- The Donald Project is an advanced-stage project with the
potential to supply approximately 7,000 – 14,000 tonnes of
monazite sand in a rare earth element ("REE") concentrate
("REEC") per year to Energy Fuels' White Mesa Mill (the
"Mill"), located in Utah,
U.S.A., for processing into separated REE oxides, as early
as 2026.
- Under the joint venture, Energy Fuels has the right to
invest AUD$183 million (approximately $122
million) and issue $17.5
million in Energy Fuels shares to earn up to a 49% interest
in the project.
- Of these amounts, Energy Fuels expects to issue $3.5 million in Energy Fuels shares in 2024 and
to invest approximately $10.6 million
in 2024 from its existing working capital (approximately
$225 million at March 31, 2024), prior to making a final
investment decision to proceed with the development of the first
phase of the project. A positive final investment decision
would require the approval of both Energy Fuels and Astron and
would generally require commitments for satisfactory offtake and/or
sales agreements for the REE oxides expected to be produced from
REEC at the Mill, as well as commitments for non-recourse and/or
government-backed debt financing for the project.
- The REEC production of approximately 7,000 to 8,000 tonnes
per year from the first phase of the Donald Project would be
processed at the Mill's recently constructed REE oxide separation
circuit, which is expected to be fully commissioned by the end of
Q2 2024 and has the capacity to process up to 10,000 tonnes of
monazite sand per year into up to 1,000 tonnes of NdPr oxide per
year, along with a heavy mixed REE carbonate, without the need for
any further capital expenditures at the Mill.
- During 2024 and 2025, the Company also plans to continue to
design, permit, and construct an expansion of REE oxide production
capacity at the Mill to 40,000 – 60,000 tonnes of monazite per
year, which is expected to be completed in 2027, and would have the
capacity to process the second phase of monazite production from
the Donald Project of 13,000 to 14,000 tonnes of REEC per year,
which could be available as early as 2029/2030, as well as planned
monazite production from the Company's Bahia Project in
Brazil and the Company's planned
acquisition of the Toliara Project in Madagascar.
- The Company's REE production initiatives will not diminish
in any way the Company's U.S. leading uranium production
capabilities, which are proceeding as planned. The Company expects
to produce approximately 150,000 to 500,000 pounds of uranium oxide
("U3O8") in 2024
from its U.S. mines and alternate feed materials ramping up to
mining at a run-rate of approximately 1.1 million to 1.4 million
pounds of U3O8 per year later
this year from three of its existing mines, with plans to increase
mining to the rate of approximately 2 million pounds of
U3O8 per year by 2025 and up to 5
million pounds per year in coming years if market conditions
continue to be positive, as expected.
LAKEWOOD, Colo., June 3, 2024
/CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR)
("Energy Fuels" or the "Company"), a leading U.S. producer
of uranium, REEs, and vanadium, is pleased to announce 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 US$ 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.
With most licenses and permits in place (or at an advanced stage
of completion), the Donald Project is expected to provide Energy
Fuels with approximately 7,000 to 8,000 metric tons
("tonnes") of REEC per year ("Donald – Phase 1"), commencing as early as
2026. 8,000 tonnes of REEC from the Donald Project would contain
approximately 4,700 tonnes of total REE oxides ("TREO"),
including roughly 990 tonnes of neodymium-praseodymium
("NdPr") oxide, 84 tonnes of dysprosium ("Dy") oxide,
and 14 tonnes of terbium oxide("Tb").
Following the construction and commissioning of Donald – Phase 1, Energy Fuels and Astron will
evaluate increasing production from the Donald Project to 13,000 to
14,000 tonnes of REEC per year ("Donald – Phase 2"), all of which would be
delivered to the Mill for processing into REE oxides by Energy
Fuels. 14,000 tonnes of REEC from the Donald Project would contain
up to 8,200 tonnes of TREO per year, including 1,700 tonnes of NdPr
oxide, 140 tonnes of Dy oxide and 25 tonnes of Tb oxide, providing
a rich source of critical rare earth elements necessary to meet the
demand for electric vehicles, clean energy and national security
technologies.
