 30, 2024. The Corporate prior to now introduced main points for its then November 1, 2024, income name, that are additionally integrated on this information let go.

“Uranium drives our current financial outlook, while rare earth elements and heavy mineral sand products are significantly adding to our long-term value and growth strategy,” mentioned Mark Chalmers, Power Fuels’ President and Well-known Govt Officer. “This quarter, we maintained our clean balance sheet while adding a new long-term U.S. utility customer, completing another spot sale of U₃O₈, and commencing processing of the large inventory stockpile of uranium feedstock at the White Mesa Mill, which is expected to continue well into 2025 and beyond. Uranium production is, and will remain, the core of the Energy Fuels’ business, as we leverage our unique permits, facilities and expertise to process uranium-bearing materials to produce a variety of critical materials that advance the global energy transition through an American-based supply chain. We have long been a leading U.S. uranium producer, and we have now proven our ability to produce important rare earth materials at commercial scale with the completion and successful commissioning of our REE separation circuit this quarter. We are also aggressively moving forward with our plans to secure rare earth feedstocks globally and expand our processing capacity domestically in order to capture market share and achieve profitability. Our acquisition of Base Resources Limited and its world-class Toliara heavy mineral sands/monazite project in Madagascar on October 2, 2024 is a thrilling step in attaining those targets.

“We invite all stakeholders to join us in our upcoming November 1, 2024, earnings call, details of which are below, to learn more about these exciting achievements.”

Q3-2024 Highlights

Until famous another way, all buck quantities are in U.S. greenbacks.

• Tough Steadiness Sheet with Over $180 million of Liquidity and Incorrect Debt: As of September 30, 2024, the Corporate had $183.16 million of operating capital together with $47.46 million of money and money equivalents, $101.15 million of marketable securities (interest-bearing securities and uranium shares), $35.91 million of stock, and refuse debt.
• Over $10 Million of Supplementary Liquidity from Marketplace Worth of Stock: At October 28, 2024 commodity costs, the Corporate’s product stock has a marketplace cost of roughly $23.79 million, week the steadiness sheet displays product stock carried at value of $13.38 million.
• Incurred Web Lack of $12 Million: All the way through the 3 months ended September 30, 2024, the Corporate incurred a internet lack of $12.08 million, or $0.07 in step with familiar proportion, essentially because of transaction and integrations prices homogeneous to the Donald Mission three way partnership (described under), the purchase of Bottom Sources (described under) and routine working bills, partly offset via gross sales of herbal uranium concentrates (“U₃O₈“).
• Uranium Continues to Power Income: The Corporate offered 50,000 kilos of U₃O₈ at the spot marketplace at a learned gross sales value of $80.00 in step with pound of U₃O₈ for overall proceeds of $4.00 million, which ended in a improper benefit of $2.15 million and a improper margin of 54%.
• Fresh Lengthy-Time period Uranium Gross sales Agreement with U.S. Importance: The Corporate added a fourth long-term uranium gross sales guarantee to its current portfolio. Below the guarantee, the Corporate expects to bring a complete of 270,000 to 330,000 kilos of uranium between 2026 and 2027, and probably an supplementary 180,000 to 220,000 kilos till 2029, beneath a “hybrid” pricing components, matter to ground and ceiling costs, that maintains publicity to additional uranium marketplace upside and coverage from inflation.
• “Phase 1” REE Dissolution Circuit Effectively Commissioned: Ultimate commissioning of the Section 1 REE split circuit on the Corporate’s White Mesa Mill (the “Mill“) was once effectively finished all through the quarter make happen the manufacturing of roughly 38 tonnes of ‘on-spec’ separated NdPr.
• Samples of NdPr Actively Being Certified via Doable Consumers: NdPr produced on the Mill is recently being certified with everlasting magnet producers and alternative possible consumers to i’m ready the level for possible offtake going forward.
• Smartly-Stocked to Seize Marketplace Alternatives: As of September 30, 2024, the Corporate held 235,000 kilos of completed U₃O₈ and 805,000 kilos of U₃O₈ in ore and uncooked fabrics and work-in-progress stock for a complete of one,040,000 kilos of U₃O₈ in stock. This stock higher from terminating quarter because of Pinyon Modest, L. a. Sal and Pandora mine ore manufacturing and supplementary change feed fabrics won, partly offset via our spot sale all through Q3-2024. The Corporate expects those uranium inventories to proceed expanding as we proceed to mine supplementary ore. The Corporate additionally held 905,000 kilos of completed vanadium (“V₂O₅“), 38 tonnes of completed separated neodymium praseodymium (“NdPr“) and 9 tonnes of completed majestic purity, partly separated blended uncommon earth carbonate (“RE Carbonate“) in stock.

