Energy Fuels Inc.

Energy Fuels Inc. is a mid-tier uranium and rare earth producer headquartered in Lakewood, United States, operating primarily in USA. The company's portfolio consists of 15 projects, comprising 2 operating mines, 6 development, 5 advanced exploration, 1 suspended, and 1 reclamation project. Key assets include Pinyon Plain and Toliara. The business model centers on the production and recycling of critical raw materials for clean energy and advanced technologies. The organization operates a fully licensed and operational conventional processing facility, which serves as a central hub for its diverse activities. This facility possesses unique capabilities for processing a wide range of feed materials, including conventional ores, alternate feed materials, and complex minerals, enabling the recovery of multiple products. Operational characteristics include both conventional extraction and in-situ recovery methods, with the flexibility to operate facilities on a campaign basis in response to market conditions. A key competitive advantage is the ability to leverage existing infrastructure and licenses to enter new, complementary markets, such as advanced materials and medical isotopes, by recycling and processing materials that would otherwise be disposed of as waste. This integrated approach allows for operational synergies and the maximization of value from its resource streams.

Strategic priorities involve a multi-pronged approach to becoming a leading integrated producer of critical minerals. A core objective is the phased ramp-up of primary production activities, supported by a portfolio of long-term sales contracts with major domestic utilities. The entity's approach includes preparing additional standby assets for a rapid restart within a 12-month timeframe to capitalize on favorable market conditions. A significant focus is on securing a vertically integrated supply chain for its advanced materials business by advancing its own international development-stage assets toward a final investment decision. This is complemented by an ore purchasing program from third-party miners. The organization is also advancing initiatives to recover and commercialize high-value radioisotopes from existing process streams for medical applications, which involves establishing pilot facilities and securing offtake agreements. Further strategic evaluation includes expanding downstream processing capabilities to produce higher-value products, including metals and alloys.

Governance framework is overseen by a Board of Directors that has established an Environment, Health, Safety and Sustainability Committee to monitor and guide the implementation of core principles. The Governance and Nominating Committee is responsible for monitoring the company's diversity policy, which sets measurable objectives for board composition. These objectives include maintaining a board that is at least 30% gender diverse and includes at least 1 racially or ethnically diverse director. The committee conducts an annual assessment of the policy's effectiveness and recommends improvements to sustain diversity at both the executive and board levels. Executive leadership includes a President and CEO, with recent key appointments including an Executive Vice President of Heavy Mineral Sands Operations and a Vice President of Radioisotopes, Radiological Systems, and Intellectual Property, reflecting the entity's diversification. The company has established employment agreements with its executive officers to attract and retain qualified personnel.

Environmental and social initiatives are integrated into the business model, focusing on producing materials for clean energy and recycling industrial byproducts. A key community initiative is a foundation established in 2021, funded by an initial $1 million contribution and an ongoing commitment equal to 1% of a key facility's revenues, to support local priorities in education, environment, health, and economic development for surrounding communities, including Indigenous groups. In 2025, the company signed a landmark agreement with the Navajo Nation governing the transport of materials, which includes enhanced safety protocols, financial contributions to the Nation's programs, and a commitment to accept and transport cleanup materials from abandoned mines on their lands at no cost. International sustainability programs include indigenous tree and plant nurseries to support biodiversity and ecological restoration in regions with high conservation value. One such nursery has propagated over 400,000 indigenous plants across 307 species.

Corporate structure was significantly expanded in 2024 through several key transactions. In October 2024, the company completed the acquisition of Base Resources Limited, an Australian entity, which added significant international assets and operational expertise. In June 2024, the organization entered into a joint venture agreement with Astron Corporation Limited to create a joint venture to jointly develop and operate a major minerals project in Australia, with the company having the right to earn up to a 49% interest. In August 2024, the entity acquired RadTran LLC, a private company specializing in the separation of critical radioisotopes, to advance its initiatives in the medical sector. All domestic operations are managed through Energy Fuels Resources (USA) Inc., a wholly owned subsidiary that serves as the operator for all U.S. properties. International assets are held through various other wholly owned subsidiaries, including Energy Fuels Brazil Ltda. and the newly acquired entities from the Base Resources transaction.