ENERGY FUELS INC

Energy Fuels is a leading U.S.-based critical materials company. The Company mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. In 2021, Energy Fuels began production of mixed RE Carbonate, an advanced REE material at the White Mesa Mill and in 2024 produced commercial quantities of on-spec separated NdPr. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery at the Mill of radionuclides needed for emerging cancer treatments. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch ISR Project in Wyoming. In 2023, the Company acquired the Bahia Project in Brazil, which is an HMS project. In 2024, the Company entered into a Joint Venture Agreement (“JVA”) with Astron Corporation on its HMS project, the Donald Project, in Victoria, Australia and acquired 100% of Base Resources, an Australian company with HMS projects in Kenya (Kwale) and Madagascar (Vara Mada). All the Company’s HMS projects are believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals.

On January 20, 2026, the Company entered into a definitive agreement to acquire 100% of the issued share capital of ASM by way of a scheme of arrangement under Australian law. ASM is an Australian-based critical minerals company with REE mining, processing, and metallization assets, including the Dubbo Project in New South Wales, a metallization and alloying facility in South Korea, and plans to potentially construct a metallization and alloying facility in the U.S. The completion of this acquisition, which is subject to receipt of ASM shareholder, court and regulatory approvals, is expected as early as June 2026, and would make the Company a fully integrated REE “mine-to-metal and alloy” producer outside of China, thereby providing the Company with the potential for additional cashflow, margin, and product line offerings in REE metals and alloys. See Part II, Item 7. Proposed Acquisition of Australia Strategic Materials Limitedand Note 21 -Subsequent Eventsto the consolidated financial statements for more information.

ISR Uranium Activities

The Company conducts its ISR recovery activities through its Nichols Ranch Project in northeast Wyoming, which it acquired in June 2015 through the acquisition of Uranerz Energy Corporation (“Uranerz”).

The Nichols Ranch Project includes: (i) the Nichols Ranch Plant (100% ownership); (ii) the Nichols Ranch Wellfields (100% ownership); (iii) the Jane Dough Property (81% ownership); (iv) the Hank Project (100% ownership), which includes the permitted but not constructed Hank Satellite Plant; (v) North Rolling Pin (100% ownership); and (vi) West North Butte (100% ownership). See The Nichols Ranch Remaining Mineral Resources – In Situ Uranium. The Company also acquired through the acquisition of Uranerz the Reno Creek Property (which it has since sold) and the Arkose Mining Venture, a joint venture of ISR properties held 81% by Energy Fuels. See Non-Material Mineral Properties - Other ISR Projects. Production from existing wellfields at Nichols Ranch was depleted during 2020. In order for Nichols Ranch to engage in future uranium production, the Company will need to incur capital expenditures to develop additional wellfields. While production at the Nichols Ranch Project is currently being maintained on standby, the Company is undertaking exploration and development activities to expand the resources at the Nichols Ranch Project and to further develop a wellfield to be ready for potential recommencement of production within 12 months of a “go” decision.

Conventional Uranium Activities

The Company conducts its conventional uranium E&R activities through its 100% owned White Mesa Mill, which is the only operating conventional uranium mill in the U.S. The Mill, located near Blanding, Utah, is centrally located such that it can be fed by a number of the Company’s uranium and uranium/vanadium projects in Colorado, Utah, Arizona and New Mexico, as well as by ore purchase or toll milling arrangements with third party miners in the region, as market conditions warrant. The Company also owns the Sheep Mountain Project in Wyoming, which is a conventional uranium project. Due to its distance from the White Mesa Mill, the Sheep Mountain Project is not expected to be a source of feed material for the Mill. The Sheep Mountain Project consists of the Sheep Mountain Extraction Operation (both open pit and underground), which is permitted, and the proposed Sheep Mountain Processing Operation (heap leach), which is not permitted at this time.

