Purepoint Uranium To Provide Drill Program Update At The Red Cloud 2022 Annual Mining Showcase

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") will be presenting at Red Cloud's Very Pre-PDAC Mining Showcase that will be held virtually from March 2 - 4, 2022.

Chris Frostad, President and CEO will be presenting on Wednesday, March 2, 2022 at 11:40 am ET. During this presentation, Mr. Frostad will be discussing the preliminary findings of the current drill program underway at the Red Willow Project and the ongoing expansion of its Osprey uranium zone.

For more information and/or to register for the conference please visit: https://redcloudfs.com/prepdac2022/.

The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Saskatchewan, Canada. The property is located in close proximity to several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south.

Red Willow consists of 17 mineral claims having a total area of 40,116 hectares. Geophysical surveys conducted by Purepoint have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics, and gravity. The detailed airborne VTEM survey provided magnetic results that are an excellent base on which to interpret structures while the EM results outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology.

A National Instrument 43-101 compliant technical report on the Red Willow project containing Purepoint's work and analysis to date can be found on the Company's web site at https://purepoint.ca/projects/red-willow/ ("Technical Report on the Red Willow Project, Northern Saskatchewan, Canada October 16, 2015")

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

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Often regarded as the of the world, the Athabasca Basin in Saskatchewan presents exceptional discovery and exploration opportunities for companies looking to enter the thriving uranium market.

According to leading strategists, uranium is still one of the best-performing commodities in the resource industry, despite a year of disruptions from COVID-19. With new reactors continually coming online to meet demand and a limited number of suppliers to fill it, looking to high-valued mining jurisdictions for uranium is one of the best strategies for companies trying to get ahead of the crowd.

Purepoint Uranium Group (TSXV:PTU,OTCQB:PTUUF) has been a major player in the Athabasca Basin for some time now, actively acquiring and operating an exploration pipeline of 12 advanced projects including its flagship Hook Lake project and Red Willow, Smart Lake, Turnor Lake, Henday Lake, Umfreville and the Tabbernor Block projects.

Purepoint Uranium’s flagship project, Hook Lake, is a joint venture with two of the largest uranium mining majors in the world, Cameco Corporation and Orano Canada. Purepoint Uranium holds a 21 percent ownership of Hook Lake and acts as the operator of the joint venture.

The company has another high-value joint venture with its partner Cameco Corporation in its Smart Lake project where Purepoint Uranium, as operator, holds a 27 percent ownership.

Outside its joint venture projects with the world’s largest uranium suppliers, Purepoint holds another 10 projects in the eastern Athabasca Basin, all of which are 100% owned with clearly defined uranium bearing targets that have been safely maintained in order to maximize their value in anticipation of the current uranium price revival.

As we now enter the beginning of an exciting bull rally in uranium, Purepoint is emerging as the pre-eminent uranium explorer in the world’s richest uranium district. The company is fully funded and with an aggressive exploration program currently underway.

With a strategic financial positioning and a market capitalization of approximatelyC$50 million, Purepoint’s strong capital poise the company for exceptional and deliberated positioning for uranium’s revival.

Purepoint’s leadership team is comprised of an independent, highly qualified group of experts with deep provincial and regulatory ties, as well as decades of experience in the Athabasca Basin. Together, their expertise in mining, finance and exploration prime the company for exceptional growth and uranium discovery potential.

The Hook Lake property is located within the Patterson Uranium district and consists of nine claims totalling 28,598 hectares. The project is jointly owned by Cameco, Orano Canada and Purepoint Uranium. Operated by Purepoint since 2007, the project has seen significant discoveries and exploration campaigns.

A highlighted discovery on the property includes the Spitfire high-grade discovery which revealed 53.3 percent uranium oxides over 1.3 meters, including a 10-meter interval of 10.3 percent uranium mineralization measurements. Currently, three prospective structural “corridors” have been defined on the property, each of which consists of multiple EM conductors confirmed by drilling.

The 2021 program on the property saw a total of 2,556 meters of drilling and positive measurements that still require pending geochemical and assaying results for final interpretation.

The Smart Lake property includes two claims across 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 kilometers south of the former Cluff Lake mine. As the project’s operator, Purepoint holds 27 percent ownership of Smart Lake in a joint venture with Cameco Corporation.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits. Uranium grades have revealed grades upwards of 58.3 percent uranium over 3.5 meters near the north point of the property. Exploration by Purepoint and Cameco has firmly established the presence of uranium mineralization, hydrothermal alteration and the location of several basement electromagnetic conductors, which have yet to be drilled.

Purepoint remains excited to continue exploring this element-rich property and tap into underexplored targets across Smart Lake.

The 100-percent owned Red Willow property consists of 17 mineral claims across a total area of 40,116 hectares on the eastern edge of the Athabasca Basin in Northern Saskatchewan. The property is located close to several uranium deposits including Orano Resources Canada Inc.’s JEB mine, approximately 10 kilometers to the southwest and Cameco’s Eagle Point mine that is approximately ten kilometers due south. Red Willow could see similar mining feats as these established assets.

Geophysical surveys conducted by Purepoint at Red Willow have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics and gravity. A total of twenty-one conductive zones have been identified as priority exploration targets, which Purepoint remains excited to explore.

The 2021 Red Willow drill program returned uranium values (0.012% U3O8 over 5.5 metres and an additional 0.06% U3O8 over 0.4 metres from drill hole GEN21-05) and will be followed up in 2022.

The Turnor Lake project is a 100-percent owned asset that consists of four claims totalling 9,705 hectares on the eastern side of Canada’s Athabasca Basin. The property includes four defined exploration areas: the Serin Conductor, the Laysan zone, the Turnor Lake zone and the Turaco zone.

The Serein Conductor lies within the La Rocque corridor and hosts several major prospects including Cameco Corp’s La Rocque showing and IsoEnergy Ltd.’s Hurricane zone, which reported results of 38.8 percent uranium over 7.5 meters. Purepoint has already conducted extensive geophysical programs to outline approximately 34 kilometers of conductors throughout the Turnor Lake project. The company intends to continue to explore this asset through technological modelling, targeting and geochemical discovery.

Chris Frostad is a founding partner bringing over 40 years of expertise to his position as president and CEO. He led Public Companies in both the technology and mining & metals industries.

Throughout his career, Frostad has been instrumental in the development and building of a variety of high growth, early-stage, public and private companies.

Before Purepoint, he held numerous senior positions in the technology industry including CEO in Residence of a Toronto-based Venture Capital firm. Frostad is a Chartered Accountant and a Chartered Professional Accountant who began his career in International Taxation with Deloitte.

Scott Frostad’s experience in the mining industry throughout Canada spans over three decades. He brings to his position as VP of Exploration a background in mineral exploration with renowned mining companies such as Lac Minerals, Teck and Placer Dome. Most recently, he was the environmental specialist for Cogema Resources Inc. and managed environmental issues at both the Cluff Lake and McClean Lake Uranium Mines in Northern Saskatchewan.

Frostad is a graduate of the University of Western Ontario with a B.Sc. in Geology and holds an M.A.Sc. in Mining and Mineral Process Engineering from the University of British Columbia. He is a Member of the Association of Professional Engineers and Geoscientists of British Columbia and the Association of Professional Engineers and Geoscientists of Saskatchewan.