NdPr, Dy, and Tb are known as the "magnet rare earths," as they
are key ingredients in powerful permanent REE magnets used in the
most efficient electric vehicles ("EVs"), hybrids, wind
generators, and other defense-related and advanced technologies.
Monazite concentrates typically have superior grades and
distributions of the "magnet" REEs compared to other REE-bearing
minerals.
For context, REEs provide significantly greater power and range
for EVs and hybrid vehicles, with the typical REE-powered vehicle
using about one kilogram ("kg") of NdPr oxide, along with
roughly 50 grams of Dy and/or Tb oxide. Therefore, the Donald
Project alone could supply enough of each of these critical
elements for up to 1.7 million EVs per year during Donald – Phase 2.
Construction and development of the Donald Project could begin
as soon as 2025, subject to a unanimous final investment decision
("FID") of both Energy Fuels and Astron. A positive FID
would generally require Energy Fuels to have secured commitments
for satisfactory offtake and/or sales agreements for the REE oxides
expected to be produced from REEC at the Mill, Astron having
secured commitments for satisfactory offtake and/or sales
agreements for ilmenite and zircon expected to be produced from
heavy mineral sand concentrates ("HMC") from the project,
and the Venture having secured commitments for non-recourse and/or
government-backed debt financing for the project. Energy Fuels
expects to spend approximately $10.6
million to advance the Donald Project in 2024, which is
expected to be funded from the Company's working capital
(approximately $225 million as of
March 31, 2024).
THE DONALD PROJECT
The Donald Project is a world-class, advanced-stage, large-scale
critical mineral deposit underpinned by the Ilmenite, zircon and
monazite-rich Donald deposit in
the Wimmera region of Victoria,
Australia.
On June 27, 2023, Astron released
the outcomes of its Phase 2 Pre-Feasibility study (the "2023
PFS"), which expands upon its April 26,
2023 Definitive Feasibility Study (the "2023 DFS")
(see Note 1) for the Donald Project. This combined, updated
study estimates Donald – Phase 1
and 2 production of 200,000 – 500,000 tonnes per year HMC and 7,000
– 14,000 tonnes per year of REEC, and forecasts total funding
expenditures of AUD$392 million to achieve first production.
An additional AUD$431 million in capital would be required in 2029
or 2030 for the construction of Donald – Phase 2. According to the 2023 PFS,
the Donald deposit's estimated ore
reserves of 825 million tonnes at 4.5% heavy mineral, are
sufficient to support an initial 58-year mine life at Donald – Phase 2 production rates of
approximately 13,000 to 14,000 tonnes of REEC per year (See Note
2). Astron and the Company intend to update the 2023 DFS prior to
the Donald – Phase 1 FID, to take
into account the most current information and to conform the report
to the standards of NI 43-101 and S-K 1300, as well as update the
2023 PFS to a DFS standard post-Donald – Phase 1 production.
The Donald Project is expected to provide a long-term and
large-scale supply of REEC to the Mill for processing into REE
oxides and other advanced REE materials. As the REEC will be a
byproduct of the Donald Project's ilmenite and zircon production,
the total cost of production of REE oxides at the Mill is expected
to be low-cost and globally competitive.
THE DONALD PROJECT JOINT
VENTURE
Under the Venture, Energy Fuels has the right to invest AUD$183
million (approximately $122 million
at current exchange rates) to earn up to a 49% interest in the
Venture. Of this amount, Energy Fuels expects to invest
approximately $10.6 million in 2024
from its existing working capital (approximately $225 million as of March
31, 2024), to be used by the Venture to update and expand
the 2023 DFS and to otherwise prepare the Venture to make a FID to
proceed with the development of Donald – Phase 1. In addition, Energy Fuels
will issue to Astron Energy Fuels common shares having a total
value of $17.5 million, of which
$3.5 million in shares will be issued
to Astron or its subsidiaries on the date that all conditions
precedent to formation of the Venture are satisfied (the
"Commencement Date"), which is expected to be in Q3 or Q4
2024, and the remaining $14.0 million
in Energy Fuels shares will be issued to Astron or its subsidiaries
on a positive FID.
