Energy Fuels Inc. (NYSE:UUUU) Q1 2023 Results Conference Call May 9, 2023 4:00 PM ET Company Participants Mark Chalmers - President and Chief Executive Officer Tom Brock - Chief Financial Officer Curtis Moore - Senior VP of Corporate Development Marketing Conference Call Participants Heiko Ihle - H.C. Wainwright Joseph Reagor - Roth MKM Operator Good morning. My name is Brain, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels’ First Quarter 2023 ...

Financial Performance - Total revenues for the three months ended March 31, 2023, were $19,613,000, a significant increase from $2,937,000 in the same period of 2022[27]. - The company reported a net income of $114,264,000 for Q1 2023, compared to a net loss of $14,730,000 in Q1 2022, marking a substantial turnaround[27]. - Basic and dilutive net income per common share was $0.72 for Q1 2023, compared to a loss of $0.09 per share in the prior year[27]. - The total operating loss for the first quarter was $405,000, a significant improvement from a loss of $10,213,000 in the same quarter of the previous year[27]. - For the three months ended March 31, 2023, Energy Fuels reported a net income of $114.264 million, a significant increase compared to a net loss of $14.730 million in the same period of 2022[30]. - Total other income for the three months ended March 31, 2023, was $114.67 million, significantly improving from a loss of $4.52 million in the same period of 2022[78]. - The Company reported a net income of $114.26 million for Q1 2023, a significant increase from a net loss of $14.73 million in Q1 2022, primarily due to a gain of $116.45 million from the sale of the Alta Mesa ISR Project[169]. Revenue Sources - Uranium concentrates revenue was $18,470,000, while vanadium concentrates revenue decreased to $871,000 from $2,412,000 year-over-year[27]. - Revenues from uranium concentrates for Q1 2023 were $18.47 million, with a realized sales price of $61.57 per pound, compared to no revenues in Q1 2022[171]. - The Company sold 79,344 pounds of vanadium in Q1 2023 at a weighted average price of $10.98 per pound, with total revenues from vanadium concentrates decreasing by 64% year-over-year[160][172]. Assets and Liabilities - Total assets increased to $375,451,000 as of March 31, 2023, up from $273,947,000 at the end of 2022[28]. - Shareholders' equity rose to $355,032,000 as of March 31, 2023, compared to $240,427,000 at the end of 2022[28]. - The company’s cash and cash equivalents decreased to $43,831,000 from $62,820,000 at the end of 2022[28]. - As of March 31, 2023, the company's asset retirement obligations were $9.86 million, a slight increase from $9.60 million at the end of 2022[55]. - As of March 31, 2023, total receivables increased to $3.60 million from $2.06 million as of December 31, 2022, with current receivables rising to $2.10 million[78]. - As of March 31, 2023, the maximum exposure to credit risk was the carrying value of cash and cash equivalents, trade and note receivables, convertible notes, and marketable debt securities[204]. Cash Flow - The company experienced a net cash used in operating activities of $2.579 million, an improvement from $10.548 million in the prior year[30]. - Net cash used in operating activities decreased by $7.97 million to $2.58 million for Q1 2023 from $10.55 million in Q1 2022[192]. - Net cash used in investing activities increased by $18.60 million to $19.00 million for Q1 2023 from $0.40 million in Q1 2022[193]. Investments and Acquisitions - Energy Fuels made significant investments in mineral properties, totaling $21.624 million during the quarter[30]. - The Bahia Project acquisition involved 17 mineral concessions totaling approximately 37,300 acres for a total purchase price of $27.50 million, with $21.60 million due at closing[49][50]. - The Company has acquired 17 mineral sand concessions in Bahia, Brazil, totaling approximately 37,300 acres, to support its REE supply chain[108]. Production and Operations - The Company produced approximately 8.0 million pounds of U3O8 per year at its Mill, which is licensed to process an average of 2,000 tons of ore per day[112]. - The Mill is expected to produce up to 1,000 tonnes of separated NdPr oxide per year following modifications to its SX facilities[134]. - The Company produced approximately 250 tonnes of high-purity, partially separated mixed RE Carbonate, containing about 115 tonnes of TREO during the three months ended March 31, 2023[149]. - The Company expects to process approximately 600 tonnes of monazite and recover approximately 150 to 170 tonnes of TREO in the first half of 2023[149]. Market Conditions - The uranium spot price rose from $47.60 per pound at the beginning of the quarter to $50.60 per pound by March 31, 2023, marking a 6% increase[128]. - NdPr Oxide prices in China dropped approximately 26% during the Quarter from ¥710 RMB/kg (about $103/kg) to ¥525 RMB/kg (about $76/kg)[136]. - The REE market is dominated by China, producing approximately 83% of refined REE products, with prices for magnet elements expected to remain elevated through 2050[137]. Strategic Initiatives - Energy Fuels is ramping up production of rare earth element (REE) carbonate and evaluating the potential to recover radioisotopes for cancer therapeutics[32]. - The Company is focused on establishing itself as a critical minerals hub in the U.S., contributing to clean energy and climate change initiatives[32]. - The Company is actively pursuing additional supplies of natural monazite sands and has engaged with U.S. government agencies on various REE initiatives[109]. - The Company is positioned to participate in the cleanup of abandoned uranium mines in the U.S., with potential revenue from cleanup activities exceeding $1.5 billion[113]. Shareholder Information - Energy Fuels Inc. issued 346,350 shares for stock options and restricted stock units during the first quarter of 2023[29]. - The company has authorized a total of 15,802,941 common shares for future equity incentive plan awards as of March 31, 2023[62]. - The fair value of Stock Appreciation Rights (SARs) granted during the three months ended March 31, 2023, was estimated at $3.45 per SAR, with a weighted average expected volatility of 55%[69]. Regulatory and Compliance - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2023[206]. - There have been no changes in internal control over financial reporting that materially affected the Company's internal control during the quarter ended March 31, 2023[207]. - The company is not aware of any material pending or threatened litigation that would likely have a material adverse effect on operations[210]. - There have been no material changes from the risk factors disclosed in the Annual Report for the year ended December 31, 2022[212].

Energy Fuels Inc. (NYSE:UUUU) Q4 2022 Results Conference Call March 10, 2023 11:00 AM ET Company Participants Mark Chalmers - President and CEO Dave Frydenlund - EVP and Chief Legal Officer Curtis Moore - SVP, Marketing and Corporate Development Conference Call Participants Marcus Giannini - H.C. Wainwright Joseph Reagor - Roth MKM Mike Heim - NOBLE Capital Markets Puneet Singh - Eight Capital Operator Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like ...

