At PDAC 2026 in Toronto, Denis Clement, President, CEO and Director of Critical Minerals Americas Inc., discussed the company’s critical minerals project in northern Alberta.

Clement said the company is relaunching a large critical minerals project in northern Alberta. “We had this project many years ago, back in 2010 to ’15, in another company. We did a lot of work on it. We got a preliminary economic assessment on it that said it was worth $4 billion,” he said. “Everybody laughed at us and said, ‘Oh, we buy critical minerals from the Chinese. We don’t need it domestically.’”

“About five years ago, of course, with critical minerals being as wanted and as necessary as they are now in the Western world, we reacquired all the assets and we’re relaunching Critical Minerals Americas as we speak this week,” Clement said.

Critical Minerals Americas Inc. holds a 100% interest in the SBH Project, a 466.66 sq km critical minerals and rare earth elements project located approximately 120 km northwest of Fort McMurray in Alberta’s Athabasca region. According to the company’s National Instrument 43-101 technical report, the project contains approximately 34.5 to 52.2 billion tonnes of mineralized black shale.

“In scale, yes,” Clement said when asked if the project could be described as “the tar sands for critical minerals.” He added, “We have a 43-101 that was just issued that put somewhere between 35 and 50 billion tons of recoverable critical mineral black shales on the deposit.”

Clement said the deposit spans a large area. “We have 250 square km of black shale, and there’s about 200 million tons per square kilometer. So they’re very, very broad-based and very consistent over that area.”

The company plans to process the material using bioleaching. “The processing is called bioleaching, and bioleaching is fairly common, is very well known in the industry,” he said. “Back in ’14, when the National Research Council did the bioleaching studies for us, they took our material and they cultured these bacteria… What they do is they basically consume the impurities and leave behind what’s called a leachate.”

“That leachate contains all those minerals,” Clement said.

The SBH Project contains multiple critical minerals and rare earth elements, including molybdenum, nickel, uranium, vanadium, zinc, copper, cobalt, lithium, scandium and rare earth elements.

Clement said Alberta’s government has expressed interest in the sector. “Alberta has a plan to diversify their economy,” he said. “Critical minerals is a big highlight for them.”

He added that the company has assembled a team with government and industry experience. “On the board, we’ve just retained two new additions. One is Sonya Savage. Sonya Savage was Minister of Natural Resources for Alberta and she was also Minister of the Environment,” he said. “And secondly… Greg Turnbull, who was Chairman of McCarthy Tétrault.”

Looking ahead, Clement said the company plans to raise capital and advance development work. “We’re probably going to do a public financing in the next month,” he said. “We’re actually going to announce next week that we’ve signed up the National Research Council of Canada in Devon, Alberta, to start upgrading all of our technology.” “We’re going to delineate two areas on this massive property… one will be 5 billion tons and the other one will be 4 billion tons of recoverable critical minerals,” Clement said. “And we’re going to do preliminary economic assessments on those probably in the next 12 to 18 months.”

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“There’s about 250 square kilometers of these mineralized black shales—recoverable mineralized black shales,” Denis Clement said, describing what he calls a project of uncommon scale in northeastern Alberta.

In an interview with InvestorNews.com host Tracy Hughes, Mr. Clement, Founder, President and Chief Executive Officer of Critical Minerals Americas Inc. (CMAI), traced the origins of the company’s SBH Project, located approximately 120 kilometers northwest of Fort McMurray in the Athabasca region. The private company holds a 100% interest in 466.66 square kilometers of rock-hosted mineral permits and is advancing the development of long-term domestic supplies of critical minerals and rare earth elements.

The project was first identified in the late 1990s by DNI Metals, of which Mr. Clement was chairman. “In early 2005 or ’06, we started working aggressively on the project, and over the next eight years we spent about $12-14 million building up the project,” he said. In 2014, the team isolated “an area of 4.4 billion tons of recoverable critical minerals” and completed a preliminary economic assessment prepared by Apex Engineering and Hatch, with work by the National Research Council. “The PEA came out—it had a great value on it—and everybody laughed at us,” he said. “They said, ‘Nah, we buy that stuff from the Chinese. We don’t need it domestically.’ So, we basically mothballed the project.”

Years later, after founding Omai Gold Mines (TSX: OMG), Mr. Clement said he reconsidered the asset. “I woke up one morning and realized, gee, I had the biggest critical minerals asset in the world at one time—I should retrieve it.” He reacquired portions of the property and staked additional ground, at one point assembling approximately 830 square kilometers before refining the land package to its current size under license with the Alberta government.

