Mr. Ross Bhappu reports

ENERGY FUELS COMPLETES ACQUISITION OF AUSTRALIAN STRATEGIC MATERIALS

Energy Fuels Inc. has completed its acquisition of Australian Strategic Materials Ltd., a leading producer of REE (rare-earth elements) metals and alloys. The acquisition of ASM marks a major milestone in Energy Fuels' long-term growth strategy to build an integrated mine-to-magnet rare-earth platform.

Ross Bhappu, president and chief executive officer of Energy Fuels, said: "We are thrilled to welcome the ASM team to Energy Fuels. ASM brings exceptional technical expertise, commercial experience and proven capabilities in rare-earth metals and alloys that significantly strengthen our organization and accelerate our strategy to build a fully integrated, Western mine-to-magnet supply chain."

By adding ASM's operating Korean metals plant in Ochang, South Korea, Energy Fuels immediately gains commercial scale metal and alloy production capacity, expanding into one of the most critical and constrained vulnerabilities of global rare-earth supply chains. Energy Fuels also intends to replicate this capability at a new American metals plant as market conditions warrant, leveraging the proven technology and operational expertise developed at the Korean metals plant. Additionally, ASM's Dubbo project in Australia brings a long-life and strategically important resource of rare earths and other critical minerals to Energy Fuels' portfolio.

"The closing of the ASM acquisition is a defining moment in Energy Fuels' strategy to become a fully integrated mine-to-magnet rare-earth company and demonstrates our team's successful execution on that vision. With ASM's existing operating facilities, proven technical expertise and intellectual property now a part of Energy Fuels, we have assembled commercial capabilities at all upstream and mid-stream stages of the rare-earth permanent magnet supply chain," said Mr. Bhappu.

The acquisition of ASM adds 1,300 tonnes per year of existing neodymium-iron-boron (NdFeB) alloy production capacity at the Korean metals plant, along with existing commercial metallization capabilities for neodymium-praseodymium (NdPr), and developing metallization capabilities for dysprosium (Dy) and terbium (Tb). This directly complements Energy Fuels' NdPr, Tb, and Dy oxide production and expansion initiatives at its White Mesa mill in Utah (mill). The Korean metals plant is currently being expanded to increase NdFeB alloy capacity to 3,600 tonnes per year and is expected to be commissioned as early as the end of 2026. The expansion potentially represents enough NdFeB alloy for more than one million EVs (electric vehicles) per year.

Rowena Smith, former chief executive officer of ASM, remarked "We are excited to join Energy Fuels and contribute to a leading Western rare-earth supply chain, and I would like to thank ASM employees and shareholders for their support in getting us to this point. The combination of Energy Fuels and ASM represents a major step forward in the development of a secure, diversified rare-earth platform that the world increasingly needs and we look forward to demonstrating the value that the combined company will bring.

"Together with Energy Fuels' portfolio of heavy mineral sands projects in Brazil, Australia and Madagascar, the ASM transaction firmly establishes the company's position across mining, processing, oxides, metals and alloys, creating a robust platform for its planned entry into permanent magnet production.

The final downstream stage, magnet production, is being addressed through the company's planned acquisition of permanent magnet manufacturer Vacuumschmelze (VAC), the leading rare-earth permanent magnet producer in North America and Europe. When completed, the acquisition would extend the company's platform through the final stage of the rare-earth supply chain.

In connection with the completion of the transaction, ASM's shares have been delisted from the Australian Securities Exchange (ASX).

About Energy Fuels Inc.

Energy Fuels is a leading United States-based critical materials company, focused on rare-earth elements (REEs), uranium, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in situ recovery uranium projects in the Western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant) and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging targeted alpha therapy cancer treatments. Through its acquisition of ASM, Energy Fuels also owns the operating Korean metals plant in Ochang, South Korea, which provides rare-earth metallization and alloying capabilities, including the production of neodymium-iron-boron (NdFeB) alloys. Energy Fuels is developing three heavy mineral sands projects: the 100-per-cent-owned Vara Mada project in Madagascar; the 100-per-cent-owned Bahia project in Brazil; and the Donald project in Australia in which Energy Fuels has the right to earn up to a 49-per-cent interest in a joint venture with Astron Ltd. Energy Fuels, based near Denver, Colo., trades its common shares on the NYSE American under the trading symbol UUUU and on the Toronto Stock Exchange under the trading symbol EFR. Additionally, Energy Fuels trades its chess depositary interests (CDIs) on the ASX Ltd. under the trading symbol EF2.

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