Energy Fuels' Strategic Advantages for REE Production

Strong 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

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