Investor Presentaiton

Complementary Business Opportunities . Energy Fuels is leveraging its existing assets to fill the gap in U.S. rare earth element (REE) production The highest-value REE-bearing minerals - including monazite - are naturally radioactive, due to the presence. of uranium & other elements. Uranium • • Energy Fuels' White Mesa Mill is the only existing facility in North America with the licenses and capabilities to process monazite & produce advanced REE products. We also recover the uranium, are evaluating the potential to recover the thorium, and dispose of the other impurities. + Energy Fuels Rare Earths 12

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