Energy Fuels Inc. · TSX:EFR
Energy Fuels — Investor Presentation (July 2026)
29 slides from Energy Fuels's investor presentation, Jul 14, 2026
Slide 1: Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company
Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials CompanyJuly 2026UUUU NYSE American EFR TSX
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: Energy Fuels responsibly produces the critical materials for clean energy and advanced technologies
Energy Fuels responsibly produces the critical materials that make many clean energy and advanced technologies possible. We are a leading U.S. producer of uranium, rare earths and critical minerals, transforming strategic resources into the advanced materials essential for energy security, electrifi
Slide 4: Uniquely Positioned to Supply the Most Critical Sectors of the Global Economy
Uniquely Positioned to Supply the Most Critical Sectors of the Global Economy Energy Fuels poised to supply technical solutions that support the world’s growing demand for energy, mobility, advanced technologies & defense Defining Our Strategic Position Supplying Critical Materials to Strategic End
Slide 5: Building a Globally Diversified Portfolio of Mining, Processing, and Manufacturing Assets
Building a Globally Diversified Portfolio of Mining, Processing, and Manufacturing Assets (1) To be acquired through the Vacuumschmelze acquisition which remains subject to regulatory approvals and closing conditions. For more information, see Energy Fuels’ Form 8-K on June 26, 2026. More details av
Slide 6: Our Business Overview
Our Business Overview Rare Earths and Advanced Magnetics Energy Fuels is transforming its rare earth business from a leading U.S. processor into a leading global fully integrated mine-to-magnet platform. By expanding separation capabilities at the White Mesa Mill and adding downstream metals, alloys
Slide 7: Growth Plan Supported by Fully Funded, Producing Assets and 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 Energy Fuels’ pending acquisition of VAC expected to create near term cash flow and diversification into downstream end
Slide 8: Highly Scalable, Vertically Integrated Platform With Clear Milestones
Highly Scalable, Vertically Integrated Platform With Clear Milestones Energy Fuels supplies the critical minerals and materials that support the world’s growing demand for energy, mobility, advanced technologies and national security (1) Subject to receipt of timely government approval, surface acce
Slide 9: Near-Term and Medium-Term Initiatives Majority Funded With Government Funding
Near-Term and Medium-Term Initiatives Majority Funded With Government Funding Illustrative Near-Term Growth Project Funding (US$M) Illustrative Medium-Term Growth Project Funding (US$M)
Slide 10: Heavy Mineral Sands: Broad Rare Earth & Critical Mineral Production Capabilities at Scale
Heavy Mineral Sands (HMS): Broad Rare Earth & Critical Mineral Production Capabilities at Scale Multiple Commodity Supply Chains Produces three types of critical minerals Rare earth minerals (monazite, xenotime) Titanium minerals (ilmenite, rutile) Zirconium minerals (zircon) High-Grade, Low-Cost C
Slide 11: 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 Growth 1 VAC Acquisition Secures Leading Position in Most Challenging and Underinvested Part of the Rare Earth Value Chain REE MAGNET DEMAND (EX-CHINA)3 WESTERN REE SUPPLY DEFICIT (2035E)
Slide 12: Rare Earth Elements: 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 capacity Planned expansion increases capacity to process 60,000 tpa of monazite into ~6,294 tpa of N
Slide 13: Uniquely Positioned Player in the Rare Earth Value Chain
Uniquely Positioned Player in the Rare Earth Value Chain Strategic acquisitions complete an integrated rare earth platform, from near-term mineral supply to specialized downstream manufacturing HMS Mining Projects Processing and Separation Metallization and Alloying Magnet Manufacturing End Markets
Slide 14: Platform Yields Exceptional Alignment for Mine-to-Magnet Growth Strategy
Platform Yields Exceptional Alignment for Mine-to-Magnet Growth Strategy Near Term (2027) Donald Phase 1 Monazite Supplies Most of WMM Phase 1 Processing / Separation Capacity + VAC’s Current Magnet Capacity Medium/Long Term (2029/30) Donald, Vara Mada, Bahia and MREC Processed in WMM Phase 1 Circui
