Power Fuels Pronounces Q3-2025 Outcomes

Elevated uranium gross sales; continued robust low-cost uranium mining poised to exceed manufacturing steering; profitable “heavy” uncommon earth pilot manufacturing together with 29 kilograms of Dy oxide by September 30, 2025 and upcoming manufacturing of Tb oxide; put up quarter completion of upsized $700 million 0.75% convertible senior notes boosts working capital to close $1 billion together with capped name transactions that increase efficient conversion value to $30.70 per share.

Power Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Power Fuels” or the “Firm”), a number one U.S. producer of uranium, uncommon earth parts (“REEs”), and different crucial minerals, immediately reported its monetary outcomes for the quarter ended September 30, 2025. The Firm beforehand introduced particulars for its upcoming November 4, 2025, earnings name.

“Your complete crew continued to ship on guarantees this quarter, together with elevated gross sales, elevated revenues and continued low-cost uranium manufacturing, which is leading to important money margins as we common down our value of products offered over time, and set the stage for elevated gross margins in 2026,” stated Mark Chalmers, Power Fuels’ Chief Govt Officer.

“We imagine the efficiency of our uranium section is well-timed, as we see a number of elements indicating that demand for our domestically produced uranium is rising. On the similar time, we proceed to make outstanding progress in our uncommon earth section, together with ‘heavy’ uncommon earth pilot manufacturing at our White Mesa Mill and qualification of our NdPr manufacturing to be used by main vehicle producers. We additionally obtained last authorities approvals for the event of our Donald Mission uncommon earth and significant mineral three way partnership in Australia, together with receipt of a conditional Letter of Assist from Export Finance Australia for as much as A$80 million in respect of senior debt mission financing for the Mission. To prime all of it off, we accomplished an upsized providing of $700 million of convertible senior notes on very favorable phrases, rising our post-quarter working capital steadiness to just about $1 billion.”

Q3-2025 Highlights

Until famous in any other case, all greenback quantities are in U.S. {dollars}.

Monetary Highlights:

• Sturdy Steadiness Sheet with Practically $300 million of Liquidity: As of September 30, 2025, the Firm had $298.5 million of working capital together with $94.0 million of money and money equivalents, $141.3 million of marketable securities (interest-bearing securities and uranium equities), $12.1 million of commerce and different receivables, $74.4 million of stock, and no debt, which places the Firm in a powerful place because it advances its initiatives.
• Completion of Upsized $700 Million Convertible Senior Notes Providing Submit-Quarter: On October 3, 2025, the Firm closed its upsized providing of 0.75% Convertible Senior Notes due 2031 for an mixture principal quantity of $700.0 million, together with the train in full by the preliminary purchasers of their choice to buy an extra $100.0 million of notes, on a deal led by Goldman Sachs & Co. LLC. The notes have a conversion value of $20.34 per frequent share of Power Fuels (“Frequent Share“), which represents a premium of roughly 32.5% to the final reported sale value of the Frequent Shares on the NYSE American on September 30, 2025, topic to customary anti-dilution changes. The efficient conversion value of the notes was elevated to $30.70 (representing a premium of 100% during the last reported sale value of the Frequent Shares on the NYSE American on September 30, 2025) by the acquisition of capped name transactions.
• Over $15 Million of Extra Liquidity from Market Worth of Completed Stock: At October 31, 2025 commodity costs, the Firm’s product stock has a market worth of roughly $45.3 million, whereas the steadiness sheet displays product stock carried at historic value of $30.3 million.
• Lowered Web Lack of $16.7 Million In comparison with Q2 2025: Throughout Q3-2025, the Firm incurred a web lack of $16.7 million, or $0.07 per frequent share, which is an enchancment in comparison with a web lack of $21.8 million, or $0.10 per frequent share throughout Q2-2025, whereas on the similar time advancing the Firm’s improvement initiatives and prepping the Firm’s White Mesa Mill (the “Mill“) for a standard uranium ore processing run that commenced in early October 2025.
• Effectively-Stocked to Seize Market Alternatives and to Meet Lengthy-term Contract Obligations: As of September 30, 2025, the Firm held a complete of two,125,000 kilos of U₃O₈ in stock, together with 485,000 kilos of completed U₃O₈, 1,525,000 kilos of U₃O₈ in ore and uncooked supplies, and 115,000 kilos of work-in-progress U₃O₈. Stock elevated from final quarter on account of Pinyon Plain, La Sal and Pandora mine ore manufacturing, partially offset by gross sales. The Firm expects these uranium inventories to proceed rising as we proceed to mine further ore from these mines and probably buy further ore from third events, offset by upcoming contract uranium gross sales and potential spot gross sales. The Firm continues to retain most of its completed uranium product in stock in anticipation of upper uranium costs. The Firm additionally held 905,000 kilos of completed vanadium (“V₂O₅“), 37,000 kilograms (“kg“) of completed separated neodymium praseodymium (“NdPr“) oxide and 9,000 kg of completed excessive purity, partially separated combined “heavy” samarium-plus (“Sm⁺“) uncommon earth carbonate (“RE Carbonate“) in stock.

