Earnings release
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ef ENERGY FUELS Energy Fuels Announces Q2-2026 Results DENVER , August 5 , 2026 - Energy Fuels Inc. ( NYSE American : UUUU ; TSX : EFR ) ( " Energy Fuels " or the " Company " ) , a leading United States ( " U.S. " ) producer of uranium , rare earth elements ( " REES ” ) , and other critical minerals , today reported its financial and operational results for the quarter ended June 30 , 2026 . " Energy Fuels had a transformational second quarter where the Company continued to build one of the strongest strategic platforms in the rare earth sector through the planned acquisitions of VAC and ASM to add rare earth metal , alloy and magnet capacity to our portfolio , a conditional loan commitment of $ 725 million from the OSC to help fund our expansions , further advancement of our Donald Project joint venture as a near term source of rare earth feedstock , and commencement of construction on our heavy rare earth plant at the White Mesa Mill , " said Ross Bhappu , President and Chief Executive Officer of Energy Fuels . " Our second quarter financial results reflect continued strong performance in our uranium segment , including industry leading low production costs , and actions we have taken to deliver on becoming the first , true , rare earth mine - to - magnet platform in the West . The continued investment in our transformation into a vertically integrated global critical materials company resulted in a net loss driven primarily by transaction - related costs associated with our planned acquisitions and higher operating expenses as we invest in people and projects . Importantly , these investments are being made from a position of financial strength , with nearly $ 1 billion of working capital at quarter - end . We believe the operational progress achieved this quarter , combined with our disciplined investment in growth , provides a strong foundation for future value creation . " Second Quarter Highlights Rare Earth Elements • Planned Acquisition of VAC : On June 23 , 2026 , the Company entered into a definitive agreement to acquire 100 % of Vacuumschmelze GmbH & Co. KG , Ara VAC TopCo US LLC and their respective consolidated subsidiaries ( collectively , " VAC " ) from Ara Partners for a total cash - and - stock consideration of approximately $ 1.9 billion based on Energy Fuels ' closing share price of $ 16.12 as of June 22 , 2026 , to create a fully integrated platform to strengthen global critical rare earth element REE supply chains . VAC is a leading advanced magnetics company with over 100 years of production expertise , more than 400 patents , over 1,000 customers , and operating magnet production facilities in North America , Europe and Asia , including a state - of - the - art facility in Sumter , South Carolina , with capacity to produce 2,000 tonnes per annum ( " tpa " ) of permanent magnets , scalable to 12,000 tpa ( the " Sumter Facility " ) . Over the last decade , VAC has produced and shipped more than one ( 1 ) billion rare earth permanent magnets . VAC's existing product 1
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2 portfolio spans both permanent magnets (sintered neodymium -iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt -iron and nickel-iron products), enabling integrated cross -selling among electrificatio n and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design -in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts. • Planned Acquisition of ASM: The Company continued to advance its planned acquisition of Australian Strategic Materials Ltd. (“ ASM”), an Australia-based critical materials company with REE mining, processing and metallization assets, including the Dubbo Project in New South Wales and a metallization and alloying facility in South Korea. The transaction is expected to strengthen Energy Fuels' position across the REE value chain by adding mining, separation, metallization and alloy production capabilities. During the quarter, the Energy Fuels obtained Australian foreign investment approval . T he transaction remains subject to court, regulatory and shareholder approvals and is expected to close by the end of August 2026. • Commercial-Scale ‘Heavy’ Rare Earth Plant Now Under Construction in Utah : On July 29, the Company announced that construction has begun on an expansion of its White Mesa Mill (“Mill”) in Utah to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data center, energy and defense industries. The expansion of the Company’s existing light-rare earth oxide production capacity to also produce heavy -rare earth oxides is a critical step in the execution of Energy Fuels’ integrated mine-to-magnet platform. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits and by the end of 2028 with respect to the addition of the Sm, Eu and Gd circuits. The Mill’s heavy rare earth expansion is sized and timed to process the anticipated near-term monazite output from the Company’s Donald Project joint venture in Australia. The planned expansion is also expected to include a circuit for the processing of mixed rare earth carbonates (“MREC”) to enable Energy Fuels to process additional types of feedstocks produced globally that are rich in heavy rare earth oxides. Importantly, the new MREC circuit will enable the Mill to produce rare earth oxides and uranium simultaneously at commercial scale. Uranium • Mined 315,000 Pounds of Contained U 3O8: The Company mined 315,000 pounds of U3O8 at its Pinyon Plain, La Sal and Pandora mines during Q2 2026 for a total of 740,000 pounds of U 3O8 during the first half of 2026 . At its Pinyon Plain mine, the Company mined ore containing approximately 250,000 pounds of U 3O8 with an average grade of approximately 0.71% U3O8 during Q2. Year to date, the Company mined Pinyon Plain ore containing approximately 625,000
