Mr. Ross Bhappu reports

ENERGY FUELS EXPECTS TO ACHIEVE FULL-YEAR URANIUM PRODUCTION GUIDANCE BY MID-YEAR

Energy Fuels Inc. today provided a mid-year update on its United States uranium segment, demonstrating solid operational execution and continued progress against 2026 production objectives.

Processing and production at the White Mesa mill in Utah

The company expects finished uranium production at its 100-per-cent-owned White Mesa mill in Utah to reach approximately 1.6 million pounds by June 30, which falls within the previously published full-year guidance range of 1.5 million to 2.5 million pounds of U3O8, in just six months. This equates to average monthly production of more than 265,000 pounds of U3O8 from the processing of ores mined at the company's U.S. conventional assets, including the Pinyon Plain mine in Arizona and La Sal complex in Utah.

As planned, the company expects to complete the current uranium ore processing campaign at the mill by the end of June, 2026, to rebuild ore stockpiles. The company currently expects to resume ore processing at the mill in Q4 2026, subject to continued strong ore production at conventional mines, uranium market conditions and the potential for a rare-earth element (REE) processing campaign.

Starting in July, 2026, the company expects to commence further modifications to the existing phase 1 REE circuits at the White Mesa mill, which are currently capable of producing commercial quantities of separated neodymium-praseodymium (NdPr). The modifications are expected to also enable the commercial production of heavy REEs, including samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb) and dysprosium (Dy). The phase 1 modifications are also expected to include a circuit to process certain uranium-bearing mixed REE carbonates (MREC) sourced from REE mines globally, including MRECs from ionic adsorption clays that are often enriched in heavy REEs. Because MRECs can be fed directly into solvent extraction separation, the new circuit is expected to enable the mill to process both uranium and separated REEs simultaneously.

Permitting for the planned phase 1 modifications and phase 2 REE expansion with the state of Utah is proceeding on schedule. The phase 1 REE modifications are expected to be operational in late 2027 to early 2028. The phase 2 REE expansion is expected to increase total White Mesa mill REE capacity to nearly 6,300 metric tons per annum (tpa) of NdPr, 80 tpa Tb and 288 tpa Dy, along with the Sm, Eu and Gd capacity being constructed in the phase1 modifications discussed above.

Conventional and ISR uranium mining updates

The company's conventional uranium mines also continue to perform well. As anticipated, ore grades and contained uranium are lower in the first half of 2026 as mining advances through lower-grade areas in the upper portions of the high-grade Main zone at Pinyon, and the company establishes new and higher-grade areas at the La Sal complex. As a result, the company expects to mine approximately 750,000 to 850,000 pounds of contained U3O8 in ore during the first half of 2026. In the second half of 2026, grades and tonnage are expected to increase.

The company continues to advance development at several other uranium properties. Delineation drilling at the Nichols Ranch property has exceeded 136,000 feet in 214 drill holes in 2026, and the company expects to use these results to update the project's National Instrument 43-101 and S-K 1300-compliant technical report later this year. The company has also begun dewatering the existing decline at its fully permitted Whirlwind uranium mine in Utah and Colorado. After dewatering, the company expects to complete decline rehabilitation at Whirlwind in 2026 in preparation for potential uranium production in 2027. At the Energy Queen mine (part of the La Sal complex), the company has assessed the condition of the existing headframe, hoist and other infrastructure, and has begun the upgrades needed to start rehabilitation in 2027.

Continued low uranium costs

Mining, processing and transport costs at the Pinyon Plain mine continue to track between $23 and $30 per pound for the Pinyon Plain mine, in line with previously stated expectations. The cost of uranium processing at the White Mesa mill is at historic lows, ranging between $9 and $12 per pound of U3O8. As a result, cost of sales is expected to continue to drop in 2026, as further sales are made into the company's portfolio of contracts with U.S. nuclear utilities, along with opportunistic spot sales.

Ross Bhappu, president and chief executive officer of Energy Fuels, stated:

"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."

About Energy Fuels Inc.

Energy Fuels is a leading United States-based critical materials company, focused on uranium, rare-earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the Western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant) and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging targeted alpha therapy cancer treatments. Energy Fuels is developing three heavy mineral sands projects: the 100-per-cent-owned Vara Mada project in Madagascar; the 100-per-cent-owned Bahia project in Brazil; and the Donald project in Australia in which Energy Fuels has the right to earn up to a 49-per-cent interest in a joint venture with Astron Corp. Ltd. Energy Fuels, based near Denver, Colo., trades its common shares on the NYSE American under the trading symbol UUUU and is also listed on the Toronto Stock Exchange under the trading symbol EFR.

Qualified person

The technical information in this press release has been reviewed on behalf of the company by Daniel Kapostasy, senior vice-president and chief technical officer of the company.

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