Before his position as CFO with Purepoint, Ram Ramachandran brings an 11-year tenure as deputy director and associate chief accountant with the Ontario Securities Commission. Most recently, Ramachandran provided advisory services in the area of litigation/compliance to numerous companies. To his credit, Ramachandran conceived, developed and launched the Canadian Securities Reporting Advisor – an online compliance tool for public companies.

Linda Tong has been Purepoint Uranium’s GIS Specialist since January 2006. She has over 20 years of experience in GIS application, GIS development and computer programming.

Tong is a graduate of Wuhan University with a B.Sc. in Computer Science & Application.

Jeanny So has over 20 years of experience in operations, investor relations, sales & marketing in the financial industry and has executed corporate communication programs for several private and publicly-listed companies.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") has entered into an engagement agreement (the "Engagement Agreement") with Red Cloud Securities Inc. ("Red Cloud") pursuant to which Red Cloud will act as lead agent and bookrunner to sell up to 17,858,000 flow-through units of the company ("FT Units") at a price of C$0.14 per FT Unit (the "Offering Price") on a fully marketed, private placement basis for aggregate gross proceeds up to C$2,500,120 (the "Offering"). Each FT Unit shall comprise one flow-through common share of the Company (each, a "FT Share") and one warrant. Each warrant shall be exercisable to acquire one common share of the company (each, a "Warrant Share") at a price of C$0.20 at any time on or before the date which is 24 months following the closing date of the Offering.

Pursuant to the Engagement Agreement, the Company has granted Red Cloud an option, exercisable up to 48 hours prior to the closing of the Offering, to sell up to 7,143,000 FT Units at the Offering Price for additional gross proceeds of up to $1,000,020.

In connection with the Offering, the Company has agreed to pay to Red Cloud and any other agents facilitating the Offering (collectively, the "Agents") a cash commission equal to 6 % of the gross proceeds of the Offering and issue to the Agents non-transferrable compensation warrants to purchase in aggregate that number of common shares of the Company (each, an "Agent's Warrant Share") which is equal to 6 % of the number of the FT Units sold under the Offering at a price of C$0.14 per share for a term of 24 months following the closing date of the Offering.

The net proceeds raised from the sale of FT Units will be used for the exploration and advancement of the Company's projects in the Athabasca Basin in Saskatchewan. Proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in Subsection 66.1(6) of the Income Tax Act and "flow-through mining expenditures" as defined in Subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

The Offering is scheduled to close on or about April 4, 2022 or such other date as may be mutually agreed upon between the Company and Red Cloud (the "Closing Date"). The completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary regulatory and other approvals, including the approval of the listing of the FT Shares, Warrant Shares and the Agent's Warrant Shares on the TSX Venture Exchange. Resale of the securities of the Company distributed under the Offering will be restricted, including a statutory hold period in Canada of four months and one day following the Closing Date.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

Not for Dissemination in the United States or through U.S. Newswire Services

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116613

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today that its common shares are now eligible for settlements through the Depository Trust Company ("DTC"), a subsidiary of the Depository Trust & Clearing Corp. that manages the electronic clearing and settlement of publicly-traded companies in the United States.

"This eligibility will simplify the electronic settlement for US based investors and enhance the ability of these investors to participate in the Company's progress as uranium prices rapidly move towards incentive levels," said Chris Frostad, Purepoint's President & CEO. "This access helps increase the liquidity of our shares and expand our presence in the US capital markets."

Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". The electronic method of clearing securities through DTC allows for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process for investors and brokers trading the Company's shares.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116121

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce today, preliminary results from its current drill program at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. Ongoing drilling is tracking and defining a uranium bearing hydrothermal system at the Osprey Zone highlighted by diamond drill hole OSP22-06 that returned 4.0 metres averaging 5,800 counts per second ("CPS") with a peak of 33,070 CPS.

"The high levels of radioactivity in these initial drill holes are very similar to the mineralized setting we experienced near the Spitfire deposit at the Hook Lake JV Project and may demonstrate a system of widespread uranium mineralization," explained Scott Frostad, VP Exploration at Purepoint. "This open, untested trend continues for approximately two kilometres to the north and one-half kilometre to the south giving us plenty of drilling to complete before the season ends."

Table 1: Preliminary Results from current Drill Program at Red Willow's Osprey Zone

Figure 1: Total Gamma (CPS) vs. Downhole Depth for Select Diamond Drill Holes

To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/3218/115287_aea32242d47fe999_002full.jpg.

Figure 2: Red Willow's Osprey Zone 2021/2022 Drill Program Location

To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/3218/115287_aea32242d47fe999_003full.jpg.

Gamma Logging and Geochemical Assaying

A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying. The total gamma results provided in Table 1 were selected using a cutoff of 500 cps over a 0.5 metre width. All drill intercepts are core width and true thickness is yet to be determined.

Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115287

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today that drilling has now commenced at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. The 2022 Red Willow drill program will look to expand the Company's Osprey discovery where initial drilling identified basement-hosted uranium mineralization highlighted by RW-19 that intersected 0.19% U3O8 over 4.0 metres and included 3.03% U3O8 over 0.1 metre.

"We're focusing our 2022 Red Willow drill program at the Osprey Zone, which hosts prior uranium intercepts that we believe extend well beyond our initial findings," explained Scott Frostad, VP Exploration at Purepoint. "The mineralized Osprey shear zone remains open at depth, the lens of flat-lying uranium mineralization is untested towards the East, and the Osprey Conductor continues North for 2 kilometres with only limited drilling."

The 100% owned Red Willow property is situated on the eastern edge of the Athabasca Basin in Northern Saskatchewan, Canada and consists of 17 mineral claims having a total area of 40,116 hectares. The property is located close to several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south.

Geophysical surveys conducted by Purepoint at Red Willow have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics, and gravity. The detailed airborne VTEM survey provided magnetic results that are an excellent base on which to interpret structures while the EM results outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the closing of the final tranche of the previously announced non-brokered private placement (the "Private Placement"). Together with the first tranche of the Private Placement, the Company issued a total of 10,107,643 flow-through units for aggregate gross proceeds of $1,415,070. Each Flow-Through Unit consists of one common share in the capital of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months from the date of issue.

Together with the first tranche of the Private Placement, the Company paid finders' fees consisting of a total of $81,004.20 in cash and issued a total of 578,601 non-transferrable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months after the date of issuance.

The net proceeds of the Private Placement will be used to advance the Company's exploration program in Saskatchewan. All securities issued in connection with the final tranche closing of the Private Placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of April 30, 2022.

The Company today approved the issuance of a total of 5,800,000 options to its directors, officers and certain staff members pursuant to the Company's stock option plan. Each of the options is exercisable to acquire one (1) common share of the Company at a price of $0.095 per share and expires on the date that is five years from the date of grant.

About Purepoint Uranium Group Inc.

Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

For more information, please contact:

Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

Not for Dissemination in the United States or through U.S. Newswire Services

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108803

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Conflict in Eastern Europe has had a significant impact on uranium prices, putting up to 16.5 percent of global supply at risk. This is not the first time geopolitical tensions have impacted the uranium market, either. Given that uranium is a crucial fuel source for nuclear energy, investors, mining agencies and energy companies alike must factor geopolitical risk into their decision making.

