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What changed in ENERGY FUELS INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of ENERGY FUELS INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+1546 added−985 removedSource: 10-K (2025-02-26) vs 10-K (2024-02-23)

Top changes in ENERGY FUELS INC's 2024 10-K

1546 paragraphs added · 985 removed · 761 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

149 edited+256 added−109 removed121 unchanged
Biggest changeREE supply chain, including the development of the Company’s Bahia Project in Brazil; the potential acquisition of additional sources of monazite sands; the completion, commissioning, and optimization of the Phase 1 REE separation capabilities at the Company’s Mill in early 2024; and the production of NdPr oxide and an Sm + RE Carbonate, along with uranium, from monazite sands through Q2 2024 (see “ The Company’s Rare Earth Elements Business ,” above); • continue to pursue additional Alternate Feed Materials, third-party processing and other sources of feed for the Mill (including potential material recovered from AUM and other land cleanup work) and, when market conditions warrant, pursue the recovery of uranium and/or vanadium dissolved in the Mill’s tailings pond solutions; • continue to maintain projects and facilities in a state of readiness for the purpose of restarting mining activities on an expedited basis, as contract obligations and market conditions may warrant; • advance permitting and evaluation activities for the Sheep Mountain, Roca Honda and/or Bullfrog Projects; and • continue to evaluate the potential for recovering and selling certain radioisotopes from the Mill’s existing process streams for use in making medical isotopes for emerging TAT cancer treatments. 22 Uranium Sales With recent uranium market improvements, existing long-term sales commitments and the improved prospect of procuring additional long-term sales commitments, the outlook for sustained profitable production for the Company has improved significantly from the weak uranium market conditions that lasted until mid-2021.
Biggest changeThe Company is also advancing its permitting efforts at the Project to include baseline studies and other necessary studies to move the Project forward; • the Company plans to advance the permitting and design of the Phase 2 REE expansion at the Mill to enable the production of up to 4,000 – 6,000 tonnes of separated NdPr, along with separated Dy, Tb and other REE materials; • the Company plans to continue to evaluate potential opportunities in REE metal, alloy and magnet-making as they may arise; • the Company plans to continue to pursue additional Alternate Feed Materials, third-party processing, ore purchases and other sources of feed for the Mill (including potential material recovered from AUM and other land cleanup work) and, when market conditions warrant, pursue the recovery of uranium and/or vanadium dissolved in the Mill’s tailings pond solutions; • the Company plans to continue to maintain selected projects and facilities in a state of readiness for the purpose of restarting mining activities on an expedited basis, as contract obligations and market conditions may warrant; • the Company plans to advance permitting and evaluation activities for the Roca Honda and Bullfrog Projects; and • the Company continue to evaluate the potential for recovering and selling certain radioisotopes from the Mill’s existing process streams for use in making medical isotopes for emerging TAT cancer treatments.
With its uranium, vanadium, REE and potential radioisotope production, the Mill is working to establish itself as a critical minerals hub in the U.S. Uranium is the fuel for carbon-free, emission-free baseload nuclear power, and one of the cleanest forms of energy in the world.
The Mill is working to establish itself as a critical minerals hub in the U.S. with its uranium, vanadium, REE and potential radioisotope production. Uranium is the fuel for carbon-free, emission-free baseload nuclear power, and one of the cleanest forms of energy in the world.
In late 2023, the Company commenced uranium production at its Pinyon Plain Project and its La Sal and Pandora mines (the La Sal and Pandora mines each comprise a portion of the La Sal Project).
Uranium Production In late-2023, the Company commenced uranium production at its Pinyon Plain Project and its La Sal and Pandora mines (the La Sal and Pandora mines each comprise a portion of the La Sal Project).
After removal of the uranium, which will be sold into the commercial nuclear fuel cycle for the creation of carbon-free nuclear energy, this solution is cleaned of any remaining deleterious elements (including remaining radioactive elements) and made into an RE Carbonate, which is a form acceptable as an SX feedstock for REE separation.
