Energy Fuels Inc. · TSX:EFR
Energy Fuels — Q3 2026 Earnings Presentation
13 slides from Energy Fuels's earnings presentation, Nov 5, 2026
Slide 1: Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company
Energy Fuels: A Global, Diversified and Vertically Integrated Critical Materials Company Earnings Call: November 5, 2026 UUUU NYSE American EFR TSX EF2 ASX
Slide 2: Forward-Looking Statements and Notice Regarding Technical Disclosure
Forward-Looking Statements and Notice Regarding Technical Disclosure Certain of the information contained in this presentation constitutes “forward-looking information” (as defined in the Securities Act (Ontario)) and “forward-looking statements” (as defined in the U.S. Private Securities Litigation
Slide 3: Q3 2026 Highlights
Q3 2026 Highlights Operational • Conditional government loan commitments for Donald Project development (rare earth feedstock) • Continued to advance Donald Project toward FID • Completed Australian Strategic Materials (ASM) acquisition (rare earth feedstock, metals, alloys) • Progressed acquisition
Slide 4: Additional Developments
Additional Developments • Clarification of VAC customer dispute • Energy Fuels was aware of the dispute before agreeing to acquire VAC • Matter reflected in structure of transaction, including potential purchase price adjustments • Dispute does not impact our valuation assumptions for VAC or the Sum
Slide 5: Building a Highly Scalable, Vertically Integrated Rare Earth Mine-to-Magnet Platform
REE Feedstock REE Processing & Separation Metals & Alloys Magnets Building a Highly Scalable, Vertically Integrated Rare Earth “Mine-t0-Magnet” Platform Donald (Phase 1) 3: Vara Mada (Phase 1)1: Bahia2: Donald (Phase 2)3: Mining 8,000 tpa monazite 17,000 tpa monazite 3,000 tpa monazite 14,000 tpa mo
Slide 6: Positioned to Capture Value in Widening Uranium Supply Gap
Positioned to Capture Value in Widening Uranium Supply Gap Energy Fuels’ uranium business poised for significant upside as growing supply-demand imbalance reshapes nuclear fuel market Uranium Supply and Demand Imbalance Forecasted to Widen Significantly Uranium Demand Growth Drivers Structural Urani
Slide 7: Government Funding Commitments Support Growth Initiatives
Government Funding Commitments Support Growth Initiatives1 Illustrative Growth Funding 2026 – 2028 (US$M) Illustrative Growth Funding 2028– 2031 (US$M) Additional Funding Additional Funding Requirement Requirement $100 - $150M $400 —$500M $400 - $500M Near-Term Medium-Term Growth Capex Growth Capex
Slide 8: Financials: Well-positioned for upcoming project development
Financials: Well-positioned for upcoming project development
Slide 9: Financial Updates as of September 30, 2026
Financial Updates as of September 30, 2026 Strong Balance Sheet & Significant Financial Flexibility • $932 million of working capital o $855.9 million marketable securities (primarily short-term, interest- bearing securities + uranium stocks) o $76.4 million cash & cash equivalents o $90.3 million i
Slide 10: Uranium Inventory Costs and Production Update
Uranium Inventory Costs and Production Update Inventory Economics Production Update Pinyon Plain Drives Lower Finished U3O8 Costs Pinyon Plain Ore • Finished U3O8 inventory cost approximately $34/lb • Mined 320,000 pounds of U3O8 in Q3 2026 • COGS expected to remain in the range of $30 to $40 • Aver
Slide 11: Guidance
Guidance YTD 2026 Guidance Actual Low High Mined (contained 2,000,000 2,500,000 1,125,000 pounds of U3O8) Processed (pounds of 1,500,000 2,500,000 1,655,000 U3O8)(1) Sales (pounds of U3O8)(2) 1,500,000 2,000,000 1,140,000 (1) Energy Fuels completed a conventional ore processing run in Q2 2026 and cu
Slide 12: Q3 2026 Milestones: Uranium, REE & Mineral Sands
Q3 2026 Milestones: Uranium, REE & Mineral Sands • ASM acquisition completed adding rare earth metal and alloy capacity to portfolio • Donald Project received conditional Australian government financing commitment • VAC acquisition progressing; targeting Q1 2027 close • Approved commencement of cons
Slide 13: Energy Fuels Inc. contact details
Energy Fuels Inc. 225 Union Blvd., Suite 600 Lakewood, Colorado 80228 303.974.2140 [email protected] UUUU NYSE American EFR TSX EF2 ASX Titanium Zirconium Uranium Rare Earths Vanadium Medical Isotopes Recycling Metallization & Alloying Permanent Magnets 22 40 Ti Zr 47.867 91.224 Titanium Zirconium