Energy Fuels Announces Q1-2025 Results

PR Newswire

DENVER, May 7, 2025

Energy Fuels significantly increases 2025 uranium production and finished goods inventory guidance by 22% and 193%, respectively, increases strong working capital position, and continues to advance high-grade U.S. uranium production and world-class rare earth and mineral sand projects and capabilities

DENVER, May 7, 2025 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and other critical minerals, today reported its financial results for the quarter ended March 31, 2025. The Company previously announced details for its upcoming May 8, 2025 earnings call, which are also included in this news release.

"Our team continues to build Energy Fuels into a leading critical minerals company in the United States," said Mark Chalmers, Energy Fuels' President and Chief Executive Officer. "Our unique diversification strategy to build a world significant critical minerals hub, which began five years ago, is rapidly gaining momentum. Today, Energy Fuels is recognized among commercial and government stakeholders as a leading force in the creation of a U.S.-based, globally competitive, profitable, and strategic domestic supply chain for processed critical materials, including uranium, rare earths, vanadium, and titanium and zirconium minerals. In fact, many of President Trump's Executive Orders support Energy Fuels' strategy, from fast-forwarding domestic critical mineral processing to expediting permitting to initiating a new Section 232 investigation on the import of critical materials from adversarial nations.

"Energy Fuels elected not to make any uranium sales during the first quarter, due to no scheduled contract deliveries, relatively weak uranium prices, and our strong belief that spot and long-term prices will be higher in the future. However, our uranium mining operations are ramping up extremely well, with uranium grades at our Pinyon Plain mine significantly exceeding expectations, resulting in significant increases in our 2025 Production and Inventory Guidance, including a 22% increase in expected mining production for 2025 and the expected production of up to 1,000,000 pounds of finished U(3) O(8) product in 2025.

"I should also add that after the end of Q1, combined ore production from our Pinyon Plain, La Sal, and Pandora mines reached over 160,000 pounds of contained U(3) O(8) in the single month of April, which is the highest monthly mining rates we've achieved since restarting these mines. Plus, we have identified additional high-grade zones of mineralization at three different areas or levels in the Pinyon Plain mine, which we believe have the potential to significantly add to the uranium resource and life of the mine. This reflects Energy Fuels' U.S. industry-leading ability to scale and produce large quantities of uranium available for growing nuclear demand in the United States in the near-term.

"We are also advancing our rare earth capabilities. As previously announced, we have entered into a strategic collaboration with South Korea-based POSCO International, a leading global supplier of EV motors to U.S. and global auto-makers, and a strategic alliance with The Chemours Company, a world-leader in titanium production and a U.S. producer of heavy mineral sands ("HMS") and monazite, to create a domestic supply chain of critical minerals for the U.S. We also announced our technical capability to produce the 'mid' and 'heavy' rare earths that are now subject to Chinese export controls which we believe will allow Energy Fuels to produce samarium, gadolinium, terbium, dysprosium, lutetium, and yttrium at scale, with suitable incentives.

"With appropriate government and/or market support, Energy Fuels is prepared to make hundreds of millions of dollars of investments in U.S. critical mineral processing and mines in allied nations, while maintaining our position as the leading U.S. producer of uranium, as one of the leading U.S. producers of advanced rare earth materials, and as an emerging world-significant producer of HMS minerals."

Q1-2025 Highlights

Unless noted otherwise, all dollar amounts are in U.S. dollars.

   -- Robust Balance Sheet with Over $210 million of Liquidity and No Debt: As 
      of March 31, 2025, the Company had $214.61 million of working capital 
      including $73.00 million of cash and cash equivalents, $89.64 million of 
      marketable securities (interest-bearing securities and uranium stocks), 
      $20.37 million of trade and other receivables, $67.68 million of 
      inventory, and no debt, which puts the Company in a strong position as it 
      advances its various projects. 
 
   -- Over $11 Million of Additional Liquidity from Market Value of Inventory: 
      At May 2, 2025 commodity prices, the Company's product inventory has a 
      market value of approximately $46.39 million, while the balance sheet 
      reflects product inventory carried at cost of $34.51 million. 
 
