Energy Fuels Inc.

Good morning. My name is Andrew, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Physical Year 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 where you'll be able to ask one question and one follow-up question, should you desire. If you would 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 then the number two. Thank you. Mr. Chalmers, you may begin your conference.

Thank you, Andrew, and good morning to those listening to the call today. My name is Mark Chalmers, President and CEO of Energy Fuels. and today I am delighted to highlight EnergyFuel's remarkable accomplishments during 2024, which we believe has created the leading US-based critical mineral company. I'm also excited to talk about our goals, guidance, and aspirations in 2025 and beyond. Many of you have heard me say many times there is no other company in the world like energy fuels. Today, that is more true than ever before. Energy fuels is building a global critical mineral powerhouse, and the progress we made in 2024 is extraordinary. We are building this business around our core uranium business, leveraging our permits, infrastructure, excess processing capacity, and most importantly, our talented and creative workforce. Over the course of the past year, we have resumed commercial uranium production, secured world-class critical mineral assets, and commercially recovered separated rare earth elements, which some of our naysayers said was not even possible. While this has caught some people off guard, and a diminishing group of naysayers remain, that is fine. we will continue to pursue our creative, creative strategy as it simply makes so much sense that it has become obvious. We are on the verge of generating significant cash flows and margins in the next couple of years and emerging as the leading low-cost, large-scale Western producer of several critical materials that are central to energy, defense, technology, and mobility. Today I will be joined by Dave Friedland, our Executive Vice President and Chief Legal Officer, Nate Bennett, our Interim CFO and Chief Accounting Officer, and Curtis Moore, Senior VP of Marketing and Corporate Development, to assist with any questions that you may have at the end of the presentation. Replays of this presentation will be available shortly, perhaps even as early as today. And Kim, or we, will be controlling the slides. You will not be controlling the slides, but I'll try to remember to tell Kim when to advance the next slide. So let's get going with the presentation. Next slide. On page two, I may be making some forward-looking statements, and those are highlighted on this page that is included with the presentation. Next slide. I want to talk about our high-value... Okay, out of sequence here. One of my slides is out of slide. So let's talk about energy fuels. Really, an investment in energy fuels is you are getting three companies in one. We are building a globally significant critical minerals company. We have built this around our significant US significant leading US uranium production. We have produced uranium for the last decade or two or three with our assets, but we've never been world significant. But when you look at these two other portions of our strategy, we will be world significant with rare earth production. and world significant with the heavy mineral sands production. And that, in turn, makes a world significant company in due course with multi-elements being produced. And our timing is impeccable. Next slide. Let's talk about our high-value product lines. These are all in-demand materials central to energy, defense, mobility, and health. Uranium, as I mentioned before and many of you are aware of, we have been a leading producer of uranium for a long period of time, and we are now in large-scale production. Currently, we have three producing mines, and we expect to have newly mined production of 1.73 to 1.17 million pounds of contained uranium in 2030. subject to market conditions. This does not include up to 200,000 pounds of additional alternate feed materials in third party or purchases. So you can add up to another 200,000 pounds on top of that. We expect to sell under contract between 200 to 300,000 pounds in 2025. And we will also be looking at potential spot sales as prudent as the market strengthens. Inventory, we have nearly 400,000 pounds of finished uranium already on the ground at the end of 24, and we have over 700,000 pounds of contained uranium and ore and other raw materials to be processed. By the end of 2025, we expect to hold between 1.6 to 2.3 million pounds of uranium that will either be finished or in inventory yet to be processed. And I want to comment on this because I think some people do not understand the flexibility that we have at Energy Fuels. Because with the White Mesa Mill, we can have newly mined ore, We can have alternate feed that we process for many decades. We can have mine cleanup ore. We can have pond return. And we can process that. We can mine it. We can store it at the mine. We can ship it to the mill. We can store it at the mill and stockpile. We can process some of that in the mixture. We can process just newly mined ore, add alternate feed, or other sources. One of the things I want to highlight is that that has been the key success to energy fuels over decades because we had that flexibility. So you can't compare just to an ISR mine, other mine, because no one else has that flexibility. So Rare Earths, we are a leading producer of Rare Earths in the United States. And not many people can say that. We're now an early stage commercial production company. We have the capacity to produce up to 1,000 tons of NDPR per year. We produced 38,000 kilograms of on-spec NDPR in 2024. This material is now being tested and qualified by non-China rare earth metal and magnet manufacturers to support future sales and offtakes. And that is going very well. And I hope to have further updates to the market in due course. We also have the potential to go back into, even though we're currently processing uranium at the mill, we have the ability to go back into commercial production of NDPR either this year or in 26, subject to mill schedule market conditions and supply of feedstocks. On the heavy mineral sands front, we are advancing three material mining projects right now, and that is a big part of our story in 2024 and going forward. Mines world-scale, world-class projects in Madagascar, Australia, and Brazil. Medical isotopes. We are continuing to do our research and development on the recovery of radium and and radium is put into solution when we're processing our uranium ores or some of our rare earth feeds. Vanadium, we're still the largest primary producer of vanadium in the United States, and we can respond quickly when markets support this.

Next slide. So let's talk about