Energy Fuels Inc. · TSX:EFR
Energy Fuels — Merger or Acquisition (January 2026)
20 slides from Energy Fuels's merger presentation, January 2026
Slide 1: Energy Fuels to Acquire Australian Strategic Materials (ASM)
Uranium Rare Earth Elements Vanadium Titanium Zirconium Energy Fuels to Acquire Australian Strategic Materials (ASM) January 2026
Slide 2: Disclaimers and Forward Looking Statements & Notice Regarding Technical Disclosure
Disclaimers and Forward Looking Statements & Notice Regarding Technical Disclosure This presentation contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation,that are based on expectations, esti
Slide 3: Strategic Rationale
Strategic Rationale Energy Fuels is Creating What We Believe Will Be the Largest Fully-Integrated Rare Earth Element (“REE”) Metal and Alloy Producer Outside of China, Critical to Mineral Supply Chains Yesterday, We Announced Entering into a Scheme Implementation Deed (SID) with Australian Strategic
Slide 4: Transaction Overview & Timing
Transaction Overview & Timing Energy Fuels Has Entered into a SID to Acquire ASM for Total Consideration of A$1.60 Per Share • Under the SID, each eligible ASM shareholder will be entitled to receive: - 0.053 shares1 in Energy Fuels common shares or CHESS Depository Interests for each ASM share held
Slide 5: ASM: Leading Western Producer of Rare Earths Metal and Alloys
ASM: Leading Western Producer of Rare Earths Metal and Alloys Business Overview Asset Footprint ▪ Australian Strategic Materials is a leading Western producer of rare earths metals and alloys listed on the ASX (ASX:ASM) 1 2 ▪ ASM operates a metal plant in Korea, is advancing development of a metalli
Slide 6: KMP: One of The Only Producing REE Metals & Alloys Facilities Outside of China
KMP: One of The Only Producing REE Metals & Alloys Facilities Outside of China Located in the Ochang Foreign Investment Zone in South Korea, KMP is a Strategic Non-Chinse Source Of High-Purity Rare Earth Metals Current Phase 2 Ramp-up Product Expansion Phase 3 Capacity: 1,300tpa NdFeB Capacity: 3,60
Slide 7: AMP: De-risked Plan to Construct American Metals & Alloys Facility Leveraging IP from KMP
AMP: De-risked Plan to Construct American Metals & Alloys Facility Leveraging IP from KMP Initial Capacity of 2,000 tpa of Alloy Up to 150 Skilled Jobs Ability to expand to 4,000 tpa AMP Created at full capacity, supporting local aligned to demand employment and economic growth Targeting Financials
Slide 8: Transaction Creates Western “Mine-to-Metal & Alloy” Rare Earth Champion
Transaction Creates Western “Mine-to-Metal & Alloy” Rare Earth Champion Establishes the Leading Western Integrated Mine-to-Metal & Alloy Producer, Capturing Value Across the Rare Earth Supply Chain, Removing Intermediaries and Enhancing Profitability Mining Separation Metals & Alloys Light Rare Eart
Slide 9: Pro Forma Company to Benefit from Enhanced Margin Capture
Pro Forma Company to Benefit from Enhanced Margin Capture Internalizes Input Costs and Conversion Spreads From Carbonate to Oxides to Metal and Alloys, Improving Structural Gross Margins Significant Margin Expansion (%) ✓ Capturing value further down the supply chain, with flexibility ~20% Margin Up
Slide 10: Energy Fuels Has Proven Track Record of Creating Value Via M&A
Energy Fuels Has Proven Track Record of Creating Value Via M&A Energy Fuels Has >15 Years of Unparalleled Experience Creating Value for Shareholders Via Accretive M&A 2026 2026 Market Cap Expansion Over Time (US$mm1) + 153 x 2026 2 $5,206 2024 (Joint Venture) Energy Fuels Acquisition of 2024 Bahia R
Slide 11: Near-Term Allied “Mine-to-Metal & Alloy” Supply Chain Delivering Light and Heavy Rare Earths
Near-Term Allied “Mine-to-Metal & Alloy” Supply Chain Delivering Light and Heavy Rare Earths Transaction Will Provide Shareholders Access to a Large Share of the REE Value Chain and a Significantly Greater Proportion of the Non- China Market Pro Forma Global “Mine-to-Metal & Alloy” Operational Flows
Slide 12: Acquisition Creates Value for All Stakeholders
Acquisition Creates Value for All Stakeholders Energy Fuels is Uniquely Positioned to Unlock the Inherent Value of ASM’s Assets With its Unmatched Capability in Solvent Extraction, World Class REE Portfolio Assets, and Access to Global Markets and Governments + Shareholders Customers National Securi
Slide 13: Energy Fuels Overview
Energy Fuels Overview
Slide 14: Building a Globally Significant Critical Materials Company Based in the United States
Building a Globally Significant Critical Materials Company Based in the United States We Produce High-Value Materials from Minerals That Naturally Contain Uranium, or are Found Alongside Minerals that Naturally Contain Uranium 01 02 03 Value Uranium Rare Earth Elements Heavy Mineral Sands The leadin
Slide 15: Energy Fuels Portfolio Summary
Energy Fuels Portfolio Summary Energy Fuels Owns a Diversified Portfolio of Assets Located Across Geography, Commodity and Stage of Development Portfolio Division Overview Asset Locations Uranium, Rare Earth & Vanadium Processing Asset Location Interest Stage Commodity Processing Facility 11 White M
Slide 16: Expands and Differentiates Customer Proposition with a One-Stop Shop Portfolio
Expands and Differentiates Customer Proposition with a One-Stop Shop Portfolio Energy Fuels’ Strategy Involves Leveraging Existing Infrastructure, Excess Capacity, and its Diverse Asset Base To Produce Several “In Demand” Critical Materials Mines and Minerals Processing End Products and applications
Slide 17: White Mesa Mill (Utah)
White Mesa Mill (Utah) The White Mesa Mill is the Only Operating Conventional Uranium Mill in the U.S. Capable of Separating Monazite into Rare Earth Oxides that Are Planned to be Utilized in ASM’s Metallization Facilities White Mesa Mill Rare Earth Separation Facilities Overview – White Mesa Mill T
Slide 18: Transaction Timeline
Transaction Timeline
Slide 19: Transaction Timeline
Transaction Timeline Implementation Date for the Scheme Targeted for June 18, 2026 Indicative Transaction Timeline Date Announcement of Transaction January 2026 First Court Hearing to Approve the Scheme Booklet April 2026 Scheme Meeting May 2026 Second Court Hearing June 2026 Effective Date June 202
Slide 20: Thank you
Uranium Thank you Heavy Mineral Sands Rare Earths energyfuels.com