Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) the largest uranium mining company in the United States, is pleased to announce that it has delivered a notice to the holders of its currently outstanding floating rate convertible unsecured subordinated debentures, due December 31, 2020 that pursuant to the terms of the indenture governing the Debentures, the Company will redeem on October 6, 2020 the remaining Cdn$10,430,000 principal amount of the Cdn$10,430,000 Debentures outstanding. The Debentures are redeemable for an amount equal to 101% of their principal amount plus accrued and unpaid interest thereon, up to but excluding the Redemption Date. Following this redemption, no Debentures will remain outstanding, and the Debentures will cease to be listed on the Toronto Stock Exchange.

“Energy Fuels is proud to announce that we are paying off the remainder of our debt and that we will be debt free on October 6, 2020,” stated Mark S. Chalmers, President and CEO of Energy Fuels.

“Many junior uranium producers and developers around the World are currently incurring significant amounts of debt to fund exploration and development activities and to cover corporate overheads. However, without sufficient cash flow, servicing this debt can become extremely burdensome and destructive to shareholder value. Instead, Energy Fuels has focused on cleaning up our balance sheet with minimal impact to our shareholders. We have raised cash through the issuance of equity this year, but much of this cash was used to redeem our debt in a minimally dilutive manner.

“To my knowledge, no other company in the world, except for Energy Fuels, can claim the production capabilities, balance sheet strength, or optionality across multiple critical commodities. Through our significant inventories and unmatched U.S. production capabilities, we offer short- and long-term exposure to uranium and vanadium markets. We are extremely excited about the commercial and technical progress we are making on rare earth elements, and we hope to provide updates on this initiative in the coming weeks and months. And, with zero debt, we will be in an excellent position to capitalize on future opportunities in uranium, vanadium, alternate feed materials, land clean-up and rare earths with a clean balance sheet representing unmatched optionality.”

About Energy Fuels:

Energy Fuels is the 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 near Denver, Colorado, 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 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 on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U₃O₈ per year. In addition to the above production facilities, Energy Fuels 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.