Slide 15: Vertical Integration Drives Production and Profitability at Scale
Vertical Integration Drives Production and Profitability at Scale Energy Fuels is creating a fully integrated “mine-to-magnet” platform where downstream magnet manufacturing provides a natural offtake pathway for rare earth mining, processing and refining, while improving supply security and value c
Slide 16: VAC's Current Leadership in Magnets
VAC’s Current Leadership in Magnets Integration of permanent and soft magnets creates strong cross-selling• Amorphous and nanocrystalline alloys • Portfolio includes current sensors, nanocrystalline cores, amorphous ribbons, common mode chokes • Used in power electronics, renewable energy systems, a
Slide 17: 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 Energy Fuels will establish a multi-year operating advantage in metals, alloys, and magnets through VAC and ASM acquisitions (1) Mines are in various stages of permitting and development. See Energy Fuels’ Form 10-K for the
Slide 18: 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 19: Uranium: Energy Fuels is the #1 U.S. Producer of Natural Uranium Concentrate
Uranium: Energy Fuels is the #1 U.S. Producer of Natural Uranium Concentrate (U3O8) Scaling toward 2M+ lbs. U3O8 per year • Mining ongoing at Pinyon Plain (AZ) and La Sal (UT) • 425,000 lbs. mined in Q1-2026 • 1.7M lbs. mined in 2025Over 1.5M lbs. U3O8 produced in H1-2026 • 240,000 lbs./month produc
Slide 20: 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 Sources: Wood Mackenzie, S&P Global, Mordor Intelligence (1) Energy Fuels is currently evaluating the appro
Slide 21: Empowering the world's most strategic industries as a critical materials company
Empowering the world’s most strategic industries as a global, diversified and vertically integrated critical materials company Established and Soon-To-Be Acquired Businesses Underpin Growth: Acquisitions of ASM and VAC advance Energy Fuels’ mine-to-magnet REE strategy, complementing established U.S.
Slide 22: Appendix
Appendix
Slide 23: Australian Strategic Materials Overview
Australian Strategic Materials Overview1,2 Platform Overview Asset Footprint • Australian Strategic Materials (ASM) is one of the only Allied Producers of REE metals and alloys • Korean Metal Plant: 4 furnaces and 1 strip caster (alloy) with total installed capacity to produce ~1.3 ktpa NdFeB alloy
Slide 24: VAC Overview
VAC Overview VAC Overview Asset Footprint • VAC is a leading advanced magnetics company with over 100 years of production expertise • Established platform of >1bn magnets shipped over the past decade and 400+ patents • Product portfolio spans both permanent magnets and soft magnetics, enabling integ
Slide 25: VAC: A Preeminent Western Advanced Magnet Manufacturer
VAC: A Preeminent Western Advanced Magnet Manufacturer Base Business Growth Area VAC’s Established Magnet Business >10>1000 yearyears os off exper experiienence ce wwiith th trtrade ade secrets secrets that that can’t be replicatedcan’t be replicated Proven Proven ttrrack record ack record of of pro
Slide 26: VAC Is Unmatched in Its Ability to Produce High-Quality NdFeB and SmCo Magnets
VAC Is Unmatched in Its Ability to Produce High-Quality NdFeB and SmCo Magnets at Industrial Scale Full Spectrum of Grades From standard energy-dense grades to ultra-high coercivity magnets Proprietary Process Know-How Customized equipment and processing technology developed over decades Integrated
Slide 27: Sumter Is the First Advanced Permanent Magnet Plant of Scale in the U.S.
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 Expected EBITDA Growth Over Near Term4 Location Sumter, South Carolina Status Phase 1a is fully commissioned and in production2 Phase 1a Capacity ~2,
Slide 28: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Non-GAAP FinancialMeasures This presentation includes references to adjusted EBITDA andsomeillustrative examples of forward-looking estimates of EBITDA, as described below, which are non-GAAP measures. Because these are illustrative examples and forwar
Slide 29: Energy Fuels Inc. contact details
Energy Fuels Inc. 225 Union Blvd., Suite 600 Lakewood, Colorado 80228 303.974.2140 investorinfo@energyfuels.com NYSE American TSX EFR UUUU Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling Metallization & Alloying Permanent Magnets