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Worldwide Dependence on Nuclear Energy is Expected to Increase

V.AEC, T.URE, T.DML, UEC, T.EFR News Commentary

PR Newswire

NEW YORK, June 22, 2018 /PRNewswire/ --

According to data compiled by Occams Research, the global nuclear energy market is projected to grow at a CAGR of 4% during the forecast period of 2016 to 2023. The switch to nuclear power is primarily due to depleting fossil fuel reserves and a more environmentally efficient source of power. The demand for it is mostly driven by industries and households, who are utilizing more of the alternative source of energy. By region, Asia-Pacific countries such as Russia and China, are the key producers in the industry and are expected to drive the market forward. Data published by Mordor Intelligence estimates that China is expected to become the biggest supplier. The country has planned to augment its nuclear power generation capacity from 32.4 GW in 2017 to 150 GW by 2050. Anfield Energy Inc. (OTC: ANLDF), Ur‐Energy Inc. (NYSE: URG), Denison Mines Corp. (NYSE: DNN), Uranium Energy Corp. (NYSE: UEC), Energy Fuels Inc. (NYSE: UUUU).

Recently, the United States has joined forces with Canada and Japan to promote nuclear power. Forbes reported that, the partnership is called Nuclear Innovation: Clean Energy Future (NICE Future). U.S. Deputy Energy Secretary Dan Brouillette explained, "If the world is serious about reducing emissions and growing economies, then the ministerial must consider all options when it comes to carbon-free power, including clean, reliable nuclear energy."

Anfield Energy Inc. (OTCQB: ANLDF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: AEC). On May 23 rd, the company announced that, "Stephen S. Lunsford has agreed to join the Company's Board of Directors. Mr. Lunsford has had an extensive career as a geologist in the uranium sector, spanning four decades, with his vast experience generated through his time working with entities such as Cameco Resources, Inc., American Nuclear Corp. and Power Resources, Inc. (PRI). In addition, Mr. Lunsford was involved in a feasibility study completed by PRI for Cotter with regard to Anfield's recently-acquired Charlie project in Wyoming. Overall, Mr. Lunsford's regional expertise and uranium asset knowledge will be a significant asset to Anfield.

"We are excited to have someone of Mr. Lunsford's caliber joining our board of directors," commented Anfield's CEO Corey Dias. 'His successful career spanning four decades in the uranium industry with well-known entities in the sector, such as Cameco and PRI, is impressive, and his extensive knowledge of Wyoming uranium will prove to be a great value to the Company as we move our projects forward. Moreover, his direct knowledge with regard to the Charlie project could allow Anfield to further streamline our path to production.'

Mr. Lunsford began his career with American Nuclear Corp. in 1972, where he began as a Field Geologist supervising field drilling programs for as many as seven drill rigs. He later became a Project Geologist where he organized and directed all aspects of the exploration drilling programs.

In 1987, Mr. Lunsford began work as a Project Geologist with Everest Minerals, which became PRI in 1989. In 1996, PRI was acquired by Cameco Inc., and in 2008, PRI's name was changed to Cameco Resources. During his time with Everest/PRI/Cameco, Mr. Lunsford planned and implemented delineation and exploration drilling programs and mapped subsurface roll fronts by means of drill hole geophysical logs. As Project Geologist, he generated uranium reserve/resource evaluations, created and maintained drill hole databases and planned and designed in-situ patterns. His responsibilities also included data collection and geology for generating mine permit applications.

From 2000 to 2002, Mr. Lunsford served as the senior project geologist on PRI's Smith Ranch-Highland Mine, where he evaluated the uranium reserve/resource estimation by geologic and geostatistical methods. He designed and evaluated uranium in-situ production patterns, performed prospect evaluations, and created and/or supervised maintenance of the geophysical drill hole database. He also managed production databases, tracked production and created monthly production reports. In 2002, he became Chief Geologist for the Smith Ranch-Highland Mine, where he evaluated uranium prospects and supervised uranium IST mining efforts. As Chief Geologist he functioned as the Qualified Person (QP) for purposes of NI 43-101 reports.

