Energy Industry – Exploration and Production 2021 Q1 Review and Outlook

Noble Capital Markets Energy Sector Review – April 2021

ENERGY INDUSTRY OUTLOOK

Exploration and Production: 2021-1Q Review and Outlook

Oil Prices

Oil prices continued their upward trend in the first quarter with WTI prices reaching mid-sixties in early March before closing the quarter closer to $60/bbl. Brent oil prices are trading approximately 5% above WTI prices. Improving global economic trends have improved the outlook for oil demand. OPEC, which initiated supply reductions last year, has maintained those reductions despite the improved demand outlook. Near-term, temporary events such as cold weather and the blockage of the SUEZ canal have helped keep spot prices high. The oil future curve is flat with longer-term pricing just below $60/bbl.

Meanwhile, domestic producers have been slow to react to higher oil prices. There are slightly more than half the number of active oil rigs in the United States versus this time last year (324 verses 624) and only 25% of the rigs operating at peak (1600). Note in the graph below how WTI oil prices began rising in the fall of 2020, but the rig count barely responded. International rig counts show a similar story. We are somewhat at a loss to explain the slow supply reaction to higher prices. Perhaps COVID issues are making it difficult to man the crews needed to run rigs. Perhaps producers are wary of supply bottlenecks that pushed oil prices into negative levels last fall. Perhaps producers believe OPEC will punish U.S. producers that expand when prices cross $50/bbl. by opening up supply and driving prices back down below $40/bbl. Whatever the reason, the lack of a supply response has the effect of keeping oil prices above the levels we believe would occur when supply and demand are in balance.

Natural Gas Prices

Natural gas prices followed oil prices up in January and February due to much-publicized cold fronts across the Midwest. The May contract peaked at $3.22/mcf on February 16th. However, prices fell in March when warmer weather took over. Current prices are near $2.60/mcf, close to where they began the quarter. Natural gas futures rise modestly as they stretch into the fall approaching $2.75/mcf. There were 92 gas drilling rigs in operation as of March 26th down from 102 rigs a year ago.

The recent decline in natural gas prices mirrors what can be seen in the natural gas storage numbers. Storage began the winter near full capacity but has fallen sharply in January and February due to cold weather. At current levels, storage is near 5-year averages. As we enter the end of the heating season, there is little chance that levels will move away from average levels.

Energy Stocks

Energy stocks, as measured by the XLE Energy Index, rose alongside oil prices climbing 32% during the quarter. The chart below shows that the performance of energy stocks in comparison to the S&P Composite Index.

Outlook

The rebound in oil prices came faster than expected and is staying higher than we would have expected. We have been adjusting our models to reflect higher prices but are maintaining our long-term oil price forecast of $50 per barrel and $2.50 per mcf. Energy companies should start reporting positive cash flow at these prices and increasing drilling budgets.

Our near-term outlook for energy stocks remains positive. We expect companies to report favorable results for the next few quarters. Longer-term, we have concern that oil demand will be constrained by power generation competition from renewable energy and decreased demand for gasoline and diesel due to a growth in electric vehicles. At the same time, increased supply from OPEC and continued drilling productivity will mean lower energy prices. We recommend investors stay focused on energy companies with solid balance sheets, low operating costs and protected prices.

NOBLE QUARTERLY HIGHLIGHTS

Capstone Green Energy – NasdaqGS: CGRN

Industry: Energy – Green energy; Heavy electrical equipment

Capstone Green Energy (Capstone or CGRN) is a leading producer of microturbine-based low emission energy systems. Microturbines are small combustion turbines that use a variety of fuels such as natural gas, biogas, RNG and hydrogen to generate electricity, thermal energy, and air-conditioning. Microturbines are customizable and efficient, reducing the emission of pollutants and greenhouse gases. Capstone’s microturbines are scalable, and systems range from 30 kilowatts to 10 megawatts. Capstone has shipped nearly 10,000 units to 83 countries.

1st Quarter News Highlights:

March 11, 2021: Capstone Turbine Corp. announces that it continues to expand the range of non-fossil fuels able to power its innovative microturbine based energy solutions. With the signing of a new OEM agreement with Professor Dr. Berg & Kießling GmbH (B+K), Capstone immediately received an order for the first Capstone microturbine kit under the new agreement. The Capstone microturbines will be integrated into the innovative B+K ClinX product. The ClinX product uses renewable sources instead of fossil fuels and thus prevents unnecessary CO2 emissions.

