Energy Fuels Inc.

Good morning. My name is Julie and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels first quarter 2024 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, please press star too. Thank you, Mr. Chalmers. You may begin your conference.

Thank you, Julie, and good morning from Denver, Colorado. This is Mark Chalmers, President and CEO of Energy Fuels, and I'm excited to discuss our Q1 results and the exceptional progress we are making on both the uranium and the rare earth fronts, and I'm extremely pleased and proud to discuss this with you today. Over the past several years we have been pursuing a very focused strategy on building a critical mineral company centered around uranium utilizing our uranium knowledge assets capability and expertise to a maximum unlike any other country or excuse me company i know in the entire world On the back of our U.S. leading uranium business, we are making extraordinary progress advancing our global critical mineral strategy on numerous fronts while remaining profitable. Few in the uranium industry can currently tout being profitable at all, let alone while building out a diversified critical mineral company, which we believe will be world significant in time. It is highly unique that Energy Fuels is doing more than many other companies in the uranium sector, while also advancing very quickly and efficiently both our rare earth and heavy mineral sand space business strategies, which I believe presents significant opportunity for our investors. Today, I want to remind you, you will be controlling your slides from your own computer. I will try to tell you when to move these forward. Also, there will be playbacks available on our website shortly after the presentation. So at the end of the presentation, there will be time for questions. And I am being joined by Dave Friedland, our Executive Vice President, Chief Legal Officer, Nate Bennett, our Chief Accounting Officer and Interim CFO, and Curtis Moore, our Senior VP of Marketing and Corporate Development, to assist me with any questions you might have. So, looking at this first slide, and I love this slide. This is taken down in San Juan County, not far from the White Mesa Mill, and the title, Clean Energy Starts with Us, and actually clean energy on steroids, because I believe energy fuels can do more for the energy transition than just about any company I know of because of our strategy. Next slide. I may be making some forward-looking statements during this presentation. Those are included in page two of the presentation. Next slide. Our business objective is simple, creating a profitable high-margin US critical mineral company that I don't believe anybody else out there is doing like us because there is no playbook centered around uranium, producing several of the advanced materials needed for the clean energy transition. When you look at this figure with the uranium and these other things that surround the uranium, they all have a common denominator. They contain uranium and radionuclides that we can recover the uranium profitably and also handle the residuals. For example, when we're processing uranium ores or rare earths, we solubilize a lot of things like some of the medical isotopes that we're advancing particularly things like radium 226 and 228 number of our mines contain vanadium and uranium and we can cover the the vanadium as part of recovering uranium the best rare earth elements include uranium and other radionuclides we can capitalize on and deal with heavy mineral sands historically have had legacy issues with monazite. And we can monetize the monazite as well as the heavy mineral sands themselves. And the monazite becomes a byproduct of heavy mineral sands. And then our long history of uranium recycling, recovering uranium that would be lost for disposal, and everything we do perfectly centered around ESG. we're very excited about that so next slide everything we do is a high value product line of recovering materials needed for the clean energy transition uranium we have been the largest producer of uranium since 2017 and produced two-thirds of the uranium produced in the united states if you look back 10 or 15 years, we produced approximately one-third of the uranium produced in the United States, with Cameco being the largest producer of uranium, so second only to Cameco. We're restarting, or we've restarted our uranium mines, and we're increasing and ramping that up right now, and I'll talk more about it in this presentation. The rare earths, critical elements used for the powerful electric magnets for EVs, wind generation, and other We are starting the commissioning of our SX plant, our phase one XX plant today. And I will be at the mill in a few hours time after this presentation. Heavy mineral sands that is expanding to provide us a source of low cost monazite at world scale, while also being able to capitalize on the titanium and zirconium minerals. Vanadium, we have the only conventional vanadium plant in the United States. We can restart that when we choose to, but we are currently mining uranium-vanadium ores. And the recycling, it's the reason the mill has stood the test of time of uranium and vanadium-bearing materials, and that promotes sustainable sourcing and reducing carbon emissions. And financial strength, I believe we have the strongest balance sheet of any of our peers out there.

And I'll talk about that more in just a second. Next slide. Q1 2024 financial highlights. Next slide. We are profitable.