Energy Fuels Inc. announced that it has resumed vanadium production at its 100%-owned White Mesa Mill (the Mill), making the Company the newest producer in the World able to respond to today's vanadium market strength. The Company is also pleased to announce that it has launched a number of key initiatives intended to boost the ability of the Company to quickly and effectively increase uranium production in response to improved uranium market conditions that may result from the ongoing Section 232 uranium investigation in the United States or improvement in global market fundamentals.

the Company provided uranium and vanadium production and sales guidance for 2019. In early January 2019, the Company produced its first batches of vanadium concentrate, also known as "black flake". This is Energy Fuels' first vanadium production since 2013, and the first time the Company has recovered vanadium from tailings pond solutions at the Mill. The Company is also pleased to announce that the first batches of "black flake" are of excellent quality and purity, and believed by the Company to meet or exceed the commercial specifications of potential buyers of high quality finished vanadium product. The Mill is the only operating conventional uranium and vanadium production facility in the United States and is highly strategic, as uranium and vanadium are two of the thirty-five "mineral commodities considered critical to the economic and national security of the United States", according to the Final List of Critical Minerals published by the U.S. Government in May 2018. The Company intends to continue to ramp-up vanadium production from this campaign during first quarter 2019, and at this time expects to achieve full production rates of 200,000 to 225,000 pounds of V2O5 per month by the end of the quarter, subject to continued successful ramp-up, suitable sales prices, and market conditions. 2019 Uranium Production and Sales Guidance: As a result of current uranium market conditions, both ISR and conventional uranium recovery are being maintained at reduced levels until such time as market conditions improve sufficiently, either as a result of potential relief under the ongoing Section 232 investigation or through improved market fundamentals. During 2019, the Company expects to produce approximately 50,000 to 125,000 pounds of U3O8, of which approximately 50,000 to 75,000 pounds are expected to be produced from its Nichols Ranch ISR Project as it winds down into standby mode, pending expected improvements in uranium market conditions. In addition, subject to further process test work, up to 50,000 pounds of uranium could be recovered from pond solutions at the Mill, during the vanadium processing campaign discussed above. This is expected to be the only source of uranium production from the Mill in 2019, due to the Mill's expected focus on vanadium. Further, the Company has entered into no uranium sales commitments in 2019; therefore, all 2019 uranium production is expected to be added to existing inventories. Energy Fuels' significant uranium inventory provides the Company with financial flexibility, and the Company believes its existing inventories and new production may be worth significantly more in the future. However, if suitable uranium price increases are observed in 2019, or if cash needs arise, the Company may elect to complete some discretionary uranium sales in 2019. The Company also expects to stockpile alternate feed materials and/or other uranium-bearing materials at the Mill during 2019 for future processing campaigns; 2019 Vanadium Production and Sales Guidance: As previously announced, the Company currently estimates that a total volume of up to four million pounds of recoverable vanadium is dissolved in the Mill's tailings pond solutions. As stated above, the Company currently expects to achieve full production rates of 200,000 to 225,000 pounds of V2O5 per month during first quarter of 2019. The Company expects this production to occur throughout 2019, and through at least half of 2020, subject to continued successful ramp-up, including acceptable sales prices and market conditions. Further, while the Company expects vanadium prices to support vanadium production throughout the campaign, in the event vanadium prices or sales opportunities drop to unsuitable levels, the Company has the ability to halt production at its discretion within a very short period of time and at little to no cost, thereby preserving this vanadium inventory for future recovery. As the campaign continues, the Company expects to sell its vanadium product within one to three months of production. At the current time, the Company has not entered into any agreements for the sale of vanadium in 2019, as the Company carefully ramps-up production and ensures that its vanadium product meets all commercial specifications. However, now that the Company believes its vanadium production and product quality have been confirmed, the Company expects to enter into vanadium sales agreements in the coming weeks.