   -- Incurred Net Loss of $26 Million: During the quarter ended March 31, 
      2025, the Company incurred a net loss of $26.32 million, or $0.13 per 
      common share, on $16.90 million of revenue. The loss was due to the 
      Company's ramping up of mining at its Pinyon Plain, La Sal and Pandora 
      Mines and the election not to sell any of its 595,000 pounds of finished 
      goods (U3O8) inventories during the quarter, retaining such inventories 
      for sales at higher prices under the Company's long-term contracts and 
      expected higher uranium prices in the future, combined with recurring 
      operating expenses, including additional operating expenses associated 
      with the increased headcount of retained Base Resources employees 
      (currently in the process of being reduced) and Kwale mine reclamation 
      costs and higher costs applicable to heavy mineral sand ("HMS") revenues 
      from the lower grade HMS produced at the end of the Kwale mine life. 
 
   -- Heavy Mineral Sands Revenue: During the three months ended March 31, 
      2025, the Company sold 6,836 tonnes of rutile, 12,852 tonnes of ilmenite, 
      both used for the production of titanium products, and 1,429 tonnes of 
      zircon, used for the production of zirconium, for total HMS revenues of 
      $15.54 million. 
 
   -- Well-Stocked to Capture Market Opportunities and meet Long-term Contract 
      Obligations: As of March 31, 2025, the Company held a total of 1,310,000 
      pounds of U3O8 in inventory, including 595,000 pounds of finished U3O8, 
      605,000 pounds of U3O8 in ore and raw materials, and 110,000 pounds of 
      work-in-progress U3O8. Inventory increased from last quarter due to 
      Pinyon Plain, La Sal and Pandora mine ore production, the purchase of 
      50,000 pounds of U3O8 on the spot market, and additional alternate feed 
      materials received. The Company expects these uranium inventories to 
      continue increasing, as we continue to mine additional ore and 
      potentially purchase ore from third parties. The Company also held 
      905,000 pounds of finished vanadium ("V2O5"), 37,000 kilograms ("kg") of 
      finished separated neodymium praseodymium ("NdPr") and 9,000 kg of 
      finished high purity, partially separated mixed "heavy" samarium-plus 
      ("Sm+") rare earth carbonate ("RE Carbonate") in inventory. Having 
      stockpiled mined ore available at the Mill, which can be processed into 
      finished U3O8 product on relatively short notice, and other inventories, 
      gives the Company more flexibility in securing long-term sales contracts 
      on the most favorable terms when needed, rather than merely accepting 
      contracts at current prices when fundamentals suggest higher prices may 
      be expected in the future. 
 
   -- Samples of NdPr Actively Being Qualified by Potential Customers: NdPr 
      produced at the Mill is currently in the process of being qualified with 
      permanent magnet manufacturers and other potential customers which, upon 
      successful qualification, would set the stage for potential future 
      offtakes. 
 
   -- Strategic Announcements on Creating U.S. and Non-China Critical Mineral 
      Supply Chains: Two announcements this quarter showcase Energy Fuels' 
      progress on creating a domestic rare earth oxide supply chain. Energy 
      Fuels announced an alliance with The Chemours Company to expand the 
      domestic supply chain for critical minerals and raw materials, including 
      monazite for processing into rare earth oxides at Energy Fuels' White 
      Mesa Mill in Utah, and a Memorandum of Understanding with POSCO 
      International to validate Energy Fuels' NdPr oxide for permanent magnets 
      for use in EV and Hybrid EV drivetrains, which could be available to 
      U.S., European, and allied Asian OEM customers as soon as later this 
      year. 
 
   -- Landmark Agreement with the Navajo Nation: Energy Fuels signed a landmark 
      agreement with the Navajo Nation, the largest and most populous 
      indigenous tribe in the United States, establishing additional 
      requirements, over and above already highly protective federal 
      regulations, to assure the Nation that uranium ore transport from the 
      Pinyon Plain mine to the White Mesa Mill is performed safely and 
      responsibly to the highest standards. Additionally, Energy Fuels agreed 
      to accept (for free) 10,000 tons of uranium-bearing materials from 
      historic abandoned uranium mines on the Navajo Nation, which are a relic 
      of U.S. government Cold War-era uranium programs. 