[SUBPARTS](index=6&type=section&id=SUBPARTS) [Cautionary Statement Regarding Forward-Looking Statements and Risk Factor Summary](index=6&type=section&id=ITEM%20I%3A%20CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20STATEMENTS%20AND%20RISK%20FACTOR%20SUMMARY) Outlines forward-looking statements based on management estimates, subject to global economic, operational, market, and regulatory risks - Forward-looking statements are based on management's opinions and estimates, and actual results may differ materially due to various factors[15](index=15&type=chunk) - Key risks include global economic risks (pandemics, political unrest, wars), operational risks (mine restarts, REE production ramp-up, metallurgical difficulties), market risks (commodity price fluctuations), and regulatory/environmental challenges[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Cautionary Note to Investors Concerning Disclosure of Mineral Resources and Reserves](index=11&type=section&id=ITEM%20II%3A%20CAUTIONARY%20NOTE%20TO%20INVESTORS%20CONCERNING%20DISCLOSURE%20OF%20MINERAL%20RESOURCES%20AND%20RESERVES) Clarifies the Company's compliance with U.S. SEC S-K 1300 and Canadian NI 43-101 standards for mineral disclosure - All mineral estimates in this report comply with both SEC S-K 1300 and Canadian NI 43-101 standards[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company is classified as a 'development stage issuer' under S-K 1300, indicating engagement in preparing mineral reserves for extraction on at least one material property[28](index=28&type=chunk)[30](index=30&type=chunk) - Investors are cautioned that Inferred Mineral Resources may not be economically or legally mineable and may not be upgraded to a higher category[27](index=27&type=chunk)[33](index=33&type=chunk) [Glossary of Technical Terms](index=14&type=section&id=ITEM%20III%3A%20GLOSSARY%20OF%20TECHNICAL%20TERMS) Provides definitions for key technical terms used in the Annual Report, essential for understanding mining and processing activities - Defines key terms such as 'Mineral Reserve', 'Mineral Resource', 'In-situ recovery (ISR)', 'Rare Earth Elements (REEs)', 'Uranium (U3O8)', and 'Vanadium pentoxide (V2O5)'[33](index=33&type=chunk)[36](index=36&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - Explains 'Modifying Factors' as considerations applied to mineral resources to establish economic viability for conversion to reserves, including mining, processing, economic, and legal factors[33](index=33&type=chunk)[40](index=40&type=chunk) [Glossary of Regulatory Agencies and Exchanges](index=16&type=section&id=ITEM%20IV%3A%20GLOSSARY%20OF%20REGULATORY%20AGENCIES%20AND%20EXCHANGES) Lists and defines regulatory agencies and stock exchanges relevant to the Company's operations and securities - Lists key U.S. regulatory bodies such as SEC, EPA, BLM, DOE, NRC, and MSHA, and state agencies like ADEQ, UDEQ, and WDEQ[44](index=44&type=chunk) - Identifies primary stock exchanges where Energy Fuels' shares are listed: NYSE American (UUUU) and Toronto Stock Exchange (EFR)[3](index=3&type=chunk)[44](index=44&type=chunk) [PART I](index=17&type=section&id=PART%20I) [Description of Business](index=17&type=section&id=ITEM%201.%20DESCRIPTION%20OF%20BUSINESS) Energy Fuels is a leading U.S.-based critical minerals company focused on uranium, REEs, and vanadium, operating the White Mesa Mill - Energy Fuels is a U.S.-based critical minerals company producing uranium, REEs, and vanadium, with potential for radioisotope recovery[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The White Mesa Mill is the only operating conventional uranium, vanadium, and REE recovery facility in the U.S., with a licensed capacity of over **8 million pounds of U3O8 per year**[55](index=55&type=chunk) - The Company is ramping up commercial production of RE Carbonate and developing NdPr oxide separation capabilities at the Mill, with Phase 1 expected to be operational in late 2023 or early 2024[54](index=54&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - In February 2023, Energy Fuels acquired the Bahia Project in Brazil to secure monazite supply for its REE business[48](index=48&type=chunk)[77](index=77&type=chunk) - The Company sold its Alta Mesa ISR Project for **$120 million** in February 2023, intending to use proceeds to finance uranium production ramp-up, REE separation, and other strategic initiatives[100](index=100&type=chunk)[106](index=106&type=chunk) [General Development of the Business](index=17&type=section&id=General%20Development%20of%20the%20Business) [Corporate Structure](index=17&type=section&id=Corporate%20Structure) [Business Overview](index=17&type=section&id=Business%20Overview) [ISR Operations](index=18&type=section&id=ISR%20Operations) [Conventional Operations](index=19&type=section&id=Conventional%20Operations) [Mineral Exploration](index=21&type=section&id=Mineral%20Exploration) [The Company's Rare Earth Elements Business](index=21&type=section&id=The%20Company%27s%20Rare%20Earth%20Elements%20Business) [The Company's Strategic Alliance for the Development of Radioisotopes for Medical Therapeutics](index=23&type=section&id=The%20Company%27s%20Strategic%20Alliance%20for%20the%20Development%20of%20Radioisotopes%20for%20Medical%20Therapeutics) [San Juan County Clean Energy Foundation](index=24&type=section&id=San%20Juan%20County%20Clean%20Energy%20Foundation) [Material Transactions](index=24&type=section&id=Material%20Transactions) [2022 Corporate Developments](index=25&type=section&id=2022%20Corporate%20Developments) [2021 Corporate Developments](index=27&type=section&id=2021%20Corporate%20Developments) [Company Strategy](index=28&type=section&id=Company%20Strategy) [Uranium Sales](index=29&type=section&id=Uranium%20Sales) [Overview of Uranium Market](index=29&type=section&id=Overview%20of%20Uranium%20Market) [Uranium Market Outlook and Uranium Marketing Strategy](index=31&type=section&id=Uranium%20Market%20Outlook%20and%20Uranium%20Marketing%20Strategy) [The Rare Earth Element Market](index=32&type=section&id=The%20Rare%20Earth%20Element%20Market) [The Vanadium Market](index=34&type=section&id=The%20Vanadium%20Market) [Competition](index=34&type=section&id=Competition) [Government Regulation](index=36&type=section&id=Government%20Regulation) [Land Tenure](index=39&type=section&id=Land%20Tenure) [Environmental and Social Efforts and Impacts](index=41&type=section&id=Environmental%20and%20Social%20Efforts%20and%20Impacts) [Employees](index=41&type=section&id=Employees) [Available Information](index=42&type=section&id=Available%20Information) [Risk Factors](index=43&type=section&id=ITEM%201A.