Mr. Mark Chalmers reports

ENERGY FUELS ANNOUNCES Q3-2023 RESULTS, INCLUDING NET INCOME, CONTINUED SIGNIFICANT INCREASE IN WORKING CAPITAL, PROFITABLE URANIUM SALES, AND CONTINUED PROGRESS ON DEVELOPMENT OF URANIUM MINES AND RARE EARTH SEPARATION CAPABILITIES

Energy Fuels Inc. today released its financial results for the quarter ended Sept. 30, 2023. The company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (SEC) and may be viewed on the EDGAR, on SEDAR+ and on the company's website. Unless noted otherwise, all dollar amounts are in United States dollars.

Financial highlights:

• As of Sept. 30, 2023, the company had a robust balance sheet with $162.50-million of working capital (versus $116.97-million as of Dec. 31, 2022), including $54.54-million of cash and cash equivalents, $70.62-million of marketable securities, $27.66-million of inventory, and no debt. At current commodity prices, the company's product inventory has a value of approximately $49.09-million.
• During the three months ended Sept. 30, 2023, the company earned net income of $10.47-million, or seven cents per share, which included: (i) the sale of 180,000 pounds of uranium (U3O8) to a major United States nuclear utility for $10.47-million, resulting in a gross profit of $5.21-million (50 per cent); (ii) sale of 26 metric tons (MT) of RE Carbonate for $290,000; (iii) a non-cash mark-to-market gain on investments accounted for at fair value of $8.89-million; (iv) a non-cash unrealized gain on the secured convertible note received by the company as partial consideration for the sale of the company's Alta Mesa project in Q1 2023 of $7.22-million; and (v) interest income of $440,000; partially offset by (i) expenses associated with preparing four of the company's uranium mines for production; and (ii) expenses associated with developing commercial rare-earth element (REE) separation capabilities.
• As of Sept. 30, 2023, the company held 586,000 pounds of U3O8, 906,000 pounds of finished vanadium pentoxide (V2O5) and 11 MT of finished high-purity, partially separated mixed REE carbonate in inventory.
• The company holds an additional 409,000 pounds (lb) of U3O8 as raw materials and work-in-progress inventory, along with an estimated one million to three million pounds of solubilized V2O5 in tailings solutions that could be recovered in the future.

Uranium highlights:

• During Q3 2023, the company completed the sale of 180,000 pounds of U3O8 to a major U.S. nuclear utility for $10.47-million, or $58.18 per pound, which resulted in a gross profit of $5.21-million or $28.93 per pound of U3O8. This sale resulted in a gross margin of 50 per cent per pound of uranium. This was the company's second delivery under its new portfolio of long-term uranium sales agreements.
• In 2023, the company has sold a total of 560,000 pounds of uranium for a weighted average realized price of $59.42 per pound resulting in a gross margin of 54 per cent. The company has no additional contract deliveries scheduled for the remainder of 2023.
• Over the past several months, the company has made significant progress in preparing four of the company's conventional uranium and uranium/vanadium mines to be ready to resume production, including significant work force expansion, and performing needed rehabilitation and development of surface and underground infrastructure. The company expects to begin production at one or more of these mines by early 2024, with the mined material being stockpiled at the White Mesa mill until such time that sufficient material is accumulated to justify a mill campaign, which is expected to occur in late-2024 or early-2025.
• As of Oct. 27, 2023, the spot price of U3O8 was $73.50 per pound and the long-term price of U3O8, which is the price most relevant for long-term uranium sales contracts, was $62.00 per pound, according to data from TradeTech.

Rare-earth element highlights:

• In early 2023, the company began modifying and enhancing its existing solvent extraction (SX) circuits at the mill to be able to produce separated REE oxides (phase 1). The company has begun this development work in its existing SX building, and most of the major components for this project are currently being delivered to the mill on time and on budget.
• Phase 1 is expected to be completed and fully commissioned by early 2024 and have the capacity to produce roughly 800 to 1,000 MT of recoverable separated neodymium-praseodymium (NdPr) oxide per year, subject to securing sufficient monazite feed. Phase 1 is expected to position Energy Fuels as one of the world's leading producers of NdPr outside of China.
• Phase 1 capital costs are expected to total approximately $25-million. 1,000 MT of NdPr in permanent magnets could power up to one million electric vehicles (EVs) per year.
• The company is engineering further enhancements at the mill to increase NdPr production capacity to up to approximately 3,000 MT per year by 2026/2027, and to produce separated dysprosium (Dy), terbium (Tb) and potentially other advanced REE materials in the future from monazite and potentially other REE process streams by 2027/2028 (phase 3).
• During the first half of 2023, the company completed 2,266 metres of sonic drilling at its Bahia project in Brazil to confirm and further delineate the rare earth, titanium and zirconium mineralization. The company expects to commence further sonic drilling later in Q4 2023. Drilling results from the first round of drilling are expected in early 2024 at which time the company plans to commence preparation of an SK-1300 and National Instrument 43-101-compliant mineral resource estimate.
• The company continues active discussions with several additional suppliers of natural monazite around the world to significantly increase the supply of feed for the company's growing REE initiative.
• As of Oct. 27, 2023, the spot price of NdPr oxide was approximately $69.64 per kilogram, according to data from Asian Metal.