After removal of the uranium, which will be sold into the commercial nuclear fuel cycle for the creation of carbon-free nuclear energy, this solution is cleaned of any remaining deleterious elements (including remaining radioactive elements) and can be made into an RE Carbonate, which is a form acceptable as an SX feedstock for REE separation.
Multiple potential domestic sources of mined mineral sands, including monazite, exist in North America and are potential feedstocks for the Mill; in addition, there is one producer of REEs from hard rock mining in California, which currently ships its material to Asia.
Multiple potential domestic sources of mined heavy mineral sands, including monazite, exist in North America and are potential feedstocks for the Mill; in addition, there is one producer of REEs from hard rock mining in California, which currently ships its material to Asia.
The Company’s principal conventional properties include the following: • the Mill, which is an operating 2,000 ton-per-day uranium, vanadium and REE processing facility located in Utah and held through the Company’s subsidiary EFR White Mesa LLC. See “Part I, Item 2.D.
The Company’s principal conventional properties include the following: • the Mill, which is an operating 2,000 ton-per-day uranium, vanadium and REE processing facility located in Utah and held through the Company’s subsidiary EFR White Mesa LLC. See “Part I, Item 2.
The emergency withdrawal prevented the lands from being open to location and entry under the Mining Law upon expiration of the two-year segregation while the DOI completed the decision–making process on the 31 proposed withdrawal. The emergency withdrawal was effective from July 21, 2011 to January 20, 2012.
The emergency withdrawal prevented the lands from being open to location and entry under the Mining Law upon expiration of the two-year segregation while the DOI completed the decision–making process on the proposed withdrawal. The emergency withdrawal was effective from July 21, 2011 to January 20, 2012.
In addition, all public filings, including Insider Reports, of the Company can be found on the SEC’s Electronic Data Gathering, Analysis, and Retrieval (“ EDGAR ”) platform, and on the OSC’s System for Electronic Document Analysis and Retrieval (“ SEDAR ”) and System of Electronic Disclosure by Insiders (“ SEDI ”).
In addition, all public filings, including Insider Reports, of the Company can be found on the SEC’s Electronic Data Gathering, Analysis, and Retrieval (“ EDGAR ”) platform, and on the OSC’s System for Electronic Data Analysis and Retrieval + (“ SEDAR+ ”) and System of Electronic Disclosure by Insiders (“ SEDI ”).
REE separation facilities are additionally located in Vietnam, India, as well as Silmet in Estonia, and use a variety of feedstocks and sources with small-scale or experimental operational facilities located elsewhere (Russia included).
REE separation facilities are additionally located in Vietnam, India, as well as Neo’s Silmet in Estonia, and use a variety of feedstocks and sources with small-scale or experimental operational facilities located elsewhere (Russia included).
Our operations are located primarily in rural and underserved areas and support the local economies, not only through the taxes we pay to local authorities and the salaries and wages we pay to our employees and to numerous third-party contractors, such as transportation companies, equipment rental companies, equipment vendors and service providers, but also indirectly through the “multiplier effect” to the communities as a whole.
Our U.S. operations are located primarily in rural and underserved areas and support the local economies, not only through the taxes we pay to local authorities and the salaries and wages we pay to our employees and to numerous third-party contractors, such as transportation companies, equipment rental companies, equipment vendors and service providers, but also indirectly through the “multiplier effect” to the communities as a whole.
In 2023, interest in the uranium and nuclear sectors continued to grow substantially, which the Company believes was driven by: (1) global efforts to reduce carbon emissions and a growing focus on electrification; (2) geopolitical tensions, particularly regarding Russia’s invasion of Ukraine; and (3) speculation based on supply and demand fundamentals.
In 2024, interest in the uranium and nuclear sectors continued to grow substantially, which the Company believes was driven by: (1) global efforts to reduce carbon emissions and a growing focus on electrification; (2) geopolitical tensions, particularly regarding Russia’s invasion of Ukraine; and (3) speculation based on supply and demand fundamentals.