%20RISK%20FACTORS) Details significant risks impacting Energy Fuels' business, including commodity price volatility, operational hazards, and regulatory complexities - Profitability is highly sensitive to market prices of uranium, vanadium, and REEs, which are cyclical and subject to substantial fluctuations beyond the Company's control[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) - Most properties lack defined Mineral Reserves, and many are not economic at current commodity prices, requiring future price increases or copper byproduct value to advance[196](index=196&type=chunk) - The REE business faces risks including securing adequate monazite supply, contracting sales at satisfactory prices, process failures, and competition from state-subsidized Chinese companies[222](index=222&type=chunk) - Radioisotope initiatives for cancer therapeutics carry risks related to technical and economic feasibility, commercial sales commitments, regulatory approvals, and competition from alternative treatments[223](index=223&type=chunk) - Geopolitical events like Russia's invasion of Ukraine create significant uncertainty in global energy markets and supply chains, potentially impacting the Company's operations and public perception of nuclear energy[288](index=288&type=chunk)[289](index=289&type=chunk) [Risks Related to our Industry](index=43&type=section&id=Risks%20Related%20to%20our%20Industry) [Risks associated with our REE business](index=51&type=section&id=Risks%20associated%20with%20our%20REE%20business) [Risks Associated with our TAT Radioisotope Initiatives](index=52&type=section&id=Risks%20Associated%20with%20our%20TAT%20Radioisotope%20Initiatives) [Risks Relating to our Regulatory Environment](index=52&type=section&id=Risks%20Relating%20to%20our%20Regulatory%20Environment) [Risks Related to Our Business](index=56&type=section&id=Risks%20Related%20to%20Our%20Business) [General Risk Factors](index=67&type=section&id=General%20Risk%20Factors) [Unresolved Staff Comments](index=69&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) States there are no unresolved staff comments from the SEC regarding the Company's filings [Description of Properties](index=70&type=section&id=ITEM%202.%20DESCRIPTION%20OF%20PROPERTIES) Provides a detailed overview of Energy Fuels' mineral properties, including ISR and conventional uranium projects, the White Mesa Mill, and the Bahia Project - Energy Fuels holds two key U.S. uranium production centers: the White Mesa Mill (Utah) and the Nichols Ranch ISR Project (Wyoming)[301](index=301&type=chunk) - The Company acquired the Bahia Project in Brazil in February 2023, an exploration-stage property believed to hold significant quantities of heavy minerals, including monazite for REE processing[301](index=301&type=chunk)[309](index=309&type=chunk) Uranium, Vanadium, and TREO Recovery History (2018-2022) | Project or Source | 2022 (000s lbs U3O8) | 2021 (000s lbs U3O8) | 2020 (000s lbs U3O8) | 2019 (000s lbs U3O8) | 2018 (000s lbs U3O8) | |:---|:---:|:---:|:---:|:---:|:---:| | Alternate Feed Materials | 161 | --- | 144 | --- | 561 | | Tailings Solution Recycle & In-Circuit Material | --- | --- | 47 | --- | 216 | | Conventional Feed Materials | 1 | --- | --- | --- | --- | | Nichols Ranch | 0.5 | 0.5 | 6 | 70 | 140 | | Alta Mesa | --- | --- | --- | --- | --- | | **Total U3O8 Recovered** | **162** | **0.5** | **197** | **70** | **917** | | **Total V2O5 Recovered (000s lbs)** | **---** | **---** | **67** | **1,807** | **---** | | **Total TREO Recovered (Metric Tons)** | **95** | **120** | **---** | **---** | **---** | Mineral Reserve Estimates - In Situ Uranium (as of Dec 31, 2022) | Project | Proven Mineral Reserves (000s lbs eU3O8) | Probable Mineral Reserves (000s lbs eU3O8) | |:---|:---:|:---:| | Sheep Mountain (Congo Pit) | --- | 9,248 | | Sheep Mountain (Underground) | --- | 9,117 | | Pinyon Plain | 50.8 | 1,517 | | **Total Mineral Reserves** | **50.8** | **19,882** | Total Mineral Resources - In Situ Uranium (as of Dec 31, 2022) | Category | Measured (000s lbs eU3O8) | Indicated (000s lbs eU3O8) | Inferred (000s lbs eU3O8) | |:---|:---:|:---:|:---:| | ISR Properties | 205 | 9,388 | 17,969 | | Conventional Properties | 1,984 | 35,011 | 20,181 | | **Total Mineral Resources** | **2,025** | **41,153** | **21,357** | [Overview](index=71&type=section&id=Overview) [ISR Uranium Activities](index=71&type=section&id=ISR%20Uranium%20Activities) [Conventional Uranium Activities](index=71&type=section&id=Conventional%20Uranium%20Activities) [Conventional Activities (Other)](index=73&type=section&id=Conventional%20Activities%20(Other)) [Uranium, Vanadium and Rare Earth Recovery History](index=73&type=section&id=Uranium%2C%20Vanadium%20and%20Rare%20Earth%20Recovery%20History) [Mineral Extraction](index=76&type=section&id=Mineral%20Extraction) [Summary of Mineral Reserves and Resources](index=76&type=section&id=Summary%20of%20Mineral%20Reserves%20and%20Resources) [Material Properties](index=80&type=section&id=MATERIAL%20PROPERTIES) [The Nichols Ranch Project](index=80&type=section&id=The%20Nichols%20Ranch%20Project) The Nichols Ranch Project is an existing ISR uranium mine in Wyoming, currently on standby, with future production requiring new wellfield development - The Nichols Ranch Project is an ISR facility on standby, with licensed capacity of **2 million pounds of U3O8 per year**[57](index=57&type=chunk) - The project includes the Nichols Ranch Plant, Nichols Ranch Wellfields, Jane Dough Property (**81% owned**), and Hank Project (**100% owned**) with a licensed satellite plant[58](index=58&type=chunk)[303](index=303&type=chunk) - Production from existing wellfields was depleted in 2021; future uranium production requires capital expenditures for additional wellfield development[303](index=303&type=chunk)[453](index=453&type=chunk) Nichols Ranch Remaining Mineral Resources – In Situ Uranium (as of Dec 31, 2022) | Classification | Project Area | Cut-off (ft-%) | Tons (000s) | Grade (%U3O8) | Contained Metal (000s lbs U3O8) | EFR Basis (%) | EFR Metal (000s lbs U3O8) | Metallurgical Recovery | |:---|:---|:---:|:---:|:---:|:---:|:---:|:---:|:---:| | Measured Mineral Resources | Nichols Ranch | 0.2 | 11 | 0.187 | 41 | 100 | 41 | 71 % | | Indicated Mineral Resources | Nichols Ranch | 0.2 | 359 | 0.166 | 1,190 | 100 | 1,190 | 60.4 % | | | Jane Dough | 0.2 | 1,892 | 0.112 | 4,237 | 81 | 3,432 | 60.4 % | | | Hank | 0.2 | 450 | 0.095 | 855 | 100 | 855 | 60.4 % | | | North Rolling Pin | 0.2 | 582 | 0.057 | 665 | 100 | 665 | 60.4 % | | Inferred Mineral Resources | Jane Dough | 0.2 | 188 | 0.112 | 420 | 81 | 340 | 60.4 % | | | Hank | 0.2 | 423 | 0.095 | 803 | 100 | 803 | 60.4 % | | | North Rolling Pin | 0.2 | 39 | 0.042 | 33 | 100 | 33 | 60.4 % | [The Alta Mesa Project](index=102&type=section&id=The%20Alta%20Mesa%20Project) The Alta Mesa Project, a fully licensed ISR uranium facility in South Texas, was sold in February 2023 for $120 million - The Alta Mesa Project was a fully licensed ISR uranium recovery facility in South Texas, acquired in June 2016[460](index=460&type=chunk) - The project was sold to enCore Energy for **$120 million** in February 2023, consisting of **$60 million cash** and a **$60 million** secured convertible note[100](index=100&type=chunk)[456](index=456&type=chunk)[1233](index=1233&type=chunk) - Alta Mesa operated from 2005 to 2013, producing approximately **4.6 million pounds of uranium oxide**, and was on standby since February 2013[485](index=485&type=chunk)[511](index=511&type=chunk) Alta Mesa and Mesteña Grande Mineral Resources – In Situ Uranium (as of Dec 31, 2022) | Classification | Cut-Off Grade (GT) | Tons (000s) | Grade (% eU3O8) | Pounds eU3O8 (000s lbs) | Metallurgical Recovery | |:---|:---:|:---:|:---:|:---:|:---:| | Total Measured Resources | 0.3 | 54 | 0.152% | 164 | 70% | | Alta Mesa Indicated Resources | 0.3 | 1,397 | 0.106% | 2,959 | 70% | | Mesteña Grande Indicated Resources | 0.3 | 119 | 0.120% | 287 | 70% | | Alta Mesa Inferred Resources | 0.3 | 1,263 | 0.126% | 3,192 | 70% | | Mesteña Grande Inferred Resources | 0.3 | 5,733 | 0.119% | 13,601 | 70% | [The White Mesa Mill](index=115&type=section&id=The%20White%20Mesa%20Mill) The White Mesa Mill is the only operating conventional uranium, vanadium, and REE processing facility in the U.S., licensed to process 2,000 tons of ore per day - The White Mesa Mill is the only fully operational