Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that it has entered into binding agreements (the "Purchase Agreements") to acquire seventeen (17) mineral concessions (the "Transaction") between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the "Bahia Project"). Read More >>

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~58.3 square mile (~37,300 acre) heavy mineral sand position has potential to feed the Company's White Mesa Mill with rare earth element and uranium bearing natural monazite sand for decades

Energy Fuels Inc. ( NYSE American: UUUU ) ( TSX: EFR ) ( "Energy Fuels" or the "Company" ) is pleased to announce that it has entered into binding agreements (the " Purchase Agreements ") to acquire seventeen (17) mineral concessions (the " Transaction ") between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the " Bahia Project ").

Based on significant historical drilling performed to date, it is believed that the Bahia Project holds significant quantities of heavy minerals, including monazite, that will feed Energy Fuels' quickly emerging U.S.-based rare earth element (" REE ") supply chain. The Bahia Project has seen no previous mining, but several of the concessions have valid exploration and mining permits with the Government of Brazil . Therefore, the Company believes there is a clear path to moving the Bahia Project to production.

The Bahia Project is a well-known heavy mineral sand (" HMS ") deposit with over 3,300 vertical historic exploration auger holes drilled to date, indicating significant concentrations of titanium (ilmenite and rutile), zirconium (zircon), and rare earth elements (monazite). Importantly, the mineralization is at or near the surface, meaning the material is expected to be relatively easy to recover using standard, low-cost sand mining techniques, including the use of front-end loaders, excavators and/or dredges. Due to the drilling method used historically, drilling performed to date only averages 5.86 meters deep, or the average depth of the water table in the region. There is no reason to believe that mineralization stops at the water table. Therefore, the Company believes mineralization is open at depth. Energy Fuels' primary interest is in the monazite which contains both rare earth elements and uranium. Preliminary assay data indicates the monazite sand contained in the HMS concentrate ranges between 0.62% and 12.82% 1 , and the uranium contained in the monazite is expected to be comparable to typical Colorado Plateau uranium deposits.

Energy Fuels plans to perform extensive exploration work over the next six months to further define and quantify the HMS resource at the Bahia Project. This is expected to include a comprehensive sonic drilling and geophysical mapping program to define the HMS grades and depths for the various mineral products, including the REE resources associated with the Bahia Project. The Company plans to engage industry leaders in mineral processing to complete a Preliminary Economic Assessment under NI 43-101 ( Canada ) and an Initial Assessment under SK-1300 (US) during late Q1 or early Q2 2023.

Based on preliminary, historical resource estimates, the Company believes the Bahia Project has the potential to supply approximately 3,000 – 10,000 tonnes per year of monazite sand concentrate to the Mill (depending on production rates), containing approximately 1,500 – 5,000 tonnes of total rare earth oxides (" TREO ") per year, potentially for decades. The Company expects to mine and produce an HMS concentrate at the site, which contains all the valuable minerals, including monazite. This HMS concentrate would then be shipped to an existing HMS facility for further refinement and separation of the monazite into a product Energy Fuels can process at the Mill. The Company is evaluating whether this further refinement and separation step could potentially be performed in Brazil . However at this time, the Company plans to ship lower concentrations of monazite sand for concentration at a U.S. facility. Preliminary internal projections indicate this latter option can be very cost-effective, despite the larger shipping quantities, as the less concentrated material will not require the more expensive Class 7 designation applicable to higher concentrated materials, and it can be shipped in bulk.

Mark S. Chalmers , President and CEO of Energy Fuels stated: "This is another very significant step in Energy Fuels' development as a major global rare earth element producer based in the United States . We are aggressively seeking to expand our monazite sand feeds. With guidance from our heavy mineral sand experts, the Company has been evaluating the acquisition of monazite-bearing projects. The Bahia deposit is well-known throughout the HMS industry as having excellent potential to produce high-quality ilmenite, rutile, and zircon products, in addition to monazite. We are very pleased to have secured this project, as it has the potential to provide Energy Fuels with our own low-cost source of monazite feed that we fully control. The Company expects to supplement its monazite supply in the future with open market purchases, arrangements with existing monazite producers, and/or additional acquisitions. Energy Fuels is in advanced discussions with other current and future monazite producers around the world to provide creative options on how to best build upon our momentum and add further scale.

"At Energy Fuels, we have proven our ability to process natural monazite sand concentrate into a high purity mixed rare earth carbonate, containing about 32% - 34% neodymium/praseodymium (NdPr). Our clear current priorities are to continue to build our book of monazite feed to a world scale and to leverage our existing solvent extraction experience and infrastructure at the Mill to produce both separated 'light' and 'heavy' rare earth oxides, and other products, by adding commercial separation capabilities to the Mill. To achieve these ambitious goals, we have assembled a team of rare earth heavy-weights, including Neo Performance Materials, Carester SAS, and other heavy mineral sand and rare earth experts, that we believe is unmatched anywhere in the world.

"In my view, this acquisition will provide significant credibility to investors, other monazite suppliers, and clean energy manufacturers, as we will clearly demonstrate that Energy Fuels is well on its way to becoming a large-scale producer of advanced rare earth materials in the U.S. We have already proven our processing capabilities. Now, we are proving that upon successful completion of this acquisition, we will own and control 'the elements' to supply EV, renewable energy and other technology manufacturers."

Under the Transaction, Energy Fuels has entered into Purchase Agreements with private mineral rights holders in Brazil to acquire seventeen (17) heavy mineral sand concessions comprising the Bahia Project, subject to a 90-day due diligence period. The total consideration for this acquisition is $27,500,000 in cash, with non-refundable deposits totaling $2,750,000 cash due on signing, and additional non-refundable deposits totaling $2,850,000 cash due at various benchmarks during the due diligence period, and the remaining $21,900,000 due at closing. Closing is expected to follow the 90-day due diligence period and is subject to Energy Fuels being satisfied with its due diligence investigations. The Purchase Agreements contain other customary terms and conditions for a transaction of this nature.

