Vitality Fuels and Penn State College Group Obtain Extra $ 1.75 Million From US Division Of Vitality For Uncommon Earth Feasibility Examine

Vitality Fuels Inc. (NYSE: UUUU) (TSX: EFR) (“Vitality Fuels” or the “Firm”) is happy to announce that the Bureau of Fossil Vitality and the Nationwide Vitality Know-how Laboratory of america Division of Vitality (“DOE”) exercised its choice to award Vitality Fuels, along with a staff from Penn State College a further $ 1.75 million to finish a feasibility research (“feasibility research”) on the manufacturing of uncommon earth factor (“REE”) merchandise from pure coal-based sources, in addition to from different supplies corresponding to ores containing REEs corresponding to pure monazite ore ( “Monazite”), the Firm is at the moment processing at its plant in White Mesa, Utah.

This award follows the DOE offering vitality fuels a $ 150,000 contract in 2020 for the profitable completion of a conceptual design for a similar initiative, leading to a full award to Vitality Fuels of $ 1.9 million . The feasibility research goals to help a price estimate for the manufacturing of individually separated uncommon earth oxides and uncommon earth metals and alloys from coal-based sources or different sources, together with monazite, in america, with an emphasis on REEs for the manufacturing of commodities and defense-related merchandise.

Vitality Fuels is already evaluating the event potential of the industrial separation of REEs, metals, alloys and different REE capacities downstream at or close to the White Mesa plant with the goal of absolutely integrating a provide chain. industrial provide of REE to america within the coming years. The corporate’s work on the DOE feasibility research is predicted to enhance these efforts and has the potential to speed up the corporate’s shift to industrial manufacturing of separate REE oxides and different value-added REE merchandise in america. United within the years to come back.

“We’re delighted to proceed our collaboration with the US Division of Vitality as we work collectively to revive US provide chains of important uncommon earths out there for home manufacturing,” mentioned Mark S. Chalmers , President and CEO of Vitality Fuels. “As we proceed to ramp up manufacturing of a uncommon earth intermediate product on the White Mesa plant in Utah , we’re transferring ahead with the design and improvement of the infrastructure essential to responsibly produce separated uncommon earth oxides and different merchandise wanted for electrical autos, renewables, protection and different nationwide industries. As well as, we imagine we will design our infrastructure to course of the feeds produced beneath the DOE program in addition to the monazite that we’re at the moment processing, for the restoration of uranium and REE merchandise. We imagine that this sort of collaborative public-private partnership can be important in restoring america’ international management within the clear vitality sector and re-establishing important protection provide chains. ”

About vitality fuels: Vitality Fuels is a United States-based uranium mining firm, supplying U 3 O 8 to massive nuclear corporations. The Firm additionally produces vanadium from a few of its initiatives, when market situations warrant, and is within the means of transitioning to industrial manufacturing of REE carbonate in 2021. Its headquarters are in Lakewood, Colorado close to Denver , and all of its property and workers are in United States . Vitality Fuels owns three of the principle uranium manufacturing facilities in America: the White Mesa plant in Utah, the Nichols Ranch in-situ restoration (” ISR “) Undertaking in Wyoming and the Alta Mesa ISR challenge in Texas. The White Mesa plant is the one typical uranium plant working in america right this moment, has a licensed capability of over 8 million kilos of U 3 O 8 per yr, and has the capability to supply vanadium when market situations warrant, in addition to REE carbonate from numerous uranium ores. The Nichols Ranch ISR challenge is at the moment on maintain and has a licensed capability of two million kilos U 3 O 8 per yr. The Alta Mesa ISR challenge can be at the moment on maintain. Along with the above manufacturing services, Vitality Fuels additionally has one of many largest portfolios of NI 43-101 compliant uranium sources in america and several other uranium and uranium mining initiatives. / vanadium pending and in numerous levels of licensing and improvement. The first buying and selling marketplace for Vitality Fuels’ frequent shares is the NYSE American beneath the image “UUUU”, and the Firm’s frequent shares are additionally listed on the Toronto Inventory Change beneath the image “EFR”. The Vitality Fuels web site is www.energyfuels.com .

Warning concerning forward-looking statements: This press launch accommodates “forward-looking info” throughout the which means of relevant securities legal guidelines. United States and Canada . Ahead-looking info might relate to future occasions or the long run efficiency of vitality fuels. All statements contained on this press launch, besides statements of historic reality, concerning the aims and objectives of Vitality Fuels, in addition to statements concerning its beliefs, plans, aims, expectations, expectations, estimates and intentions, are potential in nature. info. The precise forward-looking statements contained on this dialogue embrace, however should not restricted to, the next: any expectations as to the end result of the feasibility research; any expectation that the White Mesa plant can be profitable in producing REE carbonate on a industrial foundation; any expectation that Vitality Fuels can be profitable in growing US separation, metals or metals / alloys capabilities at or close to the White Mesa plant, or absolutely integrating a low-cost US REE provide chain into the to come back up; any expectations concerning the price of producing and separating REE carbonate on the White Mesa plant; any expectation that t The Firm’s work on the feasibility research will complement the Firm’s present efforts or have the potential to speed up the Firm’s transition to industrial manufacturing of separate REE oxides and different value-added REE merchandise; any expectation that the corporate’s collaboration with the DOE will re-establish US provide chains of important uncommon earths out there for home manufacture; any expectation that the Firm can design its infrastructure to course of meals produced beneath the DOE program in addition to the monazite it at the moment processes, for the restoration of uranium and REE merchandise; and any expectation that the corporate’s collaboration with the DOE can be key to re-establishing US international management in clear vitality and re-establishing important protection provide chains. Typically, however not all the time, forward-looking info might be recognized by way of phrases corresponding to “plans”, “plans”, “is deliberate”, “finances”, “deliberate”, “estimates”, “persevering with”, ” foresees “,” plans “,” predicts “,” intends “,” anticipates “or” believes “, or variations or negatives of those phrases and expressions, or declares that sure actions, occasions or outcomes” might ” , “May”, “would”, “ought to”, “may” or “will” be taken, happen or be achieved. This info includes dangers, uncertainties and different identified and unknown components which can trigger precise outcomes or occasions to vary materially from these anticipated on this forward-looking info. Elements that might trigger precise outcomes to vary materially from these anticipated in these forward-looking statements embrace dangers related to: technical difficulties; processing difficulties and disturbances; commodity worth ranges and fluctuations; competitors from different services nationally and internationally; out there provides of coal-based and different sources that meet industrial specs; the provision of long-term buy and provide agreements; capital necessities; the power of the White Mesa plant to supply REE carbonate or different REE merchandise that meet industrial specs on a industrial scale at acceptable prices; market components, together with future REE demand; allow and licensing points; and authorized and regulatory challenges. The forward-looking statements contained on this doc are made as of the date of this press launch, and Vitality Fuels disclaims, besides as required by legislation, any obligation to replace any forward-looking statements on account of new info, future outcomes or occasions. , circumstances, or if administration’s estimates or opinions are anticipated to vary, or in any other case. There might be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Subsequently, the reader is cautioned to not place undue reliance on forward-looking statements. Vitality Fuels assumes no obligation to replace the data contained on this communication, besides as in any other case required by legislation.

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SOURCE Vitality Fuels Inc.

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