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3 pounds of U3O8 with an average grade of approximately 0.91% U3O8. Lower grades were reported in the first half of the year as the Company moved between high -grade zones. Grades are expected to continue increasing in the coming periods. • Met 2026 Finished U 3O8 Production Guidance: The Company produced 865,000 pounds of finished U3O8 in Q2 and 1.7 million pounds of finished U3O8 in the first half of the year, which falls within the previously published full-year guidance range of 1.5 to 2.5 million pounds of U 3O8. As planned, the Company commenced its conventional ore processing campaign at the Mill in Q4 2025 and completed it in Q2 2026 producing a total of approximately 2.3 million pounds during this ore run . This conventional ore run successfully reduced production costs as expected. See below for further details. Ore and mineralized material that was not processed as part of the Mill’s conventional ore run will remain stockpiled at the Mill or its Pinyon Plain, La Sal and Pandora mines for another Mill run planned for Q4 2026 or early 2027. • Near-Term Uranium Production Growth Opportunities: Due to mined ore production at the Pinyon Plain, La Sal, and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long -term uranium contract sales and potential spot sales as market conditions wa rrant. The Company’s inventory balances at the end of Q2 2026 were as follows: Ore, mineralized material and raw materials (contained pounds of U3O8)(1) 590,000 Work-in-process (contained pounds of U3O8)(1) 35,000 Finished pounds of U3O8 1,640,000 Total pounds of finished and contained U3O8(1) 2,265,000 (1) Estimated. • Guidance Unchanged: The Company’s guidance for 2026 remains unchanged as follows: Low High Mined (contained pounds of U3O8) 2,000,000 2,500,000 Processed (finished pounds of U3O8)(1) 1,500,000 2,500,000 Sales (pounds of U3O8)(2) 1,500,000 2,000,000 (1) The conventional uranium Mill run was completed in Q2 2026 and planned maintenance is ongoing. A subsequent Mill run will proceed pending receipt of sufficient ore and mineralized material stockpiles to justify the restart, which is currently expected to be in Q4 2026 or early in 2027. (2) Subject to sales into the spot market depending on market conditions. • Uranium Production Costs: During the recently completed conventional ore and mineralized material Mill run, the Company’s average mining and transportation costs to the Mill for Pinyon Plain ore was approximately $14 per pound of recovered U 3O8, which together with milling cost of approximately $9 per pound U3O8, resulted in a total weighted average cost of approximately
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4 $23 per pound of U 3O8 recovered. This falls at the b ottom end of the previously announced expected cost of $23 to $30 per pound range for Pinyon Plain ore. The Company believes this ranks among the lowest costs for mined uranium production in the world. These high -grade Pinyon Plain ores were blended and processed with a relatively small quantity of lower grade, higher cost, La Sal/Pandora mineralized material at the Company’s discretion. • Uranium Price Update: The spot price of U 3O8 is $86.50 per pound and the long -term price of U3O8 is $97.00 per pound, according to price data from TradeTech as of July 31, 2026. Heavy Mineral Sands • Donald Project: The Company continued to advance the Donald Project via its joint venture with Astron Limited. The Donald Project has received all major regulatory approvals required to construct and operate the project and is expected to provide a long ‑term, large‑scale source of monazite feedstock to the Company for processing into light and heavy REE oxides at the Mill. Energy Fuels’ ownership in the Donald Project Joint Venture (“ JV”) increased to 12.7% as of June 30, 2026, with AUD$48.83 million ($32.88 million) in cash contributed. The Company has the option to earn -in up to a 49% ownership interest through additional investments upon the achievement of designated milestones, including a potential final investment decision as early as Q3 2026. The Company has rights to 100% of the monazite offtake. The Donald Project is strategically significant due to high concentrations of heavy REEs and is expected to provide a long -term source of monazite that is rich in valuable heavy rare earth elements, including dysprosium, terbium and samarium . Once produced, the Donald Project’s monazite concentrate is expected to be delivered to the Mill over the 39-year modeled life of the project, supporting the Company's downstream rare earth strategy. Financial Highlights Unless noted otherwise, all dollar amounts are in U.S. dollars. • Nearly $1 Billion in Working Capital: As of June 30, 2026, the Company had $996.0 million of working capital, including $58.4 million of cash and cash equivalents, $878.3 million of marketable securities (comprised primarily of short -term, interest -bearing securities and uranium equities), $15.1 million of trade and other receivables, and $75.0 million of inventory. This liquidity position supports ongoing operations and project development. • Net Loss of $34 Million: The Company incurred a net loss of $33.6 million ($0.13 per share) during the quarter, compared to a net loss of $21.8 million ($0.10 per share) during Q2 2025. The increase was primarily due to transaction-related costs associated with the planned acquisitions
