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Building a Globally Significant Critical Mineral Company in the US January 2026 Uranium Rare Earth Elements Vanadium Titanium Zirconium
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Certain of the information contained in this presentation constitutes “forward-looking information” (as defined in the Securities Act (Ontario)) and“forward-looking statements” (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that are based on expectations, estimates and projections of management of Energy Fuels Inc. (“Energy Fuels“) as of today’s date. Such forward-looking information and forward-looking statements include but are not limited to: the business strategy for Energy Fuels; Energy Fuels expectations with regard to current and future uranium, vanadium, heavy mineral sands (“HMS”) and rare earth element (“REE”) market conditions; the uranium industry’s ability to respond to higher demand; the impacts of recent market developments; business plans; outlook; objectives; expectations as to the prices of U3O8, V2O5, HMS products and REE’s; expectations as to reserves, resources, results of exploration and related expenses; estimated future production and costs; changes in project parameters; expected permitting and production time lines; the Company’s belief that it has the ability to develop an innovative, low-cost U.S.- centered REE supply chain or to build a globally significant critical supply chain company; the potential for additional business opportunities including vanadium, REE,HMS, alternate feed materials, and the cleanup of historic mines on the Navajo Nation and in other areas.; the potential for optimizing mining and processing; the Company’s belief in its readiness to capitalize on improving markets; expectations with regard to the potential for U.S. government support of U.S. uranium miners and REE producers; global uranium supply risks; expected worldwide uranium supply and demand fundamentals; any expectation that the White Mesa Mill will be successful in producing REE Carbonate or separated REEs on a commercial basis; any expectation that Energy Fuels will be successful in developing its expanded U.S. separation capability, or other value-added U.S. REE production capabilities at the White Mesa Mill, or otherwise; any expectation that the Company will be successful in developing a fully integrated U.S.-European REE supply chain; any expectation that the Company will be successful in fully integrating the U.S REE supply chain in the future; any expectation with respect to the future demand for REEs; any expectation with respect to the quantities of monazite ore to be acquired by Energy Fuels, the quantities of REE Carbonate or separated REE oxides to be produced by the White Mesa Mill or the quantities of contained TREO in the Mill’s REE carbonate; any expectation as to future exploration results for the Bahia Project; any expectation that acceptable fiscal terms and stability mechanisms will be successfully negotiated with the government of Madagascar; any expectation that all government approvals will be obtained, such that development may proceed at the Toliara Project; any expectation that the recovery of monazite will be added to the permits for the Toliara Project; any expectation that all permits will be obtained for the Donald Project; any expectation that the Company will be successful in permitting and developing the planned Phase 2 and Phase 3 REE Separation Facility at the White Mesa Mill; and any expectation that the Company will be successful in recovering radioisotopes for use in emerging TAT cancer therapeutics or that the program will be economically viable. All statements contained herein which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information and forward-looking statements. Factors that could cause such differences, without limiting the generality of the foregoing include: risks that the synergies and effects on value described herein may not be achieved; risks inherent in exploration, development and production activities; volatility in market prices for uranium, vanadium, HMS products and REEs; the impact of the sales volume of uranium, vanadium, HMS and REEs; the ability to sustain production from mines and the mill; competition; the impact of change in foreign currency exchange; imprecision in mineral resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; a potential deterioration in political support for nuclear energy; changes in government regulations and policies, including with respect to tariffs, trade laws and related policies; demand for nuclear power, vanadium, HMS and REEs; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labor