Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar
Toliara, Madagascar – [Date] – Energy Fuels Inc. (NYSE American: UUUU) (“Energy Fuels” or the “Company”), a leading U.S.-based uranium and critical minerals producer, is pleased to announce the execution of a Memorandum of Understanding (MOU) with the Government of Madagascar to further advance the Toliara Critical Mineral Project (“Toliara Project”) in southwestern Madagascar. This strategic partnership aims to enhance Madagascar’s role as a significant global supplier of critical minerals, vital to the green energy transition and the growing demand for battery storage technologies.
The Toliara Project, located in the Toliara region, is expected to become a key supplier of critical minerals, including rare earth elements (REEs) and other minerals essential for clean energy production, electric vehicles, and high-tech industries. The MOU establishes a framework for the continued development of the project and includes commitments to facilitate the necessary investments, regulatory approvals, and the establishment of essential infrastructure to bring the project to fruition.
Strengthening Collaboration for Economic and Environmental Sustainability
Under the terms of the MOU, both Energy Fuels and the Government of Madagascar will work closely to support the advancement of the Toliara Project, ensuring that it adheres to international environmental, social, and governance (ESG) standards. The agreement outlines joint efforts to ensure sustainable development practices, such as responsible mining, conservation of local ecosystems, and collaboration with local communities to create jobs, economic opportunities, and skills development.
Energy Fuels’ commitment to sustainable development aligns with Madagascar’s goals of leveraging its rich natural resources to stimulate economic growth, create employment, and improve infrastructure in the region while minimizing environmental impacts. The Government of Madagascar has emphasized its dedication to ensuring that the Toliara Project benefits the local population, supports national economic development, and adheres to the highest environmental standards.
Critical Minerals for Global Energy Transition
The Toliara Project is strategically positioned to capitalize on the growing global demand for critical minerals. With the increasing push for decarbonization and renewable energy technologies, the demand for rare earth elements and other strategic minerals is expected to surge. Madagascar is uniquely positioned to meet these demands, given its untapped reserves and proximity to key global markets.
Energy Fuels, known for its expertise in uranium mining and critical mineral production, is well-positioned to leverage its knowledge in the development of the Toliara Project. The Company’s experience in the safe and efficient extraction of uranium and rare earth elements will be critical in advancing this project and establishing Madagascar as a key player in the global critical minerals supply chain.
A Vision for a Sustainable Future
Energy Fuels and the Government of Madagascar share a mutual vision for developing the Toliara Project into a world-class operation that provides essential materials for the green energy transition while enhancing Madagascar’s economic and social prosperity. Both parties are committed to maximizing the environmental sustainability of the project, employing state-of-the-art technologies, and engaging with local communities to ensure that the benefits of the project are widespread and inclusive.
“By executing this MOU with the Government of Madagascar, we are taking a critical step toward realizing the full potential of the Toliara Critical Mineral Project. This agreement underscores our shared commitment to developing a responsible, sustainable supply of critical minerals to support the global transition to a clean energy future,” said Mark S. Chalmers, President and CEO of Energy Fuels. “We look forward to working closely with the Malagasy government and local communities to bring this important project to fruition.”
Looking Ahead
The next steps under the MOU will include ongoing technical studies, regulatory approvals, and the mobilization of capital to advance the project. Energy Fuels and the Government of Madagascar will also continue discussions to finalize the terms of investment and operational plans for the Toliara Project, with the goal of beginning production in the coming years.
The Toliara Critical Mineral Project represents a significant opportunity for both Energy Fuels and Madagascar, contributing to global efforts to secure reliable sources of critical minerals while driving economic development and environmental sustainability in Madagascar.
For additional information about Energy Fuels and the Toliara Project, please visit [Energy Fuels website].
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium and rare earths producer with a portfolio of operations and projects focused on critical minerals. The Company is committed to supplying essential materials needed for clean energy technologies, including uranium for nuclear energy and rare earth elements for electric vehicles and other high-tech applications. Energy Fuels is headquartered in Lakewood, Colorado.
About the Government of Madagascar
The Government of Madagascar is committed to harnessing the country’s vast natural resources to drive sustainable economic growth and improve the well-being of its people. The government prioritizes the responsible development of mining resources, ensuring that mining activities are conducted in a manner that benefits local communities and supports environmental conservation.
