ENERGY FUELS INC

Capital commitments

As of December 31, 2025, the Group has commitments of kEUR 1,254 (December 31, 2024: kEUR 737 and January 1, 2024: kEUR 3,724) for the acquisition of property, plant and equipment.

On January 30, 2023, a subsidiary of the Group entered into a binding supply agreement with a Customer relating to permanent magnet production in North America. In connection with the agreement, the Customer has provided customer prepayments totaling kEUR 19,828 to support construction of the manufacturing facility. One year after the production start date, the Customer is entitled to apply a 4% discount to sales invoices until the outstanding prepayment balance has been fully utilized. As of December 31, 2025, and 2024, customer prepayments totaled kEUR 17,732 and kEUR 19,828, respectively, and are presented as contract liabilities (Note 8). The contract liability is recognized as revenue as the Group satisfies performance obligations by delivering products to the customer.

On September 19, 2023, The Office of the Assistant Secretary of Defense for Industrial Base Policy, through its Manufacturing Capability Expansion and Investment Prioritization ("MCEIP") office, issued a grant to e-VAC Magnetics, LLC to establish a domestic rare earth permanent magnet manufacturing capability. Under the agreement the MCEIP will provide kEUR 88,824 (in equivalent to kUSD 94,100) to the Group to acquire and install manufacturing equipment, operationalize technical infrastructure, and engineer production lines, in order to establish high volume rare earth permanent magnet production. During the year ended December 31, 2025, and December 31, 2024, the Group received payments from this grant of kEUR 17,515 and kEUR 24,709, respectively. These amounts are recorded as a reduction to the cost of the applicable assets included in property, plant and equipment. The agreement includes certain requirements relating to the size of the investment, the number of jobs created, and the salaries for those jobs among other requirements. The Group was in compliance with all such requirements as of December 31, 2025, and 2024.

In June 2024 e-VAC Magnetics, LLC, a subsidiary of the Group, received a government grant for land and infrastructure development from Sumter County of kEUR 12,144 (equivalent to kUSD 13,000) to finance infrastructure measures for property development. These amounts were received in full during the year ended December 31, 2024, and were recorded as a reduction to the cost of the applicable assets included in property, plant and equipment. The arrangement includes certain requirements and restrictions relating to the investment in property, plant and equipment and new job development within the state of South Carolina. The Group was in compliance with all such requirements as of December 31, 2025 and as of December 31, 2024.