and licensed conventional uranium mill in the U.S., with a licensed capacity of over **8.0 million pounds of U3O8 per year**[519](index=519&type=chunk)[520](index=520&type=chunk) - The Mill processes Alternate Feed Materials and monazite sands, recovering uranium and producing mixed RE Carbonate, with a Phase I REE separation circuit planned for late 2023 or early 2024[524](index=524&type=chunk)[526](index=526&type=chunk)[565](index=565&type=chunk) - The Mill is evaluating the recovery of Th-232 and Ra-226 from its process streams for use in targeted alpha therapy (TAT) cancer therapeutics[527](index=527&type=chunk)[529](index=529&type=chunk) White Mesa Mill Recovery History (2018-2022) | Project or Source | 2022 (000s lbs U3O8) | 2021 (000s lbs U3O8) | 2020 (000s lbs U3O8) | 2019 (000s lbs U3O8) | 2018 (000s lbs U3O8) | |:---|:---:|:---:|:---:|:---:|:---:| | Alternate Feed Materials | 161 | --- | 144 | --- | 561 | | Tailings Solution Recycle & In-Circuit Material | --- | --- | 47 | --- | 216 | | Conventional Feed Materials | 1 | --- | --- | --- | --- | | **Total U3O8 Recovered** | **162** | **0.5** | **197** | **70** | **917** | | **Total V2O5 Recovered (000s lbs)** | **---** | **---** | **67** | **1,807** | **---** | | **Total TREO Recovered (Metric Tons)** | **95** | **120** | **---** | **---** | **---** | [The Pinyon Plain Project (formerly, the Canyon Project)](index=124&type=section&id=The%20Pinyon%20Plain%20Project%20(formerly%2C%20the%20Canyon%20Project)) Pinyon Plain is a fully permitted underground uranium and copper deposit in Arizona, with construction and development resuming in 2022 - Pinyon Plain is a fully permitted underground uranium and copper deposit in northern Arizona, classified as a development stage property[570](index=570&type=chunk)[571](index=571&type=chunk) - The Company resumed construction and development work in 2022, rehabilitating surface and underground infrastructure, with mine development beginning in late 2022[624](index=624&type=chunk)[627](index=627&type=chunk) Pinyon Plain Project – Summary of Mineral Resources – In Situ Uranium (as of Dec 31, 2022) | Zone | Classification | Cut-Off (% U3O8) | Tonnage (Tons) | Grade (%U3O8) | Contained Metal (lbs U3O8) | Metallurgical Recovery | |:---|:---|:---:|:---:|:---:|:---:|:---:| | Juniper I | Indicated | 0.3 | 37,000 | 0.95 | 703,000 | 96% | | Total Inferred | 0.3 | 5,000 | 0.50 | 48,000 | 96% | Pinyon Plain Project – Summary of Mineral Reserves (as of Dec 31, 2022) | Zone | Classification | Cut-Off (%U3O8) | Tonnage (Tons) | Grade (%U3O8) | Contained Metal (lbs U3O8) | Metallurgical Recovery | |:---|:---|:---:|:---:|:---:|:---:|:---:| | Main | Proven | 0.3 | 7,800 | 0.33 | 50,800 | 96% | | | Probable | 0.3 | 126,700 | 0.6 | 1,517,000 | 96% | | **Total Proven + Probable** | **0.3** | **134,500** | **0.58** | **1,567,800** | **96%** | [The Roca Honda Project](index=136&type=section&id=The%20Roca%20Honda%20Project) The Roca Honda Project is a proposed underground uranium mine in New Mexico, currently in advanced permitting with approvals expected in 2024 - Roca Honda is a proposed underground uranium mine in New Mexico, acquired in 2013, and is currently in an advanced stage of permitting[630](index=630&type=chunk)[633](index=633&type=chunk)[651](index=651&type=chunk) - The project is considered an exploration stage property under S-K 1300, with no known Mineral Reserves, despite ongoing permitting activities[630](index=630&type=chunk)[633](index=633&type=chunk) - Permitting efforts in 2023 include integrating adjacent properties, submitting a revised NPDES permit application, and continuing the Supplement to the Draft EIS, with approvals expected in 2024[651](index=651&type=chunk)[653](index=653&type=chunk)[685](index=685&type=chunk) Roca Honda Project – Summary of Mineral Resources – In Situ Uranium (as of Dec 31, 2022) | Classification | Cut-Off Grade (% eU3O8) | Area | Tonnage (Tons) | Grade (% eU3O8) | Contained Metal (lbs U3O8) | Metallurgical Recovery | |:---|:---:|:---:|:---:|:---:|:---:|:---:| | Measured | 0.19 | Sec. 9, 10, & 16 | 208,000 | 0.48 | 1,984,000 | 95% | | Indicated | 0.19 | Sec. 9, 10, & 16 | 1,303,000 | 0.48 | 12,580,000 | 95% | | | 0.19 | Sec. 17 | 336,000 | 0.45 | 3,058,000 | 95% | | Inferred | 0.19 | Sec. 9, 10, & 16 | 1,198,000 | 0.47 | 11,206,000 | 95% | | | 0.19 | Sec. 17 | 315,000 | 0.42 | 2,636,000 | 95% | [The Sheep Mountain Project](index=146&type=section&id=The%20Sheep%20Mountain%20Project) The Sheep Mountain Project in Wyoming is a development stage property with permitted open pit and underground uranium extraction components, currently on standby - Sheep Mountain Project is a conventional uranium extraction project in Wyoming, including the Congo Pit (open pit) and Sheep Underground, classified as a development stage property[690](index=690&type=chunk)[687](index=687&type=chunk) - The project is currently on standby, with the Company evaluating processing options (on-site heap leach or off-site processing) due to current uranium prices[742](index=742&type=chunk)[746](index=746&type=chunk) Sheep Mountain Mineral Resources – In Situ Uranium (as of Dec 31, 2022) | Classification | Zone | Cut-off (G.T.) | Tons (000s) | Grade (% eU3O8) | Contained Metal (000s lbs eU3O8) | Metallurgical Recovery | |:---|:---|:---:|:---:|:---:|:---:|:---:| | Indicated | Sheep Underground | 0.30 | 2,048 | 0.09 | 3,786 | 91.9 % | | | Congo Pit Area | 0.10 | 2,161 | 0.13 | 5,786 | 91.9 % | Sheep Mountain Mineral Reserves – In Situ Uranium (as of Dec 31, 2022) | Classification | Zone | Cut-off (G.T.) | Tons (000s) | Grade (% eU3O8) | Contained Metal (000s lbs eU3O8) | Metallurgical Recovery | |:---|:---|:---:|:---:|:---:|:---:|:---:| | Probable | Sheep Underground | 0.45 | 3,498 | 0.132 | 9,248.00 | 91.9 % | | | Congo Pit Area | 0.10 | 3,955 | 0.115 | 9,117.00 | 91.9 % | | **Total Proven and Probable** | | **7,453** | **0.123** | **18,365** | **91.9 %** | [The Bullfrog Project](index=157&type=section&id=The%20Bullfrog%20Project) The Bullfrog Project in Utah, an exploration stage property with no known Mineral Reserves, has deferred permitting and no planned work for 2023 - The Bullfrog Project consists of two underground uranium deposits, Copper Bench and Indian Bench, and is classified as an exploration stage property with no known Mineral Reserves[748](index=748&type=chunk)[750](index=750&type=chunk)[751](index=751&type=chunk) - Permit applications have been deferred, and no work is planned for 2023, with future activities subject to general market conditions[771](index=771&type=chunk)[793](index=793&type=chunk) Bullfrog Project Mineral Resources – In Situ Uranium (as of Dec 31, 2022) | Classification | Area | Cut-Off Grade (%eU3O8) | Tons (000) | Grade (% eU3O8) | Contained Metal (000s lbs U3O8) | Metallurgical Recovery | |:---|:---:|:---:|:---:|:---:|:---:|:---:| | Total Indicated Resources | Bullfrog | 0.165 | 1,560 | 0.29 | 9,100 | 95 % | | Total Inferred Resources | Bullfrog | 0.165 | 410 | 0.25 | 2,010 | 95 % | [The La Sal Project](index=165&type=section&id=The%20La%20Sal%20Project) The La Sal Project, a complex of seven underground uranium mines in Utah, is an exploration stage property with no known Mineral Reserves - The La Sal Project is a complex of seven underground uranium mines and properties in Utah, classified as an exploration stage property with no known Mineral Reserves[795](index=795&type=chunk)[797](index=797&type=chunk) - The Company plans to finish rehabilitation work in Q1 2023 to make the