Uranium Milestones:

   -- The Company produced a total of 150,000 pounds of finished U3O8 during 
      the three months ended March 31, 2025 from stockpiled alternate feed 
      materials and newly mined ore. 
 
   -- The Company invested in 50,000 pounds of U3O8, at a price of $64.75 per 
      pound, as the Company believes prices are likely to increase in the 
      future. 
 
   -- During April 2025, the Company mined 4,604 tons of ore, containing 
      roughly 151,400 pounds of uranium with an average grade of 1.64% U3O8 at 
      the Pinyon Plain mine, which the Company believes is one of the 
      highest-grade uranium mines in U.S. history. Production rates at the mine 
      have steadily increased over the past several months, with April's 
      results representing the largest monthly production rate since mining 
      began last year. 
 
   -- The Company currently expects to process approximately 700,000 pounds of 
      U3O8 in Q4 2025 from stockpiled ore mined from its Pinyon Plain, La Sal 
      and Pandora mines, with the remainder of the mined ore and Alternate Feed 
      Materials retained in stockpile at the mines or Mill for processing 
      during 2026 or 2027, subject to market conditions, contract requirements, 
      and the Mill's schedule. This is expected to result in the production of 
      an additional 700,000 pounds of finished U3O8 in Q4 2025 from stockpiled 
      and mined ore from the Company's Pinyon Plain, La Sal and Pandora mines, 
      which when added to the Company's expected production of approximately 
      300,000 pounds of finished U3O8 through the first half of 2025 from 
      existing conventional ore inventories and Alternate Feed Materials, would 
      result in the production of up to 1,000,000 pounds of finished U3O8 
      product in 2025. 
 
   -- As a result of these developments, the Company is pleased to provide its 
      updated production, sales and inventory guidance for 2025 as follows: 
 
   -- 
 
                     Previous Guidance      Revised Guidance    Change in 
                    --------------------  -------------------- 
                                                                 Midpoint 
                       Low       High        Low       High        (%) 
                    ---------  ---------  ---------  ---------  ---------- 
Mined (contained 
 pounds of U(3) 
 O(8) )               730,000  1,170,000    875,000  1,435,000        22 % 
Alternate Feed 
 Materials and 
 other (contained 
 pounds of U(3) 
 O(8) )(1)            160,000    200,000    160,000    200,000        -- % 
Processed (pounds 
 of U(3) O(8) )       200,000    250,000    700,000  1,000,000       278 % 
Sales (pounds of 
 U(3) O(8) )(2)       200,000    300,000    220,000    220,000      (12) % 
Finished goods 
 (pounds of U(3) 
 O(8) )               290,000    445,000    925,000  1,225,000       193 % 
Total inventories 
 (contained pounds 
 of U(3) O(8) )     1,655,000  2,340,000  1,985,000  2,585,000        14 % 
 

(1) "Other" includes ore purchases from 3rd party miners and potential cleanup from historic abandoned uranium mines. (2) The Company has not elected to sell inventory into the spot market at this time, but may do so subject to market conditions.

   -- The Company continues to mine and stockpile ore from its Pinyon Plain, La 
      Sal and Pandora mines, which is expected to total approximately 875,000 
      to 1,435,000 pounds of U3O8 contained in approximately 55,000 to 80,000 
      tons of ore from these mines during 2025, subject to market conditions, 
      mining rates and other factors. This is an increase in previously 
      reported guidance of approximately 22%. The Company also expects to 
      purchase uranium ore from third-party miners in the region, and there is 
      the potential to receive additional Alternate Feed Materials and mine 
      cleanup materials, expected to add a total of approximately 160,000 to 
      200,000 pounds of additional contained uranium to ore inventories, all of 
      which will be processed as market conditions, Mill schedules, and 
      contract requirements may warrant. 
 
