Diversifying into the REE Industry

Market Position - Uranium North American Space as of February 12, 20241 VANADIUM MEDICAL 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 $19,229 $2,015 $2802 7.5 NexGen Energy $3,527 $2652 ($47)² Uranium Energy Corp $3,120 $434 ($7) 0.24 ☑ Х Х Х Denison Mines $1,772 $602 $56 2.5 ✓ ✓ ef ENERGY FUELS $1,134 $163 $120 1.05 enCore Energy $863 $186 x ($7) × ✗ Fission Uranium $697 $362 × ($6) Ur-Energy $504 $55 ($25) 0.2 ☑ ✓ Х Х ☑ ☑ ☑ × 10 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 U3O8 inventory, plus 409,000 lbs. of work-in-progress and raw materials; expected sales of 200,000 lbs. in Q1-2024 under long-term contracts 6 At Sep. 30, 2023, enCore owed Energy Fuels $36M in a convertible note. Subsequent to the quarter end, enCore repaid a portion of the note to Energy Fuels, and Energy Fuels sold the remaining principle balance to a 3rd party 1 This chart reflects the most recent publicly available information; Energy Fuels' information is disclosed in its Form 10-Q for the quarter ended September 30, 2023 4 2 Cdn$ US$0.743 3 Au$ US$0.653

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