Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading producer of uranium in the United States, today announced its entry into consulting agreements with Constantine Karayannopoulos and Brock O’Kelley, two rare earth element (“REE”) industry experts who each have decades of experience producing commercially viable rare earth products. According to the update, the collaborations will aid in the development and implementation of commercial and technical REE strategies for the new U.S. REE program Energy Fuels is pursuing. “Energy Fuels is extremely excited to bring Constantine Karayannopoulos and Brock O’Kelley on board to advance our entry into the rare earth space in the U.S.,” Mark S. Chalmers, President and CEO of Energy Fuels, said in the news release. “Over the past year or so, Energy Fuels has been actively evaluating this rare earth opportunity. We are quickly coming to the conclusion that the White Mesa Mill may be an ideal U.S. facility to process rare earth element ore streams and produce rare earth concentrates. Mr. Karayannopoulos and Mr. O’Kelley will assist Energy Fuels in the commercial and technical aspects of this endeavor. Mr. Karayannopoulos established Neo Material Technologies into a unique REE materials company, which is currently one of the World’s leading producers of REEs and a broad range of light and heavy rare earth engineered products outside of China. Neo was acquired for Cdn$1.3 billion in 2012 by Molycorp, the operator of the rare earth mine and processing facility in Mountain Pass, California. Neo maintained its cash flow and profitability, despite Molycorp’s 2015 reorganization. Mr. O’Kelley worked with Mr. Karayannopoulos at Molycorp as Technology Fellow and Vice President of Technology. He is currently an associate professor at the Colorado School of Mines working with REE related projects. Energy Fuels looks forward to working with these two industry veterans in developing our REE business in the U.S. and in advancing our relationships in this sector. Between Mr. Karayannopoulos, Mr. O’Kelley, and ANSTO of Sydney, Australia, we believe Energy Fuels is truly assembling a top flight team capable of building a successful U.S. REE business.”
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About Energy Fuels
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is in operation and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” For more information, visit the company’s website at www.EnergyFuels.com.
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