Energy Fuels Inc. (NYSE:UUUU) (TSX:EFR) ("Energy Fuels" or the "Company"), a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium and other strategic materials, today announced updates on financing arrangements that will help accelerate the Company's growth and development.

The Company has received a conditional $725 million financing commitment from the Department of War, U.S. Office of Strategic Capital ("OSC"). Under a commitment agreement that is subject to further due diligence, finalization of agreements, customary closing conditions, and approvals, the OSC would extend to Energy Fuels a $725 million loan with a tenor of 20 years to support the planned expansion of the Company's critical minerals processing capabilities at its White Mesa Mill in Utah as well as a planned rare earth metals and alloy facility to be constructed in the United States. The potential financing would support infrastructure and capacity to process rare earth elements and other critical materials from the Company's growing portfolio of domestic and international projects.