Vanadium highlights:

• During the three months ended Sept. 30, 2023, the company sold no vanadium.
• The company produces high-purity V2O5 from time to time when the mill schedule allows and carries that material in inventory for sale into market strength, including during Q1 2023 when the company sold approximately 79,344 pounds of V2O5 for an average realized sales price of $10.98 per pound.
• The company currently holds approximately 906,000 pounds of V2O5 in inventory.
• As of Oct. 27, 2023, the spot price of V2O5 was $6.73 per pound, according to data from Fastmarkets.

Medical isotope highlights:

• The company continued advancing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy (TAT) cancer therapeutics.

Mark S. Chalmers, Energy Fuels' president and chief executive officer, stated:

"Energy Fuels continued to make excellent progress during Q3 2023 in creating a U.S. critical mineral hub for the production of uranium, rare-earth elements, vanadium and potentially radioisotopes for the development of medical isotopes. Energy Fuels has been the largest producer of uranium in the U.S. for the past several years, and we are commercially producing the most advanced rare-earth materials in the U.S. while moving further down the rare earth supply chain.

"On uranium, we completed the sale of 180,000 pounds of uranium to one of our utility customers under one of our long-term contracts, realizing total proceeds of $10.47-million, or $58.18 per pound of U3O8, slightly beating our previous guidance of $54 to $58 per pound. We also continued preparing four of our conventional uranium mines for production, which together, have the ability to produce one million to 1.3 million pounds of uranium per year, not including vanadium credits of potentially two million pounds per year, at full production rates. We expect to begin production at one or more of these mines by early 2024, with the mined material being stockpiled at the White Mesa mill until a sufficient quantity is accumulated to justify a mill campaign, which is expected to occur in late 2024 or early 2025, subject to contract requirements and successful operations.

"There are significant 'tailwinds' currently driving uranium markets, including increasing prices and government policies. Uranium spot prices are up over 50 per cent in 2023, which is improving our expected contract sales prices, increasing the value of our significant inventories and increasing the value of our resources. At the same time, uranium spot markets are very tight, considerable money is flowing into the sector, geopolitical factors and security of supply are paramount, and market prices remain significantly at or below the levels needed to incentivize large-scale new production and below inflation-adjusted highs. These dynamics could cause prices to continue to rise higher, perhaps significantly so.

"Energy Fuels also remains on schedule to complete phase 1 of our rare-earth project at the White Mesa mill in Utah, which involves modifications and enhancements to the mill's existing SX building that are expected to have the capacity to produce approximately 800 to 1,000 metric tons of separated NdPr oxide per annum. We are refurbishing the mill's existing SX building as part of this process, and we have completed the installation of a new roof and new concrete pads for the SX cells, tanks, pumps and other equipment. We are also receiving the new SX cells, which are expected to be installed in Q4 2023. Upon successful ramp-up of the modified SX circuit and receipt of sufficient monazite feed, Energy Fuels is expected to be the first U.S. company in many years with the ability to produce commercial quantities of NdPr oxide, which is a key ingredient in powerful permanent rare-earth magnets used in electric vehicles, wind generators and other technologies.

"Later this year, we continue to expect to begin pilot work on heavy rare-earth separation, including the production of separated dysprosium (Dy) and terbium (Tb) oxides. At the same time, we continue to move our Bahia rare-earth project in Brazil forward toward production and secure additional sources of monazite supply to process at the mill for rare-earth production, while advancing discussions with end-users.

"Energy Fuels' business strategy and execution sits at an intersection of rapidly growing commodity markets, critical to the clean energy transition. And, as a U.S. company, we offer customers security of supply and insulation from geopolitical turmoil. We plan to continue to leverage these unique advantages to the benefit of our shareholders as we rapidly advance our plans."

Conference call and webcast at 4 p.m. ET on Nov. 6, 2023

Energy Fuels will be hosting a conference call and webcast on Nov. 6, 2023, at 4 p.m. ET (2 p.m. MT) to discuss the company's Q3 2023 financial results, the outlook for the remainder of 2023, and the company's uranium, rare earths, vanadium and medical isotopes initiatives.

You may dial in to the conference call by calling 1-888-664-6392, and you will be connected to the call by an operator.

You may also access viewer-controlled webcast slides and/or stream the call on-line.

A replay of the call will be available until Nov. 20, 2023, by calling 888-390-0541 or 416-764-8677 and entering the replay code, 368182 followed by the pound key.

About Energy Fuels Inc.

Energy Fuels is a leading United States-based critical mineral company. The company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colo., near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centres: the White Mesa mill in Utah and the Nichols Ranch in situ recovery project in Wyoming. The White Mesa mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over eight million pounds of U3O8 per year and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR project is on standby and has a licensed capacity of two million pounds of U3O8 per year. The company recently acquired the Bahia project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest National Instrument 43-101-compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol UUUU, and the company's common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR.

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