EFR.TO · 2025-05-07 12:00:00

Energy Fuels Announces Q1-2025 Results Energy Fuels significantly increases 2025 uranium production and finished goods inventory guidance by 22% and 193%, respectively, increases strong working capital position, and continues to advance

Financials

Energy Fuels Announces Q1-2025 Results

Energy Fuels significantly increases 2025 uranium production and finished goods inventory guidance

by 22% and 193%, respectively, increases strong working capital position, and continues to advance

high-grade U.S. uranium production and world-class rare earth and mineral sand projects and

capabilities

DENVER, Colo., May 07, 2025 - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or

the “Company”), a leading U.S. producer of uranium, rare earth elements (“ REE”), and other critical

minerals, today reported its financial results for the quarter ended March 31, 2025 . The Company

previously announced details for its upcoming May 8, 2025 earnings call, which are also included in this

news release.

“Our team continues to build Energy Fuels into a leading critical minerals company in the United States,”

said Mark Chalmers, Energy Fuels’ President and Chief Executive Officer. “Our unique diversification

strategy to build a world significant critical minerals hub, which began five years ago, is rapidly gaining

momentum. Today, Energy Fuels is recognized among commercial and government stake holders as a

leading force in the creation of a U.S.-based, globally competitive, profitable, and strategic domestic supply

chain for processed critical materials, including uranium, rare earths, vanadium, and titanium and

zirconium minerals. In fact, many of President Trump’s Executive Orders support Energy Fuels' strategy,

from fast-forwarding domestic critical mineral processing to expediting permitting to initiating a new

Section 232 investigation on the import of critical materials from adversarial nations.

"Energy Fuels elected not to make any uranium sales during the first quarter, due to no scheduled contract

deliveries, relatively weak uranium prices, and our strong belief that spot and long -term prices will be

higher in the future. However, our uranium m ining operations are ramping up extremely well, with

uranium grades at our Pinyon Plain mine significantly exceeding expectations, resulting in significant

increases in our 2025 Production and Inventory Guidance, including a 22% increase in expected mining

production for 2025 and the expected production of up to 1,000,000 pounds of finished U3O8 product in

2025.

"I should also add that after the end of Q1, combined ore production from our Pinyon Plain, La Sal, and

Pandora mines reached over 160,000 pounds of contained U3O8 in the single month of April, which is the

highest monthly mining rates we’ve achieved since restarting these mines. Plus, we have identified

additional high-grade zones of mineralization at three different areas or levels in the Pinyon Plain mine,

which we believe have the potential to significantly add to the uranium resource and life of the mine. This

reflects Energy Fuels’ U.S. industry -leading ability to scale and produce large quantities of uranium

available for growing nuclear demand in the United States in the near-term.

"We are also advancing our rare earth capabilities. As previously announced, we have entered into a

strategic collaboration with South Korea-based POSCO International, a leading global supplier of EV motors

to U.S. and global auto -makers, and a strategic alliance with The Chemours Company, a world -leader in

titanium production and a U.S. producer of heavy mineral sands ( “HMS”) and monazite, to create a

domestic supply chain of critical minerals for the U.S. We also announced our technical capability to

produce the ‘mid’ and ‘heavy’ rare earths that are now subject to Chinese export controls which we believe

will allow Energy Fuels to produce samarium, gadolinium, terbium, dysprosium, lutetium, and yttrium at

scale, with suitable incentives.

“With appropriate government and/or market support, Energy Fuels is prepared to make hundreds of

millions of dollars of investments in U.S. critical mineral processing and mines in allied nations, while

maintaining our position as the leading U.S. producer of uranium, as one of the leading U.S. producers of

advanced rare earth materials, and as an emerging world-significant producer of HMS minerals.”

Q1-2025 Highlights

Unless noted otherwise, all dollar amounts are in U.S. dollars.

• Robust Balance Sheet with Over $210 million of Liquidity and No Debt: As of March 31, 2025,

the Company had $214.61 million of working capital including $73.00 million of cash and cash

equivalents, $89.64 million of marketable securities (interest -bearing securities and uranium

stocks), $20.37 million of trade and other receivables, $67.68 million of inventory, and no debt,

which puts the Company in a strong position as it advances its various projects.

• Over $11 Million of Additional Liquidity from Market Value of Inventory: At May 2, 2025

commodity prices, the Company’s product inventory has a market value of approximately $46.39

million, while the balance sheet reflects product inventory carried at cost of $34.51 million.

• Incurred Net Loss of $26 Million: During the quarter ended March 31, 2025 , the Company

incurred a net loss of $26.32 million, or $0.13 per common share, on $16.90 million of revenue.

