Energy Fuels Inc. announced the execution of a Strategic Alliance Agreement with RadTran, LLC to evaluate the recovery of thorium, and potentially radium, from the Company's existing rare earth carbonate ("RE Carbonate") and uranium process streams for use in the production of medical isotopes for emerging targeted alpha therapy ("TAT") cancer therapeutics. This initiative will complement the Company's existing uranium and RE Carbonate businesses, as it will investigate the recovery of isotopes in existing process streams at Energy Fuels'White Mesa Mill in Utah (the "Mill") for medical purposes. RadTran is a Denver, Colorado-based technology development company focused on closing critical gaps in the procurement of medical isotopes for these applications. Uranium and thorium are long-lived (long "half life"), naturally occurring radioactive elements that decay into a series of different elements through the successive loss of alpha or beta particles. Certain elements in or derived from the uranium and thorium decay chains have short half-lives and emit alpha particles. These alpha emitting isotopes are currently being studied by major pharmaceutical companies developing therapies to treat cancer on a cellular level, while minimizing damage to surrounding healthy tissue. However, existing domestic and global supplies of these isotopes are in short supply, and existing methods of production are costly and currently unable to scale-up to meet widespread demand as new drugs are developed and approved in the U.S., Europe and around the World. These are major roadblocks in the research and development of new TAT drugs, as pharmaceutical companies wait for scalable and affordable production technologies to become available. The Mill can represent a possible solution to this medical supply chain issue. The Mill is the only licensed and operating conventional uranium mill in the U.S., and it recently began production of RE Carbonate from natural monazite sands. Monazite sands, natural uranium ores, and certain other feed sources for the Mill contain thorium-232 ("Th-232") and radium-226 ("Ra-226"), which would normally be disposed of permanently in the Mill's tailings impoundments following processing for uranium and RE Carbonate recovery. As an initial step in this medical isotope initiative, Energy Fuels and RadTran will evaluate the technical and economic feasibility of recovering Th-232, and potentially Ra-226, from the Mill's natural monazite and other existing feeds, subject to receipt of any required licenses, permits and regulatory approvals. These isotopes are a necessary precursor to the specific medical isotopes needed by pharmaceutical companies for their emerging TAT cancer therapeutics, making this initiative the potential beginning of an important new domestic medical supply chain. If this initial step is feasible, and subject to receipt of any required licenses, permits and regulatory approvals, Energy Fuels and RadTran will then evaluate the feasibility of recovering radium-228 ("Ra-228") from the Th-232 and thorium-228 ("Th-228") from the Ra-228 at the Mill using RadTran technologies, with the backing of the Pacific Northwest National Laboratory ("PNNL") in Richland, Washington. The recovered Ra-228, Th-228, and potentially Ra-226, would then be sold to pharmaceutical companies and others to produce the short-lived isotopes which are the leading medically attractive TAT isotopes for the treatment of cancer, including lead-212 ("Pb-212"), actinium-225 ("Ac-225"), bismuth-213 ("Bi-213"), radium-224 ("Ra-224"), and radium-223 ("Ra-223"). If successful, this Alliance has the potential to generate significant future cashflow for Energy Fuels in the medical isotope industry. In addition, Energy Fuels can support cancer research and the creation of a new, U.S.-based medical supply chain that adheres to the highest global standards for human rights, sustainability, safety and environmental protection. This initiative is also highly complementary to the Company's existing businesses, as the uranium and rare earth feeds Energy Fuels currently processes contain the required thorium and radium. Energy Fuels is seeking to put these isotopes to beneficial human use, rather than losing them to permanent disposal.