Diversifying into the REE Industry

Energy 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 The #1 challenge to unlocking the value of monazite has been the radionuclides. Energy Fuels has solved this challenge. • Compared to other locations where REES are produced 17

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