The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10‑Q. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the audited consolidated financial statements included in Part II of our Annual Report on Form 10‑K for the year ended December 31, 2025. This Discussion and Analysis contains forward‑looking statements and forward‑looking information that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward‑looking statements as a result of many factors. See “Cautionary Statement Regarding Forward‑Looking Statements.” All dollar amounts stated herein are in U.S. dollars, except share amounts and currency exchange rates, unless specified otherwise. Our Company We produce several of the critical materials essential to U.S. energy security and advanced technologies, including uranium, REEs, vanadium and HMS, to strengthen domestic supply chains and reduce reliance on foreign sources. The Company owns conventional uranium, uranium/vanadium and REE/HMS properties, projects in various stages of operation, development, exploration and permitting, and fully permitted uranium and uranium/vanadium projects on standby. The Company’s White Mesa Mill near Blanding, Utah, is the only licensed and operating uranium mill and the only uranium mill capable of producing separated REE oxides in the U.S. The Mill is our key to building a critical materials hub in the U.S. through the production of uranium, REEs, vanadium and potentially radium. Uranium is the strategic fuel powering carbon free, emission free baseload nuclear energy and remains one of the most reliable forms of power supporting U.S. energy independence and decarbonization goals. The REEs we produce are essential to manufacture permanent magnets used in EVs, hybrid EVs, defense systems, robotics and other advanced technologies. The titanium and zirconium products derived from our HMS production are used in national security and other key industries. Titanium is used in pigments, aircraft engines and airframes, spacecraft components, and medical devices, while zirconium is crucial for fuel rod cladding, reactor components, jet engine parts and advanced ceramics in medical, aerospace and chemical applications. The radium that we are evaluating recovering from our REE and uranium processing streams has the potential to provide materials needed for emerging TAT cancer treatments. In addition, Energy Fuels recovers uranium from Alternate Feed Materials at the Mill, recycling valuable resources that would otherwise be discarded and returning them to the fuel cycle to support U.S. nuclear energy and national security objectives. The Company is: mining uranium ore and mineralized material from its Pinyon Plain, La Sal and Pandora mines, located in Arizona and Utah, respectively, and processing and/or stockpiling the material at the Mill; processing stockpiled Alternate Feed Materials at the Mill for the production of finished U3O8 product; completing sales of U3O8 under its portfolio of long-term contracts and on the spot market; performing development activities at its Donald Project in Australia in preparation for an FID, which the Company expects could be made as early as Q3 2026; negotiating fiscal and stability arrangements, seeking government approvals and performing permitting and development activities at its Vara Mada Project in Madagascar in preparation for a potential FID, which will require suitable fiscal and stability arrangements to be finalized with the Government of Madagascar; continuing drilling activities and resource evaluation at its Bahia Project in Brazil; performing various permitting, exploration and development activities across its uranium and uranium/vanadium properties in the U.S.; and completing reclamation and post‑closure monitoring activities at its Kwale Project in Kenya. The Company is rapidly becoming the first western company with geographically diversified commercial capabilities across every critical step of the rare earth value chain. The Company has an REE feedstock supply source at its “shovel ready” Donald Project in Australia, with respect to which the Company expects to make a final investment decision as early as Q3 2026, as well as from its Vara Mada and Bahia HMS and REE projects, once developed, which are in the permitting and development and exploration and permitting phases, respectively; processing of monazite and other REE-bearing feed materials into separated REE oxides at Energy Fuels’ White Mesa Mill (the “White Mesa Mill” or the “Mill”); REE metals and alloy production at ASM’s currently operating Korean Metals Plant and planned American Metals Plant (subject to successful acquisition of ASM, currently planned for the end of August 2026, conditional on ASM shareholder and other approvals); and high-performance permanent magnet manufacturing and assembly at VAC’s European facilities and its recently commissioned Sumter Facility, subject to the successful acquisition of VAC. On July 29, 2026, the Company announced that it had commenced construction of a commercial-scale ‘heavy’ rare earth plant at the Mill for the production of terbium (“Tb”), dysprosium (“Dy”) and other heavy REE oxides, to supply the Company’s planned rare earth metal, alloy and magnet-making capacity, which is one of the final steps in Energy Fuels integrated mine-to-magnet platform. 37 Table of Contents Uranium Segment Uranium Mine Activities The Company is mining ore and mineralized material at its Pinyon Plain, La Sal and Pandora mines. Such uranium-bearing ore and mineralized material is processed at the Mill and/or stockpiled at the mines or Mill for future processing, subject to market conditions, contract requirements and the Mill’s processing schedule. The Company mined contained pounds of U3O8 as follows: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Pinyon Plain Project(1) 250,000 625,000 La Sal Project(2) 65,000 115,000 Total mined 315,000 740,000 (1) Weighted average grade for the three and six months ended June 30, 2026 was 0.71% and 0.91%, respectively. (2) Contained pounds of U3O8 within ore or mineralized material from the La Sal and Pandora mines, which constitute a portion of the La Sal Project. Ore grades at Pinyon Plain in the first half of 2026 are lower than 2025 due to moving from one high-grade zone to a lower-grade zone and are expected to increase moving forward as mining moves into higher-grade zones. Processing at the Mill began in Q4 2025 and was completed at the end of Q2 2026. Ore and mineralized material that was not processed will be stockpiled at the Mill and is included in the Company’s inventories of U3O8 contained in stockpiled ore and mineralized materials. Starting in Q3 2026, the Mill expects to process stockpiled Alternate Feed Materials, rebuild ore and mineralized material stockpiles for future processing, and begin construction on planned REE infrastructure. The Company currently expects to process any additional stockpiled and mined ore and mineralized material from its Pinyon Plain, La Sal and Pandora mines during Q4 2026 and/or 2027, subject to market conditions, contract requirements and the Mill’s schedule. The Company plans to continue to maintain its other uranium projects and facilities in a state of readiness for the purpose of restarting mining activities on an expedited basis, as contract obligations and market conditions may warrant. To this end, the Company expects to continue rehabilitation and development work at its Whirlwind mine in preparation for future production. Although the timing of the Company’s plans for the Whirlwind mine will be based on contract requirements, inventory levels and/or sustained improvements in general market conditions, the Company currently expects the Whirlwind mine, along with the Company’s Nichols Ranch ISR project, to commence uranium production within one (1) year from a “go” decision. With strong market conditions, the Whirlwind and Nichols Ranch mines could potentially increase Energy Fuels’ uranium production by up to approximately 600,000 pounds per year starting as early as 2027. The Company continued permitting and development on its Roca Honda Project, a large, high-grade conventional project in New Mexico, its Bullfrog Project in Utah, and its EZ Project in Arizona, which together with its Sheep Mountain Project (a large conventional project in Wyoming) could expand the Company’s uranium production to a run-rate of up to five million pounds of U3O8 per year in the coming years. The Company continues to maintain required permits at its other conventional projects, including the Energy Queen mine. These projects serve as important pipeline assets for the Company’s future conventional production capabilities, as market conditions may warrant. Mill Activities (Uranium) The Mill processed stockpiled conventional ore and mineralized materials and Alternate Feed Materials, which resulted in 865,000 and 1,655,000 pounds of finished U3O8 production during the three and six months ended June 30, 2026, respectively. As planned, the Company commenced its conventional ore processing campaign at the Mill in Q4 2025 and completed it in Q2 2026. The Company currently expects to rebuild its stockpiles to process additional stockpiled and mined ore and mineralized material from its Pinyon Plain, La Sal and Pandora mines during Q4 2026 and/or 2027, subject to market conditions, contract requirements and the Mill’s schedule. Stockpiled material available at the Mill, which can be processed into finished U3O8 product on a relatively short notice, provides the Company more flexibility in securing sales on the most favorable terms when needed. TAT Activities The Mill also continued to advance its research and development (“R&D”) activities on medical isotopes and engaging in discussions with buyers interested in off-take agreements for the material. The Company is evaluating the potential to recover Ra-226 and Ra-228 from its existing uranium and REE process streams for use in the development of TAT medical isotopes for 38 Table of Contents the treatment of cancer, which is seeing promising results in clinical trials to date. The majority of TAT drugs will require reliable and secure supplies of radium, which pharmaceutical companies use to produce other short half-life, alpha-emitting elements for production of TAT drugs. Currently, there are no commercial supplies of radium at commercial scale. Therefore, Energy Fuels sees significant potential opportunity to become a radium supplier. Rare Earth Elements Segment REE Separation Circuits at the Mill Existing Phase 1 Circuit In 2024, the Company completed construction and commissioned modifications to the Mill’s existing solvent extraction (“SX”) circuits for the commercial separation of NdPr at the Mill, while at the same time producing “heavy” samarium-plus (“Sm+”) RE Concentrate. These modifications enabled the Mill’s leach circuits to crack and leach monazite, and its SX circuits to separate NdPr. Together, these enhancements and modifications are referred to as the “Phase 1 Circuit”. The existing Phase 1 Circuit has the design capacity to process approximately 8,000 to 10,000 tonnes of monazite per year, producing approximately 4,000 to 6,000 tonnes of total rare earth oxides (“TREO”), containing approximately 850 to 1,000 tonnes of recoverable separated NdPr per year. Although the modifications to the Mill’s SX circuit comprised in the Phase 1 Circuit are stand-alone and dedicated to REE production and do not interfere with the Mill’s uranium and vanadium production, the Phase 1 Circuit’s crack and leach circuit shares certain circuits with the Mill’s uranium production and as a result, Phase 1 Circuit REE production and conventional uranium production cannot be run at the same time, as currently configured. It is therefore necessary at this time to switch back and forth between conventional uranium and uranium/vanadium production and Phase 1 Circuit REE production from monazite sands, which can be done with modest cost and effort. As currently configured, the Phase 1 Circuit allows for the processing of the first phase of the Donald Project monazite production (once developed) for the recovery and separation of NdPr and an Sm+ mixed RE concentrate. Separated NdPr and a mixed RE concentrate may either be sold on the market or stockpiled for separation of the heavies upon completion of later expansion of the Phase 1 Circuit as described below and/or the planned Phase 2 Circuit at the Mill. Expansion of Phase 1 Circuit On July 29, 2026, the Company announced that construction had begun on an expansion of its REE separation capabilities at the Mill to enable the large-scale production of heavy rare earth oxides, in addition to its existing 850 to 1,000 tpa production capacity for NdPr. The planned expansion is expected to add the capacity to produce up to approximately 20 tpa of Tb, 120 tpa of Dy, 140 tpa of samarium (“Sm”), 20 tpa of europium (“Eu”), and 140 tpa of gadolinium (“Gd”) oxides, along with other rare earth elements (SEG Carbonates (Sm, Eu, and Gd, pending commissioning of separation circuits for those elements) and Ho+ Carbonate (holmium, erbium, thulium, ytterbium, lutetium and yttrium)). Tb and Dy are heavy rare earths added to most high-end rare earth permanent magnets (“REPMs”) to increase coercivity (resistance to demagnetization) and high-temperature performance, and to enable smaller, lighter, more powerful, and more electric motors. