Toll Milling Agreement
The Toll Milling provision of the Agreement allows the Company to process conventional uranium ore from the acquired projects at Energy Fuels’ White Mesa Mill in Blanding, Utah, subject to the payment of toll milling fees and customary terms and conditions. The Agreement is for an initial period of two years with renewal provisions and contains industry-standard provisions. The Toll Milling provision is an important asset for the Company. By securing the right to mill ore at the White Mesa Mill, the Company has eliminated the need for capital expenditure financing and the onerous cost in dollars and time required to permit a new facility for conventional ore processing in the United States.