In October 2025, the company announced completion of a National Instrument 43-101 technical report prepared by APEX Geoscience Ltd. Mr. Clement described the updated work as a recompilation of “90 gigs of data” supplemented by new field collection. The report outlines conceptual exploration tonnage targets for the SBH Project ranging from approximately 34.5 to 52.2 billion tonnes of mineralized black shale formations. “There’s somewhere between 38 billion and 50 billion tons of these shales on our property,” he said in the interview, noting the figures reflect a $10 to $12 U.S. cutoff in valuation.

The mineralized black shales host molybdenum, nickel, uranium, vanadium, zinc, copper, cobalt, lithium, scandium and all rare earth elements except promethium.

Mr. Clement said the company is preparing a 12- to 18-month program to upgrade portions of the Buckton South and Asphalt zones to reportable resources, with an estimated cost of approximately $12 million. “All we’re doing is upgrading the drilling to reportable resources. We know they’re there because we’ve drilled into it before,” he said, projecting between 4 and 7 billion tonnes at Buckton South and 3.5 to 5.5 billion tonnes at Asphalt.

On location, he emphasized proximity to infrastructure. “This is surrounded by infrastructure. It’s 120 km from Fort McMurray. There’s roads to it. It’s very, very, very accessible.” He described the deposit as “very soft shale” and “at surface,” adding, “So it’s just a free-dig operation when it gets going.”

He also cited jurisdiction and technical capacity. “This is Alberta. This is Canada—very, very, very supportive of this type of development,” he said, noting a recent meeting with the Minister of Natural Resources. He added that Fort McMurray offers water, power and workforce resources, and that the company has engaged Ken Bradley, former vice chairman of the Alberta Oil Sands Technology and Research Authority, as a special adviser.

“We’ve been very fortunate—starting with Sonya Savage,” Mr. Clement said of recent board appointments. The Hon. Sonya Savage, KC, former Alberta Minister of Energy and Minister of Environment and Protected Areas, and Gregory Turnbull, KC, former Managing Partner at McCarthy Tétrault LLP, have joined as independent directors. Mr. Clement confirmed he will attend PDAC from March 1-4^th and will present at the Critical Minerals Institute (CMI) Summit V on May 13-14, both in Toronto.

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By 2033, vanadium redox flow batteries (VRFBs) are projected to account for 17% of global vanadium use — a x6 increase from just 3% in 2021. 

With steel still dominating vanadium demand (accounting for 94% of US consumption in 2023), this surge in battery use is expected to put significant pressure on supply.

To meet this growing demand, global vanadium supply will need to increase by 6.9% annually between 2022-2030.

However, 99% of global supply is concentrated in high risk regions: China (70%) and Russia (21%) and South Africa (8%). And most potential new sources of vanadium remain either un-financed or in early-stage exploration. 

What is vanadium and why it matters

Vanadium is a silvery-blue transition metal named after the Norse goddess Vanadis. Its primary use is as an alloying agent to strengthen steel, where even small additions (typically <0.2%) significantly increase tensile strength and durability. This makes it essential for applications in construction, pipelines, tools, jet engines, and rebar, especially in earthquake-prone regions.

But vanadium’s relevance is expanding, in particular, as the active element in vanadium redox flow batteries (VRFBs), a leading non-lithium energy storage technology. Unlike lithium-ion, VRFBs don’t degrade with time, making them ideal for grid use with longer life cycles, improved safety, and scalability, especially for large-scale grid storage solutions. The batteries rely on vanadium’s almost unique ability to exist in four stable oxidation states, which enables energy to be stored and discharged repeatedly without degradation.

Market fundamentals: steel still dominates, but batteries rising

Historically, vanadium demand has tracked closely with industrial output and infrastructure spending, particularly in emerging markets. The main drivers:

• global steel production, led by China
• chemical catalysts, particularly sulfuric acid and maleic anhydride
• and, increasingly, vanadium flow batteries

Historically, vanadium price has tracked closely to industrial output and infrastructure spending. 

And global steel demand is not slowing down. Demand is expected to increase from 1.8 billion tons in 2020 to approx 2 billion tons in 2030, an average annual growth rate of around 1.06% or 11% in absolute terms compared with 2020 — driven by industrialization in developing countries such as India and regions in Africa. 

