First Energy Fuels (UUUU) Corporate Media Kit

WHYWILL ENERGY FUELS SUCCEED? WHERE OTHERS HAVE STRUGGLED? 1. Energy Fuels currently has the licenses & capabilities to handle the radionuclides in monazite • We can recover and monetize the uranium & possibly the thorium as significant value-adds – these are a problem for others 2. Monazite is higher in value relative to other REE minerals • ~30% higher in NdPr; ~95% higher in “heavy” REEs (versus bastnaesite) + higher recoveries of magnetic REEs 3. Monazite is already mined in the U.S. & around the world as a low-cost byproduct • No current need to build new mines + most mining costs carried by primary zircon & titanium production 4. Monazite is more straightforward to process than other REE minerals • Chemically easier to recover the REEs from the phosphates in monazite vs the fluorides in bastnaesite + higher recoveries of magnetics 5. Low cost & capital efficient • Using existing licenses & facilities saves considerable time & money 6. Energy Fuels has used solvent extraction (SX) processing technology for uranium & vanadium recovery for 40+ year • Relatively easy for us to pivot & apply existing SX know-how to REE recovery & separation 7. Focusing on proven REE separation technologies using SX • We are not “reinventing the wheel” or attempting to license & deploy new technologies 8. Utah is a relatively low-cost & supportive jurisdiction in which to operate • Compared to other locations where REEs are produced (California, Australia, etc) 16 The #1 challenge to “unlocking” the value of monazite has been handling the radionuclides. Energy Fuels has solved this challenge.