Business Description

THE COMPANY AND DESCRIPTION OF BUSINESS Energy Fuels Inc. and its subsidiary companies (collectively the “ Company ” or “ Energy Fuels ”) produce several of the critical minerals essential to United States (“ U.S. ”) energy security and other advanced technologies, including uranium, vanadium, Rare Earth Elements (“ REEs ”) and heavy mineral sands (“ HMS ”), in an effort to strengthen domestic supply chains and reduce reliance on foreign-controlled sources. The White Mesa Mill is (the “ White Mesa Mill ” or the “ Mill ”) is key to building a critical minerals hub in the U.S. due to its notable ability to process uranium, vanadium, REE products, HMS products and, potentially, radioisotopes. Uranium is used as fuel for nuclear power, a reliable baseload source of energy in the world. The Company is engaged in conventional and in situ recovery (“ ISR ”) uranium exploration, evaluation, permitting (as necessary), extraction, recovery and sale of uranium from its mineral properties in the U.S. The Company’s Pinyon Plain, Whirlwind, La Sal, Bullfrog, Arizona Strip and Roca Honda Projects are U.S.-based conventional uranium mining projects located on the Colorado Plateau and within trucking distance of the Mill, while its Sheep Mountain Project is a uranium project located in Wyoming, USA. As of December 31, 2025, the Company continued ore production at its Pinyon Plain, La Sal and Pandora Projects, as well as exploration drilling and analysis at its Pinyon Plain and Nichols Ranch Projects. The other conventional uranium mining projects are on standby and are being evaluated for continued mining and other activities and/or are in the process of being permitted. The Company’s Nichols Ranch Project (inclusive of the Jane Dough and Hank Satellite deposits) is an ISR uranium project located in Wyoming, USA. The Company also produces vanadium pentoxide (“ V 2 O 5 ”) as a co-product of uranium at the Mill from certain of its Colorado Plateau properties, and, at times, from solutions in its Mill tailing impoundment system, each as market conditions warrant. Concurrently, the Company’s recycling program (which includes processing uranium from other uranium-bearing materials not derived from natural or native ores, referred to as “ Alternate Feed Materials, ” recycling tailings solutions and performing other activities for the recovery of uranium, vanadium and potentially other metals and radionuclides), contributes to reducing the levels of new production and natural disturbances needed to meet global energy demand by repurposing feed sources that would have otherwise been lost to direct disposal and extracting additional valuable minerals from them. Additionally, the Company is evaluating the potential to recover radioisotopes from its existing uranium process streams at the Mill for use in targeted alpha therapy (“ TAT ”) cancer treatments, see Note 3 – Transactions . REEs are used to manufacture permanent magnets for electric vehicles (“ EVs ”), defense systems, wind turbines, robotics and other clean energy and modern technologies. In recent years, the Company has and continues to progress initiatives towards full REE separation capabilities at the Mill to produce both “light” and “heavy” separated REE oxides. The Mill produced a mixed rare earth element carbonate (“ RE Carbonate ”) from various uranium- and REE-bearing materials acquired from third parties at commercial scale in 2022, produced separated neodymium/praseodymium (“ NdPr ”) at commercial scale at the Mill in 2024 and produced on-spec dysprosium (“ Dy ”) oxide at the Mill at pilot scale in July 2025. The Company is piloting terbium (“ Tb ”) and samarium (“ Sm ”) oxide at the Mill. NdPr, Dy, Tb and Sm are all REEs and classified as critical minerals in the U.S. The titanium and zirconium products derived from our HMS production are used for, in the case of titanium (which is produced from ilmenite and rutile), aircraft engines and frames, spacecraft components, medical devices, pigments and other industrial and consumer goods uses, and, in the case of zirconium fuel rod cladding and reactor components for nuclear power plants, high-temperature parts in jet engines and spacecraft, metal allows, ceramics, and abrasives and other uses in the medical field and chemical industry. The Company has acquired several REE/HMS projects in recent years to procure monazite feed for the Mill.…