ENERGY FUELS INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
UUUU$7.31+9.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2025
TABLE OF CONTENTS
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY | 3 |
|---|---|
| CAUTIONARY NOTE TO INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES AND RESERVES | 7 |
| GLOSSARY OF TECHNICAL TERMS | 11 |
| GLOSSARY OF REGULATORY AGENCIES AND EXCHANGES | 12 |
| PART I | 14 |
| ITEM 1. DESCRIPTION OF BUSINESS | 14 |
| ITEM 1A. RISK FACTORS | 45 |
| ITEM 1B. UNRESOLVED STAFF COMMENTS | 73 |
| ITEM 1C. CYBERSECURITY | 73 |
| ITEM 2. DESCRIPTION OF PROPERTIES | 75 |
| Overview | 76 |
| Summary of Mineral Reserves and Resources | 80 |
| The Nichols Ranch Project | 85 |
| The White Mesa Mill | 100 |
| The Pinyon Plain Project | 108 |
| The Roca Honda Project | 118 |
| The Sheep Mountain Project | 125 |
| The Bullfrog Project | 133 |
| The La Sal Project | 139 |
| The Vara Mada Project (formerly the Toliara Project) | 150 |
| The Donald Project | 160 |
| The Bahia Project | 170 |
| Non-Material Mineral Properties | 176 |
| The Kwale Project | 179 |
| ITEM 3. LEGAL PROCEEDINGS | 181 |
| ITEM 4. MINE SAFETY DISCLOSURE | 183 |
| PART II | 184 |
| ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER | 184 |
| MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 184 |
| ITEM 6. [RESERVED] | 188 |
| ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. | 189 |
| ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 208 |
| ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 210 |
| ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 258 |
| ITEM 9A. CONTROLS AND PROCEDURES | 258 |
| ITEM 9B. OTHER INFORMATION. | 258 |
| ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. | 258 |
| PART III | 259 |
| ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 259 |
| ITEM 11. EXECUTIVE COMPENSATION | 259 |
| ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 259 |
| ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE INTEREST OF MANAGEMENT & OTHERS IN MATERIAL TRANSACTIONS | 259 |
| ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES | 259 |
| PART IV | 259 |
| ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 259 |
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