Uranium Milestones:

• Q3-2025 U₃O₈ Gross sales: The Firm offered a complete of 240,000 kilos of U₃O₈ for a weighted common realized value of $72.38 per pound for complete gross proceeds of $17.4 million and a gross margin of 26%. Spot uranium costs through the quarter had been comparatively weak, averaging roughly $74.66 throughout Q3-2025. Due to this fact, the Firm elected to make just one spot sale for 100,000 kilos of U₃O₈ through the quarter.
• Q3-2025 Uranium Mine Manufacturing: Throughout Q3-2025, the Firm mined ore containing roughly 465,000 kilos of uranium from its Pinyon Plain and La Sal mines for a complete of roughly 1,245,000 kilos of contained U₃O₈ by September 30, 2025. Ore mined on the Pinyon Plain mine throughout Q3-2025 had a mean grade of 1.27% U₃O₈, which the Firm believes is without doubt one of the highest-grade uranium mines in U.S. historical past. General grades for mined ore have averaged 1.67% for the lifetime of the mine to this point, which is sort of thrice the estimated common grade of confirmed and possible reserves for the mine of 0.58% U₃O₈ as set out within the Firm’s pre-feasibility research filed below Nationwide Instrument 43-101 (“NI 43-101“) and Subpart 1300 of Regulation S-Okay (“S-Okay 1300“). Ore from the mine is being stockpiled on the Mill for a large-scale ore processing run that commenced in early October 2025.
• Anticipated 2025 Uranium Product Manufacturing: The Firm continues to mine and stockpile ore from its Pinyon Plain, La Sal and Pandora mines, which is predicted to complete roughly 875,000 to 1,435,000 kilos of U₃O₈ contained in roughly 55,000 to 80,000 tons of ore from these mines throughout 2025. With a complete of roughly 1,245,000 kilos of contained U₃O₈ mined by September 30, 2025, and the addition of ore anticipated to be mined in This autumn-2025, the Firm is in a powerful place to fulfill or exceed the excessive finish of this steering. The Firm additionally expects to proceed to hunt to buy uranium ore from third-party miners within the area, and there’s the potential to obtain further alternate feed supplies and mine cleanup supplies, anticipated so as to add a complete of roughly 160,000 to 200,000 kilos of further contained uranium to ore inventories, all of which might be processed as market circumstances, Mill schedules, and contract necessities could warrant.
• Anticipated FY-2025 Completed Uranium Manufacturing: The Firm presently expects to course of as much as roughly 670,000 kilos of U₃O₈ in This autumn-2025 from stockpiled ore mined from its Pinyon Plain, La Sal and Pandora mines. This ore processing run is predicted to proceed by no less than Q1-2026. Anticipated This autumn-2025 manufacturing, mixed with the Firm’s 330,000 kilos of manufacturing by Q3-2025, is predicted to end result within the manufacturing of as much as roughly 1,000,000 kilos of U₃O₈ for 2025. That is anticipated to be throughout the beforehand reported 2025 manufacturing steering of 700,000 to 1 million kilos of completed U₃O₈.
• Uranium Gross sales In the course of the The rest of 2025: The Firm expects to promote 160,000 kilos of U₃O₈ in This autumn-2025 below its present long-term contracts with utilities. The Firm could promote further uranium on the spot market through the the rest of 2025, relying on market circumstances.
• 2026 Preliminary Steering: In 2026, the Firm expects to promote between 620,000 and 880,000 kilos of U₃O₈ below its present portfolio of long-term uranium gross sales contracts. The Firm could elect to promote further uranium on the spot market or below new long-term contracts, relying on Mill schedules and market circumstances. The Firm expects to supply between 430,000 and 730,000 kilos of U₃O₈ throughout Q1-2026. Uranium and/or REE manufacturing for Q2-2026 and past is undetermined right now, and might be primarily based upon Mill schedules, market circumstances, and/or industrial or authorities demand for REEs.
• Anticipated Yr Finish U₃O₈ Stock: On account of these gross sales, plus deliberate 2025 mine manufacturing, on the finish of 2025, the Firm expects to carry a complete of 1,985,000 to 2,585,000 kilos of U₃O₈ in ore inventories, together with roughly 925,000 to 1,225,000 kilos of completed U₃O₈ stock, topic to any further spot gross sales that could be made in 2025. This anticipated completed items uranium stock is predicted to be adequate to fulfill the Firm’s 2025 and 2026 supply necessities below present contracts.
• Steering: The Firm’s revised steering for 2025 is as follows:

_{(1) “Different” consists of ore purchases from third celebration miners and potential cleanup from historic deserted uranium mines.
(2) Doesn’t embody any gross sales of stock into the spot market, which the Firm could make relying on market circumstances. The Firm expects to exceed the excessive finish of the vary following its 100,000 pound spot sale in Q3-2025 that was not integrated into this vary.}

• Uranium Prices Anticipated to Decline in This autumn-2025 and FY-2026: The Firm commenced processing low-cost Pinyon Plain mine ores in This autumn-2025 which is predicted to proceed by no less than Q1-2026, throughout which we count on to supply 1.1 to 1.4 million kilos of completed U₃O₈. Throughout that Mill run, the common mining and transportation prices to the Mill for Pinyon Plain ore are anticipated to be $10 to $14 per pound of recovered U₃O₈ which along with an anticipated milling value of roughly $13 to $16 per pound of U₃O_8, are anticipated to lead to a complete weighted common value of products offered of roughly $23 to $30 per pound of U₃O₈ recovered (assuming royalty prices primarily based on present market costs), rating among the many lowest prices for mined uranium manufacturing on this planet. These high-grade Pinyon Plain ores might be blended and processed with the decrease grade, increased value, La Sal/Pandora ores by early 2026, after which the Firm can select to course of Pinyon Plain ores alone to maximise absolute margin, or along side the La Sal/Pandora ore, bought ores, and alternate feed supplies to maximise kilos of U₃O₈ produced, on the Firm’s discretion.
• Low Uranium Manufacturing Prices Anticipated for 2025: These low anticipated prices of mining are anticipated to lead to important money margins instantly upon the sale of mined uranium product, and rising gross margins as we common down our value of products offered over time. The Firm’s inventories of completed U₃O₈ had a weighted common value of roughly $53 per pound U₃O₈ as of September 30, 2025, reflecting the weighted common value of manufacturing and buy of completed inventories from varied sources over time, because the Firm continues to ramp up manufacturing and maximize economies of scale. These prices don’t but replicate the anticipated decrease prices of not too long ago mined ores from the Pinyon Plain mine, which solely not too long ago started to be processed. Because the Firm accounts for value of products offered because the weighted common value of its completed product inventories, gross sales of uranium produced in 2025 and into 2026 will replicate the blended common of the present 485,000 kilos of U₃O₈ completed inventories, plus the price of further completed U₃O₈ produced from blended stockpiled Pinyon Plain and La Sal/Pandora ores. That is anticipated to lead to prices of products offered of roughly $50 to $55 per pound for U₃O₈ gross sales by the tip of 2025, which is predicted to drop to the $30 to $40 per pound vary in Q1-2026, relying on the amount of any further spot gross sales of stock that could be made in This autumn-2025. The Firm’s capability to mix and match varied sources of uranium feeds to fulfill contract supply necessities is a novel factor of the Firm’s manufacturing capabilities that no different producer has in North America.
• Growing Gross Margins on Uranium Manufacturing: The Firm expects to earn important money margins instantly as uranium from its Pinyon Plain mine is offered. As well as, primarily based on anticipated lowering value of products offered, the present portfolio of long-term contracts, and conservative uranium value forecasts, gross margins from the Firm’s uranium gross sales are anticipated to extend over time by the tip of 2026.
• Nichols Ranch and Whirlwind Replace: The Firm continues to look at constructive outcomes from ongoing drilling at its Nichols Ranch in-situ restoration (“ISR“) Mission in Wyoming. Each the Nichols Ranch Mission and Whirlwind Mine in Colorado are being ready for manufacturing, as market circumstances warrant. If a constructive manufacturing resolution is made, manufacturing from these mines, when mixed with manufacturing from the Firm’s Pinyon Plain, La Sal and Pandora mines, alternate feed supplies, uranium from monazite, and third-party uranium ore purchases, could be anticipated to extend the Firm’s manufacturing run-rate to roughly 2.5 million kilos per 12 months by as early as 2026.
• Roca Honda, Bullfrog, and Sheep Mountain Replace: The Firm continued advancing allowing and different pre-development actions on its large-scale Roca Honda and Bullfrog uranium initiatives throughout Q3-2025, which along with its Sheep Mountain Mission, have the potential to broaden the Firm’s uranium manufacturing to a run-rate of as much as 5 million kilos of U₃O₈ per 12 months within the coming years. Roca Honda is presently on a Quick-41 transparency mission timeline.
• Uranium Market Replace: As of October 31, 2025, the spot value of U₃O₈ was $82.50 per pound and the long-term value of U₃O₈ was $86.00 per pound, based on information from TradeTech.

Uncommon Earth Component Milestones:

• Important Enhancements in REE Market: REE markets have improved considerably during the last three months, with NdPr costs rising by roughly 25% from $61.88 per kg on June 30, 2025 to $77.73 on September 30, 2025, based on Asian Metals. In accordance with Benchmark, as of September 30, 2025, European NdPr, dysprosium (“Dy“) and terbium (“Tb“) costs of $87.50 per kg, $850 per kg and $3,600 per kg based on Benchmark exceed the printed Chinese language costs of $77.73 per kg, $226 per kg and $990 per kg, respectively, by 13%, 276% and 264%, respectively.
• Pilot Scale Manufacturing of Heavy REEs At present Underway: On August 21, 2025, the Firm introduced it efficiently accomplished manufacturing of 99.9% purity Dy oxide, which is effectively in extra of the 99.5% industrial specification. We imagine Power Fuels is the primary U.S. firm to publicly report Dy manufacturing volumes and purities. So far, the Mill has produced 29 kilograms of Dy oxide in its pilot circuit. Pilot manufacturing of Tb oxide is focused for December 2025.
• Industrial Scale Manufacturing of Heavy REEs: Based mostly on the success of its “heavy” REE pilot, the Firm intends to assemble and fee commercial-scale Dy, Tb and probably samarium (“Sm“) separation capability on the Mill, which may very well be operational as quickly as This autumn-2026. A number of magnet producers and OEMs have expressed robust curiosity in acquiring Dy samples, additional validating the Firm’s technique to ascertain a completely non-Chinese language uncommon earth provide chain for industrial and protection purposes.
• Export Finance Australia Points Conditional Letter of Assist for the Donald Mission: On October 21, 2025, Export Finance Australia (“EFA“) issued a non-binding, conditional Letter of Assist to Power Fuels and Astron Restricted for as much as AUD$80 million of senior debt financing for the Donald Mission. The Donald Mission, which is predicted to require roughly AUD$520 million in complete funding with a focused 50:50 debt-to-equity ratio construction, is deliberate to start manufacturing within the second half of 2027 and is predicted to supply ~7,200 tonnes every year of uncommon earth oxide focus, together with ~1,000 tonnes of NdPr oxide, ~92 tonnes of Dy oxide, and ~16 tonnes of Tb oxide. The Firm expects to buy 100% of the uncommon earth focus below a life-of-mine offtake settlement for processing on the Mill. This conditional assist from EFA marks a major step towards advancing mission financing and reinforces the strategic significance of the Donald Mission in strengthening the Australia–U.S. crucial minerals provide chain.
• U.S. Mined and Processed Uncommon Earths Efficiently Manufactured into Everlasting Magnets for Use in EVs and Hybrids: On September 9, 2025, the Firm introduced that the high-purity NdPr oxide produced at its Mill was manufactured into industrial scale uncommon earth everlasting magnets by South Korea’s largest producer of drive unit motor cores, pursuant to a beforehand introduced MOU, and has handed all high quality assurance and high quality management (QA/QC) benchmarks to be used in EV drive unit motors offered to main automotive producers. This included the profitable manufacture of Power Fuels’ NdPr oxide into NdPr metallic, neodymium-iron-boron (“NdFeB“) alloy sintered blocks (45H grade), and high-performance, high-temperature NdFeB uncommon earth everlasting magnets (“REPMs“).
• Power Fuels and Vulcan Parts Be a part of Forces to Advance U.S. Uncommon Earth Magnet Safety: On August 26, 2025, the Firm and Vulcan Parts, a U.S. producer of REPMs, introduced that the businesses have signed a Memorandum of Understanding (“MOU“) to collaborate on making a resilient home provide chain for REPMs impartial of China. Underneath the collaboration, Power Fuels has agreed to produce preliminary portions of high-purity “mild” and “heavy” separated uncommon earth oxides to Vulcan in This autumn of 2025. Upon receipt, Vulcan will validate Power Fuels’ NdPr and Dy oxides for manufacturing of REPMs. After validating the oxides, Vulcan and Power Fuels intend to barter further long-term provide agreements for each NdPr and Dy oxides. NdPr and Dy are key uncooked supplies required for the manufacture of REPMs. The NdPr and Dy oxides that Power Fuels will present to Vulcan below the MOU for validation might be sourced solely from U.S. mines.
• Know-how Relevant to a Extensive Vary of Feedstocks: Not like different firms who’re experimenting with “heavy” REE manufacturing through recycling, we imagine Power Fuels is the one U.S. firm producing separated “heavy” REE oxides from industrial REE ores. The REE separation strategies being utilized by Power Fuels can be utilized to a variety of feedstocks, together with combined REE concentrates and recycled supplies.
• Deliberate Enlargement of Industrial Throughput of REEs: The Firm continues the method of updating the Mill’s AACE Worldwide (“AACE“) Class 4 Pre-Feasibility Examine (not a Pre-Feasibility Examine topic to or meant to be compliant with NI 43-101 or S-Okay 1300), initially launched in Q2-2024 to extend throughput by 50,000 tonnes every year (“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 may be seen on the Firm’s web site, www.energyfuels.com.

