#1eF ENERGY FUELS America's Leading Producer of Critical Materials for the Clean Energy Transition Uranium Rare Earths Vanadium Medical Isotopes Recycling La Tb 92 U 238.02891 Ce Dy 23 Pr Ho Nd Er Uranium Pm Tm Sm Yb Eu Lu Gd V 50.9415 Vanadium 88 Ra 226 Radium December 2023#2Forward Looking Statements & Notice Regarding Technical Disclosure Certain of the information contained in this presentation constitutes "forward-looking information" (as defined in the Securities Act (Ontario)) and "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that are based on expectations, estimates and projections of management of Energy Fuels Inc. ("Energy Fuels") as of today's date. Such forward-looking information and forward-looking statements include but are not limited to: the business strategy for Energy Fuels; Energy Fuels expectations with regard to current and future uranium, vanadium and rare earth element ("REE") market conditions; the uranium industry's ability to respond to higher demand; the impacts of recent market developments; business plans; outlook; objectives; expectations as to the prices of U308, V205, and REE's; expectations as to reserves, resources, results of exploration and related expenses; estimated future production and costs; changes in project parameters; the expected permitting and production time lines; the Company's belief that it has significant production growth potential and unmatched flexibility to scale-up production; the potential for additional business opportunities including vanadium, REE, alternate feed materials, and the cleanup of historic mines on the Navajo Nation and in the Four Corners Region of the U.S.; the potential for optimizing mining and processing; the Company's belief in its readiness to capitalize on improving markets; expectations with regard to the potential for U.S. government support of U.S. uranium miners; global uranium supply risks; expected worldwide uranium supply and demand fundamentals; any expectation that the proposed Uranium Reserve will continue to be implemented and if implemented, the manner in which it will be implemented and the timing of implementation; any expectation that the White Mesa Mill will be successful in producing REE Carbonate on a commercial basis; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the White Mesa Mill, or otherwise; any expectation that the Company, Chemours and Neo will be successful in jointly developing a fully integrated U.S.-European REE supply chain; any expectation that the Company will be successful in fully integrating the U.S REE supply chain in the future; any expectation with respect to the future demand for REEs; any expectation with respect to the quantities of monazite ore to be acquired by Energy Fuels, the quantities of REE Carbonate to be produced by the White Mesa Mill or the quantities of contained TREO in the Mill's REE carbonate; any expectation as to future exploration results for and production from the Bahia Project; any expectation that the Company's collaboration with Nanoscale Powders will be successful, that the technology will be successfully developed and proven, or that the technology will be economic or perform as expected; and any expectation that the Company will be successful in recovering radioisotopes for use in emerging TAT cancer therapeutics or that the program will be economically viable. All statements contained herein which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information and forward-looking statements. Factors that could cause such differences, without limiting the generality of the foregoing include: risks that the synergies and effects on value described herein may not be achieved; risks inherent in exploration, development and production activities; volatility in market prices for uranium, vanadium and REEs; the impact of the sales volume of uranium, vanadium and REES; the ability to sustain production from mines and the mill; competition; the impact of change in foreign currency exchange; imprecision in mineral resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; a potential deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power, vanadium and REES; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labor relations; operating performance of the facilities; success of planned development projects; other development and operating risks; the Company not being successful in selling any uranium into the proposed Uranium Reserve at acceptable quantities or prices, or at all in the future; available supplies of monazite sands; the ability of the White Mesa Mill to produce REE Carbonate to meet commercial specifications on a commercial scale at acceptable costs; market factors, including future demand for REES; the ability of Nanoscale and Energy Fuels to finalize definitive agreements; the ability of Energy Fuels to potentially recover radioisotopes from its existing process streams for use in TAT therapeutics; the future development of the TAT market; risks associated with operating in foreign countries such as Brazil; and risks associated with potential proclamations of national monuments or mineral withdrawals. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Although Energy Fuels believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Energy Fuels does not undertake any obligation to publicly update or revise any forward-looking information or forward-looking statements after the date of this presentation to conform such information to actual results or to changes in Energy Fuels' expectations except as otherwise required by applicable legislation. Additional information about the material factors or assumptions on which forward looking information is based or the material risk factors that may affect results is contained under "Risk Factors” in Energy Fuels' annual report on Form 10-K for the year ended December 31, 2022. The annual report on Form 10-K is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All technical information including mineral estimates constituting mining operations that are material to our business or financial condition included in this presentation, have been prepared in accordance with both 17 CFR Subpart 220.1300 and 229.601(b)(96) (collectively, "S-K 1300") and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and are supported by pre-feasibility studies and/or initial assessments prepared in accordance with both the requirements of S-K 1300 and NI 43-101. S-K 1300 and NI 43-101 both provide for the disclosure of: (i) "Inferred Mineral Resources," which investors should understand have the lowest level of geological confidence of all mineral resources and thus may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve; (ii) "Indicated Mineral Resources," which investors should understand have a lower level of confidence than that of a "Measured Mineral Resource" and thus may be converted only to a "Probable Mineral Reserve"; and (iii) "Measured Mineral Resources," which investors should understand have sufficient geological certainty to be converted to a "Proven Mineral Reserve" or to a "Probable Mineral Reserve." Investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves as defined by S-K 1300 or NI 43-101. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Inferred Mineral Resource will ever be upgraded to a higher category. 2#3Energy Fuels is the leading U.S. producer of uranium, vanadium & rare earth elements creating clean energy for a better world. 3#4Energy Fuels Produces - or Can Produce - Materials Needed for Many Clean Energy & Medical Applications Uranium Rare Earths Vanadium Radium 1 IA 11A 1 H Hydrogen 1.008 3 11 19 Li Lithium 6.941 སཛྲ ΠΙΑ 2A 4 Be Beryllium 9.012 12 Na Mg Sodium 22.990 K Potassium 37 39.098 Rb Rubidium 84.468 55 87 Cs Cesium 132.905 Fr Francium 223.020 Magnesium 20 38 24.305 Ca Calcium 40.078 Sr Strontium 87.62 56 88 Ba Bariumi 137.327 Ra Radium 226.025 21 21 3 4 IIIB 3B Sc Scandium 39 39 44.956 Y Yttrium 88.906 57-71 22 40 IVB 4B Ti Titanium 47.88 Zr Zirconium 91.224 72 Hf Hafnium 178.49 23 500 VB 5B V Vanadium 50.942 41 73 Nb Niobium 92.906 