The loss was due to the Company's ramping up of mining at its Pinyon Plain, La Sal and Pandora

Mines and the election not to sell any of its 595,000 pounds of finished goods (U3O8) inventories

during the quarter, retaining such inventories for sales at higher prices under the Company's long-

term contracts and expected higher ur anium prices in the future, combined with recurring

operating expenses, including additional operating expenses associated with the increased

headcount of retained Base Resources employees (currently in the process of being reduced) and

Kwale mine reclamation costs and higher costs applicable to heavy mineral sand ("HMS") revenues

from the lower grade HMS produced at the end of the Kwale mine life.

• Heavy Mineral Sands Revenue: During the three months ended March 31, 2025, the Company

sold 6,836 tonnes of rutile, 12,852 tonnes of ilmenite, both used for the production of titanium

products, and 1,429 tonnes of zircon, used for the production of zirconium, for total HMS revenues

of $15.54 million.

• Well-Stocked to Capture Market Opportunities and meet Long-term Contract Obligations: As of

March 31, 2025, the Company held a total of 1,310,000 pounds of U 3O8 in inventory, including

595,000 pounds of finished U3O8, 605,000 pounds of U3O8 in ore and raw materials, and 110,000

pounds of work-in-progress U3O8. Inventory increased from last quarter due to Pinyon Plain, La Sal

and Pandora mine ore production, the purchase of 50,000 pounds of U 3O8 on the spot market,

and additional alternate feed materials received. The Company expects these uranium inventories

to continue increasing, as we continue to mine additional ore and potentially purchase ore from

third parties. The Company also held 905,000 pounds of finished vanadium (“ V2O5”), 37,000

kilograms (“ kg”) of finished separated neodymium praseodymium (“ NdPr”) and 9,000 kg of

finished high purity, partially separated mixed "heavy" samarium -plus (" Sm+") rare earth

carbonate (“RE Carbonate”) in inventory. Having stockpiled mined ore available at the Mill, which

can be processed into finished U3O8 product on relatively short notice, and other inventories, gives

the Company more flexibility in securing long -term sales contracts on the most favorable terms

when needed, rather than merely accepting contracts at current prices when fundamentals

suggest higher prices may be expected in the future.

• Samples of NdPr Actively Being Qualified by Potential Customers: NdPr produced at the Mill is

currently in the process of being qualified with permanent magnet manufacturers and other

potential customers which, upon successful qualification, would set the stage for potential future

offtakes.

• Strategic Announcements on Creating U.S. and Non -China Critical Mineral Supply Chains : Two

announcements this quarter showcase Energy Fuels’ progress on creating a domestic rare earth

oxide supply chain. Energy Fuels announced an alliance with The Chemours Company to expand

the domestic supply chain for critical minerals and raw materials, including monazite for

processing into rare earth oxides at Energy Fuels’ White Mesa Mill in Utah, and a Memorandum

of Understanding with POSCO International to validate Energy Fuels’ NdPr oxide for permanent

magnets for use in EV and Hybrid EV drivetrains, which could be available to U.S., European, and

allied Asian OEM customers as soon as later this year.

• Landmark Agreement with the Navajo Nation: Energy Fuels signed a landmark agreement with

the Navajo Nation, the largest and most populous indigenous tribe in the United States,

establishing additional requirements, over and above already highly protective federal

regulations, to assure the Nation that uranium ore transport from the Pinyon Plain mine to the

White Mesa Mill is performed safely and responsibly to the highest standards. Additionally, Energy

Fuels agreed to accept (for free) 10,000 tons of uranium -bearing materials from historic

abandoned uranium mines on the Navajo Nation, which are a relic of U.S. government Cold War-

era uranium programs.

Uranium Milestones:

• The Company produced a total of 150,000 pounds of finished U3O8 during the three months ended

March 31, 2025 from stockpiled alternate feed materials and newly mined ore.

• The Company invested in 50,000 pounds of U3O8, at a price of $64.75 per pound, as the Company

believes prices are likely to increase in the future.

• During April 2025, the Company mined 4,604 tons of ore, containing roughly 151,400 pounds of

uranium with an average grade of 1.64% U 3O8 at the Pinyon Plain mine, which the Company

believes is one of the highest -grade uranium mines in U.S. history. Production rates at the mine

have steadily increased over the past several months, with April's results representing the largest

monthly production rate since mining began last year.

• The Company currently expects to process approximately 700,000 pounds of U3O8 in Q4 2025 from

stockpiled ore mined from its Pinyon Plain, La Sal and Pandora mines, with the remainder of the

mined ore and Alternate Feed Materials retained in stockpile at the mines or Mill for processing

during 2026 or 2027, subject to market conditions, contract requirements, and the Mill’s schedule.