Capitalizing on Sturdy Uranium Pricing:

• Because of uranium marketplace tailwinds and then loyalty in long-term words with U.S. nuclear utilities, the Corporate is recently mining and stockpiling uranium ore from its Pinyon Modest, L. a. Sal and Pandora mines and plans to ramp as much as a manufacturing run-rate of roughly 1.1 to at least one.4 million kilos of U₃O₈ in step with moment via late-2024.
• The Corporate expects to put together a complete of 150,000 to 200,000 kilos of completed U₃O₈ all through 2024 from stockpiled change feed fabrics and newly mined ore, which is on the decrease stop of our earlier steering of 150,000 to 500,000 kilos of completed U₃O₈ all through 2024, because of delays in transporting ore from the Pinyon Modest mine to the White Mesa Mill, which is predicted to be resolved in This fall-2024. Mining continues on the Pinyon Modest mine, with mined ore being stockpiled on the mine website online, containing roughly 180,000 kilos of U₃O₈ at September 30, 2024, which is predicted to be processed on the Mill nearest in 2024 or in early 2025.
• All the way through Q3-2024, the Corporate won sure effects from drill holes all through ongoing arrangements at its Nichols Ranch in situ cure (“ISR“) Mission in Wyoming. Each the Nichols Ranch Mission and Whirlwind Mine in Colorado are being ready for manufacturing and are inside one moment of a “go” determination, as marketplace situations warrant. Manufacturing from those mines, when blended with change feed fabrics, uranium from monazite, and three^rd celebration uranium ore purchases, could be anticipated to extend the Corporate’s manufacturing run-rate to kind of two million kilos in step with moment via as early as 2026.
• The Corporate persisted advancing allowing and alternative pre-development actions on its large-scale Roca Honda, and Bullfrog uranium initiatives in Q3-2024, which along side its Sheep Mountain Mission, have the prospective to extend the Corporate’s uranium manufacturing to a run-rate of as much as 5 million kilos of U₃O₈ in step with moment within the coming years.
• As of October 28, 2024, the spot value of U₃O₈ was once $81.00 in step with pound and the long-term value of U₃O₈ was once $82.00 in step with pound, in keeping with information from TradeTech.

Uncommon Earth Component Manufacturing Milestones:

• The Corporate produced about 38 tonnes of separated NdPr from its newly commissioned Section 1 REE split circuit on the Mill in Q2- and Q3-2024.
• Samples of the Corporate’s NdPr product were despatched to everlasting magnet and alternative firms all over the world for product qualification, and preliminary checking out responses were sure.
• The Corporate is recently within the means of updating the White Mesa Mill’s AACE World (“AACE“) Elegance 4 Pre-Feasibility Find out about (no longer a Pre-Feasibility Find out about matter to or meant to be compliant with NI 43-101 or S-Ok 1300), initially spared in Q2-2024 to extend throughput to a complete of 60,000 tpa of monazite, generating kind of 6,000 tpa of NdPr, 150 to 225 tpa of Dy, and 50 to 75 tpa of Tb, of which the present commissioned Section 1 circuit will represent about 17% of this quantity (10,000 tpa of monazite). The Mill PFS referenced above may also be considered at the Corporate’s website online, www.energyfuels.com.

Big Mineral Sands:

