Investor Presentaiton

Historical Auger Hole Mineral Concession to be Acquired by Energy Fuels The Bahia Project (Brazil) Control of Low-Cost REE Deposit in Allied Nation Potential to supply REE-bearing monazite to the White Mesa Mill for decades Completed acquisition in February 2023 Low-cost, long-term source of monazite (rare earths), titanium (ilmenite & rutile) & zirconium (zircon) • · Potential to produce 3,000 - 10,000 MT monazite sand per year (1,500 - 5,000 MT TREO)1 58.3 square mile land position (~37,300 acres) on 17 mineral concessions Several exploration & mining permits in place Well-defined HMS mineralization • • At and near surface; relatively simple mining/concentrating methods ~3,300 historic holes drilled to water table (~5.86 meters depth) show significant mineralization Sonic drilling program underway • • • Confirming that HMS & REE mineralization continues below water table Phase 1 drilling (2,250 meters) completed in Q1-2023; Phase 2 drilling to commence in late Q4-2023 • Plan to release S-K 1300 Initial Assessment (US) and NI 43-101 Technical Report (Canada) in 2024 PRADO ALCOBAÇA CARAVELAS Brazil Bahia Project Rio de Janeiro São Paulo Mes D 2% 10 Kilometers New sonic drill rig being delivered to site, initial bulk test work complete (awaiting results) & commencing community engagement program 1 Depending on production rates 16

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