   -- The Company expects to sell 220,000 pounds of uranium during 2025, under 
      the Company's existing long-term contracts with utilities. As a result of 
      these sales, plus planned 2025 mine production, at the end of 2025, the 
      Company expects to hold a total of 1,985,000 to 2,585,000 pounds of U3O8 
      in ore inventories plus finished product, including approximately 925,000 
      to 1,225,000 pounds of finished U3O8 inventory. This expected finished 
      goods uranium inventory would be sufficient to satisfy the Company's 
      2025, 2026 and a large portion of the Company's 2027 delivery 
      requirements, at higher margins than would be expected compared to spot 
      sales at this time. 
 
   -- The Company has been performing underground drilling in the "Juniper 
      Zone" of the Pinyon Plain mine, with exceptional drill results from its 
      2024 -- 2025 underground drill program showing high-grade intercepts 
      within the previously defined Mineral Resource as well as above the 
      existing mineralized zone, which exceed previous expectations (linked 
      here). The Company is in the process of completing a U.S. Subpart 1300 of 
      Regulation S-K ("S-K 1300") and Canadian National Instrument 43-101 ("NI 
      43-101") compliant technical report, which is expected to significantly 
      add to the uranium resources. 
 
   -- The Company continues to observe positive results from ongoing drilling 
      at its Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. Both 
      the Nichols Ranch Project and Whirlwind Mine in Colorado are being 
      prepared for production, as market conditions warrant. Production from 
      these mines, when combined with production from Pinyon Plain, La Sal and 
      Pandora, alternate feed materials, uranium from monazite, and third-party 
      uranium ore purchases, would be expected to increase the Company's 
      production run-rate to roughly two million pounds per year by as early as 
      2026. 
 
   -- The Company continued advancing permitting and other pre-development 
      activities on its large-scale Roca Honda and Bullfrog uranium projects 
      during the three months ended March 31, 2025, which together with its 
      Sheep Mountain Project, have the potential to expand the Company's 
      uranium production to a run-rate of up to five million pounds of U3O8 per 
      year in the coming years. 
 
   -- As of May 2, 2025, the spot price of U3O8 was $70.00 per pound and the 
      long-term price of U3O8 was $80.00 per pound, according to data from 
      TradeTech. 
 
   -- The Company's Roca Honda Project in New Mexico was included on the U.S. 
      Federal Infrastructure Projects, Permitting Dashboard list of FAST-41 
      Transparency Projects, which according to the White House, "makes the 
      environmental review and authorizations schedule for these vital mineral 
      production projects publicly available and allows all of these projects 
      to benefit from increased transparency. The public nature of the 
      dashboard ensures that all stakeholders, from project sponsors and 
      community members to federal agency leaders have up-to-date accounting of 
      where each project stands in the review process. This transparency leads 
      to greater accountability, ensuring a more efficient process." 

Rare Earth Element Milestones:

   -- The Company held about 37,000 kg of separated NdPr from its newly 
      commissioned Phase 1 REE separation circuit at the Mill, along with 9,000 
      kg of finished high purity, partially separated mixed "heavy" Sm+ RE 
      Carbonate. 
 
   -- Samples of the Company's NdPr product have been sent to permanent magnet 
      and other companies around the world for product qualification, including 
      POSCO International. Initial testing responses have been positive. 
 
   -- On April 17, 2025, Energy Fuels announced that it had successfully 
      developed the technical ability it believes is required to commercially 
      produce samarium, gadolinium, dysprosium, terbium, lutetium, yttrium, and 
      other oxides, at scale through expansion of its existing REE production 
      capability in Utah. On April 4, 2025, the Chinese government announced 
      export restrictions on these REEs, which are needed for key defense 
      technologies. 
 
   -- The Company continues the process of updating the White Mesa Mill's AACE 
      International ("AACE") Class 4 Pre-Feasibility Study (not a 
      Pre-Feasibility Study subject to or intended to be compliant with NI 
      43-101 or S-K 1300), originally released in Q2-2024 to increase 
      throughput to a total of 50,000 tpa of monazite, producing roughly 5,000 
      tpa of NdPr, 150 to 225 tpa of Dy, and 50 to 75 tpa of Tb. The Mill PFS 
      referenced above can be viewed on the Company's website, 
      www.energyfuels.com. 

