Energy Fuels Announces Q1-2020 Results.

LAKEWOOD, CO: Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended March 31, 2020. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.

Highlights:

At March 31, 2020, the Company had $26.0 million in cash and marketable securities plus $22.4 million of concentrate inventory, including 520,000 pounds of uranium valued on our balance sheet at $23.13 per pound and 1,675,000 pounds of vanadium valued on our balance sheet at $5.37 per pound, both in the form of immediately marketable product. As of May 1, 2020, the spot price of uranium was $33.75 per pound and the mid-point spot price of vanadium was $6.88 per pound, which places a current market value on our concentrate inventories of approximately $29.1 million.

On February 20, 2020, the Company strengthened its balance sheet by completing a bought-deal financing for net proceeds of $15.1 million and raised approximately $4.0 million on the Company's At the Market ("ATM") program in the first quarter of 2020.

Uranium production totaled approximately 5,900 pounds of U3O8 for the quarter, as the Company wound down operations from existing wellfields at its Nichols Ranch project.

The Company suspended vanadium production at the end of 2019 and has substantial quantities of dissolved vanadium remaining in the Company's tailings management system for future recovery as market conditions warrant.

No material uranium or vanadium sales were completed during the quarter, and the Company is strategically maintaining its uranium inventory for future sales in anticipation of higher uranium prices, potentially as a result of the creation of a new U.S. uranium reserve (as discussed below) or other U.S. government support, or due to generally improved uranium market fundamentals.

The Company had an operating loss of $7.8 million during Q1-2020.

On February 10, 2020, the President announced a proposed FY-2021 budget (the "President's Budget"), which includes a request for $150 million per year for the next 10 years to create a U.S. uranium reserve. The Company views this news as being very positive for established U.S. uranium producers such as Energy Fuels.

On April 23, 2020, the U.S. Nuclear Fuel Working Group ("NFWG") released its "Strategy to Restore American Nuclear Energy Leadership" (the "Report"). In the report, the U.S. government commits to reviving and strengthening the U.S. uranium mining industry. The Report provides a number of policy recommendations, including direct government purchases, supporting Department of Commerce efforts to extend the Russian Suspension Agreement ("RSA") to prevent dumping of Russian uranium in the U.S. (and "the consideration of further lowering the cap on Russian imports under future RSA terms"), enabling the U.S. Nuclear Regulatory Commission to deny imports of fabricated nuclear fuel from Russia; and streamlining regulatory reform and land access for uranium.

On April 13, 2020, the Company announced its entry into the U.S. rare earth elements ("REE") market. The Company believes its fully licensed and constructed White Mesa Mill ("Mill"), which is the only uranium mill operating in the U.S. today, can play a key role in bringing the REE supply chain back to the U.S. Many REE ores (and other streams) contain recoverable quantities of uranium and thorium, and the Mill has a 40-year history of responsibly processing ores for uranium and other metals.

Mark S. Chalmers, Energy Fuels' President and CEO, stated:

"Energy Fuels continued to be the...