Energy Fuels, Inc. – NYSE American: UUUU

Industry: Energy – Mineral energy; Uranium; Rare earth minerals and metals

Energy Fuels is a U.S.-based uranium mining company, supplying uranium concentrate to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant. Energy Fuels owns the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (ISR) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. and has the ability to produce vanadium when market conditions warrant. Energy Fuels’ common stock trades on the NYSE American under the trading symbol “UUUU” and the Toronto Stock Exchange under the trading symbol “EFR”.

1st Quarter News Highlights:

March 9, 2021: The company announces that the first shipments of natural monazite ore arrived at the Company’s White Mesa Mill (the “Mill”) in Blanding, Utah this past weekend. This material was separated by The Chemours Company at its Offerman Mineral Sand Plant in Georgia and transported by truck to the Mill. Energy Fuels expects to gradually ramp-up production of an intermediate rare earth element (“REE”) product, called a “mixed REE carbonate.” This product will then advance to REE separation, which is the next stage in the REE value chain. Energy Fuels also expects to recover the uranium in the ore, which will be used as fuel for the generation of clean, carbon-free nuclear energy.

InPlay Oil – OTCQX: IPOOF

Industry: Energy – Oil and gas; Exploration and production

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

1st Quarter News Highlights:

March 23, 2021: InPlay Oil held a webcast for the investment community where management expressed its desire to pay down debt and invest in wells with high returns. Management expressed their belief that energy prices are in the sweet spot for the company in the low $60/BBL and believes operating and drilling costs will continue to decline with a decrease in competition.

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Noble Capital Markets Energy Newsletter Q1 2021

This newsletter was prepared and provided by Noble Capital Markets, Inc. For any questions and/or requests regarding this newsletter, please contact >Francisco Penafiel

DISCLAIMER

All statements or opinions contained herein that include the words “ we”,“ or “ are solely the responsibility of NOBLE Capital Markets, Inc and do not necessarily reflect statements or opinions expressed by any person or party affiliated with companies mentioned in this report Any opinions expressed herein are subject to change without notice All information provided herein is based on public and non public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on their own appraisal of the implications and risks of such decision This publication is intended for information purposes only and shall not constitute an offer to buy/ sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice Past performance is not indicative of future results.

Please refer to the above PDF for a complete list of disclaimers pertaining to this newsletter

Slower Output and Increasing Demand Make Uranium Investments Hot

Uranium, the heaviest naturally occurring element on Earth,  is an abundant source of concentrated energy. Unlike fossil fuels which require oxygen during burning to release heat, uranium atoms can be made to split or fission to release heat energy. And it’s potent. A thimble-sized pellet is equivalent to one ton of coal or 17,000 cubic feet of natural gas. This highly valuable – and at times controversial – commodity has been one of the hottest investments of 2021. Let’s explore why.

Uranium Consumption

About 10% of the world’s electricity is generated from uranium at nuclear reactors. It’s currently used in over 440 reactors in 30 countries with a total output capacity of about 390,000 megawatts (MWe). About 50 more reactors are under construction and over 100 are planned.

The mined metal is being used commercially for products as diverse as medicines and medical procedures, to growing and preserving foods, to industrial technologies that are considered safer and more efficient with the use of nuclear technology.

Reputation

The “darker” side of the commodity is the weapon technology that allows sudden unleashing of its harnessed power in a deadly way. Also, memories of Fukushima and Chernobyl invite some degree of skepticism when it comes to investing in uranium. However, it serves as a comfort to know that uranium is only sold to countries that are signatories of the Nuclear Non-Proliferation Treaty (NPT) and allows international inspection to verify that it is used only for peaceful purposes. When talking about nuclear energy, the two nuclear reactor leaks and weapons are usually the first thing to come to mind.  But most do also realize the extent to which these energy sources have changed our lives over the last few decades.

