Investor Presentaiton

. Southeast U.S., Australia, Brazil, Africa & elsewhere Monazite sand is currently produced as a low-cost byproduct of heavy mineral sand (HMS) mining globally • Main target metals at HMS mines are zirconium & titanium minerals, with monazite sand recovered as a low-cost byproduct WHY FOCUS ON MONAZITE? A SUPERIOR RARE EARTH MINERAL – ALREADY PRODUCED AT EXISTING MINES • - Average REE Distribution of S.E. U.S. Monazite (%TREO Basis) 50% 45% 40% 35% Monazite sand concentrate is very high-grade 30% • Our current feed is ~53% TREO (Total Rare Earth Oxides) 25% 20% 15% • Monazite has superior distributions of REES needed for permanent magnets 10% (% TREO Basis): 5% 0% La Ce Pr Nd Sm Eu Gd Tb Dy Ho Y Er Tm Yb Lu ~22.1% NdPr + ~13.8% "Heavies" ($25,118/ton "basket value") • Typical U.S. "bastnaesite" ore contains only ~16.3% NdPr + ~1.3% “Heavies"¹ ($10,329/ton) • Much greater recoveries of magnetic REE's from monazite (phosphate) vs. bastnaesite (fluoride) "Light" Rare Earths "Heavy" Rare Earths The historic "problem" with monazite is that it contains higher concentrations of uranium & thorium Energy Fuels can recover the uranium & thorium - unlocking the REE value of monazite 1 Source: "A Lanthanide Lanthology" by Barry Kilborn 10 ef ENERGY FUELS

View entire presentation