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits by the end of 2028 with respect to the addition of the Sm, Eu and Gd circuits, depending on market needs. The Mill’s heavy rare earth expansion is sized and timed to process the anticipated near-term monazite output from the Company’s Donald Project joint venture in Australia. Subject to a positive FID (anticipated as early as Q3 2026, following completion of negotiation of project debt financing for the Donald Project with Export Finance Australia and other lenders targeting AUD$220 million), the Donald Project is expected to produce approximately 8,500 to 9,500 tonnes of monazite concentrate annually beginning in 2028. This volume, along with additional third-party feedstock currently under contract and in discussion, is expected to fully utilize the Mill’s current NdPr oxide capacity, and planned Tb and Dy oxide capacity, which is expected to be commissioned as early as Q4 2027. In turn, subject to successful acquisition of ASM and VAC, these rare earth oxides are expected to supply roughly 70% of the feedstock required for ASM’s existing and planned metal and alloy capacity in South Korea, which itself is expected to supply sufficient magnet alloy to supply over 100% of the 2,000 tonnes of magnet capacity at VAC’s existing magnet manufacturing facility in Sumter, South Carolina – the largest REPM-making facility in the U.S. At the same time as these enhancements are being made to the Phase 1 Circuit, the Company plans to make further enhancements to the Phase 1 Circuit to allow for the processing of uranium- and REE-bearing mixed rare earth carbonates (“MREC”) or similar intermediate REE products from third-party sources in the Phase 1 Circuit, subject to receipt of all regulatory approvals. As MREC or similar intermediate REE products would not need to utilize the Phase 1 Circuit’s crack and 39 Table of Contents leach circuits, it is expected that such products could be separated into NdPr, Tb, Dy and other heavy REEs without interfering with uranium production, thereby allowing the simultaneous production of uranium and separated REE products. This Phase 1 Circuit expansion project is estimated to have a total capital expenditure of approximately $104 million, which is expected to be supported in large part through various government grants and loans. The debt component for the heavy rare earth expansion is planned to be covered by a previously announced conditional loan commitment from the U.S. government. The equity component will be covered out of the Company’s working capital, which totaled approximately $996 million as of June 30, 2026. The Company has also applied for grant funding from other U.S. government agencies for the Phase 1 Circuit expansion. Planned Phase 2 Circuit The Company also plans to expand its NdPr, Tb and Dy production capability, and potentially other REE material production capability, through the development of its proposed stand-alone Phase 2 Circuit, subject to the receipt of regulatory approvals, financing, completion of engineering and the receipt of sufficient feed materials. In January 2026, the Company announced the results of a new AACE International Class 3 Bankable Feasibility Study (“BFS”) evaluating the planned Phase 2 Circuit expansion of REE processing capabilities at the Mill. The BFS evaluated the construction of a Phase 2 Circuit designed to materially expand the Mill’s ability to process monazite and other REE-bearing feedstocks into separated REE oxides. Upon commissioning, the Phase 2 Circuit is expected to increase the Mill’s REE oxide production capacity from approximately 850 to 1,000 tpa of NdPr oxide from the Phase 1 Circuit, to over 6,000 tpa of NdPr oxide, along with approximately 80 tpa of Tb and 288 tpa of Dy oxides from the combined Phase 1 Circuit and Phase 2 Circuit. The Phase 2 Circuit would also add a dedicated monazite “crack-and-leach” circuit to the Mill’s existing leach circuits, which would allow the Phase 2 Circuit to be run completely independently of (and simultaneously with) the Mill’s conventional uranium and uranium/vanadium production. This Phase 2 Circuit expansion is expected to process monazite supplied largely by the Company’s current and development projects, including all phases of the Donald, Vara Mada, and Bahia Projects, along with third-party monazite concentrates and MRECs. The oxides produced at the Mill from these monazites would support more than 100% of the expected internal demand of the planned expansion of ASM’s metal and alloy facility in South Korea and its planned new facility in the U.S., assuming the successful acquisition of ASM. This in turn would produce sufficient magnet alloy to supply more than 100% of the internal demand for VAC’s planned U.S. and European magnet manufacturing expansions, subject to the successful acquisition of VAC, resulting in a total integrated mine-to-magnet supply chain capable of producing 15,700 tonnes of REPMs per year in the coming years, or sufficient magnets to supply up to six million electric/hybrid-electric vehicles per year, four million humanoid robots per year, 31 million internal combustion engine vehicles per year, 3,140 offshore wind turbines per year, or 7.8 billion iPhones per year (quantities of end-use products are highly dependent on specific designs and applications – the numbers presented here are for illustrative purposes only, to give an idea of the scale of Energy Fuels’ proposed expansions). The BFS estimates initial capital costs for the Phase 2 Circuit expansion of approximately $410.0 million (+/- 15%) and indicates attractive projected economics, including significant expected annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) over the modeled project life. The debt component for these capital costs are included in a previously announced conditional loan commitment from the U.S. government. The Company expects to complete the Phase 2 Circuit expansion by mid-2029, subject to licensing, financing, receipt of sufficient feedstock and a positive FID. The Phase 2 Circuit expansion is intended to position the Company as a leading domestic processor of both light and heavy REE oxides, supporting a secure U.S.-based REE supply chain. The BFS assumes feedstock supply from the Company’s HMS and monazite projects, as well as third-party sources including MREC and similar feedstocks, subject to permitting, development and market conditions. The following table summarizes the Mill’s existing and planned REE circuit capacity: Phase NdPr (tpa) Tb (tpa) Dy (tpa) Phase 1: NdPr (Existing) 1,000 — — Phase 1: Heavies (Planned) — 14 48 Phase 2: (Planned) 5,229 66 240 Total (Phase 1 + Phase 2)(1) 6,229 80 288 40 Table of Contents (1) Actual recoveries may differ. REE Feed Sources The Company has focused primarily on monazite concentrates, as they have superior concentrations of the three critical “magnet” REEs (NdPr, Tb and Dy) compared to many other REE-bearing minerals. Monazite concentrates typically contain higher concentrations of “heavy” REEs, including Tb and Dy, versus many other REE-bearing ores, mainly due to the presence of xenotime, which is another REE-bearing phosphate mineral that is often found with monazite. The monazite feedstock for the Company’s REE production is expected to be procured through Company-owned mines like the Vara Mada Project and Bahia Project, as well as the Company’s joint venture interest in the Donald Project, along with other potential acquisitions, joint ventures, open market offtake (like the Company’s current arrangement with The Chemours Company), and/or other collaborations, in each case upon successful completion of development of the projects and transactions. As mentioned above, the Company plans to expand its capability to accept uranium and REE-bearing MREC and other similar feedstock from third-party sources, as available. This will provide more flexibility to receive other types of feedstocks and to utilize the Phase 1 Circuit for REE production without interfering with conventional uranium and uranium/vanadium production at the Mill. To the extent this MREC and similar feedstock originates from the cracking and leaching of monazite sands at other facilities, the MREC is expected to contain similar favorable distributions of heavy REEs as monazite sands themselves. Successful Pilot Production of Tb On March 25, 2026, the Company announced that it successfully produced its first kilogram of high‑purity Tb oxide at the Mill. Using monazite ore sourced from the U.S., the Company achieved a Tb oxide purity of approximately 99.9% at pilot scale, which meets the specifications required by global manufacturers of rare earth permanent magnets. This milestone follows the Company’s recent pilot‑scale production of approximately 30 kg of high‑purity Dy oxide and further demonstrates the technical capability of the Company’s existing rare earth processing infrastructure to produce separated heavy rare earth oxides from primary mineral feedstocks. The Company is currently in the process of piloting Gd separation at the Mill. Proposed Acquisition of Australian Strategic Materials Limited The Company entered into a definitive agreement on January 20, 2026, as amended on March 12, 2026, to acquire 100% of the issued share capital of ASM by way of a scheme of arrangement under Australian law. ASM is an Australian-based critical materials company with rare earth mining, processing and metallization assets, including the Dubbo Project in New South Wales, an operating metallization and alloying facility in South Korea, and plans to potentially construct a metallization and alloying facility in the U.S. Upon completion of the transaction, the Company expects ASM’s metallization and alloying capabilities to complement the Company’s existing rare earth mining, processing and separation operations and support the development of a more integrated rare earth supply chain serving key end markets, including automotive, robotics, energy and defense applications. Under the terms of the transaction, ASM shareholders will be entitled to receive 0.053 Common Shares (or CHESS Depositary Interests) for each ASM ordinary share held, and up to AUD$0.13 per ASM share in cash, subject to customary conditions. ASM option holders are expected to receive cash consideration of AUD$0.50 per option under a concurrent option scheme of arrangement. The transaction remains subject to court, regulatory and shareholder approval under the Australian scheme of arrangement process. Australian foreign investment approval has been obtained. Subject to the satisfaction of the remaining closing conditions, the Company expects the transaction to close at the end of August 2026. Proposed Acquisition of Vacuumschmelze GmbH & Co. KG On June 23, 2026, the Company announced that it had entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC and their respective consolidated subsidiaries (collectively, “VAC”) from Ara Partners. VAC is a global producer of advanced magnetic materials and permanent magnet solutions. The transaction values VAC at approximately $1.9 billion, based on Energy Fuels’ closing share price of $16.12 as of June 22, 2026, and is expected to substantially increase the Company’s participation in the global rare earth value chain by offering downstream magnetic materials and magnet manufacturing capabilities. VAC operates REPM facilities in the U.S. (Sumter, South Carolina), Germany and Finland, as well as other magnet facilities in Slovakia, Malaysia and China. VAC is a leading producer of permanent magnet materials and magnetic solutions serving a variety of end markets, including automotive, industrial, energy, robotics, aerospace and defense applications. 