Reclamation bonds or the equivalent have been posted for each of the Company’s material properties that have structures or facilities. Energy Fuels is required to have export licenses issued by the NRC for its uranium exports, unless otherwise permissible pursuant to the Mill’s existing Radioactive Materials License due to the nature of the material in question.
Reclamation bonds or the equivalent have been posted for each of the Company’s material properties in the U.S. that have structures or facilities. Energy Fuels is required to have export licenses issued by the NRC for its uranium exports, unless otherwise permissible pursuant to the Mill’s existing Radioactive Materials License due to the nature of the material in question.
Financial Statements and Supplementary Data - Note 17 Related Party Transactions ”). The Nichols Ranch Project is an ISR facility with production currently on standby that recovers uranium through a series of injection and recovery wells. Using groundwater fortified with oxygen and sodium bicarbonate, uranium is dissolved within a deposit.
Financial Statements and Supplementary Data - Note 18 Related Party Transactions ”). The Nichols Ranch Project is an ISR facility with production currently on standby that recovers uranium through a series of injection and recovery wells. Using groundwater fortified with oxygen and sodium bicarbonate, uranium is dissolved within a deposit.
The Company generates revenues from extracting and processing materials for the recovery of uranium, vanadium and REEs for our own account, as well as from toll processing materials for others. Energy Fuels is engaged in conventional and ISR uranium extraction and recovery, along with the exploration, permitting, and evaluation of uranium properties in the U.S.
The Company generates uranium revenues from extracting and processing materials for the recovery of uranium (and vanadium) for our own account, as well as from purchasing and toll processing materials for others. Energy Fuels is engaged in conventional and ISR uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the U.S.
The La Sal Project ”) and the Whirlwind uranium/vanadium project (the “ Whirlwind Project ”), both of which are located near the Colorado/Utah border (the “ Colorado Plateau ”) and, in addition to nearby exploration properties, are held by the Company’s subsidiary EFR Colorado Plateau LLC. See “Part I, Item 2K.
The La Sal Project ”) and the Whirlwind uranium/vanadium project (the “ Whirlwind Project ”), both of which are located near the Colorado/Utah border (the “ Colorado Plateau ”) and, in addition to nearby exploration properties, are held by the Company’s subsidiary EFR Colorado Plateau LLC. See “Part I, Item 2.
The Company will continue to selectively sell its vanadium pentoxide (“ V 2 O 5 ”) inventory (approximately 905,000 pounds as of December 31, 2023) on the spot market as markets warrant, but will otherwise continue to maintain it in inventory.
The Company will continue to selectively sell its vanadium pentoxide (“ V 2 O 5 ”) inventory (approximately 905,000 pounds as of December 31, 2024) on the spot market as markets warrant, but will otherwise continue to maintain it in inventory.
Pursuant to the Company’s Diversity Policy, Energy Fuels’ Governance and Nominating Committee (“ GN Committee ”) is required to monitor, on an ongoing basis, the implementation and effectiveness of the Diversity Policy and to, at least annually, assess: (i) the mix of diversity, skill and expertise on the Board and the Executive Team, (ii) the measurable objectives set pursuant to the Policy, and (iii) progress in achieving such measurable objectives, including any targets, if set.
Pursuant to the Company’s Diversity Policy, Energy Fuels’ Governance and Nominating Committee (“ GN Committee ”) is required to monitor, on an ongoing basis, the implementation and effectiveness of the Diversity Policy and to, 44 Table of Content at least annually, assess: (i) the mix of diversity, skill and expertise on the Board and the Executive Team, (ii) the measurable objectives set pursuant to the Policy, and (iii) progress in achieving such measurable objectives, including any targets, if set.
NdPr is among the most valuable of the REEs, as it is the key ingredient in the manufacture of high-strength permanent magnets, which are essential to the lightweight and powerful motors required in EVs and permanent magnet wind turbines used for renewable energy generation, as well as in an array of other modern technologies, including mobile devices and defense applications.