Increasing Demand

Demand for nuclear energy has remained strong in recent years and is growing. The growth is projected to continue as a global shift to decarbonize aims to reduce industry dependence on fossil fuels. Meanwhile, the recent closure of 2 of the largest uranium mines in the world led to sharp price hikes for the metal. Even before the closure of these two mines in Niger and Australia, 2021 began with a record supply deficit.

Uranium deposit finds in North America are beginning to satisfy the deficit. The US is currently the world’s largest producer of nuclear power, accounting for more than 30% of worldwide nuclear generation of electricity. Current political discussions are beginning to categorize nuclear energy as an ESG-friendly source as transportation and infrastructure become increasingly electric. The US, Russia, Japan, and others are now looking to leverage their existing nuclear power capacity. Each of them faces little geopolitical barriers in doing so and is continuing to negotiate their plans.

Take-Away

The last few months have been rewarding for uranium investors with substantial appreciation to relevant companies’ shares across the sector.

As regions are recovering economically from the pandemic with a renewed interest in cleaner energy and infrastructure development, experts predict that uranium supply will go through more shortages as restocking cycles will struggle to keep up with utilization rates. At the current state, many investors are optimistic about uranium-related stocks and equities as they remain relatively cheap with prospects of compelling appreciation.

About the Author:

Laila Jiwani is a freelance writer specializing in topics related to social finance and international economic trends. Currently based in Dallas, Texas, she is an Erasmus Mundus Joint Master’s Graduate and has worked for economic development organizations in the U.S., Morocco, Kenya, Pakistan and Kyrgyzstan.

Suggested Content:

One-on-One with Energy Fuels	One-on-One with enCore Energy

ESG, B Corps, and Investors	Can Mining be Green and Sustainable

Issues Driving ESG Investing	How Does Uranium Fit Into the ESG Landscape?

Sources:

https://www.world-nuclear.org/information-library/country-profiles/countries-a-f/appendices/australia-s-uranium-mines.aspx#:~:text=Under%20the%20Ranger%20Authority%2C%20ERA,rehabilitation%20over%20about%20seven%20years.

https://www.world-nuclear-news.org/Articles/Niger-uranium-mine-ends-operations-after-47-years#:~:text=Production%20at%20the%20Cominak%20uranium,produced%20more%20than%2075%2C000%20tU.&text=Cominak’s%20board%20of%20directors%20announced,to%20depletion%20of%20its%20resources.

https://www.forbes.com/sites/jamesconca/2020/05/22/where-do-we-stand-on-uranium-in-the-post-pandemic-energy-world/?sh=5f64e4187dd7

https://www.oecd-nea.org/jcms/pl_52718/uranium-2020-resources-production-and-demand?details=true https://ans.org/pi/usafestival/docs/Table4_V3.pdf

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Total Cray Valley and Gevo to further Scale Up Development of Renewable Isoamylene from Fusel Oil

ENGLEWOOD, Colo., May 03, 2021 (GLOBE NEWSWIRE) — Total Cray Valley and Gevo, Inc. (NASDAQ: GEVO) announced today the successful completion of phase 1 of their Joint Development Agreement (JDA) to upgrade fusel oils into renewable isoamylene. The companies are now seeking to advance to Phase 2 of the JDA, which will allow for scale up of Gevo’s technology at a demonstration scale.

Fusel oils, made during the production of ethanol, equate to approximately 1 million tons of bio-based feedstock. The JDA, signed in 2020, is based on Gevo’s chemical-based catalytic processes that selectively convert low-value fusel oils, a mixture of alcohols that are byproducts from fermentation processes such as ethanol or isobutanol production, into higher-value renewable chemicals such as isoprene, ketones, aldehydes, or olefins, in this case isoamylene.

Isoamylene is used in a diverse set of applications, including resins, pesticides, flavors and fragrances, pharmaceuticals, healthcare products, adhesives, antioxidants, and UV stabilizers. For Cray Valley, isoamylene is used as a raw material in resin manufacturing.

“We were very satisfied with the results of pilot tests during Phase 1. Gevo’s technology was found to be robust and flexible and the initial economic assessment shows potential for a profitable business” said Valérie Goff, Senior Vice President Polymers at Total . “This JDA between Total Cray Valley and Gevo is an excellent example of collaboration to develop the materials of the future produced from bio-based feedstock and meets a strong demand from our customers.”