Ta Tantalum 180.948 105 24 Periodic Table of the Elements 6 7 8 VIIB VIB 6B Cr Chromium 51.996 42 Mo Molybdenum 95.94 74 W Tungsten 183.85 106 25 25 7B Mn Manganese 54.938 43 Tc Technetium 98.907 75 26 44 Fe Iron 55.933 Ru Ruthenium 101.07 76 Re Os Rhenium 186.207 107 Db Sg Bh Osmium 190.23 108 27 45 77 10 VIII 10 9川8 Co Cobalt 58.933 Rh Rhodium 102.906 Ir Iridium 192.22 28 46 Ni Nickel 58.693 Pd Palladium 106.42 78 Pt Platinum 195.08 18 VIIIA 8A 2 13 IIIA 14 15 IVA VA 3A 5A 16 VIA 6A 17 He VIIA 7A Helium 4.003 5 6 7 8 9 10 Ne 13 11 12 IB IIB 1B 2B 29 30 31 29 47 79 Cu Zn Copper 63.546 Ag Silver 107.868 48 Zinc 65.39 Cd Cadmium 112.411 80 Au Hg B Boron 10.811 ΑΙ Aluminum 26.982 49 81 14 32 4A C Carbon 12.011 Si Silicon 28.086 Ga Ge Gallium 69.732 In Indium 114.818 TI Thallium Germanium 72.61 50 82 Sn Tin 118.71 Pb 15 N Nitrogen 14.007 P Phosphorus 30.974 33 51 As Arsenic 74.922 Sb Antimony 121.760 83 33 Bi 16 34 Oxygen 15.999 S Sulfur 32.066 Se Selenium 78.09 52 Te Tellurium 127.6 84 Ро Polonium 17 35 53 85 Fluorine 18.998 CI Chlorine 35.453 Br Bromine 79.904 lodine 126.904 At 18 36 54 86 Neon 20.180 Ar Argon 39.948 Kr Krypton 84.80 Xe Xenon 131.29 Rn Radon 222.018 118 Gold 196.967 Mercury 200.59 204.383 Lead 207.2 Bismuth 208.980 [208.982] Astatine 209.987 89-103 104 109 110 111 112 113 114 115 116 117 Rf Hs Mt Ds Rg Cn Uut FI Uup Lv Uus Uuo Rutherfordium Dubnium [261] [262] Seaborglum [266] Bohrium [264] Hassium [269] Meitnerium Darmstadtium Roentgenium Copernicium Ununtrium [268] [269] [272] [277] unknown Flerovium Ununpentium Livermorium Ununseptium Ununoctium [289] unknown [298] unknown unknown 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 Lanthanide La Ce Pr Series Lanthanum 138.906 89 Actinide Series Ac Actinium 227.028 90 Cerium 140.115 Th Pa Nd Pm Sm Eu Gd Tb Praseodymium Neodymium 140.908 144.24 Promethium 144.913 Samarium 150.36 Europium 151.966 Gadolinium 157.25 Terbium 158.925 Dysprosium 162.50 Holmium 164.930 Dy Ho Er Tm Yb Lu Erbium Thulium 167.26 168.934 Ytterbium 173.04 91 92 93 94 95 96 97 98 99 100 101 102 Lutetium 174.967 103 Np Pu Am Cm Bk Cf Es Fm Md No Lr Thorium 232.038 Protactinium Uranium 231.036 238.029 Neptunium Plutonium Americium 237.048 244.064 243.061 Curium 247.070 Berkelium 247.070 Californium Einsteinium 251.080 [254] Fermium Mendelevium Nobelium Lawrencium 257.095 258.1 259.101 [262] 4#5Our Products Power Many Clean Energy Technologies Vanadium Flow Batteries Wind Turbine Nuclear Fuel Assembly Electric Vehicle Drivetrain F-35A Jet 5#6High Value Product Line URANIUM - Fuel for nuclear energy which provides the U.S. with 50% of our zero-carbon electricity UUUU is the largest U.S. uranium producer; commencing uranium production in 2024 from three (3) mines RARE EARTHS - Critical elements used in powerful magnets needed for EVs, wind & other tech UUUU now installing the capacity to produce up to 1,000 MT of separated NdPr oxide by Q1-2023; could power up to 1 million EVs. VANADIUM - Critical element used in high-strength steel, aerospace and grid-scale batteries UUUU is the largest primary producer of V2O5 in US; significant inventory & ability to quickly turn on production in strong markets MEDICAL ISOTOPES - Critical for emerging cancer therapies Developing ability to recover radium from existing uranium and rare earth production; needed for emerging treatments & potential cures RECYCLING - Uranium & vanadium bearing materials Promoting sustainable sourcing; reducing carbon emissions & saving the world's scarce resources FINANCIAL STRENGTH - Significant Cash + Inventory $162.50 million in working capital as of September 30, 2023, including $125.16 million of cash & marketable securities; large U3O8 & V₂O5 inventories 6#7Core Business: Uranium 92 U 238.02891 Uranium 7#8Proven U.S. Uranium Production Leading U.S. Portfolio – Up to 2 Million Lbs. of Short-Term, Low-Cost Production - White Mesa Mill (Utah) - Producing Nichols Ranch ISR (Wyoming) - Standby Fully-licensed & developed; 1.2 million lbs. of U3O8 produced (2014-2019) Only conventional uranium & vanadium mill in US – plus REE's & recycling • Pinyon Plain Mine (Arizona) - Expect 2024 Production La Sal Complex (Utah) - Expect 2024 Production • Licensed & substantially developed high-grade uranium mine • Licensed & developed uranium & vanadium mines; preparing 2 for production 3 large-scale projects in permitting (Sheep Mountain; Roca Honda & Bullfrog) have potential to produce additional 4+ million lbs. per year 8#9Securing New Uranium Sales Contracts Providing New Revenues & Cashflows for 2023 – 2030 - • Multiple market tailwinds enabling us to book long-term sales contracts with U.S. utilities at sustainable pricing . • U.S. government providing support for nuclear energy (bipartisan) Russia's invasion of Ukraine sharpening utility focus on security of supply Intermediaries buying physical uranium • Transportation issues from Russia & Kazakhstan • Energy Fuels offers buyers a reliable, low-cost source of U.S. uranium production Utility contracts entered to date: 8 Base quantity of 3.0 million pounds of total U3Og deliveries over next 8 years (starting in 2023) Up to a total of 3.8 million pounds of deliveries, if all options are exercised U3O produced at the White Mesa Mill • Pricing formula maintains exposure to market upside, while limiting downside & adjusting for inflation . 560,000 lbs. of delivered in 2023 at a weighted-average realized price of $59.42 per pound 9#10Market Position - Uranium North American Space as of December 28, 20231 MEDICAL VANADIUM ISOTOPES RECYCLING ☑ ☑ ☑ COMPANY MARKET CAP WORKING CAPITAL (US$M) (US$M) (US$M) 2023 NET INCOME/(LOSS) URANIUM INVENTORY (M LBS.) URANIUM RARE EARTHS Cameco $18,632 $2,015 $2802 7.5 NexGen Energy $3,576 $2652 ($47)² ☑ Uranium Energy Corp $2,531 $434 ($7) 0.24 Х Х Х Denison Mines $1,493 $602 $56 2.5 ✓ ✓ ef ENERGY FUELS $1,165 $163 $120 1.05 enCore Energy $615 $186 x ($7) × ✗ Fission Uranium $612 $362 × ($6) Ur-Energy $396 $55 ($25) 0.2 ☑ Х Х ☑ ✓ ☑ × 10 1 This chart reflects the most recent publicly available information; Energy Fuels' information is disclosed in its Form 10-Q for the quarter ended September 30, 2023 2 Cdn$ US$0.756 3 Au$ US$0.683 4 Announced additional purchases of 1.7 million lbs. uranium on the open market with deliveries to occur during 2023 2026 for an average price of $42.24 per pound. 5 Includes 586,000 lbs. of finished U3Og inventory, plus 409,000 lbs. of work-in-progress and raw materials. 6 At Sep. 30, 2023, enCore owed Energy Fuels $36M in a convertible note. Subsequent to the quarter end, enCore repaid a portion of the note to Energy Fuels, and Energy Fuels sold the remaining principle balance to a 3rd party#11Growth Driver: Rare Earths 57 58 59 60 61 62 63 64 La Ce Pr Nd Pm Sm Eu Gd 140.90766 144.242 Praseodymium Neodymium 138.90547 Lanthanum 140.116 Cerium 65 66 67 68 145 150.36 Promethium Samarium 151.964 Europium 157.25 Gadolinium 69 70 71 Tb Dy Ho Er Tm Yb Lu 158.92535 Terbium 162.500 164.93033 Dysprosium Holmium 167.259 Erbium 168.93422 Thulium 173.054 Ytterbium 174.9668 Lutetium EN Y FUELS Grose W Carbonate ENERGY EDELS Gross Rare Earth Caro 11#12Complementary Business Opportunities . Energy Fuels is leveraging its existing assets to fill the gap in U.S. rare earth element (REE) production The highest-value REE-bearing minerals - including monazite - are naturally radioactive, due to the presence. of uranium & other elements. Uranium • • Energy Fuels' White Mesa Mill is the only existing facility in North America with the licenses and capabilities to process monazite & produce advanced REE products. We also recover the uranium, are evaluating the potential to recover the thorium, and dispose of the other impurities. + Energy Fuels Rare Earths 12#13Global REE Market Dominated by China Geographic concentration of the supply chain stages for sintered NdFeB magnets Energy Fuels is currently restoring U.S. capabilities in the mining & separation steps. Mining Separation Refining The value of the materials produced increases significantly from the inner to the outer concentric circles. Magnet