In 2023, 94% of vanadium consumption in the US was still tied to steel alloying applications, with demand jumping 27% year-on-year. Between 2019 and 2023, total apparent consumption in the US grew by more than 40%, from under 10,000 metric tons to over 14,000.

In September 2024, China introduced new rebar standards that are expected to boost demand high-quality vanadium, potentially increasing vanadium nitrogen consumption by an estimated 15%. However, with a weak construction market and fragile economy in China, this may only offset industry wide falls.

Instead, it is new demand from the vanadium flow battery market that is expected to squeeze the underlying supply fundamentals.

The cumulative global demand of VRFB by 2030 is around 111 GWh, with annual demand of about 27 GWh, or 2.4% of the total required stationary storage capacity for that year — a CAGR of 41% from 2022 to 2030 — according a a World Bank Group report.

China is expected to drive the sector and recently announced a new production target for VRFBs, aiming to reach a 12 GWh annual capacity by 2027, but the move is global:

• in China, Rongke Power completed a 175MW/700MWh VRFB project, the largest of its kind globally, in 2024
• in Japan, Sumitomo Electric deployed a 51MWh VRFB system in Hokkaido to support wind energy integration, in 2022
• in Canada, Invinity Energy Systems is supplying an 8.4MWh VRFB for a solar-plus-storage project in Alberta

BloombergNEF predicts that, if all the redox flow batteries were grouped, the annual demand could compete with lithium-ion for up to 69 GWh capacity in 2030.

According to the World Bank report “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” vanadium demand could increase by 200% by 2050. 

Without any significant new supply coming online CRU analysis expects the vanadium market to be in deficit after 2025.

“We are estimating a global supply deficit in 2025 due to change in rebar standards and rise in vanadium battery demand, causing vanadium prices to rise. As more supply comes online in 2026 and 2027, by 2027 vanadium prices will come down when compared to 2025 prices, but crucially remain higher than the pricing in the last 12 months”

— Piyush Goel, commodities consultant at CRU Group, Top trends for vanadium in 2025

However, a significant challenge to such growth expectations for VRFB, is the scaling up of production from the current low levels of mining and refining, as well the high cost and limited manufacturing facilities for redox flow batteries.

Vanadium supply gaps

Vanadium is primarily extracted as a byproduct from mining titaniferous magnetite ores, where it is recovered during steel production. There are three main pathways for production:

1. co-/by-product recovery from steelmaking slag (common in China and Russia)
2. secondary recovery from petroleum residues, fly ash, and spent catalysts (e.g., in the U.S. and Europe)
3. primary mining, which remains rare and geographically limited

As of 2024, 97% of global vanadium production is sourced from just four countries — China, Russia, South Africa, and Brazil — with China alone producing more than two-thirds.

The US currently lacks any active primary vanadium mines. Production from domestic ore ended in 2020. However, in 2025, Anfield Energy’s Velvet-Wood uranium-vanadium mine in Utah became the first mine approved under the Trump administration’s new 14-day expedited permitting process, reflecting renewed urgency over mineral security.

China dominates, not just mining, but also processing — more than 50% of all processed vanadium — highly energy-intensive and requiring complex extraction methods, especially to convert ore or slags into battery-grade vanadium pentoxide (V2O5) or electrolyte solutions used in VRFBs. 

Secondary sources are unable to make up the shortfall. Reprocessing petroleum residues, fly ash, and spent catalysts contributed an estimated 5,700 metric tons to US supply in 2023. These materials contain vanadium as a trace element, typically ranging from 2–5% by weight in spent catalysts and even lower in fly ash or heavy oil residues. Recovery involves chemical leaching, roasting, or solvent extraction to isolate vanadium pentoxide. 

However, feedstock composition varies widely, and the environmental cost of processing — especially handling toxic byproducts — limits capacity expansion with a lack of dedicated collection systems or centralized recycling infrastructure.

This high concentration in global supply creates significant vulnerability to supply shocks, trade restrictions, or political instability — especially as the IEA warns that diversification in critical minerals is stalling, where China retains over 70% of global control.

Between January 2014 – March 2025, vanadium prices have shown greater price volatility than oil and natural gas.

The Ukraine conflict and sanctions against Russian exports have added further instability, while China’s clampdown on critical mineral exports in 2024-2025 has raised alarm over the vulnerability of downstream industries.