“The team has achieved an important milestone with the success of Phase 1 to deliver plant based, low carbon solutions to our partner, Total Cray Valley. We look forward to continuing our track record of success at the demonstration scale,” stated Dr. Paul Bloom, Chief Technology and Innovation Officer at Gevo . Dr. Bloom continued, “This is a new way to think about decarbonization and biogenic carbon sequestration. Now this byproduct from ethanol, instead of being burned, can be converted into usable products that take CO ₂ out of the atmosphere while delivering drop-in performance in final products on the market today. For every pound of biobased isoamylene made and used in durable products like resins, it is essentially the equivalent of sequestering 2.5 pounds of biogenic CO ₂ from the atmosphere, compared to that carbon being combusted. Another example of how Gevo is advancing our focus to net zero and beyond.”

The companies are currently exploring options for scale-up and commercialization of the technology, which would provide the US market with a renewable source of isoamylenes, a world first.

About Total Cray Valley

Total Cray Valley is the premier global supplier of specialty chemical additives, hydrocarbon specialty chemical, and liquid and powder tackifying resins used as ingredients in adhesives, rubbers, polymers, coatings and other materials. Total Cray Valley has pioneered the development of these advanced technologies, introducing hundreds of products that enhance the performance of products in energy, printing, packaging, construction, tire manufacture, electronics, and other demanding applications. For more information, please visit www.crayvalley.com .

About Total

Total is a broad energy company that produces and markets fuels, natural gas and electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.


Learn more at Gevo’s website: www.gevo.com

Total Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Gevo Contacts

Investor and Media Relations: +1 720-647-9605 l IR@gevo.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which Total SE directly or indirectly owns interests are separate legal entities. Total SE shall not be held liable for their acts or omissions. The terms “Total,” “Total Group” and “Group” may be used in this document for convenience. Similarly, the words “we”, “us” and “our” may also be used to refer to affiliates or to their employees. This document may contain forward-looking information and statements that are based on business and financial data and assumptions made in a given business, financial, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither Total SE nor any of its subsidiaries or affiliates assumes any obligation to investors or other stakeholders to update in part or in full any forward-looking information or statement, objective or trend contained in this document, whether as a result of new information, future events or otherwise.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the JDA between Gevo, Inc. and Total Petrochemicals & Refining USA, Inc . (Total Cray Valley), the ability of the parties to scale up and/or commercialize the fusel oil technology that is the subject of the JDA, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and Total Cray Valley are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo and Total Cray Valley undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo and Total Cray Valley believe that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Total Cray Valley and Gevo to further Scale Up Development of Renewable Isoamylene from Fusel Oil

ENGLEWOOD, Colo., May 03, 2021 (GLOBE NEWSWIRE) — Total Cray Valley and Gevo, Inc. (NASDAQ: GEVO) announced today the successful completion of phase 1 of their Joint Development Agreement (JDA) to upgrade fusel oils into renewable isoamylene. The companies are now seeking to advance to Phase 2 of the JDA, which will allow for scale up of Gevo’s technology at a demonstration scale.

Fusel oils, made during the production of ethanol, equate to approximately 1 million tons of bio-based feedstock. The JDA, signed in 2020, is based on Gevo’s chemical-based catalytic processes that selectively convert low-value fusel oils, a mixture of alcohols that are byproducts from fermentation processes such as ethanol or isobutanol production, into higher-value renewable chemicals such as isoprene, ketones, aldehydes, or olefins, in this case isoamylene.

Isoamylene is used in a diverse set of applications, including resins, pesticides, flavors and fragrances, pharmaceuticals, healthcare products, adhesives, antioxidants, and UV stabilizers. For Cray Valley, isoamylene is used as a raw material in resin manufacturing.

“We were very satisfied with the results of pilot tests during Phase 1. Gevo’s technology was found to be robust and flexible and the initial economic assessment shows potential for a profitable business” said Valérie Goff, Senior Vice President Polymers at Total . “This JDA between Total Cray Valley and Gevo is an excellent example of collaboration to develop the materials of the future produced from bio-based feedstock and meets a strong demand from our customers.”

