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Freeport-McMoRan for uranium.

Albemarle for uranium.

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• Uranium: Energy Fuels extracts, recovers, and sells uranium, primarily used as fuel for nuclear power generation.
• Vanadium: Energy Fuels also holds interests in uranium/vanadium properties and projects, indicating the potential or actual extraction and sale of vanadium.

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Energy Fuels Inc. sells primarily to other companies. Its major customers are:

• Nuclear Utilities
• Other Nuclear Fuel Companies (e.g., enrichers, fabricators)

Due to commercial confidentiality, Energy Fuels Inc. does not publicly disclose the specific names of its individual customer companies or their stock symbols.

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Mark S. Chalmers, Chief Executive Officer

Mark S. Chalmers has served as President and Chief Executive Officer of Energy Fuels since February 2018, having previously been President and Chief Operating Officer. Before joining Energy Fuels, he was the Executive General Manager of Production for Paladin Energy Ltd. from 2011 to 2015, where he managed the Langer Heinrich and Kayelekera mines, focusing on increasing production and reducing costs. Mr. Chalmers is recognized as an expert in in-situ recovery (ISR) uranium production, with prior experience managing the Beverley Uranium Mine for General Atomics (Australia) and the Highland mine for Cameco Corporation (USA). He has also consulted for major players in the uranium supply sector, including BHP, Rio Tinto, and Marubeni, and served as the Chair of the Australian Uranium Council for ten years.

Nathan Bennett, Chief Financial Officer

Nathan Bennett is responsible for managing Energy Fuels' financial operations, including its strong working capital position.

Ross R. Bhappu, President

Ross R. Bhappu became the President of Energy Fuels in August 2025 and is slated to assume the role of President and CEO on April 15, 2026. With over 35 years of experience in the mining and private equity sectors, Mr. Bhappu spent nearly 25 years with Resource Capital Funds. In this role, he provided extensive technical and financial support for project identification, development, valuation, finance, mergers and acquisitions, and capital sourcing exclusively for the mining and minerals industry. He was instrumental in the acquisition of Mountain Pass, the only operating rare earth mine in the U.S., and the subsequent re-establishment of Molycorp, Inc., where he served as Chairman from 2008 to 2013. Earlier in his career, he held technical and financial positions with Cyprus Minerals Company and Newmont Mining Corporation, and served as CEO of GTN Copper Corporation for three years, focusing on redeveloping the Cyprus Tahono Copper Project.

David C. Frydenlund, Executive Vice President, Chief Legal Officer, and Corporate Secretary

David C. Frydenlund has over 35 years of experience in the mining and energy sectors, overseeing all legal matters for Energy Fuels, including regulatory and environmental laws. Prior to joining Energy Fuels, he served as Vice President of Regulatory Affairs, General Counsel, and Corporate Secretary of Denison Mines Corp. and its predecessor, International Uranium Corporation (IUC), from 1997 to 2012. He also held positions as a director and Chief Financial Officer of IUC from 2000 to 2005. Before that, he was Vice President of the Lundin Group, a collection of international public mining and oil and gas companies, and a partner at the Vancouver law firm of Ladner Downs (now Borden Ladner Gervais), specializing in corporate, securities, and international mining transactions law.

Curtis H. Moore, Senior Vice President of Marketing & Corporate Development

Curtis H. Moore has been with Energy Fuels for more than fifteen years. In his role, he oversees product marketing, public relations, investor relations, and government relations, and is actively involved in mergers & acquisitions, strategy, and corporate legal matters. Prior to his tenure at Energy Fuels, Mr. Moore gained experience in multi-family real estate development, government relations and public affairs, production homebuilding, and private law practice. He is a licensed attorney in Colorado.

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Key Risks to Energy Fuels (UUUU)

1. Volatility of Commodity Prices: Energy Fuels' financial performance is heavily reliant on the fluctuating market prices of uranium, vanadium, rare earth elements (REEs), and heavy mineral sands (HMS). These prices are cyclical and subject to substantial fluctuations, introducing significant financial risk that can impact the company's earnings and cash flow.
2. Operational and Industry-Specific Risks: The company is exposed to various risks inherent in the mineral extraction industry, including geological uncertainties, natural disasters, and operational hazards. These factors can lead to unexpected disruptions in operations, increased costs, and delays in project timelines. Furthermore, the rapid growth and ramp-up of multiple projects introduce execution risks, including potential logistics challenges and concerns regarding quality control.
3. Environmental and Regulatory Challenges: As a company engaged in mineral extraction, Energy Fuels is subject to stringent and evolving environmental regulations. Adapting to these changing regulatory landscapes can result in increased compliance costs and potential delays in project development. Non-compliance could lead to fines, legal action, and reputational damage, posing a threat to the company's long-term success.