Energy Fuels is a leading U.S.-based uranium mining company, supplying U 3 O 8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE 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 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 U 3 O 8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is 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 on standby and has a licensed capacity of 1.5 million pounds of U 3 O 8 per year. In addition to the above production facilities, Energy Fuels also 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 .

Daniel Kapostasy , P.G., Director of Technical Services for Energy Fuels , is a Qualified Person as defined by Canadian National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release, including sampling, analytical, and test data underlying such disclosure.

This news release contains "forward-looking information" within the meaning of applicable securities laws in the United States and Canada . Forward-looking information may relate to future events or future performance of Energy Fuels. All statements in this release, other than statements of historical facts, with respect to Energy Fuels' objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following:; any expectation that the Transaction will close and that the Company will acquire the Bahia Project on the terms disclosed or at all; any expectation as to the concentrations or quantities of heavy minerals, including monazite contained in the Bahia Project; any expectation as to the potential annual supply of monazite sands from the Bahia Project to the Mill, the contained tonnes of TREO per year, or the number of years or decades of such potential supply; any expectation that monazite sands from the Bahia Project may be a low-cost source of monazite feed; any expectation that there may be a clear path to moving the Bahia Project into production; any expectation that the mineralization does not stop at the water table and is open at depth; any expectation as to the exploration or development work the Company plans to perform on the Bahia Project; any expectation that a Preliminary Economic Assessment under NI 43-101 or an Initial Assessment under SK-1300 will be performed and the timing of completion of any such assessments; any expectation as to how the Bahia Project may be mined, or the manner or location of any further refinement and separation of mined material; any expectation as to the cost-effectiveness of transporting various forms of HMS from the mine to a concentration facility; any expectation that the Company may become a major global rare earth element producer based in the United States ; any expectation that the Company may be successful in expanding its monazite sand feeds; any expectation that the Company will or will continue to successfully process monazite sand concentrates into a high purity mixed rare earth carbonate; any expectation that the Company may be successful at developing a full scale separations facility at the Mill; and any expectation that the Company will continue to be a leading U.S. based uranium mining company. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: technical difficulties; mining or processing difficulties and upsets; licensing, permitting and regulatory delays; litigation risks; competition from others; political actions or instability in foreign countries; and market factors, including future demand for and prices realized from the sale of uranium, vanadium and REEs. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels 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. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

1 This information comes from 16 different Exploration Reports filed with the Brazilian Government's National Agency of Minerals (ANM) over several years (2011-2019). These grades should be considered conceptual in nature since there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The data was obtained by sampling 1-meter intervals from a hand auger hole, separating out the heavy mineral fraction using heavy liquids, separating the heavy minerals by magnetic strength and then point counting the minerals under a microscope. Energy Fuels plans to initiate a sonic drill program to better define the exploration target and use industry best practices to determine an estimate of all the heavy minerals found within the project area. A qualified person has not done sufficient work to classify this historical estimate as current and Energy Fuels is not treating this historical estimate as current.

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Energy Fuels reported 2022-1Q results generally in line with expectations and gave an update on operations. Production and sales remain small (modest Vanadium sales) making bottom line results largely a function of operating costs. A slight increase in operating losses ($10.2m versus $8.8m) and net losses ($14.7m versus $10.9m) reflect additional ramp up costs for UUUU's rare earth element (REE) development and were expected. Development discussions were largely a repeat of the April update. But wait! A uranium supply contract?!?! Management plans to separate REE elements, efforts to access new REE supplies (Monzanite), and its medical isotope recovery partnership. This is all old news. However, management also announced on a call with investors (not in the press release) that it had just signed a uranium supply contract. This is the first contract in several years and a clear sign that the uranium market has improved to a point where UUUU may ramp up production, "perhaps as early as this summer." Read More >>

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Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended March 31, 2022 . 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:

"Energy Fuels continues to benefit from increases in the prices for all of the critical elements and materials we produce. Though volatile, uranium prices have continued to exhibit strength and resilience, which we expect to continue as Russia's invasion in Ukraine continues. As a result of Russia's aggression, we believe domestic and global nuclear utilities are reducing ties with the Russian state-owned nuclear company. We also believe U.S. uranium and nuclear fuel suppliers may be seeing increased interest from U.S. utilities as a result of the $6 billion civil nuclear credit program, which prioritizes reactors that purchase nuclear fuel and uranium from U.S. suppliers, which would include Energy Fuels.

"We have also been selling some of our vanadium inventory over the past few months, as prices rose during the quarter. Similar to uranium, we believe Russia's invasion of Ukraine is a reason we are seeing strength in the vanadium market. Russia is a significant global supplier of vanadium, and we believe buyers see risk in obtaining vanadium supply from Russia . This quarter we have sold 150,000 pounds of vanadium as FeV at an average price of $20.65 per pound of V, which equates to about $11.00 per pound V 2 O 5 . Our vanadium inventory was carried on our balance sheet at a little under $5.40 per pound V 2 O 5 , so we have been able to capture some gross margin on these sales.

"Energy Fuels' rare earth production continues to proceed extremely well. Through our actions and accomplishments in this difficult industry, we believe we are making more progress, faster, than any other U.S. company. In March, we began the partial separation of lanthanum from our rare earth carbonate, using existing solvent extraction equipment at our White Mesa Mill. This is the first commercial-scale rare earth separation to occur in the U.S. in many years. As a result, we are producing a very high-purity rare earth carbonate, with most of the lanthanum removed, that contains about 32% - 34% NdPr. We are also continuing pilot-scale rare earth separation in the Mill's laboratory, where we are producing about two kilograms of high-purity NdPr oxide per day. It is early days, but with the outstanding achievements of our internal staff, complemented by our relationships with Neo Performance Materials (" Neo ") and Carester, we are confident that we will restore U.S. rare earth separation capabilities in the coming years.

"I was particularly excited to announce that the Company hit a critical mineral 'trifecta' a few weeks ago, when we shipped three different containers of uranium, vanadium, and rare earth materials from the White Mesa Mill to customers or conversion facilities. To my knowledge, this is the first time in American history a company has achieved this feat. Energy Fuels is proud to have become one of the most important producers of critical materials in the U.S., which is particularly important in today's uncertain geopolitical environment. I look forward to providing updates on all fronts in the coming weeks and months."

