Energy Fuels Inc.

Thank you for standing by. At this time, I would like to welcome everyone to the Energy Fuels Annual Earnings Conference Call and Webcast. 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 would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the conference over to Mark Chalmers, CEO of Energy Fuels. Sir, the floor is yours.

Okay. Well, thank you, Morgan. And, again, my name is Mark Chalmers, CEO of Energy Fuels. Thank you for joining the call today to discuss our financial and operational results for year ending December 31st, 2025. 2025 was truly a breakout year for Energy Fuels. We achieved numerous operational ramp-up growth milestones, and we believe set the stage for significant future cash flow generation, market differentiation, and competitive advantages in the critical materials space. We also believe that we are showing the market that we have the financial, technical, commercial capabilities to execute our aggressive plans. I'm just going to touch on a few highlights. In short, we exceeded guidance on all fronts in 2025. Not many in the uranium space can say that, and we even upgraded our guidance during the course of the year, and we beat that guidance. We mined, newly mined ore, over 1.7 million pounds of uranium, and we processed over one million pounds of finished U-308. It's important to note that there's a bit of a lead lag between when we mine and we process. So really, the processing has to catch up with the amount of uranium we mine. And we also started ramping up our sales volumes. Looking to 2026, we plan to materially increase uranium mining production and sales. We made remarkable progress on our rare earth segment, including pilot production, a disposium and soon to be terbium oxides, and announced plans to expand our commercial heavy production in mid-2027. Our NDPR and DY products have been qualified for use by major automobile manufacturers, and some of that product has gone into electric vehicles and hybrid vehicles as we speak. We received all government approvals for the development of our Donald joint venture project in Australia. We completed feasibility studies for the phase two expansion of the rare earth processing at our mill in Utah and the Veramata project, which was formerly called Toliar Critical Minerals Projects, and demonstrated that the combined net present value of those two projects could be in the order of $3.7 billion. We significantly bolstered our balance sheet by completing an upside $700 million convertible note at a .75 coupon rate back in October. And at the end of the year, we had nearly $1 billion of working capital, and the company has never been stronger financially. In short, 2025 was an extremely productive year, and really, Energy Fuels has solidified its position as the largest and lowest-cost U.S. uranium producer and emerging large-scale, low-cost, rare-earth, and critical mineral producer. So joining me today on this call and presenting will be Ras Bapu, our president. Nate Bennett, our CFO, and also Curtis Moore, our Senior VP of Marketing Corporate Development, and Nathan Longnecker, our Senior VP and General Counsel. Following the presentation, our conference call will have replays that will be available on our website. And as always, there will be time for questions at the end of the presentation. So let's get going. So I know every time I do a conference call, I start off with this slide and comment how beautiful it is down in San Juan County. And again, I love it. But as I said from the beginning, and as I said for multiple calls, we're building a globally significant critical materials company and are continuing to make great strides. Slide two, I may be making some forward-looking statements, and those are included on page two. So, again, when you look at our company, our company, based in the U.S., has built a very significant critical mineral company on the foundation of our core uranium business. Uranium, we are the leading producer of uranium in the United States. The rare earth, which also contain uranium that can be processed at the White Mesa Mill, And the heavy mineral sands would provide us a source of rare earth feeds that we can process at the mill. And they all have a common denominator, which is they contain natural uranium that, again, we can recover at the White Mesa Mill. And that is a significant differentiator. This slide. And this slide is getting pretty busy. I don't think anybody can say that Energy Fuels is not an asset-rich company. And I think that would be a real understatement. And so when you look at the world and you look at the number of uranium and vanadium deposits that we have in the Western US, several of them are producing, several of them are permitted, and we're ramping up our production of our uranium assets. And then in addition to that, when you look at the heavy mineral sands projects that we have, both Donald, Bermuda, and Bahia, and Brazil, Madagascar, and Australia. You know, it's getting to be quite an impressive list. And I think when you look at the past few years when we were acquiring projects around the world, it couldn't be better timing. In addition, look at the proposed assets with the acquisition of ASM. in Australia. We have a scheme document that we're executing as we speak. We hope to close by June of 2026. But also, in addition to these mining properties and deposits that we've secured, would have the Korean metal plant in South Korea, the Devlo project, which is another source of feed in New South Wales, Australia. and also potentially a metals plant in the United States, which we call the AMP. So the list is getting long, and what's really exciting is when people ask us how we're going to fund this, we've been able to demonstrate in 2025 the great strides that we've made along that path, and we hope to have more updates this year on how we're going to continue to move forward with this very aggressive strategy that is well-funded. So this next slide just sort of highlights how we can take the uranium ores that we have that are currently producing or will be producing in the not-too-distant future, how we can process those through the White Mesa Mill and come up with uranium and vanadium and potentially medical isotopes. Well then, on the other hand, when we secure the monazite that we will get from these heavy mineral sands projects and including from Chemours in Florida and Georgia, we can stop producing uranium and we can start producing rare earths in the current mill, which we call phase one, and that is a dual facility can do uranium or the rare earths. But when you go over to the far right and you see this list of the end products, we have the capability of commercially producing at least 10 critical materials or minerals And that can expand based on the markets that are available to us at the time that we need to produce things. So it's a very impressive list, and I've said this many times, that many companies in the critical mineral space are dependent on one element, and energy fuels is not. And we've seen the advantages of that when you look at, you know, if you have a high uranium market or low uranium market, same thing on vanadium, rare earths, and or some of the titanium zircon markets. They can fluctuate quite materially. So 2025 was absolutely a breakout year. And I'll provide some of the highlights. We are producing more uranium than any US company today in the United States. And it's interesting because even a year or two ago, people thought we were getting out of the uranium business. And guess what? We haven't. And we're actually beating everybody in the United States, and a number of companies around the world that are trying to restart their uranium production. Uranium mining, and we've been focused in 25 and 26 mainly on conventional production from the LaSalle complex and the Pinyon Plain mine. We produced over 1.7 million pounds, as I previously mentioned, at an average grade at Pinyon of 1.6%. And those grades are continuing. The White Mesa mill produced about a million pounds or processed a million pounds of finished product. And that was really driven on the amount of time the mill ran. And we really went through a processing run in Q4 of 2025. And we expect to continue that processing through Q2 of 2026 or longer. And we can produce about 250,000 pounds per month. on average, but in December alone, we produced 350,000 pounds of uranium. So it really shows the capability of the White Mesa Mill, depending on when it's running and what feeds we have. When you look at the uranium inventories, at the end of December, we had over 2 million pounds of total inventories. And a lot of that was made up of uranium contained in raw ore and raw materials. that will be processed this year or later, but including over 800,000 pounds of finished uranium and over 100,000 pounds of work in progress. So what does this all mean in terms of cost? It means that our costs are dropping materially and we still are on course to have production costs and actually the current production costs at Pinyon Plain are in that $23 to $30 a pound. We're seeing our cost of goods sold decreasing from $53 a pound to currently at the end of 2025, we're $43 a pound. And as opinion plane or as process in mind, those costs will continue to drop. So we currently have six long-term contracts. We added a couple contracts late last year. And those contracts combined equal about 50% of our uranium production capabilities. So we are definitely not over-contracted, but we definitely have enough contracts to give us a base load, which is required. You cannot run a company with just no contracts and trying to depend on the spot market. So we're really excited about where we are there. In 25, we sold 650,000 pounds at an average price of 74.20 per pound. We're seeing stronger fundamentals when it comes to uranium prices, long-term prices, and the growth of uranium demand looking out to the future. So this will be the last slide I'll talk about at the moment before I turn it over to Ross. The White Mesa Mill is truly a remarkable asset. We've taken a uranium-vanadium project and turned it into a critical mineral hub. And we see that as a very unique accomplishment over the last few years. It is the only operating conventional uranium mill in the United States. It is the largest uranium processing facility in the United States, fully licensed, permitted producing. license capacity of 8 million pounds, and we have the operational and expertise to both process the uranium, the rare earths, and the rare earths. It is the only facility that can process what we call alternate feeds. It is the largest primary vanadium production facility, and we're getting a lot of additional inbounds now on our vanadium production capabilities, and it is the only facility facility in the US with the ability to process monocyte. And that is a material differentiator. So now, I would like to turn it over to my good colleague, Ross, to talk further about the company's activities.