41 Table of Contents The acquisitions of ASM and VAC are expected to complement the Company’s existing rare earth mining, processing and separation operations, to create an integrated platform from REE mines to magnets. Heavy Mineral Sands Segment Heavy Mineral Sands Initiatives The Company strategically entered the HMS sector to strengthen the security and reliability of the Company’s internal costs and supply chains for its primary REE feedstock: monazite concentrates. Monazite concentrate is a superior REE mineral concentrate, as it contains excellent distributions of the “magnet” REEs (NdPr, Tb and Dy) and other “heavy” REEs such as Sm, Gd, Lu and Y which are in short supply and used in a number of technological and defense applications. Notably, monazite concentrates can be processed at the Company’s Mill by leveraging existing licenses, infrastructure and expertise. HMS mines (titanium and zirconium minerals, including ilmenite, rutile and zircon) also present an attractive future opportunity for the Company by providing an expected low-cost and large-scale monazite feedstock that the Company may then process into separated REE products at the Mill. The Company owns 100% interests in the Vara Mada (Madagascar) and Bahia (Brazil) Projects and has the right to earn up to a 49% joint venture interest in the Donald Project (Australia) pursuant to which Energy Fuels expects to offtake all REE-monazite. Vara Mada Project The Company acquired control of the Vara Mada Project on October 2, 2024. At the time of the acquisition, the Vara Mada Project had, since November 2019, been suspended by the Government of Madagascar. Shortly after the acquisition, on November 28, 2024, the Government lifted the suspension, and on December 5, 2024, the Company entered into a MOU with the Government of Madagascar setting forth certain key terms applicable to the Vara Mada Project. The lifting of the suspension enabled the Company to re-commence development and other technical activities on the ground after a five-year hiatus, including the re-establishment of the Company’s social programs, additional mine planning and engineering, expanding the critical mineral resource base, and progressing other activities as necessary to progress the Vara Mada Project and achieve a positive FID, which will require suitable fiscal and stability arrangements to be finalized with the Government of Madagascar. Consistent with the MOU, the Company and the Government have been negotiating the terms of an investment agreement to be submitted to the Madagascar Parliament for approval and promulgation as a law. The investment agreement is intended to provide the key pillars for a bankable large-scale project, including mechanisms for ensuring long-term legal and fiscal stability, select tax and customs benefits, adjustments to foreign exchange rules, protections from expropriation and access to international arbitration for dispute resolution. While discussions have focused on an investment agreement as the Stability Mechanism, it is possible that other means of achieving stability will be considered and/or pursued as discussions progress. The Company has also been focusing on re-establishment of the Company’s social programs after the five-year hiatus imposed following the lifting of suspension, including re-establishing meaningful community engagement and social programs aimed at securing a firm social license to operate to support safe, secure and reliable surface access to collect baseline, technical and other data necessary to update permit conditions, as well as performing additional mine planning and engineering work, expanding the critical mineral resource base, and progressing other activities necessary to progress the Vara Mada Project and achieve a positive FID. On October 17, 2025, a new President of Madagascar was sworn in by the Country’s High Constitutional Court following a period of social unrest and political instability that resulted in the removal of the Country’s prior President. In-country political developments continue to evolve, including with respect to changes and appointments of key governmental ministers. Energy Fuels is working with the new administration to reaffirm the previously negotiated concepts with the prior administration, which had substantially finalized the core investment agreement terms, and otherwise continues to constructively engage with the new administration. At this time, it is too early to determine whether and to what extent social and political developments in Madagascar may impact the Vara Mada Project, whether positively or negatively, including with respect to the Vara Mada Project’s development prospects or timelines, the ability to achieve suitable fiscal or other terms applicable to the Vara Mada Project or the ability to achieve a positive FID. There can be no assurance of achieving sufficient legal and fiscal stability or the timing thereof or obtaining approval of the addition of monazite to the mining permit or the timing thereof. If a stability mechanism and necessary approvals to support the Vara Mada Project are not obtained, or are obtained on terms less favorable than expected, this could delay any FID in relation to the Vara Mada Project or prevent or otherwise have a significant effect on the development of the Vara Mada Project or the Company’s ability to recover monazite from the Vara Mada Project. These developments have not had an impact on the financial results of the Company at this time. 42 Table of Contents In January 2026, the Company announced the results of an updated Feasibility Study (“FS”) for the Vara Mada Project, which evaluates the long-term development potential and economic viability of the Vara Mada Project. The FS was prepared in accordance with U.S. Regulation S-K 1300 and Canadian NI 43-101 and confirms the Vara Mada Project’s world-class scale, long mine life and robust economics as a REE and HMS development opportunity. Based on the FS, the Vara Mada Project is expected to have a modeled mine life of approximately 38 years and, at full production capacity, is projected to generate post-tax, pre-debt net present value (10% discount rate) of approximately $1.8 billion and a post-tax internal rate of return of approximately 25%. In addition, the FS indicates that the project could ramp up to over $500 million of annual EBITDA and generate average annual free cash flow of approximately $264 million over the modeled mine life. These projected economics are supported by Proven and Probable mineral reserves and long-term price assumptions for ilmenite, zircon, rutile and monazite. The FS contemplates staged capital development and includes the potential processing of monazite at the Mill; however, downstream REE processing and oxide production are not included in the base FS economics. Donald Project The Company has a joint venture with Astron, the Donald Project JV, to jointly develop and operate the Donald Project in Australia, which is a well-known REE and HMS deposit that the Company believes could provide it with a near-term, low-cost, and large-scale source of monazite sand that, upon development, would be transported to the Mill for the recovery of separated REE products. The Donald Project has all major regulatory approvals required to construct and operate the project. The Donald Project is notable in that the monazite concentrates expected to be produced at the project contain elevated concentrations of the “heavy” REE oxides, including Tb and Dy. The Donald Project JV currently expects to make an FID on the Donald Project in Q3 2026, subject to market conditions and financing. The JV Agreement provides Energy Fuels with the right to invest up to AUD$183.00 million (approximately $126.17 million at June 30, 2026 exchange rates) to earn up to a 49% interest in the Donald Project JV and the right to offtake all monazite/xenotime produced from the project. In addition, the Company has agreed to issue Common Shares to Astron having a value of up to $17.50 million. The Company has invested AUD$48.83 million ($32.87 million at June 30, 2026 exchange rates) in cash into the Donald Project through June 30, 2026. Further, the Company advanced AUD$37.06 million ($25.79 million) in cash to the Donald Project to purchase land, properties and certain equipment (“Advances”), which are secured by the underlying assets and do not bear interest unless in the case of default. If a positive FID is made on the Donald Project, the outstanding Advances are expected to be applied to the Company’s earn-in interest in the Donald Project JV. If a positive FID is not made, the Advances shall become due and payable subject to the terms of the JV Agreements, as amended. If a positive FID is made, the Company will have remaining cash contributions of AUD$97.11 million to complete its 49% interest earn-in after considering previous cash contributions and the conversion of the Advances to equity. The remaining $14.00 million of Common Shares will be issued upon a positive FID. As of June 30, 2026, the Company has a 12.7% ownership interest in the Donald Project. Astron, through its subsidiary Dickson & Johnson Pty Ltd, holds the remaining 87.3% interest. Bahia Project The Bahia Project is a HMS and REE deposit that the Company believes has the potential to supply 3,000 to 5,000 tonnes of monazite per year to the Mill for decades for processing into high-purity REE oxides. That amount of monazite contains approximately 1,500 to 2,500 tonnes of TREO, including an estimated 300 to 500 tonnes of NdPr per year and significant commercial quantities of Tb and Dy and other “heavy” REEs. While Energy Fuels’ primary interest in acquiring the Bahia Project is the uranium and REE-bearing monazite, the Bahia Project is also expected to produce high-quality ilmenite, rutile and zircon minerals for the production of the critical minerals, titanium and zirconium. Market Conditions and Trends The following discussion provides an overview of market conditions for the commodities relevant to the Company’s operations and development activities. These market conditions influence pricing, demand, sales opportunities, production decisions, inventory strategies and the timing of development and investment activities. Market conditions are subject to volatility and uncertainty and may change based on a variety of factors, including global economic conditions, geopolitical developments, government policies and supply‑and‑demand dynamics. Uranium Market The following table sets forth weekly spot and monthly long-term uranium prices (dollars per pound) from TradeTech LLC (“TradeTech”): 43 Table of Contents March 31, June 30, Percent Quarterly Quarterly July 31, Price 2026 2026 Change Low High 2026 Weekly Spot $ 83.25 $ 85.00 2 % $ 83.25 $ 87.00 $ 86.50 Monthly Long-Term $ 93.00 $ 97.00 4 % $ 93.00 $ 97.00 $ 97.00 The Company believes that world demand is increasing for clean, carbon-free, reliable and affordable baseload electricity, including nuclear energy. Concurrently, the nuclear fuel market remains in deficit, existing uranium mines and inventories are depleting, and geopolitics are putting security of supply into greater focus. In addition, trade issues are injecting uncertainty into U.S. and global markets. As a result, the Company believes the current- and long-term fundamentals of the uranium industry remain positive. The Company continues to believe that uranium prices will continue to rise to levels that support the additional primary production that is expected to be required. We expect more nuclear units to be constructed around the world, along with existing capacity extended and protected, while primary mine production drops due to depletion of resources, reduced production, commissioning challenges, logistic issues, and insufficiently high prices. According to TradeTech, world uranium requirements continue to exceed primary mine production, with the gap being bridged by dwindling secondary supplies and excess uranium inventories in various forms that have already been mined. At the same time, a large portion of global uranium production remains state-owned and state-subsidized, and therefore not subject to normal market fundamentals, which the Company believes present risks to current and future markets. However, Russia’s invasion of Ukraine, and the upcoming halt of waivers under the U.S. uranium ban on December 31, 2027, has increased demand for non-Russian uranium. Geopolitical tensions remain between the U.S. and China, and Kazakhstan and Uzbekistan maintain close commercial and political ties with Russia, which the Company believes places future uranium and nuclear supplies from those nations at risk. As a result, the Company has observed more interest in