• On October 2, 2024, the Corporate introduced it finished its prior to now introduced acquisition of the entire issued and remarkable stocks of Bottom Sources Ltd. (“Base Resources“), which is predicted to develop into the Corporate into an international chief in important minerals manufacturing, together with HMS (titanium and zirconium), REEs and uranium. The purchase of Bottom contains the complex, world-class Toliara HMS venture in Madagascar. Along with its stand-alone, ilmenite, rutile (titanium) and zircon (zirconium) manufacturing capacity, the Toliara Mission additionally accommodates a long-life, high-value and low cost monazite (REEs) wave, produced as a byproduct of number one titanium and zirconium manufacturing. Toliara’s monazite is predicted to be processed on the Mill into separated REE merchandise, together with uranium, at globally aggressive capital and working prices. The Toliara Mission is matter to negotiation of fiscal phrases with the Madagascar govt and the receipt of sure Madagascar govt approvals and movements sooner than a tide abeyance on actions on the Toliara Mission will probably be lifted and advancement might happen. The transaction additionally contains Bottom’s control, mine advancement and operations groups, who’ve a a success track-record of designing, setting up, and profitably working a world-class HMS operation in Kenya.
• The Corporate persisted to go the Donald Mission (the “Donald Project“), a broad monazite-rich HMS venture in Australia, pursuant to its three way partnership with Astron Company restricted, introduced in Q2-2024. The Corporate expects {that a} ultimate funding determination (“FID“) will probably be made at the Donald Mission as early as 2025.
• All the way through Q3-2024, the Corporate additionally persisted to go its entirely owned Bahia HMS venture in Brazil (the “Bahia Project“) with its Section 2 drilling marketing campaign, which is predicted to proceed during the left-overs of the moment. Moreover, the Corporate finished bulk check function on a 2.5 tonne pattern in March 2024, and lately shipped a bigger 15 tonne pattern to the U.S. for supplementary procedure check function. The Corporate expects to finish a U.S. Subpart 1300 of Legislation S-Ok (“S-K 1300“) and Canadian Nationwide Software 43-101 (“NI 43-101“) compliant mineral useful resource estimate at the Bahia Mission all through 2024.

Vanadium Highlights:

• The Corporate selected to not shoot any vanadium gross sales all through Q3-2024 and holds about 905,000 kilos of V₂O₅ in stock.
• As of October 28, 2024, the spot value of V₂O₅ was once $5.25 in step with pound, in keeping with information from Fastmarkets.

Clinical Isotope Highlights:

• On August 19, 2024, the Corporate introduced it bought RadTran LLC (“RadTran“), a personal corporate that specialize in the split of important radioisotopes, to additional the Corporate’s plans for advancement and manufacturing of scientific isotopes old in most cancers remedies. RadTran’s experience contains split of radium-226 (“Ra-226“) and radium-228 (“Ra-228“) from uranium and thorium procedure streams. This acquisition is predicted to seriously give a boost to Power Fuels’ deliberate features to deal with the worldwide rarity of those crucial isotopes old in rising focused alpha treatments (“TAT“) for most cancers remedy.
• The Corporate continues to make use of its analysis and advancement (“R&D“) license for the cure of R&D amounts of Ra-226 on the Mill. Actions to arrange the pilot facility on the Mill persisted in Q3-2024 and are anticipated to growth during the stop of the moment, with the purpose of manufacturing R&D amounts of Ra-226 for checking out via end-users of the product in overdue 2024 or early 2025.

Mr. Chalmers persisted:

“During the quarter, we achieved numerous additional milestones to bring the Energy Fuels’ vision to fruition for our innovative, low-cost, U.S.-centered critical mineral supply chain. As previously announced, shortly after the close of the quarter, we successfully completed our acquisition of Base Resources. This is a major piece of our strategic puzzle, bringing to the Company the Base Resources management and operations team and the world-class Toliara Project in Madagascar, which is considered by industry experts to be one of the best HMS projects in the world. With the Toliara Project, our joint venture on the Donald Project in Australia, and our 100% ownership of the Bahia Project, we have secured a leading position in the titanium and zirconium mineral industry, in addition to a low-cost source of REE feedstock that will be processed in the USA.

“These developments have the potential to transform Energy Fuels into a world leader in titanium, zirconium, and rare earth elements production, while maintaining our position as a U.S. leader in uranium and vanadium production. All these materials are critical to the global energy transition and to our vision of creating a leading diversified critical minerals company.”

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The Corporate’s Quarterly Document on Mode 10-Q has been filed with the U.S. Securities and Alternate Fee (“SEC“) and is also considered at the Digital Report Amassing and Retrieval Machine (“EDGAR“) at www.sec.gov/edgar, at the Machine for Digital Information Research and Retrieval + (“SEDAR+“) at www.sedarplus.ca, and at the Corporate’s website online at www.energyfuels.com. Until famous another way, all buck quantities are in U.S. greenbacks.

