Bahia

Exploration-stage heavy mineral sands and REE project comprising 19 ANM Process Areas totaling 16,977 hectares (41,951 acres / 65.5 sq mi) between the municipalities of Prado and Caravelas in the state of Bahia, Brazil. 100% controlled by subsidiary Energy Fuels Brazil Ltda. Holocene-age placer beach/dune sand deposits prospective for ilmenite, rutile, zircon and monazite, with the latter expected to supply 3,000-10,000 t/yr monazite to the White Mesa Mill containing ~300-1,000 t/yr NdPr. Drilling restarted December 2025 following INEMA exploration license. During 2026 the Company expects to drill the southern half of the Bahia Project (planned 850 contract + 165 sonic holes) and complete bulk metallurgical test work, targeting an S-K 1300-compliant Initial Assessment and NI 43-101 technical report by year-end 2026. No S-K 1300 Mineral Resources or Mineral Reserves currently disclosed. Subject to 2% Brazilian government royalty plus 2% finders' fee royalty plus up to 1% surface owner royalty. Net book value $34.11 million at Dec 31 2025.