Energy Fuels Inc. · TSX:EFR
Energy Fuels — Investor Presentation (March 2025)
26 slides from Energy Fuels's investor presentation, March 2025
Slide 1: Building the Largest Critical Mineral Company in the U.S.
Uranium Rare Earths Vanadium Titanium Zirconium Building the Largest Critical Mineral Company in the U.S. March 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 Elements Heavy Mineral Sands A leading U.S. Emerging global Emerging global producer of U3O8 leader in producing leader in producing separated
Slide 4: High Value Product Line
High Value Product Line In-demand materials central to energy, defense, mobility, and health URANIUM – UUUU is a leading U.S. producer of U3O8, now in large-scale production • Expected 2025 ore production of 0.73 to 1.17 million lbs. of contained uranium in 2025 • Expect to produce 250,000 lbs. of U
Slide 5: 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) 5 EV/Hybrid EV Drivetrain (REE)
Slide 6: 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 7: Complementary Critical Mineral Product Suite
Complementary Critical Mineral Product Suite Leveraging existing infrastructure, excess capacity, and logical “side steps” throughout asset END PRODUCTS base to produce several “in demand” critical materials and applications Uranium/Vanadium Mines U308 Uranium Fuel for nuclear energy and Vanadium Or
Slide 8: Uranium Highlights
Uranium Highlights Active ore production at 3 mines – and active mineral processing at Mill – Today Uranium production update at White Mesa Mill • Q4-2024: Produced 158,000 pounds of finished U3O8 during 2024 U3O8 Produced at the • Q4-2024: Mined ore containing approximately 350,000 pounds of U3O8 f
Slide 9: U.S. Uranium Production
U.S. Uranium Production Combine for up to 2 million lbs. of short-term, low-cost production White Mesa Mill (Utah) Nichols Ranch ISR (Wyoming) Production Pre-Production Pinyon Plain Mine (Arizona) La Sal Complex (Utah) Production Production 9
Slide 10: Development Pipeline
Development Pipeline Large-scale future uranium production Sheep Mountain (Wyoming) Roca Honda (New Mexico) Development Development Henry Mountains – Bullfrog (Utah) Large-Scale In-Ground Uranium Resources • Nearly 70 million pounds of combined uranium resources1 • Combined potential to produce roug
Slide 11: Leading U.S. Rare Earth Production
Leading U.S. Rare Earth Production We achieved commercial-scale production of NdPr at White Mesa Mill in 2024 Currently being validated for potential offtake Our Structural Top Global Competitor Advantages in Rare Earths o Solvent Extraction (“SX”) expertise o Existing licenses & permits o Existing
Slide 12: Rare Earth Highlights
Rare Earth Highlights We are focused on processing “Monazite”, a mineral recovered as low-cost byproduct of HMS mining • Monazite has superior distributions & grades of “magnet” REEs (NdPr, Sm, Dy, Tb) + higher quantities of uranium • Monazite concentrates are recovered as a very low-cost byproduct
Slide 13: Developing an Innovative, Low-Cost U.S.-Centered REE Supply Chain
Developing an Innovative, Low-Cost U.S.-Centered REE Supply Chain • 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 REE Process REE Product Capital Efficient Rare Earth Supply Chain Mining
Slide 14: Linking the Domestic REE Supply Chain
Recent Announcements: Linking the Domestic REE Supply Chain March 17, 2025 Collaboration with POSCO International, a leading global supplier of EV/Hybrid drivetrains, to create non-China REE supply chain March 18, 2025 Strategic Alliance with The Chemours Company to collaborate on bolstering U.S. cr
Slide 15: Rare Earth Minerals Produced Globally
October 2, 2024: Energy Fuels acquires Base Resources and Rare Earth “generational” critical mineral asset, along with successful management & operations teams Minerals Produced • Base Resources now a wholly-owned subsidiary of Energy Fuels Globally • Experienced heavy mineral sands (HMS) management
Slide 16: Heavy Mineral Sand (HMS) Highlights
Heavy Mineral Sand (HMS) Highlights Low-cost and world-scale TiO2/ZrO2 mines that also produce monazite as a low-cost REE byproduct Extract titanium minerals (ilmenite, rutile), zirconium minerals (zircon), and rare earth minerals (monazite, xenotime) TiO2 and ZrO2: Raw materials used in industrial
Slide 17: Toliara Critical Mineral Project
Toliara Critical Mineral Project A ‘Generational’ critical mineral project in Madagascar containing rare earth, Rare Earth titanium, and zircon minerals Minerals Produced October 2, 2024: Energy Fuels acquires Base Resources + Toliara Project Globally November 28, 2024: Government of Madagascar Lift
Slide 18: Additional Low-Cost Sources of Rare Earth Feedstock
Additional Low-Cost Sources of Rare Earth Feedstock Owned/Controlled by Energy Fuels – Advancing Quickly The Bahia Project (Brazil) The Donald Project (Australia) (100% Ownership) (Joint Venture to “Earn-In” to 49% Ownership) Potential to supply ~3,000 - Potential to supply 7,000 – 14,000 5,000 tpa
Slide 19: Indicative REE Development Timeline
Indicative REE Development Timeline Strong monazite pipeline coincides with expansion of REE oxide processing capacity at the White Mesa Mill Monazite Feedstock Pipeline F Toliara Project (Madagascar) I Development & Commissioning Stage 1: Monazite production of 17.4 ktpa D Stage 2: Increase Monazit
Slide 20: 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 21: Community, Local & Regional Benefits
Community, Local & Regional Benefits One of the largest private employers & taxpayers in San Juan • Established Foundation with initial County, Utah $1 million contribution and ongoing • One of the most economically challenged counties in the U.S. funding equal to 1% of annual Currently, about 100 e
Slide 22: Financials
Financials Rare Earth Elements Heavy Mineral Vanadium Sands Uranium Uranium Medical Recycling & Isotopes ESG Built Upon Financial Strength 22
Slide 23: 2024: A Fundamental Building Year
2024: A Fundamental Building Year Developing low-cost “Tier 1” critical mineral assets, while maintaining strong balance sheet Net loss in 2024 Driven by Transaction Costs, Offset by Uranium Sales • $47.77 million net loss ($0.28 per share) • Sold 450,000 pounds of uranium for gross profit of $21.33
Slide 24: 2025 Guidance | Uranium
2025 Guidance | Uranium 200,000 – 250,000 pounds of finished U3O8 production during H1-2025 200,000 – 300,000 pounds of U3O8 sales under long-term contracts in Q2- and Q3-2025 Opportunistically selling uranium on spot market if economically and strategically valuable Ore production of 730,000 – 1,17
Slide 25: 2025 Guidance | REE, TiO2, ZrO2
2025 Guidance | REE, TiO2, ZrO2 Potential production of NdPr in 2025, subject to market conditions, product validation, and Mill schedules Engineering Phase 2 REE expansion at White Mesa Mill to a total capacity of up to 6,000 tpa NdPr, 225 tpa Dy, and 75 tpa Tb oxides, including updated capital and
Slide 26: America's Leading Producer of Uranium and Critical Materials for the Clean Energy Transition
America’s Leading Producer of Uranium and Critical Materials for the Clean Energy Transition Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling 22 40 Ti Zr 47.867 91.224 Titanium Zirconium Contact IR: investorinfo@energyfuels.com 26