Heavy Mineral Sands:

   -- On November 28, 2024, the Government of Madagascar lifted the suspension 
      on the development of the Toliara Project, and on December 5, 2024, the 
      Company entered into a Memorandum of Understanding (the "MOU") with the 
      Government of Madagascar setting forth certain key terms applicable to 
      the Toliara Project along with mechanisms to achieve long-term fiscal 
      stability for the Project. Now that the Government of Madagascar has 
      lifted the suspension, the Company has re-commenced development and 
      investment in the Project, is re-establishing community and social 
      programs, and is advancing the technical, environmental and social 
      activities necessary to achieve a final investment decision ("FID"), 
      which the Company expects to make in Q2-2026. While the Company is 
      progressing towards an FID, the Company will continue working with the 
      Government of Madagascar to formalize the terms and conditions set out in 

      the MOU to achieve long-term fiscal stability for the Project, which 
      currently includes promulgation of revisions to the existing Malagasy law 
      establishing a special regime for large scale investments in the Malagasy 
      mining sector, and certification of the Project under the revised law 
      (with an investment agreement, as needed) after it is approved by the 
      Malagasy Parliament. 
 
   -- The Company continued to advance the Donald Project (the "Donald 
      Project"), a large monazite-rich HMS project in Australia, pursuant to 
      its joint venture with Astron Corporation limited. The Company expects 
      that an FID could be made on the Donald Project as early as the latter 
      half of 2025. 
 
   -- During the three months ended March 31, 2025, the Company also continued 
      to advance its wholly owned Bahia HMS project in Brazil (the "Bahia 
      Project") with its Phase 2 drilling campaign, which is expected to 
      continue during 2025. Additionally, the Company completed bulk test work 
      on a 2.5 tonne sample in March 2024, and recently shipped a larger 15 
      tonne sample to the U.S. for additional process test work. Subject to 
      permitting, finalization of surface access arrangements, and completion 
      of additional drilling, the Company expects to complete an S-K 1300 and 
      NI 43-101 compliant mineral resource estimate on the Bahia Project in 
      late 2025 or early 2026. 

Medical Isotope Highlights:

   -- During Q1-2025, the Company continued to utilize its research and 
      development ("R&D") license for the potential recovery of R&D quantities 
      of Ra-226 at the Mill. During the remainder of 2025, Energy Fuels plans 
      to complete its process development engineering and, upon successful 
      completion of such engineering, expects to set up the first stages of the 
      pilot facility and produce R&D quantities of Ra-226 for testing by 
      end-users of the product. Upon successful production of R&D quantities of 
      Ra-226, Energy Fuels plans to develop capabilities at the Mill for the 
      commercial-scale production of Ra-226 in 2027-2028, conditional on 
      completion of engineering design, securing sufficient offtake agreements 
      for final radium production, and receipt of all required regulatory 
      approvals and project financing. At the same time, parallel with its 
      Ra-226 process development activities, the Company has applied for a 
      license to concentrate R&D quantities of Ra-228 at the Mill and is 
      currently performing engineering on its process development and R&D pilot 
      facility for Ra-228 production. 

Vanadium:

   -- The Company chose not to execute any vanadium sales during the three 
      months ended March 31, 2025 and holds about 905,000 pounds of V2O5 in 
      inventory. 
 
   -- As of May 2, 2025, the spot price of V2O5 was $5.24 per pound, according 
      to data from Fastmarkets. 

Mr. Chalmers continued:

"We invite all stakeholders to join us in our upcoming May 8, 2025, earnings call, details of which are below, to learn more about our exciting achievements."

Conference Call and Webcast at 9:00 AM MT (11:00 AM ET) on May 8, 2025:

Conference call access with the ability to ask questions:

To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call.

   -- Rapid Connect URL: https://emportal.ink/4jvBbbx 

or

Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.

   -- North American Toll Free: 1-888-510-2154 

To view the webcast online:

Audience URL: https://app.webinar.net/nagk7YnBLW9

Conference Replay

   -- Conference Replay Toronto: 1-289-819-1450 
 
   -- Conference Replay North American Toll Free: 1-888-660-6345 
 
   -- Conference Replay Entry Code: 59363 # 
 
   -- Conference Replay Expiration Date: 05/15/2025 

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 Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.html, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.