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Energy Fuels (symbol: UUUU) operates in the uranium and vanadium markets. The addressable market sizes for their main products are as follows:

Uranium

• The global uranium market size was valued at approximately USD 15.57 billion in 2024 and is projected to grow to about USD 21.78 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 3.8% during the period of 2026–2033.
• Another estimate forecasts the global uranium market to reach US$12.7 billion by 2030, with a CAGR of 4.3% during 2024-2030.
• The global uranium market value also reached $9.3 billion in 2024 and is projected to climb to $13.59 billion by 2032, with a CAGR of approximately 4.9% from 2025 to 2032.
• North America, where Energy Fuels primarily operates, dominated the global uranium market with a 55% share in 2023. The United States is recognized as the world's largest nuclear power market by capacity.

Vanadium

• The global vanadium market size was estimated at USD 2.7 billion in 2024 and is projected to reach USD 3.28 billion by 2030, growing at a CAGR of 3.1% from 2025 to 2030.
• Other projections indicate the global vanadium market size was estimated at USD 3.32 billion in 2023 and is expected to reach USD 5.08 billion by 2033, growing at a CAGR of around 4.35% from 2023 to 2033.
• The U.S. vanadium market generated a revenue of USD 188.0 million in 2024 and is expected to reach a projected revenue of US$ 217.6 million by 2030, with a CAGR of 2.6% from 2025 to 2030.

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Energy Fuels Inc. (UUUU) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Increased Uranium Production and Sales Volumes: Energy Fuels anticipates a material increase in uranium mining and sales in 2026, with projected uranium production ranging from 2 to 2.5 million pounds mined and 2.5 million pounds processed. The company also signed two new long-term contracts with major utilities, which are expected to enhance its portfolio pricing in the coming years. Its Pinyon Plain mine, for example, is expected to double its annual production to 2 million pounds in 2026.
2. Expansion of Rare Earth Element (REE) Production: The company has made significant progress in its rare earth segment, including pilot production of dysprosium and upcoming terbium oxides. Plans are in place to expand commercial heavy rare earth production by mid-2027, and its NdPr and Dy products have already been qualified for use by major automobile manufacturers. Energy Fuels also plans to install "light" REE separation at its White Mesa Mill in 2024/25 and "heavy" REE separation in 2026/27. This diversification is a key strategy to open new revenue streams.
3. Development of New Critical Mineral Projects: Energy Fuels is advancing other critical mineral projects, such as the Donald joint venture project in Australia, for which it has secured government approvals and completed feasibility studies. This project, which contains significant quantities of rare earth-bearing monazite, could see monazite deliveries by late 2027. Additionally, the Vara Mada (formerly Toliara) heavy mineral sands and rare earth project in Madagascar, for which feasibility study results were released in January, is recognized as one of the largest and highest-grade heavy mineral sands and rare earth projects globally.
4. Favorable Uranium Market Dynamics and Pricing: The company expects a reduction in uranium production costs due to strong commodity pricing dynamics. The gross margin for uranium is projected to increase from 31% in 2025 to 50% in 2026. Growing demand for nuclear power, particularly to fuel energy-intensive applications like AI data centers, is seen as a significant long-term driver for uranium prices and demand. The United States faces a substantial deficit in uranium supply compared to its consumption, indicating a strong market need.

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Share Issuance

• Energy Fuels completed an upsized $700 million offering of 0.75% Convertible Senior Notes due 2031 in October 2025, with an initial conversion price of approximately $20.34 per common share.
• In early 2025, the company raised an additional $60.01 million through an At-The-Market (ATM) facility.

Outbound Investments

• In January 2026, Energy Fuels announced the acquisition of Australian Strategic Materials (ASM) for $300 million, comprised of 50% cash and 50% stock, to create a vertically integrated supply chain for rare earth elements.
• The company acquired RadTran in 2024 as part of its medical isotope program, focusing on the recovery of Ra-226 and Ra-228 for targeted alpha therapy.
• Energy Fuels holds a joint venture interest in the Donald Project in Australia, with the right to earn up to a 49% interest, and is developing the Vara Mada heavy mineral sands project in Madagascar, which is expected to be a primary feedstock source for its rare earth operations.

Capital Expenditures

• Energy Fuels is planning a Phase 2 expansion of its rare earth element (REE) separation circuit at the White Mesa Mill, with an estimated capital cost of $410 million and expected commissioning in late 2028 or early 2029. This expansion aims to significantly increase NdPr oxide capacity to over 6,000 tonnes per annum, along with dysprosium and terbium production.
• The Phase 1 REE Separation facility at the White Mesa Mill was substantially completed by the end of 2023 with minimal capital expenditures, designed to process 8,000 to 10,000 tonnes of monazite ore annually to produce 800 to 1,000 tonnes of NdPr oxide per year.
• The company is making ongoing investments in its U.S. uranium assets, including exploration drilling in the "Juniper Zone" at the Pinyon Plain Project and development work at the La Sal Project, Pandora, Whirlwind, Energy Queen, and Nichols Ranch mines, to ramp up uranium production.