Council of Ministers offers U.S.-based Power Fuels the ‘inexperienced brightness’ to proceed construction of its world-class Toliara titanium, zirconium and infrequent earth components venture

LAKEWOOD, Colo., Nov. 28, 2024 /PRNewswire/ – Power Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company“), a well-known U.S. manufacturer of uranium, infrequent earth components (“REEs“), and significant minerals, is happy to announce that as of late the Madagascar Council of Ministers, as Chaired by way of the President of the Republic of Madagascar, has lifted the suspense (the “Suspension“) of the Corporate’s 100%-owned Toliara essential minerals venture (the “Toliara Project“). The Postponed was once imposed by way of the Executive in November 2019. In October 2024, Power Fuels bought Bottom Sources and the Toliara Venture.

Mark S. Chalmers, President and CEO of Power Fuels said:

“The lifting of the suspense by way of the Malagasy Executive is a very vital step within the construction of the Toliara infrequent earths, titanium, and zirconium venture. The Corporate can now re-commence construction and alternative technical actions at the farmland, that are anticipated to incorporate the re-establishment of the Corporate’s social systems, backup mine making plans and engineering, increasing the essential mineral useful resource bottom, in addition to progressing any alternative felony actions important to journey the Toliara Venture and succeed in a good monetary funding choice.

“Having intently evaluated numerous mining initiatives all over the world all through my 45-year occupation, I imagine the Toliara Venture is in point of fact a ‘generational’ mining venture, having the prospective to serve the U.S. and the extra of the sector with massive amounts of essential minerals for plenty of many years, together with infrequent earth components which we plan to procedure at our current facility within the U.S.

“We also believe the Toliara Project has the strong potential to be a ‘crown jewel’ of Madagascar’s future economy, a leader in the global clean energy transition, and a model for sustainable mining in Africa, harnessing the principles and practices established and refined by Base Resources over 11 years operating the Kwale titanium and zirconium operation in Kenya. Power Fuels bought Bottom Sources this month October, together with its well-regarded control and operations group which extra in park.

“We look forward to growing our partnership with the Government of Madagascar as we formalize the fiscal and other terms applicable to the project, move forward with development activities, and rapidly progress Toliara towards operation for the benefit of our host communities, the nation of Madagascar, and our shareholders.”

Lifting the Postponed

The Toliara Venture lately holds a mining allow that permits manufacturing of titanium and zirconium minerals, together with ilmenite, rutile and zircon. In 2019, construction actions on the Venture have been suspended by way of the Executive of Madagascar, pending negotiation of fiscal and alternative phrases appropriate to the Toliara Venture.

Now that the Executive has lifted the suspense, the Corporate can recommence construction and funding within the Venture, re-establish public and social systems, and move the technical, environmental and social actions important to reach a good Monetary Funding Choice (“FID“), which the Corporate expects to assemble in early 2026.

Occasion the Venture is progressing against a FID, the Corporate will proceed running with the Executive of Madagascar to formalize the fiscal, balance and alternative phrases appropriate to the venture, together with the addition of rare-earth component manufacturing to the present mining allow, via a memorandum of figuring out, an funding promise, amendments to current rules and alternative mechanisms as suitable.

ABOUT ENERGY FUELS

Power Fuels is a well-known US-based essential minerals corporate, interested in uranium, REEs, obese mineral sands (“HMS“), vanadium and clinical isotopes. The Corporate has been the well-known U.S. manufacturer of herbal uranium pay attention for the month a number of years, which is offered to nuclear utilities that procedure it additional for the manufacturing of carbon-free nuclear power and owns and operates a number of standard and in situ cure uranium initiatives within the western United States. The Corporate additionally owns the White Mesa Mill in Utah, which is the one totally authorized and working standard uranium processing facility in the United States. On the Mill, the Corporate additionally produces complex REE merchandise, vanadium oxide (when marketplace statuses warrant), and is getting ready to start pilot-scale cure of positive clinical isotopes from current uranium procedure streams wanted for rising most cancers therapies. The Corporate additionally owns the working Kwale HMS venture in Kenya which is nearing the top of its age and is growing 3 (3) backup HMS initiatives, together with the Toliara Venture in Madagascar, the Bahia Venture in Brazil, and the Donald Venture in Australia through which the Corporate has the precise to earn as much as a 49% pastime in a three way partnership with Astron Company Restricted. The Corporate is founded in Lakewood, Colorado, akin Denver, with its obese mineral sands operations essentially controlled from Perth, Australia. The main buying and selling marketplace for Power Fuels’ familiar stocks is the NYSE American below the buying and selling image “UUUU,” and the Corporate’s familiar stocks also are indexed at the Toronto Secure Alternate below the buying and selling image “EFR.” For more info on all we do, please seek advice from http://www.energyfuels.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Cautionary Observe Relating to Ahead-Having a look Statements