Heavy Mineral Sands:

• The Toliara Mission: Since buying the Toliara Mission in Madagascar (the “Toliara Mission“) on October 2, 2024, the Firm has been in discussions with the Authorities of Madagascar to ascertain the required authorized regime to assist improvement of the Mission, which might be required earlier than a constructive FID may be made. These discussions have been centered on, amongst different issues, mechanisms for attaining authorized and monetary stability, choose tax and customs advantages, crucial changes to international trade guidelines, protections from expropriation and entry to worldwide arbitration for dispute decision. The Firm has additionally been in search of clarification of present procedures for including monazite to the Mission’s mining allow, which presently permits for the manufacturing of ilmenite, rutile, and zircon. Latest discussions with the Authorities have centered on addressing these points by an funding settlement to be authorised by Parliament or by revisions to present Malagasy regulation relevant to massive scale mining investments.

  On October 17, 2025, a brand new President of Madagascar was sworn in by the Nation’s Excessive Constitutional Courtroom following a interval of social unrest and political instability that resulted within the removing of the Nation’s prior President, and, on October 20, 2025, a brand new Prime Minister was appointed. Shortly thereafter, on October 28, 2025, a brand new cupboard was introduced. At the moment, it’s too early to find out whether or not and to what extent latest social and political developments in Madagascar could influence the Toliara Mission, whether or not positively or negatively, together with with respect to the Mission’s improvement prospects or timelines, the flexibility to attain appropriate fiscal or different phrases relevant to the Mission or the flexibility to attain a constructive FID. These developments haven’t had an influence on the monetary outcomes of the Firm right now. The Firm will proceed to watch occasions as they unfold and intends to additional have interaction with the Authorities when acceptable.

• The Donald Mission: The Firm continued to advance the Donald Mission, a big monazite-rich heavy mineral sands (“HMS“) mission in Australia, pursuant to its three way partnership with Astron Company Restricted. Having obtained the ultimate main regulatory approval required to assemble and function the Donald Mission, together with advancing industrial and financing avenues, the Firm expects that an FID may very well be made on the Donald Mission as early as This autumn-2025 or early 2026. The Donald Mission is of specific curiosity because the monazite focus has distinctive concentrations of the “heavy” uncommon earth parts, together with Dy, Tb, and Sm.
• The Firm additionally obtained its exploration allow and plans to restart its drilling program on the Bahia Mission in This autumn-2025 with the purpose of getting sufficient data to declare an S-Okay 1300-compliant preliminary evaluation and NI 43-101-compliant technical report in 2026.

Medical Isotope Highlights:

• Throughout Q3-2025, the Firm continued to make the most of its analysis and improvement (“R&D“) license for the potential restoration of R&D portions of Ra-226 on the Mill. In the course of the the rest of 2025 and in early 2026, Power Fuels plans to finish its course of improvement engineering and, upon profitable completion of such engineering, expects to arrange the primary levels of the pilot facility and produce R&D portions of Ra-226 for testing by end-users of the product. Upon profitable manufacturing of R&D portions of Ra-226, Power Fuels plans to develop capabilities on the Mill for the commercial-scale manufacturing of Ra-226 in 2027-2028, conditional on completion of engineering design, securing adequate offtake agreements for last radium manufacturing, and receipt of all required regulatory approvals and mission financing. On the similar time, parallel with its Ra-226 course of improvement actions, the Firm has utilized for a license to pay attention R&D portions of Ra-228 on the Mill and is presently performing engineering on its course of improvement and R&D pilot facility for Ra-228 manufacturing.

Director Retirements

• On October 15, 2025, longtime Director Robert W. Kirkwood stepped down from his place with the Firm. Mr. Kirkwood served on the Board for over eight years, throughout which era he served in plenty of capacities, together with most not too long ago as Chair of the Compensation Committee. Mr. Kirkwood was a extremely revered and valued contributor, notable for his balanced and well-reasoned insights.
• On October 29, 2025, Director Ivy V. Estabrooke stepped down from her place with the Firm. Ms. Estabrooke served on the Board for almost 4 years, together with on varied committees. Ms. Estabrooke delivered to the Firm insightful views on authorities relations and technique and was an engaged and lively participant in a spread of beneficial discussions.

The Firm extends its sincerest because of Mr. Kirkwood and Ms. Estabrooke for his or her devoted service to the Firm and desires every of them effectively of their future endeavors.

