Energy Fuels Continues to Achieve Record Uranium Production as Trump Policies Drive Domestic Revival

• Energy Fuels achieved another record month of uranium production in May 2025, extracting 258,745 pounds of U₃O₈ from its Pinyon Plain mine in Arizona, representing a 71% increase over the previous month.
• The company completed an updated Technical Report on its Bullfrog Project in Utah, increasing Indicated Mineral Resources by 15% and Inferred Mineral Resources by 70% compared to previous estimates.
• Energy Fuels is advancing permits on its Roca Honda project in New Mexico and EZ Complex in Arizona, with the Roca Honda project receiving expedited federal review status under the FAST-41 program.
• The company maintained a robust balance sheet with over $210 million in liquidity and no debt as of March 31, 2025, while holding 1,310,000 pounds of U3O8 in various forms of inventory.
• Energy Fuels expects to produce up to 1,000,000 pounds of finished U₃O₈ product in 2025, with mining production guidance increased by 22% compared to previous estimates.

Energy Fuels (NYSE: UUUU, TSX: EFR) operates as a leading U.S. producer of uranium, rare earth elements, and other critical minerals. The company positions itself as a key player in revitalizing America's domestic uranium industry, operating multiple mining facilities and the White Mesa Mill in Utah. Beyond uranium, Energy Fuels has diversified into rare earth element production and heavy mineral sands operations, establishing what management describes as a world-significant critical minerals hub in the United States.

Record-Breaking Uranium Production Driven by Pinyon Plain Success

Energy Fuels' Pinyon Plain mine in Arizona continues to exceed expectations, delivering exceptional results that position it as the company's flagship operation. The mine extracted 6,043 tons of ore at an average grade of 2.14% in May 2025, containing 258,745 pounds of U₃O₈. This production represents a dramatic 71% increase over the previous month's record.

Over the first five months of 2025, Pinyon Plain has produced approximately 12,461 tons of ore with an average grade of 1.92% U₃O₈, containing 478,384 pounds of U3O8. The company has achieved a five-month production rate of roughly 96,000 pounds of U₃O₈ per month, with the last two months averaging approximately 205,000 pounds per month.

"We believe Pinyon Plain stands alone as the most important domestic uranium mine today, as it is very high-grade, very low-cost, and is expected to produce millions of pounds of uranium in the next few years with material exploration potential," said Energy Fuels' President & CEO Mark Chalmers.

The company acknowledges that sustaining these record monthly mining rates faces several challenges, including ore haulage truck availability, compliance requirements with the Navajo Nation agreement, ore stockpile limitations, and the need for additional underground development work. However, management believes the mining results demonstrate that Pinyon Plain likely contains higher-grade ore than previous estimates suggested.

Energy Fuels maintains a robust financial foundation to support its expansion plans. As of March 31, 2025, the company held $214.61 million of working capital, including $73.00 million in cash and cash equivalents, $89.64 million in marketable securities, and $67.68 million in inventory, with no debt obligations.

The company's product inventory carries additional value beyond book cost, with a market value of approximately $46.39 million compared to the balance sheet carrying cost of $34.51 million as of May 2, 2025.

Expanded Resource Base Through Bullfrog Project Update

Energy Fuels strengthened its long-term production profile through an updated Technical Report on its wholly-owned Bullfrog Project in Garfield County, Utah. The report states an Indicated Mineral Resource worth of 10.5 million pounds of eU₃O₈ contained in 1.7 million tons of material with an average grade of 0.30% eU₃O₈. Additionally, the project contains Inferred Mineral Resources of 3.4 million pounds of eU₃O₈ in 0.6 million tons of material with an average grade of 0.28% eU₃O₈.

These figures represent significant increases compared to the previous Technical Report from February 2022, with Indicated Mineral Resources growing by 15% and Inferred Mineral Resources expanding by 70%. The updated report includes first-time disclosure of project economics, identifying a 15-year mine life with annual production of approximately 700,000 to 800,000 pounds of U₃O₈ per year.

The Base Case Economics indicate development capital requirements of $55 million, with sustaining capital of $38 million and total all-in sustaining costs of $65.67 per pound of U₃O₈. At a uranium sales price of $90 per pound, the project shows an undiscounted after-tax cash flow of $147 million over the mine life, with a simple payback of approximately 5.8 years from production start.

Federal Support Accelerates Project Development

The Trump administration's focus on domestic critical mineral production has provided substantial support for Energy Fuels' expansion plans. The company's Roca Honda Mine in New Mexico was added to the FAST-41 federal permitting dashboard, potentially expediting federal review processes.

"Energy Fuels is pursuing an aggressive plan to quickly increase short-term U.S. uranium supply in support of near-term profitability and advancing key components of President Trump's Nuclear Energy, Energy Dominance, and Critical Mineral agendas," Chalmers stated.

The Roca Honda Project contains Measured and Indicated Mineral Resources of approximately 17.6 million pounds of eU3O8 in 1.9 million tons of material with an average grade of 0.48% eU3O8, plus Inferred Mineral Resources of 13.8 million pounds. The project is expected to produce an average of 2.5 million pounds of U3O8 per year for 11 years.

Energy Fuels has also resumed permitting activities on its EZ Complex in northern Arizona, which consists of two breccia pipe deposits similar to Pinyon Plain. The company currently holds an air permit for the project and is renewing its Aquifer Protection Permit.

Diversification Beyond Uranium

Energy Fuels' strategy extends beyond uranium production to encompass rare earth elements and heavy mineral sands. The company produced 37,000 kilograms of separated neodymium praseodymium (NdPr) and 9,000 kg of finished high-purity, partially separated mixed heavy samarium-plus rare earth carbonate.

"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," Chalmers explained.

The company has established strategic partnerships, including an alliance with The Chemours Company for expanding domestic critical mineral supply chains and a memorandum of understanding with POSCO International for validating NdPr oxide for permanent magnets in electric vehicle applications.

During the first quarter, Energy Fuels generated $15.54 million in heavy mineral sands revenue through sales of rutile, ilmenite, and zircon from its operations. The company continues advancing multiple heavy mineral sands projects, including the Donald Project in Australia and the Bahia Project in Brazil.

Production Guidance & Future Outlook

Energy Fuels has increased its 2025 uranium production guidance significantly, expecting to mine approximately 875,000 to 1,435,000 pounds of U₃O₈ contained in 55,000 to 80,000 tons of ore from its Pinyon Plain, La Sal, and Pandora mines. This represents a 22% increase from previously reported guidance.

Looking ahead, the company projects its production capacity could reach approximately two million pounds per year by 2026, incorporating production from multiple mines, alternate feed materials, and third-party uranium ore purchases. With its large-scale Roca Honda, Bullfrog, and Sheep Mountain projects, Energy Fuels has the potential to expand production to up to five million pounds of U₃O₈ per year in the coming years.

The company combines immediate production growth through its high-grade Pinyon Plain mine with a substantial pipeline of development projects positioned to benefit from supportive federal policies. Its diversified approach across uranium, rare earth elements, and heavy mineral sands provides multiple revenue streams while maintaining a debt-free balance sheet with significant liquidity. Energy Fuels presents a compelling investment opportunity for those seeking exposure to America's domestic critical minerals sector.