In response the US has managed to increase secondary supply of vanadium, but still imported 40% of its vanadium consumption in 2024, with key suppliers including Canada, Brazil, Austria and South Africa.

Conclusion: a strategic metal caught between two markets

Vanadium’s dual-role in steel and stationary storage means it is simultaneously a mature industrial metal and an emerging technology metal. This makes it volatile, but also strategic. For investors seeking asymmetric exposure to energy security and grid transformation, vanadium offers a rare, under-explored angle — but investors must navigate a thin supply pipeline and geopolitical chokepoints.

While speculative demand may ebb with steel cycles, the structural demand growth from VRFBs, and the inability to quickly scale primary supply, points to sustained long-term tightness in the market. Projects with vertically integrated vanadium extraction and refining, particularly outside China and Russia, stand to gain premium valuations.

The supply-demand crunch is already in motion.

TORONTO, ONTARIO – May 08, 2025 – The Critical Minerals Institute (CMI) is pleased to announce that Mark Chalmers, President and CEO of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), will deliver the Day-One lunch keynote at CMI Summit IV on Tuesday, May 13, 2025 (12:35 – 1:00 PM ET) at The National Club in Toronto.

Chalmers’ address — “Fast-Tracking Light and Heavy Rare Earth Production for Global Demand and Meeting Uranium Needs as America’s #1 Producer” — will outline Energy Fuels’ roadmap for scaling domestic rare earth oxide production at its White Mesa Mill in Utah, while sustaining leading U.S. natural uranium mining and processing for the nuclear energy fuel cycle. Mr. Chalmers will discuss how Energy Fuels is utilizing its depth of knowledge, permits and facilities to produce both “light” and “heavy” rare earth oxides from monazite to anchor a North American supply chain.

Earlier that morning, Chalmers will join Panel 01, “Building Critical Mineral Supply Chains — Overview on the Shortfalls, the Wins and the Next Steps Forward” (10:05 – 10:55 AM). Immediately afterward, Energy Fuels will be represented again when Debra Bennethum, VP, Critical Minerals & Strategic Supply Chain, takes the stage on Panel 02, “Critical Minerals and EVs: Where Are We Today?” (11:10 – 11:55 AM).

“Energy Fuels has proven its ability to responsibly produce high-purity neodymium-praseodymium oxide at scale by processing low-cost monazite and providing an ex-China supply chain,” said Chalmers. “With our continued focus on asset development, we are putting together the puzzle pieces to support demand, rapidly expanding our production to include the heavy rare earth oxides along with titanium and zircon minerals from our heavy mineral sand projects in addition to our foundational uranium and vanadium products, building the premier critical minerals hub of the future.”  

Tracy Hughes, Founder & Executive Director of CMI, added:

“Mark brings a rare combination of operational depth and strategic vision. He has already turned Energy Fuels into the U.S. industry benchmark for uranium and rare-earth processing. Hearing his playbook for speed, scale, and sustainability will equip delegates with actionable insights for navigating today’s geopolitical and capital-market realities.”

CMI Summit IV: The War for Critical Minerals and Capital Resources

Dates: Tuesday & Wednesday, May 13–14, 2025
Summit Hours: 8:30 AM – 5:00 PM ET
Registration & coffee: 7:30 – 8:30 AM
Reception: Tuesday, May 13, 5:00 – 6:30 PM — hosted by ArcStone Securities and Investment Corp.
Location: The National Club, 303 Bay Street, Toronto, Ontario, Canada
Website: CriticalMineralSummit.com

To register or secure a CMI Summit IV 2-day Delegates Pass, click here

About Energy Fuels:

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands (“HMS”), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in-situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the Kwale HMS project in Kenya which ceased mining and commenced final reclamation activities at the end of 2024, and is developing three (3) additional HMS projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” For more information on all we do, please visit www.energyfuels.com.

About the Critical Minerals Institute (CMI):
The Critical Minerals Institute (CMI) is a trusted global leader in connecting companies, capital markets, and experts in the critical minerals industry. By combining in-depth research, thought leadership, and extensive industry expertise, CMI provides exclusive insights, invaluable resources, and robust networking opportunities that empower its members to thrive in a rapidly evolving global marketplace. Through collaboration with businesses, governments, and other stakeholders, CMI addresses both the challenges and opportunities within the critical minerals sector, highlighting the value, sustainability, and strategic importance of these essential materials. As a result, CMI ensures its members are equipped to drive innovation, lead in cutting-edge technology, and fuel industrial advancement worldwide.

