Investor Presentaiton

Securing Low-Cost Monazite Supply Chains Control Sources of Feed for Production of Advanced Rare Earth Materials in U.S. The Bahia Project (Brazil) (100% Ownership) Potential to supply 3,000 - 10,000 tonnes of monazite to White Mesa Mill for decades¹ Roughly 300 - 1,000 tonnes NdPr oxide Several exploration & mining permits in place Well-defined HMS mineralization (titanium, zirconium & rare earths) Sonic drilling program underway Potential production by 2026 • Historical Auger Hole Mineral Concession to be Acquired by Energy Fuels PRADO ALCOBAÇA CARAVELAS 142 300 E The Donald Project (Australia) (Non-Binding MOU to "Earn-In" to 49% Ownership) Bangerang Borung Hay Areegra Brazil Bahia Project Rio de Janeiro São Paulo Boolate Steep Hill Minip Murba Rupany up 142 300 B RL2003 Jackson Deposit 142 450 E Donald Murtoa Ro RL2002 MIN5532 Rich Avon RL2002 Banjera West Rich Avon East Rich Aven Maroo -824 142°450 E Donald Heavy Mineral Sand Project (MIN5532 & RL2002) Jackson Deposit (RL2003) Northern Territory Queensland Western Australa South Austrais N 0 2 4 Mies 2% 10 Donald Project 0 4 8 Victoria Kilometers Wallbloo 8 Miles 16 Kilometers Potential to supply 7,000 - 14,000 tonnes of monazite to White Mesa Mill for decades1 Roughly 700 - 1,400 tonnes NdPr oxide All major licenses and permits in place (or in advanced stage of completion) Well-defined HMS mineralization (titanium, zirconium & rare earths) Energy Fuels will acquire all monazite from project Potential production by 2026 15 1 Depending on production rates

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