Energy Fuels (EFR) investor relations material

Executive summary

• Maintained position as the largest U.S. uranium producer with a fully operational White Mesa Mill and expanding rare earth processing capabilities, achieving a transformational quarter with strategic acquisitions and expansion in rare earth and uranium operations.

• Announced transformative acquisitions of Australian Strategic Materials (ASM) and VAC, including a definitive agreement to acquire VAC for $1.9 billion, aiming for full vertical integration from mining to magnet manufacturing.

• Received conditional $725 million loan from the U.S. Office of Strategic Capital to support expansion projects.

• Revenues for Q2 2026 rose 496% year-over-year to $25.1 million, driven by higher uranium sales volumes and prices, but the net loss widened to $33.6 million due to increased operating costs and transaction expenses related to planned acquisitions.

• Robust balance sheet with nearly $1 billion in liquidity and $996 million in working capital at quarter end.

Financial highlights

• Reported $25.1 million in Q2 2026 revenue, primarily from uranium sales, with $12.7 million from spot sales and $12.2 million from long-term contracts.

• Net loss of $33.6 million ($0.13 per share) in Q2 2026, mainly due to acquisition-related costs and higher operating expenses.

• Uranium segment generated $14 million gross profit and 57% gross margin, with industry-low uranium production cost of $23 per pound.

• Finished U3O8 inventory cost declined to $33.92 per pound, down from $36 in Q1.

• Cash and cash equivalents at June 30, 2026: $58.4 million; marketable securities: $878.3 million; working capital: $996 million.

Outlook and guidance

• Maintains 2026 uranium production guidance of 1.5–2.5 million pounds; already achieved 1.7 million pounds in H1.

• Expects to mine over 2 million pounds of contained U3O8 in 2026, with improving grades in H2.

• Phase I-B and I-C expansion at White Mesa Mill underway; commercial production of heavy rare earth oxides expected in late 2027, with plant expansion expected to be completed by 2028.

• Plans to commission phase II expansion in late 2029, targeting over 6,000 tons NdPr, 300 tons dysprosium, and 80 tons terbium oxides annually.

• Next uranium mill run planned for Q4 2026 or early 2027, pending sufficient ore stockpiles.