“The team has achieved an important milestone with the success of Phase 1 to deliver plant based, low carbon solutions to our partner, Total Cray Valley. We look forward to continuing our track record of success at the demonstration scale,” stated Dr. Paul Bloom, Chief Technology and Innovation Officer at Gevo . Dr. Bloom continued, “This is a new way to think about decarbonization and biogenic carbon sequestration. Now this byproduct from ethanol, instead of being burned, can be converted into usable products that take CO ₂ out of the atmosphere while delivering drop-in performance in final products on the market today. For every pound of biobased isoamylene made and used in durable products like resins, it is essentially the equivalent of sequestering 2.5 pounds of biogenic CO ₂ from the atmosphere, compared to that carbon being combusted. Another example of how Gevo is advancing our focus to net zero and beyond.”

The companies are currently exploring options for scale-up and commercialization of the technology, which would provide the US market with a renewable source of isoamylenes, a world first.

About Total Cray Valley

Total Cray Valley is the premier global supplier of specialty chemical additives, hydrocarbon specialty chemical, and liquid and powder tackifying resins used as ingredients in adhesives, rubbers, polymers, coatings and other materials. Total Cray Valley has pioneered the development of these advanced technologies, introducing hundreds of products that enhance the performance of products in energy, printing, packaging, construction, tire manufacture, electronics, and other demanding applications. For more information, please visit www.crayvalley.com .

About Total

Total is a broad energy company that produces and markets fuels, natural gas and electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.


Learn more at Gevo’s website: www.gevo.com

Total Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Gevo Contacts

Investor and Media Relations: +1 720-647-9605 l IR@gevo.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which Total SE directly or indirectly owns interests are separate legal entities. Total SE shall not be held liable for their acts or omissions. The terms “Total,” “Total Group” and “Group” may be used in this document for convenience. Similarly, the words “we”, “us” and “our” may also be used to refer to affiliates or to their employees. This document may contain forward-looking information and statements that are based on business and financial data and assumptions made in a given business, financial, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither Total SE nor any of its subsidiaries or affiliates assumes any obligation to investors or other stakeholders to update in part or in full any forward-looking information or statement, objective or trend contained in this document, whether as a result of new information, future events or otherwise.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the JDA between Gevo, Inc. and Total Petrochemicals & Refining USA, Inc . (Total Cray Valley), the ability of the parties to scale up and/or commercialize the fusel oil technology that is the subject of the JDA, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and Total Cray Valley are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo and Total Cray Valley undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo and Total Cray Valley believe that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Milestone Reached as Gevo Breaks Ground on Renewable Natural Gas Project in Northwest Iowa

ENGLEWOOD, Colorado – April 30, 2021
– Gevo, Inc. (NASDAQ: GEVO), announced today that is has officially broken ground on the Renewable Natural Gas (“RNG”) Project, located in Northwest Iowa, which will generate RNG captured from dairy cow manure.

“Breaking ground on this project is an exciting step in bringing Gevo’s Net-Zero strategy closer to life,” said Dr. Patrick Gruber, CEO of Gevo. “Upon completion of the project in 2022, the digesters are anticipated to generate approximately 355,000 MMBtu of RNG per year and reduce significant quantities of methane, a potent greenhouse gas, from being released into the atmosphere. After the methane is extracted from the processed manure, the remaining solids will be returned to the farmers as soil nutrients for use as fertilizer. This will allow the farmers to reduce their raw manure application, which will improve odor, water quality and nutrient management practices.”

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the development and construction of the RNG Project, the ability of Gevo to realize production of RNG from the RNG Project, Gevo’s ability to generate cash from the RNG Project, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact
+1 720-647-9605
IR@gevo.com

Milestone Reached as Gevo Breaks Ground on Renewable Natural Gas Project in Northwest Iowa

ENGLEWOOD, Colorado – April 30, 2021
– Gevo, Inc. (NASDAQ: GEVO), announced today that is has officially broken ground on the Renewable Natural Gas (“RNG”) Project, located in Northwest Iowa, which will generate RNG captured from dairy cow manure.

