Energy Fuels Inc. announced the execution of a Memorandum of Understanding ("MOU") with Nanoscale Powders LLC (NSP) for the development of a novel technology (the "Technology") for the production of rare earth element ("REE") metals (the "Project"). Energy Fuels is quickly building a new, environmentally friendly REE supply chain in the United States, and the Project with NSP represents an exciting opportunity to significantly improve the REE metal-making process and potentially provide Energy Fuels with a competitive advantage in the REE supply chain. At its White Mesa Mill (the "Mill") in Utah, the Company is currently producing mixed REE carbonate ("REE Carbonate") while recovering uranium from natural monazite sands ("Monazite") which are produced as a low-cost byproduct of heavy mineral sands mining in the U.S. and around the globe. Energy Fuels' REE Carbonate is the most advanced REE product being produced in the U.S. today. The Company is also moving quickly toward producing REE Oxides at the Mill using proven solvent extraction ("SX") technologies. The Mill has over 40 years of experience producing uranium and vanadium oxides using SX technology. The NSP sodium reduction of REE Metals has several advantages over the industry standard REE metal making method, which utilizes electrolytic reduction of REE oxides in molten lithium fluoride/REE fluoride baths. First, the NSP process does not have any associated air emissions, and therefore presents a significant improvement over the current technology, which emits carbofluoromethane (CF4) gas, which is a powerful GHG. Second, current estimates indicate that the NSP process is significantly cheaper to operate than the conventional electrolytic methods, because it does not consume graphite crucible materials and utilizes significantly less energy and labor. Finally, the NSP process requires anhydrous chloride feeds, which believe can be generated directly from rich liquor streams coming from the Mill's planned SX circuit. This could eliminate the need for oxalate precipitation and calcination of materials destined for REE metal making. As a result of these factors, operating cost savings are currently estimated to potentially be several times less than conventional REE metal-making methods.