Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2022. The Company's quarterly report on Form 10-Q 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. Highlights: Read More >>

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Uranium demonstrated that despite disruptions and even a global pandemic, it is still one of the best-performing commodities in the resource industry, according to leading strategists. With the current demand for the valuable mineral outreaching present supply, the world is seeing a bullish uranium market like never before.

The biggest uranium producers in Canada, Australia, Kazakhstan, and Namibia saw mine closures and production cuts in 2020, leading to a 13-million-pound decline but significantly higher prices for the mineral. With mining operations slowly coming back online, US and Western-centric uranium companies leverage a chance to get a head start on the international competition and bullish market conditions that are hard to ignore.

Energy Fuels Inc. (NYSE:UUUU) is the largest producer of uranium in the US, owns more US capacity, and holds the biggest in-ground uranium resource portfolio of any producer or near-producer.

Energy Fuels is the only uranium producer with both conventional production and In Situ Recovery (ISR) in the US. Its standalone White Mesa Mill is the only conventional uranium mill in the country and leverages early-mover advantages in current production, scalability, capacity and regional dominance. In 2019, the White Mesa Mill became the number one producer of vanadium in the US, with production levels reaching 1.9 million pounds at 99.7 percent high-purity vanadium. And, in 2021, the White Mesa Mill began commercial production of an intermediate rare earth product at a stage more advanced than any other US company.

The mill boasts strategic positioning near highly prospective conventional uranium projects owned by Energy Fuels and other miners. This portfolio includes the La Sal and Henry Mountain/Bullfrog projects in Utah, the Roca Honda project in New Mexico and the Sheep Mountain project in Wyoming. All projects host substantial uranium mineralization and mining-friendly conditions.

The company’s main short-term conventional operation is the Pinyon Plain mine in Arizona. This high-grade uranium production asset could become the lowest-cost uranium mine in the U.S., leveraging advanced stage positioning. The asset is currently licensed, developed and being held on stand-by and well maintained by Energy Fuels in preparation for improving markets.

Additionally, Energy Fuels has two high-quality licensed and developed ISR production operations in its robust asset portfolio. The Alta Mesa ISR project in Texas hosts significant resources and exploration potential across 200,000 acres and the Nichols Ranch ISR project in Wyoming leverages 34 licensed wellfields, which advantageously benefits its long-term production profile. Both projects are on standby in anticipation of improving market conditions.

Energy Fuels offers excellent leverage to rising uranium prices and is well-positioned to capitalize on the growing need for additional domestic and global uranium supplies. The company also expects to earn additional revenues through third-party recycling and toll processing, production of other valuable minerals (including rare earths and vanadium), and other business opportunities at its White Mesa Mill.

In 2021, the company added Rare Earth Elements (REE) to its robust portfolio of critical metal production in efforts to transform the company into “America’s Critical Mineral Hub,” as described by Energy Fuels president and CEO Mark S. Chalmers. The future plans for the company include focusing on significant uranium production at the White Mesa Mill while also developing a complementary, fully integrated REE business.

“While we are obviously extremely excited about the potential for rare earths, our core business remains uranium production, and by almost any metric, including a successful track record of past and current uranium production, experience in both ISR and conventional uranium mining, existing licensed and constructed processing capacity, U.S.-origin inventory, recycling capabilities, and the like, Energy Fuels is clearly the leading U.S. uranium company as well. We are particularly excited by actions the Biden Administration is taking to address climate change and support nuclear energy,” commented Chalmers.

Energy Fuels Inc. has an impressive management team consisting of resource development, finance and M&A heavyweights. With over a century of combined experience in related fields, this leadership primes the company for economic success and exciting uranium production expansion.

The White Mesa Mill is strategically located in southeast Utah, central to high grade uranium and vanadium mines in the United States. The mill is the only fully licensed and operating conventional uranium mill in the United States and operates extensive controls to ensure air, water, wildlife and environmental sustainability. The White Mesa Mill just began production of an intermediate rare earth product (mixed rare earth carbonate) and also has the capability of producing a high-purity vanadium product.

Since 2013, the mill has produced over six million pounds of uranium, reaching highs of 917,000 pounds of uranium in 2018. The asset has a licensed capacity to produce over eight million pounds of uranium per year. Although the mill has an ideal positioning to generate revenue through third-party toll milling, recycling low-cost alternate feed materials and participating in the cleanup of historic uranium mines in the region.

White Mesa Mill provides the company with a multitude of business opportunities, including the production of uranium, rare earths and vanadium. The mill gives Energy Fuels an early-mover domination in the uranium space as one of only two operating conventional uranium mills in North America.

The flagship Alta Mesa ISR Mine & Plant, located in South Texas, is a proven low-cost uranium producer, well-known within the US nuclear industry. The project is a fully licensed and constructed ISR asset that sits on over 200,000 acres of private land. Energy Fuels owns 100 percent of the project.

Between 2005 and 2013, the facility produced about 4.6 million pounds of uranium, including over one million pounds in two of those years. Its total operating capacity stands at 1.5 pounds of uranium per year. Additionally, the current measured and indicated mineral resources report 3.6 million pounds of uranium at averaged grades of 0.111 percent uranium with 16.8 million pounds of inferred mineral resources at average grades of 0.121 percent uranium. The large private land position contains highly prospective ground for future exploration and resource expansion.

Energy Fuels currently has Alta Mesa in a state of readiness and maintenance to resume production following market conditions.

The Nichols Ranch ISR project is located in the prolific Powder River Basin of Wyoming. Energy Fuels acquired this key production asset in 2015 through its acquisition of Uranerz Energy Corporation.

In 2017, Energy Fuels produced about 366,000 pounds of uranium at Nichols Ranch and produced over 140,000 pounds of uranium the year later. The company currently has an additional 34 wellfields permitted for future production as market conditions warrant, ensuring a long-term production profile.

The following steps for Nichols Ranch include increasing its production and advancing yield potential from the facility’s current licensed capacity of two million pounds of uranium per year. The project hosts significant expansion potential and has extensive controls in place to ensure environmental and wildlife protection.

The Pinyon Plain mine in Arizona is a licensed and substantially developed uranium mine that hosts the highest grade permitted mineralization in the US. The mine is currently on standby awaiting improved prices, and its surface infrastructure and production shaft are completed. Energy Fuels owns 100 percent of the asset.

The mine hosts measured and indicated uranium resources at 2.43 million pounds at average grades of 0.88 percent uranium. The company intends to ship ore produced from the mine to its White Mesa Mill for processing. Pinyon Plain also has the potential to become a significant copper producer with measured and indicated copper resources of 11.94 million pounds at average grades of 5.93 percent copper.

The asset could become the lowest-cost uranium mine in the U.S. The asset currently is on stand-by.

The Henry Mountains complex is a contiguous group of uranium properties, including the Tony M and Southwest deposit and the Copper Bench and the Indian Bench (Bullfrog) deposits in Utah. Its NI 43-101 technical report shows approximately 2.5 million tons of indicated resources with an average grade of 0.27 percent uranium and approximately 1.61 million tons of inferred resources with an average grade of 0.25 percent uranium.

The fully-permitted and developed Tony M portion of the Henry Mountains complex is currently on standby, with the high-grade Bullfrog deposit preparing for permitting. Energy Fuels estimates Henry Mountain could produce up to 1.5 million pounds of uranium per year as a strategic asset near the company’s White Mesa Mill.

The La Sal complex is a fully permitted and developed series of mines, including four uranium and vanadium mines (La Sal, Beaver, Energy Queen and Pandora) connected by an extensive network of underground workings. The complex is located in the La Sal mining district, Utah along the La Sal trend, which runs east to west for about 20 miles. Energy Fuels owns 100 percent of La Sal.

Past exploration on the asset includes production in early 2013 and test mining in 2019, revealing high-grade uranium and vanadium. La Sal hosts measured and indicated mineral resources hovering 4.1 million pounds of uranium and 21.5 million pounds of vanadium at average grades of 0.18 percent uranium and 0.94 percent vanadium.

Moving forward, Energy Fuels plans to continue with its readiness activities and expects to complete a surface and underground drilling program at the La Sal complex to potentially expand the known uranium and vanadium resources in a future resource report.

The Sheep Mountain project is a fully-permitted conventional uranium mine located approximately eight miles south of Jeffrey City, Wyoming, on a land package totaling 4,475 acres. The project includes the Congo pit, a proposed open-pit development and the existing Sheep Mountain underground mine.

The Sheep Mountain mine is a formerly producing conventional uranium mine with the potential to become a long-term uranium production center at higher uranium prices. The project has a resource estimate of approximately 12.9 million tons of measured and indicated resources at an average grade of 0.12 percent uranium, including 18.4 million pounds of reserves.

Energy Fuels has already strategically acquired its final Environmental Impact Statement (EIS) and Record of Decision (ROD) for the Sheep Mountain project, which was the last major government approval required to begin mining at this site. Energy Fuels plans to redevelop Sheep Mountain using conventional underground and open-pit mining methods with uranium produced in a new heap leach extraction process. The pre-feasibility study estimates Sheep Mountain can produce up to 1.5 million pounds of uranium annually over its 15-year lifespan.

The Roca Honda project is located in northwest New Mexico within trucking distance of Energy Fuels’ White Mesa mill. Honda is one of the largest and highest-grade development-stage uranium projects in the US. Energy Fuels owns 100 percent of the project.

The project hosts 1.51 million tons of measured and indicated resources, with an average grade of 0.48 percent uranium containing 14.56 million pounds of uranium and an additional 1.20 million tons of inferred mineral resources with an average grade of 0.47 percent uranium containing 11.21 million pounds of uranium. Roca Honda has strategic positioning adjacent to General Atomics’ Mount Taylor mine and could see similarly successful yield as its geographic neighbor.

Energy Fuels is currently working towards advanced stages of permitting for Roca Honda and could see up to 2.7 million pounds of annual uranium production for the project over a nine-year mine life.

Mark Chalmers brings an extensive background in both the U.S. and global uranium mining and processing industries to Energy Fuels. From 2011 to 2015, he served as executive general manager of Production for Paladin Energy Ltd., a uranium producer with assets in Australia and Africa, including the Langer Heinrich and Kayelekera mines, where he oversaw sustained, significant increases in production while reducing operating costs.

Chalmers also possesses extensive experience in ISR uranium production, including management of the Beverley Uranium Mine owned by General Atomics in Australia and the Highland mine owned by Cameco Corporation. Chalmers has consulted with several of the largest players in the uranium supply sector, including BHP Billiton, Rio Tinto and Marubeni and currently serves as the Chair of the Australian Uranium Council, a position he has held since 2007.

David Frydenlund’s expertise extends to NRC, EPA, State and Federal regulatory and environmental laws and regulations. From 1997 to 2012, Frydenlund was VP of Regulatory Affairs, counsel and corporate secretary of Denison Mines Corp. and its predecessor International Uranium Corporation and was also a director of IUC from 1997 to 2006. From 1996 to 1997, Frydenlund was a VP of the Lundin Group of international public mining and oil and gas companies. Before, he was a partner with the Vancouver law firm of Ladner Downs, where his practice focused on corporate, securities and international mining transactions law. He was also an adjunct professor, corporate law, at the University of British Columbia Faculty of Law from 1990 to1994.

Curtis Moore is in charge of product marketing for Energy Fuels and is closely involved in mergers and acquisitions, investor relations, public relations, and corporate law. He has been with Energy Fuels for over 14 years, holding various roles of increasing responsibility. Prior, Moore worked in multi-family real estate development, government relations and public affairs, production homebuilding and private law practice. He is a licensed attorney in the State of Colorado.

Energy Fuels reported 2022-2Q results in line with expectations, absent mark-to-market losses. The company reported a loss of $18.1 million or $0.11 per share. However, that included a $13.4 million negative mark to market of the value of investments. Absent that charge, adjusted net income would have been a loss of $4.7 million, or $0.03 per share, vs. our forecast for a loss of $8.6 million, or $0.06 per share. Vanadium and Rare Earth Element (RRE) sales are modest but poised to expand. The company sold 575,000 lbs. of vanadium, almost twice our forecast at an average price of $13.44/lb. Pricing has dropped so the company has discontinued sales. UUUU sold 205 tonnes of RRE, in line with expectations and pricing. Energy Fuels continues to make strides towards assuring RRE supply and developing circuits to separate heavy and light RRE at its White Mesa facilities. 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 June 30, 2022 . The Company's quarterly report on Form 10-Q 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.

"Energy Fuels continues to make progress on all fronts of our uranium, rare earth, vanadium and medical isotope businesses. Uranium markets have been volatile but remain strong. We continue to believe the short and long-term fundamentals for uranium continue to point to higher pricing. We are extremely pleased to announce the execution of three long-term contracts with U.S. nuclear utilities. With up to 4.2 million pounds of uranium deliveries between 2023 and 2030, at attractive pricing and other terms, these contracts will help underpin Energy Fuels' uranium business for many years to come. We are also beginning to perform the work needed to recommence production at one or more of our uranium mines. The Company's substantial existing uranium inventories are expected to provide sufficient uranium for the early years of the contract deliveries. However, we expect to be in production at one or more of our uranium mines in the next two years. Our substantial inventories will also allow Energy Fuels the potential to offer significant quantities of uranium to the new U.S. Uranium Reserve. During the second half of 2022, we expect to shift back to processing stockpiled ores for uranium production, and we expect to produce 100,000 to 120,000 pounds of uranium in 2022.

"We sold some of our substantial vanadium inventories during the first half of 2022, as prices rose during the quarter. However, in recent weeks, vanadium prices have dropped back. Therefore, we stopped our sales. Nonetheless, during the first half of 2022, we sold about 575,000 pounds of V 2 O 5 , contained in ferrovanadium, at an average net price of $13.44 per pound V 2 O 5 . Our vanadium inventory was carried on our balance sheet at $6.09 per pound V 2 O 5 , so we have been able to capture some gross margin on these sales. Plus, we still have another 1.05 million pounds of V 2 O 5 in inventory that we can sell into future market strength.

"Energy Fuels' rare earth initiative continues to proceed extremely well, and we believe we are making more progress, faster, than any other U.S. company. Last year, we began production of a high-purity mixed rare earth carbonate that is ready for separation. No other company in the U.S. is commercially producing a product as advanced as Energy Fuels. In March 2022 , 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 produced a very high-purity rare earth carbonate, with most of the lanthanum removed, that contains about 32% - 34% NdPr. We also performed pilot-scale rare earth separation in the Mill's laboratory, where we produced about two kilograms of high-purity NdPr oxide per day. We expect to resume rare earth processing later in 2022, when we receive additional shipments of monazite sand from Chemours. 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.

"Finally, our medical isotope initiative is also advancing nicely. As previously announced, we are evaluating the recovery of radioisotopes from our existing uranium and rare earth process streams at the White Mesa Mill that could potentially be used in emerging targeted alpha therapy (" TAT ") cancer therapeutics. We look forward to providing more information on this initiative in the coming months.

"Lastly, I would like to welcome Tom Brock and John Uhrie to Energy Fuels' management team. I believe Energy Fuels is making the leap to large-scale production of uranium and rare earth elements in the coming years. Therefore, we are extremely pleased to add these two individuals to our management team, both of whom have extensive experience in managing operating natural resource companies."

Webcast at 4:00 pm EDT on August 9, 2022 :

Energy Fuels will be hosting a video webcast on August 9, 2022 at 4:00 pm EDT ( 2:00 pm MDT ) to discuss its Q2-2022 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 536175#. The recording will be available until August 23, 2022 .

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At June 30, 2022, the Company had $134.1 million of working capital, including $98.1 million of cash and cash equivalents and marketable securities and $28.6 million of inventory, including approximately 692,000 pounds of uranium and 1.05 million pounds of high-purity vanadium, both in the form of immediately marketable product. The current spot price of U 3 O 8 , according to TradeTech, is $48.75 per pound, and the current mid-point spot price of V 2 O 5 , according to Metal Bulletin, is $8.00 per pound. Based on those spot prices, the Company's uranium and vanadium inventories have a current market value of $33.7 million and $8.4 million, respectively, totaling $42.1 million. The Company also holds RE Carbonate inventory with a current value of $1.8 million , for total product inventory of $43.9 million at current commodity prices.

During the quarter ended June 30, 2022, the Company incurred a net loss of $18.1 million, compared to a net loss of $10.8 million for the second quarter of 2021, and a net loss of $32.8 million for the six months ended June 30, 2022 compared to a net loss of $21.7 million during the first six months of 2021. The increased net losses in 2022 are due primarily to a non-cash mark-to-market decrease in the value of investments accounted for at fair value of $13.4 million for the second quarter of 2022 and $16.8 million for the six months ended June 30, 2022 . The Company has seen improvement in the value of these investments accounted for at fair value subsequent to quarter end.

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. Having recently secured three long-term uranium contracts with major U.S. utilities, the Company is beginning to perform the work needed to recommence production at one or more of its mines and in-situ recovery (" ISR ") facilities, starting as soon as 2023. Until such time when the Company has ramped back up to commercial uranium production, it can rely on its significant uranium inventories to fulfill its new contract requirements. The Company also continues to evaluate selling a portion of its inventories on the spot market in response to future upside price volatility, into the newly created U.S. Uranium Reserve Program, or for delivery into additional long-term supply contracts if procured. During the first half of 2022, the Company also began selling a portion of its vanadium inventory into then 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 without reliance on current uranium sales prices. The Company is also seeking new sources of natural monazite sands (in addition to the proposed acquisition of the Bahia Project) for its emerging REE business, is evaluating the potential to recover radioisotopes for use in the development of TAT medical isotopes for the treatment of cancer, and continues its support of U.S. governmental activities to assist the U.S. uranium mining industry, including the new U.S. Uranium Reserve Program and other efforts to restore domestic nuclear fuel capabilities.

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 sold some of its existing vanadium inventory into recent strong markets and is evaluating the potential to recommence vanadium production in 2023 or later years as market conditions may warrant for future sale and to replace sold inventory.

The Company has secured three new long-term sales contracts with U.S. nuclear utilities and is continuing to strategically pursue additional 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 uranium sales and procure additional 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 a portion of its inventory on the spot market, to the U.S. Uranium Reserve, or pursuant to term contracts in 2022.

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

During the six months ended June 30, 2022 , the Mill did not package any material quantities of U 3 O 8, focusing instead on developing its REE recovery business. During the six months ended June 30, 2022 , the Mill produced approximately 205 tonnes of RE Carbonate, containing approximately 95 tonnes of TREO. The Mill recovered small quantities of uranium during the Quarter, 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 during 2022. 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 natural monazite sands (in addition to the Bahia Project) 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 North American conversion facilities and at the Mill, the Company has approximately 300,000 pounds of U 3 O 8 contained in stockpiled Alternate Feed Materials and other ore inventory at the Mill that can be recovered relatively quickly in the future, as general market conditions may warrant (totaling about 992,000 pounds of U 3 O 8 of total uranium inventory). The Company is also seeking to acquire additional ore inventory from third party mine cleanup activities that can be recovered relatively quickly in the future.

The Company currently holds 1.05 million pounds of V 2 O 5 in inventory, and there remains an estimated 1.0 to 3.0 million pounds of additional solubilized recoverable V 2 O 5 remaining in tailings solutions awaiting future recovery, as market conditions may warrant.

During the six months ended June 30, 2022 , standby and environmental compliance activities continued at the fully permitted and substantially developed Pinyon Plain Project (uranium and, potentially, copper) and the 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 expansion of the U.S. Uranium Reserve Program.

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 Whirlwind Project, which came out of temporary cessation during the Quarter, and the Sheep Mountain 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 these projects serve as important pipeline assets for the Company's future conventional production capabilities, as market conditions may warrant.

During the six months ended June 30, 2022 , the Company entered into three uranium sale and purchase agreements with major U.S. utilities, constituting its first new long-term supply contracts since 2018. Having observed a marked uptick in interest from nuclear utilities seeking long-term uranium supply, the Company remains actively engaged in pursuing additional selective long-term uranium sales contracts.

The Company submitted a bid to sell a portion of its existing uranium inventory into the U.S. Uranium Reserve at pricing that provides an appropriate rate of return to the Company. There are no guarantees that the U.S. government will buy all, or any, of the uranium the Company offers for sale.

As a result of strengthening vanadium markets, during the six months ended June 30, 2022 , the Company sold approximately 575,000 pounds of V 2 O 5 (as FeV) at a gross weighted average price of $13.44 per pound of V 2 O 5 . 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 expects to sell to a diverse group of customers in order to maximize revenues and profits. The vanadium produced in the 2018/19 pond return campaign was a high-purity vanadium product of 99.6%-99.7% V 2 O 5 . The Company believes there may be opportunities to sell certain quantities of this high-purity material at a premium to reported spot prices. 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 its RE Carbonate produced to-date to Neo's Silmet facility in Estonia , where it is currently being fed into their separation process. All RE Carbonate produced at the Mill in 2022 is expected to be sold to Neo for separation at Silmet. Until such time as the Company expects to permit and construct its own separation circuits at the Mill, production in future years is expected to be sold to Neo for separation at Silmet and, potentially, to other REE separation facilities outside the U.S. To the extent not sold, the Company expects to stockpile mixed RE Carbonate at the Mill for future separation and other downstream REE processing at the Mill or elsewhere. During the quarter ended June 30, 2022 , the Company sold approximately 18,000 kilograms of TREO at an average price of $25.35 per kilogram of TREO.

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 underutilized capacity production costs applicable to RE Carbonate and 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.

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 be awarded any sales under the U.S. Uranium Reserve; 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 Uranium Reserve; any expectation as to future uranium, vanadium, RE Carbonate or REE market fundamentals or sales; any expectation as to recommencement of production at any of the Company's uranium mines or the timing thereof; 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; any expectation as to the ability of the Company to secure any new sources of Alternate Feed Materials or other processing opportunities at the Mill; any expectation as to timelines for the permitting and development of projects; any expectation as to longer term fundamentals in the market and price projections; any expectation 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 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, including the timing of any such initiatives and the expected production capacity or capital and operating costs associated with any such production capabilities; any expectation that the Company will restore U.S. rare earth separation capabilities in the coming years; 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 any 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 will close the acquisition of the Bahia Project as scheduled or at all; any expectation that the Bahia Project has the potential to feed the Mill with REE and uranium-bearing monazite sand for decades; any expectation that the Company will complete comprehensive sonic drilling and geophysical mapping at the Bahia Project or complete an Initial Assessment under SK-1300 (U.S.) and a Preliminary Economic Assessment under NI 43-101 ( Canada ) during Q4-2022 or Q1-2023, or otherwise; any expectation that the Company's evaluation of thorium and radium recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any thorium and radium recovered at the Mill will be feasible; any expectation that any thorium, radium and other isotopes can be recovered at the Mill and sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts, or that such contracts may help underpin the Company's uranium business for many years to come; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities; any expectation that any existing or potential future uranium sales contracts will be at prices and quantities that provide an appropriate rate of return or sustain production and cover corporate overhead; any expectation that the value of the Company's investments accounted for at fair value may improve in future periods; 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; 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 radium or other radioisotopes 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 Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), the leading uranium producer in the United States, announces the results of the election of directors at its annual meeting of shareholders (the "Meeting") held virtually on May 25, 2022. The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows: Read More >>

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Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") the leading uranium producer in the United States, announces the results of the election of directors at its annual meeting of shareholders (the " Meeting ") held virtually on May 25, 2022 .

The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows:

About Energy Fuels : 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 rare earth element (" 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, and has the ability to recycle alternate feed materials from third parties, to produce vanadium when market conditions warrant, and to produce REE carbonate from various uranium-bearing ores. Energy Fuels is also evaluating the potential to recover medical isotopes for use in targeted alpha therapy cancer treatments. 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 SK-1300/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 .

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milling plant is possible, although we do not view that as a near-term project. Energy Fuels will pay $27.5 million for the concessions, an amount easily funded with its $106 million of cash and marketable securities. Management believes the project could supply 3,000-10,000 per year of monazite containing 1,500-5,000 of total rare earth oxides (TREO). The company had previously stated a goal of eventually producing 10,000 tons of REE annually, implying processing 20,000-25,000 tons of monazite. To date, production ramp up has been hampered by an inability to secure sufficient monazite sand. If management is correct about the potential of the Brazil project, it could represent 25-50% of supply at full production (which we model to be in 2026). As such, the agreement represents a significant step in locking up supply. We expect the company to continue to look to sign additional supply agreements. Read More >>

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ValOre Metals Corporation ("ValOre", or the "Company") (TSX-V: VO, OTC: KVLQF, Frankfurt: KEQ) today announced the closing of the non-brokered private placement financing (the "Offering") disclosed on August 19, 2022. ValOre issued 7,440,000 units ("Units") at a price of $0.40 per Unit for gross proceeds of $2,976,000. Each Unit will consist of one common share (a " Share ") in the capital of ValOre and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant being a " Warrant "). Each Warrant will be exercisable to acquire one Share at a price of CDN$0.60 per Share for a period of 24 months, expiring August 30, 2024.

ValOre intends to use the net proceeds raised from the Offering for additional exploration work on ValOre's Angilak Property uranium project in Nunavut Territory, Canada and the Company's Pedra Branca palladium platinum project in Brazil, as well as for general working capital.

All securities issued under this placement are subject to TSXV and securities regulatory legends expiring on December 31, 2022. Finders' fees of $3,840 and 9,600 Warrants were issued to various finders under the Placement. The finders' warrants have the same terms and conditions as the Warrants issued to the subscribers under the Placement.

Certain insiders of ValOre acquired Units in the Offering. Any participation by insiders in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") . However, the Company expects such insider participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would not exceed 25% of the Company's market capitalization. There are no material facts or material changes regarding the Company that have not been generally disclosed.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

On behalf of the Board of Directors,

James R. Paterson, Chairman and CEO

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca

Neither the 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

This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

NEITHER 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.

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Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") has announced that it has obtained a final receipt for the final base shelf prospectus (the "Base Shelf Prospectus") it filed with the securities regulatory authorities in each of the provinces and territories of Canada.

The Base Shelf Prospectus allows the Company to qualify the distribution by way of prospectus of common shares, warrants, units and subscription receipts (all of the foregoing, collectively, the "Securities") or any combination thereof for aggregate gross proceeds of up to $15 million during the 25-month period that the Base Shelf Prospectus remains effective. The specific terms of any offering of Securities will be set forth in a prospectus supplement to the Base Shelf Prospectus, which will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.

"Factors affecting the uranium fuel cycle and the global capital markets have been changing quickly. This base shelf prospectus provides Purepoint additional financial flexibility and efficient access to institutional capital so we can rapidly close on fundraisings when access to capital is available at reasonable terms", said Chris Frostad, President & CEO of Purepoint.

The Company has not entered into any agreements or arrangements to offer or authorize the sale of any Securities at this time.

In connection with the filing of the Base Shelf Prospectus filing, the Company has re-filed a technical report entitled "Technical Report on the Hook Lake Uranium Project Northern Saskatchewan, Canada" dated August 8, 2022 which amended the original technical report dated April 19, 2022 (the "Amended Technical Report"). A copy of the Base Shelf Prospectus and the Amended Technical Report can be found under the Company's profile at www.sedar.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 175,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.

For more information, please contact:

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

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135326

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Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the "Company") is pleased to announce that it has retained PI Financial Corp. (" PI ") to provide market making services in accordance with TSX Venture Exchange policies.

PI will trade the securities of the Company on the TSX-V for the purposes of maintaining an orderly market. In consideration of the services provided by PI, the Company will pay PI a monthly cash fee of $4,000 for minimum term of three months and renewable thereafter.  The Company and PI are unrelated and unaffiliated entities.  PI will not receive shares or options as compensation and does not hold any shares in the Company for long term investment purposes for the benefit of PI Financial.  The capital used for market making will be provided by PI.