NdPr is among the most valuable of the REEs, as it is the key ingredient in the manufacture of high-strength permanent magnets, which are essential to the lightweight and powerful motors required in EVs/hybrid EVs and permanent magnet wind turbines used for renewable energy generation, as well as in an array of other modern technologies, including advanced robotics, mobile devices and defense applications.
The Sheep Mountain Project ”; • the Bullfrog Project (the “ Bullfrog Project ”), which is located in south central Utah near the town of Ticaboo, and which is held by the Company’s subsidiary EFR Henry Mountains LLC. See “Part I, Item 2H.
The Sheep Mountain Project ”; • the Bullfrog Project (the “ Bullfrog Project ”), which is located in south central Utah near the town of Ticaboo, and which is held by the Company’s subsidiary EFR Henry Mountains LLC. See “Part I, Item 2.
As a result, uranium prices exhibited strength throughout 2023, and the Company has observed significantly more interest in both spot transactions and long-term contracts for U 3 O 8 from utilities.
As a result, uranium prices exhibited strength throughout 2024, and the Company has observed significantly more interest in both spot transactions and long-term contracts for U 3 O 8 from utilities.
All the Company’s properties located on the Arizona Strip, with the exception of its Wate property and certain exploration properties held by the Company’s subsidiary, Arizona Strip Partners LLC, are located within the Withdrawn Lands and boundaries of the Grand Canyon National Monument.
All the Company’s properties located on the Arizona Strip, with the exception of its Wate Project and certain exploration properties held by the Company’s subsidiary, Arizona Strip Partners LLC, are located within the Withdrawn Lands and boundaries of the Grand Canyon National Monument.
San Juan County Clean Energy Foundation On September 16, 2021, the Company announced its establishment of the San Juan County Clean Energy Foundation (the “ Foundation ”), a fund specifically designed to contribute to the communities surrounding the Mill in southeastern Utah.
Risk Factors .” San Juan County Clean Energy Foundation On September 16, 2021, the Company announced its establishment of the San Juan County Clean Energy Foundation (the “ Foundation ”), a fund specifically designed to contribute to the communities surrounding the Mill in southeastern Utah.
Buyers seek to balance the security of supply with the opportunity to take advantage of lower prices. For this reason, both buyers and sellers track current spot and term prices for uranium carefully, make considered projections as to future prices, and negotiate with one another on transactions which each deems favorable to their respective interests.
Buyers seek to balance the security of supply with the opportunity to take advantage of lower prices. For this reason, 27 Table of Content both buyers and sellers track current spot and term prices for uranium carefully, make considered projections as to future prices, and negotiate with one another on transactions which each deems favorable to their respective interests.
Energy Fuels’ uranium inventory provides the Company with financial flexibility, and the Company believes its existing inventories, purchases and new production will be sufficient to meet contract requirements through 2024 and over the life of the supply contracts, along with discretionary spot sales in 2024, as market conditions may warrant.
Energy Fuels’ uranium inventory provides the Company with financial flexibility, and the Company believes its existing inventories, purchases and new production will be sufficient to meet contract requirements through 2025 and over the life of the supply contracts, along with discretionary spot sales in 2025 and beyond, as market conditions may warrant.
All of the Company’s Arizona Strip properties are held by the Company’s subsidiary EFR Arizona Strip LLC, with the exception of the Wate Project, which is held by the Company’s subsidiary Wate Mining Company LLC. See “Part I, Item 2K.
All of the Company’s Arizona Strip properties are held by the Company’s subsidiary EFR Arizona Strip LLC, with the exception of the Wate Project, which is held by the Company’s subsidiary Wate Mining Company LLC. See “Part I, Item 2.
The Mill also maintains a permit approval for air emissions with the UDEQ, Division of Air Quality. 30 Conventional uranium extraction is subject to regulation by a number of agencies including: (1) local county and municipal government agencies; (2) the applicable state divisions responsible for mining and protecting the environment within Utah, Colorado, Arizona, New Mexico, and Wyoming; (3) the U.S.