both spot transactions and long-term contracts for U3O8 from utilities. The Company believes that certain uranium supply and demand fundamentals point to sustained market strength and potentially higher prices in the future, increased demand from utilities and end-users (including data center, AI and technology sectors), financial entities, traders, and producers. However, the Company also believes that while uranium market conditions have improved significantly since 2021, they still could be vulnerable, primarily due to secondary uranium supplies, excess inventories, and non-market activities of state-owned enterprises. While U.S. and European utilities are reducing their exposure to Russian supply, the Company believes that Russia, and increasingly China, maintains significant capabilities across the nuclear fuel cycle, which could re-enter the global market in the future upon resolution of the conflict in Ukraine, circumvention of trade restrictions, a cooling of geopolitical tensions or other factors. Vanadium Market Vanadium is a metallic element that, when converted into ferrovanadium (“FeV”) (an alloy of vanadium and iron), is used primarily as an additive to strengthen and harden steel and make it anti-corrosive. According to market consultant FastMarkets, over 90% of FeV is used in the steel industry. In addition, vanadium is used in the aerospace and chemical industries and continues to see interest in energy storage technologies, including vanadium redox flow batteries. China is the largest global producer of vanadium, with additional production coming from Russia, South Africa, and Brazil (according to Wood Mackenzie). The Company believes that one of the primary drivers of vanadium pentoxide (“V2O5”) prices is demand for steel, including global prospects for economic growth, construction, infrastructure and automotive manufacturing. According to FastMarkets, the imposition of tariffs and counter‑tariffs has slowed trade between the U.S. and China, which are two of the larger markets for steel and ferro‑alloys. This has led to reduced demand for ferro‑alloys in certain end‑markets, particularly industries such as automotive and appliances, which are sensitive to trade policies. The Company expects V₂O₅ prices could rise with stronger global economic confidence or greater demand from U.S. critical mineral initiatives. During the three months ended June 30, 2026, the mid-point price (dollars per pound) of vanadium in Europe had the following activity: March 31, June 30, Percent Quarterly Quarterly July 31, Price 2025 2026 Change Low High 2026 Midpoint $ 5.93 $ 5.99 1 % $ 5.90 $ 6.11 $ 5.35 44 Table of Contents Vanadium prices during recent periods have reflected a combination of global steel demand conditions, macroeconomic uncertainty and trade‑related developments. While demand for vanadium remains primarily tied to steel production, the Company believes longer‑term demand may also be influenced by infrastructure spending, energy transition initiatives and potential growth in energy storage applications. The Company believes that vanadium market fundamentals remain closely linked to global steel demand and that pricing may continue to experience volatility in the near term. The Company continues to maintain vanadium inventory and believes this inventory provides it with flexibility to respond to improved market conditions or sales opportunities, should the Company elect to pursue sales, while managing downside risk during periods of price volatility. Rare Earth Elements Market REEs are a group of 17 chemical elements (the 15 elements in the lanthanum series, plus yttrium and scandium) that are used in a variety of clean energy and advanced technologies, including EVs, robotics, wind energy, cell phones, computers, flat panel displays, advanced optics, catalysts, medicine and defense applications. Monazite, the primary source of REEs currently utilized by the Company, also contains significant recoverable quantities of uranium, which fuels the production of carbon‑free electricity using nuclear technology. According to industry analyst Wood Mackenzie, most demand for REEs is in the form of separated REEs, “as most end‑use applications require only one or two separated rare earth compounds or products.” (Wood Mackenzie, Rare Earths, Outlook to 2030, 20th Edition). The main uses for REEs include: (i) battery alloys; (ii) catalysts; (iii) ceramics, pigments and glazes; (iv) glass polishing powders and additives; (v) metallurgy and alloys; (vi) permanent magnets; (vii) phosphors; and (viii) others (according to Adamas Intelligence). By volume, NdPr, Tb and Dy used for permanent magnets in drive unit motors for EVs and plug‑in hybrid EVs (“PHEV”), and lanthanum (“La”) and cerium (“Ce”) used in catalysts comprised 60% of total consumption, yet over 90% of the value consumed. Typical concentrated monazite sands from the southeast U.S. average approximately 55% TREO and 0.20% uranium, which is the typical grade of uranium found in mines that have historically fed the Mill. Of the 55% TREO, the NdPr typically comprises approximately 22% of the TREO. NdPr is the key ingredient in the manufacture of high-strength permanent magnets, which are essential to the lightweight and powerful synchronous motors required in EVs, PHEVs, and permanent magnet used in wind turbines for renewable energy generation, as well as in an array of other modern technologies, including mobile devices, robotics and defense applications. Monazite also contains higher concentrations of “heavy” REEs than other REE-bearing minerals, including Tb and Dy used in permanent magnets used in EVs, PHEVs, defense and other applications, and Sm, Gd, Lu and/or Y, which are currently in limited demand, but are seeing growing interest by the U.S. government for national security purposes and manufacturers for commercial production. The Company is currently focused primarily on NdPr, Tb, Dy, Sm, Eu and Gd, but has the capability to separate other REEs such as Lu and Y should market conditions and/or government demand support such activities. REEs are mined both as a primary target and as a co-product of HMS mining where the natural monazite sands are physically separated from the other mined sands. The ore then goes through a process of cracking and cleaning at the Mill that may include acids or caustic solutions, elevated temperature and pressure to recover the uranium and free the REEs from the mineral matrix. After removal of the uranium, this solution is cleaned of any remaining deleterious elements (including remaining radioactive elements) and sent to SX circuits that have the primary role to separate the REEs into separate individual REEs by extraction, scrubbing stripping and washing. SX facilities then use solvents and a series of mixer-settlers for the separation of the REEs from each other and to create the desired purified REE products (often as oxides) for the market or particular end user. Separated REE products are typically sold to various markets, depending on the use. Separated REE products can be made into REE metals and metal-alloys, which are used to produce permanent magnets and other applications. REEs are commercially transacted in a number of forms and purities. Therefore, there is no single price for REEs collectively but numerous prices for various REE compounds, materials, production sources and delivery locations. The primary value that the Company expects to generate in the short- to medium-term will come from NdPr, Dy, and Tb oxides as those are the REEs the Company plans to target for high purity separation. In addition, as discussed above, the Company commenced production of separated NdPr in 2024. Furthermore, if the Company successfully completes the acquisition of ASM, the Company will have the potential to generate value from the production of REE metals and alloys. Similarly, if the Company successfully completes the acquisition of VAC, the Company will have the potential to generate value from the manufacture and sale of REPMs and other advanced magnetic materials. Monazite Concentrates Monazite concentrates are an excellent source of REEs, uranium and thorium, and particularly the magnetic REEs (NdPr, Sm, Tb and Dy) when compared to other REE-bearing minerals. The uranium in monazite can be used for nuclear power, and thorium can potentially be used for thorium salt reactors and medical isotope production. 45 Table of Contents Most monazite produced from HMS is in the form of either a separated monazite concentrate or as monazite contained in HMC. Currently, most monazite concentrates produced globally are shipped to China. Current demand growth for monazite is closely linked to the growing push for clean energy technologies, such as EVs and wind turbines, and other technologies including advanced robotics. Monazite prices have been on an upward trend since mid-2025 due to an improvement in REE pricing linked to Chinese government-imposed restrictions on REE exports from China. Pricing remained elevated through Q2 2026, and despite intra-quarter volatility, certain key REE products recovered or increased by the end of the quarter. The following tables set forth the prices for certain REE compounds and materials mid-point prices in RMB¥/kg and their approximate value in USD$/kg, according to data from Benchmark Mineral Intelligence (“Benchmark”) (X-China pricing) and Asian Metal (Chinese pricing): March 31, 2026 June 30, 2026 Percent Product/Price Index (RMB¥/kg) ($/kg) (RMB¥/kg) ($/kg) Change Benchmark (European) NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 863 125 748 110 (12) % Dy Oxide 8,975 1,300 9,514 1,400 8 % Tb Oxide 31,067 4,500 32,279 4,750 6 % Benchmark (North American) NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 863 125 748 110 (12) % Yttrium Oxide 7,939 1,150 10,703 1,575 37 % Asian Metal NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 715 104 738 109 5 % Dy Oxide 1,390 202 1,390 205 1 % Tb Oxide 6,150 892 6,450 949 6 % Yttrium Oxide 71 10 53 8 (20) % Benchmark (European) Premium to Asian Metal (%) NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 21 % 21 % 1 % 1 % * Dy Oxide 546 % 546 % 584 % 584 % * Tb Oxide 405 % 405 % 400 % 400 % * * Not relevant. 46 Table of Contents July 31, 2026 Product/Price Index (RMB¥/kg) ($/kg) Benchmark (European) NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 745 110 Dy Oxide 11,006 1,625 Tb Oxide 33,865 5,000 Benchmark (North American) NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 745 110 Yttrium Oxide 10,667 1,575 Asian Metal NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) 748 111 Dy Oxide 1,410 209 Tb Oxide 6,750 1,000 Yttrium Oxide 59 9 Benchmark (European) Premium to Asian Metal NdPr Oxide (Pr6O11: 25%; Nd2O3: 75%) (1) % (1) % Dy Oxide 681 % 681 % Tb Oxide 402 % 402 % The REE magnet market is expected to see significant growth through 2040 per Adamas Intelligence, driven by increasing demand for neodymium-iron-boron (“NdFeB”) magnets in EVs, PHEVs, robotics, advanced air mobility, and defense. While China consumes the most REEs in its manufacturing industries, much of it is consumed in the manufacture of end-use goods for export and by non-Chinese companies operating within China. REE separation facilities are additionally located in Vietnam, India, France (Solvay) as well as Neo Performance Materials’ Silmet facility in Estonia, processing a variety of feedstocks and sources. In addition, there are small-scale or experimental operational facilities located elsewhere (Russia included). The Company views its commercial production of separated NdPr, pilot production of separated Tb and Dy, and planned future production of separated Sm, Eu, and Gd, from both monazite concentrates (current) and MREC (future), as important first steps toward restoring a secure and resilient REE supply chain based in the U.S. By acquiring the Vara Mada Project, Bahia Project, and the right to earn into a 49% interest in the Donald Project (with the right to offtake 100% of the produced monazite/xenotime), the Company has secured what it believes will be low-cost monazite feedstocks that can be processed in the U.S. into separated REE products available for sale to U.S., E.U. and Asian customers on a competitive basis. Upon successful development of those projects, expected to be in the 2028 to 2030 time frame, the Company will have secured monazite sources capable of producing up to approximately 4,500 tonnes per year of separated NdPr along with 200 to 300 tonnes per year of separated Tb and Dy. To further restore a secure and resilient REE supply chain, the Company expects to develop the Mill’s planned Phase 2 Circuit (expected in 2029), which would have the capacity to allow the Mill to produce in total (from the Phase 1 Circuit and the Phase 2 Circuit) up to 6,000 tonnes per year of separated NdPr along with 200 to 300 tonnes per year of separated Tb and Dy, which would utilize all the monazite concentrates expected to be mined from the Company’s Vara Mada, Bahia, and Donald Projects in addition to any additional monazite concentrates and MREC sources from third parties (i.e. Chemours’ mines on the U.S. East Coast). Multiple potential domestic sources of mined HMS, including monazite, exist in North America and are potential feedstocks for the Mill. On a global level, there is a potential to acquire natural monazite sands and MRECs from the following locations: Australia, South Africa, Madagascar, New Zealand, the Philippines, Indonesia, Brazil, Malaysia, Thailand, India, Russia and others. Upon the successful acquisition of ASM, which is expected to occur as early as the end of August 2026, the Company will combine ASM’s Korean Metals Plant and its planned American Metals Plant with REE oxide production from the Mill. The Company will also own the advanced Dubbo REE Project in Australia. Upon the successful acquisition of VAC, which is expected to occur as soon as Q1 2027, the Company will add operating REPM and advanced magnet manufacturing facilities in the U.S., Germany, Finland, Slovakia, Malaysia, and China. These transactions are expected to create what the Company believes would be the largest fully integrated, resilient REE “mine-to-metal and alloy” producer in the western world to close a 47 Table of Contents critical strategic gap in the global supply chains for magnet applications, including automotive, robotic, energy and defense technologies. Heavy Mineral Sands Market General HMS is typically categorized into titanium dioxide-bearing minerals such as ilmenite and rutile (but also including leucoxene and upgraded products such as slag and synthetic rutile), zircon, monazite and xenotime. Titanium Dioxide Minerals Ilmenite and rutile are primarily used as feedstock for the production of titanium (“TiO2”) pigment with a small percentage also used in the production of titanium metal and fluxes for welding rods and wire. TiO2 is the most widely used white pigment because of its nontoxicity, brightness and very high refractive index. It is an essential component of consumer products such as paint, plastics and paper. Pigment demand is therefore the major driver of ilmenite and rutile pricing. Sluggish global pigment demand continued through Q2 2026 due to ongoing economic weakness and the uncertainty and cost implications arising from the war in Iran. However, a combination of idled production at some major pigment operations, reductions in pigment inventory and rising input costs have resulted in major pigment producers successfully increasing their prices through Q2 2026. The sulfate pigment process, which relies on sulfur or sulfuric acid as a key input, remains the major technology utilized for pigment production in China. The recent steep increase in global sulfur prices resulting from production and trade disruptions in the Middle East have presented a major challenge to all sulfate pigment producers. This is compounding recent increases in export freight costs and the ongoing impact of high tariffs on Chinese pigment imports in the key markets of Europe, Brazil and India. Chinese pigment producers increased pigment prices through the first half of 2026 in order to improve margins. Pigment production in China is the major global source of demand for sulfate ilmenite. A surplus of sulfate ilmenite supply, mostly from increases in African concentrates being processed in China, is maintaining pressure on sulfate ilmenite prices. Increased shipping costs, resulting from recent fuel cost escalation, are further eroding net prices received by sulfate ilmenite suppliers. Western pigment producers are the main source of demand for chloride ilmenite and high-grade feedstocks including rutile. Major western pigment producers continue to experience challenges from the weak and uncertain economic conditions. However, the idling of a number of pigment plants (owned by a major global pigment producer who entered administration) across Europe and Asia has taken pressure off the market and pigment inventories have decreased to the point at which some restocking is reported to be occurring. Low production utilization rates across major pigment producers have eroded demand and pricing for rutile and chloride ilmenite. However, recent reports of downstream restocking may lead to an increase in pigment production rates which should improve demand for rutile and chloride ilmenite over coming months. The suspension of production of synthetic rutile by a major producer from December 1, 2025 may help to alleviate pressure on the high-grade feedstock market through 2026. Chloride ilmenite, regarded as a niche feedstock for western pigment production with a high relative economic value, is typically purchased under long-term offtake arrangements and generally experiences limited short-term price fluctuations. An incident at a major mineral sands mining operation in Africa during Q1 2026 is likely to impact chloride ilmenite supply for a significant part of 2026. Demand for rutile from the welding and titanium metal sectors remains firm. The main drivers of demand have been the shipbuilding and aerospace industries combined with sanctions on Russian-supply of raw materials. However, the extent of the rutile price premium into these minor use sectors (above pigment sector pricing) has eroded due to an excess of global supply including the increase in production of premium rutile in China from concentrates being imported into China from Africa. The Company believes that longer-term fundamentals for rutile and all grades of ilmenite are positive. Long-term pigment demand, driving consumption of rutile and ilmenite, is expected to grow at the rate of global GDP and should recover from the subdued conditions of recent years as more certainty returns to markets and we see a return to sustainable growth in housing and building sectors. Supply of TiO2 feedstock to meet future demand remains dependent on a significant amount of new supply entering the market from new projects. Zircon Zircon has a range of end-uses, the predominant of which is in the production of ceramic tiles, accounting for more than 50% of global zircon consumption. Milled zircon enables ceramic tile manufacturers to achieve brilliant opacity, whiteness and brightness in their products. Zircon’s unique properties include heat and wear resistance, stability, opacity, hardness and strength, making it sought after for other applications such as refractories, foundries and specialty chemicals. 48 Table of Contents The curtailment of supply by some major producers, together with some supply disruptions and a reduction in inventories in China, has resulted in a tightening of the zircon market and an improvement in pricing through the first half of 2026. After a prolonged period of weakness, zircon demand in China, the largest global consumer of zircon, has improved as consumers have been rebuilding inventory levels. Further improvement in zircon prices will depend on the extent and sustainability of an improvement in underlying demand and the extent to which reduced supply returns to the market. The Company believes that the longer-term fundamentals for zircon are positive. Zircon demand growth is expected to closely follow GDP and to be driven by recoveries in demand for ceramics in housing and building, as well as growth in industrial manufacturing including foundries for steel products and refractories for glass production (including solar panels). Supply of zircon to meet future demand is also highly dependent on a significant amount of new supply entering the market from new projects. The following table sets forth certain HMS prices in $/t (freight on board basis), according to TZ Minerals International Pty Ltd.’s estimated market prices published in June 2026: March 31, 2026 June 30, 2026 Percent Product ($/t) ($/t) Change Zircon (Premium) 1,510 1,510 — % Rutile (Premium, bulk) 1,150 970 (16) % Chloride Ilmenite (60 % TiO2) 245 260 6 % Sulfate Ilmenite (50 % TiO2) 195 195 — % Inventories The Company is well-stocked to meet its long-term uranium contract sales and potential spot sales as market conditions warrant. The Company’s inventory balances as of June 30, 2026 were as follows: Ore, mineralized material and raw materials (estimated contained pounds of U3O8) 590,000 Work-in-process (contained pounds of U3O8) 35,000 Finished pounds of U3O8 1,640,000 Total pounds of finished and contained U3O8 2,265,000 The mix between contained uranium in ore and mineralized material inventories and finished U3O8 product inventory depends on the timing of the processing of stockpiled uranium mineralized material at the Mill, any spot uranium sales or purchases the Company may elect to complete in 2026. As of June 30, 2026, the Company has approximately 905,000 pounds of finished V2O5 in inventory, and there remains an estimated 1.0 to 3.0 million pounds of additional solubilized recoverable V2O5 in tailings solutions at the Mill awaiting future recovery, as market conditions may warrant. Outlook for Remainder of 2026 Guidance The Company’s guidance for 2026 is as follows: Low High Mined (contained pounds of U3O8) 2,000,000 2,500,000 Processed (finished pounds of U3O8)(1) 1,500,000 2,500,000 Sales (pounds of U3O8)(2) 1,500,000 2,000,000 (1) The conventional uranium Mill run was completed in Q2 2026, and planned maintenance is ongoing. A subsequent Mill run will proceed pending receipt of sufficient ore and mineralized material stockpiles to justify the restart, which is currently expected to be in Q4 2026 or early in 2027. (2) Subject to sales into the spot market depending on market conditions. 49 Table of Contents Finished Uranium Costs Decline The Company processed low-cost Pinyon Plain mine ores from Q4 2025 from a conventional uranium Mill run, which was completed in Q2 2026. During this Mill run, we processed and produced approximately 2.3 million pounds of finished U3O8, of which 1.7 million pounds of finished U3O8 was packaged and processed in 2026. During this Mill run, the Company’s average mining and transportation costs to the Mill for Pinyon Plain ore was approximately $14 per pound of recovered U3O8, which together with milling cost of approximately $9 per pound U3O8, resulted in a total weighted average cost of approximately $23 per pound of U3O8 recovered. The Company believes this ranks among the lowest costs for mined uranium production in the world. These high-grade Pinyon Plain ores were blended and processed with a relatively small quantity of lower grade, higher cost, La Sal/Pandora ores at the Company’s discretion. The Company’s inventories of finished U3O8 had a weighted average cost of approximately $34 per pound U3O8 as of June 30, 2026, reflecting the weighted average cost of production and purchases of finished inventories from various sources over the years, as the Company continued to ramp up production and maximize economies of scale, including from Alternate Feed Materials, the La Sal/Pandora mines, low-grade mine clean-up materials, and purchases of uranium on the spot market. These costs do not fully reflect the recently mined ores from the Pinyon Plain mine after completing this Mill run, which have not yet been processed. As the Company accounts for cost of goods sold as the weighted average cost of its finished product inventories, sales of uranium produced in 2026 will reflect the blended average of the 1.1 million pounds of U3O8 in finished inventories as of December 31, 2025, plus the cost of additional finished U3O8 produced from blended Pinyon Plain and La Sal/Pandora ores. This has resulted in costs of goods sold of approximately $39 per pound thus far in 2026, which is expected to continue to decline during the remainder of 2026, depending on the quantity of any additional spot sales of inventory that may be made throughout 2026. The Company’s ability to blend and match various sources of uranium feeds to satisfy contract delivery requirements is a unique element of the Company’s production capabilities that no other producer has in North America. Based on expected decreasing cost of goods sold and conservative uranium price forecasts, gross margins from the Company’s uranium sales are expected to increase over time through 2026, subject to the pricing of its contracts