The Company’s principal conventional uranium properties include the following:

•the White Mesa Mill (see The White Mesa Mill);

•the Pinyon Plain Project (see The Pinyon Plain Project);

•the Roca Honda Project (see The Roca Honda Project);

•the Sheep Mountain Project (see The Sheep Mountain Project);

•the Bullfrog Project (see The Bullfrog Project);

•the La Sal Project (see The La Sal Project);

•the Arizona Strip uranium properties located in north-central Arizona, including: the Arizona 1 Project, the Wate Project, and EZ Project (see Non-Material Mineral Properties – Other Conventional Projects – Arizona Strip); and

•the Whirlwind Project located in southwest Colorado on the Colorado and Utah border (see Non-Material Mineral Properties – Other Conventional Uranium Projects – Colorado Plateau).

The Company has a 100% interest in all these conventional properties.

The Mill is licensed to process 2,000 tons of mineralized material per day. It is primarily a uranium recovery facility that mills uranium mineralized materials from the Company’s uranium mines on the Colorado Plateau as well as ore purchased or toll milled from third party miners in the region, as market conditions warrant. In addition, the Mill can recycle other uranium-bearing materials not derived from natural or native ore, known as Alternate Feed Materials, for the recovery of uranium, alone or in combination with other metals. In this regard, the Company is currently evaluating a number of potential Alternate Feed Materials for the recovery of uranium. The Mill is also pursuing other opportunities to process mineralized materials from the clean-up of AUM on the Navajo Reservation and in the Four Corners area of the U.S. Energy Fuels began production of mixed RE Carbonate, an advanced REE material, at the White Mesa Mill, in 2022 and 2023 and produced commercial quantities of separated NdPr at its Phase 1 Circuit at the White Mesa Mill in 2024. The Mill produced pilot-scale quantities of Dy oxide in 2025 and expects to produce pilot-scale quantities of Tb oxide in early 2026. The Company is planning further enhancements to expand its heavy REE production at its existing Phase 1 Circuit for the planned recovery of Dy, Tb, Sm, Eu and Gd, with the ability to separate other heavy REEs such as Y and Lu if market conditions warrant, subject to the receipt of regulatory approvals, financing, completion of engineering and the receipt of sufficient feed materials. The Company also plans to expand its NdPr, Dy and Tb production capability and potentially other REE material production capability in the future through the development, subject to the receipt of regulatory approvals, financing, completion of engineering and the receipt of sufficient feed materials, of its proposed stand-alone Phase 2 Circuit with a total planned capability (from the Phase 1 Circuit and Phase 2 Circuit) of up to approximately 6,000 tonnes of NdPr, 200 tonnes of Dy and 60 tonnes of Tb per year, along with other REEs, described in more detail below, from monazite concentrates, MREC or similar feed materials. See Part I, Item 2. The White Mesa Milland Part II, Item 7. Rare Earth Elements Segmentfor additional information. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery at the Mill of radionuclides needed for emerging cancer treatments.

The material projects are shown on the map above and are described in further detail below. Properties that the Company does not consider material are summarized at the end of this Item 2.

The Company has diversified its asset base into HMS through both acquisitions and a joint venture. These projects include the acquisition of the Bahia project in 2023, joint venture on the Donald Project in 2024 and the acquisition of the Kwale and Vara Mada projects through the Company’s acquisition of Base Resources in October 2024. Typical heavy mineral sand operations produce titanium minerals (ilmenite, leucoxene and rutile) zirconium minerals (zircon) and monazite. This strategy of diversification provides the Company with long-term company-controlled monazite that is a by-product of HMS mining. The monazite produced from these projects will be sent to the Mill for processing into separated rare earth oxides (NdPr, Tb, Dy and potentially other REE oxides).

The Company’s principal HMS projects are the following:

•the Vara Mada Project (formerly known as the Toliara Project) (see The Vara Mada Project);

•the Donald Project (see The Donald Project);

•the Bahia Project (see The Bahia Project);

•the Kwale Mine (see Non-Material Mineral Properties – Other Heavy Mineral Sand Projects - The Kwale Project).

Uranium, Vanadium and Rare Earth Recovery History

The Company recovers uranium, vanadium and rare earths at its White Mesa Mill in Blanding, Utah. The following tables show the mineralized material processed and pounds of uranium and vanadium total rare earth oxides and separated NdPr recovered from the Company’s projects and facilities from January 1, 2021 to December 31, 2025:

Recovery History(1)

Notes:

(1)Mineralized material is shown as being processed and pounds recovered during the year in which the materials were processed at the Mill or at the Nichols Ranch Plant, which is not necessarily the year in which the materials were extracted from the project facilities.