Decided on Abstract Monetary Knowledge:

ABOUT ENERGY FUELS

Power Fuels is a US-based important minerals corporate, all in favour of uranium, REEs, HMS, vanadium and scientific isotopes. The Corporate has been the U.S. manufacturer of herbal uranium pay attention for the while a number of years, which is offered to nuclear utilities that procedure it additional for the manufacturing of carbon-free nuclear power and owns and operates a number of standard and in situ cure uranium initiatives within the western United States. The Corporate additionally owns the White Mesa Mill in Utah, which is the one totally authorized and working standard uranium processing facility in the United States. On the Mill, the Corporate additionally produces complex REE merchandise, vanadium oxide (when marketplace situations warrant), and is making ready to start pilot-scale cure of sure scientific isotopes from current uranium procedure streams wanted for rising most cancers remedies. The Corporate additionally owns the working Kwale HMS venture in Kenya which is nearing the top of its lifestyles and is growing 3 (3) supplementary HMS initiatives, together with the Toliara Mission in Madagascar, the Bahia Mission in Brazil, and the Donald Mission in Australia wherein the Corporate has the fitting to earn as much as a 49% curiosity in a three way partnership with Astron Company Restricted. The Corporate is founded in Lakewood, Colorado, related Denver, with its fat mineral sands operations controlled from Perth, Australia. The main buying and selling marketplace for Power Fuels’ familiar stocks is the NYSE American beneath the buying and selling image “UUUU,” and the Corporate’s familiar stocks also are indexed at the Toronto Reserve Alternate beneath the buying and selling image “EFR.” For more info on all we do, please seek advice from http://www.energyfuels.com

