Energy Fuels signs MOU with POSCO International

Energy Fuels (UUUU) announced the signing of a strategic Memorandum of Understanding with South Korea-based POSCO International that sets out the principal terms of a collaboration that, if successful, has the potential to create a new non-China REE supply chain for electric vehicle and hybrid EV drivetrains for U.S., E.U., Japanese and South Korean auto-makers. Initial qualification samples of Energy Fuels’ neodymium-praseodymium oxide, produced at its White Mesa Mill in Utah, have already met all of POSCO’s applicable specifications. Under the MOU, Energy Fuels will supply a larger scale sample of NdPr oxide to POSCO, which will be processed into NdPr metal, alloy and finished high-performance permanent REE magnets to qualify the Company’s NdPr oxide for use in POSCO’s traction motor cores. In addition, Energy Fuels will receive final magnet and sintered block samples to demonstrate successful production of high-performance magnets from its NdPr oxide. Upon successful validation of the initial sample supply of NdPr Oxide, Energy Fuels and POSCO will discuss the potential delivery of additional mass production supply volumes of NdPr oxide later this year for permanent REE magnet production, which will be enough to power 30,000+ EVs, which could be available to consumers later this year. In addition, following the completion of validation and other requirements under the MOU, the parties have indicated their intention to discuss the potential for Energy Fuels to supply U.S.-produced REE oxides to POSCO on a long-term basis, while leaving significant volumes available for other customers, including commercial-scale REE metallization, alloying, and magnet production initiatives, currently being constructed in the U.S.