Great. Thank you, Mark. Look, as Mark said, the White Mesa Mill, it's the jewel in the crown of our portfolio. It's the only operating conventional mill for processing uranium. but it's also got the capability of processing commercial quantities of monazite producing meaningful amounts of NDPR. We have a current capacity of 1,000 tons per annum of NDPR, but we can also process samarium concentrates, samarium plus concentrates, so the heavies. We've demonstrated the use of our NDPR in various applications. Most importantly, it's been qualified and validated It's even in some operating electric vehicles and hydroelectric vehicles coming out of Asia. So it's an exciting aspect of our business. Late last year, we reported that we produced 29 kilograms of dysprosium oxide, and that's been validated by rare earth permanent magnet manufacturers as well. Next month, we plan to produce our first kilogram of terbium oxide. And then following that, we plan to produce pilot circuits for both samarium, europium, as well as gadolinium oxides. So we're doing some incredible things at the White Mesa Mill, and it's a credit to our incredible team that we have on the ground there. This year, we're working on our phase one expansion, and that's going to allow us to produce commercial quantities of both mid and heavy RE oxides. That, again, includes dysphrosium, terbium, samarium, europium, and gadolinium. We also could possibly produce yttrium. We're planning to install equipment this year that will allow us to produce and process MREC material, mixed rare carbonates. So as you can see, we have not only an incredible facility there, but we have an incredible team of scientists and engineers that are allowing us to do some truly groundbreaking work at the mill. Just a few weeks ago, we released the feasibility study of our phase two expansion at the mill. This is separate from the Phase I expansion that I was talking about just a minute ago. This Phase II expansion is going to allow us to process up to 50,000 tons of additional monazite. That will allow us a capacity of 5,500 roughly tons per annum of NDPR, plus approximately 50 tons per annum of terbium and another 165 tons per annum of dysprosium. Phase two is going to allow for a dedicated rare earth circuit that will be separate from uranium so we can simultaneously produce both uranium and rare earth minerals. And we've already applied for our permits for this expansion, and we're hoping to get those permits sometime next year with planned commissioning in late 2028 or early 2029. Just some highlights. It's a pretty impressive feasibility study. The results of the feasibility study include about a $1.9 billion NPV. That equates to almost $8 per share. We have a 33% IRR on the project. We'll generate over $300 million a year of EBITDA over the first 15 years. And all that's being done with a capex of only $410 million. With the inclusion of a feedstock of our monazite from the Baramata project, that feed will result in NDPR costs of under $30 per kilogram. Truly revolutionary and making us competitive anywhere in the world, including China. One of the interesting things that we are seeing is the trend in rare earth oxide prices. This slide shows the oxide prices for NDPR, for dysprosium, and for terbium. These are the non-Chinese prices. And it's interesting that there's a slight premium for the prices outside of China for NDPR. But when you look at the DY and TB prices, there's over a 400% premium to the Chinese prices. At our projected phase two volumes and at these prices, we'll generate almost $1.2 billion per year of annual revenue. So truly remarkable for our company. As Mark mentioned, we've got a proposed acquisition of Australian Strategic Materials, ASM. In January, we announced this acquisition, and we're making good progress. Again, as Mark mentioned, we're hoping to close on that acquisition in June. It's a great acquisition for our shareholders, for our customers, and for national security. For our shareholders, it provides enhanced margin capture. It's accretive on an NAV per share basis. It accelerates our ambition to become a mines to metal and alloys producer. and it positions us to capitalize on reshoring of U.S. manufacturing with a strong customer base. For our customers, it significantly expands our product capabilities. We'll be the lowest cost producer and have ability to deliver oxides, metals, or alloys depending on customer needs. The company has a proven track record and an ability to meet Western demand, and it's already got a number of customers. top-tier customers acquiring or treating their metals and alloys. From a national security perspective, we'll be able to deliver ex-China supply chain. We'll have unmatched technical capabilities in solvent extraction and metal and alloy making, and the vertical integration allows us and supports supply chain resilience with 100% U.S.