Operating at a global scale has always been somewhat challenging. Global mining companies must typically navigate multiple processes and policies around exploration, discovery and production. They must also understand the geopolitical climate of each region in which they operate and the likelihood of that climate disrupting operations.

Per McKinsey, managing geopolitical risk is now more important than it has ever been. Political, societal and legislative instability must be factored into all investment and purchase decisions in the mining sector. Mining companies, particularly those focused on uranium, can no longer afford to ignore such matters.

Geopolitical risk is best defined as the intersection of multiple domestic and international risk factors connected to a region's government and populace. Said factors may range from political insurrection and armed conflict to unfavorable legislation and policy disputes.

The most important thing to understand is that even a country that appears sound from a geopolitical standpoint is not entirely risk free. There is always the chance that a regime change may lead to unfavorable policies or legislation. Moreover, instability in neighboring countries or regions may spill over into an area that was previously stable. It's therefore crucial that companies and investors alike take a big-picture approach to geopolitical risk management, examining prospects from both a short-term and long-term perspective.

As with all risk management, geopolitical risk ultimately comes down to one question — how much risk can one tolerate before an investment is no longer feasible?

As noted by Fission Uranium (TSX:FCU,OTCQX:FCUUF), geopolitical risk has traditionally been a secondary consideration in uranium supply. Recent events have changed that, demonstrating how vulnerable many of the world's top producers are to disruption. A February webinar published by leading nuclear fuel analyst UxC even went so far as to call 2022 the year of geopolitical risk.

It's a difficult assertion to dispute, given the state of the world's top uranium producers.

For instance, Kazakhstan accounts for more than 40 percent of global uranium supply and is also home to Kazatomprom (FWB:0ZQ), the world's single largest producer of uranium. The country started the new year with a series of violent protests now referred to as Bloody January. Since then, widespread civil unrest has given way to industrial unrest, with workers striking across the country.

Internal disruption aside, Kazakhstan arguably falls within Russia's sphere of influence, especially after President Vladimir Putin put an end to the internal conflict. Sanctions and actions taken against Russia in response to its ongoing conflict with Ukraine thus have the potential to even further limit Kazakh uranium supply.

This conflict has itself caused considerable disruption as well, with the two regions representing roughly 16.5 percent of global supply. According to Saskatoon-based Cameco (TSX:CCO,NYSE:CCJ), uranium spot prices rose by 13 percent in just the first week of fighting. Cameco spokesperson Jeff Hryhoriw has asserted that this only further drives home the importance of country of origin, with geopolitical climate, ESG and security of supply becoming critical considerations.

The fourth and fifth largest global producers of uranium, Namibia and Niger, are also high-risk climates. According to research compiled by globalEDGE, Namibia's economic outlook, political climate and business environment are all uncertain, marking it as a relatively high risk region. Last year, Niger experienced a botched military coup just 48 hours before inaugurating a new president.

Only Canada and Australia, respectively the second and third largest producers, can be regarded as generally low risk from a geopolitical standpoint. While both represent sound investments, there are several factors that give Canada an edge.

Straddling the Alberta-Saskatchewan border, the Athabasca Basin is home to the richest deposits of high-grade uranium in the world. Given that both Canadian provinces hold the mining sector in extremely high regard, regional mining policies are incredibly favorable. Saskatchewan has even been ranked as the second most attractive mining jurisdiction in the world, second only to Nevada, US.

Given the above, it should come as no surprise that the Athabasca Basin has a long history of uranium mining. Mining and exploration companies such as Purepoint Uranium Group (TSXV:PTU,OTCQB:PTUUF) own and operate extensive infrastructure across the region, with an advanced portfolio consisting of almost 200,000 hectares of claims across 12 exploration projects.

Purepoint's flagship Hook Lake joint venture project with Cameco and Orano Canada is regarded as one of the highest-quality exploration projects in Canada, and its 100 percent owned Red Willow project is tracking and defining a uranium-bearing system with high levels of radioactivity in the initial drill holes that are very similar to the mineralized setting the company discovered near the Spitfire deposit at the Hook Lake project.

The Athabasca Basin is also home to the McArthur River uranium mine, currently the world's largest deposit of high-grade uranium. Jointly owned by Cameco and Orano Canada, the mine's operations were suspended from 2018 through 2022. Cameco announced in February that it will restart production at McArthur River and the nearby Key Lake mill in 2024, at which point it expects an annual output of 15 million pounds.

Global uranium supply currently faces considerable disruption, with all but two of its top producers marked by geopolitical instability. Canada's Athabasca Basin has the potential to fill this supply gap, owing as much to its incredibly rich deposits of high-grade uranium as its stable, pro-mining political climate. It is one of the safest jurisdictions in the world for uranium mining, which ultimately makes it a safer investment for those looking at the uranium space.

This INNSpired article is sponsored by Purepoint Uranium Group (TSXV:PTU). This INNSpired article provides information that was sourced by the Investing News Network (INN) and approved by Purepoint Uranium Group in order to help investors learn more about the company. Purepoint Uranium Group is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.

This INNSpired article was written according to INN editorial standards to educate investors.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Purepoint Uranium Group and seek advice from a qualified investment advisor.

Laramide Resources Ltd. (" Laramide " or the " Company ") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce the appointment of David Thomas in the newly created role of General Manger of U.S. Operations, effective immediately.

As the General Manager based in the United States , Mr. Thomas will be responsible for all aspects of Laramide's operations for its U.S.-based uranium projects, including U.S. investment, multi-project development and regulatory compliance, and ensuring alignment with the Company's global uranium exploration and development strategy.

"David's extensive experience in permitting, engineering, mining operations and construction of major projects worldwide will be instrumental as we continue to develop our projects, expand our team and business, and secure investments for Laramide in the U.S. We are excited to bring such established leadership to the team as we ramp up to support the permitting initiatives and potential in our large-scale uranium assets," said Laramide President & CEO Marc Henderson .

Mr. Thomas is an engineer who brings more than 30 years of leadership in mining and project construction in both private and publicly traded companies. He has held senior mining executive roles, specifically in the construction and commissioning of mines. Mr. Thomas most recently served as the Vice President of Projects and Mine General Manager at Sabre Gold Corp., Inc., where he was instrumental in project permitting and engineering. Over his career, Mr. Thomas has worked in senior executive roles with producers including Newmont Gold Mining Corp., Nordgold, and Comstock Mining Inc. Mr. Thomas has also played several vital executive roles in the USA and abroad developing energy projects.

The Company is providing a financial update on the outcome of the Warrant Holders' exercise of the Company's February 2022 common share purchase warrants.

Laramide is pleased to announce that 100% of the outstanding $0.40 purchase warrants that expired on February 21, 2022 , were exercised and resulted in total proceeds of $1.35 million from the exercise of 3,375,000 shares. Together with the Company's previous cash balances, and combined with securities available for sale, Laramide now has in excess of $10 million in cash and securities on hand and is essentially fully funded through 2022, a year that is expected to see increased exploration and development activity, in alignment with the rapidly improving uranium market where the spot price of uranium recently reached a 10-year high of $60 /pound.

