Energy Fuels’ Pinyon Plain Mine in Arizona produces a record 151,400 pounds of U₃O₈ contained in ore for the month of April; Underground drill program identifies large areas of uranium mineralization with average grades believed to be unprecedented in the modern era of U.S. uranium mining.

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements, and other critical minerals today reported that uranium mining rates at its Pinyon Plain mine in Arizona reached record levels in April, while the ongoing underground drill program at the mine delivers exceptional new results.

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% eU₃O₈ at its 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. Furthermore, as mined ore grades so far are significantly higher than the gamma probe grades from previous drill programs, the Company believes it will mine considerably more uranium from the Main Zone of the deposit versus what is described in the Technical Report on the Pre-Feasibility Study on the Pinyon Plain Project (PFS) prepared in February 2023 in accordance with S-K 1300 and NI 43-101.

In addition to the increase in production, the Company is pleased to announce exceptional results from its 2024 – 2025 underground drill program in another area of mineralization at the Pinyon Plain mine called the “Juniper Zone.” The February 2023 PFS includes a Mineral Resource estimate for the Juniper Zone of 703,000 pounds of U₃O₈ at an average grade of 0.95% contained in 37,000 tons of Indicated Mineral Resources, in addition to a small amount of Inferred Mineral Resources. New drill results show numerous additional high-grade intercepts within the Juniper Zone and other zones within the deposit, which together have the potential to significantly increase the mineable uranium resources at the mine.

49 core holes were completed in the Juniper Zone drilling program. Appendix A contains gamma log data that the Company collected following drilling. Drill core is currently being sampled and will be sent for analytical testing. Highlights from the drilling program include the following intercepts:

• PPCH-028: 13.4 ft with an average grade of 7.02% eU₃O₈
• PPCH-029: 7.5 ft with an average grade of 7.50% eU₃O₈
• PPCH-033: 9.3 ft with an average grade of 2.02% eU₃O₈
• PPCH-034: 17.5 ft with an average grade of 5.70% eU₃O₈
  • including 4.0 ft with an average grade of 20.11% eU₃O₈
• PPCH-035: 5.0 ft with an average grade of 5.15% eU₃O₈
• PPCH-036: 7.5 ft with an average grade of 3.17% eU₃O₈
• PPCH-043: 11.0 ft with an average grade of 1.89% eU₃O₈

All drill holes targeted the Juniper Zone and were completed from two underground drill stations. The Company believes these drill results confirm that the Juniper Zone is another very high-grade zone of uranium mineralization. All drill results can be found in the table set out in Appendix A to this release. The Company is planning to conduct additional drilling in the Juniper Zone as it continues development of that area.

“I’m amazed at these drill results,” said Energy Fuels President and CEO Mark Chalmers. “With nearly 50 years in the uranium industry, I can say that these types of grades and intercepts in a U.S. uranium mine are extremely rare. We plan to incorporate these results into an updated technical report for the Pinyon Plain mine later this year, which I believe will significantly increase the uranium reserves and resources and result in a lower mining and milling cost per pound. These results also confirm our belief that Pinyon Plain will likely be the largest and lowest cost U.S. uranium mine supplying the domestic nuclear energy industry over the next several years. I am also extremely proud of our mine personnel, who are doing the hard work to safely and responsibly produce the uranium needed to maintain America’s global leadership in energy, technology, manufacturing, and economic opportunity.”

The Pinyon Plain mine is a “breccia pipe” deposit containing large quantities of “natural uranium,” which is the technical and legal term for unenriched uranium that produces low relative levels of radioactivity. Mining natural uranium ore is the very first step in the production of baseload, 24/7/365 nuclear energy, which currently generates roughly 18% of the electricity produced in the U.S., and nearly 50% of the zero-emission electricity produced in the U.S. The Company processes the ore from Pinyon Plain and other conventional uranium mines into natural uranium concentrates (U₃O₈) at its nearby White Mesa Mill in Utah, which is then sold to nuclear utilities who convert, enrich and manufacture the U₃O₈ into fuel for their reactors.

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.