If a positive FID is made by the Venturers within three years
from the Commencement Date, then Energy Fuels will proceed to
expend the remaining balance of its AUD$183 million cash
expenditure required to earn into a 49% interest in the Venture
plus issue the remaining $14.0
million in Energy Fuels common shares to Astron or its
subsidiaries at the time of the positive FID. If a positive FID is
not made unanimously within three years after the Commencement
Date, but Astron has voted in favor of the FID then Astron would
have the right to buy out Energy Fuels for the fair market value of
Energy Fuels' interest in the Venture as at that date. If Astron
does not exercise this option, or if there is otherwise no
unanimous positive FID within three years after the Commencement
Date, Energy Fuels will remain a minority member of the Venture
(receiving a percentage interest based on the amount funded by
Energy Fuels to that date) and all future funding will be made by
the Joint Venturers pro-rata in accordance with their percentage
interests in the Venture.
If a positive FID is made, Energy Fuels' investment of AUD$183
million is expected to satisfy most of the equity capital
requirements for the construction of Donald – Phase 1. Any additional equity
required post-project financing will be shared by the Joint
Venturers on a pro-rata basis.
Astron is the Manager and Operator of the Venture, with
specified major decisions subject to approval of both
parties. After Energy Fuels has completed its investment of
AUD$183 million, further Venture expenditures for the development
of Donald – Phase 1 and the
development of Donald – Phase 2,
would be funded by Energy Fuels and Astron on a pro-rata basis.
Under the Venture, Energy Fuels has entered into an offtake
agreement for 100% of the Donald Project's future Phase 1 and Phase
2 REEC production based on market prices of the contained REE
oxides, subject to a floor price below which Energy Fuels would not
be obligated to purchase REEC from the Venture. The Venture will
sell its HMC product to global customers, subject to Astron having
the right, but not the obligation, to enter into an offtake
agreement with the Venture for up to 100% of the HMC product at
market prices. Following payment of all joint venture
expenses, all profits from the Venture will be distributed to
Energy Fuels and Astron, pro-rata according to their respective
ownership percentages. The REEC offtake agreement may be terminated
in certain circumstances by the Venture including if Energy Fuels
remains a minority member where Astron does not exercise the option
to buy out Energy Fuels or if there is otherwise no unanimous
positive FID within three years after the Commencement Date, both
as described above.
As soon as practicable after commencing Donald – Phase 1 commercial
production, the Venture would expect to evaluate
constructing Donald – Phase 2
which would be expected to double ore production to 15 million
tonnes per year to produce approximately 400,000 to 500,000 tonnes
per year of HMC and approximately 13,000 to 14,000 tonnes per year
of REEC, providing a consistent and significant feed for decades to
come. Capital expenditures for Donald – Phase 2 would be made pro-rata by the
Joint Venturers in accordance with their percentage interests in
the Venture. The FID for Donald –
Phase 2 would be made by the agreement of both Joint Venturers.
The Venture agreements also grant Energy Fuels a first right of
refusal over participation in the development of Astron's Jackson
Deposit, which is contained in the tenement RL2003 and adjoins the
Donald Deposit to the south-west, should Astron plan to pursue such
development with a third party.
REE SEPARATION AT THE WHITE MESA MILL
Energy Fuels is rapidly creating a significant new REE supply
chain of world significance that can reduce America's reliance on
REE's from China. The Company is
actively securing long-term and large-scale sources of monazite
sands to provide the raw materials needed to produce advanced REE
materials at the Mill through offtake (Chemours), joint venture
(the Donald Project in Australia),
and direct ownership (the Bahia Mineral Sand Project in
Brazil and the previously
announced proposed acquisition of Base Resources and the Toliara
Mineral Sand Project in Madagascar). Through these assets, Energy
Fuels is building a world material REE oxide supply chain that the
Company believes will be attractive to automotive, clean energy,
and government customers.
