Energy Fuels Inc. announced that it has executed binding agreements with Astron Corporation Limited ("Astron") creating a joint venture (the "Venture") to develop and operate the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the "Donald Project"). All references to dollars or $in this news release are references to USD unless otherwise indicated. The Donald Project is a world-class, world scale, REE and heavy mineral sand ("HMS") deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate ("REEC") that would be transported to the Company's Mill in Utah, USA for processing into REE oxides and other advanced REE materials to fuel the clean energy transition and meet critical U.S. national security needs.

The Company expects to potentially increase its uranium production to a mining run rate of approximately 2 million pounds of U3O8 per year by 2025 and other advanced RE EEC materials to fuel the clean energy transformation and meet critical U.S.' national security needs. The Company expected to potentially increase its uranium production To a mining run rate of approximately2 million pounds of U3O 8 per year by bringing two additional mines into operation as early as 2025, and to a mining run rate of up to approximately 5 million pounds of U3 O8 per year over the coming years by bringing additional longer-term projects into operation, if uranium market conditions continue to be strong, as expected.

The Company's REE initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities.