PRISM New Energy Index Company Energy Fuels (UUUU) Acquires RadTran LLC

PRISM New Energy Index company, Energy Fuels Inc. (UUUU), who is a leading company in uranium and rare earth elements (“REE”) production for the energy transition, announced the acquisition of RadTran LLC (“RadTran”) on August 16, 2024. RadTran is a private company specializing in the separation of critical radioisotopes, and this acquisition is set to advance Energy Fuels’ development and production of medical isotopes used in cancer treatments. RadTran’s expertise lies in the separation of radium-226 (“Ra-226”) and radium-228 (“Ra-228”) from uranium and thorium process streams. This strategic move is expected to significantly boost Energy Fuels’ capabilities in addressing the global shortage of essential isotopes needed for emerging targeted alpha therapies (“TAT”) in cancer treatment.

Mark Chalmers, President and CEO of Energy Fuels, stated, “This acquisition combines our unique processing capabilities at the White Mesa Mill, the only permitted and operating uranium mill in the United States, with over 40 years of chemical and metal separations experience, along with RadTran’s intellectual property and medical isotope expertise in radionuclide separation and concentration. We believe this positions Energy Fuels as a leader in this developing industry.”

As part of the acquisition, Energy Fuels will pay the owners of RadTran $1.5 million in cash, $1.5 million in Energy Fuels common shares (“Common Shares”), and grant a 2% royalty on future revenues from radium sales. Additional payments of up to $14 million in cash and Common Shares will be made based on achieving specific performance milestones, such as initial production, securing suitable offtake agreements, and reaching commercial production.

Saleem Drera, now Vice President of Radioisotopes, Radiological Systems, and Intellectual Property at Energy Fuels, expressed enthusiasm about joining the team, stating, “The White Mesa Mill’s facilities, permits, and licenses, along with Energy Fuels’ extensive experience in separating and concentrating uranium, vanadium, and rare earth elements, are ideally suited to employ RadTran’s technology. We are excited to be part of this effort to adhere to the highest standards of health, safety, and environmental protection while advancing cancer treatment technology.”