Energy Fuels' Strategic Advantages for REE Production

Global REE Market Dominated by China Geographic concentration of the supply chain stages for sintered NdFeB magnets Energy Fuels is currently restoring U.S. capabilities in the mining & separation steps. Mining Separation Refining The value of the materials produced increases significantly from the inner to the outer concentric circles. Magnet mfg. China ☐ U.S.A. ☐ Myanmar Australia ☐ Malaysia ☐ Japan Other From U.S. Department of Energy report, "Rare Earth Permanent Magnets: Supply Chain Deep Dive Assessment", dated February 24, 2022 13

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