mfg. China ☐ U.S.A. ☐ Myanmar Australia ☐ Malaysia ☐ Japan Other From U.S. Department of Energy report, "Rare Earth Permanent Magnets: Supply Chain Deep Dive Assessment", dated February 24, 2022 13#14Race to A New Age of Clean Energy April 2020 Energy Fuels announces entry into REE sector | 1 Nov. 2021 Began pilot- scale REE separation; producing 99.8% purity NdPr oxide Feb. 2023 Closed acquisition of Bahia Project; 58.3 square mile heavy mineral sand (HMS) project in Brazil that contains significant quantities monazite (REE), titanium (ilmenite/rutile) & zirconium (zircon) 2026/271 Phase 2: Scale-Up NdPr Production Capacity to produce larger-scale light REE products (up to 3,000+ MT NdPr oxide per year) Current REE Prices²: NdPr oxide = $69.79/kg Dy oxide = $367.50/kg Tb oxide = $1,127.00/kg Began processing monazite to mixed REE carbonate - the most advanced REE material being produced in the U.S. today July 2021 High-Purity Mixed REE Carbonate Production Began commercial- scale REE separation & production of mixed REE carbonate, containing 32% - 34% NdPr March 2022 Phase 1: Commence NdPr Production Capacity to produce 800 1,000 MT of NdPr oxide per year at the White Mesa Mill, enough for 400,000 - 1M EV's per year Q1-20241 Phase 3: Add "Heavy" REE Separation Produce "heavy" separated REE products, including Dy and Tb 2027/281 1 Expected production, subject to successful construction, commissioning, and receipt of sufficient monazite and REE feed 2 Asian Metal, October 31, 2023; 1 RMB = US$0.1367 14#15A New Capital Efficient Rare Earth Supply Chain Created by Energy Fuels - Centered in the U.S. Process Product Mining Today & Beneficiation Natural Monazite Ore Today Crack & Leach Mixed RE Carbonate White Mesa Mill Separation Q1-2024 (Expected) Separated RE Oxides Metal-Making & Alloying 2026/27 (Potential) RE Metals & Alloys Magnet-Making & Other Manufacturing Chemours Bahia RE Magnets Tier 1 EV Suppliers EV Motors Current Monazite Supply Chain Monazite Supply in Development 15#16Historical Auger Hole Mineral Concession to be Acquired by Energy Fuels The Bahia Project (Brazil) Control of Low-Cost REE Deposit in Allied Nation Potential to supply REE-bearing monazite to the White Mesa Mill for decades Completed acquisition in February 2023 Low-cost, long-term source of monazite (rare earths), titanium (ilmenite & rutile) & zirconium (zircon) • · Potential to produce 3,000 - 10,000 MT monazite sand per year (1,500 - 5,000 MT TREO)1 58.3 square mile land position (~37,300 acres) on 17 mineral concessions Several exploration & mining permits in place Well-defined HMS mineralization • • At and near surface; relatively simple mining/concentrating methods ~3,300 historic holes drilled to water table (~5.86 meters depth) show significant mineralization Sonic drilling program underway • • • Confirming that HMS & REE mineralization continues below water table Phase 1 drilling (2,250 meters) completed in Q1-2023; Phase 2 drilling to commence in late Q4-2023 • Plan to release S-K 1300 Initial Assessment (US) and NI 43-101 Technical Report (Canada) in 2024 PRADO ALCOBAÇA CARAVELAS Brazil Bahia Project Rio de Janeiro São Paulo Mes D 2% 10 Kilometers New sonic drill rig being delivered to site, initial bulk test work complete (awaiting results) & commencing community engagement program 1 Depending on production rates 16#17Energy Fuels' Rare Earth Production White Mesa Mill (Utah) ENERGY FUELS ENERGY FELS 1 tonne supersacks of high-purity mixed RE carbonate bound for Europe ef ERGY FUEL Energy Fuels' personnel at the White Mesa Mill Monazite crack-and-leach ongoing at Energy Fuels' White Mesa Mill Pilot-scale solvent extraction (SX) REE separation;' constructing commercial-scale REE SX in 2023 17#18Energy Fuels Has Many Unique Advantages Short-Term, Low-Cost REE Production in U.S. We currently have the licenses & infrastructure to handle the radionuclides in monazite . • We can recover the uranium (and possibly the thorium & radium) as significant value-adds – these are a problem for others Monazite has more