Energy Fuels Targets Full-Year Uranium Production Guidance by Mid-Year

• Energy Fuels is targeting approximately 1.6 million pounds of uranium oxide concentrate production by June 30, 2026, reaching the lower end of its previously announced full-year production guidance within six months.
• The White Mesa Mill is expected to complete its current uranium ore processing campaign by the end of June 2026, with ore processing targeted to resume in the fourth quarter of 2026 after stockpile rebuilding.
• The company plans to begin Phase 1 rare earth element circuit modifications in July 2026, aimed at enabling commercial production of heavy rare earth elements, including terbium and dysprosium.
• Mining grades are currently lower as operations move through transitional zones at Pinyon Plain and La Sal, with higher grades and increased ore tonnage targeted in the second half of 2026.
• Operating costs remain competitive, with Pinyon Plain mining, processing and transport costs tracking at $23 to $30 per pound and White Mesa Mill processing costs at $9 to $12 per pound.

Company Overview

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) is a US-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes. The Company has been the leading US producer of natural uranium concentrate and owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium processing facility in the United States. In addition to its uranium business, Energy Fuels is expanding its rare earth and mineral sands portfolio through projects in the United States, Australia, Brazil and Madagascar.

Mid-Year Production Update

Energy Fuels Inc. has provided a mid-year update on its US uranium segment. The company is targeting finished uranium oxide concentrate production at its 100% owned White Mesa Mill in Utah of approximately 1.6 million pounds by June 30, 2026, a figure that falls within the company's previously published full-year guidance range of 1.5 million to 2.5 million pounds, achieved in 6 months.

This level of production equates to an average monthly output of more than 265,000 pounds of uranium oxide concentrate from the processing of ores mined at the company's US conventional assets, including the Pinyon Plain mine in Arizona and the La Sal Complex in Utah. The company is targeting completion of its current uranium ore processing campaign at the Mill by the end of June 2026 in order to rebuild ore stockpiles, with ore processing targeted to resume in the fourth quarter of 2026, subject to continued ore production at conventional mines, uranium market conditions, and the potential for a rare earth element processing campaign.

Rare Earth Element Circuit Modifications

Starting in July 2026, Energy Fuels is targeting further modifications to the existing Phase 1 rare earth element circuits at the White Mesa Mill, which currently produce commercial quantities of separated neodymium-praseodymium. The modifications are intended to enable commercial production of heavy rare earth elements, including samarium, europium, gadolinium, terbium and dysprosium. The Phase 1 modifications are also intended to include a circuit to process uranium-bearing mixed rare earth carbonates sourced from rare earth mines globally, including carbonates from ionic adsorption clays, which are often enriched in heavy rare earth elements, thereby enabling the Mill to process both uranium and separated rare earth elements simultaneously.

Permitting for the planned Phase 1 modifications and the Phase 2 rare-earth-element expansion with the State of Utah is underway. The Phase 1 modifications are targeted to be operational in late 2027 to early 2028, while the Phase 2 expansion is targeted to increase total White Mesa Mill rare earth element capacity to nearly 6,300 metric tonnes per annum of neodymium-praseodymium, 80 metric tonnes per annum of terbium, and 288 metric tonnes per annum of dysprosium, alongside the samarium, europium and gadolinium capacity being constructed under the Phase 1 modifications.

Conventional & In-Situ Recovery Mining Updates

Ore grades and contained uranium are lower in the first half of 2026 as mining progresses through lower-grade areas at Pinyon Plain and new mining areas are established at the La Sal Complex. As a result, Energy Fuels is targeting mined output of approximately 750,000 to 850,000 pounds of contained uranium oxide concentrate in ore during the first half of the year, with grades and tonnage expected to increase in the second half of 2026.

At Nichols Ranch, delineation drilling has exceeded 136,000 feet across 214 drill holes in 2026, with an updated National Instrument 43-101 and S-K 1300-compliant Technical Report targeted later this year. The company has also begun dewatering the decline at its fully permitted Whirlwind mine, with rehabilitation targeted for completion in 2026 ahead of potential uranium production in 2027. At the Energy Queen mine, part of the La Sal Complex, infrastructure assessments have been completed, and upgrades are underway to support rehabilitation activities beginning in 2027.

Operating Costs

Mining, processing and transport costs at the Pinyon Plain mine are tracking between $23 and $30 per pound, in line with previously stated expectations. Processing costs at the White Mesa Mill are tracking between $9 and $12 per pound of uranium oxide concentrate, which the Company describes as historic lows. The Company is targeting a continued decline in cost of sales in 2026 as further sales are made under its portfolio of contracts with US nuclear utilities, along with opportunistic spot sales.

President and Chief Executive Officer of Energy Fuels Inc., Ross Bhappu, commented on the company's operating performance and broader strategic priorities: 

"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 US 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."

Next Steps

Energy Fuels is targeting completion of its current uranium ore processing campaign at the White Mesa Mill by the end of June 2026, with ore processing targeted to resume in the fourth quarter of 2026. Modifications to the Phase 1 rare earth element circuits are targeted to begin in July 2026, with Phase 1 operations targeted for late 2027 to early 2028. An updated National Instrument 43-101 and S-K 1300-compliant Technical Report for Nichols Ranch is targeted for later this year, and decline rehabilitation at the Whirlwind mine is targeted for completion in 2026 ahead of potential 2027 production.

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