This information reduce comprises positive “Forward Looking Information” and “Forward Looking Statements” inside the which means of appropriate United States and Canadian securities regulation, which might come with, however aren’t restricted to, statements with appreciate to: any expectation that the Corporate will preserve its place as a well-known U.S.-based uranium and significant minerals corporate or because the well-known manufacturer of uranium within the U.S.; any expectation that the Corporate will re-commence construction actions at the farmland, re-establish the Corporate’s public systems or journey the alternative actions important to reach a good FID for the Toliara Venture; any expectation that the Toliara Venture is a ‘generational’ essential minerals venture or that it has the prospective to serve the U.S. and the extra of the sector with massive amounts of titanium, zirconium, REEs and alternative fabrics for many years or in any respect; any expectation that the Toliara Venture has the robust possible to be a ‘crown jewel’ of Madagascar’s age economic system, a pace-setter within the international blank power transition or a type for sustainable mining in Africa, or that it is going to undertake the confirmed approaches from the Corporate’s Kwale Operation in Kenya; any expectation that the Corporate will proceed running with the Executive of Madagascar to formalize fiscal and alternative phrases appropriate to the venture via a memorandum of figuring out, an funding promise, amendments to current rules and alternative mechanisms as suitable; any expectation that rare-earth component manufacturing will likely be added to the present mining allow; any expectation that the monetary and felony balance of the Toliara Venture will likely be maintained; any expectation {that a} sure FID will likely be made for the Toliara Venture and the timing of this type of sure FID; and any expectation that the Toliara Venture will likely be advanced. In most cases, those forward-looking statements will also be recognized by way of the virtue of forward-looking terminology similar to “plans”, “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or diversifications of such phrases and words, or surrounding that positive movements, occasions or effects “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, alternative than statements of historic truth, herein are thought to be to be forward-looking statements. Ahead-looking statements contain recognized and unknown dangers, uncertainties and alternative components which might motive the latest effects, efficiency or achievements of the Corporate to be materially other from any age effects, efficiency or achievements specific or implied by way of the forward-looking statements. Components that might motive latest effects to fluctuate materially from the ones expected in those forward-looking statements come with dangers related to: commodity costs and value fluctuations; engineering, development, processing and mining difficulties, upsets and delays; allowing and licensing necessities and delays; adjustments to regulatory necessities; felony demanding situations; pageant from alternative manufacturers; folk opinion; govt and political movements; the failure of the Corporate to serve or download the important financing required to create the Venture; marketplace components, together with age call for for REEs; and the alternative components described below the caption “Risk Factors” within the Corporate’s maximum lately filed Annual File on Method 10-Okay, which is to be had for evaluation on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and at the Corporate’s web site at www.energyfuels.com. Ahead-looking statements contained herein are made as of the future of this information reduce, and the Corporate disclaims, alternative than as required by way of regulation, any legal responsibility to replace any forward-looking statements whether or not because of unutilized data, effects, age occasions, instances, or if control’s estimates or reviews must trade, or another way. There will also be negative promise that forward-looking statements will end up to be correct, as latest effects and age occasions may fluctuate materially from the ones expected in such statements. Accordingly, the reader is cautioned to not park undue reliance on forward-looking statements. The Corporate assumes negative legal responsibility to replace the ideas on this verbal exchange, apart from as another way required by way of regulation.

SOURCE Power Fuels Inc.

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