relations; operating performance of the facilities; success of planned development projects; other development and operating risks; the Company not being successful in selling any uranium into the proposed Uranium Reserve at acceptable quantities or prices, or at all in the future; available supplies of monazite sands; the ability of the White Mesa Mill to produce REE Carbonate or separated REE oxides to meet commercial specifications on a commercial scale at acceptable costs; market factors, including future demand for REEs; actions or inactions by foreign governments, such as the government of Madagascar; instability of foreign governments; the inability to receive or delays in the receipt of all required permits for the Toliara project and the Donald Project; the ability of Energy Fuels to potentially recover radioisotopes from its existing process streams for use in TAT therapeutics; the ability to obtain permits to support any scale-up of radioisotope or REE production at the Mill; and the future development of the TAT market. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Although Energy Fuels believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Energy Fuels does not undertake any obligation to publicly update or revise any forward-looking information or forward-looking statements after the date of this presentation to conform such information to actual results or to changes in Energy Fuels’ expectations except as otherwise required by applicable legislation. Additional information about the material factors or assumptions on which forward looking information is based or the material risk factors that may affect results is contained under “Risk Factors” in Energy Fuels’ annual report on Form 10-K for the year ended December 31, 2024. The annual report on Form 10-K is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All technical information including mineral estimates constituting mining operations that are material to our business or financial condition included in this presentation, have been prepared in accordance with both 17 CFR Subpart 220.1300 and 229.601(b)(96) (collectively, “S-K 1300”) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and are supported by pre-feasibility studies and/or initial assessments prepared in accordance with both the requirements of S-K 1300 and NI 43-101. S-K 1300 and NI 43-101 both provide for the disclosure of: (i) “Inferred Mineral Resources,” which investors should understand have the lowest level of geological confidence of all mineral resources and thus may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve; (ii) “Indicated Mineral Resources,” which investors should understand have a lower level of confidence than that of a “Measured Mineral Resource” and thus may be converted only to a “Probable Mineral Reserve”; and (iii) “Measured Mineral Resources,” which investors should understand have sufficient geological certainty to be converted to a “Proven Mineral Reserve” or to a “Probable Mineral Reserve.” Investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves as defined by S-K 1300 or NI 43-101. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Inferred Mineral Resource will ever be upgraded to a higher category. Qualified Person Statement The scientific and technical information disclosed in this news release was reviewed and approved byDaniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101. Forward Looking Statements & Notice Regarding Technical Disclosure 2
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01 02 03 Uranium A leading U.S. producer of U3O8 Rare Earth Elements Emerging global leader in producing separated oxides (NdPr, Dy, Tb) Heavy Mineral Sands An emerging leading global producer of TiO 2, ZrO2 minerals Building a Globally Significant Critical Minerals Company Based in the U.S. On the Foundation of Our Core Uranium Business Value Common Thread: We produce high-value materials from minerals that naturally contain uranium, or are found alongside minerals that naturally contain uranium
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Our Products Power Several Critical Technologies 4 EV/Hybrid EV Drivetrain (REE)Nuclear Fuel Assembly (Uranium) F-35A Jet (REE) Wind Turbine (REE) Steel (Vanadium) Virginia-Class Submarine (REE) Medical Isotopes (Uranium/Thorium) EV/Hybrid EV Drivetrain (REE) Robotics (REE)