In addition, Laramide would like to announce that Extract Advisors LLC elected in early March, 2022, to convert $1,286,700 (US$1,000,000) of the outstanding convertible debt at the conversion price of CDN$0.40 per share resulting in the issuance of 3,216,750 shares of the Company.

Laramide is in the late planning stages for an extensive field season in Australia this year, which will commence with drilling at the Westmoreland Uranium Project. More details about our 2022 exploration plans will follow soon.

To learn more about Laramide, please visit the Company's website at www.laramide.com .

Laramide is a Canadian-based company with diversified uranium assets strategically positioned in the United States and Australia that have been chosen for their low-cost production potential. Laramide's Churchrock and Crownpoint properties form a leading In-Situ Recovery (ISR) division that benefits from significant mineral resources and near-term development potential. Additional U.S. assets include La Jara Mesa in Grants, New Mexico , and La Sal in the Lisbon Valley district of Utah . The Company's Australian advanced stage Westmoreland project is one of the largest uranium projects currently held by a junior mining company. Laramide is listed on the TSX: LAM and ASX: LAM, and on the OTCQX: LMRXF.

Forward-looking Statements and Cautionary Language

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward-looking information.

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GTI Resources Ltd (GTI or Company) is pleased to advise that drilling is now completed for the 100-drill hole maiden exploration campaign at the Thor ISR uranium project in Wyoming's Great Divide Basin (GDB).

• 100-hole, -15,000m maiden drill program was completed on schedule and within budget

• Uranium price is surging with spot price recently moving past an 11 year high of $60 US$/1131

• GTR is actively advancing its exploration and business strategy within Wyoming's Great Divide Basin to capitalise on the burgeoning opportunities for native US uranium supply.

The final holes have been completed and rehabilitated with the rigs now demobilised on schedule. The Company expects to be in a position to report results from the campaign during the first half of April.

Executive Director Bruce Lane said "The drilling campaign was concluded on time and within budget and has demonstrated a continuation of uranium mineralisation first discovered in the eastern part of the project area during late 2021. We look forward to providing a detailed analysis of results, during April, which we anticipate will help illustrate the project's potential. The recent unrest in Kazakhstan and the current conflict between Russia and Ukraine serve to highlight the significant opportunity for US domestic uranium producers to once again support the US nuclear power reactor fleet which requires around 50Mlbs of 0308 annually2, none of which currently comes from the US. We believe that the case for a reversion back to secure US domestic supply of both yellow cake and enriched uranium to fuel US reactors has never been stronger. GTI's objective is to define economically attractive uranium resources in Wyoming's Great Divide Basin so that our shareholders benefit from the US uranium industry's renaissance. There has rarely, if ever, been a better time to define 1SR uranium resources in Wyoming." Figure 1. Drilling samples at the Thor ISR exploration project, Wyoming, USA

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This article includes content from GTI Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX: ELVUF) is pleased to announce completion of an airborne electro-magnetic survey (“EM”) and radiometric survey flown over EPL7508 (named Capri) in the Central Erongo Area, Namibia (Figure 1).

Elevate Uranium’s Managing Director, Murray Hill, commented:

“With the airborne EM survey identifying 73 kilometres of palaeochannel within the tenement, Capri is shaping up to be another exciting tenement for the Company. In addition, the airborne survey identified large areas with significant uranium radiometric responses coinciding with sections of the palaeochannels, which we have only previously seen in areas of the Marenica Uranium Project where shallow uranium mineralisation is present. A drilling program will be undertaken in the June Quarter 2022 to explore these palaeochannels. The Company is encouraged that it continues to identify significant exploration drill targets in this highly prospective uranium province.”

This latest survey totalled 477 line kilometres of EM and radiometric data on NW-SE oriented flight lines spaced at 250 metres, where the sensor flying height was nominally 35 metres. This survey covered the northern portion of the tenement and is complementary with an older frequency domain electromagnetic survey flown to the south of the tenement. These two surveys have been interpreted to infer the palaeochannels shown in Figure 1.

The combined surveys have identified north-western and south-eastern palaeochannels in a geological location prospective for “calcrete-type” uranium, similar to that at the Marenica Uranium Project on which the Company developed its U-pgradeTM beneficiation process (Figure 2). The north-western palaeochannel extends for at least 48 kilometres within Capri. Of particular significance is the presence of a 10 x 5 kilometre area of anomalous radiometric uranium response coincident with or immediately adjacent to an inferred palaeochannel.

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This article includes content from Elevate Uranium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the year ended December 31, 2021 . The Company's annual report on Form 10-K has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

Mark S. Chalmers , Energy Fuels' President and CEO, stated:

"In 2021, we believe Energy Fuels further strengthened its position as America's leading multi-commodity, critical mineral company, as we made excellent progress on our uranium, REEs, vanadium and medical isotope initiatives. We are deploying our 'one-of-a-kind' licenses, facilities, and expertise to responsibly recover the critical elements needed for carbon-free nuclear energy, electric vehicle powertrains, wind generation, advanced electronics, grid-scale batteries, other clean energy and advanced technologies, and potentially cancer therapeutics.

"We are particularly proud of our accomplishments in REEs. We announced our entry into the REE business less than two years ago, and today we are ramping up our production of commercial quantities of RE Carbonate, which is a more advanced REE material than any other U.S. company is producing, as we are chemically recovering the REEs in a high-purity material that is ready for REE separation. We are also moving toward licensing and installing the infrastructure needed to produce separated REE oxides on a full commercial scale in the coming years. The proven processing technology for producing separated REE oxides is solvent extraction, or 'SX,' and our White Mesa Mill has over 40 years of experience producing uranium and vanadium using SX. With the support of Carester, a leading global consultant in the production of separated REE products, we believe it is a logical 'next step' for Energy Fuels to produce separated REE oxides on a full commercial scale at the Mill. We have already successfully performed La, Ce, and NdPr separations at pilot scale in the Mill's lab over the past several months, and we recently began ramping up our commercial separation of La and Ce from our RE Carbonate on a small scale using an existing SX circuit at the Mill. Our primary REE focuses in 2022 will be building our supply of monazite ore, designing and licensing a new full commercial scale REE separation circuit at the Mill, and advancing our innovative REE metal initiative with NSP.

"With the recent events in Ukraine , security of supply in the U.S. for uranium is crucial. Energy Fuels continues to be the leading low-cost U.S. uranium producer with more production facilities and capacity than any other U.S. company, and we stand ready to be a reliable, large-scale supplier to U.S. nuclear utilities. We are seeing an increase in utility interest for long-term contracts. We are pursuing uranium sales contracts with pricing and terms that return acceptable project margins and maintain exposure to further uranium market upside.

"Vanadium prices are rising, as well. In 2019, we built a significant inventory of vanadium to sell into the abrupt upside price volatility that vanadium markets often experience, most recently in late 2018. The next upward cycle may have begun, as prices have risen sharply in the first months of 2022, and we are selling some of our inventory. As we sell, we will evaluate the potential to resume production from the Mill's pond solutions or our conventional deposits to replace our sold inventory. We estimate our pond solutions alone contain another 1.0 to 3.0 million pounds of recoverable V 2 O 5 and would be first and lowest cost to market.

