Energy Fuels Inc. · TSX:EFR
Energy Fuels — Investor Presentation (September 2026)
16 slides from Energy Fuels's investor presentation, September 2026
Slide 1: Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company
Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company September 2026 UUUU NYSE American EFR TSX EF2 ASX
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: Building a Globally Diversified Portfolio of Mining, Processing & Manufacturing Assets
HMS Rare Earths Uranium Building a Globally Diversified Portfolio of Mining, Processing & Manufacturing Assets Sumter, SC, U.S.1 Ulvila, Finland1 American Metals Plant Current (Location TBD) Expanded Horná Streda, Capacity Hanau, Germany1 Slovakia1 Capacity Sheep Mountain, WY Korean Metals Plant, 3.
Slide 4: Fully-Integrated Rare Earth Mine-to-Magnet Platform + Leading Uranium Production
HMS Rare Earths Uranium Fully-Integrated Rare Earth “Mine-to-Magnet” Platform + Leading Uranium Production Powering clean energy, advanced technologies and resilient supply chains 01 02 03 Integrated Uranium Rare Earth Magnets & Heavy Mineral supply for Advanced Materials1 Sands = strategic markets
Slide 5: 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 Driving Competitive Advantage Through a Defining Our Strategic Position Supply
Slide 6: Bridging the Western Supply Gap
Bridging the Western Supply Gap $60 Billion of Rare Earth Investment Required by 2035 to Meet Projected Demand Growth1 VAC Acquisition Secures Leading Position in Most Challenging and Underinvested Part of the Rare Earth Value Chain 80 REE MAGNET DEMAND WESTERN REE SUPPLY DEFICIT (2035E) (EX-CHINA)3
Slide 7: Uniquely Positioned Player in Global Rare Earth Magnet Markets
Uniquely Positioned Player in Global Rare Earth Magnet Markets “Western” vertically integrated rare earth platform, from near-term mineral supply to specialized downstream manufacturing Processing and HMS Mining Projects Metallization and Alloying Magnet Manufacturing End Markets Separation Monazite
Slide 8: Building a Highly Scalable, Vertically Integrated Mine-to-Magnet Platform with Achievable Milestones
Building a Highly Scalable, Vertically Integrated “Mine-t0-Magnet” Platform with Achievable Milestones Donald (Phase 1) 3: Vara Mada (Phase 1)1: Bahia2: Donald Expansion3: Vara Mada Expansion1: Projects Mining 8,000 tpa monazite 17,000 tpa monazite 3,000 tpa monazite 14,000 tpa monazite 26,000 tpa m
Slide 9: Near-Term and Medium-Term Growth Initiatives Majority Funded With Government Support
Near-Term and Medium-Term Growth Initiatives Majority Funded With Government Support Illustrative Near-Term Growth Project Funding (US$M) Illustrative Medium-Term Growth Project Funding (US$M) Additional Funding Additional Funding Requirement Requirement $100 - $150M $400 —$500M $400 - $500M Near-Te
Slide 10: Platform Yields Exceptional Alignment for Mine-to-Magnet Growth Strategy
Platform Yields Exceptional Alignment for Mine-to-Magnet Growth Strategy Current/Near Term (2027) Medium/Long Term (2029/30) Donald Phase 1 Monazite Supplies Most of White Mesa Mill Phase 1 Processing / Donald, Vara Mada, Bahia and MREC Processed in White Mesa Mill Phase 2 Circuits Separation Capaci
Slide 11: VAC's Current Leadership in Magnets - Integration of Permanent & Soft Magnets
VAC’s Current Leadership in Magnets - Integration of Permanent & Soft Magnets Creates Strong Cross-Selling Description Product Overview • Amorphous and nanocrystalline alloys • Portfolio includes current sensors, nanocrystalline Rapid cores, amorphous ribbons, common mode chokes Solidification • Use
Slide 12: 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 Mining1 Separation Metals and Alloys Magnets Light Rare Heavy Rare NdPr Dy and Tb RE Strip Casting Blocks Finished Earths Earths Separation Separation Metals (Alloys) Energy Fuels2 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Lynas ✓ ✓ ✓ ✓ — — — — MP Ma
Slide 13: 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 14: 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) High-Grade Scaling toward 2M+ lbs. U3O8 per year Mining • Mining ongoing at Pinyon Plain (AZ) and La Sal (UT) Operations • 425,000 lbs. mined in Q1-2026 • 1.7M lbs. mined in 2025 Over 1.5M lbs. U3O8 produced in H1-20
Slide 15: Empowering the world's most strategic technologies
Empowering the world’s most strategic Established and Soon-To-Be Acquired Businesses Underpin Growth technologies as a global, diversified and vertically integrated critical Building a Derisked and Differentiated Critical Materials Platform materials company Leveraging Unique Processing and Integrat
Slide 16: Energy Fuels Inc. contact details
Energy Fuels Inc. 225 Union Blvd., Suite 600 Lakewood, Colorado 80228 303.974.2140 investorinfo@energyfuels.com UUUU NYSE American EFR TSX Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling Metallization & Alloying Permanent Magnets 22 40 Ti Zr 47.867 91.224 Titanium Zirconiu
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