Energy Fuels' Terbium Oxide Clears Qualification for Rare Earth Permanent Magnet Production

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of rare earth elements, uranium, and other critical materials, announced that its terbium oxide has passed all qualifications required by one of the world's largest manufacturers of rare earth permanent magnets outside China. The Japan-based manufacturer has confirmed that the terbium oxide produced at Energy Fuels' White Mesa Mill in Utah meets its specifications and is now approved for commercial rare earth permanent magnet production with no further qualification or validation required.

Terbium is a critical element used to improve the heat resistance and performance of high-strength NdFeB permanent magnets, which are essential components in electric vehicles, wind turbines, and various electronics. According to Benchmark Mineral Intelligence, terbium currently commands a market price of approximately $5.5 million per tonne, underscoring its strategic importance and economic value.

This qualification follows Energy Fuels' earlier announcements of successful qualifications for its neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for rare earth permanent magnet manufacturing. With these qualifications, Energy Fuels is positioning itself as a key supplier in the global rare earth supply chain, particularly for markets seeking alternatives to Chinese sources.

The company is also progressing on its pending acquisitions of Australian Strategic Materials (ASM) and Vacuumschmelze (VAC). Upon closing these acquisitions, Energy Fuels expects to become the leading vertically integrated "mine-to-rare earth permanent magnet" producer in the U.S. and Europe. The NdPr, Tb, and Dy oxides produced at the White Mesa Mill will serve as key components of this integrated supply chain, enhancing the company's capability to provide a complete domestic source for rare earth magnets.

Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. The company operates the only fully licensed conventional uranium mill in the U.S., the White Mesa Mill in Utah, where it also produces rare earth products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia through a joint venture with Astron Limited. Headquartered in Lakewood, Colorado, its shares trade on the NYSE American and TSX under the ticker symbols UUUU and EFR, respectively.

This development is significant for the U.S. rare earth industry as it reduces reliance on foreign suppliers, particularly China, which dominates global rare earth production. By securing a domestic source of terbium and other critical elements, Energy Fuels is contributing to the resilience of American manufacturing for advanced technologies. For businesses and investors, this milestone underscores the growing importance of rare earth elements in modern infrastructure and the potential for U.S. companies to play a pivotal role in meeting global demand.

For more information on Energy Fuels, visit the company's newsroom at http://ibn.fm/UUUU.