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

______________________________________ Nikolaos Cacos , President, CEO and Director

Neither 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.

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SOURCE Blue Sky Uranium Corp.

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Skyharbou r Resources Ltd . (TSX-V: SYH ) (OTC QB : SYHBF ) (Frankfurt: SC1P ) (the " Company ") announces that it has closed a non-brokered private placement financing for total gross proceeds of CAD $3,500,319.84 (the "Private Placement"). The Private Placement was subscribed for by two strategic institutional investors.

Skyharbour has allotted and issued 7,292,333 units (the "Units") at a price of CAD $0.48 per Unit. Each Unit is comprised of one flow-through common share and one-half of one warrant (each whole, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow through common share for a period of three (3) years at a price of CAD $0.65 per share.

In addition, the Company has paid finder's fees of $50,016 and issued 104,200 finder's warrants (the "Finder's Warrants") to an arm's-length party. Each Finder's Warrant is exercisable into one common share for a period of up to three (3) years at a price of CAD $0.48.

The Company intends to use the proceeds from this Private Placement for exploration and upcoming drilling programs. The Private Placement is subject to final TSX Venture Exchange approval and all securities issued are subject to a four-month-and-one-day hold period.

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour is actively advancing these projects through exploration and drill programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .

"Jordan Trimble" Jordan Trimble President and CEO

For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

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Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drilling results from its maiden exploration drilling program on the 100% owned Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2).

The drilling program, which tested regional targets across the Project, identified elevated radioactivity in multiple drill holes within favorable geological settings for high-grade, unconformity-related basement-hosted deposits typical of the Athabasca Basin.

Results included near-surface intersections of elevated radioactivity (measured in counts per second or "cps"), between 20 and 150 metres below surface, within prospective graphitic units associated with favourable structure and hydrothermal alteration.

" This exploration drilling program represents our first pass testing Murmac for high-grade uranium deposits. The initial results demonstrate we are exploring fertile corridors for these deposits, and importantly, the intersections of elevated radioactivity within a number of drill holes indicate potential proximity to high-grade uranium mineralization. The Project has significant scale with over 30 kilometres of prospective graphitic rocks, and we see potential to make new discoveries through the follow-up of these results and testing of numerous other targets on the Project." commented Eric Bort, Exploration Manager for Fortune Bay.

Dale Verran , CEO for Fortune Bay, added " Nuclear energy is set to play a critical role in the drive toward a clean energy future, and now is the time to be exploring for uranium resources to meet the demand from the growing number of nuclear reactors globally. The Company's uranium projects present compelling exploration opportunities, with the right geological ingredients for Athabasca Basin basement-hosted uranium deposits, and proximity to local infrastructure within a historical uranium mining district in Saskatchewan ."

A total of 15 drill holes (3,168 metres) were completed at Murmac between June 16 and August 7, 2022 to test targets documented in the News Release dated June 16, 2022 along the Pitchvein, Armbruster and Howland Corridors. Drill holes targeted compelling geophysical features selected from VTEM TM (electromagnetic and magnetic) and ground gravity datasets, often associated with favourable structural settings and historical exploration results of interest. Operational efficiencies during the drilling program allowed the Company to increase the previously announced drill meterage from an estimated 2,500 metres to 3,168 metres.  Drill hole collar information is summarized in Table 1, drill hole locations are shown in Figure 3, and select drill core photographs are provided in Figure 4 and Figure 5.

Table 1: Murmac Drill Hole Summary

Notes: Coordinates are reported in UTM NAD83 Zone 12N. Azimuth is true north. Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.

In summary, the drill holes encountered highly favorable geological settings for high-grade basement-hosted deposits associated with the Athabasca Basin. This included:

A summary of elevated radioactivity (>300 cps) encountered is provided in Table 2, with descriptions of the relevant lithological, structural and alteration features. Final drill results will be announced following receipt of uranium assay, geochemical and reflectance spectrometry data.

Table 2: Summary of Elevated Radioactivity Intersected

Disseminated radioactivity along foliation and locally along fractures in graphitic pelite, below the contact with overlying quartzite. Associated with hematization, chlorite alteration, graphitic shearing and faulting.

Disseminated radioactivity in chlorite altered graphitic pelite, proximal to a graphitic fault.

Radioactivity occurs at the base of a semipelite, associated with hematitic brecciation. Significant faulting within hole associated with cross-cutting Heatherington Fault.

Disseminated radioactivity within graphitic pelite in a hematized graphitic shear / breccia zone.

Disseminated to fracture-hosted radioactivity, within a graphitic pelite characterized by patchy hematization, chloritic shears, pyrite, local quartz flooding and disseminated sericite. Bleaching and clay alteration continues below zones of radioactivity.