To secure a CMI Membership, click here or to secure a CMI Summit IV 2-day Delegates Pass, click here

For further details, please contact Tracy Hughes, Executive Director, Critical Minerals Institute (CMI) | +1 647 289 7714 | CriticalMineralsInstitute.com • CriticalMineralSummit.com

March 25, 2025 — “Uranium is in short supply globally, and the world is consuming far more than it’s producing,” asserted George Glasier, President and CEO of Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF), during an interview with InvestorNews.com host Tracy Hughes. Glasier projected a substantial increase in uranium prices driven by critical supply shortages, highlighting the impending need for utilities worldwide—especially in the U.S.—to secure reliable uranium sources. Glasier stated confidently, “The utilities are going to finally realize that the world is not producing enough uranium, and that’ll benefit all the uranium producers in the world.”

Western Uranium & Vanadium distinguishes itself as one of the few active uranium producers in the United States, operating four mines, notably at its flagship Sunday Mine Complex. Glasier emphasized the company’s competitive advantage, stating, “We’re one of the few junior mining companies in the sector that will be producing positive cash flows, we believe, this year,” as they prepare to deliver stockpiled uranium ore to Energy Fuels Inc.‘s (NYSE American: UUUU | TSX: EFR) White Mesa Mill in Utah. He pointed out the significant benefits of investing in American uranium, including reduced geopolitical risk and tariff-free access for U.S. utilities, particularly in light of the upcoming full U.S. ban on Russian uranium imports set for 2028.

Glasier further emphasized the strategic importance of American uranium, especially given the United States’ role as the largest consumer of uranium globally. He expressed confidence in policy trends favoring domestic production under the current geopolitical climate, affirming, “Trump will be a positive for the nuclear industry and the uranium industry in the U.S.” Glasier concluded by strongly urging investors to recognize the timely opportunity presented by undervalued uranium equities, emphasizing, “This is the time to invest, not just in Western, but in any of these uranium companies, probably undervalued based on market conditions today.”

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About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.

To learn more about Western Uranium & Vanadium Corp., click here

Disclaimer: Western Uranium & Vanadium Corp. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

January 31, 2025 — In an insightful interview on Investor.News, host Peter Clausi spoke with Curtis Moore, Senior Vice President of Marketing and Corporate Development at Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), highlighting the company’s pivotal role in the critical minerals sector. Moore elaborated on the company’s strategic actions, especially the recent significant agreement with the Navajo Nation. This partnership, a notable step towards resolving historical challenges and mistrust due to past uranium mining, involves safe ore transport and collaborative cleanup of abandoned mine sites. Moore described the agreement as “a real landmark,” emphasizing the mutual benefits it offers, including opportunities for Energy Fuels to assist in environmental restoration.

Further, the conversation touched on how recent executive orders from President Trump are poised to positively impact Energy Fuels. These orders are designed to strengthen the U.S. energy sector and enhance national security by promoting domestic sources of critical minerals, aligning perfectly with Energy Fuels’ operations in uranium and rare earth elements. Moore highlighted the strategic advantage of processing monazite sands at their White Mesa Mill in Utah, which not only leverages their existing infrastructure but also sets the stage for Energy Fuels to become a competitive force in the global market against predominant Chinese operations.

Moreover, Moore detailed Energy Fuels’ expansion into rare earth elements and heavy mineral sands, complementing their core uranium projects. He shared insights about operational strategies and the future outlook for projects like the Pinyon Plain Mine in Arizona, anticipated to be one of the highest-grade uranium mines in U.S. history. Additionally, Moore discussed the company’s international ventures, including the acquisition of Base Resources Limited, which enhances Energy Fuels’ position in the heavy mineral sands market with projects in Madagascar, Australia, and Brazil. These initiatives are expected to significantly boost the company’s production of monazite sands, pivotal for rare earth processing. This integrated approach optimizes their existing infrastructure and strategically positions them on a global scale, especially in comparison to predominant Chinese operations.

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands (“HMS”), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

November 7, 2024 — In a recent interview with Investor.News host Jack Lifton, Curtis Moore, Senior Vice President of Marketing and Corporate Development at Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), highlighted the company’s evolving role in the U.S. critical minerals sector. Energy Fuels, a leading U.S.-based uranium producer, is broadening its focus to include rare earth elements (REEs) along with two other critical minerals, titanium, and zirconium, which are essential for high-tech and industrial applications. Moore discussed the company’s unique White Mesa Mill in Utah—the only conventional uranium mill in the U.S.—as a pivotal facility capable of processing uranium and various feedstocks containing rare earths. “We have proven up our ability to extract and separate rare earths at our facility in Utah,” he noted, underscoring Energy Fuels’ potential to become a significant non-Chinese source for these critical minerals.

Moore also outlined Energy Fuels’ strategy for vertical integration, which includes advancing downstream capabilities to produce magnets essential for industries like electric vehicles and wind energy. “End users really need magnets,” Moore stated, emphasizing the company’s exploration into metal and alloy production to better meet market needs. This approach aligns with Energy Fuels’ recent acquisition of Base Resources Limited (ASX: BSE), which brings the Toliara HMS project in Madagascar into the fold—a project Moore described as having “a $1 billion NPV” based on titanium and zirconium alone, with even greater potential for rare earth production through monazite processing. Moore emphasized Energy Fuels’ strategic position to unlock substantial value across its projects, aspiring to lead in titanium, zirconium, and rare earth production as it builds out a robust global supply chain.

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS, vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its heavy mineral sands operations managed from Perth, Australia.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

“To lead the global market, a nation must command not only the most advanced technologies but also the critical minerals that make them possible. By relinquishing control of these essential resources, we’ve given China a strategic edge—one that extends beyond economics and into global power. At the Critical Minerals Institute, our mission is to shine a light on this urgent issue, connect with leading experts, and equip stakeholders with the knowledge needed to reclaim control over these essential resources and secure a balanced future in the race for global power.” – Tracy Hughes, Critical Minerals Institute (CMI)

The idea that always resonates deeply with me is this: for a nation to lead in the global market, it must command the most advanced technologies known to humankind. But as powerful as these technologies are, they are useless without the materials necessary to build them. The crucial materials I’m referring to—rare earths like Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb) —are among the critical minerals that enable everything from the latest smartphones to electric vehicles, aircraft, and cutting-edge defense systems. These rare earth elements are crucial in manufacturing permanent magnets, a core component of numerous modern technologies and one of the prioritized categories on the Critical Minerals Institute’s (CMI) Hit List.

Over time, we have inadvertently handed China the reins to control the flow of these minerals, placing ourselves in a precarious position. By securing these crucial resources, China has gained not only access to these materials but also the means to advance its technological capabilities, positioning itself as a global leader. These minerals are aptly named “Technology Metals”—a term coined by CMI’s Co-Founder and Co-Chair, Jack Lifton—because they are indispensable to the high-tech industries of today and the future.

In my work and conversations with peers, industry experts, and colleagues, it’s clear that the struggle over these critical minerals has become a new kind of frontline in the race for global power. This isn’t just about trade or market dominance; it’s about which nations will hold the future in their hands.

The Critical Minerals Institute (CMI) is at the forefront of this effort, helping to bring clarity and strategy to the discussion. CMI maintains a “Hit List” of 20 essential minerals deemed critical for sustaining economic growth. This curated list draws from a careful review of 10 international lists, which track a total of 51 critical minerals worldwide. By prioritizing these minerals based on their role in key industries and vulnerabilities in supply chains, CMI helps countries and companies alike to understand where their strategic efforts must focus.

To become a CMI Member, click here

CMI gives special priority to the top five Critical Minerals on its Hit List:

1. Copper (Cu): A fundamental material for electrical applications, copper is crucial for both renewable energy systems, like solar and wind power, and conventional energy infrastructure. Its excellent conductivity and durability make it indispensable in wiring, power generation, and transmission.
2. Lithium (Li): Central to the production of rechargeable batteries, lithium powers electric vehicles, grid storage, and portable electronics. As the world transitions to renewable energy, lithium’s role in energy storage solutions makes it vital for a sustainable future.
3. Platinum Group Metals (PGMs): These metals, including platinum, palladium, and rhodium, are essential for reducing emissions in catalytic converters, enabling clean hydrogen production in fuel cells, and supporting various industrial processes. Their unique catalytic properties make PGMs irreplaceable in modern green technologies.
4. Rare Earth Elements (REEs): Used in high-performance permanent magnets, REEs like Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb) are essential for electric vehicle motors, wind turbine generators, and advanced defense systems. Their magnetic strength and resistance to demagnetization are critical for the efficiency and durability of these applications.
5. Uranium (U): The primary fuel for nuclear energy, uranium provides a reliable, low-carbon power source that supports energy independence and stability. Its ability to generate vast amounts of energy from a small amount of material makes it crucial for meeting global energy demands.