“Breaking ground on this project is an exciting step in bringing Gevo’s Net-Zero strategy closer to life,” said Dr. Patrick Gruber, CEO of Gevo. “Upon completion of the project in 2022, the digesters are anticipated to generate approximately 355,000 MMBtu of RNG per year and reduce significant quantities of methane, a potent greenhouse gas, from being released into the atmosphere. After the methane is extracted from the processed manure, the remaining solids will be returned to the farmers as soil nutrients for use as fertilizer. This will allow the farmers to reduce their raw manure application, which will improve odor, water quality and nutrient management practices.”

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the development and construction of the RNG Project, the ability of Gevo to realize production of RNG from the RNG Project, Gevo’s ability to generate cash from the RNG Project, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact
+1 720-647-9605
IR@gevo.com

Energy Fuels Engages Leading Consultant to Support Development of Rare Earth Separation at White Mesa Mill in Utah

Energy Fuels Engages Leading Consultant to Support Development of Rare Earth Separation at White Mesa Mill in Utah

Friday, April 23, 2021

Indonesia Energy Corp (INDO)
INDO Begins Drilling

Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

INDO begins drilling in the Kruh Block. Well Kruh-25 is the first of three back-to-back wells. Management expects to drill 5 wells in 2021, 6 in 2022, and 7 in 2023. Other details regarding drilling depth, time to drill, and expected initial production were unchanged. The announcement has been long awaited, with the estimated start date being pushed back several times.


Drilling had been delayed by COVID and regulatory approval.  INDO initially planned to drill 6 Kruh wells in 2020 with the first well beginning shortly after renewing an operating agreement in May 2020. In July 2020, management pushed back first well expectations to September 2020. In September, it pushed back expectations to “one well in 2020”. In December, management cited a January 2021 start …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Energy Fuels and Team from Penn State University Awarded Additional $1.75 Million by U.S. Department of Energy for Rare Earth Feasibility Study

Energy Fuels and Team from Penn State University Awarded Additional $1.75 Million by U.S. Department of Energy for Rare Earth Feasibility Study

Thursday, April 22, 2021

Energy Fuels (UUUU)(EFR:CA)
Energy Fuels Signs New Supply Agreement to Process Rare Earth Elements

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Energy Fuels signed an memorandum of understanding with Hyperion Metals to process monazite sand from Hyperion’s Titan Project in Tennessee. The MOU does not specify the quantity of monazite to be processed, but we suspect the arrangement to be similar to Energy Fuels’ agreement with Chemours to process 2,500 tons/year by 2022. Further details will become available after Hyperion completes a mineral reserve estimate and other test work later in the year. Hyperion has released results from initial wells of a drilling program that confirm high concentrations of monazite, as well as titanium, zircon and silica.


Energy Fuels indicates its intent to ramp up monazite processing at its White Mesa Mill to 15,000 tons/year or greater.  The announcement implies that management expects operations to grow rapidly and that future supply intake agreements could be announced. In addition to growing monazite processing, management has expressed an interest in separating rare earth elements (REE) removed from the …

Energy Fuels CEO Mark Chalmers recently sat down with Noble Capital Markets Senior Research Analyst Michael Heim for an exclusive interview. Topics included current projects, pricing, uranium reserves, supply and demand, vanadium, rare earths, and more.

Watch The ChannelCast Video Now

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Gevo to Report First Quarter 2021 Financial Results on May 13, 2021

ENGLEWOOD, Colorado – April 21, 2021 – Gevo, Inc. (NASDAQ: GEVO) announced today that it will host a conference call on Thursday, May 13, 2021 at 4:30 p.m. EDT (2:30 p.m. MDT) to report its financial results for the first quarter ended March 31, 2021 and provide an update on recent corporate highlights.

To participate in the conference call, please dial 1 (833) 729-4776 (inside the U.S.) or 1 (830) 213-7701 (outside the U.S.) and reference the access code 6295166# or through the event weblink:
https://edge.media-server.com/mmc/p/ocbho96s

A replay of the call and webcast will be available two hours after the conference call ends on May 13, 2021. To access the replay, please dial 1 (855) 859-2056 (inside the U.S.) or 1 (404) 537-3406 (outside the U.S.) and reference the access code 6295166#. The archived webcast will be available in the Investor Relations section of Gevo’s website at 
www.gevo.com.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Investor and Media Contact
+1 720-647-9605
IR@gevo.com