Further, Energy Fuels has demonstrated its ability to process
monazite at its U.S. White Mesa Mill, providing mixed REE carbonate
to the market since 2022, and is currently commissioning
an REE separation facility at the Mill which will allow for
commercial scale REE separation in the
United States.
Energy Fuels completed construction of its Phase 1 REE
Separation Circuit at the Mill in Q1-2024 for a total cost of
approximately $16 million, which has
a current installed capacity to process up to 10,000 tonnes of REEC
per year and produce up to 1,000 tonnes of NdPr oxide per year
along with a samarium plus ("Sm+") heavy mixed REE carbonate
containing Dy and Tb. Final commissioning is expected by
June 30, 2024, at which time the
Phase 1 – REE Separation Circuit is expected to be fully
operational and available to process the Donald – Phase 1 REEC production, which is
expected to commence in 2026 and total 7,000 to 8,000 tonnes of
REEC per year. Energy Fuels does not need to finance or construct
further expansions of its Phase 1 – REE Separation Circuit to
accommodate REEC from Donald –
Phase 1.
The Company is also in the process of designing its Phase 2 REE
Separation and Phase 3 REE Separation Circuits at the Mill. The
Phase 2 REE Separation Circuit, which is currently expected to be
completed in 2027, subject to receipt of any required regulatory
approvals and the Company securing sufficient supplies of monazite
sands, will consist of expanding NdPr oxide capacity to process
40,000 to 60,000 tonnes of monazite sands per year and produce
approximately 4,000 to 6,000 tonnes of NdPr oxide per year. The
Company also plans to construct a dedicated "crack-and-leach"
circuit in conjunction with its Phase 2 Separation Circuit, in
order to allow the Mill to simultaneously process conventional
uranium ore and monazite sands independently, thereby allowing for
more efficient utilization of Mill capacity. The Phase 3 REE
Separation Circuit, which is currently expected to be completed in
2028, subject to receipt of any required regulatory approvals, will
consist of installing the capacity to produce "heavy" REE oxides,
including Dy, Tb, and potentially other oxides.
The Phase 2 REE Separation Circuit is expected to be completed
in time to process the expected Donald – Phase 2 production of approximately
13,000 to 14,000 tonnes of REEC per year, which could be available
by as early as 2029/2030 depending on market conditions, final
design and permitting. The Phase 2 REE Separation Circuit would
also accommodate monazite production from the Company's Bahia
Project in Brazil, which is
currently in the exploration and permitting phase and which could
be producing 3,000 – 10,000 tonnes of monazite per year as early as
2026; the Company's planned acquisition of Base Resources Limited
and its Toliara heavy mineral sands project, if that acquisition is
successful, which could add an average of approximately 22,000
tonnes of monazite per year, subject to successful negotiation of
an investment agreement with the Madagascar government, the lifting of the
current suspension relating to the Toliara project, the receipt of
additional permits for the recovery of Monazite at the Toliara
project, and other factors.
The Sm+ mixed heavy REE carbonate will either be sold in the
international market as a mixed Sm+ REE carbonate or stockpiled at
the Mill for processing into Dy and Tb oxides and potentially other
heavy REE oxides once the Phase 3 REE Separation Circuit is fully
commissioned.
The Company also continues to evaluate opportunities to enter
the REE metal, alloy, and magnet-making space, in order to
fully-integrate the entire REE magnet supply chain.
ENERGY FUELS' CONTINUED URANIUM PRODUCTION RAMP-UP:
Once the Phase 1 REE Separation Circuit commissioning is
complete, which is expected by the end of Q2, 2024, the Company
expects to begin processing stockpiled uranium ore from its three
currently operating U.S. mines and alternate feed materials for the
remainder of 2024 and thereafter, from which the Company expects to
produce approximately 150,000 to 500,000 pounds of
U3O8 in 2024, ramping up to mining at a
run rate of approximately 1.1 million to 1.4 million pounds of
U3O8 per year later this year from those
three mines. The Company expects to potentially increase its
uranium production to a mining run rate of approximately 2 million
pounds of U3O8 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
U3O8 per year over the coming years by
bringing our 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.
MARK S. CHALMERS, PRESIDENT
AND CEO OF ENERGY FUELS STATED:
"Energy Fuels is truly excited to embark on this joint venture
with Astron on the development and operation of the Donald Project
in Australia. We have enjoyed
working with the Astron team, and we look forward to making this
world-class rare earth and critical mineral deposit a reality in
Australia, which is one of the
closest allies of the U.S.
"I'll add that the sequencing of our uranium, rare earth and
mineral sand production ramp-ups is proceeding extremely well in
relation to commodity markets, while maximizing operating capacity
and workforce allocation at our White Mesa Mill. Uranium markets
are currently gaining strength, and we have long-term supply
contracts to fulfill, so 2024 is a good year to ramp-up our
low-cost uranium production. At the same time, rare earth markets
are currently soft. Therefore, 2024 is a good year to install and
commission REE processing capacity, design and plan additional REE
processing capacity, and secure mineral positions in this critical
industry, such as through our Donald Project joint venture with
Astron and proposed acquisition of Base Resources. Assuming heavy
mineral sand markets remain strong, and we are able to secure
satisfactory offtake agreements and financing, we look forward to
beginning development of the Donald Project as soon as 2025. We
believe the Donald Project will be a 'flagship' mining project for
Australia and the State of Victoria, producing many of the raw
materials needed for the energy transition."
Note 1
The financial information relating to the Donald deposit's mineral sands is based on the
2023 PFS and 2023 DFS. These studies constituted a "Pre-Feasibility
Study" and a "Feasibility Study," respectively, for the purposes of
the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves, 2012 Edition
("JORC") and the ore reserves underpinning
these studies were estimated in accordance with JORC. The results
from these studies and the estimated ore reserves may not be
comparable to (as the case may be) data or estimates under either
National Instrument 43-101 ("NI 43-101") or
Subpart 1300 of Regulation S-K ("S-K 1300")–
see disclosure below under "Qualified Person".
NOTE 2
The JORC estimate of ore reserves is presented for
informational purposes only. A qualified person has not done
sufficient work to classify these estimates as current NI 43-101 or
S-K 1300 estimates of mineral resources, mineral reserves, or
exploration results. Energy Fuels is not treating these estimates
as a current estimate of mineral resources, mineral reserves, or
exploration results – see note below under "Qualified
Person".
QUALIFIED PERSON
The technical information in this press release has been
prepared in accordance with both U.S. and Canadian requirements set
out in S-K 1300 and NI 43-101 and reviewed on behalf of the Company
by Dan Kapostasy, VP, Technical
Services of the Company, a Qualified Person under both S-K 1300 and
NI 43-101 regulations. The JORC compliant Mineral
Reserves contained herein were disclosed by Astron on 27 June 2023. The Company has not completed the
necessary due diligence on the Mineral Reserves to disclose them as
current Mineral Reserves. Therefore, the Company is treating the
contained tables as historical in nature as a Qualified Person has
not done sufficient work to classify the Mineral Reserves as
current under S-K 1300 or NI 43-101. These historical Mineral
Reserves are relevant to this disclosure, as they provide
information on the potential size and scale of MIN5532 and RL2002.
The method used to estimate the in-situ resources was ordinary
kriging utilizing octant and ellipsoid search parameters. The
mineralized zone was domained into three zones: low grade, medium
grade (>3% & <5%), and high grade (>5%) heavy mineral.
