LAKEWOOD, Colo., Aug. 20, 2020 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), the leading uranium producer in the United States, is pleased to announce that it is making a number of changes to its management team in order to reduce costs, flatten the organizational structure, and focus on the ongoing growth of a new generation of U.S. uranium and rare earth element ("REE") professionals, including the following, effective September 1, 2020:
In addition, and in support of the objective to reduce costs, effective as of August 31, 2020, Chief Operating Officer, Mr. W. Paul Goranson, and effective as of October 31, 2020, Chief Accounting Officer, Mr. Matt Tarnowski, will each be leaving the Company to pursue other opportunities.
Energy Fuels' President and CEO Mark S. Chalmers stated: "While the U.S. uranium mining and rare earth element industries are small, there are excellent opportunities, and we have some extremely talented and knowledgeable rising professionals who have shown a true dedication to the values we uphold at Energy Fuels, including safety, environmental protection, social responsibility, meeting and exceeding regulatory standards, creativity, and continuous improvement. This is the reason why I am proud to announce the promotions of Scott Bakken, Bernard Bonifas, Dee Ann Nazarenus and Logan Shumway. I am also very pleased to introduce Sarai Luksch to the team. These individuals will be the leaders of our industry in the years and decades to come, and I look forward to witnessing their continued professional growth as we work to bring U.S. uranium and rare earth production back to global prominence.
"At the same time, I wish to personally thank Paul Goranson for his leadership and service to the Company over the past several years. Paul was instrumental in a number of initiatives for the Company, including playing an important role in our rare earth element processing initiative. In addition, he has played a leading role nationally in Energy Fuels' efforts to gain U.S. government recognition of domestic uranium mining. Paul is a consummate professional and one of the leading U.S. authorities in the uranium sector. We wish Paul the very best as he moves onto new opportunities, and we look forward to working with him in the future on industry-wide initiatives. Likewise, I would like to thank Matt Tarnowski for his service and dedication to the Company for many years as it grew from a small company to the Company it is today, and wish him the very best in his future endeavors."
About Energy Fuels: Energy Fuels is the leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of 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 in-situ recovery ("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 U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels has one of the largest 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: any expectation that the management changes will reduce costs; any expectation as to the future performance of management or the Company as a result of these changes; any expectation that there are excellent opportunities in the U.S. uranium mining and rare earth element industries; any expectation that U.S. uranium and rare earth production may be brought back to global prominence; and any expectation that the Company may continue to be the leading U.S.-based uranium mining company. 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 herein, other than statements of historical fact, 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 of 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: any expectation that the management changes will reduce costs; any expectation as to the future performance of management or the Company as a result of these changes; any expectation that there are excellent opportunities in the U.S. uranium mining and rare earth element industries; any expectation that U.S. uranium and rare earth production may be brought back to global prominence; any expectation that the Company may continue to be the leading U.S.-based uranium mining company; 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 as a result of changes in management's estimates or opinions, 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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SOURCE Energy Fuels Inc.