Energy Fuels Inc. announced that it has achieved commercial production of 'on spec' separated rare earth elements at its 100%-owned White Mesa Mill in Utah (the Mill), while simultaneously advancing uranium production. The Company's new "Phase 1" REE separation circuit has the capacity to produce roughly 850 to 1,000 metric tons (" tonnes") of separated neodymium-praseodymium (NdPr) per year. It is the Company's belief that this is one of the commercial REE separation circuits in the World, ex China.

The Mill has begun drying and packaging separated NdPr, which is expected to continue through the end of the quarter. As previously announced, the Company expects to produce roughly 25 to 35 tonnes of 'on spec' separated NdPr in Second Quarter-2024, before shifting operations to processing inventoried uranium ores and alternate feed materials for the remainder of the year. During the current REE campaign, the Mill will also produce a "heavy" REE concentrate, containing roughly 1,500 kilograms of dysprosium ("Dy") and 400 kilograms of terbium ("Tb").

The Company plans to utilize all or a portion of this "heavy" REE concentrate for pilot-scale test work to design, permit and construct commercial Dy, Tb and potentially other REE separation at the Mill in the coming years.