The block model used a 100 m x
200 m x 1
m block, which is approximately half the drillhole spacing
in the well drilled areas. The model was visually verified against
drillholes, SWATH plots were used to check average grade trends,
and the current estimate is similar to previous estimates. To
convert the Mineral Resources to Mineral Reserves, modifying
factors including mining methods (dry mining), metallurgical
testwork (including processing size assumptions, >38 µm size
fraction) producing both a heavy mineral concentrate (Ti and Zr
minerals) and a rare earth mineral concentrate (monazite +
xenotime), capital cost, operating costs, and environmental
factors. Additional details regarding the historical
Mineral Reserves are available in the Astron press release dated
27 June, 2023:
https://www.astronlimited.com.au/wp-content/uploads/2023/06/20230627-Phase-2-Ore-Reserve-Update.pdf
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and critical
minerals company. The Company, as a leading producer of uranium in
the United States, mines uranium
and produces natural uranium concentrates that are sold to major
nuclear utilities for the production of carbon-free nuclear energy.
Energy Fuels recently began production of advanced
REE materials, including mixed REE carbonate, and
plans to produce commercial quantities of separated REE oxides
commencing in 2024. Energy Fuels also produces vanadium from
certain of its projects, as market conditions warrant, and is
evaluating the recovery of radionuclides needed for emerging cancer
treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and
employees are in the United
States. Energy Fuels holds two of America's key uranium
production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery
("ISR") Project in Wyoming.
The White Mesa Mill is the only conventional uranium mill operating
in the US 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, as well as REE
products, from various uranium-bearing ores. The Nichols Ranch ISR
Project is on standby and has a licensed capacity of 2 million
pounds of U3O8 per year. The Company recently
acquired the Bahia Project in Brazil, which is believed to have significant
quantities of titanium (ilmenite and rutile), zirconium (zircon)
and REE (monazite) minerals. In addition to the above production
facilities, Energy Fuels also has one of the largest NI 43-101
compliant uranium resource portfolios in the US and several uranium
and uranium/vanadium mining projects in production, 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." Energy Fuels' website is www.energyfuels.com.
ABOUT ASTRON
Astron Corporation Limited (ASX: ATR) is an Australian-based
company listed on the ASX. With over 35 years of operating history,
Astron has been involved in mineral sands processing, downstream
product development, as well as the marketing and sales of
zirconium and titanium related products. Astron's prime focus is on
the development of its large, long-life Donald Rare Earths and
Mineral Sands Project in regional Victoria, Australia. Astron's website is
www.astronlimited.com.au.
Cautionary Note Regarding Forward-Looking
Statements: This news release contains certain "Forward
Looking Information" and "Forward Looking Statements" within the
meaning of applicable United
States and Canadian securities legislation, which may
include, but are not limited to, statements with respect to: any
expectation that the Company will maintain its position as a
leading U.S.-based uranium and critical minerals company or as the
leading producer of uranium in the U.S.; any expectation as to
production levels or timing or duration of production from the
Donald Project or any of the Company's other mines or projects; any
expectations as to costs of production at the Donald Project or any
of the Company's mines or other projects; any expectation that the
Company will be successful in creating a new REE supply chain that
can reduce America's reliance on China; any expectation that the Company will
be successful in entering the REE metal, alloy, and magnet-making
space, in order to fully-integrate the entire REE magnet supply
chain; any expectation that the addition of REE production will not
diminish in any way the Company's U.S. leading uranium production
capabilities; any expectation that the Donald Project is a
world-class, world scale, REE and HMS deposit; any expectation that
any ore reserves estimated to date will accurately reflect actual
reserves or resources; any expectation that Astron and
the Company will update the 2023 DFS prior to the Phase 1 FID, to
take into account the most current information and to conform the
report to the standards of NI 43-101 and S-K 1300, or at
all; any expectation that the Company will
update the 2023 PFS to a DFS standard post-Donald – Phase 1 production, or at all;
any expectation that the Company's AUD$183 million investment in
the Venture will satisfy most of the equity capital requirements
for the construction of Donald –
Phase 1; any expectation that the Company will be successful in