project 'mine ready,' with future reopening contingent on market conditions[877](index=877&type=chunk) La Sal Mineral Resources – In Situ Uranium and Vanadium (as of Dec 31, 2022) | Classification | Zone | Cut-Off Grade (%U3O8) | Tons (000) | Grade % eU3O8 | Pounds eU3O8 (000s lbs) | Metallurgical Recovery (U3O8) | Grade % V2O5 | Pounds V2O5 (000s lbs) | Metallurgical Recovery (V2O5) | |:---|:---|:---:|:---:|:---:|:---:|:---:|:---:|:---:|:---:| | La Sal Inferred Resources | Energy Queen | 0.17 | 147 | 0.25 | 749 | 96% | 1.07 | 3,129 | 75% | | | Redd Block | 0.17 | 336 | 0.29 | 1,918 | 96% | 1.14 | 7,679 | 75% | | | Beaver/La Sal | 0.17 | 118 | 0.23 | 552 | 96% | 1.01 | 2,388 | 75% | | | Pandora | 0.17 | 222 | 0.24 | 1,061 | 96% | 1.02 | 4,551 | 75% | | **Total Inferred Resources** | | **0.17** | **823** | **0.26** | **4,281** | **96%** | **1.08** | **17,746** | **75%** | [The Bahia Project](index=182&type=section&id=The%20Bahia%20Project) The Bahia Project in Brazil, acquired in February 2023, is an exploration-stage property for heavy mineral sands, with a technical report planned for Q1 2024 - The Bahia Project in Brazil is an exploration-stage property acquired in February 2023, comprising 17 mineral concessions prospective for heavy mineral sands (ilmenite, rutile, zircon, monazite)[101](index=101&type=chunk)[880](index=880&type=chunk)[882](index=882&type=chunk)[1236](index=1236&type=chunk) - The project currently has no S-K 1300 or NI 43-101 Mineral Resources or Reserves; the Company is collecting data to prepare a compliant technical report by Q1 2024[880](index=880&type=chunk)[923](index=923&type=chunk) - Planned work for 2023 includes Phase II drilling, initiation of permitting and community engagement, and metallurgical test work[923](index=923&type=chunk) Bahia Project Historical Heavy Mineral Concentrations (Low/High %) | Mineral | Low Concentration (%) | High Concentration (%) | |:---|:---:|:---:| | Ilmenite | 48.1 | 78.4 | | Rutile | 1.5 | 16.3 | | Zircon | 0.76 | 20.2 | | Monazite | 0.66 | 13.1 | | Kyanite | 3.49 | 37 | [Non-Material Mineral Properties](index=192&type=section&id=Non-Material%20Mineral%20Properties) [Other ISR Projects](index=192&type=section&id=Other%20ISR%20Projects) Describes the Company's non-material ISR projects in Wyoming, which are exploration-stage with known uranium mineralization but no defined resources or reserves - The Company holds **4,359 acres** of **100%-owned** non-material ISR properties and an **81% interest** in the Arkose Joint Venture (**40,852 net acres**) in Wyoming's Powder River Basin[926](index=926&type=chunk)[929](index=929&type=chunk) - These projects are in the exploration stage with known uranium mineralization but no Mineral Resources or Reserves[925](index=925&type=chunk)[928](index=928&type=chunk) - In 2016-2017, the Company and Arkose Joint Venture forfeited numerous unpatented lode mining claims and allowed mineral leases to expire for non-material projects[927](index=927&type=chunk)[932](index=932&type=chunk) [Other Conventional Projects](index=195&type=section&id=Other%20Conventional%20Projects) Covers other non-material conventional uranium projects, including Arizona Strip properties and the Whirlwind Project, mostly on standby or in evaluation - Arizona Strip properties (Pinenut, Arizona 1, Wate, EZ Projects) are in various stages from reclamation to evaluation, with permitting on hold for Wate and EZ[935](index=935&type=chunk) - The Whirlwind Project in the Colorado Plateau initiated rehabilitation work in 2022, with plans to finish in 2023, to prepare the existing decline for future production[938](index=938&type=chunk) [Internal Controls Relating to Exploration, Mineral Resource and Mineral Reserve Estimation Efforts](index=198&type=section&id=Internal%20Controls%20Relating%20to%20Exploration%2C%20Mineral%20Resource%20and%20Mineral%20Reserve%20Estimation%20Efforts) Describes the internal controls and procedures for exploration, mineral resource, and reserve estimation, ensuring data accuracy and addressing disequilibrium issues - For uranium projects, the Company uses downhole gamma and PFN probes, regularly calibrated at DOE test-pits, and collects core samples for third-party lab assays with QA/QC procedures[939](index=939&type=chunk) - Disequilibrium is a primary risk in uranium resource estimation, addressed by direct uranium measurement (PFN) or core sampling to verify gamma logs[939](index=939&type=chunk) - For heavy minerals, sonic drill rigs collect undisturbed cores, which are logged, visually estimated, and sent to labs for grain size, heavy liquid separation, elemental analysis, and mineralogical characterization[940](index=940&type=chunk) [Legal Proceedings](index=199&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) Outlines ongoing legal proceedings primarily related to the White Mesa Mill, including challenges against its Corrective Action Plan and operating licenses - The Ute Mountain Ute Tribe challenged the Mill's Corrective Action Plan for nitrate contamination in 2013; the Company believes the action lacks merit and does not expect a material financial impact, though remediation costs could be significant if successful[943](index=943&type=chunk) - Mill Plaintiffs (Grand Canyon Trust, Ute Mountain Ute Tribe, Uranium Watch) challenged the renewal of the Mill License and GWDP in 2018; discussions for settlement are ongoing, but the Company intends to defend against the challenges[944](index=944&type=chunk) - The Ute Mountain Ute Tribe also challenged Amendment No. 10 to the Mill License in 2021, which expanded authorized Alternate Feed Materials; the Company does not expect a material financial impact[945](index=945&type=chunk) [Mine Safety Disclosure](index=199&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) Indicates that mine safety disclosures, as required by the Dodd-Frank Act and Regulation S-K, are included as Exhibit 95.1 of the Annual Report - Mine safety disclosures are provided in Exhibit 95.1 of this Annual Report, in compliance with Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K[947](index=947&type=chunk) [PART II](index=200&type=section&id=PART%20II) [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=200&type=section&id=ITEM%205.%20MARKET%20FOR%20THE%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Provides information on Energy Fuels' common stock trading, dividend policy, and equity compensation plans, including Canadian tax considerations for non-residents - Energy Fuels' Common Shares are listed on the NYSE American (UUUU) and Toronto Stock Exchange (EFR)[951](index=951&type=chunk) - The Company has never declared cash dividends and does not expect to pay them in the foreseeable future, retaining earnings for operations and business growth[952](index=952&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2022) | Plan Category | Number of Common Shares to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights (US$) | Number of Common Shares remaining available for future issuance | |:---|:---:|:---:|:---:| | Equity compensation plans approved by security holders | 3,967,870 | $3.87 | 11,800,383 | | Equity compensation plans not approved by security holders | Nil | Nil | Nil | | **Total** | **3,967,870** | **$3.87** | **11,800,383** | - Non-Resident Holders of Common Shares are generally not subject to Canadian tax on capital gains unless shares constitute 'taxable Canadian property' and no treaty relief applies[974](index=974&type=chunk)[975](index=975&type=chunk) [Market