This is expected to result in the production of an additional 700,000 pounds of finished U3O8 in Q4

2025 from stockpiled and mined ore from the Company’s Pinyon Plain, La Sal and Pandora mines,

which when added to the Company’s expected production of approximately 300,000 pounds of

finished U 3O8 through the first half of 2025 from existing conventional ore inventories and

Alternate Feed Materials, would result in the production of up to 1,000,000 pounds of finished

U3O8 product in 2025.

• As a result of these developments, the Company is pleased to provide its updated production,

sales and inventory guidance for 2025 as follows:

Previous Guidance Revised Guidance Change in

Low High Low High Midpoint

(%) Mined (contained pounds of

U3O8) 730,000 1,170,000 875,000 1,435,000 22 %

Alternate Feed Materials and

other (contained pounds of

U3O8)(1) 160,000 200,000 160,000 200,000 — %

Processed (pounds of U3O8) 200,000 250,000 700,000 1,000,000 278 %

Sales (pounds of U3O8)(2) 200,000 300,000 220,000 220,000 (12) %

Finished goods (pounds of U3O8) 290,000 445,000 925,000 1,225,000 193 %

Total inventories (contained

pounds of U3O8) 1,655,000 2,340,000 1,985,000 2,585,000 14 %

(1) "Other" includes ore purchases from 3rd party miners and potential cleanup from historic abandoned uranium mines.

(2) The Company has not elected to sell inventory into the spot market at this time, but may do so subject to market conditions.

• The Company continues to mine and stockpile ore from its Pinyon Plain, La Sal and Pandora mines,

which is expected to total approximately 875,000 to 1,435,000 pounds of U 3O8 contained in

approximately 55,000 to 80,000 tons of ore from these mines during 2025, subject to market

conditions, mining rates and other factors. This is an increase in previously reported guidance of

approximately 22%. The Company also expects to purchase uranium ore from third-party miners

in the region, and there is the potential t o receive additional Alternate Feed Materials and mine

cleanup materials, expected to add a total of approximately 160,000 to 200,000 pounds of

additional contained uranium to ore inventories, all of which will be processed as market

conditions, Mill schedules, and contract requirements may warrant.

• The Company expects to sell 220,000 pounds of uranium during 2025, under the Company's

existing long-term contracts with utilities. As a result of these sales, plus planned 2025 mine

production, at the end of 2025, the Company expects to hold a total of 1,985,000 to 2,585,000

pounds of U 3O8 in ore inventories plus finished product, including approximately 925,000 to

1,225,000 pounds of finished U 3O8 inventory. This expected finished goods uranium inventory

would be sufficient to satisfy the Company's 2025, 2026 and a large portion of the Company's

2027 delivery requirements, at higher margins than would be expected compared to spot sales at

this time.

• The Company has been performing underground drilling in the “Juniper Zone” of the Pinyon Plain

mine, with exceptional drill results from its 2024 – 2025 underground drill program showing high-

grade intercepts within the previously defined Mineral Resource as well as above the existing

mineralized zone, which exceed previous expectations ( linked here). T he Company is in the

process of completing a U.S. Subpart 1300 of Regulation S-K ("S-K 1300") and Canadian National

Instrument 43-101 ("NI 43-101") compliant technical report, which is expected to significantly add

to the uranium resources.

• The Company continues to observe positive results from ongoing drilling at its Nichols Ranch in -

situ recovery (“ISR”) Project in Wyoming. Both the Nichols Ranch Project and Whirlwind Mine in

Colorado are being prepared for production, as market conditions warrant. Production from these

mines, when combined with production from Pinyon Plain, La Sal and Pandora, alternate feed

materials, uranium from monazite, and third-party uranium ore purchases, would be expected to

increase the Company’s production run-rate to roughly two million pounds per year by as early as

2026.

• The Company continued advancing permitting and other pre-development activities on its large-

scale Roca Honda and Bullfrog uranium projects during the three months ended March 31, 2025,

which together with its Sheep Mountain Project, have the potential to expand the Company's

uranium production to a run-rate of up to five million pounds of U3O8 per year in the coming years.

• As of May 2, 2025, the spot price of U3O8 was $70.00 per pound and the long-term price of U3O8

was $80.00 per pound, according to data from TradeTech.

• The Company's Roca Honda Project in New Mexico was included on the U.S. Federal Infrastructure

Projects, Permitting Dashboard list of FAST -41 Transparency Projects, which according to the

White House, "makes the environmental review and authorizations schedule for these vital

mineral production projects publicly available and allows all of these pro jects to benefit from

increased transparency. The public nature of the dashboard ensures that all stakeholders, from

project sponsors and community members to federal agency leaders have up-to-date accounting

of where each project stands in the review proc ess. This transparency leads to greater

accountability, ensuring a more efficient process."

