Energy Fuels Inc. · TSX:EFR
Energy Fuels — Investor Presentation (September 2026)
26 slides from Energy Fuels's investor presentation, September 2026
Slide 1: Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company
Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company September 2026 UUUU NYSE American EFR TSX EF2 ASX
Slide 2: Forward-Looking Statements and Notice Regarding Technical Disclosure
Forward-Looking Statements and Notice Regarding Technical Disclosure 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
Slide 3: Fully-Integrated Rare Earth "Mine-to-Magnet" Platform + Leading Uranium Production
HMS Rare Earths Uranium Fully-Integrated Rare Earth “Mine-to-Magnet” Platform + Leading Uranium Production Powering clean energy, advanced technologies and resilient supply chains 01 02 03 Integrated Rare Earth Magnets & Uranium Heavy Mineral supply for Advanced Materials1 Sands = strategic markets
Slide 4: Building a Globally Diversified Portfolio of Mining, Processing & Manufacturing Assets
HMS Rare Earths Uranium Building a Globally Diversified Portfolio of Mining, Processing & Manufacturing Assets Sumter, SC, U.S.1 Ulvila, Finland1 American Metals Plant Current (Location TBD) Expanded Horná Streda, Capacity Hanau, Germany1 Slovakia1 Capacity Sheep Mountain, WY Korean Metals Plant, 3.
Slide 5: Uniquely Positioned Player in Global Rare Earth Magnet Markets
Uniquely Positioned Player in Global Rare Earth Magnet Markets “Western” vertically integrated rare earth platform, from near-term mineral supply to specialized downstream manufacturing Processing and HMS Mining Projects Separation Metallization and Alloying Magnet Manufacturing End Markets Monazite
Slide 6: Building a Highly Scalable, Vertically Integrated Mine-to-Magnet Platform with Achievable Milestones
Building a Highly Scalable, Vertically Integrated “Mine-t0-Magnet” Platform with Achievable Milestones Projects Donald (Phase 1) 3: Vara Mada (Phase 1)1: Bahia2: Donald Expansion3: Vara Mada Expansion1: Mining 8,000 tpa monazite 17,000 tpa monazite 3,000 tpa monazite 14,000 tpa monazite 26,000 tpa m
Slide 7: Growth Plan Is Supported by Fully Funded, Producing Assets Coupled With Government-Backed Expansions
Growth Plan Is Supported by Fully Funded, Producing Assets Coupled With Government-Backed Expansions Expected Uplift From Near-Term Growth Projects Fully Funded and Derisked Growth Government-Supported Growth Projects Pending acquisition of VAC to bring existing REPM manufacturing capacity, near-ter
Slide 8: Near-Term and Medium-Term Growth Initiatives Majority Funded With Government Support
Near-Term and Medium-Term Growth Initiatives Majority Funded With Government Support Illustrative Near-Term Growth Project Funding (US$M) Illustrative Medium-Term Growth Project Funding (US$M) Additional Funding Additional Funding Requirement Requirement $100 - $150M $400 —$500M $400 - $500M Near-Te
Slide 9: Heavy Mineral Sand Mines (HMS): Low-cost, large-scale rare earth, titanium and zirconium minerals
Heavy Mineral Sand Mines (HMS): Low-cost, large-scale rare earth, titanium and zirconium minerals Multiple Produces three types of critical minerals Commodity • Rare earth minerals (monazite, xenotime) Supply Chains • Titanium minerals (ilmenite, rutile) • Zirconium minerals (zircon) Compelling econ
Slide 10: Bridging the Western Supply Gap: $60 Billion of Rare Earth Investment Required by 2035
Bridging the Western Supply Gap: $60 Billion of Rare Earth Investment Required by 2035 to Meet Projected Demand Growth1 VAC Acquisition Secures Leading Position in Most Challenging and Underinvested Part of the Rare Earth Value Chain 80 REE MAGNET DEMAND WESTERN REE SUPPLY DEFICIT (2035E) (EX-CHINA)
Slide 11: Rare Earth Elements (REE): Delivering on All Aspects of a True Mine-to-Magnet Platform
Rare Earth Elements (REE): Delivering on All Aspects of a True Mine-to-Magnet Platform Expanding U.S. REE processing capacity • WMM is the only U.S facility with existing commercial monazite Processing and processing capacity Separation • Planned expansion increases capacity to process 60,000 tpa of
Slide 12: Platform Yields Exceptional Alignment for Mine-to-Magnet Growth Strategy
Platform Yields Exceptional Alignment for Mine-to-Magnet Growth Strategy Current/Near Term (2027) Medium/Long Term (2029/30) Donald Phase 1 Monazite Supplies Most of White Mesa Mill Phase 1 Processing / Donald, Vara Mada, Bahia and MREC Processed in White Mesa Mill Phase 2 Circuits Separation Capaci
Slide 13: VAC's Current Leadership in Magnets
VAC’s Current Leadership in Magnets Integration of permanent and soft magnets creates strong cross-selling Description Product Overview • Amorphous and nanocrystalline alloys • Portfolio includes current sensors, nanocrystalline Rapid cores, amorphous ribbons, common mode chokes Solidification • Use