Information](index=200&type=section&id=Market%20Information) [Dividend Policy](index=200&type=section&id=Dividend%20Policy) [Recent Sales of Unregistered Securities](index=200&type=section&id=Recent%20Sales%20of%20Unregistered%20Securities) [Use of Proceeds](index=200&type=section&id=Use%20of%20Proceeds) [Repurchase of Equity Securities](index=200&type=section&id=Repurchase%20of%20Equity%20Securities) [Equity Compensation Plan Information](index=200&type=section&id=Equity%20Compensation%20Plan%20Information) [Stock Performance Graph](index=201&type=section&id=Stock%20Performance%20Graph) [Exchange Controls](index=202&type=section&id=Exchange%20Controls) [Certain Canadian Federal Income Tax Considerations for Non-Residents of Canada](index=203&type=section&id=Certain%20Canadian%20Federal%20Income%20Tax%20Considerations%20for%20Non-Residents%20of%20Canada) [Currency Conversion](index=203&type=section&id=Currency%20Conversion) [Disposition of Common Shares](index=203&type=section&id=Disposition%20of%20Common%20Shares) [Receipt of Dividends](index=204&type=section&id=Receipt%20of%20Dividends) [Reserved](index=204&type=section&id=ITEM%206.%20%5BRESERVED%5D) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=205&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Analyzes Energy Fuels' financial condition and operational results, highlighting strategic focus on uranium, REEs, and vanadium amidst improving market conditions - The Company recognized a **net loss of $59.94 million in 2022**, compared to a **net income of $1.45 million in 2021**, primarily due to a gain on asset disposal in 2021, increased SG&A, and higher standby costs in 2022[1020](index=1020&type=chunk) Selected Operating Data and Financial Metrics (2021 vs 2022) | Metric | 2022 | 2021 | Increase (Decrease) | Percent Change | |:---|:---:|:---:|:---:|:---:| | **Volumes Sold** | | | | | | RE Carbonate (kgs) | 88,860 | 120,076 | (31,216) | (26)% | | Vanadium concentrates (lbs.) | 641,928 | 9,356 | 632,572 | * | | Alternate Feed Materials (Billable) Volumes processed (wet tons) | 874 | 517 | 357 | 69 % | | **Realized Sales Price** | | | | | | RE Carbonate ($/kgs) | $23.88 | $11.54 | $12.34 | 107 % | | Vanadium concentrates ($/lbs.) | $13.67 | $7.87 | $5.80 | 74 % | | Alternate Feed Materials ($/per wet ton) | $1,477 | $3,166 | ($1,689) | (53)% | | **Costs and expenses applicable to revenues** | | | | | | RE Carbonate ($/kgs) | $14.82 | $10.29 | $4.53 | 44 % | | Vanadium concentrates ($/lbs.) | $5.87 | $5.11 | $0.76 | 15 % | Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands of U.S. dollars) (2020-2022) | Metric | 2022 | 2021 | 2020 | |:---|:---:|:---:|:---:| | Total revenues | $12,515 | $3,184 | $1,658 | | Total costs and expenses applicable to revenues | $7,844 | $1,814 | $0 | | Total other operating costs and expenses | $24,123 | $21,496 | $10,259 | | Total selling, general and administration | $25,486 | $15,299 | $14,382 | | Total operating loss | ($44,938) | ($35,425) | ($24,627) | | Total other income (loss) | ($15,006) | $36,873 | ($3,245) | | Net income (loss) | ($59,944) | $1,448 | ($27,872) | | Basic and diluted net loss per common share | ($0.38) | $0.01 | ($0.23) | - Working capital as of December 31, 2022, was **$116.97 million**, including **$62.82 million cash** and **$12.19 million marketable securities**, deemed sufficient for the next 12 months[1042](index=1042&type=chunk) Cash Flows Summary (in thousands of U.S. dollars) (2020-2022) | Cash Flow Activity | 2022 | 2021 | 2020 | |:---|:---:|:---:|:---:| | Net cash used in operating activities | ($49,702) | ($29,294) | ($32,178) | | Net cash provided by (used in) investing activities | ($7,065) | $3,186 | $3,581 | | Net cash provided by financing activities | $7,870 | $117,940 | $36,584 | | Net change in cash, cash equivalents and restricted cash | ($52,553) | $91,837 | $8,094 | | Cash, cash equivalents and restricted cash, end of period | $80,269 | $132,822 | $40,985 | [Operations Update and Outlook for 2023](index=205&type=section&id=Operations%20Update%20and%20Outlook%20for%202023) [Overview](index=205&type=section&id=Overview) [Mill Activities](index=205&type=section&id=Mill%20Activities) [Conventional Mine Activities](index=206&type=section&id=Conventional%20Mine%20Activities) [ISR Extraction and Recovery Activities](index=206&type=section&id=ISR%20Extraction%20and%20Recovery%20Activities) [Inventories](index=206&type=section&id=Inventories) [Sales Update and Outlook for 2023](index=207&type=section&id=Sales%20Update%20and%20Outlook%20for%202023) [Uranium Sales](index=207&type=section&id=Uranium%20Sales) [Vanadium Sales](index=207&type=section&id=Vanadium%20Sales) [Rare Earth Sales](index=207&type=section&id=Rare%20Earth%20Sales) [Rare Earth Element Initiatives](index=208&type=section&id=Rare%20Earth%20Element%20Initiatives) [Collaboration with RadTran on Recovering Medical Isotopes for Advanced Cancer Therapies](index=209&type=section&id=Collaboration%20with%20RadTran%20on%20Recovering%20Medical%20Isotopes%20for%20Advanced%20Cancer%20Therapies) [The San Juan County Clean Energy Foundation](index=209&type=section&id=The%20San%20Juan%20County%20Clean%20Energy%20Foundation) [Sale of Alta Mesa property to enCore Energy](index=209&type=section&id=Sale%20of%20Alta%20Mesa%20property%20to%20enCore%20Energy) [Known Trends or Uncertainties](index=209&type=section&id=Known%20Trends%20or%20Uncertainties) [Continued Efforts to Minimize Costs](index=210&type=section&id=Continued%20Efforts%20to%20Minimize%20Costs) [Results of Operations](index=211&type=section&id=Results%20of%20Operations) [Year Ended December 31, 2022 Compared to Year Ended December 31, 2021](index=212&type=section&id=Year%20Ended%20December%2031%2C%202022%20Compared%20to%20Year%20Ended%20December%2031%2C%202021) [Revenues](index=212&type=section&id=Revenues) [Costs and Expenses Applicable to Revenues](index=213&type=section&id=Costs%20and%20Expenses%20Applicable%20to%20Revenues) [Other Operating Costs and Expenses](index=213&type=section&id=Other%20Operating%20Costs%20and%20Expenses) [Selling, general and administrative](index=214&type=section&id=Selling%2C%20general%20and%20administrative) [Other Income (Loss)](index=214&type=section&id=Other%20Income%20(Loss)) [Year Ended December 31, 2021 compared to Year Ended December 31, 2020](index=214&type=section&id=Year%20Ended%20December%2031%2C%202021%20compared%20to%20Year%20Ended%20December%2031%2C%202020) [Liquidity and Capital Resources](index=214&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) [Funding of Major Cash Requirements](index=214&type=section&id=Funding%20of%20Major%20Cash%20Requirements) [Shares Issued for Cash](index=215&type=section&id=Shares%20Issued%20for%20Cash) [Working Capital and Future Requirements for Funds](index=215&type=section&id=Working%20Capital%20and%20Future%20Requirements%20for%20Funds) [Cash and Cash Flows](index=215&type=section&id=Cash%20and%20Cash%20Flows) [Year Ended December 31, 2022 Compared to Year Ended December 31, 2021](index=216&type=section&id=Year%20Ended%20December%2031%2C%202022%20Compared%20to%20Year%20Ended%20December%2031%2C%202021) [Year Ended December 31, 2021 Compared to Year Ended December 31, 2020](index=216&type=section&id=Year%20Ended%20December%2031%2C%202021%20Compared%20to%20Year%20Ended%20December%2031%2C%202020) [Contractual Obligations](index=216&type=section&id=Contractual%20Obligations) [Critical Accounting Policies and Estimates](index=216&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) [Development