Mr. Chalmers continued:

“We invite all stakeholders to hitch us in our upcoming November 4, 2025, earnings name, particulars of that are beneath, to study extra about our thrilling achievements.”

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The Firm’s Quarterly Report on Kind 10-Q has been filed with the U.S. Securities and Change Fee (“SEC“) and could also be seen on the Digital Doc Gathering and Retrieval System (“EDGAR“) at www.sec.gov/edgar.html, on the System for Digital Knowledge Evaluation and Retrieval + (“SEDAR+“) at www.sedarplus.ca, and on the Firm’s web site at www.energyfuels.com. Until famous in any other case, all greenback quantities are in U.S. {dollars}.

Chosen Abstract Monetary Info:

Certified Individual Assertion

The scientific and technical data disclosed on this information launch was reviewed and authorised by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Companies for the Firm, who’s a “Certified Individual” as outlined in S-Okay 1300 and Nationwide Instrument 43-101.

ABOUT Power Fuels

Power Fuels is a number one US-based crucial minerals firm, centered on uranium, REEs, HMS, vanadium and medical isotopes. The Firm has been the main U.S. producer of pure uranium focus for the previous a number of years, which is offered to nuclear utilities that course of it additional for the manufacturing of carbon-free nuclear power and owns and operates a number of standard and in-situ restoration uranium initiatives within the western United States. The Firm additionally owns the White Mesa Mill in Utah, which is the one absolutely licensed and working standard uranium processing facility in the US. On the Mill, the Firm additionally produces superior REE merchandise, vanadium oxide (when market circumstances warrant), and is evaluating the restoration of sure medical isotopes from present uranium course of streams wanted for rising most cancers therapies. The Firm additionally owns the working Kwale HMS mission in Kenya which ceased mining and commenced last reclamation actions on the finish of 2024, and is growing three (3) further HMS initiatives: the Toliara Mission in Madagascar; the Bahia Mission in Brazil; and the Donald Mission in Australia by which the Firm has the correct to earn as much as a 49% curiosity in a three way partnership with Astron Company Restricted. The Firm relies in Lakewood, Colorado, close to Denver. The first buying and selling marketplace for Power Fuels’ frequent shares is the NYSE American below the buying and selling image “UUUU,” and the Firm’s frequent shares are additionally listed on the Toronto Inventory Change below the buying and selling image “EFR.” For extra data on all we do, please go to www.energyfuels.com.