From 2006 until his retirement in 2013, Mr. Lunsford served as senior evaluation geologist for PRI/Cameco Resources. In this position, he generated uranium prospects internally and evaluated prospects submitted from outside sources. During this period, he continued to serve as the QP on NI 43-101 reports for PRI/Cameco. From 2013 to 2014, Mr. Lunsford was a Consulting Geologist to Tetra Tech and Anatolia Energy on the Temrezil Uranium project in Turkey. His responsibilities included reserve/resource estimation to enable definition of mineral resource boundaries and assisting in the preparation of a preliminary wellfield layout to support the development of a pre-feasibility study.

We also announce the resignation of Jim Rasmussen from the Anfield Board. We would like to thank Mr. Rasmussen for his significant contributions to the Company over the years and wish him all the best in his future endeavors."

Ur‐Energy Inc. (NYSE: URG) is a uranium mining company operating the Lost Creek in‐situ recovery uranium facility in south‐central Wyoming. For the quarter, 84,047 pounds of U3O8 were captured within the Lost Creek plant, 79,961 pounds of U3O8 were packaged in drums and 73,515 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. On March 31, 2018, inventory at the conversion facility was approximately 159,296 pounds U3O8. During the quarter, sales totaled USD 19.7 Million on 380,000 pounds at an average price of USD 51.75 per pound, which was 140% above the average spot price for the same period of USD 21.52 per pound, according to the Company. During the quarter, the second of the first three header houses in the second mine unit (MU2) at Lost Creek commenced production. The third of these houses came online in May. With the addition of MU2 production, both grades and flow levels have continued to increase. Currently, more than four and a half years into production, Lost Creek U3O8 head grade has averaged 85.7 mg/l, life‐of‐project.

Denison Mines Corp. (NYSE: DNN) is the largest undeveloped high-grade uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The Company recently announced the report assay results from the winter 2018 drilling program, for the Company's 63.3% owned Wheeler River project in northern Saskatchewan. The assay results were on average 26% higher, in terms of combined grade and thickness than the preliminary equivalent uranium ("eU3O8") results reported previously. Assay results confirmed high-grade intercepts from reconnaissance drill holes targeting the sub-Athabasca unconformity, to the northeast of Gryphon, along the K-North trend. The results showed evidence of 1.4% U3O8 over 5.5 meters, located 600 meters northeast of Gryphon, including 7.2% U3O8 over 1.0 meter in drill hole WR-704 as well as of 1.1% U3O8 over 3.0 meters, located 1-kilometer northeast of Gryphon, including 2.8% U3O8 over 1.0 meter in drill hole WR-710D1.

Uranium Energy Corp. (NYSE: UEC) is a U.S.-based uranium mining and exploration company. Uranium Energy recently announced that the Company has recently completed its previously announced Purchase Agreement with Uranerz Energy Corporation and now holds 100% of its advanced stage North Reno Creek ISR project. North Reno Creek is situated within UEC's existing permitting boundary at Reno Creek, allowing for integrated development. Additionally, it increases Reno Creek's combined Measured and Indicated resource by 20%, based upon Uranerz's previously reported NI 43-101 Measured and Indicated resource of 3.8 million tons grading 0.056% U3O8 yielding 4.3 million lbs. at North Reno Creek. UEC plans to engage a qualified person to complete the necessary work to incorporate the North Reno Creek resource estimate into the Company's Reno Creek Project and complete an updated technical report under NI 43-101

Energy Fuels Inc. (NYSE: UUUU) is a leading integrated U.S. uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. The Company recently announced that it intends to resume vanadium recovery operations in 2018, and it expects to recover significant quantities of currently dissolved vanadium from pond solutions at the Company's White Mesa Mill. Vanadium prices have risen by more than 400% over the past 24 months to about US$15 per pound V2O5. Based on extensive test work and laboratory analysis, the Company has identified significant concentrations of dissolved vanadium in pond solutions at the Mill, ranging between 1.4 and 2.0 g/L. Based on current estimates, the Company believes these pond solutions, which result from past mineral processing campaigns at the Mill, may contain over four Million pounds of recoverable vanadium. The Company has a successful recent record of recovering uranium from pond solutions from the same ponds. During 2017, the Company produced approximately 308,000 pounds of U3O8 from pond solutions, and in 2018 the Company expects to produce a further 175,000 to 215,000 pounds of U3O8 from pond solutions.

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