Stage](index=217&type=section&id=Development%20Stage) [Resource and reserve estimates utilized](index=217&type=section&id=Resource%20and%20reserve%20estimates%20utilized) [Depreciation of mining and recovery assets acquired](index=217&type=section&id=Depreciation%20of%20mining%20and%20recovery%20assets%20acquired) [Impairment testing of mining and recovery assets](index=218&type=section&id=Impairment%20testing%20of%20mining%20and%20recovery%20assets) [Asset retirement obligations](index=218&type=section&id=Asset%20retirement%20obligations) [Quantitative and Qualitative Disclosures About Market Risk](index=218&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Details Energy Fuels' exposure to market risks, including commodity price, interest rate, and currency risks, and potential hedging strategies - Profitability is directly linked to market prices of uranium, vanadium, and REEs, which are subject to significant fluctuations[1064](index=1064&type=chunk) - The Company may undertake commodity and currency hedging programs, but risks include insufficient product for forward sales and lower prices than available on the spot market[1064](index=1064&type=chunk)[1065](index=1065&type=chunk) - Exposure to interest rate risk is on cash equivalents, deposits, and restricted cash, with no derivatives used for management[1066](index=1066&type=chunk) Foreign Currency (Cdn$) Exposures (as of Dec 31, 2022) | Category | Amount (in thousands of U.S. dollars) | |:---|:---:| | Cash and cash equivalents | $967 | | Trade and other receivables | $1,537 | | Accounts payable and accrued liabilities | ($641) | | **Total** | **$1,863** | [Commodity Price Risk](index=218&type=section&id=Commodity%20Price%20Risk) [Interest Rate Risk](index=219&type=section&id=Interest%20Rate%20Risk) [Currency Risk](index=219&type=section&id=Currency%20Risk) [Credit Risk](index=219&type=section&id=Credit%20Risk) [Financial Statements and Supplementary Data](index=220&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) Presents audited consolidated financial statements for 2020-2022, including the Independent Registered Public Accounting Firm's Report and comprehensive Notes - KPMG LLP provided an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2022[1077](index=1077&type=chunk)[1078](index=1078&type=chunk) - The Company is a 'development stage issuer' under S-K 1300, expensing most costs incurred before establishing proven and probable reserves, which may affect comparability with other mining companies[1099](index=1099&type=chunk)[1107](index=1107&type=chunk) - The asset retirement obligation (ARO) liability was **$9.6 million** as of December 31, 2022, with an undiscounted total of **$42.91 million**, secured by **$21.04 million** in collateral[1086](index=1086&type=chunk)[1170](index=1170&type=chunk)[1220](index=1220&type=chunk) - Subsequent events include the sale of the Alta Mesa Project for **$120 million** and the acquisition of the Bahia Project for **$21.9 million cash** in February 2023[1233](index=1233&type=chunk)[1236](index=1236&type=chunk) [Reports of Independent Registered Public Accounting Firm](index=222&type=section&id=Reports%20of%20Independent%20Registered%20Public%20Accounting%20Firm) [Financial Statements](index=224&type=section&id=Financial%20Statements%3A) [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=224&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)%20for%20the%20years%20ended%20December%2031%2C%202022%2C%20December%2031%2C%202021%20and%20December%2031%2C%202020) [Consolidated Balance Sheets](index=225&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20December%2031%2C%202022%20and%20December%2031%2C%202021) [Consolidated Statements of Changes in Equity](index=226&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity%20for%20the%20years%20ended%20December%2031%2C%202022%2C%20December%2031%2C%202021%20and%20December%2031%2C%202020) [Consolidated Statements of Cash Flows](index=229&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20years%20ended%20December%2031%2C%202022%2C%20December%2031%2C%202021%20and%20December%2031%2C%202020) [Notes to the Consolidated Financial Statements](index=231&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. The Company and Description of Business](index=231&type=section&id=1.%20THE%20COMPANY%20AND%20DESCRIPTION%20OF%20BUSINESS) [2. Summary of Significant Accounting Policies](index=231&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) [3. Marketable Securities](index=238&type=section&id=3.%20MARKETABLE%20SECURITIES) [4. Receivables](index=238&type=section&id=4.%20RECEIVABLES) [5. Inventories](index=239&type=section&id=5.%20INVENTORIES) [6. Investments Accounted for at Fair Value](index=239&type=section&id=6.%20INVESTMENTS%20ACCOUNTED%20FOR%20AT%20FAIR%20VALUE) [7. Property, Plant and Equipment and Mineral Properties](index=241&type=section&id=7.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%20AND%20MINERAL%20PROPERTIES) [8. Asset Retirement Obligations and Restricted Cash](index=243&type=section&id=8.%20ASSET%20RETIREMENT%20OBLIGATIONS%20AND%20RESTRICTED%20CASH) [9. Capital Stock](index=244&type=section&id=9.%20CAPITAL%20STOCK) [10. Basic and Diluted Income (Loss) Per Common Share](index=244&type=section&id=10.%20BASIC%20AND%20DILUTED%20INCOME%20(LOSS)%20PER%20COMMON%20SHARE) [11. Share-Based Payments](index=245&type=section&id=11.%20SHARE-BA%20SED%20PAYMENTS) [12. Income Taxes](index=249&type=section&id=12.%20INCOME%20TAXES) [13. Supplemental Financial Information](index=251&type=section&id=13.%20SUPPLEMENTAL%20FINANCIAL%20INFORMATION) [14. Commitments and Contingencies](index=252&type=section&id=14.%20COMMITMENTS%20AND%20CONTINGENCIES) [15. Fair Value Accounting](index=254&type=section&id=15.%20FAIR%20VALUE%20ACCOUNTING) [16. Revenue Recognition and Contracts with Customers](index=255&type=section&id=16.%20REVENUE%20RECOGNITION%20AND%20CONTRACTS%20WITH%20CUSTOMERS) [17. Related Party Transactions](index=255&type=section&id=17.%20RELATED%20PARTY%20TRANSACTIONS) [18. Subsequent Events](index=255&type=section&id=18.%20SUBSEQUENT%20EVENTS) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=257&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) States there have been no changes in or disagreements with the Company's accountants regarding accounting and financial disclosure - There are no changes in or disagreements with accountants on accounting and financial disclosure[1239](index=1239&type=chunk) [Controls and Procedures](index=257&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Confirms management's evaluation of disclosure controls and internal control over financial reporting found them effective, with no material weaknesses or changes - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of December 31, 2022[1241](index=1241&type=chunk) - Management's report on internal control over financial reporting concluded that the Company's internal control over financial reporting was effective as of December 31, 2022, with no material weaknesses discovered[1244](index=1244&type=chunk) - No material changes in internal control over financial reporting occurred during the year ended December 31, 2022[1246](index=1246&type=chunk) [Other Information](index=258&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) States that there is no other information to report - No other information is reported under this item[1248](index=1248&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=258&type=section&id=ITEM%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) States