"A few words on our medical isotope initiative. This is another area where we are able to deploy our unique facilities, licenses, and expertise to potentially help create a domestic supply chain for emerging cancer therapies. Recovering radioisotopes for use in cancer treatments from our existing process streams, thereby recycling valuable material that would otherwise be lost to direct disposal, would, if successful, be a great way to maximally use all of our feeds. And we would be accomplishing this in a way that is environmentally beneficial and highly congruent with Energy Fuels' recycling and sustainability goals.

"We are also very pleased to announce that, on January 25, 2022 Dr. Ivy Estabrooke was appointed to the Board of Energy Fuels. Dr. Estabrooke brings to the Company an impressive background that is highly pertinent, not only to our new REE and TAT cancer therapeutics initiatives, but also to our core uranium business, which is of the utmost importance to national security at this time."

Webcast at 1:00 pm EDT on March 17, 2022 :

Energy Fuels will be hosting a video webcast on March 17, 2022 at 1:00 pm EDT ( 11:00 am MDT ) to discuss its FY-2021 financial results, the outlook for 2022, uranium, rare earths, vanadium, and medical isotopes. To join the webcast and access the presentation and viewer-controlled webcast slides, please click on the link below:

If you would like to participate in the webcast and ask questions, please dial in to 1-888-664-6392 (toll free in the U.S. and Canada ).

A link to a recorded version of the proceedings will be available on the Company's website shortly after the webcast by calling 1-888-390-0541 (toll free in the U.S. and Canada ) and by entering the code 179864#. The recording will be available until March 31, 2022 .

$000's, except per share data

Net income (loss) attributable to the company

Basic and diluted net income (loss) per common share

Property, plant and equipment, net

At December 31, 2021, the Company had $143.2 million of working capital, including $113.0 million of cash and marketable securities and $30.8 million of inventory, including approximately 691,000 pounds of uranium and 1,650,000 pounds of vanadium, both in the form of immediately marketable product. The spot price of U 3 O 8 at March 11, 2022 was $58.50 per pound, according to TradeTech (up from $42.00 per pound at December 31, 2021 . The current mid-point spot price of V 2 O 5 at March 11, 2022 was $12.25 per pound after remaining relatively flat near the 2021 year-end, according to FastMarkets. Based on today's spot prices, the Company's December 31, 2021 uranium and vanadium inventories would have a current market value of $40.4 million and $20.2 million , respectively, totaling approximately $60.6 million . On October 27, 2021 , the Company completed the sale of certain non-core conventional assets to CUR. In addition to receiving $2 million cash at closing, the Company now holds 19.1% of the outstanding shares of CUR as of December 31, 2021 , for a total value to the Company of $32.2 million as at December 31, 2021 .

During the year ended December 31, 2021 , the Company realized net income of $1.5 million , compared to a net loss of $27.9 for the year ended December 31, 2020 . The net income in 2021 was primarily due to the sale of non-core conventional uranium assets to CUR. The Company spent $10.75 million for development of the Company's properties, primarily due to the development and ramping up of the RE Carbonate production program at the Mill. The Company also incurred underutilized capacity production costs applicable to rare earth concentrates during the year of $0.53 million . The underutilized capacity production costs are due to low throughput rates as the Mill ramps-up to commercial-scale production at full capacity. To date, the Mill has focused on producing commercially salable RE Carbonate at low throughput rates and has been very pleased with the resulting product it is shipping for separation. The Mill expects to increase its throughput rates as its supplies of monazite sands increase. The Company is in advanced discussions with several additional sources of monazite sands that, if successfully secured, we expect to result in sufficient throughput to reduce underutilized capacity production costs and allow the Company to realize its expected margins on a continuous basis.

Rare Earth Achievements in 2021 and To Date in 2022:

On March 1, 2021 , the Company and Neo Performance Materials Limited (" Neo ") announced a new rare earth production initiative spanning European and North American critical material supply chains. Under an agreement in principle signed on March 1, 2021 and finalized into a definitive agreement in July 2022 , Energy Fuels will process natural monazite sands, currently being mined in the state of Georgia by The Chemours Company, into an RE Carbonate at the Mill and ship a portion of the produced RE Carbonate to Neo's rare earth separations facility in Sillamäe, Estonia (" Silmet "). Silmet will then process the RE Carbonate into separated rare earth materials for use in rare earth permanent magnets and other rare earth-based advanced materials.

On July 7, 2021 , the Company announced that the first container (approximately 20 tonnes of product) of an expected 15 containers of mixed RE Carbonate had been successfully produced by Energy Fuels at the Mill and was en route to Silmet. This commercial-scale production of RE Carbonate by Energy Fuels from a U.S. mined rare earth resource positions Energy Fuels as the only company in North America that currently produces a monazite-derived, enhanced rare earth material. The physical delivery of this product also represents the launch of a new, environmentally responsible rare earth supply chain that allows for source validation and tracking from mining through to final end-use applications for manufacturers in North America , Europe , Japan , and other nations.

The Company also announced on March 1, 2021 that, in addition to supplying RE Carbonate to Neo, Energy Fuels is evaluating the potential to develop U.S. separation capabilities at the Mill, or nearby, as it works to increase its monazite sand supplies, thereby fully integrating a U.S. rare earth supply chain in the coming years, in addition to supplying RE Carbonate to European markets. On April 27, 2021 , the Company announced it had engaged Carester to prepare a scoping study for the development of a solvent extraction REE separation circuit at the Mill utilizing the Mill's existing equipment and infrastructure to the extent applicable, to create a continuous, integrated and optimized rare earth production sequence. Based in Lyon, France , Carester is one of the world's leading global consultants on rare earth supply chains, with expertise in designing, constructing, operating and optimizing REE production facilities globally. Carester's scoping work included an evaluation of the Mill's current monazite leaching process, preparation of an REE separation flow sheet, capital and operating expense estimates, incorporation of new technologies where applicable, and recommendations on equipment vendors. The Company is planning to install a full separation circuit at its White Mesa Mill to produce both "light" and "heavy" separated REE oxides in the coming years, subject to successful licensing, financing, and commissioning, and continued strong market conditions. The Company has hired Carester to perform a second scoping study to support these REE separation initiatives.

During Q1-2022, the Company began commercially separating La and Ce from its RE Carbonate on a small scale using an existing solvent extraction circuit at the Mill. This represents the first commercial level REE separation to occur in the U.S. in many years. The Company has been performing laboratory-scale REE separations for the last several months on a 24/7 basis, successfully executing the La, Ce, and NdPr separations at high-purities and with excellent recoveries.

On December 15, 2021 , the Company announced the execution of an MOU with NSP for the development of a novel technology for the potential production of REE metals, subject to the finalization of definitive agreements. We believe this technology, which was initially developed by NSP, and will be advanced by the Company and NSP working together, has the potential to revolutionize the rare earth metal making industry by reducing costs of production, reducing energy consumption, and significantly reducing greenhouse gas emissions. Producing REE metals and alloys is a key step in a fully integrated REE supply chain, after production of separated REE oxides and before the manufacture of neodymium iron boron (" NdFeB ") magnets used in electric vehicles, wind generation and other clean energy and advanced technologies.