The Mill also maintains a permit approval for air emissions with the UDEQ, Division of Air Quality. 37 Table of Content Conventional uranium extraction is subject to regulation by a number of agencies including: (1) local county and municipal government agencies; (2) the applicable state divisions responsible for mining and protecting the environment within Utah, Colorado, Arizona, New Mexico, and Wyoming; (3) the U.S.
The Mill is licensed to process 2,000 tons of ore per day and over 8 million pounds of U 3 O 8 per year. It is primarily a uranium recovery facility but can also recover REEs and vanadium along with uranium from various uranium ores.
The Mill is licensed to process 2,000 tons of ore per day and produce over 8 million pounds of U 3 O 8 per year. It is primarily a uranium recovery facility but can also recover REEs and vanadium from various uranium ores.
In December 2017, former President Trump issued a Proclamation that amended former President Obama’s 2016 Proclamation and reduced the monument to two parcels encompassing a total of 201,876 acres, releasing 1.15 million acres. That Proclamation was later challenged in Federal Court.
In December 2017, President Trump in his first term issued a Proclamation that amended former President Obama’s 2016 Proclamation and reduced the monument to two parcels encompassing a total of 201,876 acres, releasing 1.15 million acres. That Proclamation was later challenged in Federal Court.
According to industry analyst Wood-Mackenzie, most demand for REEs is in the form of separated REEs, “as most end-use applications require only one or two separated rare earth compounds or products.” (Wood Mackenzie, Rare Earths, Outlook to 2030, 20 th Edition).
According to industry analyst Wood-Mackenzie, most demand for REEs is in the form of separated REEs, “as most end-use applications require only one or two separated rare earth compounds or products.” (Wood Mackenzie, Rare Earths, Outlook to 2030, 20th Edition).
Through these operations and initiatives, we remain diligent in our efforts to ensure our operations minimize any impacts to public health, safety and the environment, including any impacts to water, air, wildlife, soil, cultural resources, the occupational health and safety of our workers and any impacts to members of the public.
Through these operations and initiatives, we remain diligent in our efforts to ensure our operations minimize any impacts to public health, safety and the environment, including any impacts to water, air, wildlife, soil, cultural resources, the occupational 43 Table of Content health and safety of our workers and any impacts to members of the public.
Monazite concentrates also contains higher concentrations of “heavy” REEs, including dysprosium (Dy) and terbium (Tb) used in permanent magnets, relative to other common REE ores. The Company is currently primarily focused on NdPr, Tb, Dy and, to a lesser extent, La, Ce and Sm. The REE supply chain starts at a mine.
Monazite concentrates also contain higher concentrations of “heavy” REEs, including Dy and Tb used in permanent magnets, relative to other common REE ores. The Company is currently primarily focused on NdPr, Tb, Dy and, to a lesser extent, La, Ce and Sm. The REE supply chain starts at a mine.
On December 23, 2017, the Company issued a press release reiterating its past and present support of Bears Ears National Monument, and clarifying that the Company sought only minor adjustments to the original boundaries of the monument to prevent the boundary from directly abutting some of its existing operations, which were very minor adjustments, insignificant 32 compared to the original size of the monument and not a reflection of former President Trump’s nearly 85% reduction.
On December 23, 2017, the Company issued a press release reiterating its past and present support of Bears Ears National Monument, and clarifying that the Company sought only minor adjustments to the original boundaries of the monument to prevent the boundary from directly abutting some of its existing operations, which were 39 Table of Content very minor adjustments, insignificant compared to the original size of the monument and not a reflection of President Trump’s nearly 85% reduction.
The Foundation focuses on supporting education, the environment, health/wellness, and local economic development in the City of Blanding, San Juan County, the White Mesa Ute Community, the Navajo Nation and other area communities.