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Diversified Asset Portfolio To Drive Long-Term Value Vara Mada (100%) Stage Government Approvals; Development Commodity Monazite, Ilmenite, Zircon, Rutile Bahia (100%) Stage Exploration/ Permitting Commodity Monazite, Ilmenite, Zircon, Rutile Legend Head office Producing Asset Development Asset Sheep Mountain (100%) Stage Development Commodity Uranium White Mesa Mill (100%) Stage Processing Facility in Production Commodity Uranium, REEs, Vanadium Pinyon Plain (100%) Stage Production Commodity Uranium Bullfrog (100%) Stage Permitting Commodity Uranium Energy Fuels Headquarters (Denver, CO) Nichols Ranch (100%) Stage Standby Commodity Uranium Donald (up to 49% JV interest) Stage Development Commodity Monazite, Ilmenite, Zircon, Rutile, Leucoxene Across geography, commodity and stage of development La Sal Complex (100%) Stage Production Commodity Uranium, Vanadium 5 Roca Honda (100%) Stage Permitting Commodity Uranium Heavy Mineral Sands Head Office (Perth, WA) Blue Uranium & vanadium focus Red Heavy mineral sand & rare earth focus Blue/Red Uranium, rare earth & vanadium processing
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Complementary Critical Mineral Product Suite Leveraging existing infrastructure, excess capacity, and logical “side steps” throughout asset base to produce several “in demand” critical materials Uranium and Vanadium Ore Mineral Sands Rutile, Ilmenite & Zircon Rare Earths Monazite & Xenotime o Toliara Project (Madagascar) o Donald Project (Australia) o Bahia Project (Brazil) o Chemours - Sole offtake by EF MINES and minerals o Pinyon Plain (USA) o La Sal Complex (USA) o Roca Honda (USA) o Bullfrog (USA) o Nichols Ranch ISR (USA) o Sheep Mountain (USA) (1) White Mesa Mill (USA) Uranium & vanadium processing Rare earth element processing END PRODUCTS and applications U3O8 Fuel for nuclear energy V2O5 Steel & alloys / Chemicals / Batteries Medical Isotopes Cancer Therapies Rare Earth Oxides EVs/Hybrid EVs/Wind Energy/Robotics/Defense Titanium White Pigment (paint, plastic) / Metal (Third Party Producer) Zircon Ceramics / Chemicals / Refractories / Foundries / Nuclear (Third Party Producer) (1) The Company is currently evaluating the appropriate processing facility for the Sheep Mountain Project. Uranium/Vanadium Mines Heavy Mineral Sand Mines Facility Capable of Processing Minerals That Naturally Contain Uranium
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Energy Fuels' U.S. Operating Uranium Mines Producing more U3O8 than any other U.S. company today In Production (Conventional) A complex of several mines along an 11-mile trend Adding more mining areas in 2025 Actively mining and shipping ore to Mill for processing and sale in 2025 and beyond 7 La Sal Complex (Utah) In Production (Conventional) Potentially the highest-grade uranium mine in U.S. history Expect to mine over 2.0 million pounds of U 3O8 in 2026 Costs of approximately $23 to $30 per pound of U3O8 Substantial potential growth in resources Pinyon Plain Mine (Arizona)
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Nichols Ranch – ISR Wyoming 8 Stand-By & Development Uranium Pipeline Large-scale future uranium production Development Development Large-Scale In-Ground Uranium Resources • Nearly 70,000,000 pounds of combined uranium resources • Combined potential of ~6,000,000 pounds per year • Sheep Mountain is fully permitted for mining; requires processing facility • Roca Honda currently in permitting and selected by Trump Administration as a "Fast-41 Covered Project" • Bullfrog is in pre-permitting Henry Mountains – Bullfrog (Utah) Pre-Production • On standby and ready for production pending uranium price increases • Performing additional delineation & exploration drilling to enhance readiness Sheep Mountain (Wyoming) Roca Honda (New Mexico)
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Growing Portfolio of Long-Term Uranium Sales Contracts A Trusted Partner for U.S. Nuclear Utilities 9 • Fixed & market price components • Floors & ceilings • Escalate with inflation • Deliveries in 2025 – 2030 • 300,000 pounds of contract deliveries in 2025, increasing to 620,000 – 880,000 pounds in 2026 • Additional spot and mid-term sales expected in 2025 and 2026 • As well as other long term contracts to accommodate increased production Four Existing Long-Term Contracts
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The White Mesa Mill (Blanding, Utah) Uranium + Rare Earths 10 • Only operating conventional uranium Mill in USA • The largest uranium processing facility in USA • Fully licensed, permitted & producing • Licensed capacity to produce 8,000,000+ pounds of U3O8 per year • Only US facility able to recycle uranium-bearing “alternative feed materials” (very low cost) • 40+ years of operation and expertise • Opportunity for involvement in US government program to clean up old uranium mines left from “Cold War Era” • Only facility in USA able to process monazite for production of REE oxides Our Mill Makes Everything Possible
