The Company mined 638,700 pounds of uranium from its Pinyon Plain mine in Arizona during the 2^nd quarter of 2025, cementing its place as one of the top new uranium mines in the world.

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) a leading U.S. producer of uranium, rare earth elements, and other critical minerals, is pleased to announce that its Pinyon Plain uranium mine in Arizona continues to significantly exceed previous production estimates. During June 2025, the Company mined 230,661 pounds of U₃O₈ from the Pinyon Plain mine, resulting in 638,700 total pounds of U₃O₈ mined in Q2-2025. These elevated mining rates are mainly driven by the high uranium grades at Pinyon Plain which averaged 3.51% U₃O₈ during the month of June 2025 and 2.23% U₃O₈ during the second quarter.

Mark S. Chalmers, President and CEO of Energy Fuels stated: “Pinyon Plain is proving to be a truly exceptional U.S. uranium mine. In my nearly 50-year history in the uranium industry, I have not seen any other U.S. mine like Pinyon Plain. Production and drill results to date indicate that it will be the highest-grade uranium deposit to be mined in the U.S. over the past 30 years, and I believe it is likely to be one of the highest-grade uranium deposits mined in U.S. history. We also believe that increased uranium production is very likely to result in lower unit production costs, which would positively impact our bottom line. In addition, there remains significant additional exploration potential, as the Company is only currently mining approximately 25% of the vertical extent of the prospective ore zone, and recent exceptional drill results in the Juniper zone highlight the potential for additional discovery.”

The Company further notes that during Q2-2025, Energy Fuels sold 50,000 pounds of U₃O₈ on the spot market for an average price of $77.00 per pound. In addition, due to exceptional production from the Company’s uranium mines and White Mesa Mill (the only producing conventional uranium mill in the U.S.), the Company expects to complete increasing levels of uranium sales over the next few quarters, including 140,000 pounds of U₃O₈ in Q3 and 160,000 pounds of U₃O₈ in Q4 under its existing portfolio of long-term utility contracts. In 2026, the Company expects to sell between 620,000 and 880,000 pounds of U₃O₈ under its existing long-term contracts.

The Company also expects to continue to make opportunistic sales of U₃O₈ in 2025 and 2026 and to potentially enter into new long-term sales contracts for its increased U₃O₈ production.

Qualified Person Statement

The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a “Qualified Person” as defined in S-K 1300 and National Instrument 43-101.

ABOUT ENERGY FUELS

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands, 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 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.