Energy Fuels' Strategic Advantages for REE Production

Undervalued 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

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