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• Super high-grade (50% - 60%+ total REE oxides) • Higher levels of NdPr • More “mid” and “heavy” REE oxides • Low-cost byproduct of HMS mining • Value-add uranium • Easier to process • Higher recoveries 11 Monazite Processing: Our Structural Advantage in Rare Earth Ore Monazite is simply a superior rare earth concentrate Energy Fuels’ White Mesa Mill is the only U.S. facility with the commercial capacity to process monazite for production of high-purity “light” and “heavy” REE oxides Existing solvent extraction ("SX") circuit at the White Mesa Mill producing NdPr in 2024 One (1) tonne “supersacks” of NdPr oxide produced at the White Mesa Mill
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"Phase 2“ Feasibility Study for White Mesa Mill REE Expansion Coming in November 2025 • Dedicated monazite “crack and leach” circuits for simultaneous production of REE oxides + U3O8 • Up to 6,000 tonnes per annum (tpa) NdPr oxide, 275 tpa Dy oxide, 80 tpa Tb oxide, and potentially other REE oxides if needed by government and/or commercial customers • Permitting underway with planned commissioning in 2028 12 Rare Earth & Mineral Sands Highlights Rapid progress toward becoming the leading REE oxide producer in the USA – Including “Heavies” Energy Fuels’ NdPr oxide validated at-scale by REE metal/alloy/magnet manufacturers • Confirmation of qualification by POSCO and production of commercial scale REPMs Piloting "heavy" REE separation • ~29 kg of Dy oxide (99.9%) produced through September 2025 • 1 kg of Tb oxide expected in December 2025 Planning commercial US production of “heavy” REE oxides as early as Q4 2026 • Dy, Tb and potentially Sm oxides with minor modifications to existing SX1 1 Subject to continued successful piloting
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Developing an Innovative, Low-Cost REE Supply Chain Centered in the U.S. REE Process REE Product Mining & Beneficiation (Chemours today Toliara, Donald, Bahia in coming years) Natural Monazite Ore Crack & Leach (White Mesa Mill) Mixed REE Carbonate Separation (White Mesa Mill) Separated REE Oxides Today Today Metal Making & Alloying (North America, Europe, Allied Asia/Others) Magnet-Making (North America, Europe, Allied Asia/Others) REE Metals & Alloys REE Magnets EV/Hybrid Drivetrains, Robots, Defense Tier 1 Suppliers (North America, Europe, Allied Asia/Others) 2026/27 (Potential) Capital Efficient Rare Earth Supply Chain Thereafter Thereafter Today 14 • Produce low-cost byproduct monazite concentrates from HMS mines globally • Import into the U.S. for processing into separated REE oxides at the White Mesa Mill We believe importing high-grade monazite sand byproduct from HMS mines globally is a lower cost way to produce separated REE oxides versus primary REE production
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The "Shovel-Ready" Donald HMS & REE Project (Australia) An exceptional source of “heavy” REE oxides 15 Secure Source of Monazite for REE Oxides • FID expected as early as Q1 2026 • Potential monazite deliveries to White Mesa Mill by late 2027 • Exceptional levels of “heavy“ REE oxides, including Dy, Tb, Sm and others • Allied, friendly jurisdiction Joint Venture with Astron Corporation • Energy Fuels currently earning into 49% JV interest • Energy Fuels to receive 100% of monazite (REEs) • Conditional support of A$80M development financing from Export Finance Australia • Total funding estimate for the project = A$520M (~US$340M)
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• Large high-grade HMS deposit • Considered one of the best development opportunities in the world • Additional valuable REE (monazite) by-product • One of world’s largest sources of ‘light’ and ‘heavy’ rare earths, in addition to titanium and zircon minerals • Post-tax / pre-debt (real) NPV @ 10% discount rate of US$1.8 billion • Monazite processed at White Mesa Mill in U.S. at low capital and operating costs • Potential mineral resources expansion far beyond current 38- year mine life • Ramping to over $500 million expected EBITDA from the project alone, not including the expected additional downstream EBITDA from processing The Vara Mada (formerly Toliara) HMS & REE Project (Madagascar) Economically Robust and of Scalable Toliara expected to be a large-scale operation with compelling economics, competitive market positioning and significant expansion potential 16
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The Bahia HMS & REE Project (Brazil) 100% Ownership Potential to supply ~3,000 - 5,000 tpa of monazite to White Mesa Mill for decades.1 17 • Roughly 300 – 500 tpa of NdPr oxide + Dy/Tb • Several exploration & mining permits in place • Well-defined HMS mineralization (titanium, zirconium & rare earths) • Sonic drilling program underway • Resource estimate expected to be completed in 2025 1 Depending on production rates
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Current REE Oxide Prices Value of $986 million of annual revenue at these prices and volumes 18 REE Oxide REE Oxide Prices ($/tonne at Oct. 31, 2025) Energy Fuels’ Planned “Phase 2” REE Oxide Capacity (tonnes per annum) Notes Neodymium-Praseodymium (NdPr) $87,500 6,000 Price increase of 13% over Sept. 2025 Dysprosium (Dy) $850,0001 225 EU has 276% premium over prices in China Terbium (Tb) $3,600,0001 75 EU has 264% premium over prices in China 1 Current pricing in Europe 57 La Lanthanum 58 Ce Cerium 59 Pr Praseodymium 60 Nd Neodymium 61 Pm Promethium 62 Sm Samarium 63 Eu Europium 64 Gd Gadolinium 65 Tb Terbium 66 Dy Dysprosium 67 Ho Holmium 68 Er Erbium 69 Tm Thulium 70 Yb Ytterbium 39 Y Yttrium 71 Lu Lutetium
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19 Monazite concentrates already secured by Energy Fuels Contained “light” and “heavy” REOs White Mesa Mill REO Production Capacity (tpa): Project Monazite NdPr Sm Tb Dy Donald 13,000 1,531 235 29 168 Vara Mada 24,000 3,370 410 29 72 Bahia 3,100 392 49 5 15 Chemours 800 89 13 1 5 Total 40,900 5,381 708 64 260 Contained REOs by existing projects in tonnes per annum (tpa): Phase NdPr Tb Dy Phase 1: NdPr (Existing) 1,049 - - Phase 1: Heavies (Planned 2026) - 13 48 Phase 2: (Planned 2028) 5,245 67 240 Total (Phase 1+2) 6,294 80 288 *Data sourced from MP Materials’ 2024 S -K 1300 TRS Update Mountain Pass Mine San Bernardino County, California, Table 14 -5 (Assum es all SEG+ is Sm and concentrate is 61% TREO) The Company is looking to secure an additional 10-20 ktpa monazite from other projects or purchased feedstock 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% NdPr % Oxide Contained NdPr Oxide by Project Donald Vara Mada Bahia Chemours MP Concentrate* 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Sm Tb Dy % Oxide Contained Heavy REOs by Project Donald Vara Mada Bahia Chemours MP Concentrate*
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2024 2025 2026 2027 2028 2029+ Indicative REE Development Timeline Monazite pipeline coincides with expansion of REE processing capacity at the White Mesa Mill 20 White Mesa Mill REE Oxide Production & Expansion Expected Timeline Monazite Feedstock Pipeline Current Offtake with Chemours Company: Expected to deliver 500 – 2,000+ tpa Monazite White Mesa Mill – REE Phase 2 Expansion Increase capacity to process up to 60,000 tpa of Monazite to produce up to 6,000 tpa NdPr oxide + 300 tpa of Dy and Tb oxide (plus potentially Sm and other oxides) White Mesa Mill – REE Phase 1A: Current installed capacity to process up to 10,000 tpa Monazite and produce up to 1,000 tpa NdPr oxide Ongoing uranium production and revenue with potential to increase production to 2M – 5M pounds of U3O8 per year Donald Project (Australia, JV with Astron Corporation) Phase 1: Monazite production of 7.0 ktpa Phase 2: Expansion to 14.0 ktpa Monazite FID, Development & Commissioning Bahia Project (Brazil) Monazite production of 3.0 – 5.0 ktpaExploration, Permitting, FID, Development & Commissioning Vara Mada Project (Madagascar) Stage 1: Monazite production of 17.4 ktpa Stage 2: Increase Monazite to 26.1 ktpa FID, Development & Commissioning* Development & Commissioning * Timing subject to receipt of timely government approvals surface access rights and stability arrangements. REE Phase 1B: Installing capacity for "heavy" Dy and Tb oxide production
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21 Medical Isotopes (Radium) Additional, Complementary High-Growth Market Opportunity to Support Emerging Cancer Treatments • Targeted alpha therapy (“TAT”) is an emerging technology showing great promise in the treatment of cancer in clinical trials • TAT requires certain radium isotopes (Ra-226 and Ra-228), elements that naturally occur in the White Mesa Mill’s existing uranium and REE process streams • Evaluating the potential to recover radium to help establish a U.S. medical supply chain • Plan to produce R&D quantities of radium in coming months • Potential to produce commercial quantities in coming years; currently discussing offtake • Significant cashflow potential, upon successful commercialization in coming years Current global shortages of medical isotopes threaten to inhibit progress of clinical trials
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22 Community, Local & Regional Benefits One of the largest private employers & taxpayers in San Juan County, Utah • One of the most economically challenged counties in the U.S. Currently, about 100 employees at the White Mesa Mill (UT) & 35 each at the Pinyon Plain Mine (AZ) & La Sal Mine Complex (UT) • Roughly half of our employees at the Mill are Native American Phase 2 REE Expansion at the Mill could result in hundreds of millions of dollars of investment • Likely the largest private investment in San Juan County, Utah history, plus an additional 50 to 150 employees Landmark Agreement with the Navajo Nation on ore transport and assisting in the cleanup of legacy uranium mines • Helping to address historic legacy • The White Mesa Mill could begin to receive clean-up material – today • Established Foundation with initial $1 million contribution and ongoing funding equal to 1% of annual revenues from the White Mesa Mill • Supporting education, environment, health/wellness, economic advancement & Native American priorities
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Financials: Built Upon Financial Strength
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$700 Million Convertible Senior Notes Offering – October 2025 24 Capital for multiple growth projects • White Mesa Mill “Phase 2” expansion • Donald Project development Inexpensive source of capital • Unsecured convertible debt = maximum flexibility • 0.75% annual coupon rate • 32.5% conversion premium ($20.34 per share) • All-in effective pre-tax yield = 2.1% Capped call feature minimizes potential dilution • Effectively increases conversion price to $30.70 per share (100% of reference share price) Offering was successful! • Oversubscribed by more than 7x Phase 2 Expansion Location
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Nearly $300 Million of Liquidity as of September 30, 2025 • $298.5 million of working capital • Contract/spot sales of 240,000 pounds of U3O8 at a realized sales price of $72.38 • 485,000 pounds of finished U3O8 and 1,620,000 pounds of stockpile and WIP uranium inventory • 905,000 pounds of finished V2O5 • 37,000 kg of finished separated NdPr and 9,000 kg of finished high-purity, partially separated mixed REE in inventory • $758.3 million total assets • Finished product inventory worth approx. $45.3 million at current commodity prices, adding $15.00 million of additional liquidity Looking forward to Q4 2025 • $700 million Senior Convertible Notes added additional post-quarter liquidity of ~$625 million (net proceeds after purchase of capped call options and fees) • Expect 160,000 pounds of U3O8 contract sales with the potential of additional spot sales. 25 Financial Update as of September 30, 2025 Producing low-cost uranium, developing “Tier 1” critical mineral assets & strong balance sheet
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26 Summary: Uranium • Largest uranium miner and processor of uranium ores in the US • Actively processing uranium ores and alternate feed materials at White Mesa Mill • Increasing uranium contract sales and potential spot sales for remainder of 2025 and into 2026 • Cost-of-goods sold on U3O8 sales to trend lower starting in Q1-2026, as low-cost Pinyon Plain ore is processed • Production run-rate of approximately 2+ million pounds U3O8 per year • Uranium revenues and margins expected to increase materially funding a material portion of company overheads and other costs • Advancing permitting on 3 large-scale uranium mines, with potential to increase production to 4 – 6 million pounds U3O8 per year in coming years, for scalability. • Continuing R&D on radium recovery which (if successful) could result in potential sales or offtake agreement
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27 Summary: Rare Earth Elements & Mineral Sands • Currently piloting Dy, Tb and potentially other “heavy” REE oxide separations • Expect to commercially produce “heavy” REE oxides later in 2026 following current uranium run • Phase 2 REE expansion Feasibility Study at White Mesa Mill including updated capital and operating cost estimates, expected prior to YE 2025 • Donald Project FID expected as early as Q1 2026, including potential offtake/sales & financing options • Pursuing permits, government approvals, surface access and suitable stability agreements with the Government of Madagascar to support FID on the Toliara Project • Toliara Project FID expected in 2026, including potential offtake/sales & financing options • Obtained exploration permits and initiating new drilling program in Q4 2025 at Bahia Project in Brazil • Resource estimate expected later in 2026
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28Contact IR: investorinfo@energyfuels.com America’s Leading Producer of Uranium, Rare Earths, and Critical Materials Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling 22 Ti 47.867 Titanium 40 Zr 91.224 Zirconium