Webcast at 4:00 pm EDT on May 18, 2022 :

Energy Fuels will be hosting a video webcast on May 18, 2022 at 4:00 pm EDT ( 2:00 pm MDT ) to discuss its Q1-2022 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 271887#. The recording will be available until June 1, 2022 .

$000's, except per share data

Net loss attributable to the company

Basic and diluted net loss per common share

Property, plant and equipment, net

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 " 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 long-term supply contracts, if procured. The Company has also begun selling a portion of its vanadium inventory into strengthening markets.

The Company will also continue to seek new sources of revenue, including through its emerging REE business, as well as new sources of Alternate Feed Materials and new fee processing opportunities at the 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 targeted alpha therapy (" 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 2022, the Company plans to recover 100,000 to 120,000 pounds of uranium and approximately 650 to 1,000 tonnes of mixed RE Carbonate containing approximately 300 to 450 tonnes of TREO.

No vanadium production is currently planned during 2022, though the Company is currently selling some of its vanadium inventory into improved markets and evaluating potential vanadium production in 2022 or 2023 in light of recent market improvements in vanadium pricing.

The Company has strategically begun to pursue uranium sales commitments, with pricing expected to have both fixed and market-related components. The Company believes that recent price increases, volatility, and focus on security of supply in light of Russia's invasion of Ukraine have increased the potential for the Company to make spot sales, and the Company is actively seeking term sales contracts with utilities at pricing that sustains production and covers corporate overhead. Therefore, existing inventories may increase from 692,000 pounds of U 3 O 8 to 792,000 to 812,000 pounds of U 3 O 8 at year-end 2022 or may increase to a lesser extent, or be reduced, in the event the Company sells some inventory on the spot market or pursuant to term contracts, if procured, in 2022.

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 currently holds 34 fully permitted, undeveloped wellfields at Nichols Ranch, including four additional wellfields at the Nichols Ranch wellfields, 22 wellfields at the adjacent Jane Dough wellfields, and eight wellfields at the Hank Project which is fully permitted to be constructed as a satellite facility to the Nichols Ranch Plant. 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 three months ended March 31, 2022 , the Mill did not package any material quantities of U 3 O 8, focusing instead on developing its REE recovery business. During the three months ended March 31, 2022 , the Mill produced approximately 60 metric tonnes of RE Carbonate, containing approximately 30 metric tonnes of TREO. The Mill recovered small quantities of uranium in 2021 and during the 1 st quarter of 2022, which were retained in circuit. During 2022, the Company expects to recover 100,000 to 120,000 pounds of uranium at the Mill as finished product. 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. The Company expects to sell all or a portion of its mixed RE Carbonate to Neo or other global separation facilities and/or to stockpile it for future production of separated REE oxides at the Mill or elsewhere. The Company is in advanced discussions with several sources of 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 692,000 pounds of finished uranium inventories currently located at a North American conversion facility and at the Mill, the Company has approximately 389,000 pounds of U 3 O 8 contained in stockpiled Alternate Feed Materials and ore inventory at the Mill that can be recovered relatively quickly in the future, as general market conditions may warrant (totaling about 1,081,000 pounds of U 3 O 8 of total uranium inventory). The Company is also seeking to acquire additional ore inventory from 3 rd party mine cleanup activities than can be recovered relatively quickly in the future. In addition, there remains approximately 1,397,000 pounds of V 2 O 5 inventory in the form of immediately marketable product, and 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 three months ended March 31, 2022 , standby and environmental compliance activities continued at our fully permitted and substantially developed Pinyon Plain Project (uranium) and fully permitted and developed La Sal Complex (uranium and vanadium). The Company plans to continue carrying out engineering, metallurgical testing, procurement and construction management activities at its Pinyon Plain Project. The timing of the Company's plans to extract and process mineralized materials from these projects will be based on sustained improvements in general market conditions, procurement of suitable sales contracts and/or the establishment of the proposed U.S. Uranium Reserve.

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 and Whirlwind Project. In addition, the Company will continue to evaluate the Bullfrog Project. Expenditures for certain of these projects have been adjusted to coincide with expected dates of price recoveries based on the Company's forecasts. All of these projects serve as important pipeline assets for the Company's future conventional production capabilities, as market conditions may warrant.

During the three months ended March 31, 2022 , the Company completed no sales of uranium, at its election, but is now actively engaged in pursuing selective long-term uranium sales contracts.

As a result of strengthening vanadium markets, during the three months ended March 31, 2022 , the Company sold 150,000 pounds of FeV (converted from the Company's existing inventory of V 2 O 5 ) at a gross weighted average price of $20.65 per pound V contained in FeV. The Company expects to sell its 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 may also retain vanadium product in inventory for future sale, depending on vanadium spot prices and general market conditions.

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 Neo's Silmet facility in Estonia (" 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 of 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. As discussed above, the Company is evaluating installing a full separation circuit at the 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, and has hired Carester to support these REE separation initiatives.

The Company also continues to pursue new sources of revenue, including additional Alternate Feed Materials and other sources of feed for the Mill.

Continued Efforts to Minimize Costs

Although the Company is pursuing two exciting new initiatives — its REE and TAT radioisotope initiatives —  in addition to its existing uranium and vanadium lines of business, which will likely require the Company to grow certain of its operations, the Company will continue to seek ways to minimize the costs of all its operations where feasible, while maintaining its critical capabilities, manpower and properties.

