Energy Fuels’ acquisition of Base Resources approved by Australia Federal Court

Energy Fuels announced that the Federal Court of Australia has today made orders approving the proposed acquisition of Base Resources by Energy Fuels by way of a scheme of arrangement under Australia’s Corporations Act. Under the Scheme, Energy Fuels will acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD$0.065 per Base share. As a next step, a copy of the Court order will be lodged with the Australian Securities and Investments Commission and the Scheme will become effective, which is expected to occur on September 13. As a result, September 13, is expected to be Base’s last day of trading on the ASX. The Special Dividend is expected to be paid to Base shareholders on October 1 and implementation of the Scheme is expected to occur on October 2. The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur.