Good day:

Earlier today, we sent out an email about the significant cuts to uranium transfers by the DOE.  We would like to provide you with a clarification of the DOE announcement.  The announcement last week only addressed uranium transferred by the DOE for the cleanup of the Portsmouth Gaseous Diffusion Plant (Portsmouth), not the NNSA down-blending program.

Therefore, Sec. Perry’s determination states that transfers of uranium associated with the cleanup of the Portsmouth will be limited to a maximum of 3.1 million lbs. of uranium for 2017 and 2018, versus the 2016 levels of 4.2 million lbs.  This represents a cut in DOE transfers of 1.1 million lbs. for both 2017 and 2018, or 25%.

We will provide additional information, if warranted, as it becomes available.

Sincerely,

Stephen P. Antony
President and Chief Executive Officer
Energy Fuels Inc.