Rare Earth Element Milestones:

• The Company held about 37,000 kg of separated NdPr from its newly commissioned Phase 1 REE

separation circuit at the Mill, along with 9,000 kg of finished high purity, partially separated mixed

"heavy" Sm+ RE Carbonate.

• Samples of the Company's NdPr product have been sent to permanent magnet and other

companies around the world for product qualification, including POSCO International. Initial

testing responses have been positive.

• On April 17, 2025, Energy Fuels announced that it had successfully developed the technical ability

it believes is required to commercially produce samarium, gadolinium, dysprosium, terbium,

lutetium, yttrium, and other oxides, at scale through expansion of its existing REE production

capability in Utah. On April 4, 2025, the Chinese government announced export restrictions on

these REEs, which are needed for key defense technologies.

• The Company continues the process of updating the White Mesa Mill's AACE International

("AACE") Class 4 Pre -Feasibility Study (not a Pre -Feasibility Study subject to or intended to be

compliant with NI 43-101 or S-K 1300), originally released in Q2-2024 to increase throughput to a

total of 50,000 tpa of monazite, producing roughly 5,000 tpa of NdPr, 150 to 225 tpa of Dy, and 50

to 75 tpa of Tb. The Mill PFS referenced above can be viewed on the Company's website,

www.energyfuels.com.

Heavy Mineral Sands:

• On November 28, 2024, the Government of Madagascar lifted the suspension on the development

of the Toliara Project, and on December 5, 2024, the Company entered into a Memorandum of

Understanding (the "MOU") with the Government of Madagascar setting forth certain key terms

applicable to the Toliara Project along with mechanisms to achieve long -term fiscal stability for

the Project. Now that the Government of Madagascar has lifted the suspension, the Company has

re-commenced development and investment in the Project, is re -establishing community and

social programs, and is advancing the technical, environmental and social activities necessary to

achieve a final investment decision ( "FID"), which the Company expects to make in Q2 -2026.

While the Company is progressing towards a n FID, the Company will continue working with the

Government of Madagascar to formalize the terms and conditions set out in the MOU to achieve

long-term fiscal stability for the Project, which currently includes promulgation of revisions to the

existing Malagasy law establishing a special regime for large scale investments in the Malagasy

mining sector, and certification of the Project under the revised law (with an investment

agreement, as needed) after it is approved by the Malagasy Parliament.

• The Company continued to advance the Donald Project (the "Donald Project"), a large monazite-

rich HMS project in Australia, pursuant to its joint venture with Astron Corporation limited. The

Company expects that an FID could be made on the Donald Project as early as the latter half of

2025.

• During the three months ended March 31, 2025 , the Company also continued to advance its

wholly owned Bahia HMS project in Brazil (the “Bahia Project”) with its Phase 2 drilling campaign,

which is expected to continue during 2025. Additionally, the Company completed bulk test work

on a 2.5 tonne sample in March 2024, and recently shipped a larger 15 tonne sample to the U.S.

for additional process test work. Subject to permitting, finalization of surface access

arrangements, and completion of additional drilling, the Company expects to complete an S -K

1300 and NI 43-101 compliant mineral resource estimate on the Bahia Project in late 2025 or early

2026.

Medical Isotope Highlights:

• During Q1-2025, the Company continued to utilize its research and development ("R&D") license

for the potential recovery of R&D quantities of Ra-226 at the Mill. During the remainder of 2025,

Energy Fuels plans to complete its process development engineering and, upon successful

completion of such engineering, expects to set up the first stages of the pilot facility and produce

R&D quantities of Ra-226 for testing by end-users of the product. Upon successful production of

R&D quantities of Ra -226, Energy Fu els plans to develop capabilities at the Mill for the

commercial-scale production of Ra -226 in 2027-2028, conditional on completion of engineering

design, securing sufficient offtake agreements for final radium production, and receipt of all

required regulatory approvals and project financing. At the same time, parallel with its Ra -226

process development activities, the Company has applied for a license to concentrate R&D

quantities of Ra -228 at the Mill and is currently performing engineering on its proce ss

development and R&D pilot facility for Ra-228 production.

Vanadium:

• The Company chose not to execute any vanadium sales during the three months ended March 31,

2025 and holds about 905,000 pounds of V2O5 in inventory.

• As of May 2, 2025 , the spot price of V 2O5 was $5.24 per pound, according to data from

Fastmarkets.

Mr. Chalmers continued:

“We invite all stakeholders to join us in our upcoming May 8, 2025, earnings call, details of which are