The Foundation 21 Table of Content focuses on supporting education, the environment, health/wellness, and local economic development in the City of Blanding, San Juan County, the White Mesa Ute Community, the Navajo Nation and other area communities.
The Company holds uncommitted inventory and, with the benefit of production in 2024 and beyond, will continue to evaluate additional spot and/or long-term uranium sales opportunities up to 300,000 pounds during 2024 and beyond. The Company may also evaluate the purchase of uranium on the spot market, subject to market conditions and contract requirements.
The Company holds uncommitted inventory and, with the benefit of production in 2025 and beyond, will continue to evaluate additional spot and/or long-term uranium sales opportunities up to 400,000 pounds during 2025 and beyond. The Company may also evaluate the purchase of uranium on the spot market, subject to market conditions and contract requirements.
Changes in these regulations or changes in regulatory attitudes or interpretations could require the Company to expend significant resources to comply with new laws or regulations, attitudes or interpretations relating thereto, or changes to current requirements and could have a material adverse effect on the Company’s business operations.
Changes in these regulations or changes in regulatory attitudes or interpretations could require the Company to expend significant resources to comply with new laws or regulations, attitudes or interpretations relating 36 Table of Content thereto, or changes to current requirements and could have a material adverse effect on the Company’s business operations.
As monazite is a uranium ore and is processed through the White Mesa Mill for the recovery of uranium and REEs, and all separation activities are expected to take place at the Mill, all the regulations applicable to uranium recovery and processing at the Mill apply to the processing of monazite at the Mill, the production of RE Carbonate and the planned separation of REE oxides at the Mill.
As monazite is a uranium-bearing ore and is processed through the White Mesa Mill for the recovery of uranium and REEs, and all separation activities are expected to take place at the Mill, all the regulations applicable to uranium recovery and processing at the Mill apply to the processing of monazite at the Mill, the production of RE Carbonate and the separation of REEs at the Mill.
Once production is fully ramped up at the three mines, which is currently planned for mid- to late-2024, the Company expects to be producing uranium at a run-rate of approximately 1.1 to 1.4 million pounds per year.
Once production is fully ramped up at the three mines, which is currently planned for 2025, the Company expects to be producing uranium at a run-rate of approximately 1.1 to 1.4 million pounds per year.
Department of the Interior (the “ DOI ”) published Public Land Order 7773 on June 21, 2011, which effected a six-month emergency withdrawal of the area.
Department of the Interior (the “ DOI ”) published Public Land Order 7773 on June 21, 2011, which effected a six-month 38 Table of Content emergency withdrawal of the area.
The Company is evaluating whether any additional licenses or permits or amendments to existing licenses or permits may be required for any of the modifications and enhancements to existing Mill facilities required for and the operation of its planned REE separation circuits at the Mill.
The Company is evaluating whether any additional licenses or permits or amendments to existing licenses or permits may be required for any of the modifications and enhancements to existing Mill facilities required for and the operation of its planned Phase 2 REE separation circuit at the Mill.
Conventional Operations The Company conducts its conventional uranium, REE, vanadium and potential medical radioisotope extraction and recovery activities through the Mill, which is the only operating conventional uranium mill, and the only uranium, REE and vanadium processing facility in the United States.
Conventional Operations The Company conducts its conventional uranium, vanadium and potential medical radioisotope extraction (along with REE activities discussed below) and recovery activities through the Mill, which is the only operating conventional uranium mill, and the only uranium and vanadium processing facility in the United States.
We also recover previously disposed of uranium and vanadium by recycling the Mill’s tailings solutions. Furthermore, our production of a commercially salable RE Carbonate through the recycling of natural monazite sands, which have historically been considered wastes due to their radioactive content, and our planned REE 33 separation activities, allow us to provide crucial links in a commercially viable U.S.
We also recover previously disposed of uranium and vanadium by recycling the Mill’s tailings solutions. Furthermore, our production of a commercially salable RE Carbonate and separated REEs through the recycling of natural monazite sands, which have historically been considered wastes due to their radioactive content, allow us to provide crucial links in a commercially viable U.S.