at the time of sale. Uranium Sales The Company sells uranium into its long-term contract portfolio and as well as a portion of its inventories on the spot market depending on uranium price movements and inventories. The Company’s six long-term utility contracts require future deliveries of uranium between 2026 and 2032. The actual volumes delivered under these contracts varies based on the buyer’s exercise of options and quantity flexibility. The Company remains actively engaged in pursuing additional selective long-term uranium sales contracts due to observed upticks in interest from nuclear utilities seeking long-term supply. As of June 30, 2026, the Company’s contracted uranium sales volumes are as follows (in pounds of U3O8): Minimum Base Maximum Remainder of the year ending December 31, 2026 180,000 240,000 310,000 Year ending December 31, 2027 770,000 890,000 1,130,000 Year ending December 31, 2028 770,000 890,000 1,130,000 Year ending December 31, 2029 490,000 560,000 1,010,000 Year ending December 31, 2030 400,000 460,000 900,000 Thereafter 160,000 160,000 240,000 Total 2,770,000 3,200,000 4,720,000 The Company holds uncommitted inventory and expects to evaluate additional spot and/or long-term uranium sales opportunities. The Company may also evaluate the purchase of uranium on the spot market, subject to market conditions, contract requirements and the Mill’s schedule for processing uranium ore stockpiles at the Mill. The San Juan County Clean Energy Foundation The San Juan County Clean Energy Foundation (the “Foundation”) is a fund specifically designed to contribute to the communities surrounding the Mill in southeastern Utah. Energy Fuels deposited an initial $1 million into the Foundation at the time of formation and now provides ongoing funding equal to 1% of the Mill’s revenues, thereby providing an ongoing source 50 Table of Contents of funding to support local priorities. The Foundation focuses on supporting education, the environment, health/wellness, and local economic development in the City of Blanding, San Juan County, the White Mesa Ute Community, the Navajo Nation and other area communities. An Advisory Board, comprised of local citizens from San Juan County, evaluates grant applications on a quarterly basis and makes recommendations to the Foundation’s Managers for final review and approval. As of June 30, 2026, the Foundation has awarded 52 grants totaling $0.91 million, of which $0.29 million was committed to Native American initiatives. Known Trends or Uncertainties The Company has had negative net cash flows from operating activities and net losses in previous years and through the first half of 2026. This is due to generally depressed uranium prices until 2024 resulting in minimal uranium production and low quantities of monazite to recover salable REE products, each of which has not allowed the Company to realize economies of scale and capital expenditures to develop the Company’s growing portfolio projects. As part of its growth objectives and business plan, the Company routinely assesses strategic acquisition, investment and financing opportunities, including opportunities at various stages of the supply chain that are complementary or adjacent to the Company’s current operations. The Company is currently in various stages of considering, and in some cases discussing and negotiating with counterparties in relation to, such acquisition, investment and financing opportunities. There is no certainty, and no assurance can be given, as to whether any definitive agreements will be entered into in relation to any material acquisition, investment or financing opportunities in the future. Further, even if any such definitive agreements are entered into in the future, no assurance can be provided as to whether any material transactions will ultimately be completed. The Company’s ability to execute its business plan effectively will depend in part on its ability to raise additional capital for the completion of any material future acquisitions and investments. No assurance can be given that any such additional funding will be made available or that, if available, it will be available on terms acceptable to the Company or its shareholders. Any additional equity financing raised to provide such funding, or issuance of shares as consideration under the relevant transaction, may be dilutive to shareholders and any debt financing, if available, may involve restrictions on financing and operating activities. In addition, if any such acquisition, investment or joint venture opportunities are completed, the Company may be exposed to risks specific to the acquired business or asset, including risks relating to operations, regulatory compliance, technology, supply chains, markets, management, integration, or other factors that differ from, or are outside of, the Company’s historical areas of experience, and such risks could adversely affect the Company’s business, financial condition, results of operations and prospects. We are not aware at this time of any trends or uncertainties that have had or are reasonably likely to have a material impact on revenues, income or cash flows of the Company, other than: (i) recent activity in uranium markets, which has resulted in: (a) the Company’s six long-term uranium supply agreements, with remaining deliveries subject to customer elections; (b) the Company continuing mining at three of its uranium mines (Pinyon Plain, La Sal and Pandora); and (c) selling uranium inventories and mined uranium production into its long-term contracts, and potentially on the spot market; (ii) U.S. government laws and programs, including any tariffs enacted by the President and retaliatory tariffs proposed by other countries, which could increase the cost to produce any of the Company’s products and also in changes in demand and prices received for the Company’s sale of its products, depending on how much tariff and other trade activities settle out, which could result in the development of commercial markets for “heavy” REEs that did not previously exist in the U.S. and U.S. government support for critical minerals, including uranium, production; (iii) volatility in prices of uranium, vanadium, HMS, REEs and our other primary metals; and (iv) the Company’s HMS, REE and TAT radioisotope initiatives, which, if successful, could result in improved results from operations in future years. We are not aware at this time of any events that are reasonably likely to cause a material change in the relationship between costs and revenue of the Company. 51 Table of Contents Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Consolidated Results of Operations The consolidated results of operations were as follows (in thousands): Three Months Ended June 30, Increase 2026 2025 (Decrease) Percent Revenues $ 25,108 $ 4,212 $ 20,896 496 % Operating costs and expenses: Costs applicable to revenues 10,690 3,655 7,035 192 % Exploration, development and processing(1) 8,115 9,075 (960) (11) % Standby 2,872 1,780 1,092 61 % Accretion of asset retirement obligations 3,711 862 2,849 331 % Selling, general and administration(1) 15,922 12,130 3,792 31 % Share-based compensation 3,641 2,885 756 26 % Transaction and integration related costs 10,732 — 10,732 * Total operating costs and expenses 55,683 30,387 25,296 83 % Operating loss (30,575) (26,175) (4,400) 17 % Other income (expense): Gain on sale of assets 69 3,135 (3,066) (98) % Loss in unconsolidated affiliates (2,329) (280) (2,049) * Other income (loss) (723) 1,506 (2,229) * Total other income (loss) (2,983) 4,361 (7,344) * Loss before income taxes (33,558) (21,814) (11,744) 54 % Income tax expense (45) (26) (19) 73 % Net loss $ (33,603) $ (21,840) $ (11,763) 54 % Basic net loss per share $ (0.13) $ (0.10) $ (0.03) * Diluted net loss per share $ (0.13) $ (0.10) $ (0.03) * *Not meaningful. (1) Excludes share-based compensation. For the three months ended June 30, 2026, net loss increased by $11.76 million to $33.60 million or $0.13 per share from $21.84 million or $0.10 per share for the three months ended June 30, 2025, primarily due to higher total operating costs and expenses including transaction and integration related costs related to the planned acquisitions of ASM and VAC, partially offset by higher uranium concentrates revenues driven by the timing of uranium sales. Revenues Revenues increased by $20.90 million to $25.11 million for the three months ended June 30, 2026, from $4.21 million for the three months ended June 30, 2025, primarily due to higher uranium concentrates revenues driven by increased volumes and higher realized sales prices. Costs Applicable to Revenues Costs applicable to revenue increased by $7.03 million to $10.69 million for the three months ended June 30, 2026, from $3.66 million for the three months ended June 30, 2025, primarily due to higher uranium volumes sold, partially offset by lower weighted average cost per pound of uranium sold. 52 Table of Contents Other Operating Costs and Expenses Exploration, development and processing (excluding share-based compensation) Exploration, development and processing costs (excluding share-based compensation) decreased by $0.96 million to $8.12 million for the three months ended June 30, 2026 from $9.08 million for the three months ended June 30, 2025, primarily due to consumable inventory that was no longer needed for reclamation activities at the Kwale Project that was expensed in 2025, lower indirect processing costs at the Mill and lower development costs at the La Sal Complex, partially offset by higher exploration costs at the Bahia Project. While we expect exploration and development costs related to our mineral properties to provide future value to the Company, the Company expenses these costs in part due to the fact that the Company has not established Proven Mineral Reserves or Probable Mineral Reserves as defined by S-K 1300 or NI 43-101 through the completion of a feasibility or pre-feasibility study for several of the Company’s projects as of June 30, 2026, with the exception of its Vara Mada, Pinyon Plain and Sheep Mountain Projects. Standby Standby costs are related to the care and maintenance of the standby mines and are expensed as incurred. Standby costs increased by $1.09 million to $2.87 million for the three months ended June 30, 2026 from $1.78 million for the three months ended June 30, 2025, primarily due to higher permitting activities at Roca Honda and Whirlwind and increased maintenance activities at Nichols Ranch. Accretion of asset retirement obligations Accretion of asset retirement obligations increased by $2.85 million to $3.71 million for the three months ended June 30, 2026 from $0.86 million for the three months ended June 30, 2025. The increase was primarily attributable to a revision of a portion of the Kwale Project asset retirement obligation as reclamation neared completion and the timing of remaining monitoring and end-of-life expenditures was reassessed, resulting in an accelerated accretion charge of $3.10 million. Asset retirement obligation settlements also decreased significantly compared to the prior-year period. Selling, general and administrative (excluding share-based compensation) Selling, general and administrative expenses (excluding share-based compensation) increased by $3.79 million to $15.92 million for the three months ended June 30, 2026 from $12.13 million for the three months ended June 30, 2025, primarily due to increases in general headcount, salaries and benefits and severance payments in connection with the Company’s executive succession plan. Share-based compensation Share-based compensation increased by $0.75 million to $3.64 million for the three months ended June 30, 2026 from $2.89 million for the three months ended June 30, 2025, primarily due to accelerated vesting of awards in connection with the Company’s executive succession plan. Transaction and integration related costs Transaction and integration related costs are for legal, advisory and accounting fees directly related to the planned acquisitions of ASM and VAC. Transaction and integration related costs were $10.73 million for the three months ended June 30, 2026. No transaction and integration related costs were incurred during the three months ended June 30, 2025. Other Income (Loss) Gain on sale of assets Gain on sale of assets decreased by $3.07 million to $0.07 million for the three months ended June 30, 2026 from $3.14 million for the three months ended June 30, 2025 primarily due to sales of mining equipment in 2025 that was no longer needed for reclamation activities at the Kwale Project. 53 Table of Contents Loss in unconsolidated affiliates Loss in unconsolidated affiliates increased by $2.05 million to $2.33 million for the three months ended June 30, 2026 from $0.28 million for the three months ended June 30, 2025 primarily due to the Company’s proportionate share of losses incurred by the Donald Project JV and the Company’s decision to not pursue further activities at Tate. Other income (loss) Other loss was $0.72 million, net for the three months ended June 30, 2026. Other income was $1.51 million, net for the three months ended June 30, 2025. The change between periods was primarily due to mark-to-market losses on marketable securities, lower gains on maturities of marketable securities and interest expense on the Company’s 0.75% Convertible Senior Notes due in 2031 (the “Notes”) issued on October 1, 2025, partially offset by higher interest income. See Note 14 — Supplemental Financial Information for more information. Segment Results of Operations We have three reportable segments: (i) uranium, (ii) REE and (iii) HMS. The uranium segment engages in conventional and in situ recovery uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium-bearing materials generated by third parties in the U.S. As part of these activities, the Company acquires, explores, evaluates and, if warranted, permits uranium properties. The Company’s final uranium product is U3O8, which is sold to customers for further processing into fuel for nuclear reactors. The Company also produces V2O5 as a co-product of uranium at the Mill, as market conditions warrant. In addition to uranium, the Company is also exploring opportunities to separate radium-226 and radium-228 as a co-product of uranium process streams at the Mill. The REE segment is engaged in the Company’s initiatives to progress towards full REE separation capabilities at the Mill to produce both “light” and “heavy” separated REE products in the coming years. The Company completed the construction and commissioning of Phase 1 of the modification and enhancement of its infrastructure at the Mill in 2024. The Company expects to procure monazite through its mines including the Vara Mada and Bahia Projects, its JV interest in the Donald Project, other potential joint ventures or other collaborations and open market purchases. The HMS segment engages in the exploration, development and recovery of HMS at the Vara Mada and Bahia Projects, as well as its equity method investment in the Donald Project JV. The Company’s Kwale Project is in reclamation. The Company recovers stand-alone ilmenite, rutile, zircon and monazite to provide sources of titanium and zirconium. The operating results of our reportable segments were as follows (in thousands): Three Months Ended June 30, 2026 Rare Heavy Earth Mineral Consolidated Uranium Elements Sands Total Revenues Uranium concentrates $ 24,951 $ — $ — $ 24,951 Alternate Feed Materials, processing and other 157 — — 157 Total revenues $ 25,108 $ — $ — $ 25,108 Costs applicable to revenues Costs applicable to uranium concentrates $ 10,690 $ — $ — $ 10,690 Total costs applicable to revenues $ 10,690 $ — $ — $ 10,690 54 Table of Contents Three Months Ended June 30, 2025 Rare Heavy Earth Mineral Consolidated Uranium Elements Sands Total Revenues Uranium concentrates $ 3,850 $ — $ — $ 3,850 Heavy mineral sands — — 278 278 Alternate Feed Materials, processing and other 84 — — 84 Total revenues $ 3,934 $ — $ 278 $ 4,212 Costs applicable to revenues Costs applicable to uranium concentrates $ 2,659 $ — $ — $ 2,659 Costs applicable to heavy mineral sands — — 996 996 Total costs applicable to revenues $ 2,659 $ — $ 996 $ 3,655 The following table sets forth select operating data and financial metrics: Three Months Ended June 30, Increase 2026 2025 (Decrease) Percent Volumes sold Uranium concentrates (lbs.) 310,000 50,000 260,000 520 % Heavy mineral sands (tonnes) — 202 (202) * Realized sales price Uranium concentrates ($/lb.) $ 80.48 $ 77.00 $ 3.48 5 % Heavy mineral sands ($/tonne) — 1,371 (1,371) * Costs applicable to revenues Uranium concentrates ($/lb.) $ 34.48 $ 53.17 $ (18.69) (35 %) Heavy mineral sands ($/tonne) — 4,931 (4,931) * *Not meaningful. Uranium Segment Results Revenues Uranium concentrates Revenues from uranium concentrates increased by $21.10 million to $24.95 million for the three months ended June 30, 2026 from $3.85 million for the three months ended June 30, 2025. Higher sales volume (calculated as the change in period-to-period sales volumes times the prior period realized sales price) accounted for approximately $20.02 million increase in revenue between periods. Higher realized prices (calculated as the change in the period-to-period average realized price times the current period volumes sold) accounted for an approximate $1.08 million increase between periods. The Company sold 150,000 pounds of U3O8 on the spot market for $12.74 million at a weighted average sales price of $84.92 per pound for the three months ended June 30, 2026 compared to 50,000 pounds of U3O8 on the spot market for $3.85 million at a weighted average sales price of $77.00 per pound for the three months ended June 30, 2025. The Company sold 160,000 pounds of U3O8 under existing long-term contracts for $12.21 million, at a weighted average sales price of $76.33 per pound for the three months ended June 30, 2026 compared to no long-term contract sales for the three months ended June 30, 2025. 55 Table of Contents Costs applicable to revenues Costs applicable to uranium concentrates Costs applicable to uranium concentrates increased by $8.03 million to $10.69 million for the three months ended June 30, 2026 from $2.66 million for the three months ended June 30, 2025 primarily due to higher volumes sold between periods partially offset by lower weighted average costs per pound. Higher sales volumes (calculated as the change in period-to-period sales volumes times the prior period weighted average cost per pound) accounted for approximately $13.82 million increase in costs between periods. Lower weighted average costs per pound (calculated as the change in the period-to-period weighted average costs per pound times the current period volumes sold) accounted for an approximate $5.79 million decrease in costs between periods. Rare Earth Element Segment Results There were no revenues or costs applicable to rare earth element revenues for either of the three months ended June 30, 2026 or 2025. Heavy Mineral Sand Segment Results There were no revenues or costs applicable to heavy mineral sands for the three months ended June 30, 2026. Revenues from HMS were $0.28 million and costs applicable to HMS were $1.00 million for the three months ended June 30, 2025. 56 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Consolidated Results of Operations The consolidated results of operations were as follows (in thousands): Six Months Ended June 30, Increase 2026 2025 (Decrease) Percent Revenues $ 60,946 $ 21,110 $ 39,836 189 % Operating costs and expenses: Costs applicable to revenues 32,165 21,779 10,386 48 % Exploration, development and processing(1) 16,209 15,521 688 4 % Standby 6,208 3,647 2,561 70 % Accretion of asset retirement obligations 4,308 1,935 2,373 123 % Selling, general and administration(1) 29,292 25,106 4,186 17 % Share-based compensation 7,152 5,490 1,662 30 % Transaction and integration related costs 13,115 — 13,115 * Total operating costs and expenses 108,449 73,478 34,971 48 % Operating loss (47,503) (52,368) 4,865 (9) % Other income (expense): Gain on sale of assets 361 3,490 (3,129) (90) % Loss in unconsolidated affiliates (2,391) (421) (1,970) * Other income 5,063 15 5,048 * Total other income 3,033 3,084 (51) (2) % Loss before income taxes (44,470) (49,284) 4,814 (10) % Income tax benefit (expense) (93) 1,120 (1,213) * Net loss $ (44,563) $ (48,164) $ 3,601 (7) % Basic net loss per share $ (0.18) $ (0.23) $ 0.05 * Diluted net loss per share $ (0.18) $ (0.23) $ 0.05 * *Not meaningful. (1) Excludes share-based compensation. For the six months ended June 30, 2026, net loss decreased by $3.60 million to $44.56 million or $0.18 per share from $48.16 million or $0.23 per share for the six months ended June 30, 2025 primarily due to higher uranium concentrates revenues driven by the timing of uranium sales, partially offset by higher total operating costs and expenses, including transaction and integration related costs associated with the planned acquisitions of ASM and VAC. Revenues Revenues increased by $39.84 million to $60.95 million for the six months ended June 30, 2026 from $21.11 million for the six months ended June 30, 2025 primarily due to higher uranium concentrates revenues driven by increased sales volumes and the timing of uranium sales, partially offset by no HMS sales. Costs Applicable to Revenues Costs applicable to revenue increased by $10.39 million to $32.17 million for the six months ended June 30, 2026 from $21.78 million for the six months ended June 30, 2025 primarily due to higher uranium sales volumes, partially offset by no HMS sales. Other Operating Costs and Expenses Exploration, development and processing (excluding share-based compensation) Exploration, development and processing costs (excluding share-based compensation) increased by $0.69 million to $16.21 million for the six months ended June 30, 2026 from $15.52 million for the six months ended June 30, 2025, primarily 57 Table of Contents due to higher indirect processing costs at the Mill, higher exploration and development costs at the La Sal Complex as well as higher exploration costs at the Bahia Project, partially offset by consumable inventory for reclamation activities at the Kwale Project that was expensed in 2025 and development costs for the Juniper Zone at Pinyon Plain were capitalized in 2026 following the release . While we expect exploration and development costs related to our mineral properties to provide future value to the Company, the Company expenses these costs in part due to the fact that the Company has not established Proven Mineral Reserves or Probable Mineral Reserves as defined by S-K 1300 or NI 43-101 through the completion of a feasibility or pre-feasibility study for any of the Company’s projects as of June 30, 2026, with the exception of its Sheep Mountain and Pinyon Plain Projects. Standby Standby costs are related to the care and maintenance of the standby mines and are expensed as incurred. Standby costs increased by $2.56 million to $6.21 million for the six months ended June 30, 2026 from $3.65 million for the six months ended June 30, 2025, primarily attributable to higher personnel costs at Nichols Ranch, increased permitting activities at Roca Honda and increased permitting and maintenance activities at Whirlwind. Accretion of asset retirement obligations Accretion of asset retirement obligations increased by $2.37 million to $4.31 million for the six months ended June 30, 2026 from $1.94 million for the six months ended June 30, 2025. The increase was primarily attributable to a revision of a portion of the Kwale Project asset retirement obligation as reclamation neared completion and the timing of remaining monitoring and end-of-life expenditures was reassessed, resulting in an accelerated accretion charge of $3.10 million. Asset retirement obligation settlements also decreased significantly compared to the prior-year period. Selling, general and administrative (excluding share-based compensation) Selling, general and administrative expenses (excluding share-based compensation) increased by $4.18 million to $29.29 million for the six months ended June 30, 2026 from $25.11 million for the six months ended June 30, 2025 primarily due to increases in general headcount, salaries and benefits and severance payments in connection with the Company’s executive succession plan. Share-based compensation Share-based compensation increased by $1.66 million to $7.15 million for the six months ended June 30, 2026 from $5.49 million for the six months ended June 30, 2025 primarily due to increased headcount, higher grant date fair values and accelerated vesting of awards in connection with the Company’s executive succession plan. Transactions and integration related costs Transactions and integration related costs are for legal, advisory and accounting fees directly related to the acquisitions of ASM and VAC. Transactions and integration related costs were $13.12 million for the six months ended June 30, 2026. No transactions and integration related costs were incurred during the six months ended June 30, 2025. Other Income Gain on sale of assets Gain on sale of assets decreased by $3.13 million to $0.36 million for the six months ended June 30, 2026 from $3.49 million for the six months ended June 30, 2025 primarily due to sales of mining equipment in 2025 that was no longer needed for reclamation activities at the Kwale Project. Loss in unconsolidated affiliates Loss in unconsolidated affiliates decreased by $1.97 million to $2.39 million for the six months ended June 30, 2026 from $0.42 million for the six months ended June 30, 2025 primarily due to the Company’s proportionate share of losses incurred by the Donald Project JV and the Company’s decision to not invest further in Tate, which the Company began accounting for under the equity method on April 1, 2025. 58 Table of Contents Other income Other income increased by $5.04 million to $5.06 million, net for the six months ended June 30, 2026 from $0.02 million, net for the six months ended June 30, 2025 primarily due to higher interest income, partially offset by higher mark-to-market losses on marketable securities and interest expense on the Notes issued on October 1, 2025. See Note 14 — Supplemental Financial Information for more information. Income tax benefit (expense) Income tax expense was $0.09 million for the six months ended June 30, 2026 on loss before income taxes of $44.47 million primarily due to Brazil income tax arising from transfer pricing revenue recognized. Income tax benefit was $1.12 million for the six months ended June 30, 2025 on loss before income taxes of $49.28 million, which was primarily due to the reversal of the tax liability for Base Titanium Limited that was recorded prior to the acquisition of Base Resources Limited. Segment Results of Operations The operating results of our reportable segments were as follows (in thousands): Six Months Ended June 30, 2026 Rare Heavy Earth Mineral Consolidated Uranium Elements Sands Total Revenues Uranium concentrates $ 60,671 $ — $ — $ 60,671 Alternate Feed Materials, processing and other 275 — — 275 Total revenues $ 60,946 $ — $ — $ 60,946 Costs applicable to revenues Costs applicable to uranium concentrates $ 32,165 $ — $ — $ 32,165 Total costs applicable to revenues $ 32,165 $ — $ — $ 32,165 Six Months Ended June 30, 2025 Rare Heavy Earth Mineral Consolidated Uranium Elements Sands Total Revenues Uranium concentrates $ 3,850 $ — $ — $ 3,850 Heavy mineral sands — — 15,821 15,821 Alternate Feed Materials, processing and other 1,439 — — 1,439 Total revenues $ 5,289 $ — $ 15,821 $ 21,110 Costs applicable to revenues Costs applicable to uranium concentrates $ 2,659 $ — $ — $ 2,659 Costs applicable to heavy mineral sands — — 19,120 19,120 Total costs applicable to revenues $ 2,659 $ — $ 19,120 $ 21,779 59 Table of Contents The following table sets forth selected operating data and financial metrics: Six Months Ended June 30, Increase 2026 2025 (Decrease) Percent Volumes sold Uranium concentrates (lbs.) 820,000 50,000 770,000 1,540 % Heavy mineral sands (tonnes) — 21,319 (21,319) * Realized sales price Uranium concentrates ($/lb.) $ 73.99 $ 77.00 $ (3.01) (4) % Heavy mineral sands ($/tonne) — 742 $ (742) * Costs applicable to revenues Uranium concentrates ($/lb.) $ 39.23 $ 53.17 $ (13.94) (26) % Heavy mineral sands ($/tonne) — 897 $ (897) * *Not meaningful. Uranium Segment Results Revenues Uranium concentrates Revenues from uranium concentrates increased by $56.82 million to $60.67 million for the six months ended June 30, 2026 from $3.85 million for the six months ended June 30, 2025. Higher sales volume (calculated as the change in period-to-period sales volumes times the prior period realized sales price) accounted for approximately $59.29 million increase in revenue between periods. Lower realized prices (calculated as the change in the period-to-period average realized price times the current period volumes sold) accounted for an approximate $2.47 million decrease between periods. The Company sold 250,000 pounds of U3O8 on the spot market for $22.33 million at a weighted average sales price of $89.30 per pound for the six months ended June 30, 2026 compared to 50,000 pounds of U3O8 on the spot market for $3.85 million at a weighted average sales price of $77.00 per pound for the six months ended June 30, 2025. The Company sold 570,000 pounds of U3O8 under existing long-term contracts for $38.35 million, at a weighted average sales price of $67.27 per pound for the six months ended June 30, 2026 compared to no long-term contract sales for the six months ended June 30, 2025. Alternate Feed Materials, processing and other Revenues from Alternate Feed Materials, processing and other decreased by $1.16 million to $0.28 million for the six months ended June 30, 2026 from $1.44 million for the six months ended June 30, 2025. The decrease was primarily due to additional billings recognized in the prior year period related to lower grade ore than contracted from a customer, partially offset by the processing of certain alternate feed materials. Costs Applicable to Revenues Costs applicable to uranium concentrates Costs applicable to uranium concentrates increased by $29.51 million to $32.17 million for the six months ended June 30, 2026 from $2.66 million for the six months ended June 30, 2025 primarily due to higher volumes sold between periods partially offset by lower weighted average costs per pound. Higher sales volumes (calculated as the change in period-to-period sales volumes times the prior period weighted average costs per pound) accounted for an approximate $40.94 million increase in costs between periods. Lower weighted average costs per pound (calculated as the change in the period-to-period weighted average costs per pound times the current period sales volumes sold) accounted for an approximate $11.43 million decrease in costs between periods. 60 Table of Contents Rare Earth Element Segment Results There were no revenues or costs applicable to revenues for either the six months ended June 30, 2026 or 2025. Heavy Mineral Sand Segment Results There were no revenues or costs applicable to heavy mineral sands for the six months ended June 30, 2026. Revenues from HMS were $15.82 million and costs applicable to HMS were $19.12 million for the six months ended June 30, 2025. LIQUIDITY AND CAPITAL RESOURCES Funding of Major Cash Requirements Our primary short-term and long-term cash requirements are to fund working capital needs and operating expenses, capital expenditures and potential future growth opportunities through ongoing initiatives such as our REE separation capacity expansion, development of the Vara Mada Project, earn-in to the Donald Project JV, uranium mining activities at the Pinyon Plain, La Sal and Pandora mines, processing activities at the Mill, exploration activities at the Bahia Project, TAT radioisotope initiative and reclamation of the Kwale Project, as well as potential business and property acquisitions including ASM and VAC. We expect to be able to fund working capital and operating expenses, capital expenditures and currently planned growth initiatives over the next 12 months through available cash balances and product inventory sales, if needed. We may also increase our working capital through issuances of Common Shares pursuant to our ATM in appropriate circumstances and fund our capital expenditures and potential future growth opportunities including planned mergers and acquisitions through debt and/or equity financings. We intend to continue to pursue the acquisition of monazite mineral rights and other uranium producing assets. Shares Issued for Cash The Company has an ATM in place, which allows the Company to make Common Share distributions to the extent qualified under a U.S. shelf registration statement on Form S-3 (“Shelf Registration Statement”) and one or more prospectus supplements. The Company’s current Shelf Registration Statement went effective on March 22, 2024 and permits the Company to sell any combination of its common shares, warrants, rights, subscriptions receipts, preferred shares, debt securities and/or units in one or more offerings. On June 13, 2025, we filed with the SEC a Prospectus Supplement to our Shelf Registration Statement, qualifying for distribution up to $300.00 million in additional Common Shares under the ATM (“June 2025 Prospectus Supplement”). Sales made pursuant to the above summarized U.S. shelf registration statements and prospectus supplements are made on the NYSE American at then-prevailing market prices, or any other existing trading market of the Common Shares in the U.S. During the three months ended June 30, 2026, the Company issued 5.33 million Common Shares for net proceeds of $100.31 million under the ATM. During the six months ended June 30, 2026, the Company issued 8.38 million Common Shares for net proceeds of $153.07 million under the ATM. As a result of these issuances, the Company fully depleted its June 2025 Prospectus Supplement. Conditional Financing Commitment On June 18, 2026, the Company received a conditional $725 million financing commitment from the OSC (the “Conditional OSC Financing”). 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 alloys facility to be constructed in the United States. Working Capital and Future Requirements for Funds As of June 30, 2026, the Company had working capital of $996.01 million, including $58.42 million in cash and cash equivalents, $878.34 million of marketable securities, approximately 1,640,000 pounds of uranium finished goods inventory and approximately 905,000 pounds of vanadium finished goods inventory. The Company believes it has sufficient cash and resources to carry out its business plan for at least the next twelve months. The Company manages liquidity risk through the management of its working capital and its capital structure. 61 Table of Contents Cash and Cash Flows The following table summarizes our cash flows (in thousands): Six Months Ended June 30, 2026 2025 Net cash used in operating activities $ (17,750) $ (44,773) Net cash used in investing activities (133,323) (75,217) Net cash provided by financing activities 144,185 152,131 Effect of exchange rate fluctuations on cash held in foreign currencies 946 1,098 Net change in cash, cash equivalents and restricted cash (5,942) 33,239 Cash, cash equivalents and restricted cash, beginning of period 87,204 58,605 Cash, cash equivalents and restricted cash, end of period $ 81,262 $ 91,844 Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Net cash used in operating activities Net cash used in operating activities decreased by $27.02 million to $17.75 million for the six months ended June 30, 2026 from $44.77 million for the six months ended June 30, 2025. The decrease was primarily due to higher cash receipts from uranium sales during the six months ended June 30, 2026, and lower cash outflows to settle asset retirement obligations due to decreased reclamation activity. Net cash used in investing activities Net cash used in investing activities increased by $58.10 million to $133.32 million for the six months ended June 30, 2026 from $75.22 million for the six months ended June 30, 2025. The increase between periods was primarily due to higher net cash outflows from purchases and maturities of marketable securities of $45.98 million, increased additions of $6.18 million to property, plant, equipment and mineral properties, and increased contributions to the Donald Project JV of $2.82 million, partially offset by lower proceeds from asset sales of $3.13 million. Net cash provided by financing activities Net cash provided by financing activities decreased by $7.95 million to $144.19 million for the six months ended June 30, 2026 from $152.13 million for the six months ended June 30, 2025 primarily due to an increase of $6.67 million to fund employee income tax withholdings upon vesting of RSUs and exercises stock appreciation rights, partially offset by higher net proceeds of $1.20 million for Common Shares issued for cash under the ATM and $2.55 million received for the exercise of stock options. Critical Accounting Policies and Estimates The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our financial statements. We provide expanded discussion of our more significant accounting policies, estimates and judgments in the Annual Report on Form 10-K for the year ended December 31, 2025. We believe these accounting policies reflect our more significant estimates and assumptions used in preparation of our financial statements. Off Balance Sheet Arrangements See Note 15 — Commitments and Contingencies to the unaudited condensed consolidated financial statements for further information on off balance sheet arrangements. 62 Table of Contents