value relative to other REE feeds • ~30% higher in NdPr + ~95% higher in heavy REES with higher recoveries of magnetic REES versus bastnaesite Monazite is already mined in the U.S. & around the world as a low-cost HMS byproduct Most mining costs carried by primary zircon & titanium production Monazite is more straightforward to process than other REE minerals Chemically easier to recover the REES from the phosphates in monazite vs the fluoro-carbonates in bastnaesite Low cost & capital efficient • Using existing licenses, personnel & facilities saves considerable time & money Energy Fuels has used solvent extraction (SX) processing technology for uranium & vanadium recovery for 40+ year • • Relatively easy for us to pivot & apply existing SX know-how to REE recovery & separation Focusing on proven REE separation technologies using SX • We are not attempting to license & deploy new separation technologies Utah is a relatively low-cost & supportive jurisdiction in which to operate • Compared to other locations where REES are produced (California, Australia, etc.) The #1 challenge to unlocking the value of monazite has been the radionuclides. Energy Fuels has solved this challenge. 18#19Global Producers Market Position - Rare Earths Global Space as of December 28, 2023 COMPANY MARKET CAP PRIMARY ORE CONCENTRATE ORE PRODUCTION (US$MM) MINERAL "BASKET VALUE” (US$)³ CURRENT PLANNED Lynas MP Materials Iluka Resources ef ENE FENERGY FUELS Neo Performance Materials² $4,529 Monazite (Australia) $11,179 Bastnaesite $3,640 (US-California) $5,275 Monazite $1,9597 (Australia) $12,458 $1,165 Monazite (US-Georgia; Bahia, Brazil) $13,811 × 1 $2448 n/a n/a HIGH-PURITY MIXED REE CONCENTRATE PRODUCTION CURRENT PLANNED REE SEPARATION5 CURRENT PLANNED 2 ✓ 2 U.S. Developers IN SITU ORE VALUE PRE-BENEFICIATION (US$)6 Rare Element Resources $41 Bastnaesite (US-Wyoming) $614 Ucore Rare Metals $41 Bastnaesite (US-Alaska) $244 Texas Mineral Resources $25 Bastnaesite (US-Texas) $31 1 Not currently a miner, but recently purchased Bahia Project in Brazil & announced non-binding MOU to JV with Astron Corporation on Donald Project in Australia; currently purchasing monazite from HMS operators and processing in Utah 2 Neo purchases mixed REE concentrates for separation and downstream (including from Energy Fuels) 3 Ore concentrate value, after beneficiation 5 Х × х ☑ ✓ Х Х ✓ Lynas produces -6,200 tonnes of NdPr oxide per year; MP produced 50 tonnes in 2023; Energy Fuels expects to produce 60-80 tonnes of NdPr oxide in 2024; Neo produces unknown quantities of NdPr and Dy oxides. 6 In-situ ore values, before beneficiation 7 Au$ = US$0.683 8 Cdn$ US$0.756 19#20Longer Term Growth: Vanadium & Medical Isotopes 23 V 50.9415 Vanadium 88 88 Ra 226 Radium 20 20#21Strong Position in Vanadium & Medical Isotopes Optionality in Additional High-Growth Markets Vanadium • Used in steel, aerospace alloys, chemicals & "grid-scale" flow batteries used with renewable energy Energy Fuels' White Mesa Mill is a significant U.S. producer of vanadium (V205) • 2019: We produced 1.9 million pounds of high-purity (99.7%+) V205 at the White Mesa Mill 2023: Sold about 79,000 lbs. at an average price of $10.98/lb. ~0.9 million lbs. in inventory; selectively producing & selling into market strength • We can quickly recover an additional 1.0M to 3.0M+ lbs. of V2O5 from mill tailings solutions Medical Isotopes • Several isotopes required for emerging cancer therapies ("targeted alpha therapy") naturally occur in the White Mesa Mill's existing process streams • We are evaluating the potential to recover radium to help establish this U.S. medical supply chain Titanium & zirconium, in addition to rare earths, from Bahia Project in Brazil 21#22Recycling & Commitment to Community 22 22#23Our Products & Practices Address Key ESG Issues Uranium The fuel for zero-carbon baseload nuclear energy Rare Earths Critical for many clean energy technologies such as EVs, renewable energy, batteries & national defense Vanadium High strength steel & other alloys; key for baseload