Reliance on foreign and malign sources for critical materials is a national security risk. Though the United States is by far the largest consumer of uranium in the world, the country imports nearly 100% its uranium, much from state-owned foreign sources, strangling domestic suppliers and creating a hazardous situation for the U.S. supply chain and electrical grid. Many Americans may well know of the country's near-100% dependence on China for critical rare earth elements. However, most may not realize that America is also nearly 100% dependent on uranium imports -- Increasingly imported from entities owned by the governments of Russia, China and their allies. Like rare earth elements, uranium is designated by the U.S. government as critical to the nation's security and economic prosperity, and the Department of Interior warned, "This dependency of the United States on foreign sources [of uranium] creates a strategic vulnerability for both its economy and military to adverse foreign government action, natural disaster, and other events that can disrupt supply of these key minerals." Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) (UUUU Profile), the United States' leading domestic producer of uranium, has led the charge in efforts to warn the U.S. government about the security threats to uranium supply chain disruption, and also recently announced that it is working to help bring rare earth processing back to the U.S. by leveraging its White Mesa Mill. If the U.S. fails to act, 20% of the nation's electricity -- and 55% of its clean, carbon-free electricity -- may become hostage to malign foreign sources of uranium, and recent events show that any supply chain disruption, malicious or well-intentioned, can have a devastating impact. Major companies across all segments have recognized the importance of streamlining supply chains, including Tesla (NASDAQ: TSLA), a company that relies on rare earth elements (REEs) to power its vehicles. Reliable, low-cost sources for uranium production exist in the United States, as well as from free-market allies. Canada-based Cameco (TSX: CCO) (NYSE: CCJ) is one of the largest global providers of the uranium fuel needed to produce clean energy, and Australian BHP Group (NYSE: BHP) provides needed minerals across the globe. Headquartered in Phoenix, Arizona, leading international mining company Freeport-McMoRan (NYSE: FCX) conducts a significant mining operation in North America, specializing in copper, gold, and molybdenum. The United States and its allies have the resources and know-how to produce uranium and rare earths, and it's time to end risky market dominance by Russian and Chinese state-owned and subsidized enterprises.

Reliance on foreign and malign sources for critical materials is a national security risk. The United States is by far the largest consumer of uranium in the world, yet the country imports nearly all of its uranium from state-owned and subsidized foreign sources, squeezing domestic suppliers and putting the U.S. supply chain in jeopardy. Uranium is designated by the U.S. government as vital to the nation's security and economic prosperity, and the Department of Interior warned, "This dependency of the United States on foreign sources creates a strategic vulnerability for both its economy and military to adverse foreign government action, natural disaster, and other events that can disrupt supply of these key minerals." Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) (UUUU Profile), the United States' largest domestic producer of uranium, has led recent efforts to warn the U.S. government about the security threats to uranium supply chain disruption and the vital importance of having a sustainable domestic uranium sector. If the U.S. fails to act, 20% of the nation's electricity -- and 55% of its clean, carbon-free electricity -- may become hostage to malign foreign sources of uranium, and recent events show that any supply chain disruption, benign or intentional, can have devastating impact. Business takes supply chain security seriously, and government should too. Major logistics corporations such as XPO Logistics (NYSE: XPO) are solely devoted to providing supply chain solutions to the most successful business entities in the world. Similar attention to the nation's supply of uranium must be addressed to ensure the continuity of the United States' clean power supply. Reliable, low-cost sources for uranium production exist in the United States, as well as from free-market allies. Canada-based Cameco (NYSE: CCJ) (TSX: CCO) is one of the largest global providers of the uranium fuel needed to produce clean energy. UK-based Rio Tinto PLC (NYSE: RIO) produces uranium in addition to a myriad of other mineral resources, and Australian BHP Group (NYSE: BHP) provides needed minerals across the globe. The United States and its allies have the resources and know-how to produce uranium, and it's time to end dangerous market dominance by Russian and Chinese state-owned and subsidized enterprises.

Vancouver, British Columbia--(Newsfile Corp. - November 14, 2019) - announced today that it has received results from Orano Canada Inc. ("Orano Canada") for the fall 2019 diamond drilling program at the Close Lake Uranium Project ("Close Lake", or the "Project") located in the eastern Athabasca Basin area of northern Saskatchewan, Canada. Close Lake is situated between the Cigar Lake and McArthur River mines, the two highest-grade uranium mines in the world.