Energy Fuels (EFR) investor relations material

Strategic direction and business evolution

• Transitioned from a uranium-focused company to a vertically integrated critical minerals platform, now spanning uranium, rare earths, vanadium, titanium, zirconium, and heavy mineral sands.

• Expanded asset base through acquisitions, including Base Resources, ASM, and pending Vacuumschmelze (VAC), enabling full mine-to-magnet capabilities and downstream integration, subject to regulatory approvals.

• Established joint ventures and projects in Australia, Brazil, Madagascar, and the U.S., with significant investments exceeding AUD 1 billion in Australia over two years.

• Building scalable mine-to-magnet operations with phased expansions in monazite concentrate and rare earth oxide production across Donald, Vara Mada, and Bahia projects.

• Emphasizes a differentiated approach to vertical integration, combining internal growth, strategic acquisitions, and multi-year operating advantage through metals, alloys, and magnets.

Financial guidance and capital allocation

• Maintains approximately $1 billion in liquidity, primarily in U.S. T-bills.

• Near-term capital expenditures of $400–$450 million, majority funded by $300 million in government sources, with $100–$150 million additional equity required.

• Medium-term capital needs of $1.7–$1.8 billion for further expansions, with $1.3–$1.4 billion in government funding under discussion and $400–$500 million in additional equity required.

• Pending $700 million cash payment and share issuance for the Vacuumschmelze acquisition, expected to close late this year or early next year.

• Ongoing discussions for further government support, including OSC loans and grants, to fund expansions and new facilities.

Growth initiatives and operational milestones

• White Mesa Mill currently processes 10,000 tons/year of monazite, producing 1,000 tons/year of NdPr, with plans to expand to 60,000 tons/year of monazite and 6,000 tons/year of NdPr.

• Construction started on a heavy circuit for terbium and dysprosium oxides; phase two expansion of White Mesa Mill to be operational by late next year.

• Donald project in Australia targeted for FID soon and operational by 2028; Vara Mada project in Madagascar expected to supply monazite by 2029–2030.

• Sumter plant in South Carolina designed for scalable magnet production, expandable in 4,000-ton increments.

• Integration of VAC's magnet manufacturing with upstream rare earth supply to address Western supply deficits and support strategic sectors.