Diversifying into the REE Industry

Strong Position in Vanadium & Medical Isotopes Optionality in Additional High-Growth Markets Vanadium • • • • • Energy Fuels produces vanadium as a "co-product" of uranium production Used in steel, aerospace alloys, chemicals & "grid-scale" flow batteries used with renewable energy Energy Fuels' White Mesa Mill is the largest conventional producer of vanadium (V2O5) 1.9 million lbs. produced in 2019; ~0.9 million lbs. of V205 currently in inventory Selectively producing & selling into market strength (sold 79,000 lbs. for ~$11/lb. in 2023) Ability to quickly recover an additional 1.0M to 3.0M+ lbs. of V205 from mill tailings solutions Medical Isotopes • Several isotopes are required for emerging cancer therapies ("targeted alpha therapy") • Some of these isotopes naturally occur in the White Mesa Mill's existing uranium process streams We are evaluating the potential to recover radium to help establish this U.S. medical supply chain 20 20

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