Selected Summary Financial Information:

 
                                   Three Months Ended March 31, 
                 ---------------------------------------------------------------- 
(In thousands, 
except per 
share data)                    2025                             2024 
---------------  --------------------------------  ------------------------------ 
Results of 
Operations: 
Uranium 
 concentrates 
 revenues        $                             --     $                    25,314 
Heavy mineral 
sands revenues                             15,543                              -- 
Total revenues                             16,898                          25,426 
Operating 
 income (loss)                           (26,193)                           2,021 
Net income 
 (loss) 
 attributable 
 to Energy 
 Fuels Inc.                              (26,297)                           3,639 
Basic net 
 income (loss) 
 per common 
 share             $                       (0.13)  $                         0.02 
Diluted net 
 income (loss) 
 per common 
 share             $                       (0.13)  $                         0.02 
---------------  --------------------------------  ------------------------------ 
 
 
                                                                         Percent 
(In thousands)         March 31, 2025            December 31, 2024       Change 
---------------  --------------------------  --------------------------  ------- 
Financial 
Position: 
Working capital  $                  214,608  $                  170,898     26 % 
Property, plant 
 and equipment, 
 net                                 57,031                      55,187      3 % 
Mineral 
 properties, 
 net                                283,375                     278,330      2 % 
Current assets                      256,880                     230,187     12 % 
Total assets                        650,792                     611,969      6 % 
Current 
 liabilities                         42,272                      59,289   (29) % 
Total 
 liabilities                         65,363                      80,292   (19) % 
---------------  --------------------------  --------------------------  ------- 
 

ABOUT ENERGY FUELS

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, HMS, vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in-situ recovery uranium projects in the western United States. The Company 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, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which ceased mining and commenced final reclamation activities at the end of 2024, and is developing three (3) additional HMS projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver. 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." For more information on all we do, please visit www.energyfuels.com.

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation as to costs of production or gross profits or gross margins; any expectation as to future sales or sales prices; any expectation that the Company will be profitable; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that any of the critical minerals we produce will have a valuable upside; any expectation that the Company's Toliara Project or Donald Project will advance to an FID within the expected timeframes or at all; any expectation that NdPr produced at the Mill will successfully qualify for use by permanent magnet manufacturers and other potential customers or set the stage for potential offtake in the future; any expectations as to future commodity prices; any expectation the Company will update its AACE Class 4 Pre-Feasibility Study to increase throughput, or at all; any expectation that the Company will complete an updated S-K 1300 and NI 43-101-compliant report on the

Pinyon Plain mine; any expectation that the average uranium grade and resource may increase at the Pinyon Plain mine as a result of recent drill results; any expectation that the average cost per pound will decrease at the Pinyon Plain mine as a result of recent drilling results; any expectation that the Company will complete an S-K 1300 and NI 43-101 compliant mineral resource estimate on the Bahia Project in late 2025 or early 2026, or at all; any expectation as to the exploration program to be conducted at the Bahia Project during 2025; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project; any expectation that the Company will be successful in its engineering and test work for the production of Ra-226 at the Mill; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation as to future uranium, vanadium, HMS, or REE prices or market conditions; and any expectation that the Roca Honda Project will be approved, favorably reviewed by any agency, receive federal funding or in any way receive a federal endorsement or support as a result of its inclusion on the U.S. Federal Infrastructure Project's Permitting Dashboard, list of FAST-41 Transparency Projects, and any expectation that the Roca Honda Project will remain on the list for all or any part of its permitting process. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect, " "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; the inclusion or exclusion, or change in listing status, of one or more Company projects on the U.S. Federal Infrastructure Project's Permitting Dashboard, list of FAST-41 Transparency Projects; changes to regulatory requirements; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Toliara Project; the failure of the Company to provide or obtain the necessary financing required to develop the Toliara Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.

(END) Dow Jones Newswires

May 07, 2025 19:22 ET (23:22 GMT)