Energy Fuels and Vulcan Elements Partner to Establish U.S. Rare Earth Magnet Supply Chain

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a U.S. producer of rare earth element oxides, and Vulcan Elements, a U.S. manufacturer of rare earth permanent magnets, have signed a Memorandum of Understanding to establish a resilient domestic supply chain for rare earth magnets independent of China. This partnership addresses growing concerns about supply chain vulnerabilities and national security risks associated with reliance on foreign sources for these critical materials. Rare earth magnets are essential components in numerous commercial and defense applications, including satellites, robotics, artificial intelligence data centers, semiconductor fabrication, drones, defense systems, electric vehicles, consumer electronics, industrial motors, and power tools.

The collaboration between Energy Fuels and Vulcan Elements represents a significant step toward reducing American dependence on Chinese rare earth magnet production, which currently dominates the global market. This initiative aligns with broader U.S. government efforts to secure supply chains for critical minerals and advanced manufacturing capabilities. The partnership leverages Energy Fuels' expertise in rare earth element production and Vulcan Elements' specialization in magnet manufacturing, creating a vertically integrated domestic solution that could enhance national security and technological independence.

Energy Fuels, as a leading U.S.-based critical minerals company, brings substantial experience in uranium and rare earth element production to this partnership. The company operates several conventional and in-situ recovery uranium projects in the western United States and owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the country. At this facility, Energy Fuels produces advanced rare earth products and is evaluating potential recovery of medical isotopes from existing uranium process streams. The company's diverse portfolio includes heavy mineral sands projects such as the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia through a joint venture arrangement.

The establishment of a domestic rare earth magnet supply chain has far-reaching implications for multiple industries and national security. By creating a reliable source of these critical components within the United States, this partnership could help mitigate supply chain disruptions, reduce geopolitical risks, and support the growth of domestic manufacturing capabilities in advanced technologies. The initiative supports the transition to clean energy through electric vehicle production and reinforces defense capabilities by ensuring access to essential components for military systems. Investors and industry observers can find additional information about Energy Fuels through the company's newsroom available at https://ibn.fm/UUUU.