Energy Fuels Inc. · TSX:EFR
Energy Fuels — Merger or Acquisition (June 2026)
22 slides from Energy Fuels's merger presentation, Jun 23, 2026
Slide 1: Vacuumschmelze (VAC): Creating the West's Premier Rare Earth Platform
SCF aan” VAS VACUUMS CHMELZE Vacuumschmelze (VAC): Creating the West’s Premier Rare Earth Platform June 23, 2026 | Energy Fuels and
Slide 2: Disclaimers and Forward Looking Statements & Notice Regarding Technical Disclosure
Disclaimers and Forward Looking Statements & Notice Regarding Technical Disclosure “This presentation contains carn Fora Looking Infomation” and Fra Looking Sateen wih the masnig of aplisble Unt Sates and Caadon saute egiition, which may nude, but sere dar wh ape geen ae ree ened Vac coe prey Sak ay
Slide 3: Today's Speakers
Today’s Speakers Ross Bhappu Erik Eschen Chief Executive Officer Chief Executive Officer Energy Fuels VAC G "ENERGY it
Slide 4: Establishes a Western, Vertically Integrated Rare Earth Platform Spanning Mining Through Advanced Magnet Manufacturing
Establishes a Western, Vertically Integrated Rare Earth Platform Spanning Mining Through Advanced Magnet Manufacturing Upstream Midstream Downstream : | 1 f ) ae aad Metals & Alloys Magnet Manufacturing (eam Wie Mesa Ma Korean Metals Pat sume Bahia American Metal lant SS VAX WACUMSCHMELTE SM i ‘Aust
Slide 5: Overview of Energy Fuels' Acquisition of VAC
Overview of Energy Fuels’ Acquisition of VAC + VAC isan established advanced magnetics company with over 100 years of production expertise + Consideration of $718 milion in cash, 65.85 milion shares of newiy issued Energy Fuels common stock and a potential prefered equity issuance, implying an equit
Slide 6: VAC is a Leading Advanced Magnetics Company with Unique Capabilities and Footprint
el VAC is a Leading Advanced Magnetics Company with Unique Capabilities and Footprint | iis Fintan Sage ltl HO. RED Carer Sage Operating es ap Scan Cosine, Te Pemanet Mages homme Production ‘500 tons Mat Shoe: 8.000 ons a Prion —_ cae OU rs Ceecly”—_PansPrton 2at0ions | Permettpes sy 4 ‘oe Onectng —
Slide 7: Bridging the Western Supply Gap: >50% Demand Growth Requires $60 Billion of Industry Investment by 2035
Bridging the Western Supply Gap: >50% Demand Growth Requires $60 Billion of Industry Investment by 2035 VAC Acquisition Secures Leading Position in Most Challenging and Underinvested Part of the Rare Earth Value Chain 20 REE MAGNET DEMAND WESTERN REE MAGNET SUPPLY (2035E) (EX-CHINA) eS x2 x4 x6 = |
Slide 8: VAC Provides Best Path for Energy Fuels to Quickly Build Vertically Integrated Rare Earth Platform
VAC Provides Best Path for Energy Fuels to Quickly Build Vertically Integrated Rare Earth Platform VAC Shortcut: Bypassing Years of Development to Deliver an Immediate Platform Poised for Growth with Little Execution or Technical Risk a hy, cE on, MP vererins ee 225 apne Revenue Sem (re-Curor Matra
Slide 9: Unrivaled Market Leader: VAC is the Preeminent ex-Asia Advanced Magnetics Company
Unrivaled Market Leader: VAC is the Preeminent ex-Asia Advanced Magnetics Company Soft Magnetics Permanent Magnets Sore High-grade sintered NdFeB and SmCo Cash Flow & Stability Hyper-Growth & Scale 2025A Gross Margin Ag). EBITDA (Excl. Sumten) $68.6mm | $28.6mm* Technical Advantage 180+ dedicated FT
Slide 10: Sumter: First U.S. Advanced Permanent Magnet Plant of Scale with Significant Growth Potential
Sumter: First U.S. Advanced Permanent Magnet Plant of Scale with Significant Growth Potential ‘Sumter, South Carolina Sumter Ramp Up and Expansion to Drive Significant Expected EBITDA Growth Over Near Term? Phase 12s fully commissioned and in production SS 2,000 tpa NéFeB permanent magnet block! Hig
Slide 11: Transaction Creates Fully Integrated Mines-to-Magnet Rare Earth Platform
