Together with $41.8 million previously paid by enCore, net proceeds from the Note total $64.2 million

LAKEWOOD, Colo., Nov. 13, 2023 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that, on November 9, 2023, it sold to MMCAP International Inc. SPC ("MMCAP") the remaining unpaid balance of $20 million owed under the Secured Convertible Note (the "Note") issued to the Company by enCore Energy Corp. ("enCore") as partial consideration for enCore's purchase of the Alta Mesa In-Situ Recovery Project (the "Alta Mesa Sale"), as previously announced on February 15, 2023, for total consideration of $21 million plus $1.5 million in unpaid accrued interest, less a sales commission of $100,000 paid to a third-party broker. As disclosed in the Company's Form 10-Q for the quarter ended September 30, 2023, enCore previously paid $40 million toward the $60 million principal Note balance and $1.8 million of interest to the Company in partial fulfillment of its obligations under the Note. As a result of enCore's earlier paydown and the $22.4 million received in connection with the Note's sale, the Company has now received payment in full for the Alta Mesa Sale, and no further consideration is owed in connection therewith. All references to dollar amounts in this press release are references to US$.