To select the minerals included on this list, CMI tracks global lists highlighting those deemed essential for economic and technological advancement. Minerals that appear on at least seven of the 10 international lists are prioritized. CMI’s Executive Director, Alastair Neill, P.Eng., oversees this monitoring process.

The Full CMI Hit List (in alphabetical order) includes:

• Antimony (Sb)
• Cobalt (Co)
• Copper (Cu)
• Fluorspar (Fluorspar is the mineral form of calcium fluoride, CaF₂, rather than a standalone element)
• Gallium (Ga)
• Germanium (Ge)
• Graphite (Graphite, an allotrope of Carbon, is represented by the symbol C)
• Lithium (Li)
• Magnesium (M)
• Nickel (Ni)
• Niobium (Nb)
• PGMs (Platinum Group of Metals)
• Rare Earth Elements (REEs)
• Silicon (Si)
• Tantalum (Ta)
• Tellurium (Te)
• Titanium (Ti)
• Tungsten (W)
• Uranium (W)
• Vanadium (V)

CMI has identified the global supply sources for many of the critical minerals, with China dominating production in numerous cases:

• Gallium: China 98%
• Germanium: China 94%
• Magnesium: China 88%
• Graphite: China 77%
• Tungsten: China 81%
• Antimony: China 48%, Tajikistan 25%
• Silicon (Silicon Metal): China 69%
• REEs (Rare Earth Elements): China 69%
• Vanadium: China 68%
• Indium: China 66%
• Fluorspar: China 65%
• Tellurium: China 59%
• Titanium (Titanium Metal): China 36%, Mozambique 19%
• Nickel: Indonesia 50%
• PGMs (Platinum Group Metals): South Africa 49%, Russia 30%
• Lithium: Australia 48%, Chile 24%
• Tantalum: DRC 41%, Rwanda 22%
• Cobalt: DRC 74%
• Copper: Chile 23%, Misc. 14%, Peru 12%
• Uranium: Kazakhstan 45%, Namibia 12%
• Niobium: Brazil 90%

By monitoring these materials, CMI focuses on securing supply chains, addressing market volatility, and fostering innovation within the critical minerals market. The U.S. Department of Defense has taken strides in funding domestic supply chains for military applications, but there remains an urgent need to expand these efforts to meet consumer market demand. CMI continues to guide nations in preparing for a future where access to technology metals will determine not just market strength, but global leadership.

The battle over critical minerals is more than an economic struggle; it’s a fight for the ability to lead in an era defined by innovation and high-stakes competition.

The Critical Minerals Institute (CMI) compiles its Hit List by analyzing and synthesizing data from prominent international sources that track essential minerals for economic resilience and technological advancement. CMI’s list is derived from key references, including the USA DOE Critical Minerals List (2023), the USA USGS Critical Minerals List (2022), the Canadian Critical Minerals List (2024), Australia’s Critical Minerals List and Strategic Materials List (2023), the Australian Critical Minerals Prospectus (2024), and New Zealand’s Critical Minerals List (2024). Additionally, it incorporates insights from the UK Critical Minerals List (2022), the European Critical Minerals List (2023), Japan’s Critical Minerals List (2020) alongside Japan’s 2024 addition of uranium to its critical minerals, the South Korea Critical Minerals List (2023), and the Indian Critical Minerals List (2023). These sources collectively inform CMI’s strategic prioritization of minerals that are fundamental for sustaining economic growth and reducing supply chain vulnerabilities.

About Critical Minerals Institute (CMI)

The Critical Minerals Institute (CMI) is a global organization committed to addressing the challenges and opportunities within the critical minerals sector. CMI equips businesses, governments, and stakeholders with comprehensive resources, offering deep insights into the value, sustainability, and strategic significance of critical materials essential for technological and industrial advancement.

