Energy Fuels acquires RadTran

Energy Fuels announces the August 16 acquisition of RadTran, a private company specializing in the separation of critical radioisotopes, to further Energy Fuels’ plans for development and production of medical isotopes used in cancer treatments. RadTran’s expertise includes separation of radium-226 and radium-228 from uranium and thorium process streams. This strategic acquisition is expected to significantly enhance Energy Fuels’ planned capabilities to address the global shortage of these essential isotopes used in emerging targeted alpha therapies for cancer treatment. Since July 2021, Energy Fuels and RadTran have been working under a Strategic Alliance Agreement to evaluate the feasibility of recovering Ra-226 and Ra-228 from existing uranium process streams at Energy Fuels’ White Mesa Mill in Utah. Under the Acquisition, the purchase price payable by Energy Fuels to the owners of RadTran consists of: on closing, $1.5M in cash, $1.5M in Energy Fuels common shares and the grant of a 2% royalty on future revenues from the sale of produced radium, as well as certain other contractual commitments; and up to an additional $14M in cash and Common Shares based on the satisfaction of a number of performance-based milestones, including achieving initial production, securing suitable offtake agreements to justify commercial production and reaching commercial production.