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 and has a licensed capacity of 1.5 million pounds of U 3 O 8 per year . 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 Uranium Reserve; any expectations as to future uranium, vanadium, RE Carbonate or REE sales; 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 expectations as to the implications of the current Russian invasion of Ukraine on uranium, vanadium or other commodity markets; any expectation that the Company will maintain its position as a leading uranium company in the United States ; any expectation that the proposed 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 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 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 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 Uranium Reserve not being allocated to that program and the Uranium Reserve not being implemented; the manner in which the proposed Uranium Reserve, if established, will be implemented; the Company not being successful in selling any uranium into the proposed 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 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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Energy Fuels ships Uranium, Vanadium and Rare Earth Element (REE) Carbonate in the same week. The shipment of Vanadium is not unusual nor is the shipment of REE Concentrate although it is worth noting that shipments of both elements can be erratic. The shipment of Uranium to an enrichment center in Illinois does not represent sales, per se, but can be viewed as a sign that the company is getting closer to sales. While not significant by itself, the shipment all three elements in the same week represents a milestone for the company. Energy Fuels REE production is advancing. The company has begun producing a "more advanced" form of REE Carbonate. Importantly, it was achieved with existing operations and will set the stage for the company as it takes the next step of considering complete separation of Rare Earth Elements. Energy Fuels has already begun a pilot to evaluate the separation of heavy elements and has engaged a firm to explore the separation of light elements. At this point, we do not include the separation of elements in our models. However, we do assume a growing level of REE Carbonate production. Uranium prices are soaring. Spot uranium prices have risen to $63 per pound. When we began covering Energy Fuels and the uranium industry a few years ago, prices were near $30, a price too low to justify production. We believe Energy Fuels is able to produce Uranium at a cost near $40/lb. at its White Mesa plant. A key test for Energy Fuel and other uranium companies will be whether or not consumers (electric utilities) will begin to sign long-term contracts. Production is moving forward. We are raising our price target. Rising uranium prices lead to to believe that the company is close to signing a contract and restarting uranium sales. In addition to raising our uranium price forecast to $60/lb. in 2022 and rising $5/lb. annually until hitting $80/lb., we now expect the company to begin selling uranium in 2023 instead of 2024. We have also accelerated our expectations regarding REE Carbonate sales to levels in line with management projections given recent developments. The combined impact of the aforementioned adjustments increased our estimated fair value for the stock to $13 per share from $9 per share and our price target accordingly. Read More >>

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Energy Fuels recently made commercial shipments of uranium, vanadium & advanced rare earth materials all in a single week

LAKEWOOD, Colo. , April 13, 2022 /CNW/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ) is pleased to announce that during the week of April 4 , the Company's White Mesa Mill located near Blanding, Utah (the " Mill ") made three (3) commercial shipments of three (3) critical mineral products. During that week, Energy Fuels shipped:

This is the first time Energy Fuels, the Mill – and perhaps any facility in history – has accomplished such a feat. The Company believes it is clearly establishing itself as a "Clean Energy and Critical Mineral Hub" for the United States .

The Company is pleased to announce that it has begun partial commercial-scale REE separations at its White Mesa Mill, located near Blanding, Utah (the " Mill ") utilizing existing Mill facilities. As a result, the Company is now producing a more advanced REE Carbonate than it did in 2021. The Company utilized an existing solvent extraction (" SX ") circuit at the Mill to remove most of the lanthanum (" La ") and produce an advanced cerium (" Ce ")-plus REE Carbonate. This product is roughly 32% - 34% neodymium-praseodymium (" NdPr ") and 1.8% terbium (" Tb ") and dysprosium (" Dy ") on a % TREO basis.

This is the first commercial-scale REE separation conducted by the Company, and to the Company's knowledge, the first to occur in the U.S. since at least the early-2000's. The successful integration of partial separations with existing Mill equipment and processes represents a significant advancement in Energy Fuels' long-term plans of becoming a vertically integrated producer of advanced REE products. These separation processes also allow the Company to refine operating costs and optimize metallurgical and engineering designs for installation of a more advanced SX separation circuit at the Mill in the future. This most recent production campaign also further validates Energy Fuels' monazite crack and leach process.

Energy Fuels continues to make rapid progress on restoring commercial REE capabilities to the United States . The Company is currently completing its latest campaign of REE Carbonate production (with partial La separation) from natural monazite sand concentrates. In July 2021 , Energy Fuels began successfully extracting REEs from natural monazite utilizing a crack and leach process. The REE Carbonate that the Company has produced since July 2021 meets Neo's commercial specifications, thereby allowing it to be fed directly into the separation process. Energy Fuels' REE Carbonate is the most advanced REE material being produced at commercial quantities in the U.S. today, as it has been chemically altered, impurities have been removed, and it is ready for REE separation without further processing. The Company's new REE Carbonate is even further advanced, as it has been partially separated. The Company is continuing to seek additional supplies of natural monazite sand to expand production.

The Company is also pleased to announce that it is making progress on its lab-scale REE separation pilot program. Lab-scale piloting began in 2021 and is ongoing. The Company has achieved production of a high-purity mixed NdPr oxide from its lab-scale pilot. A sample of NdPr oxide will be sent to Neo for further evaluation with the intent to sell this product as well as other separated oxides to Neo or others in the future. Through the operation of this pilot program, specific design criteria, as well as reagent costs, are being evaluated, which to date, are within initial expectations. REE separation piloting is expected to continue throughout the rest of 2022, which will also allow the Company to evaluate separation of the heavy REEs (samarium (" Sm ")-plus).

Energy Fuels has also formally engaged the French consulting firm, Carester SAS (" Carester "), to perform more detailed scoping, cost estimation, permitting support, technical support, and design for commercial "light" REE separation infrastructure at the Mill. The Company is currently preparing an application to the State of Utah , which it expects to submit in late 2022 or in early 2023. The Company plans to be in a position to initially produce up to 10,000 tonnes of total REE oxides (" TREO ") by 2025 or 2026. The preliminary, high-level scoping work Carester performed for Energy Fuels in 2021 estimated capital and operating costs to install and operate a "light" separation infrastructure at the Mill capable of producing 10,000 tonnes TREO per year, which are in line with the Company's initial expectations. The Company's expanded collaboration with Carester will include validation of these numbers. If confirmed, Energy Fuels expects to be among the lowest cost REE producers in the world, while also recovering uranium and possibly thorium. Energy Fuels is also evaluating the production of "heavy" REE oxides, including Dy and Tb, which could occur by 2027 or 2028.