CMI Offerings: Our offerings include exclusive Masterclasses and the weekly Technology Metals Report (TMR), which provide pivotal industry insights. The theme for our 2025 summit, “The War for Critical Minerals and Capital Resources,” focuses on uniting industry leaders to address the pressing issues facing the global critical minerals market. This premier event, CMI Summit IV, is set to take place on May 13-14, 2025, at the National Club in Toronto, Ontario, Canada. The CMI Summit aims to foster strategic partnerships and develop actionable solutions that support the growing demand for critical minerals, crucial for the advancement of clean energy, technology, and national security.

To secure a CMI Membership, click here or to secure a CMI Summit IV 2-day Delegates Pass, click here

InvestorNews is pleased to announce an upcoming InvestorTalk scheduled for tomorrow, Tuesday, July 30th, at 9 AM EST, featuring Robert Klein, CFO of Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF). To participate in this engaging discussion, please click here

Currently, Western Uranium & Vanadium holds 55,223,113 shares outstanding and has a market capitalization of CAD$111,550,689.

In preparation for tomorrow’s InvestorTalk, here are the three most recent news releases from Western Uranium & Vanadium for your review, which are listed below:

• July 22, 2024 — Western Uranium & Vanadium Provides Company Update — click here
• June 28, 2024 — Western Uranium & Vanadium Corp. Announces Results of Annual General and Special Meeting — click here
• May 7, 2024 — Western Uranium & Vanadium Provides Shareholder Updates — click here

5-Data Points from the news release on July 22, 2024 titled, Western Uranium & Vanadium Provides Company Update:

1. New Director Election: Michael Skutezky was elected as a new director at Western Uranium & Vanadium Corp.’s Annual General and Special Meeting of Shareholders.
2. Sunday Mine Complex Mining Operations: The mining teams have advanced 454 feet of the 2,700-foot drift towards the Leonard & Clark deposit and achieved 12,339 linear feet of underground horizontal drilling in the second quarter.
3. San Rafael Uranium Project: Western has submitted a Notice of Intent to the U.S. Bureau of Land Management for the San Rafael Uranium Project in Emery County, Utah, with approval anticipated within approximately 30 days. The phase 1 drilling program is set to begin in 2024.
4. Groundwater Monitoring at San Rafael: Initially, groundwater monitoring wells will be installed at five drilling locations, reaching depths of approximately 1,000 feet. During the borehole completion process, mineralization will also be assessed and confirmed against historical drill data.
5. Company Overview: Western Uranium & Vanadium Corp. is increasing high-grade uranium and vanadium production at its Sunday Mine Complex, with additional projects in Colorado and Utah. The Maverick Minerals Processing Plant in Utah will utilize kinetic separation.

(07.29.2024 at 6:00 AM EST, Source)

For more information on Western Uranium & Vanadium Corp., click here.

For more information on the InvestorTalk pre-market series, go to InvestorTalk.com.

July 18, 2024 — In a recent InvestorNews interview with host Pat Bolland, Mark Chalmers, President, CEO, and Director of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), highlighted the company’s strategic diversification into critical minerals. A leading American producer of uranium, Energy Fuels saw an opportunity to leverage their existing capabilities to process elements containing uranium and radionuclides that other companies could not monetize. “We have the infrastructure, know-how, and licenses to recover uranium from monazite, making these REEs a bolt-on byproduct of our existing operations,” Chalmers explained. This diversification strategy aims to build a critical minerals hub, focusing on ten elements from the U.S. critical mineral list, which reduces the risk associated with fluctuating commodity prices.

Energy Fuels recently achieved a significant milestone by commencing commercial production of separated neodymium-praseodymium (NdPr) at their White Mesa Mill in Utah. This positions Energy Fuels as the first U.S. company to produce on-spec separated REEs from monazite on a commercial scale in several decades. “We are replicating the China story, which dominates 80% of the world’s rare earth production, but with a ‘Made in America’ approach,” Chalmers noted. The company is also advancing its uranium production, expecting to produce between 150,000 to 500,000 pounds of U3O8 in 2024, with further ramp-up in 2025. Strategic acquisitions, such as the Bahia Project in Brazil and the Donald Project in Australia, are ensuring a robust feedstock supply for future operations. Chalmers emphasized the company’s commitment to long-term profitability without reliance on government aid, stating, “We are focused on building a long-term, profitable, sustainable, diversified company with these critical elements.”

To access the complete interview, click here

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About Energy Fuels Inc.

Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced REE materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U₃O₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U₃O₈ per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

Disclaimer: Energy Fuels Inc. is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.