Diversifying into the REE Industry

Race to A New Age of Clean Energy April 2020 Energy Fuels announces entry into REE sector | 1 Nov. 2021 Began pilot- scale REE separation; producing 99.8% purity NdPr oxide Feb. 2023 Closed acquisition of Bahia Project; 58.3 square mile heavy mineral sand (HMS) project in Brazil that contains significant quantities monazite (REE), titanium (ilmenite/rutile) & zirconium (zircon) 2026/271 Phase 2: Scale-Up NdPr Production Capacity to produce larger-scale light REE products (up to 3,000+ MT NdPr oxide per year) Current REE Prices²: NdPr oxide = $55.67/kg Dy oxide = $272.50/kg Tb oxide $860.00/kg = = Began processing monazite to mixed REE carbonate - the most advanced REE material being produced in the U.S. today July 2021 High-Purity Mixed REE Carbonate Production Began commercial- scale REE separation & production of mixed REE carbonate, containing 32% - 34% NdPr March 2022 Phase 1: Commence NdPr Production Capacity to produce 800 1,000 MT of NdPr oxide per year at the White Mesa Mill, enough for 400,000 - 1M EV's per year Q1-20241 Phase 3: Add "Heavy" REE Separation Produce "heavy" separated REE products, including Dy and Tb 2027/281 1 2 Expected production, subject to successful construction, commissioning, and receipt of sufficient monazite and REE feed; current feed to produce 40 - 50 tonnes of NdPr oxide in 2024 Asian Metal, February 12, 2024; 1 RMB = US$0.139 13

View entire presentation