The price of uranium has risen dramatically since Russia's invasion of Ukraine . The spot price of natural uranium concentrates (" U 3 O 8 ") currently sits at $63.25 per pound, an increase of over 50% since December 31, 2021 . Energy Fuels has been the largest producer of uranium in the United States for the past several years and has over 11.5 million pounds of annual uranium production capacity, more than any other U.S. company. As of December 31, 2021 , the Company had roughly 700,000 pounds of U.S.-origin U 3 O 8 , produced by the Company in finished inventory and expects to produce an additional 100,000 to 120,000 pounds in 2022. All the Company's current finished U.S. produced uranium inventory is at the two North American uranium conversion facilities. The Company also has additional significant stockpiled mineralized material at the Mill that can be processed relatively quickly for uranium recovery as required.

The Company has also observed a marked uptick in interest from nuclear utilities seeking long-term uranium supply, and is now actively engaged in pursuing selective long-term uranium sales contracts.

Vanadium prices have also risen substantially this year. The mid-point spot price of vanadium oxide (" V 2 O 5 ") in Europe is currently $12.00 per pound, an increase of nearly 40% since the end of 2021. Energy Fuels has begun selectively selling some of its vanadium inventory in 2022 at increasing prices per pound of V 2 O 5 . The Company is continuing to ship V 2 O 5 to the Bear Metallurgical facility in Pennsylvania (" Bear Met ") for conversion to ferrovanadium (" FeV ") for sale into the steel and specialty alloy industries.

Mark S. Chalmers , President and CEO of Energy Fuels stated:  "I believe the week of April 4, 2022 will go down as one of the most important weeks in Company history. This week, our vision of Energy Fuels as 'America's Critical Mineral and Clean Energy Hub' tangibly advanced, as our White Mesa Mill in Utah sent three shipments of advanced materials containing a total of fifteen critical elements, including the rare earth elements cerium, praseodymium, neodymium, samarium, europium, gadolinium, dysprosium, terbium, holmium, yttrium, erbium, thulium, ytterbium, and lutetium, along with uranium and vanadium, to downstream processing facilities. We sent a shipment of high-purity rare earth carbonate containing 32% - 34% NdPr to Silmet in Estonia , where it will be refined and processed into various advanced materials for use in permanent magnets used in electric vehicle (EV) motors and wind generation, batteries, electronics, defense applications, and other technologies. We sent a shipment of uranium concentrates to ConverDyn in Illinois for sale to U.S. nuclear utilities for the production of carbon-free nuclear energy, and further adding to Energy Fuels' industry-leading finished U.S.-origin uranium inventory. And, we sent another truckload of vanadium to Bear Met in Pennsylvania for conversion into ferrovanadium for use in high-strength steel and other advanced and specialty alloys.

"I could not be more proud of what our team is doing at the White Mesa Mill on rare earths. It is hard to believe, but we are currently producing commercial-scale quantities of a rare earth material that is more advanced than any other company in the U.S. We even recently began commercial-scale rare earth separation in March using existing Mill facilities, the first time the United States has produced a separated rare earth product in a couple of decades. Keep in mind that we only announced our entry into the rare earth space in April 2020 . Yet barely two years later, Energy Fuels is producing commercial quantities of advanced rare earth materials. We have been able to move at 'lightning speed,' because we have existing licenses, expertise, and infrastructure, along with dedication and hard work. We believe we are moving faster than any other company in the U.S. on restoring low-cost, domestic critical material supply chains. At Energy Fuels, we don't just talk about restoring critical domestic supply chains. We innovate, invest, and work hard to actually do it, all to the highest environmental, human health, and human rights standards in the world."

Energy Fuels is a leading U.S.-based uranium mining company, supplying U 3 O 8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE 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 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 U 3 O 8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is 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 on standby and has a licensed capacity of 1.5 million pounds of U 3 O 8 per year. In addition to the above production facilities, Energy Fuels also 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 .

This news release contains "forward-looking information" within the meaning of applicable securities laws in the United States and Canada . Forward-looking information may relate to future events or future performance of Energy Fuels. All statements in this release, other than statements of historical facts, with respect to Energy Fuels' objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following: any expectation that the Company may establish itself as a Clean Energy and Critical Mineral Hub in the U.S; any expectation that the Company may be successful in becoming a vertically integrated producer of advanced REE products; any expectation that the Company may be successful in helping to restore commercial REE capabilities and critical supply chains in the U.S.; any expectation that the Company may be successful in securing additional supplies of natural monazite sand to expand production; any expectation that the Company may successfully permit and install a more advanced commercial separation circuit at the Mill in the future for the separation of light and/or heavy REEs and the timing of any such permitting and installation; any expectation as to future production levels of REE oxides; any expectation that the Company may be among the lowest-cost REE producers in the world; any expectation as to the amount of uranium the Company may produce in 2022; any expectation as to stockpiled mineralized material at the Mill that may be processed for the recovery of uranium and the timing of any such processing; any expectation that the Company may secure long-term uranium sales contracts at suitable uranium prices; any expectation as to future vanadium sales and the prices of such sales; and any expectation that the Company will be able to operate at the highest environmental, human health, and human rights standards in the world. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: technical difficulties; processing difficulties and upsets; licensing, permitting and regulatory delays; litigation risks; competition from others; and market factors, including future demand for and prices realized from the sale of uranium, vanadium and REEs. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels 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. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

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Merida Minerals (TSXV:ESPN) is an exploration and development mining company, focused on zinc-copper-lead deposits in Spain. A strong management team leads the company with a combined 80 years of experience leading mining operations in multiple countries, including Spain. Its flagship project contains promising mineralizations that the experienced managers believe are ideal for repeating past successes. Merida Minerals’ focus is growth via new acquisitions and identifying additional assets with potential.

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Transition to Electric Vehicles driving year on year and projected cobalt demand growth

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to provide a summary of the key highlights from the Cobalt Institute's (" CI ") Cobalt Market Report 2021 (access report here ) released this week. The CI is a trade organization promoting the sustainable and responsible production and use of cobalt with member companies comprised of producers, developers, users, traders, and recyclers of cobalt metals and chemicals. The Cobalt Market Report 2021 confirms cobalt's essential role in diverse industrial applications, and particularly as an enabler of the green economy transition and innovation of rechargeable battery technologies supporting accelerating global electric vehicle (" EV ") sales. Fortune's NICO Cobalt-Gold-Bismuth-Copper Project (" NICO Project ") is a Canadian, vertically integrated, Critical Minerals development and one of the few cobalt assets in the world that can be developed in the timeframe needed to meet today's cathode chemistries in rechargeable batteries used in EV's, portable electronics and stationary storage cells.