Cautionary Word Relating to Ahead-Having a look Statements: This information let go accommodates sure “Forward Looking Information” and “Forward Looking Statements” throughout the that means of appropriate United States and Canadian securities law, which might come with, however aren’t restricted to, statements with appreciate to: any expectation that the Corporate will guard its place as a U.S.-based important minerals corporate or because the manufacturer of uranium within the U.S.; any expectation with appreciate to timelines to manufacturing; any expectation as to charges or amounts of manufacturing; any expectation as to prices of manufacturing or improper income or improper margins; any expectation as to pace gross sales or gross sales costs; any expectation that the Corporate will probably be successful; any expectation that the Corporate’s allowing efforts will probably be a success and as to any possible pace manufacturing from any houses which can be within the allowing or advancement level; any expectation with appreciate to the Corporate’s deliberate exploration systems; any expectation that the Corporate will succeed in its industry goal of turning into a long-term, successful U.S. important minerals corporate; any expectation that Power Fuels will probably be a success in increasing its U.S. split, or alternative value-added U.S. REE manufacturing features on the Mill, or another way, together with the timing of any amenities or alternative tasks and the anticipated manufacturing capability related to this type of manufacturing features; any expectation that the Mill’s REE merchandise will meet industrial expectancies or lead to industrial offtake oaths; any expectation that the Corporate will replace the Mill PFS to extend throughput of the deliberate Section 2 split circuit; any expectation that the Corporate’s deliberate Section 2 split facility will entire engineering design and can obtain all required lets in and licenses on a well timed foundation or in any respect; any expectation that the Corporate is well-stocked to seize marketplace alternatives; any expectation that the Bahia Mission, Donald Mission and/or Toliara Mission will probably be low cost resources of monazite feed for the Mill and/or additionally probably put together vital standalone cashflow from the sale of ilmenite, rutile, zircon and alternative minerals; any expectation as to the exploration program to be performed on the Bahia Mission all through 2024; any expectation that the Corporate will entire an S-Ok 1300 and NI 43-101 compliant mineral useful resource estimate for the Bahia Mission all through 2024, or another way; any expectation {that a} FID will probably be made at the Donald Mission or that the Corporate will earn its complete 49% curiosity within the Donald JV; any expectation that any manufacturing on the Bahia Mission, Donald Mission and/or Toliara Mission or Mill will probably be international or globally aggressive; any expectation that the Bottom Sources group will proceed to have a a success track-record of designing, setting up, and profitably working any of the Corporate’s HMS initiatives; any expectation that Power Fuels will probably be a success in agreeing on fiscal phrases with the Govt of Madagascar or in attaining adequate fiscal and prison steadiness for the Toliara Mission; any expectation that the tide abeyance in terms of the Toliara Mission will probably be lifted within the related pace or in any respect; any expectation that the supplementary lets in for the cure of Monazite on the Toliara Mission will probably be bought on a well timed foundation or in any respect; any expectation that the Toliara Mission will turn out to be a world-class HMS venture; any expectation in regards to the long-term alternative in REEs; any expectation that the Corporate will probably be globally aggressive in its markets; any expectation that the Corporate will entire engineering on its R&D pilot facility for the manufacturing of Ra-226 on the Mill, will arrange the primary level of the pilot facility, and put together R&D amounts of Ra-226 on the Mill for checking out via end-users of the product or in any respect; any expectation that the Corporate’s analysis of radioisotope cure on the Mill will probably be a success; any expectation that any radioisotopes that may be recovered on the Mill will probably be offered on a industrial foundation; any expectation as to the amounts to be delivered beneath current uranium gross sales words; any expectation that the Corporate will probably be a success in finishing any supplementary words for the sale of uranium to U.S. utilities on commercially cheap phrases or in any respect; and any expectation as to pace uranium, vanadium, HMS or REE costs or marketplace situations. Usually, those forward-looking statements may also be known via the significance of forward-looking terminology corresponding to “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or permutations of such phrases and words, or environment that sure movements, occasions or effects “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, alternative than statements of historic reality, herein are regarded as to be forward-looking statements. Ahead-looking statements contain recognized and unknown dangers, uncertainties and alternative components which might motive the latest effects, efficiency or achievements of the Corporate to be materially other from any pace effects, efficiency or achievements specific or implied via the forward-looking statements. Elements that would motive latest effects to fluctuate materially from the ones expected in those forward-looking statements come with dangers related to: commodity costs and worth fluctuations; engineering, building, processing and mining difficulties, upsets and delays; allowing and licensing necessities and delays; adjustments to regulatory necessities; prison demanding situations; the supply of feed resources for the Mill; festival from alternative manufacturers; society opinion; govt and political movements; the failure of the Govt of Madagascar to agree on fiscal phrases for the Toliara Mission or lend the approvals essential to reach adequate fiscal and prison steadiness on applicable phrases and situations or in any respect; the failure of the tide abeyance affecting the Toliara Mission to be lifted on a well timed foundation or in any respect; the failure of the Corporate to procure the specified lets in for the cure of Monazite from the Toliara Mission; the failure of the Corporate to lend or download the essential financing required to manufacture the Toliara Mission, the Donald Mission, the Bahia Mission and/or its expanded REE separations capability; to be had provides of monazite; the power of the Mill to put together RE Carbonate, REE oxides or alternative REE merchandise to satisfy industrial specs on a industrial scale at applicable prices or in any respect; marketplace components, together with pace call for for REEs; latest effects differing from estimates and projections; the power of the Mill to recuperate radium or alternative radioisotopes at cheap prices or in any respect; marketplace costs and insist for scientific isotopes; and the alternative components described beneath the caption “Risk Factors” within the Corporate’s maximum lately filed Annual Document on Mode 10-Ok, which is to be had for overview on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and at the Corporate’s website online at www.energyfuels.com. Ahead-looking statements contained herein are made as of the future of this information let go, and the Corporate disclaims, alternative than as required via regulation, any legal responsibility to replace any forward-looking statements whether or not because of brandnew knowledge, effects, pace occasions, cases, or if control’s estimates or evaluations must exchange, or another way. There may also be refuse guarantee that forward-looking statements will turn out to be correct, as latest effects and pace occasions may fluctuate materially from the ones expected in such statements. Accordingly, the reader is cautioned to not playground undue reliance on forward-looking statements. The Corporate assumes refuse legal responsibility to replace the guidelines on this communique, apart from as another way required via regulation.

¹ The guidelines in terms of the Donald Mission’s estimated monazite manufacturing is in response to the Donald DFS ready on June 27, 2023. This find out about constituted a “Feasibility Study” for the needs of JORC, and the Ore Reserves foundation this find out about have been estimated in line with JORC. The consequences from this find out about is probably not related to (because the case is also) information or estimates beneath both NI 43-101 or S-Ok 1300– see disclosure beneath “Technical Information.”

SOURCE Power Fuels Inc.

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