NEW YORK, April 16, 2020 (GLOBE NEWSWIRE) -- via NetworkNewsAudio – Energy Fuels. Inc. (NYSE: UUUU) (TSX: EFR) announces the availability of a broadcast titled, “America’s Supply Chains in Jeopardy,” produced by NetworkNewsAudio, one of 40+ brands in the InvestorBrandNetwork (“IBN”).
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The current global health crisis has revealed our nation’s soft underbelly of vulnerability to foreign sources of critical materials. America’s reliance on crucial medicines and supplies from adversarial nations like China has sounded a clarion call for U.S. policymakers to think and plan smarter. The current crisis has also revealed that the U.S. has a dangerous reliance on certain foreign sources of critical minerals and energy. Most people know about our extreme reliance on China for rare earth elements (REEs), which are found in products as varied as cell phones, wind turbines and military systems that defend America. Not as many people know that we are now nearly 100% reliant on imports of uranium for our nuclear power plants. If nothing changes, over 50% of this uranium may come from state-owned entities in Russia and China in the coming years.
Few companies have been as proactive or outspoken about uranium supply chain risks as Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR). Based in Lakewood, Colorado, Energy Fuels is the country’s largest producer of uranium and the leading conventional producer of vanadium, both of which are designated as critical minerals by the U.S. government. Energy Fuels’ uranium production portfolio stands apart in the U.S., boasting more uranium production facilities, more production capacity, and more in-ground resources than any other uranium producer in the United States.
About Energy Fuels Inc.
Energy Fuels is a leading US-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 ("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." Energy Fuels' website is www.energyfuels.com.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.