Robin Goad, Fortune's President and CEO, commented, "The transition to a low carbon economy is picking up as world leaders adopt net zero targets and efforts grow to transform the automotive industry to electric vehicles. The Cobalt Institute's Cobalt Market Report 2021 is an independently authored and comprehensive analysis of the essential role cobalt plays in the growing green economy."

Fortune has expended more than C$137 million to advance the NICO Project from an in-house discovery to a near-term producer with 20-years of Mineral Reserve containing three Critical Minerals (cobalt, bismuth and copper) and more than 1.1 million ounces of in-situ gold. The NICO Project is comprised of a planned mine and mill in Canada's Northwest Territories (" NWT ") and a related hydrometallurgical refinery in Alberta to process metal concentrates from the mine to cobalt sulphate, gold doré, bismuth ingots and oxide, and copper. The Company has received environmental assessment approval and the Type "A" Water License to construct and operate the mine in the NWT. The recent completion of the C$200 million Tlicho Highway to the community of Whati is a key enabler for the NICO Project. This highway, together with the spur road to the mine that Fortune plans to construct, will allow metal concentrates to be trucked to the railway at Hay River or Enterprise, NWT for delivery to the Company's proposed Alberta refinery.

For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com .

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals project in the NWT and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the Company's ability to raise additional capital, the purchase of the industrial site on which the Company presently intends to construct the hydrometallurgical refinery for the NICO Project, the repayment or restructuring of the Company's current debt, the development of the NICO Project, the potential for expansion of the NICO Deposit and statements regarding drill results and future drilling and assays. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to successfully raise the necessary capital to meet its corporate objectives in both the near and long term; the successful exercise by the Company its option to purchase the industrial site on which it intends to construct a NICO Project refinery; the completion of construction of a NICO Project refinery; the ability to arrange the necessary financing to continue operations and develop the NICO Project; the support of the federal and/or provincial government for the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the Company may not be able to finance and develop the NICO Project on favourable terms or at all, the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the effects of a global market downturn, pressure on commodities prices, and/or the COVID-19 on the Company's capital raising efforts, the Company may not be able to complete the purchase of the industrial site located in in Alberta's Industrial Heartland northeast of Edmonton and secure a site for the construction of a refinery, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Company's Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

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Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to announce, further to its C$4.45 million funding news release of May 16th, 2022, it has closed a second and final tranche of its non-brokered private placement financing (the "Private Placement") of C$1.25 million for combined total gross proceeds of C$5.7 million. As a result of the funding, ACME's working capital is approximately C$11.9 million with no debt. (Based on unaudited figures and subject to change.)

The Private Placement consisted of:

The issuance of 232,482 units (the "Units") at a price of C$1.08 per Unit for gross proceeds of C$250,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.40 per share for three (3) years; and

The issuance of 666,668 flow-through units (the "FT Units") at a price of C$1.50 per FT Unit for gross proceeds of C$1,000,002. Each FT Unit consists of one flow-through common share and one-half of one non-flow through common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.80 per share for two (2) years.

Aggregate finder's fees of (i) C$87,500 cash, (ii) 46,667 compensation warrants exercisable for two (2) years at $1.80, and (iii) 16,204 compensation warrants exercisable for three (3) years at $1.08 were paid.

ACME will use the proceeds at its 100% owned Cat-Euclid and Shatford Lake lithium projects in southeast Manitoba; and its Clayton Valley and Fish Lake Valley, Nevada projects, as well as general working capital purposes.

All securities that are issued pursuant to the Private Placement with be subject to, among other things, a hold period of four months and one day in accordance to applicable Canadian securities laws.

Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in prospective lithium projects in the United States and Canada.

On behalf of the Board of Directors

Steve Hanson Chief Executive Officer, President and Director Telephone: (604) 564-9045 info@acmelithium.com

Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). There is no assurance the proceeds of the Private Placement will be used strictly in the manner set out in this news release. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected herein, including, without limitation: risks related to changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") announces that it has updated its at-the-market equity program (the "ATM Program") to issue up to C$20,000,000 (or its equivalent in U.S. currency) of common shares ("Common Shares") in the United States and Canada from time to time, at Electra's discretion. The update is to permit sales of Common Shares under the ATM Program into the United States following Electra's listing on the Nasdaq Capital Market ("Nasdaq") on April 27, 2022 .

Sales of Common Shares, if any, under the ATM Program in the United States and Canada  will be completed in accordance with the terms of an amended and restated equity distribution agreement (the "Distribution Agreement") dated May 17, 2022 among Electra, CIBC World Markets Inc. (the "Canadian Agent") and CIBC World Markets Corp. (the "U.S. Agent", and together with the Canadian Agent, the "Agents").

Sales of Common Shares through the Agents, acting as agents, will be made through "at the market" issuances on Nasdaq, the TSX Venture Exchange ("TSX-V") or any other trading markets for Common Shares in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. The U.S. Agent is not registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agent will only sell Common Shares on marketplaces in the United States and is not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Common Shares in Canada . The Canadian Agent may only sell Common Shares on marketplaces in Canada .

The volume and timing of distributions under the ATM Program, if any, will be determined in Electra's sole discretion. The ATM Program will be effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the ATM Program and December 26, 2022 , unless terminated prior to such date by Electra or the Agents. Electra intends to use the net proceeds from sales of Common Shares under the ATM Program, if any, for growth initiatives relating to its battery materials complex, for Iron Creek exploration activities and for general corporate purposes.