In addition, during 2022, the Company announced the execution of a non-binding memorandum of understanding (" MOU ") for the supply of natural monazite sands from IperionX Limited's (" IperionX's ", formerly known as Hyperion Metals Limited) Titan Project in Tennessee , if and when the project is developed and mined. IperionX's Titan Project covers a large area of heavy mineral sands properties in Tennessee prospective for titanium, zircon, monazite and other valuable minerals such as high-grade silica sand and other refractory minerals.

In 2021, the Company also announced that the U.S. Department of Energy (" DOE ") Office of Fossil Energy and National Energy Technology Laboratory had exercised its option to award Energy Fuels, working with a team from Penn State University , an additional $1.75 million to complete a feasibility study on the production of REE products from natural coal-based resources, as well as from other materials such as REE-containing ores like the natural monazite sands the Company is currently processing at the Mill. This award follows the DOE providing Energy Fuels a $150,000 contract in 2020 for the successful completion of a conceptual design for the same initiative, resulting in a total award to Energy Fuels of $1.9 million .

Update on Medical Isotope Initiative:

On July 28, 2021 , the Company announced the execution of a Strategic Alliance Agreement with RadTran, LLC, a technology development company focused on closing critical gaps in the procurement of medical isotopes for emerging TAT cancer therapeutics and other applications. Under this strategic alliance, the Company is evaluating the feasibility of recovering Th-232, and Ra-226 from its existing RE Carbonate and uranium process streams at the Mill and, together with RadTran, is evaluating the feasibility of recovering Ra-228 from the Th-232, Th-228 from the Ra-228 and concentrating Ra-226 at the Mill using RadTran technologies. Recovered Ra-228, Th-228 and Ra-226 would then be sold to pharmaceutical companies and others to produce Pb-212, Ac-225, Bi-213, Ra-224 and Ra-223, which are the leading medically attractive TAT isotopes for the treatment of cancer. Existing supplies of these isotopes for TAT applications are in short supply, and methods of production are costly and currently cannot be scaled to meet the demand created as new drugs are developed and approved. This is a major roadblock in the research and development of new TAT drugs as pharmaceutical companies wait for scalable and affordable production technologies to become available. Under this initiative, the Company has the potential to recover valuable isotopes from its existing process streams, therefore recycling back into the market material that would otherwise be lost to disposal for use in treating cancer.

Establishment of San Juan County Clean Energy Foundation:

On September 16, 2021 , the Company announced its establishment of the San Juan County Clean Energy Foundation, a fund specifically designed to contribute to the communities surrounding the Mill in Southeastern, Utah . The Company made an initial deposit of $1 million into the Foundation and anticipates providing ongoing annual funding equal to 1% of the Mill's future revenues, providing funding to support local economic development and local priorities. The Foundation will focus on supporting education, the environment, health/wellness, and local economic development in the City of Blanding , San Juan County , the White Mesa Ute Community, the Navajo Nation and other area communities.

Sale of Non-Core Assets to Consolidated Uranium Inc.:

On October 27, 2021 , CUR and the Company jointly announced the closing of a transaction whereby CUR acquired a portfolio of Energy Fuels' non-core conventional uranium projects located in Utah and Colorado , including the Daneros mine, the Tony M mine (formerly a part of the Henry Mountains Project), the Rim mine, the Sage Plain project, and several DOE leases located in Colorado , in consideration for a 19.9% share ownership interest in CUR (as of the 2021 year-end, 19.1%) and other consideration. The Company reported a gain on the value of this transaction of $35 .7 million, resulting in a significant improvement in the Company's results of operations and net income for 2021.

Proposed U.S. Uranium Reserve:

On December 27, 2020 , Congress passed the COVID-Relief and Omnibus Spending Bill, which includes $75 million for the proposed establishment of a strategic U.S. Uranium Reserve (the " U.S. Uranium Reserve ") and was signed into law by the president then serving. This key funding opens the door for the U.S. government to purchase domestically produced uranium to guard against potential commercial and national security risks presented by the country's near-total reliance on foreign imports of uranium. Russia's recent invasion of Ukraine has raised concerns about the United States' reliance on imports of Russian uranium and enrichment services, which could provide further impetus for the U.S. government to bring this program into effect.

The Company stands ready to benefit from this program through future production from its mines and facilities and potentially sales out of its existing uranium inventories. However, because the U.S. Uranium Reserve has yet to be established at this time, the details of implementation of activities pursuant to the new law have not yet been defined. As a result, there can be no certainty as to the outcome of the U.S. Uranium Reserve, including the process for and details of its development, and any resulting support for the Company's ongoing and planned activities or for any further evaluations of the Working Group.

On January 25, 2022 , the Board appointed Dr. Ivy Estabrooke as a Director of Energy Fuels, bringing to the Company experience in commercial-stage biotech, research and development program leadership, and technology solutions for national security and public health challenges. Dr. Estabrooke is currently the Vice President of Operations and Corporate Affairs at IDbyDNA Inc., a venture backed commercial stage biotech company. She has led innovative research and development programs in both the public and private sectors delivering technology solutions for national security and public health challenges. Prior roles include as a technical program manager for the U.S. Department of the Navy , the executive director of the State of Utah's technology-based economic development agency, and science advisor to the Governor of Utah . She earned her doctorate in neuroscience at Georgetown University in 2005, received a master's degree in national resource strategy from the National Defense University in 2013, and a bachelor's degree in biological sciences from Smith College in 1998. Dr. Estabrooke is also an engaged member in her local community, serving on the board of the Girl Scouts of Utah and as a member of the Utah District Export Council.

Operations Update and Outlook for 2022:

The Company continues to believe that uranium supply and demand fundamentals point to higher sustained uranium prices in the future. In addition, Russia's recent invasion of Ukraine and the recent entry into the uranium market by financial entities purchasing uranium on the spot market to hold for the long-term has the potential to result in higher sustained spot and term prices and, perhaps, induce utilities to enter into more long-term contracts with non-Russian producers like Energy Fuels to ensure security of supply and more certain pricing. However, the Company has not yet entered into sufficient long-term supply agreements to justify commencing uranium production at the Company's mines and in-situ recovery (" ISR ") facilities. As a result, the Company expects to maintain uranium recovery at reduced levels until such time when sustained increased market strength is observed, additional suitable term sales contracts can be procured, or the U.S. government buys uranium from the Company following the establishment of the proposed U.S. Uranium Reserve. The Company also holds significant uranium inventories and is evaluating selling all or a portion of these inventories on the spot market in response to future upside price volatility or for delivery into contracts.

The Company will also continue to seek new sources of revenue, including through its emerging REE business, as well as new sources of other uranium-bearing materials not derived from conventional material and sourced by third parties (" Alternate Feed Materials ") and new fee processing opportunities at the White Mesa Mill that can be processed under existing market conditions (i.e., without reliance on current uranium sales prices). The Company is also seeking new sources of natural monazite sands for its emerging REE business, is evaluating the potential to recover radioisotopes for use in the development of TAT medical isotopes for the treatment of cancer, and continues its support of U.S. governmental activities to assist the U.S. uranium mining industry, including the proposed establishment of the U.S. Uranium Reserve.