(2)Conventional Uranium Mineralized Materials include uranium ore produced at uranium mines owned by the Company (including the Pinyon Plain, La Sal and Pandora mines) and third-party ore received from regional uranium mines.

(3)Includes uranium and TREO recovered from monazite processing.

(4)Inclusive of recovered metric tonnes NdPr oxide (or equivalent) in line below.

(5)In 2024, the Mill produced an NdPr oxalate. The number reported is the equivalent quantity of NdPr oxide assuming that the NdPr oxalate was calcined and converted to an oxide.

(6)All Alternate Feed Materials were processed at the Mill. A number of different Alternate Feed Materials were processed during the period from 2021 through 2025. The table shows the average uranium grades and the total pounds recovered from all Alternate Feed Materials processed at the Mill during each of the years in that period. Because of the variability in uranium grades, pounds recovered is considered to be the relevant metric and tons fed is not considered to be relevant.

(7)The 1,015,000 pounds recovered in 2025 include nil pounds recovered for the accounts of third parties. The 77,400 pounds recovered in 2024 include nil pounds recovered for the accounts of third parties. The 161,000 pounds recovered in 2022 include nil pounds recovered for the accounts of third parties.

(8)Pounds contained in tailings solutions containing previously unrecovered uranium and vanadium, together with in-circuit mineralized material from previous conventional mine material processing, were recovered at the Mill, though tons and grade are not available because they cannot be tied to any specific source.

(9)Uranium recovery commenced at the Nichols Ranch Project on April 17, 2014. Because the Nichols Ranch Project uses ISR instead of conventional extraction methods, grade and tons of mineralized material are inapplicable to the Nichols Ranch Project.

(10)Uranium recovered in 2022 from monazite processing includes the uranium remaining in circuit from 2021 processing of monazite, and uranium recovered in 2024 includes the uranium remaining in circuit from previous years' processing of monazite. As of December 31, 2025, approximately 4,000 pounds of U 3 O 8 remained in circuit for future recovery.

Mineral Extraction

The following table shows the extraction history from January 1, 2021 to December 31, 2025 from uranium properties currently owned by the Company:

Notes:

(1)All properties reported in this table were owned by the Company on December 31, 2025 and continue to be owned by the Company.

(2)Uranium pounds recovered since 2021 are immaterial and correspond to pounds captured during standby.

(3)Contained pounds is based on radiometric probing of ore when mined and/or upon receipt at the White Mesa Mill. Probed grade for Pinyon Plain is 1.62% U 3 O 8 and are based on wet tons with a moisture content of 8.48%.

(4)The La Sal Complex is made up of three operating mines, La Sal, Beaver and Pandora.

(5)Contained pounds is based on radiometric probing of ore when mined and/or upon receipt at the White Mesa Mill. Probed grade for the La Sal Complex is 0.17% U 3 O 8. These numbers account for only newly produced tons and pounds, additional low-grade material mined during previous campaigns was also shipped for processing during 2025.

The following table shows the extraction history from 2021 to December 31, 2025 from heavy mineral sand operations currently owned by the Company:

Notes:

(1)All properties reported in this table were owned by the Company on December 31, 2025 and continue to be owned by the Company. Kwale was acquired through the acquisition of Base Resources on October 2, 2024.

(2)Save the case of FY2025, years denoted are financial years for Base Resources and commence on July 1 in the year prior to that indicated and end on June 30 in the year indicated. For example, FY2021 covers the 12-month period commencing on July 1, 2020 and ending on June, 30 2021.

(3)FY2024 covers the 6-month period from July 1, 2024 to December, 31 2024.

(4)Heavy Minerals are defined as those minerals with a specific gravity greater than 2.85.

(5)Valuable heavy minerals are those minerals of the heavy mineral assemblage that can be separated and have economic value. In the case of Kwale, those valuable heavy minerals consist of ilmenite, rutile and zircon.