The offering under the ATM Program is being made pursuant to an amended and restated prospectus supplement dated May 17, 2022 (the "U.S. Prospectus Supplement") to Electra's U.S. base prospectus (the "U.S. Base Prospectus") included in its registration statement on Form F-10 (the "Registration Statement") filed with the United States Securities and Exchange Commission (the "SEC") on May 16, 2022 , and pursuant to an amended and restated prospectus supplement dated May 17, 2022 (the "Prospectus Supplement") to Electra's Canadian short form base shelf prospectus dated November 26, 2020 , as amended pursuant to amendment no. 1 dated November 30, 2021 (the "Base Shelf Prospectus" and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the "Offering Documents"). Before you invest, you should read the Offering Documents and other documents that Electra has filed for more complete information about Electra, the Distribution Agreement and the ATM Program. The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov , and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com . Alternatively, the Canadian Agent will send copies of the Offering Documents to Canadian investors upon request by contacting the Canadian Agent at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com and the U.S. Agent will send copies of the Offering Documents to United States investors upon request by contacting the U.S. Agent at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com .

Listing of Common Shares sold pursuant to the ATM Program on Nasdaq and TSX-V will be subject to fulfilling all applicable listing requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. Electra is specifically focused on creating the first integrated battery materials park in North America , providing refined cobalt, nickel and recycled battery materials to North American battery precursor manufacturers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA .

On behalf of Electra Battery Materials

Trent Mell Chief Executive Officer

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

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Forward looking statements in this press release herein may include, but are not limited to, information concerning the expected sale of Common Shares under the ATM Program, the price, volume and timing of the sale and distribution of Common Shares under the ATM Program, the anticipated use of proceeds of any offering under the ATM Program and statements regarding the anticipated benefits and impacts of the ATM Program. Forward-looking statements are based on Electra's current beliefs and assumptions as to the outcome and timing of future events, including, but not limited to, that Electra makes sales of Common Shares under the ATM Program, that the proceeds of any offering conducted under the ATM Program will be deployed as anticipated and the anticipated benefits and impacts of the ATM Program being realized. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, among other things: the ability of Electra to successfully close a financing, including the completion of any sales under the ATM Program, the price, volume and timing of sale of Common Shares under the ATM Program not being determinable at this time, the anticipated use of proceeds from any offering made under the Offering Documents and any offerings to be conducted thereunder including the ATM Program, the benefits and impacts of the ATM Program not being as anticipated, the risks and uncertainties relating to exploration and development, the ability of Electra to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties and other such factors as are set forth in the Offering Documents, as well as the other risks described under the headings "Financial Risk Factors" and "Business Risks and Uncertainties" in Electra's MD&A for the year ended December 31, 2021 and under the heading "Risk Factors" in Electra's Annual Information Form for the year ended December 31, 2021 . Although Electra  believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra  disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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SOURCE Electra Battery Materials Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/17/c9780.html

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Critical Elements Lithium Corporation (TSX-V:CRE) (OTCQX:CRECF) (FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce the results from the Corporation's pilot plant program recently completed at the Metso Outotec Research Center, successfully converting spodumene concentrate from the Rose Project ("Rose") into battery grade lithium hydroxide using a thermal leaching process

The pilot plant conversion process from spodumene concentrate to lithium hydroxide was further optimized and confirmed the previous strong results with extraction and conversion rates of 92 %. In addition, the pilot plant produced battery grade lithium hydroxide. A summary of impurity levels is provided below:

The two critical steps of the process to recover the lithium from spodumene are the conversion from alpha spodumene to beta spodumene where the piloting work achieved 98% conversion rate and the separation of the lithium hydroxide from the calcined spodumene by soda-leaching (98% efficiency) and conversion to lithium hydroxide (96% efficiency).

The pilot plant work program was conducted at Metso Outotec's Research Center in Finland:

LiOH analyses - impurity levels in LiOH

Successful results using a thermal leaching process demonstrate that Critical Elements can deliver a battery grade lithium hydroxide to the electric vehicle market. Additional tests may need to be conducted by the Corporation in order to meet customer specific requirements.

To date Critical Elements has completed the following testing and piloting work:

Metso Outotec is a leading technology company in multiple mining and extraction industries, including the lithium industry, with a global presence and owned R&D facilities in in Frankfurt, Germany and Pori, Finland, as well as other locations.

They offer competent knowledge of the various processing options for both beneficiating spodumene, as well as converting spodumene into saleable lithium salts. Their lithium expertise includes multiple years of research into various lithium processing options, including the understanding and optimizing of the process Critical Elements has chosen for lithium extraction.

Following this successful lithium hydroxide process optimization campaign, Critical Elements will finalize its feasibility study for a lithium hydroxide conversion facility.

As the study is still underway, it is important to note that the Corporation is not in a position to confirm as of the date hereof if the hydroxide chemical plant to produce high quality lithium hydroxide monohydrate will ever be implemented or that it will form part of the Rose project.

Paul Bonneville, Eng., is the qualified person that has reviewed and approved the technical contents of this news release on behalf of the Corporation.

About Critical Elements Lithium Corporation

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Québec. Rose is the Corporation's first lithium project to be advanced within a land portfolio of over 700 square kilometers. In 2017, the Corporation completed a feasibility study on Rose for the production of spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government; The Corporation is working to obtain similar approval under the Québec environmental assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.

Patrick Laperrière Director of Investor Relations and Corporate Development 514-817-1119 plaperriere@cecorp.ca www.cecorp.ca

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

Cautionary statement concerning forward-looking statements

This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information contained herein include, without limitation, statements relating to the completion of the provincial permitting process and its potential positive effects on the Corporation and the Project, the completion of engineering study for a chemical plant to produce high quality lithium hydroxide monohydrate, and continued positive discussions and relationships with local communities and stakeholders. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: results of the engineering study for a chemical plant to produce high quality lithium hydroxide monohydrate, Critical Elements' ability to secure sufficient financing to advance and complete the Project, uncertainties regarding global supply and demand for lithium and tantalum and market and sales prices, uncertainties with respect to social, community and environmental impacts, uncertainties with respect to optimization opportunities for the Project, as well as those risk factors set out in the Corporation's year-end Management Discussion and Analysis dated August 31, 2021 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

SOURCE:Critical Elements Lithium Corporation

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International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce the commencement of Phase 2 of the 5,000-metre drilling program previously announced on February 9, 2022 at the Raleigh Lake lithium, rubidium and caesium project near Ignace, Ontario.

