Energy Fuels, a leading producer of uranium in the US, is pleased to announce that it has completed its previously announced acquisition of Mesteña Uranium.

Mesteña’s primary asset is the Alta Mesa Project ("Alta Mesa"), a fully-licensed in situ recovery ("ISR") uranium production facility located in South Texas. Alta Mesa is currently on standby, but is capable of ramping-up to commercial production levels within approximately six months of a positive production decision by Energy Fuels, with only minimal capital requirements.

At full capacity, Alta Mesa is capable of producing 1.5 million pounds of uranium per year. The Company expects to file a technical report outlining a maiden resource estimate at Alta Mesa within the next month. The technical report will be published in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Stephen P. Antony, President and CEO of Energy Fuels stated: "With the completion of our acquisition of Mesteña, we believe that Energy Fuels is now the premier uranium producer in the U.S.

"Energy Fuels now has three uranium production facilities located in the U.S. and more licensed and operational processing capacity (11.5 million pounds of uranium per annum) than any other uranium producer in the U.S. It is important to note that the U.S. remains the largest consumer of uranium in the World today.

"Additionally, our acquisition of Mesteña is of particular importance in today’s current uranium price environment, as we believe our ‘all-in’ costs of production at Alta Mesa will become one of the lowest in our current portfolio, along with our alternate feed material business and our Canyon mine.

"As uranium markets improve, Alta Mesa offers Energy Fuels production scalability that we can bring online sooner and at lower uranium prices. I offer my sincere gratitude to the former owners of Mesteña in helping us achieve this outcome, and welcome them as shareholders of Energy Fuels."

Energy Fuels is a leading integrated US-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas.

The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U3O8 per year.