Energy Fuels' Strategic Advantages for REE Production

Proven U.S. Uranium Production Leading U.S. Portfolio – Up to 2 Million Lbs. of Short-Term, Low-Cost Production - White Mesa Mill (Utah) - Producing Nichols Ranch ISR (Wyoming) - Standby Fully-licensed & developed; 1.2 million lbs. of U3O8 produced (2014-2019) Only conventional uranium & vanadium mill in US – plus REE's & recycling • Pinyon Plain Mine (Arizona) - Expect 2024 Production La Sal Complex (Utah) - Expect 2024 Production • Licensed & substantially developed high-grade uranium mine • Licensed & developed uranium & vanadium mines; preparing 2 for production 3 large-scale projects in permitting (Sheep Mountain; Roca Honda & Bullfrog) have potential to produce additional 4+ million lbs. per year 8

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