UUUU

Business Context and Reporting Period

Company: Energy Fuels Inc. (Ticker: UUUU, EFR)
Filing Type: Form 8-K (Current Report)
Report Date: May 7, 2025 (Event Date: May 1, 2025)
Subject: Record uranium mining rates at the Pinyon Plain mine in Arizona and results from the 2024-2025 underground drill program.

Key Financial and Operational Metrics

Note: This filing focuses on operational production and exploration data rather than financial statements. No revenue, profit, cash flow, or debt figures are provided in this document.

• April 2025 Ore Mined: 4,604 tons.
• Uranium Content (April 2025): Approximately 151,400 pounds of uranium.
• Average Grade (April 2025): 1.64% equivalent U₃O₈ (eU₃O₈).
• Production Status: April 2025 represents the largest monthly production rate since mining began in 2024.
• Drilling Activity: 49 core holes completed in the Juniper Zone.

Material Changes and Exploration Results

The Company reported significant operational improvements and exploration successes compared to prior estimates:

• Production Increase: Mined ore grades are currently higher than gamma probe grades from previous drill programs. Management believes the Main Zone will yield considerably more uranium than the February 2023 Pre-Feasibility Study (PFS) indicated.
• Juniper Zone Discovery: New drilling identified numerous high-grade intercepts in the Juniper Zone, potentially significantly increasing mineable resources beyond the PFS estimate of 703,000 pounds of eU₃O₈ at 0.95% grade.
• Key Drill Intercepts (Juniper Zone):
  • PPCH-034: 17.5 ft at 5.70% eU₃O₈ (including 4.0 ft at 20.11%).
  • PPCH-029: 7.5 ft at 7.50% eU₃O₈.
  • PPCH-028: 13.4 ft at 7.02% eU₃O₈.
  • PPCH-035: 5.0 ft at 5.15% eU₃O₈.

Outlook, Management Commentary, and Risks

Management Commentary: The Company views the Juniper Zone as a very high-grade zone of uranium mineralization. Plans include additional drilling in the Juniper Zone and the potential incorporation of these results into an updated S-K 1300/NI 43-101 Technical Report later in the year. The Company anticipates this could result in increased uranium reserves/resources and potentially lower mining and milling costs per pound.

Risks and Contingencies: The filing includes standard forward-looking statement disclaimers. Key risks include:

• Commodity price fluctuations.
• Engineering, construction, and mining difficulties or delays.
• Permitting, licensing, and regulatory changes.
• Uncertainty regarding whether analytical testing will confirm the gamma log data.
• Market demand for medical isotopes and nuclear fuel.

Investor Verification Checklist

• Verify the final analytical assay results for the 49 Juniper Zone drill holes to confirm the gamma log grades reported.
• Monitor the release of the updated S-K 1300/NI 43-101 Technical Report for revised resource estimates.
• Track the consistency of the 1.64% average grade in subsequent monthly production reports.
• Review the Company's most recent Form 10-K for detailed financial metrics (revenue, debt, liquidity) not included in this 8-K.
• Assess the timeline for incorporating the Juniper Zone into commercial production.