What makes Energy Fuels a special investment?

Energy Fuels is unlike any investment. We have a long history of producing uranium and we recently entered into the rare earth space and isotopes. An investment in Energy Fuels is an investment in all three of those. They are not different spaces: All of them contain uranium or slightly radioactive materials, which is our wheelhouse as a company.

Can you touch upon the potential of Pinyon Plain mine and recent updates there?

Pinyon Plain is a conventional underground mine and the highest-grade uranium mine in the US. It is a compact, easy-to-mine, easy-to-reclaim deposit. It could produce up to one year of Arizona’s total electricity on only 17 acres, and has a very small environmental footprint.

We obtained an Aquafer Protection Permit for Pinyon Plain, which was a consolidation of several permits. It means we have taken the environmental levels required up to another level. There was no obligation for Energy Fuels to do that, but we did it proactively, working closely with the Arizona Department of Environmental Quality. The project has all permits necessary to go forward. In terms of timeline, we will move on to advance Pinyon Plain into production when there is an upswing in the market for uranium and rare earth prices.

How does Energy Fuels answer the community’s concerns regarding Pinyon Plain?

Pinyon Plain has been a controversial mine since I built it in the 1980s. We continue to communicate as much as we can and are planning on doing further outreach with the Havasupai tribe to be responsible neighbors in the area. But some people keep a close mind to the positives of the project: It will create jobs and allow low carbon energy in Arizona, a state that gets a third of its electricity from nuclear power.

How is Energy Fuels leading efforts toward the green transition?

Our recycling programs allowed us to recover 6 million pounds of uranium that would have been lost to disposal. On the ESG front, we are doing more than ever with communities. We have a PR firm working closely with us, and we set up the San Juan County Clean Energy Foundation. We plan to contribute 1% of our mill revenues to it.

We produce vanadium, and there is a growing interest in metal flow batteries as an energy storage device.

Why is it strategically important for the US to restore its supply chain of critical minerals?

Simply put, the US became almost totally dependent on China for Rare Earth Elements (REEs). These elements are needed to make effective wind generators and EVs. It is not wise to be getting those elements from places like China in a period of geopolitical uncertainty. The US needs those elements to achieve net zero carbon emissions by 2030-2040. The world needs a lot more than China can produce.

Energy Fuels is making bigger and better strides in North America in processing these rare earths. We will fund up to US$10 million to advance cleaner Nanoscale technology. The next step after leaching and separation of REE oxides is obtaining the metals, and this is where our partnership with Nanoscale Partners comes in.

What is the role of the Nuclear Fuel Working Group to restore the US’ competitive advantage in uranium production?

Recently the Department of Energy issued a request for proposals to sell uranium to the government for the first time in over 50 years. Such proposals would not have been put in place if we had not worked with that working group five years ago.

We need more support from the US government. It took decades to achieve present capabilities in the US and it will take decades more to establish dependence. The world is shifting directions on the use of nuclear power to reduce carbon emissions.

What will be the highlight for Energy Fuels moving into 2023?

I anticipate extraordinary progress in the next 12 months. The main highlights are going to be that Energy Fuels will advance its rare earth program faster than anybody else in the world. We restarted our uranium production in the U., and plan to continue to be the largest producer of uranium there. Lastly, we are closing a transaction in a mine we bought in Brazil, which is a heavy mineral sand deposit.