Energy Fuels Announces 2022 Results; Emerging as the Leading US Producer of Critical Minerals with Focus on Uranium and Rare Earth Elements.

LAKEWOOD, Colo: Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the year ended December 31, 2022.

Financial Highlights:

At December 31, 2022, the Company had a robust balance sheet with $116.97 million of working capital, including $62.80 million of cash and cash equivalents, $12.19 million of marketable securities, $38.16 million of inventory, and no debt. At current commodity prices, the Company's product inventory has a value of $62.48 million;

During the year ended December 31, 2022, the Company incurred a net loss of $59.85 million or $0.38 per share, due in large part to: i) a non-cash mark-to-market loss on investments accounted for at fair value of $16.90 million; ii) increased expenses associated with preparing four(4) of our uranium mines for production; iii) development expenses associated with developing commercial rare earth element ("REE") separation capabilities in addition to our existing mixed REE carbonate ("RE Carbonate") commercial production capabilities; (iv) expenses associated with advancing our medical isotope initiatives;(v) increased selling, general and administrative expenses arising from costs associated with acquiring the South Bahia monazite sand project in Brazil (the "Bahia Project") and costs associated with the sale of the Company's Alta Mesa in situ recovery ("ISR") project in Texas; and (vi) increased other selling, general and administrative expenses associated with significant additions to personnel, enhanced business processes, and other general and administrative expenses required to support all these increased levels of activity.

The Company held 1,027,000 pounds of finished uranium ("U3O8") inventory at year end, along with approximately 985,000 pounds of finished vanadium ("V2O5") inventory. At March 8, 2023, following sale and purchase transactions discussed below, the Company held 847,000 pounds of U3O8 and approximately 945,000 pounds of V2O5 inventory.

Uranium Highlights:

During 2022, the Company produced 162,000 pounds of U3O8 at its White Mesa Mill in Utah (the "Mill") and remains the largest producer of uranium in the U.S.

During 2022, the Company was awarded four (4) new uranium supply contracts, with deliveries beginning in 2023, of which three (3) are long-term contracts with U.S. nuclear utilities and one (1) is with the U.S. government to supply the newly established strategic U.S. Uranium Reserve ("U.S. Uranium Reserve").

In January 2023, the Company completed the sale of 300,000 pounds of...