Extraction and Recovery Activities Overview

During the year ended December 31, 2021, the Company did not package any significant quantities of its final uranium product, U 3 O 8 , at any of its facilities . At the Mill, the Company focused on ramping up its mixed RE Carbonate production and produced approximately 120 tonnes of mixed RE Carbonate during 2021. The Company recovered small quantities of uranium at the Mill during 2021, but such uranium was retained in-circuit and was not packaged in 2021. The Company also continued to maintain its Nichols Ranch and Alta Mesa ISR facilities on standby.

During 2022, the Company plans to recover 100,000 to 120,000 pounds of uranium at the Mill. The Company does not plan to extract and/or recover any amounts of uranium of any significance from its Nichols Ranch Project in 2022, which was placed on standby in the second quarter of 2020 due to the depletion of its seven constructed wellfields. In addition, the Company expects to keep the Alta Mesa Project and its conventional mining properties on standby during 2022.

During 2022, the Company expects to recover approximately 650 to 1,000 tonnes of mixed RE Carbonate containing approximately 300 to 450 tonnes of TREO at the Mill, subject to the receipt of sufficient quantities of natural monazite ore. No vanadium production is currently planned during 2022, though the Company is currently evaluating potential vanadium production in light of recent market improvements in vanadium pricing.

The Company expects to produce insignificant quantities of U 3 O 8 in the year ending December 31, 2022 from Nichols Ranch . Until such time when market conditions improve sufficiently, suitable term sales contracts can be procured, or the proposed U.S. Uranium Reserve is established, the Company expects to maintain the Nichols Ranch Project on standby and defer development of further wellfields and header houses. The Company expects to continue to keep the Alta Mesa Project on standby until such time that market conditions improve sufficiently, suitable term sales contracts can be procured, or the proposed U.S. Uranium Reserve is established.

Conventional Extraction and Recovery Activities

During the year ended December 31, 2021, the Mill did not package any material quantities of U 3 O 8 , focusing instead on developing its REE recovery business. During the year ended December 31, 2021 , the Mill produced approximately 270 tonnes of RE Carbonate, containing approximately 120 tonnes of TREO. The Mill recovered small quantities of uranium in 2021, which were retained in circuit. During 2022, the Company expects to recover 100,000 to 120,000 pounds of uranium at the Mill. The Company expects to recover approximately 650 to 1,000 tonnes of mixed RE Carbonate containing approximately 300 to 450 tonnes of TREO at the Mill, subject to the receipt of sufficient quantities of natural monazite ore. The Company is in advanced discussions with several sources of natural monazite sands, including the Company's existing supplier, to secure additional supplies of monazite sands, which if successful, would be expected to allow the Company to increase RE Carbonate production. In addition to its 691,000 pounds of finished uranium inventories currently located at a North American conversion facility and at the Mill, the Company has approximately 355,000 pounds of U 3 O 8 contained in stockpiled Alternate Feed Material and mineralized material inventory at the Mill that can be recovered relatively quickly in the future, as general market conditions may warrant (totaling about 1,046,000 pounds of U 3 O 8 of total uranium inventory).

In addition, there remains an estimated 1.0 to 3.0 million pounds of solubilized recoverable V 2 O 5 inventory remaining in tailings solutions awaiting future recovery, as market conditions may warrant.

Conventional Standby, Permitting and Evaluation Activities

During the year ended December 31, 2021 , standby and environmental compliance activities continued at the Company's fully permitted and substantially developed Pinyon Plain Project.

The Company is selectively advancing certain permits at its other major conventional uranium projects, such as the Roca Honda Project, which is a large, high-grade conventional project in New Mexico . The Company is also continuing to maintain required permits at its conventional projects, including the Sheep Mountain Project, La Sal Complex and Whirlwind Project. In addition, the Company will continue to evaluate the Bullfrog Project. All of these projects serve as important pipeline assets for the Company's future conventional production capabilities, as market conditions may warrant.

During the year ended December 31, 2021 , the Company elected not to complete any sales of uranium; however, the Company is now actively engaged in pursuing selective long-term uranium sales contracts with suitable quantities, pricing, and other terms.

During the year ended December 31, 2021 , the Company sold 5,000 pounds of ferrovanadium (" FeV ") for an average, weighted price of $14.74 per pound. The Company expects to sell the remaining finished vanadium product when justified into the metallurgical industry, as well as other markets that demand a higher purity product, including the aerospace, chemical, and potentially the vanadium battery industries.

The Company commenced its ramp-up to commercial production of a mixed RE Carbonate in March 2021 and has shipped all of its RE Carbonate produced to-date to Silmet, where it is currently being fed into their separation process. All RE Carbonate produced at the Mill in 2022 is expected to be sold to Neo for separation at Silmet. Until such time as the Company expects to permit and construct its own separation circuits at the Mill, production in future years is expected to be sold to Neo for separation at Silmet and, potentially, to other REE separation facilities outside the U.S. To the extent not sold, the Company expects to stockpile mixed RE Carbonate at the Mill for future separation and other downstream REE processing at the Mill or elsewhere.

As the Company continues to ramp up its mixed RE Carbonate production and additional funds are spent on process enhancements, improving recoveries, product quality and other optimization, profits from this initiative are expected to be minimal until such time when monazite throughput rates are increased and optimized. However, even at the current throughput rates, the Company is recovering most of its direct costs of this growing initiative, with the other costs associated with ramping up production, process enhancements and evaluating future separation capabilities at the Mill being expensed as development expenditures. Throughout this process, the Company is gaining important knowledge, experience and technical information, all of which will be valuable for current and future mixed RE Carbonate production and expected future production of separated REE oxides and other advanced REE materials at the Mill.