ILC is conducting a minimum of 5,000 metres core drilling at the Raleigh Lake project in two phases. Phase 1 ran during the winter months of March and April 2022 where ten (10) holes were drilled for a total of 2,053 metres (Table 1 and Figure 1). Eight holes targeted Pegmatite 1 and 3 in Zone 1 and two (2), the first holes ever drilled at Pegmatite 2, were targeting Zone 2. All drill holes encountered spodumene bearing pegmatites.

All eight holes in Zone 1 tested the up-dip and eastern extent of Pegmatites 1 and 3, a stacked set of shallow dipping pegmatite dykes that make up the main target of the Raleigh Lake project. All eight holes intersected spodumene bearing pegmatites (Figure 2) with holes DDH22-09 and DDH22-10 intersecting 8.5 metres and 13 metres true thicknesses of spodumene bearing pegmatite respectively; at an approximated vertical depth of less than 100 metres (see Company news release dated March 21, 2022).

Zone 1 pegmatites have been defined by drilling and surface exposures in an area exceeding 600 metres x 400 metres. The Phase 1 drill holes were drilled interstitially to historic drill holes at step outs of 50 metres or more (if possible) to provide quantifiable data that can be used in a maiden resource calculation.

The first holes to be drilled at Zone 2 were targeting the down dip extension of Pegmatite 2, a small surface exposure of spodumene bearing pegmatite approximately 750 metres northwest of Pegmatite 1 with a similar structural orientation. Drilling locations were limited by topography resulting in a rather large step-out relative to the Pegmatite 2 outcrop. Encouragingly both holes DDH 22-17 and DDH 22-18, separated by a strike length of approximately 125 metres, intersected multiple metre and sub-metre scale pegmatite veins including a one metre scale vein (interpreted to be Pegmatite 2) containing moderate, patchy spodumene.

The core has been logged and cut with samples submitted for chemical analysis. Initial assay results are expected later in May.

The focus for Phase 2 will be to test numerous lithogeochemical anomalies and alteration corridors identified in Zones 2, 3, 5 and 6. It will also continue to test the extents of Pegmatite 1 and 3 in Zone 1. The targets recently identified in Zones 3, 5 and 6 (Company news release dated January 17, 2022) are subject to the receipt of drilling permits.

The Zone 2 targets are located tens to hundreds of metres west of Pegmatite 2 that follow a structural corridor trending at approximately 035 degrees (similar to the orientation of Pegmatite 2). The local geology and lithogeochemical results demonstrate potential for the area to host multiple stacked pegmatite dykes analogous to Zone 1. Another high-level target in Zone 2 is identified as a structural corridor trending ~035 degrees terminating to the north in a large magnetic low domain coincident with a low-lying marshy area and surrounded by anomalous lithium values in bedrock as identified in earlier surveys. This speculative yet highly intriguing target will be tested early during the Phase 2 program if weather and environmental conditions permit.

The Zone 3 targets include southern extensions of the Zone 1 targets and stem from the Tanco exploration model developed for the emplacement of Pegmatites 1 and 3. Lithogeochemical work conducted in 2021 provides support for the model that unexposed pegmatites may be emplaced within certain structural domains to the southeast. Additional targets in Zone 3, based on lithogeochemical sample results, are subject to the receipt of drilling permits applied for earlier this year.

Zone 5 and 6 Targets (see January 17, 2022 news release)

The targets within Zone 5 and 6 are developed from recent lithogeochemical surveys conducted in 2021, following the expansion of the property. The lithium, caesium and rubidium results from the recent bedrock sampling surveys are encouraging enough to advance them to a drilling stage. The Company is awaiting the receipt of exploration permits applied for earlier in the year. Zone 5 is particularly encouraging because the new bedrock anomalies are highly elevated above background levels and align very well with the structural corridor that connects Zone 1 Pegmatites to the proposed source material of the Two Mica Granite a few kilometres to the southwest.

Zone 6 is another target area with numerous promising lithogeochemical anomalies identified from the bedrock surveys. One sample from this zone returned 339 parts per million ("ppm") caesium which is strongly indicative of a sample that is in close proximity to an LCT pegmatite. It is highly anticipated that these targets have the potential to host zoned pegmatites rich in pollucite, a caesium bearing mineral because the deposit model for the project suggests the evolving trend for pegmatites is to the east and southeast.

Table 1: Summary of drill holes cored during Phase 1 of the 2022 drill program at Raleigh Lake.

To view an enhanced version of Table 1, please visit: https://orders.newsfilecorp.com/files/3232/124299_364463ac84428b60_003full.jpg

Figure 1: Location of the Phase 1 drill holes at Raleigh.

To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/3232/124299_364463ac84428b60_004full.jpg

Figure 2: Location of all drill holes in the vicinity of Pegamtite 1 and 3 within Zone 1, highlighting the pegmatite intersections. Note that RL21-04 was terminated prior to intersecting pegmatite. Pegmatite 1 and 3 remain open with depth and additional holes are proposed to test the depth extent during Phase 2 and future drill programs.

To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/3232/124299_364463ac84428b60_005full.jpg

John Wisbey, Chairman and CEO of International Lithium Corp. commented:

"It is good to get drilling back underway for the further 3,000 metres being drilled in Phase 2 after the successful drilling program in Phase 1. We had a slight delay in starting Phase 2 owing to a late winter snow melt. We will make any material announcements as and when there is something significant to announce. We are now eagerly awaiting the analysis results for our earlier drilling, and we hope to receive the remaining drilling permits soon."

International Lithium Corp. believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that respect.

Our key mission in the next decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits.

A key goal has been to become a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is now well placed in that respect with a strong net cash position.

The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:

The Company's primary strategic focus at this point is on the Raleigh Lake lithium, rubidium and caesium project in Canada and on identifying additional properties.

The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.

With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.

Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.

On behalf of the Company,

John Wisbey Chairman and CEO

For further information concerning this news release please contact +1 604-449-6520

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

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124299

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