Slide 14: Energy Fuels Stands Out Among Western Peers in Spanning the REE Value Chain
Energy Fuels Stands Out Among Western Peers in Spanning the REE Value Chain Mining1 Separation Metals and Alloys Magnets Light Rare Heavy Rare NdPr Dy and Tb RE Strip Casting Blocks Finished Earths Earths Separation Separation Metals (Alloys) Energy Fuels 2 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Lynas ✓ ✓ ✓ ✓ — — — — MP M
Slide 15: Positioned to Capture Value in Widening Uranium Supply Gap
Positioned to Capture Value in Widening Uranium Supply Gap Energy Fuels is poised for significant upside as a growing supply-demand imbalance reshapes the nuclear fuel market Uranium Supply and Demand Imbalance Forecasted to Widen Drastically Uranium Demand Growth Drivers Structural Uranium Primary
Slide 16: Uranium: Energy Fuels is the #1 U.S. Producer of Natural Uranium Concentrate (U3O8)
Uranium: Energy Fuels is the #1 U.S. Producer of Natural Uranium Concentrate (U 3O8) High-Grade Scaling toward 2M+ lbs. U3O8 per year Mining • Mining ongoing at Pinyon Plain (AZ) and La Sal (UT) Operations • 425,000 lbs. mined in Q1-2026 • 1.7M lbs. mined in 2025 Over 1.5M lbs. U3O8 produced in H1-2
Slide 17: Integrated Platform Serving High-Growth Nuclear, Industrial and Medical Markets
Integrated Platform Serving High-Growth Nuclear, Industrial and Medical Markets Energy Fuels’ core business is a U.S.-leading uranium production with optionality in other key commodity markets Resource Base Processing Platform Products End Markets Uranium and The White Mesa Mill Vanadium Ore Blandin
Slide 18: Empowering the world's most strategic technologies as a global, diversified and vertically integrated critical materials company
Empowering the world’s Established and Soon-To-Be Acquired Businesses Underpin Growth: Acquisitions of most strategic ASM and VAC advance Energy Fuels’ mine-to-magnet REE strategy, complementing established U.S.-leading uranium operations. technologies as a global, diversified and vertically Buildin
Slide 19: Appendix
Appendix
Slide 20: August 28, 2026: Energy Fuels Completes Acquisition of Australian Strategic Materials
August 28, 2026: Energy Fuels Completes Acquisition of Australian Strategic Materials 1 Platform Overview Asset Footprint • Energy Fuels now one of the only Allied producers of REE metals and alloys 1 2 • Korean Metal Plant: 4 furnaces and 1 strip caster (alloy) with total installed capacity to Amer
Slide 21: VAC Overview
VAC Overview Platform Overview Asset Footprint • VAC is a leading advanced magnetics company with over 100 years of production 4 expertise 1 • Established platform with >1bn rare earth permanent magnets shipped over the past 2 3 5 decade and 400+ patents 6 • Product portfolio spans both permanent ma
Slide 22: VAC: A Preeminent Western Advanced Magnet Manufacturer
VAC: A Preeminent Western Advanced Magnet Manufacturer Base Business Growth Area VAC’s Established Magnet Business Rapid Solidification Crystalline Permanent Magnets ✓ >100 years of experience with trade Materials Amorphous and nanocrystalline alloys Soft magnetic alloys (NiFe, CoFe) High-grade sint
Slide 23: VAC Is Unmatched in Its Ability to Produce High-Quality NdFeB and SmCo Magnets at Industrial Scale
VAC Is Unmatched in Its Ability to Produce High-Quality NdFeB and SmCo Magnets at Industrial Scale From standard energy-dense Full Spectrum of grades to ultra-high coercivity Grades N56 M56 H56 SH56 magnets N54 M54 H54 SH54 UH54 N52 M52 H52 SH52 UH52 N50 M50 H50 SH50 UH50 EH50 N48 M48 H48 SH48 UH48
Slide 24: Sumter Is the First Advanced Permanent Magnet Plant of Scale in the U.S. and Is in Production Today
Sumter Is the First Advanced Permanent Magnet Plant of Scale in the U.S. and Is in Production Today1 Sumter Ramp Up and Expansion to Drive Significant Location Sumter, South Carolina Expected EBITDA Growth Over Near Term4 Status Phase 1a is fully commissioned and in production2 Currently in Producti
Slide 25: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA $M FY2025 Non-GAAP Financial Measures This presentation includes references to adjusted EBITDA and some illustrative examples of Net Income (50.6) forward-looking estimates of EBITDA, as described below, which are non-GAAP measures. Because these are i
Slide 26: Ti Zr
Energy Fuels Inc. 225 Union Blvd., Suite 600 Lakewood, Colorado 80228 303.974.2140 investorinfo@energyfuels.com UUUU NYSE American EFR TSX Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling Metallization & Alloying Permanent Magnets 22 40 Ti Zr 47.867 91.224 Titanium Zirconiu
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