However, the Company also believes that while uranium market conditions have improved significantly since 2021, they still remain vulnerable, primarily as a result of secondary uranium supplies, excess inventories, and non-market activities of state-owned enterprises, primarily in Russia.
However, the Company also believes that while uranium market conditions have improved significantly since 2021, they still could be vulnerable, primarily as a result of secondary uranium supplies, excess inventories, and non-market activities of state-owned enterprises.
Non-Material Mineral Properties – Other Conventional Projects – Arizona Strip ”; • the Roca Honda Uranium Project (the “ Roca Honda Project” ), which is located near the town of Grants, New Mexico, held by the Company’s subsidiaries Strathmore Resources (US), Ltd. and Roca Honda Resources LLC. See “Part I, Item 2.F.
Non-Material Mineral Properties – Other Conventional Projects – Colorado Plateau ”; • the Roca Honda Uranium Project (the “ Roca Honda Project ”), which is located near the town of Grants, New Mexico, held by the Company’s subsidiaries Strathmore Resources (US), Ltd. and Roca Honda Resources LLC. See “Part I, Item 2.
The Company currently has 905,000 of pounds V 2 O 5 in finished goods inventory and an estimated 1.0 to 3.0 million pounds of V 2 O 5 in its tailings solutions, which are available for future recovery, as market conditions warrant. Competition The uranium industry is highly competitive.
The Company currently has 905,000 pounds of V 2 O 5 in finished goods inventory and an estimated 1.0 to 3.0 million pounds of V 2 O 5 in its tailings solutions, which are available for future recovery, as market conditions warrant.
The Roca Honda Project ”; • the Sheep Mountain Project, which is a uranium project located near Jeffrey City, Wyoming, including permitted open pit and underground components held by the Company’s subsidiary Energy Fuels Wyoming Inc. See “Part I, Item 2G.
The Roca Honda Project ”; 16 Table of Content • the Sheep Mountain Project, which is a uranium project located near Jeffrey City, Wyoming, including permitted open pit and underground components held by the Company’s subsidiary Energy Fuels Wyoming Inc. See “Part I, Item 2.
Overview of Uranium Market The primary use of uranium is to fuel nuclear power plants for the generation of carbon- and emission-free electricity. According to the World Nuclear Association (“ WNA ”), as of January 2024, there were 437 operable nuclear reactors world-wide, which required approximately 170.7 million pounds of U 3 O 8 annually at full operation.
Overview of Uranium Market The primary use of uranium is to fuel nuclear power plants for the generation of carbon- and emission-free electricity. According to the World Nuclear Association (“ WNA ”), as of January 2025, there were 440 operable nuclear reactors world-wide, which required approximately 175.5 million pounds of U 3 O 8 annually at full operation.
The Company sees its commercial production of RE Carbonate to date and its expected production of NdPr oxide in 2024 as the first steps in an effort to restore the REE supply chain in the U.S., where one currently does not exist.
The Company sees its prior commercial production of RE Carbonate and its recent commercial production of separated NdPr in 2024 as the first steps in an effort to restore the REE supply chain in the U.S., where one currently does not exist.
The Pinyon Plain Project, The Company’s Planned Work .” The Company’s Rare Earth Elements Business REEs are a group of 17 chemical elements (the 15 elements in the lanthanum series, plus yttrium and scandium) that have a variety of industrial, energy, and defense uses, including advanced permanent magnets for EVs and wind turbines, communications technology, clean energy production, consumer electronics, defense systems, lasers and numerous other applications.
Rare Earth Elements Segment REEs are a group of 17 chemical elements (the 15 elements in the lanthanum series, plus yttrium and scandium) that have a variety of industrial, energy, and defense uses, including advanced permanent magnets for EVs and wind turbines, communications technology, clean energy production, consumer electronics, defense systems, lasers and numerous other applications.
