POSCO: Energy Fuels Inc. and POSCO International Forge Collaboration to Create Non-China Rare Earth Magnet Supply Chain

Energy Fuels Inc. announced the signing of a strategic Memorandum of Understanding (MOU) with South Korea-based POSCO International Corporation (POSCO) that sets out the principal terms of a collaboration that, if successful, has the potential to create a new non-China REE supply chain for electric vehicle (EV) and hybrid EV drivetrains for U.S., E.U., Japanese and South Korean auto-makers. Key transactions completed by Energy Fuels in the HMS space to secure company-controlled supply chains of monazite concentrates from four diversified and significant sources that include: Toliara HMS Project (Mad Madagascar, 100% acquisition of Base Resources, Oct. 2024); Donald HMS Project (Australia, right to earn-in to a 49% interest in a joint venture with Astron Corporation with Energy Fuels' receiving 100% of the monazite from the project, June 2024); Bahia HMS Project (Brazil, 100% acquisition, Feb. 2023); Ongoing relationship with Chemours (HMS mining and processing, Georgia & Florida, USA). The MOU is binding as it relates to: Energy Fuels requirement to ship the larger-scale sample supply of NdPr oxide to POSCO for testing; The Company is also developing three (3) 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 an joint venture with Astron Corporation Limited. Energy Fuels Inc. announced the signing of a strategic Memorandum of Understanding (MOU) with South Korea-based POSCO International Corporation (POSCO) that sets out the principal terms of a collaboration that, if successful, has the potential to create a new non-China REE supply chain for electric vehicle (EV) and hybrid EV drivetrains for U.S., E.U., Japanese and South Korean auto-makers. Key transactions completed by Energy Fuels in the HMS space to secure company-controlled supply chains of monazite concentrates from four diversified and significant sources that include: Toliara HMS Project (Mad Madagascar, 100% acquisition of Base Resources, Oct. 2024); Donald HMS Project (Australia, right to earn-in to a 49% interest in a joint venture with Astron Corporation with Energy Fuels' receiving 100% of the monazite from the project, June 2024); Bahia HMS Project (Brazil, 100% acquisition, Feb. 2023); Ongoing relationship with Chemours (HMS mining and processing, Georgia & Florida, USA). The MOU is binding as it relates to: Energy Fuels requirement to ship the larger-scale sample supply of NdPr oxide to POSCO for testing; The Company is also developing three (3) 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 an joint venture with Astron Corporation Limited.