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

LAKEWOOD, Colorado., April 23, 2021 / CNW / – Vitality Fuels Inc. (NYSE: UUUU) (TSX: EFR) (“Vitality Fuels” or the “Firm”) is happy to announce that america Division of Vitality (“DOVE“) The Bureau of Fossil Vitality and the Nationwide Laboratory of Vitality Applied sciences have exercised their choice of allocating power fuels, in collaboration with a crew of Penn State College, a further quantity of $ 1.75 million to finish a feasibility research (“Feasibility research“) on the manufacturing of uncommon earths (“REE“) merchandise from pure coal-based assets, in addition to different supplies resembling ores containing uncommon earths resembling pure monazite ore (“Monazite“) the corporate is at present processing at its White Mesa plant in Utah.

This award follows the DOE offering power 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 value estimate for the manufacturing of individually separated uncommon earth oxides and uncommon earth metals and alloys from coal-based assets or different assets, 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 business 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. business 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 business manufacturing of separate REE oxides and different value-added REE merchandise in america. United within the years to return.

“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 obtainable for home manufacturing,” stated 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 shifting 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 consider we are able to design our infrastructure to course of the feeds produced underneath the DOE program in addition to the monazite that we’re at present processing, for the restoration of uranium and REE merchandise. We consider all these collaborative public-private partnerships will probably be important in restoring america’ international management in clear power and re-establishing crucial protection provide chains. “

About power fuels: Vitality Fuels is a United States-based uranium mining firm, supplying U3O8 to massive nuclear firms. The Firm additionally produces vanadium from a few of its initiatives, when market circumstances warrant, and is within the strategy of transitioning to business manufacturing of REE carbonate in 2021. Its headquarters are in Lakewood, Colorado close to Denver, and all of its belongings and staff are in United States. Vitality Fuels owns three of the principle uranium manufacturing facilities in america: the White Mesa Mill in Utah, the Nichols Ranch in-situ restoration (“ISR“) Mission in Wyoming and Alta Mesa ISR Mission in Texas. The White Mesa plant is the one typical uranium mill at present in operation in america, with a licensed capability of over 8 million kilos of ‘U3O8 per yr, and has the capability to supply vanadium when market circumstances warrant, in addition to REE carbonate from varied uranium ores. The Nichols Ranch ISR challenge is at present on maintain and has a licensed capability of two million kilos U3O8 per yr. The Alta Mesa ISR challenge can also be at present on maintain. Along with the above manufacturing amenities, Vitality Fuels additionally has one of many largest portfolios of NI 43-101 compliant uranium assets in america and several other uranium and uranium mining initiatives. / vanadium pending and in varied phases of licensing and improvement. The first buying and selling marketplace for Vitality Fuels’ frequent shares is the NYSE American underneath the image “UUUU”, and the Firm’s frequent shares are additionally listed on the Toronto Inventory Change underneath the image “EFR”. The Vitality Fuels web site is www.energyfuels.com.

Warning relating to forward-looking statements: This press launch accommodates “forward-looking info” inside 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 power fuels. All statements contained on this press launch, apart from statements of historic reality, relating to the targets and objectives of Vitality Fuels, in addition to statements relating to its beliefs, plans, targets, expectations, expectations, estimates and its intentions are of a forward-looking nature. info. The precise forward-looking statements contained on this dialogue embrace, however usually are not restricted to, the next: any expectations as to the end result of the feasibility research; any expectation that the White Mesa plant will probably be profitable in producing REE carbonate on a business foundation; any expectation that Vitality Fuels will probably be profitable in creating 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 return up; any expectations relating to the price of producing and separating REE carbonate on the White Mesa plant; any expectation that tThe 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 business 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 obtainable for home manufacture; any expectation that the Firm can design its infrastructure to course of meals produced underneath the DOE program in addition to the monazite it at present processes, for the restoration of uranium and REE merchandise; and any expectation that the corporate’s collaboration with the DOE will probably be key to re-establishing US international management in clear power and re-establishing crucial protection provide chains. Typically, however not all the time, forward-looking info will be recognized utilizing phrases resembling “forecast”, “forecast”, “deliberate”, “funds”, “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”, “might” or “will” be taken, happen or be realized. This info entails dangers, uncertainties and different recognized 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 amenities nationally and internationally; obtainable provides of coal-based and different assets that meet business specs; the provision of long-term buy and provide agreements; capital necessities; the flexibility of the White Mesa plant to supply REE carbonate or different REE merchandise that meet business specs on a business scale at acceptable prices; market components, together with future demand for REE; allow and licensing issues; 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 alter, or in any other case. There will be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Due to this fact, the reader is cautioned to not place undue reliance on forward-looking statements. Vitality Fuels assumes no obligation to replace the knowledge contained on this communication, besides as in any other case required by legislation.

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