-controlled supplies. It's also an additional source of rare feedstock from our Dubbo project in Australia, as Mark mentioned earlier. So this next slide kind of shows how it all fits together. With the ASM acquisition, we create a near-term mine-to-metals and alloy supply chain. We now have four owned or controlled mining assets, including the Donald project and the Dubbo project, both in Australia, the Bahia project in Brazil, and, of course, our Varamata project in Madagascar. All of these supply high-quality rare earth feed to the White Mesa Mill in Blanding, Utah. And all of the rare earth oxides from the mill will supply feed for either the existing Korean metals plant that we'll be acquiring from ASM or to our newly planned American metals plant where we'll produce metals and alloys here in the United States. As you can see, we're truly a global rare earth supplier that's 100% U.S. controlled. I'd like to get a little more detailed now on the Korean metals plant that we're acquiring. This slide provides a pretty good summary of what the capabilities are at that facility. It's located in the Ochang Foreign Investment Zone in South Korea, and it has a current capacity of 1,300 tons per annum of neodymium iron boron alloy plus NDPR metal. Today it has four furnaces and one strip casting machine, but we've got a phase two plant expansion that will include 18 furnaces and two strip casters. That will give us about 3,600 tons per annum of neodymium iron boron alloy manufacturing capability. We're planning to expand our product mix by producing heavy rare earth metals and alloys, including DY metal and TB metal in the future. And then for even going beyond that, we have a phase three plant expansion, which takes us to 30 furnaces with three strip casters. And that gets us to a capacity of 5,600 tons per year of neodymium iron boron alloy. Our AMP facility will replicate what we have in Korea, and it'll give us the ability to produce all these metals right here in the United States. We currently have sales and offtake partnerships with Vacuum Schmelt, Vac, with Neo Performance Materials, and with Novion. So you can see that the relationships are with the very top tier producers of magnets, and we're very, very happy to be acquiring this asset. The Donald project is our shovel-ready project. It's the first mine that will supply heavy and light rare earth minerals to our White Mesa mill. It's in Australia. We're getting very close to making a final investment decision, perhaps as early as the end of March. This project provides exceptional sources of heavy rare earth oxides, and it'll provide feedstock to White Mesa by late 2027 or perhaps early 2028. The attractiveness of the Donald project is the very high levels of dysphrosium, terbium, and samarium. It's also in a great jurisdiction. The project's fully permitted, and as I said, it's shovel-ready. I think most people are aware this project is in a joint venture with Aspron. We are earning a 49% interest in the project, but importantly, we're going to receive 100% of the rarest offtake. Projects receive conditional support from the government of Australia through Export Finance Australia, and total funding required for the project is about $340 million U.S. dollars. The final slide I'm going to talk about is Varamata, which we used to call Toliara. It's our heavy mineral sands and rare earth project in Madagascar. In January, we released the feasibility study results. And it's truly one of the largest and highest grade heavy mineral sands and rare earth projects in the world. It'll produce titanium products that include rutile, ilmenite, as well as zircon. And it'll produce high quality monazite that gets fed to the White Mesa Mill. Again, very attractive project economics. It's got a $1.8 billion NPV, a 25% IRR, capex of just under $800 million, and EBITDA generation of about $500 million per year. The mine has a 38-year life, but there's additional resources there that we haven't put in the reserve category. It's got the potential to go well over 100 years. So it's truly a world-class project, and we're currently working now to convert our MOU to an investment agreement so that we can advance that project. With that, I'm going to turn it over to Nathan Bennett, and he'll talk about our financials for the year.