Mr. Mark Chalmers reports

ENERGY FUELS' U.S. URANIUM BUSINESS CONTINUES TO DELIVER, WITH YEAR-END PRODUCTION AND SALES EXCEEDING GUIDANCE

Energy Fuels Inc. has exceeded previously disclosed guidance for finished uranium production, mined uranium ore production, and uranium concentrate sales for fiscal year 2025. These results demonstrate the company's continued successful ramp-up at its U.S. uranium mines and production facilities, maintaining its position as America's largest uranium producer and simultaneously advancing its position as a leading U.S. producer of rare earth elements and other critical materials.

"These 2025 uranium metrics reinforce our reputation as not only the country's lowest-cost and largest uranium producer but as a company that delivers on its promises," said Mark S. Chalmers, Energy Fuels' chief executive officer. "Nuclear energy powered by uranium is among the cleanest, least expensive and most reliable ways to supply our nation's growing energy and electricity needs. Strong uranium production is critical to America's economic and national security, and Energy Fuels is proud to lead the comeback of this critical domestic industry.

"And I am particularly proud of the fact that Energy Fuels has achieved this, while at the same time, advancing its world-class rare earth element projects and capabilities."

Uranium production update

Energy Fuels' Pinyon Plain mine in Arizona and La Sal complex in Utah have mined over 1.6 million pounds of uranium in 2025, exceeding the top end of previously reported guidance by about 11 per cent. The company is currently mining at the rate of approximately 2.0 million pounds of recoverable uranium contained in ore per year from the Main zone at Pinyon Plain and the La Sal complex, which is expected to continue at least through 2026 at this mining rate. The company plans to complete substantial additional exploration drilling in the Juniper zone at Pinyon Plain in 2026 to further delineate the orebody and potentially expand the minable resource at the mine. Further development work continues at the company's fully permitted and substantially developed Whirlwind, Energy Queen and Nichols Ranch mines for future mining.

The company's White Mesa mill in Utah produced more than one million pounds of finished U3O8 (triuranium octoxide) during 2025, with over 350,000 pounds of U3O8 produced in the month of December alone. This exceeds the top end of previously reported guidance. The company expects to continue milling at current milling rates, averaging approximately 250,000 pounds of U3O8 per month, through the first half of 2026 and, as previously announced, expects to shift to the commercial-scale production of the heavy rare earths dysprosium (Dy) and terbium (Tb) for the remainder of the year, which would mark the first U.S. commercial production of highly sought heavy rare earths in many years. As the company expects to continue to mine uranium ore at its Pinyon Plain and La Sal mines during all of 2026, uranium ore mined during the second half of 2026 and not processed at the mill into finished U3O8 during the year will be added to the mill's already-significant inventory of uranium ore available for processing in 2027.

Uranium sales update

Energy Fuels is pleased to announce that it expects to sell a total of 360,000 pounds of U3O8 in Q4 2025, representing an increase of 50 per cent over the 240,000 pounds of U3O8 sold by the company in Q3 2025. Total gross uranium sales revenue for Q4 2025 is expected to total approximately $27-million with a weighted average sales price of approximately $74.93 per pound.

Furthermore, Energy Fuels is pleased to announce that it has completed two new long-term uranium sales contracts with U.S. nuclear-power-generating companies, adding to its U3O8 deliveries for the years 2027 to 2032. Both contracts retain exposure to uranium market upside by utilizing hybrid pricing, whereby a portion of the final sales price is calculated on a base escalated price with the other portion based on the spot price at the time of delivery, subject to floors and ceilings.

With the addition of these contracts, Energy Fuels expects to complete sales totalling about 780,000 to 880,000 pounds of U3O8 into its portfolio of long-term contracts in 2026, along with the potential for additional sales on the spot and term markets, subject to continued strong uranium markets and production. For 2027 to 2032, Energy Fuels' current portfolio of six long-term contracts has delivery quantities that total 2.41 million to 4.41 million pounds of U3O8, which is expected to leave significant additional uncommitted low-cost uranium for sale above those quantities.

As previously disclosed, the company expects its cost of goods sold to begin dropping in Q1 2026 as low-cost Pinyon Plain uranium is added into the company's inventory and sold.

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based critical materials company, focused on uranium rare earth elements (REEs), 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 and 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. Energy Fuels is also developing three heavy mineral sands projects: the 100-per-cent-owned Toliara 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 Corp. Ltd. Energy Fuels, based near Denver, Colo., trades its common shares on the NYSE American exchange under the trading symbol UUUU and is also listed on the Toronto Stock Exchange under the trading symbol EFR.

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