Cautionary Be aware Relating to Ahead-Wanting Statements: This information launch accommodates sure “Ahead Wanting Info” and “Ahead Wanting Statements” throughout the which means of relevant United States and Canadian securities laws, which can embody, however are usually not restricted to, statements with respect to: any expectation that the Firm will keep its place as a number one U.S.-based crucial minerals firm or because the main producer of uranium within the U.S.; any expectation with respect to timelines to manufacturing; any expectation as to charge, portions or period of manufacturing; any expectations as to uranium or different mineral grades and whether or not such grades will proceed or change over time; any expectation as to prices of products offered, prices of manufacturing or gross earnings, gross margins or different margins; any expectation as to future gross sales or gross sales costs; any expectations as to future stock ranges or modifications to stock ranges; any expectation that the Firm might be worthwhile; any expectation that the Firm has the required expertise and might be profitable in producing REE oxides, at scale by growth of its present REE manufacturing functionality in Utah, or in any other case; any expectation that the Firm may very well be ready to supply Dy, Tb, and probably Sm on a industrial scale as early as This autumn, 2026, or in any respect; any expectation that the REE separation strategies being utilized by Power Fuels can be utilized to a variety of feedstocks, together with uncommon earth concentrates, and recycle supplies; any expectation that the Firm will develop its deliberate growth of REE separation capability on the Mill; any expectation that the Firm’s allowing efforts might be profitable and as to any potential future manufacturing from any properties which can be within the allowing or improvement stage; any expectation with respect to the Firm’s deliberate exploration applications; any expectation that any of the crucial minerals the Firm produces may have a beneficial upside; any expectation that the Firm’s Toliara Mission or Donald Mission will advance to an FID throughout the anticipated timeframes or in any respect; any expectation that any separated REE oxides produced on the Mill will efficiently qualify to be used by everlasting magnet producers and different potential prospects or set the stage for potential offtake sooner or later; any expectations as to future commodity costs; any expectation the Firm will replace its AACE Class 4 Pre-Feasibility Examine to extend throughput, or in any respect; any expectation that the common uranium grade and useful resource could enhance on the Pinyon Plain mine because of latest drill outcomes; any expectation that Power Fuels might be profitable in agreeing on fiscal phrases with the Authorities of Madagascar or in attaining adequate fiscal and authorized stability for the Toliara Mission; any expectation that the Firm might be profitable in its engineering and check work for the manufacturing of Ra-226 on the Mill; any expectation that the Firm’s analysis of radioisotope restoration on the Mill might be profitable; any expectation that any radioisotopes that may be recovered on the Mill might be offered on a industrial foundation; any expectation as to the portions to be delivered below present uranium gross sales contracts; and any expectation as to future uranium, vanadium, REE or HMS costs or market circumstances. Usually, these forward-looking statements may be recognized