Investor Presentaiton

THE "BAHIA PROJECT" (BRAZIL) POTENTIAL TO PROVIDE MONAZITE FEED FOR DECADES Securing a low-cost source of "elements" for Energy Fuels' REE business¹ Potential to produce 3,000 – 10,000 tonnes monazite sand concentrate per year (1,500 - 5,000 tonnes TREO) depending on production rates. 58.3 square mile land position (~37,300 acres) on 17 mineral concessions Well-defined HMS mineralization, including significant monazite sand . Mineralization at and near surface ~3,300 historic augur holes drilled to water table (~5.86 meters) 0.62% - 12.82% (average 2.86%) monazite in HMS concentrate (prelim. assay data) Potential for significant, additional mineralization below water table Several concessions have valid exploration & mining permits in place • Plans to perform extensive additional exploration over the next 6 months to further define the HMS & REE resources Historical Auger Hole ☑ Mineral Concession to be Acquired by Energy Fuels PRADO ALCOBAÇA Brazil Bahia Project Rio de Janeiro Sao Paulo Comprehensive sonic drilling & geophysical mapping program Preliminary Economic Assessment (PEA) under NI 43-101 (Canada) & SK-1300 (US) CARAVELAS 0 2 4. Miles 0 2% 5 10 Kilometers Energy Fuels has proven our ability to process monazite sand into advanced REE materials Now, we will control a potentially low-cost, long-term source of monazite sand¹ 1 Subject to due diligence and completion of the transaction 12

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