Mr. Ross Bhappu reports

ENERGY FUELS RECEIVES CONDITIONAL U.S. GOVERNMENT SUPPORT TO ACCELERATE GROWTH IN RARE EARTHS AND CRITICAL MATERIALS

Energy Fuels Inc. has provided updates on financing arrangements that will help accelerate the company's growth and development.

The company has received a conditional $725-million financing commitment from the Department of War, U.S. Office of Strategic Capital (OSC). Under a commitment agreement that is subject to further due diligence, finalization of agreements, customary closing conditions and approvals, the OSC would extend to Energy Fuels a $725-million loan with a tenor of 20 years to support the planned expansion of the company's critical minerals processing capabilities at its White Mesa mill in Utah, as well as a planned rare earth metals and alloy facility to be constructed in the United States. The potential financing would support infrastructure and capacity to process rare earth elements and other critical materials from the company's growing portfolio of domestic and international projects.

Ross Bhappu, president and chief executive officer of Energy Fuels, said: "This important financing support from key investors aligns with Energy Fuels' objective to be a vital player in the rare earths supply chain. The United States government has been steadfast in its support of critical materials security and we appreciate the OSC's financial support at this important time as we develop our vertically integrated supply chain."

Mr. Bhappu continued: "Recent events have underscored the urgency of building durable, transparent and allied supply chains for critical materials. Energy Fuels is strategically positioned to lead that objective, with deep technical expertise and a strategy that encompasses multiple links on the critical materials value chain. We are proud to play a role in strengthening industrial resilience and supporting the long-term security and competitiveness of the United States and its allies."

Energy Fuels' rare earths strategy couples upstream mineral resources with proven mid-stream processing and separation capabilities within the United States. Upon the planned acquisition of Australian Strategic Materials Ltd. (ASM) (subject to satisfaction of conditions, including ASM shareholder approval and completion), with its existing rare earth metal and alloy making expertise and facilities in South Korea, the company will be uniquely positioned to support the development of reliable supply chains for materials essential to defence, advanced manufacturing, energy, automotive, technology and other strategic industries. The company's White Mesa mill in Utah provides Energy Fuels with a U.S.-based processing platform, while its broader portfolio of mineral assets and partnerships and planned rare earth metal and alloy capabilities provide a foundation for long-term growth across rare earths, uranium and critical minerals.

The conditional OSC financing, together with other project-level financing discussions, is expected to provide Energy Fuels with additional long-term capital flexibility as it advances its rare earths and critical materials initiatives. The company intends to use proceeds from the finalized financing to support eligible project development, processing capacity, supply chain integration, working capital and other strategic priorities, consistent with the terms of the applicable financing arrangements.

Energy Fuels expects to provide additional details regarding the proposed financing, including final terms and timing, following the completion of definitive documentation.

Energy Fuels has engaged Goldman Sachs & Co. LLC as financial adviser, and Akin Gump Strauss Hauer & Feld LLP as legal counsel for the transaction.

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, 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 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 is also listed on the Toronto Stock Exchange under the trading symbol EFR.

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