Rim Mine

Overview

Highlights

• Rim Mine is located in the Uravan Mineral Belt 15 miles northeast of Montecello, Utah and approximately 62 road miles from the White Mesa Mill
• Currently has 26 unpatented lode mineral claims, a private lease, and a State Mineal Lease totalling about 1,100 acres
• High vanadium-to-uranium ration at 9.25:1
• The mine has operated historically on a periodic basis starting in the mid-1960s
• Mining recommenced in 2008 by Denison Mines, but as a result of declining uranium prices, was placed on standby in late 2010
• Energy Fuels acquired the property in 2012 and it has since been on care and maintenance, such that it can be restarted with relatively little permitting or development costs
• The mine can be turned on relatively quickly as surface infrastructure, portals, declines and underground workings are in plac.

Exploration Potential

At the Rim Mine, 15 combined conventional rotary and core holes totaling 11,395 feet of drilling was completed in 2023. These holes were designed to confirm grades and thicknesses of uranium and vanadium mineralization in drill holes that had been completed at the project by previous owners of the property and to evaluate projected extensions of the known mineralized zones into previously untested areas.

Information obtained from the drilling program have provided additional information as to potential extensions of known mineralization onto properties that were recently acquired by the Company. 2024 exploration activities include an initial 8 line-kms of orientation seismic surveys over the known uranium mineralization. Results from the geophysical surveys, sedimentological mapping and historic exploration data are expected to be integrated to define new exploration targets for subsequent drill testing in Q4.