renewable power via grid-scale batteries Medical Isotopes Developing domestic supply chain for emerging cancer treatments now in human trials Recycling Promote sustainable supply by recycling materials that contain natural uranium & vanadium Sustainability Report details our unwavering commitment to safety, reclamation & environmental protection 23#24Community Outreach Sharing our success with neighboring communities • • • • Long-term commitment to improving the quality of life for people in San Juan County Established the San Juan County Clean Energy Foundation with an initial $1 million contribution by Energy Fuels + ongoing funding equal to 1% of annual revenues from the White Mesa Mill Grants To Date ($270,000+): American Indian Services ($160,000), Canyonlands Field Institute Native Guide Program ($25,000), The Dinosaur Museum Solar Energy Project ($50,000), Navajo Nation Chapters ($15,000), Fine Arts in San Juan County ($5,500), Community Eehaniih Celebration ($5,000), San Juan High School Football ($5,000), Red Mesa Chapter ($4,600), Farm Days 2023 ($1,000) Supporting existing & new programs in education, environment, health/wellness, economic advancement and Native American priorities The Mill's recycling programs reduce carbon emissions and help save the world's finite resources State-of-the-art facilities and a modern, comprehensive regulatory framework ensures protection of public health, worker safety & the environment to the highest global standards • Pledge to help reclaim Cold War era uranium mines 24#25Financials 25 25#26Q3-2023 Financial Highlights Strong Balance Sheet $162.50 million of working capital as of September 30, 2023 • • ● $54.54 million of cash & cash equivalents; $70.62 million of marketable securities; $29.81 million of product inventory (worth about $49.09 million at current commodity prices¹) Zero debt 2 586,000 pounds of finished U₂O 8, 906,000 pounds of finished V₂O, and 11 tonnes of finished high-purity, partially separated mixed REĔ carbonate in inventory. 1 Per TradeTech (uranium) and Fastmarkets (vanadium) as of October 27, 2023 26 26#27Undervalued Assets $162.5M Working Capital $0 Debt 995,000 Lbs. uranium inventory (finished, in-process & raw material) 906,000 Lbs. vanadium inventory (finished) Inventory worth $50 million more than shown on balance sheet at current commodity prices1 1 Per TradeTech (uranium) and Fastmarkets (vanadium) as of November 30, 2023 27 27#28. 2023 Guidance + Focus 560,000 lbs. of total expected U3Og sales in 2023 at a weighted-average realized sales price of $59.42 per lb. . Completed sale of 300,000 lbs. in January 2023 to U.S. Uranium Reserve for $61.57/lb. ($18.5M) . • Completed sale of 80,000 lbs. in May 2023 to a major U.S. utility for $54.19/lb. ($4.3M) Completed sale of 180,000 lbs. in September 2023 to a major U.S. utility for $58.18/lb ($10.5M). . • Continue preparing uranium mines for production; expect to place 1 or more into production in 2023/24 Seek additional long-term uranium supply agreements at increasingly higher price levels . 2023 Production focused on REE with no finished uranium or vanadium production expected in 2023 • Process approximately 600 MT of monazite & recover approximately 150 - 170 MT of TREO in 2023 Expect to process an additional 400-700 MT of monazite in early-2024 to produce NdPr upon commissioning of Phase 1 REE Separation Circuit Continue development of RE separation circuit at White Mesa Mill • Expected capacity to produce 800 - 1,000 MT NdPr oxide per year (~$25 million investment) in early-2024 • Seek REE offtakes • Advance Bahia Project • Perform additional drilling; engage consultants to prepare S-K 1300 Initial Assessment & NI 43-101 Technical Report 28#29eF ENERGY FUELS America's Leading Producer of Critical Materials for the Clean Energy Transition Uranium Rare Earths Vanadium Medical Isotopes Recycling La Tb 92 U 238.02891 Ce Dy 23 Pr Ho Nd Er Uranium Pm Tm Sm Yb Eu Lu Gd V 50.9415 Vanadium 88 Ra 226 Radium Contact IR: [email protected] 29#30eF ENERGY FUELS www.energyfuels.com 30