Energy Fuels Inc. · TSX:EFR
Energy Fuels — Investor Presentation (November 2025)
28 slides from Energy Fuels's investor presentation, November 2025
Slide 1: Building a Globally Significant Critical Mineral Company in the US
Uranium Rare Earth Elements Vanadium Titanium Zirconium Building a Globally Significant Critical Mineral Company in the US November 2025
Slide 2: Forward Looking Statements & Notice Regarding Technical Disclosure
Forward Looking Statements & 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 R
Slide 3: Building a Globally Significant Critical Minerals Company Based in the U.S.
Building a Globally Significant Critical Minerals Company Based in the U.S. On the Foundation of Our Core Uranium Business 01 02 03 Value Uranium Rare Earth Heavy Mineral A leading U.S. Elements Sands producer of U3O8 Emerging global An emerging leader in producing leading global separated oxides pr
Slide 4: Our Products Power Several Critical Technologies
Our Products Power Several Critical Technologies Steel (Vanadium) Virginia-Class Submarine (REE) F-35A Jet (REE) Medical Isotopes Nuclear Fuel Assembly (Uranium) (Uranium/Thorium) Robotics (REE) EV/Hybrid Wind EV Turbine Drivetrain (REE) (REE) 4 EV/Hybrid EV Drivetrain (REE)
Slide 5: Diversified Asset Portfolio To Drive Long-Term Value
Diversified Asset Portfolio To Drive Long-Term Value Across geography, commodity and stage of development Legend Energy Fuels Bullfrog (100%) Sheep Mountain (100%) Headquarters Stage Permitting (Denver, CO) Stage Development Head office Commodity Uranium Commodity Uranium Producing Asset Nichols Ran
Slide 6: Complementary Critical Mineral Product Suite
Complementary Critical Mineral Product Suite Leveraging existing infrastructure, excess capacity, and logical “side steps” END PRODUCTS and applications throughout asset base to produce several “in demand” critical materials Uranium/Vanadium Mines U 3 O8 Uranium Fuel for nuclear energy and Vanadium
Slide 7: Energy Fuels' U.S. Operating Uranium Mines
Energy Fuels' U.S. Operating Uranium Mines Producing more U3O8 than any other U.S. company today Pinyon Plain Mine (Arizona) La Sal Complex (Utah) In Production (Conventional) In Production (Conventional) Potentially the highest-grade uranium mine in U.S. A complex of several mines along an 11-mile
Slide 8: Stand-By & Development Uranium Pipeline
Stand-By & Development Uranium Pipeline Large-scale future uranium production Development Nichols Ranch – ISR Roca Honda Large-Scale In-Ground Wyoming (New Mexico) Uranium Resources • Nearly 70,000,000 pounds of combined uranium resources • Combined potential of Sheep Mountain ~6,000,000 pounds per
Slide 9: Growing Portfolio of Long-Term Uranium Sales Contracts
Growing Portfolio of Long-Term Uranium Sales Contracts A Trusted Partner for U.S. Nuclear Utilities Four Existing Long-Term Contracts • Fixed & market price components • Floors & ceilings • Escalate with inflation • Deliveries in 2025 – 2030 • 300,000 pounds of contract deliveries in 2025, increasin
Slide 10: The White Mesa Mill (Blanding, Utah)
The White Mesa Mill (Blanding, Utah) Uranium + Rare Earths Our Mill Makes Everything Possible • 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 •
Slide 11: Monazite Processing: Our Structural Advantage in Rare Earth Ore
Monazite Processing: Our Structural Advantage in Rare Earth Ore Monazite is simply a superior rare earth Existing solvent concentrate extraction ("SX") circuit at the White Mesa Mill producing • Super high-grade (50% - 60%+ total REE oxides) NdPr in 2024 • Higher levels of NdPr • More “mid” and “hea
Slide 12: Rare Earth & Mineral Sands Highlights
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 P
Slide 13: Periodic Table of Elements
Periodic Table of Elements Purely Radioactive Elements Co-located Elements 13
Slide 14: Developing an Innovative, Low-Cost REE Supply Chain
Developing an Innovative, Low-Cost REE Supply Chain Centered in the U.S. • 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 Capital Efficient Rare Earth Supply Chain REE Process REE Product
Slide 15: The "Shovel-Ready" Donald HMS & REE Project (Australia)
The "Shovel-Ready" Donald HMS & REE Project (Australia) An exceptional source of “heavy” REE oxides 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
Slide 16: The Toliara HMS & REE Project (Madagascar)
The 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 • Large high-grade HMS deposit • Considered one of the best development opportun
Slide 17: The Bahia HMS & REE Project (Brazil)
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 • Roughly 300 – 500 tpa of NdPr oxide + Dy/Tb • Several exploration & mining permits in place • Well-defined HMS mineralization (titanium, zirconium & rare earths)
Slide 18: Current REE Oxide Prices
Current REE Oxide Prices Value of $986 million of annual revenue at these prices and volumes Energy Fuels’ Planned “Phase 2” REE Oxide REE Oxide Prices Capacity REE Oxide ($/tonne at Oct. 31, 2025) (tonnes per annum) Notes Neodymium-Praseodymium Price increase of 13% over $87,500 6,000 Sept. 2025 (N
Slide 19: Monazite concentrates already secured by Energy Fuels
Monazite concentrates already secured by Energy Fuels Contained “light” and “heavy” REOs Contained REOs by existing projects in tonnes per annum (tpa): Contained NdPr Oxide by Project 16.00% Project Monazite NdPr Sm Tb Dy 14.00% 12.00% Donald 13,000 1,531 235 29 168 10.00% % Oxide 8.00% Toliara 24,0
Slide 20: Indicative REE Development Timeline
Indicative REE Development Timeline Monazite pipeline coincides with expansion of REE processing capacity at the White Mesa Mill Monazite Feedstock Pipeline Toliara Project (Madagascar) FID, Development & Commissioning* Stage 1: Monazite production of 17.4 ktpa Stage 2: Increase Monazite to 26.1 ktp
Slide 21: Medical Isotopes (Radium)
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 R
Slide 22: Community, Local & Regional Benefits
Community, Local & Regional Benefits • Established Foundation with initial One of the largest private employers & taxpayers in San Juan County, Utah $1 million contribution and ongoing funding equal to 1% of annual • One of the most economically challenged counties in the U.S. revenues from the Whit
Slide 23: Financials: Built Upon Financial Strength
Financials: Built Upon Financial Strength
Slide 24: $700 Million Convertible Senior Notes Offering – October 2025
$700 Million Convertible Senior Notes Offering – October 2025 Capital for multiple growth projects Phase 2 Expansion • White Mesa Mill “Phase 2” expansion Location • Donald Project development Inexpensive source of capital • Unsecured convertible debt = maximum flexibility • 0.75% annual coupon rate
Slide 25: Financial Update as of September 30, 2025
Financial Update as of September 30, 2025 Producing low-cost uranium, developing “Tier 1” critical mineral assets & strong balance sheet 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 p
Slide 26: Summary: Uranium
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 t
Slide 27: Summary: Rare Earth Elements & Mineral Sands
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
Slide 28: America's Leading Producer of Uranium, Rare Earths, and Critical Materials
America’s Leading Producer of Uranium, Rare Earths, and Critical Materials Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling 22 40 Ti Zr 47.867 91.224 Titanium Zirconium Contact IR: investorinfo@energyfuels.com 28