About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U 3 O 8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up to full commercial-scale production of RE Carbonate. Its corporate offices are in Lakewood, Colorado near Denver , and all its assets and employees are in the United States . Energy Fuels holds three of America's key uranium production centers: the White Mesa Mill in Utah , the Nichols Ranch ISR Project in Wyoming , and the Alta Mesa ISR Project in Texas . The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as RE Carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest S-K 1300 and NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: production and sales forecasts; costs of production; any expectation that the Company will continue to be ready to supply uranium into the proposed U.S. Uranium Reserve once it is established; scalability, and the Company's ability and readiness to re-start, expand or deploy any of its existing projects or capacity to respond to any improvements in uranium market conditions or in response to the proposed U.S. Uranium Reserve; any expectation regarding any remaining dissolved vanadium in the Mill's tailings facility solutions or the ability of the Company to recover any such vanadium at acceptable costs or at all; the ability of the Company to secure any new sources of Alternate Feed Materials or other processing opportunities at the Mill; expected timelines for the permitting and development of projects; the Company's expectations as to longer term fundamentals in the market and price projections; any expectation that the Company will maintain its position as a leading uranium company in the United States ; any expectation that the proposed U.S. Uranium Reserve will be implemented and if implemented the manner in which it will be implemented and the timing of implementation ; any expectation with respect to timelines to production; any expectation that the Mill will be successful in producing RE Carbonate on a full-scale commercial basis; any expectation that Neo will be successful in separating the Mill's RE Carbonate on a commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise; any expectation that the Company and Neo will be successful in jointly developing a fully integrated U.S.-European REE supply chain; any expectation that the Company will be successful in building a low-cost, fully integrated U.S . rare earth supply chain ; any expectation with respect to the future demand for REEs; any expectation with respect to the quantities of monazite sands to be acquired by Energy Fuels, the quantities of RE Carbonate to be produced by the Mill or the quantities of contained TREO in the Mill's RE Carbonate; any expectation that additional supplies of monazite sands will result in sufficient throughput at the Mill to reduce underutilized capacity production costs and allow the Company to realize its expected margins on a continuous basis; any expectation that the Company's strategic venture with NSP to develop technology for the production of REE metals will be successful or that the technology has the potential to reduce the costs of production, energy consumption, or greenhouse gas emissions versus existing technologies; any expectation that IperionX's Titan Project in Tennessee will be developed and mined, or that the Company will receive any monazite sands from the project; any expectation that the Company's evaluation of thorium and radium recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any thorium and radium recovered at the Mill will be feasible; any expectation that any thorium, radium and other isotopes can be recovered at the Mill and sold on a commercial basis; any expectation as to the value to the Company of its ownership interest in CUR resulting from its sale of certain non-core assets in 2021; any expectation that the Company will be successful in completing one or more contracts for the sale of uranium to U.S. utilities; and any expectation that the Company will generate net income in future periods . Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of sources of Alternate Feed Materials and other feed sources for the Mill; competition from other producers; public opinion; government and political actions; the appropriations for the proposed U.S. Uranium Reserve not being allocated to that program and the U.S. Uranium Reserve not being implemented; the manner in which the proposed U.S. Uranium Reserve, if established, will be implemented; the Company not being successful in selling any uranium into the proposed U.S. Uranium Reserve at acceptable quantities or prices, or at all; available supplies of monazite sands; the ability of the Mill to produce RE Carbonate to meet commercial specifications on a commercial scale at acceptable costs; the ability of Neo to separate the RE Carbonate produced by the Mill to meet commercial specifications on a commercial scale at acceptable costs; market factors, including future demand for REEs; the ability of the Mill to be able to separate thorium and radium at reasonable costs or at all; the ability of the Company and RadTran to be able to recover other isotopes from thorium and radium recovered at the Mill at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

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Uranium is an important commodity in the energy sector, and knowing the countries with the top reserves is key. Mined uranium resources have provided fuel for nuclear power generation for more than 60 years, and today nuclear power serves 10 percent of global energy needs.

Global uranium demand is anticipated to grow in the coming years, which bodes well for future uranium prices. According to the World Nuclear Association (WNA), 55 nuclear reactors are under construction worldwide, and significant increases to capacity at existing plants are also planned.

Global uranium production totaled 56,287 tonnes of U3O8 in 2020, the latest year for which numbers are available. The five top uranium-producing countries in the world are Kazakhstan, Australia, Namibia, Canada and Uzbekistan, and they were responsible for the vast majority of that production.

But what are the top uranium countries by reserves? Here the Investing News Network provides an overview of the five countries with the largest uranium resources, with data sourced from the WNA.

Uranium resources: 1,692,700 tonnes (28 percent of world uranium resources)

While Australia ranks second in global uranium production behind Kazakhstan, it takes the lead for the world’s largest uranium resources. Australia’s crown jewel is Olympic Dam, the largest-known single deposit of uranium in the world. Other major uranium deposits in country include Ranger, Beverley and Four Mile. Production at Ranger, owned by Energy Resources of Australia (ASX:ERA,OTC Pink:EGRAF), was brought to a halt in early 2021.

The discrepancy between Australia’s uranium production and mineable resources is perhaps due in part to the low price environment of recent years, but contentious political issues surrounding uranium mining in the country are also worth noting. For example, the Western Australian government has put the brakes on any new domestic uranium-mining project approvals, although it has allowed existing projects to go ahead. In addition, while limited uranium-mining activity is allowed in Australia, the federal government is opposed to nuclear energy.

Uranium resources: 906,800 tonnes (15 percent of world uranium resources)

Home to nearly half of aboveground global uranium supply, Kazakhstan ranks first in world uranium production; its national uranium-mining company, Kazatomprom, is the world’s largest uranium producer. However, the Central Asian nation comes in second in terms of largest uranium resources.

Kazakhstan has no national electricity grid, and at least 69 percent of its electricity production comes from coal, with the remainder supplied by natural gas (20 percent), hydro (9 percent) plus renewables solar and wind (1.5 percent). However, the Kazakhstan government’s energy development plan details changes to the energy mix that would include 4.5 percent of electricity generation from nuclear power and 10 percent from renewable energy by 2030. Kazakhstan has two proposed and planned nuclear power plants.

Uranium resources: 564,900 tonnes (9 percent of world uranium resources)

The fourth largest uranium producer, Canada is third largest in terms of top uranium countries by reserves. The North American nation is home to the world’s two top uranium mines: Cameco’s (TSX:CCO,NYSE:CCJ) Cigar Lake and McArthur River. Together, they make the province of Saskatchewan an international leader in the uranium sector, although in recent years they have spent time offline. Saskatchewan’s Athabasca Basin is a hotbed for uranium exploration and is known the world over for the highest-grade uranium deposits on the planet.

Nuclear energy accounts for about 15 percent of Canada’s electricity demand, and its nuclear power infrastructure includes 19 nuclear power reactors. As the second largest country by landmass, providing reliable energy to Canada’s many remote regions poses a significant challenge. However, novel reactor technologies such as small modular reactors have the potential to supply power to smaller electrical grids or to remote, off-grid areas.

Uranium resources: 486,000 tonnes (8 percent of world uranium resources)

As the largest country by landmass, Russia has a wealth of resources, including 8 percent of the world’s uranium. The majority of Russia’s domestic uranium output comes via Rosatom, a subsidiary of ARMZ Uranium Holding, which owns the Priargunsky underground mine and is developing the Vershinnoye deposit in Southern Siberia.

To meet the nation’s growing energy needs, Russia’s government is keen on using its uranium resources to increase its uranium output in the coming years. According to the WNA, nuclear energy accounts for 19 percent of Russia’s energy mix. Currently, the country has 38 nuclear reactors generating 28,578 megawatts electric, with an additional 3 units under construction, 27 units planned and 21 units proposed.

Russia is among the world's top 10 uranium producers in addition to holding significant reserves, and the country's war with Ukraine has raised questions about the extent to which Russia will be able to continue exports.

Uranium resources: 448,300 tonnes (7 percent of world uranium resources)

The world’s third largest uranium-producing country, Namibia comes in fifth for top uranium countries by reserves. The African nation’s Langer Heinrich mine, owned by Paladin Energy (ASX:PDN,OTC Pink:PALAF), and Rössing mine, majority owned by Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO), are capable of producing 10 percent of the world’s uranium output. Significant Namibian deposits also include Trekkopje, near Rössing and owned by Orano (formerly Areva), and the world-class Husab uranium mine.

The Namibian government is in favor of expanding the country’s uranium-mining industry. While there are no nuclear power plants in Namibia, there is some support for a national nuclear power industry.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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