Energy Fuels believes Ms. Bennethum’s experience at General Motors will provide Energy Fuels with invaluable insight and experience to fill a critical role in the Company’s REE sales and marketing enterprises, including cultivating relationships with original equipment manufacturer (“OEM“) and other customers, negotiating supply, offtake and/or other agreements for the Company’s REE products, evaluating REE collaborations in metal-making, alloying, and/or magnet-making, and assisting in evaluating, and potentially pursuing, government funding and other support.
MARK S. CHALMERS, PRESIDENT AND CEO OF ENERGY FUELS STATED:
“I would like to personally welcome Debra Bennethum to the Energy Fuels team. Ms. Bennethum brings a wealth of knowledge and relationships in EV and automotive supply chains to advance Energy Fuels’ U.S.-leading, integrated rare earth business, which recently began commercial production of ‘on spec’ separated rare earths at our White Mesa Mill in Utah, USA. Ms. Bennethum will be based in Detroit, Michigan, which is the hub of the U.S. automotive industry. Having worked at GM for over 12 years, including key roles in EV, hybrid and critical mineral supply chains, we believe Ms. Bennethum is the ideal person to lead Energy Fuels’ rare earth marketing efforts and collaborations, including the sale of our products to metal-makers, magnet-makers, EV and automotive OEMs, renewable energy companies, rare earth recycling companies, U.S. defense suppliers, and other customers. Ms. Bennethum is well-known throughout the rare earth industry, and we believe her decision to join Energy Fuels is a significant ‘vote of confidence’ in our rare earth plans going forward.”
FINISHED AND PACKAGED SEPARATED NDPR AT ENERGY FUELS’ WHITE MESA MILL
As previously announced on June 10, 2024, Energy Fuels has achieved commercial production of ‘on spec’ separated rare earth elements at its 100%-owned White Mesa Mill in Utah (the “Mill“), while simultaneously advancing uranium production. The Company’s new “Phase 1” REE separation circuit has the capacity to produce roughly 850 to 1,000 metric tons (“tonnes“) of separated neodymium-praseodymium (“NdPr“) per year. It is the Company’s belief that this is one of the largest commercial REE separation circuits in the World, ex China.
The Mill has begun drying and packaging separated NdPr, which is expected to continue through the end of the quarter. As previously announced, the Company expects to produce roughly 25 to 35 tonnes of ‘on spec’ separated NdPr in Q2-2024, before shifting operations to processing inventoried uranium ores and alternate feed materials for the remainder of the year. During the current REE campaign, the Mill will also produce a “heavy” REE concentrate, containing roughly 1,500 kilograms of dysprosium (“Dy”) and 400 kilograms of terbium (“Tb”). The Company plans to utilize all or a portion of this “heavy” REE concentrate for pilot-scale test work to design, permit and construct commercial Dy, Tb and potentially other REE separation at the Mill in the coming years.
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