Energy Fuels and Team from Penn State University Awarded Additional $1.75 Million by U.S. Department of Energy for Rare Earth Feasibility Study

LAKEWOOD, Colo.,  /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that the U.S. Department of Energy ("DOE") Office of Fossil Energy and National Energy Technology Laboratory has exercised their option to award Energy Fuels, working with a team from Penn State University, an additional $1.75 million to complete a feasibility study ("Feasibility Study") on the production of rare earth element ("REE") products from natural coal-based resources, as well as from other materials such as REE-containing ores like the natural monazite ore ("Monazite") the Company is currently processing at its White Mesa Mill in Utah.

This award follows the DOE providing Energy Fuels a $150,000 contract in 2020 for the successful completion of a conceptual design for the same initiative, resulting in a total award to Energy Fuels of $1.9 million. The Feasibility Study is intended to support a cost estimate for the production of individually separated rare earth oxides and rare earth metals and alloys from coal-based resources or other resources, including Monazite, within the U.S., with a focus on REEs for the production of commodity and defense-related products.