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Investor Presentaiton

WHITE MESA MILL IS PROCESSING MONAZITE THE "MISSING LINK" IN THE U.S. REE SUPPLY CHAIN White Mesa Mill is the only facility in North America currently licensed & capable of processing monazite for recovery of REE's Uranium & thorium are problems for most companies - they are value-adds for Energy Fuels Highly scalable + ample capacity: Mill has licensed capacity to process ~720,000 tons of ore per year • Currently processing ~1,000 tons of monazite per year (~0.1% of annual capacity) Goal to process -15,000 - 30,000 tons of monazite per year (-2-4% of annual capacity) Relatively little waste is generated Small relative quantities of feed ⚫ -50% of feed is recovered as finished REE & uranium product • Waste will use less than 2% of capacity in existing, 1,000-year design tailings management system 11 ef ENERGY FUELS
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