Drill hole located approximately 225 m SW (along strike) of mineralized intersections from historical core holes, including 1.01% U 3 O 8 over 2.0 m (56.0 to 58.0 m in drill hole CKI-9) and 2.19% U 3 O 8 over 0.5 m (68.0 to 68.5 m in drill hole CKI-10).

Radioactivity associated with vuggy texture in psammite with bleaching, hematization, chloritization and elevated pyrite content.

Disseminated and fracture-controlled radioactivity, within a locally brecciated graphitic pelite with increased sulphide content. Association with chloritic shearing.

Designed as a follow-up hole testing approx. 50 m down-dip from elevated radioactivity intersected in M22-013.

Elevated radioactivity occurs along shears and fractures. A bleached and hematized fault zone is intersected immediately below zone of radioactivity.

Notes:  Radioactivity is total gamma from drill core measured with a Super-SPEC RS-125 handheld spectrometer reported in counts per second ("cps"). The cps values are averages for the reported drill interval. The Company considers values > 300 cps to be elevated for the Project based on measurement of background lithologies. Measurements of total gamma cps are an indication of the presence of uranium, thorium and/or potassium, but may not directly correlate with chemical uranium assays. Total gamma cps results are preliminary in nature and may not be used directly to quantify uranium concentrations in the drill core samples. True thicknesses of the drill core intersections are yet to be determined. Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.

The Company also announces that at its Annual General and Special Meeting of Shareholders (the "Meeting") held on June 20, 2022 , the Company's disinterested common shareholders approved the adoption of its amended DSU Plan (the "Plan"). Under the amended Plan, the maximum number of common shares which the Company may issue from treasury in connection with the redemption of DSUs granted under the Plan has been increased from 500,000 to 1,000,000. The Plan is fully described in the Company's management information circular dated May 16, 2022 (the "Circular"). The full text of the Plan is also appended to the Information Circular as Appendix "B", a copy of which has been filed on SEDAR at sedar.com under the Company's profile.

All drilling is being carried out with NQ2 or NQ diameter. Radioactivity measured in counts per second ("cps") has been measured using a Super-SPEC RS-125 Scintillometer. The measurements reported in this News Release are the measurements over 0.1 metre core increments, which is the approximate width of the instrument sensor. Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. Background radioactivity is estimated at 200 cps, and values > 300 cps are considered to be elevated. The oriented drill cores are being subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Drill core samples will be submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Reflectance spectrometry will be undertaken on additional core samples to determine the presence of indicator clay alteration.

Unless otherwise stated, the historical results (including drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the Saskatchewan Mineral Assessment Database references 74N07-0310 and 74N07-0311.

The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Fortune Bay Corp. (TSXV:FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran" Chief Executive Officer 902-334-1919

Cautionary Statement Regarding Forward-Looking Information Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

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

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/23/c2091.html

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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce the commencement of an airborne electromagnetic (EM) and magnetic survey on its Wollaston uranium project, located 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of OranoDenison's McClean Lake Uranium Mill in the northeastern Athabasca Basin.

Ken Wheatley, Vice President, Exploration stated, "Drilling in the winter of 2022 demonstrated the uranium potential of the property with the discovery of the Gizmo zone. The airborne survey will aid with structural interpretations and precisely locate the EM conductors for identification of continuing gravity surveys. This will set the project up for investigating numerous high-priority targets with future drill programs, starting in 2023."

The Axiom Exploration Group Ltd. Is flying a Time Domain Electromagnetic survey (Xcite TDEM) and coincident magnetic survey over the whole project area (Figure 1). The lines will be completed at 100m spacing for an approximate total of 1650 line kilometres (Figure 2). Results from this survey will be available in September and will allow for the development of further drill targets on the project.

Figure 1: The Axiom Xcite TDEM airborne system in action.

To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/4908/134428_bca52816b4d49baa_003full.jpg

Figure 2: Airborne EM and Magnetic Survey over the Wollaston Project.

To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/4908/134428_bca52816b4d49baa_004full.jpg

The project is located on Highway 905, 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of Orano/Denison's McClean Lake Uranium Mill. The survey area is outlined in red. The two areas of current gravity coverage are shown, with the Gizmo showing located.

The Gizmo showing was discovered from last winters' drill program with five holes defining a very strong zone of alteration with uranium mineralization up to 0.21% U3O8 and boron (an indicator element) up to 2,200 ppm (see June 29 news release for details). A number of gravity lows are evident further to the south that have not been investigated by historic drill programs, and the EM/Magnetic survey will aid in prioritizing these targets.

Ken Wheatley, P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: https://www.forumenergymetals.com/

This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.

ON BEHALF OF THE BOARD OF DIRECTORS

Richard J. Mazur, P.Geo. President & CEO

Neither the 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.

Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134428

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