securing any additional low-cost monazite concentrates globally, or
at all; any expectation that the Company will be successful in
advancing its REE initiatives or that it will be successful in
installing REE production capacity at the Mill and the timing of
installation of any such production capacity; any
expectation as to the success of the Company's permitting
programs; any expectation that the Company's proposed
acquisition of Base Resources and the Toliara project will be
completed or if completed, completed on the terms and time
proposed; any expectation that the Company will be able to secure
commitments for satisfactory offtake and/or sales agreements for
REE oxides produced from monazite at the Mill, that Astron will be
able to secure commitments for satisfactory offtake and/or sales
agreements for ilmenite and zircon produced from HMC from the
project, or that any such commitments obtained would support
non-recourse and/or government-backed debt financing for the Donald
Project; any expectation that Energy Fuels will be successful in
obtaining any grants, low-interest debt, non- or limited-recourse
debt, loan guarantees, or other support vehicles from any
government agencies or offices, or at all; any expectation that a
positive Donald – Phase 1 FID or
Donald Phase 2 FID will be made; any expectation that an investment
agreement relating to the Toliara project will be negotiated with
the Madagascar government on
suitable terms or at all; any expectation that the current
suspension relating to the Toliara project will be lifted by the
Madagascar government in the near
future or at all; and any expectation that the additional permits
for the recovery of Monazite at the Donald Project or Toliara
project will be acquired on a timely basis or at all.
Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans," "expects," "does not expect," "is expected," "is likely,"
"budgets," "scheduled," "estimates," "forecasts," "intends,"
"anticipates," "does not anticipate," or "believes," or variations
of such words and phrases, or state that certain actions, events or
results "may," "could," "would," "might" or "will be taken,"
"occur," "be achieved" or "have the potential to." All statements,
other than statements of historical fact, herein are considered to
be forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements include risks associated with:
commodity prices and price fluctuations; engineering, construction,
processing and mining difficulties, upsets and delays; permitting
and licensing requirements and delays; changes to regulatory
requirements; legal challenges; the availability of feed
sources for the Mill; competition from other producers; public
opinion; government and political actions; the failure of
the Government of Madagascar to agree on fiscal terms or
provide the approvals necessary to achieve sufficient fiscal and
legal stability on acceptable terms and conditions or at all; the
failure of the current suspension affecting the Toliara project to
be lifted by the Madagascar
government on a timely basis or at all; the failure of the Company
to obtain the required permits for the recovery of Monazite from
the Toliara project or Donald Project; the failure of the Company
to provide or obtain the necessary financing required to develop
the Donald Project, the Toliara project or any of the Company's
other projects or initiatives; available supplies of
monazite; the ability of the Mill to produce rare earth
carbonate, rare earth element oxides or other rare earth element
products to meet commercial specifications on a commercial scale at
acceptable costs or at all; market factors, including future demand
for uranium, rare earth elements and HMC; the ability of the Mill
to be able to separate radium or other radioisotopes at reasonable
costs or at all; market prices and demand for medical isotopes; and
the other factors described under the caption "Risk Factors" in the
Company's most recently filed Annual Report on Form 10-K, which is
available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR
at www.sedar.com, and on the Company's website at
www.energyfuels.com. Forward-looking statements contained herein
are made as of the date of this news release, and the Company
disclaims, other than as required by law, any obligation to update
any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. The Company assumes no obligation to
update the information in this communication, except as otherwise
required by law.
Cautionary Note for U.S. Investors Concerning Mineral
Resources and Reserves: Certain technical disclosure
contained in this news release has been prepared in accordance with
the JORC Code. The JORC Code differs from the
requirements of the U.S. Securities and Exchange Commission
("SEC"), and resource information contained in this news
release may not be comparable to similar information disclosed by
domestic United States companies
subject to the SEC's reporting and disclosure requirements.
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SOURCE Energy Fuels Inc.