by way of forward-looking terminology corresponding to “plans,” “expects,” “doesn’t count on,” “is predicted,” “is probably going,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “doesn’t anticipate,” or “believes,” or variations of such phrases and phrases, or state that sure actions, occasions or outcomes “could,” “might,” “would,” “would possibly” or “might be taken,” “happen,” “be achieved” or “have the potential to.” All statements, apart from statements of historic reality, herein are thought-about to be forward-looking statements. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements specific or implied by the forward-looking statements. Elements that would trigger precise outcomes to vary materially from these anticipated in these forward-looking statements embody dangers related to: commodity costs and value fluctuations; engineering, building, processing and mining difficulties, upsets and delays; allowing and licensing necessities and delays; the inclusion or exclusion, or change in itemizing standing, of a number of Firm initiatives on the U.S. Federal Infrastructure Mission’s Allowing Dashboard, record of FAST-41 Transparency Tasks; modifications to regulatory necessities; the imposition of tariffs and different restrictions on commerce; authorized challenges; the supply of feed sources for the Mill; competitors from different producers; public opinion; authorities and political actions or inactions; the failure of the Authorities of Madagascar to agree on fiscal phrases for the Toliara Mission or present the approvals crucial to attain adequate fiscal and authorized stability on acceptable phrases and circumstances or in any respect; the failure of the Firm to acquire the required permits for the restoration of Monazite from the Toliara Mission; the failure of the Firm to supply or acquire the required financing required to develop the Toliara Mission, the Donald Mission, the Bahia Mission and/or its expanded REE separations capability; out there provides of monazite; the flexibility of the Mill to supply RE Carbonate, REE oxides or different REE merchandise to fulfill industrial specs on a industrial scale at acceptable prices or in any respect; market elements, together with future demand for REEs; precise outcomes differing from estimates and projections; the flexibility of the Mill to recuperate radium or different radioisotopes at affordable prices or in any respect; market costs and demand for medical isotopes; and the opposite elements described below the caption “Threat Elements” within the Firm’s most not too long ago filed Annual Report on Kind 10-Okay, which is offered for assessment on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Firm’s web site at www.energyfuels.com. Ahead-looking statements contained herein are made as of the date of this information launch, and the Firm disclaims, apart from as required by regulation, any obligation to replace any forward-looking statements whether or not because of new data, outcomes, future occasions, circumstances, or if administration’s estimates or opinions ought to change, or in any other case. There may be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, the reader is cautioned to not place undue reliance on forward-looking statements. The Firm assumes no obligation to replace the data on this communication, besides as in any other case required by regulation.

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SOURCE Power Fuels Inc.

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