Construction begins on expansion of heavy-rare-earth-oxides production project in Utah

The expansion of the Company’s existing light-rare earth oxide production capacity to also produce heavy-rare earth oxides is a critical step in the execution of Energy Fuels’ integrated mine-to-magnet program. “Heavy rare earth production is a severe pinch point in North American and European permanent magnet supply chains,” said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. “Given our ongoing success in piloting heavy rare earth oxides, we are now ready to advance to commercial-scale production. Importantly, the new MREC circuit will enable the Mill to produce rare earth oxides and uranium simultaneously at commercial scale. The debt component for the heavy rare earth expansion is planned to be covered by a previously announced conditional loan commitment from the U.S. government.