Transaction Creates Fully Integrated Mines-to-Magnet Rare Earth Platform... Donald Supports Majority of VAC’s Current Magnet Production Donald Phase 2, Vara Mada and Bahia Expected to Unlock Future Expansions White Mesa mil Current Capacity seas (Phase 14/8) (Phase 14) 1,000 tpa Narr cos (hase) ae (
Slide 12: Well Positioned to Deliver on VAC's >$2bn Annual Permanent Magnet Potential Customer Pipeline
2 ...-That’s Well Positioned to Deliver on VAC’s >$2bn Annual Permanent Magnet Potential Customer Pipeline Over the Next 5-7 Years' 04 i 129 [Annual Permanent Magnet Block Potential Pipetine (tps) EV Permanent Magneto ‘Sumter Expansion Case Capacity (12,000 fea) ‘ier | Suppliers TotslEV PM Block Aut
Slide 13: Transaction Provides Platform for Energy Fuels to Realize Benefits of Vertical Integration
Transaction Provides Platform for Energy Fuels to Realize Benefits of Vertical Integration ‘Magnet contract structures utilize commodity price pass-throughs with guaranteed margins to ensure predictable cash flow ‘Acquiring VAC is expected to add an additional ¥ Capture full margin, eliminating 30 -
Slide 14: Pro Forma Company Will Have World-Class Growth Profile
ee 2 Pro Forma Company Will Have World-Class Growth Profile... Combines Energy Fuels + VAC capabilities to == — accelerate rare earth integration across the we Scaled mine-to-magnet ‘Sumter : platform with global reach and customer access v VAC’s downstream expertise accelerates monetization of Ener
Slide 15: Supported by Competitive Conditional Government Funding
... Supported by Competitive Conditional Government Funding VAX = SM LL] Sade VACUUMSCHMELZE U.S. OFFICE OF EXPORT FINANCE AUSTRALIAN STRATEGIC CAPITAL AUSTRALIA STRATEGIC MATERIALS $220M Funding to Advance $725M Conditional Loan A$220M Targeted Project A$200M Conditional Letter Construction of Sumt
Slide 16: Proposed Transaction Creates Value for All Stakeholders
a 2 Proposed Transaction Creates Value for All Stakeholders Energy Fuels’ Shareholders + Significant value creation via + Greatly enhances product + Unmatched technical capabilities in enhanced margin capture capabiliies upstream, midstream and + Participation in premier fully + Low-cost producer wi
Slide 17: Energy Fuels and VAC: Creating the West's Premier Rare Earth Platform
a Energy Fuels and VAC: Creating the West’s Premier Rare Earth Platform Immediate Vertical + Combines Energy Fuels’ low-cost upstream REE assets and ASM's metal and alloying Integration capabilities with VAC's 100+ years of downstream magnet manufacturing expertise + Bypasses multi-year development
Slide 18: Appendix
Appendix
Slide 19: Unmatched Product Capabilities: VAC is the Premier Western Magnet Maker
0 Unmatched Product Capabilities: VAC is the Premier Western Magnet Maker Capable of Producing High-Quality NdFeB and SmCo Magnets at Industrial Scale From standard energy-dense ‘grades to ultra-high coercivity ‘magnets Full Spectrum of Grades RCTS Customized equipment and = HAM roceccingtecnolony é
Slide 20: Pro Forma Capital Structure: Fully Funded for Growth
a Pro Forma Capital Structure: Fully Funded for Growth + $208 million existing VAC debt to be refinanced at close + As of March 31, 2026, VAC had cash balance of $68 million + Secured $250 million term loan commitment from Goldman Sachs to facilitate refinancing + White Mesa: Received a conditional
Slide 21: Reconciliation of Net Income to Adjusted EBITDA
Se 2 Reconciliation of Net Income to Adjusted EBITDA Fy2025 ‘Non-GAAP Financial Measures ‘This presentation incudes reternces to adjusted EBITDA and seme illestative (508) examples of frware looking estimates of CTD, 0 described below, which are nor GAAP measures, Because these are Shtrotve examples
Slide 22: Thank you
Rare Earths Thank you Uranium Heavy Mineral Sands CF 289" FUELS energyfuels.com