that there are no disclosures regarding foreign jurisdictions that prevent inspections - No disclosures regarding foreign jurisdictions that prevent inspections are reported under this item[1249](index=1249&type=chunk) [PART III](index=259&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=259&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information regarding directors, executive officers, and corporate governance will be incorporated by reference from the 2023 Annual Meeting proxy statement - Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 Annual Meeting of Shareholders proxy statement[1252](index=1252&type=chunk) [Executive Compensation](index=259&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Details on executive compensation will be incorporated by reference from the Company's 2023 Annual Meeting of Shareholders proxy statement - Information on executive compensation is incorporated by reference from the 2023 Annual Meeting of Shareholders proxy statement[1254](index=1254&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=259&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information regarding security ownership of certain beneficial owners and management will be incorporated by reference from the 2023 Annual Meeting proxy statement - Information on security ownership of certain beneficial owners and management is incorporated by reference from the 2023 Annual Meeting of Shareholders proxy statement[1255](index=1255&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=259&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%20AND%20DIRECTOR%20INDEPENDENCE) Information concerning certain relationships, related transactions, and director independence will be incorporated by reference from the 2023 Annual Meeting proxy statement - Information on certain relationships, related transactions, and director independence is incorporated by reference from the 2023 Annual Meeting of Shareholders proxy statement[1256](index=1256&type=chunk) [Principal Accountant Fees and Services](index=259&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information regarding principal accountant fees and services will be incorporated by reference from the Company's 2023 Annual Meeting of Shareholders proxy statement - Information on principal accountant fees and services is incorporated by reference from the 2023 Annual Meeting of Shareholders proxy statement[1258](index=1258&type=chunk) [PART IV](index=259&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedules](index=259&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) Lists all documents filed as part of the Annual Report, including financial statements, schedules, and a comprehensive list of exhibits - Includes the Report of Independent Registered Public Accounting Firm and the Consolidated Financial Statements (Operations, Balance Sheets, Changes in Equity, Cash Flows, and Notes)[1261](index=1261&type=chunk) - Financial Statement Schedules are omitted as not applicable or information is already presented in the financial statements or notes[1262](index=1262&type=chunk) - A comprehensive list of exhibits is provided, with details on incorporation by reference for previously filed documents[1264](index=1264&type=chunk)[1265](index=1265&type=chunk)[1266](index=1266&type=chunk)[1267](index=1267&type=chunk) [Documents Filed as Part of This Report](index=259&type=section&id=Documents%20Filed%20as%20Part%20of%20This%20Report) [Financial Statement Schedules](index=259&type=section&id=Financial%20Statement%20Schedules) [Exhibits](index=261&type=section&id=Exhibits) [Form 10-K Summary](index=263&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) Indicates that no Form 10-K summary is provided - No Form 10-K summary is provided[1275](index=1275&type=chunk) [SIGNATURES](index=264&type=section&id=SIGNATURES) [Signatures](index=264&type=section&id=SIGNATURES) Contains the required signatures of Energy Fuels Inc.'s President & Chief Executive Officer, Chief Financial Officer, and Board of Directors - The report is duly signed by the President & Chief Executive Officer and Chief Financial Officer, and attested by the Board of Directors[1277](index=1277&type=chunk)[1278](index=1278&type=chunk)[1280](index=1280&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net loss of $9.3 million for the quarter, attributed to increased development, permitting, land holding, and other costs [19] - As of the end of the quarter, the company had $122 million in working capital, $77 million in cash, and $27 million in product inventory at book values [17][18] Business Line Data and Key Metrics Changes - The company has increased its uranium production guidance slightly, now expecting to produce between 130,000 to 140,000 pounds for the year [21] - The company produced about 205 tons of mixed rare earth carbonate, translating to approximately 95 tons of REO [21] Market Data and Key Metrics Changes - The company has secured uranium supply contracts and is looking for additional contracts to support pricing, with significant uranium inventories available for early contract fulfillment [4] - The company expects to receive around 640 metric tons of monazite from Chemours for processing later this year or early next year [16] Company Strategy and Development Direction - The company aims to become a critical mineral hub, focusing on uranium and rare earth production, with plans to resume large-scale uranium production as soon as next year [3][11] - The company is installing a commercial-scale light separation facility at the White Mesa Mill, aiming to be the first in the U.S. to separate rare earths at scale [5][10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing conflict between Russia and Ukraine as a significant driver for the uranium market, leading to a shift away from Russian supply [3] - The company remains optimistic about future uranium sales contracts starting in 2023 and anticipates potential revenue upside from possible uranium sales with the Department of Energy [23][27] Other Important Information - The company has no debt and maintains a strong balance sheet, with total assets valued at over $150 million when considering current market values of inventories [20][28] - The company is also focused on ESG initiatives, including support for Native American STEM education [25] Q&A Session Summary Question: What type of work are the new employees conducting for recommencing production? - Management indicated that the new hires are involved in maintenance and preparation of assets that have been on standby, ensuring facilities are ready for production [47][49] Question: What is the timeline for getting back into production on conventional assets? - Management stated that it would take around 12 months or less to restart production on conventional assets once preparations are complete [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State ...

Energy Fuels Inc. (NYSE:UUUU) Q2 2022 Results Conference Call August 9, 2022 4:00 PM ET Company Participants Mark Chalmers - President and Chief Executive Officer Tom Brock - Chief Financial Officer Curtis Moore - Vice President of Marketing and Corporate Development Conference Call Participants Puneet Singh - Eight Capital Operator Good afternoon. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels’ Q2 2022 Conference Call. A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission file number: 001-36204 ENERGY FUELS INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdic ...