Energy Fuels Expects to Achieve Full-Year Uranium Production Guidance by Mid-Year

Executive Summary

• Energy Fuels provided a mid-year operational update confirming it expects to produce approximately 1.6 million pounds of finished U3O8 by June 30, 2026, aligning with its full-year guidance range of 1.5 to 2.5 million pounds.
• The company is concluding its current uranium processing campaign at the White Mesa Mill by end-June to rebuild ore stockpiles, with processing expected to resume in Q4 2026 alongside planned Phase 1 rare earth element (REE) circuit modifications.
• Operational costs remain highly competitive ($23-$30/lb at Pinyon Plain; $9-$12/lb at White Mesa Mill), while development advances continue across multiple conventional and ISR uranium properties, including drilling updates at Nichols Ranch and rehabilitation planning at Whirlwind and Energy Queen.

Key Details

• Production & Guidance: Expects ~1.6M lbs finished U3O8 by June 30, 2026, within the 2026 full-year guidance range of 1.5-2.5M lbs.
• Mill Processing Campaign: Current uranium ore processing at White Mesa Mill to complete by end-June 2026 to rebuild stockpiles; resumption expected in Q4 2026 subject to ore production, market conditions, and potential REE campaign.
• REE Phase 1 Modifications: Starting July 2026, modifications to existing Phase 1 REE circuits will enable commercial production of "heavy" REEs (samarium, europium, gadolinium, terbium, dysprosium) and add a circuit to process uranium-bearing mixed REE carbonates (MREC) simultaneously with uranium.
• REE Phase 2 Expansion: Permitting for Phase 1 modifications and Phase 2 expansion with Utah is on schedule. Phase 1 expected operational late 2027 to early 2028. Phase 2 will increase total REE capacity to ~6,300 tpa NdPr, 80 tpa Tb, and 288 tpa Dy, plus Sm, Eu, and Gd.
• Conventional Mining (H1 2026): Lower ore grades/contained uranium in H1 2026 due to mining through upper portions of the Main Zone at Pinyon and establishing new areas at La Sal. Expects to mine 750,000-850,000 lbs contained U3O8 in ore during H1 2026; grades and tonnage expected to increase in H2 2026.
• Nichols Ranch Property: Delineation drilling exceeded 136,000 feet across 214 drill holes in 2026; results will be used to update the NI 43-101 and S-K 1300-compliant Technical Report later this year.
• Whirlwind Mine: Dewatering of the existing decline underway; decline rehabilitation expected in 2026 to prepare for potential uranium production in 2027.
• Energy Queen Mine (La Sal Complex): Existing headframe, hoist, and infrastructure assessed; necessary upgrades begun to start rehabilitation in 2027.
• Cost Structure: Pinyon Plain mining, processing, and transport costs track $23-$30 per pound. White Mesa Mill processing costs are at historic lows of $9-$12 per pound of U3O8. Cost of sales expected to decline in 2026 as sales continue into U.S. utility contracts and spot markets.
• Strategic Initiatives: Company is advancing the Donald, Vara Mada, and Bahia rare earth/mineral sand projects and is pursuing the planned acquisition of Australian Strategic Materials to strengthen its position as an ex-China REE supplier.

Notable Quotes

• Ross Bhappu, President and CEO: "Energy Fuels remains focused on disciplined execution across our uranium, rare earth and mineral sand businesses. Our uranium segment continues to differentiate Energy Fuels as the clear leading U.S. uranium producer through our strong operating performance, production and costs. We also continue to advance key strategic initiatives in our other segments, including rare earth permitting and construction at the White Mesa Mill, advancing our Donald, Vara Mada and Bahia rare earth and mineral sand projects, and the planned acquisition of Australian Strategic Materials, which is expected to strengthen our rare earth market position as one of the few ex-China suppliers of rare earth metals and alloys globally."