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5 of ASM and VAC and higher operating expenses, partially offset by improved margins on uranium sales during the current quarter. • Revenue of $25 Million: The Company sold 310,000 pounds of U 3O8 at a weighted average realized price of $80.48 per pound for total uranium revenues of $25.0 million. Spot sales totaled 150,000 pounds of U3O8 for revenue of $12.74 million at a weighted average realized price of $84.92 per pound, while long-term contract sales totaled 160,000 pounds of U3O8 for revenue of $12.21 million at a weighted average realized price of $76.33 per pound. Spot sales were lower than Q1 2026 as the Company took advantage of elevated spot prices earl ier this year. The Company remains on track to meet its 2026 sales guidance. ~~~ The company will host a conference call to discuss its second quarter results at 9:00 AM MT (11:00 AM ET) on Thursday, August 6, 2026: Conference call access with the ability to ask questions: To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call. • Rapid Connect URL: https://registrations.events/easyconnect/6699323/rec7x3o1v5IUael17/ Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator. • North American Toll Free: 1-800-715-9871 To view the webcast online: Audience URL: https://app.webinar.net/PvRMJVkBGY0 Conference Replay • Conference Replay Toronto: 1-647-362-9199 • Conference Replay North American Toll Free: 1-800-770-2030 • Conference Replay Entry Code: 6699323# • Conference Replay Expiration Date: 08/13/2026
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6 The Company’s Quarterly Report on Form 10 -Q has been filed with the U.S. Securities and Exchange Commission (“SEC”) and may be viewed on the Electronic Document Gathering and Retrieval System (“EDGAR”) at www.sec.gov/edgar, on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) at https://www.sedarplus.ca/home, and on the Company’s website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Selected Summary Financial Information: Three Months Ended June 30, (In thousands, except per share data) 2026 2025 Results of Operations: Total revenues $ 25,108 $ 4,212 Operating loss (30,575) (26,175) Net loss attributable to Energy Fuels Inc. (33,378) (21,812) Basic net loss per common share $ (0.13) $ (0.10) Diluted net loss per common share $ (0.13) $ (0.10) (In thousands) June 30, 2026 December 31, 2025 Financial Position: Working capital $ 996,013 $ 927,438 Property, plant and equipment, net 74,190 69,795 Mineral properties, net 328,589 312,266 Current assets 1,033,042 958,671 Total assets 1,533,201 1,411,852 Current liabilities 37,029 31,233 Total liabilities 736,403 729,282 Qualified Person Statement The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Senior Vice President, Chief Technical Officer for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101. ABOUT ENERGY FUELS Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, used f or nuclear energy generation. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah –
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7 where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the western United States and three heavy mineral sands/rare earth s projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com. Cautionary Note Regarding Forward-Looking Statements: This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S. -based critical materials company or as the leading producer of uranium in the U.S.; any expectation with respect to rate, quantities or duration of production, or related; any expectations as to uranium or other mineral grades and whether such grades will continue or change over time; any expectation as to costs of goods sold, costs of production, or gross profits or net, gross margins or other margins; any expectation as to future sales or sales prices; any expectations as to future inventory levels or changes to inventory levels; any expectation that the Company will be profitable; any expectation that the Company will develop its planned expansion of REE separation capacity at the Mill; any expectation that the Company's permitting efforts will be successful and as to any potenti al future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that the proposed ASM and VAC acquisitions, or any other merger, business combination or other strategic transaction, will close or that the anticipated benefits thereof will be realized; any expectation that any of the Company's international development projects, including the Vara Mada Project or Donald Project, will advance to an FID within the expected timeframes or at all; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Vara Mada Project, including but not limited to permitting and other approvals thereof ; any expectation that the Company will be successful in its engineering and test work for the production of radioisotopes at the Mill; any expectation that any such radioisotopes will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation as to future uranium, vanadium, REE or HMS prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, herein are consider ed to be forward -looking statements. Forward -looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be
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8 materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward -looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements or other decisions by regulatory authorities; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the failure of the Government of Madagascar to agree on fiscal terms for the Vara Mada Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the requ ired permits for the recovery of Monazite from the Vara Mada Project; the failure of the Company to provide or obtain the necessary financing required to develop its non-U.S. projects, including the Vara Mada Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radioisotopes at reasonable costs or at all; market prices and demand for medical radioisotopes; and the other factors described under the caption “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company’s website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if manageme nt’s estimates or opinions should change, or otherwise. There can be no assurance that forward -looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward -looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law. Investor Inquiries: Energy Fuels Inc. Kim Ronkin Casey, Director of Investor Relations (303) 389-4165 KCasey@energyfuels.com www.energyfuels.com