The primary value that the Company expects to generate in the short- to medium-term will come from NdPr, Dy, Tb, Ce, and La, as the price the Company receives from the sale of its RE Carbonate is tied to the prices of those REE oxides.
The primary value that the Company expects to generate in the short- to medium-term will come from NdPr, Dy, Tb, Ce and La, as those are the REEs the Company plans to target and the price the Company receives from the sale of any RE Carbonate is also tied to the prices of those REE oxides.
Energy Information Administration (“ EIA ”), in 2022, the U.S. produced approximately 18.2% of its electricity from nuclear technology, while, according to the Nuclear Energy Institute (“ NEI ”), the U.S. achieved an average capacity factor of 92.7%, leading all other carbon-free sources by a wide margin.
Energy Information Administration (“ EIA ”), in 2024, the U.S. produced approximately 18.6% of its electricity from nuclear technology, while, according to the Nuclear Energy Institute (“ NEI ”), the U.S. achieved an average capacity factor of 93.0%, leading all other carbon-free sources by a wide margin.
As a result, the Company recovered de minimis pounds of U 3 O 8 from the Project in 2023 and expects to recover de minimis quantities of U 3 O 8 in 2024.
As a result, the Company recovered de minimis pounds of U 3 O 8 from the Project in 2024 and expects to recover de minimis quantities of U 3 O 8 in 2025, unless production recommences in 2025.
According to EIA data, in 2022, U.S. utilities purchased 15% of their uranium on the spot market with the remaining 85% purchased under mid- and long-term contracts; through 2032, U.S. utilities have approximately 179.2 million pounds of unfilled uranium requirements (EIA, Uranium Marketing Annual Report, 2022).
According to EIA data, in 2023, U.S. utilities purchased 15% of their uranium on the spot market with the remaining 85% purchased under mid- and long-term contracts; through 2033, U.S. utilities have approximately 184.1 million pounds of unfilled uranium requirements (EIA, Uranium Marketing Annual Report, 2023).
During the year ended December 31, 2023, the mid-point price of vanadium in Europe decreased by 31% from $9.44 per pound V 2 O 5 as of December 31, 2022 to $6.53 per pound V 2 O 5 as of December 31, 2023.
During the year ended December 31, 2024, the mid-point price of vanadium in Europe decreased by 18% from $6.53 per pound V 2 O 5 as of December 31, 2023 to $5.37 per pound V 2 O 5 as of December 31, 2024.
We will furnish copies of such information free of charge upon written request to our Investor Relations department. 35
We will furnish copies of such information free of charge upon written request to our Investor Relations department. 45 Table of Content
(see “ 2023 Corporate Developments ,” below); • the Wate project (the “ Wate Project ”), which is a uranium deposit in the permitting stage; the Arizona 1 project (the “ Arizona 1 Project ”), which is a fully permitted uranium project on standby; and the EZ properties (“ EZ Properties ”), which are uranium deposits in the exploration and evaluation stage.
The Bullfrog Project ”; • the Wate project (the “ Wate Project ”), which is a uranium deposit in the permitting stage; the Arizona 1 Project, which is a fully permitted uranium project on standby; and the EZ properties, which are uranium deposits in the exploration and evaluation stage.
The Company also expects to commence an ore-buying program from third-party miners in 2024, which is expected to increase the Company’s short-term uranium production profile even further.
The Company also expects to commence an ore buying program from third-party conventional miners in 2025, which is expected to further increase the Company's uranium production profile.
The White Mesa Mill ”; • the Pinyon Plain Project, which is a fully permitted and operating uranium project with all surface facilities and a shaft in place (see “Part I, Item 2.E.
The White Mesa Mill ”; • the Pinyon Plain Project, which is a fully permitted and operating uranium project with all surface facilities and a shaft in place (see “Part I, Item 2. The Pinyon Plain Project ”); • the La Sal Complex of uranium and uranium/vanadium projects (the “ La Sal Project ”) (see “Part I, Item 2.
According to market consultant FastMarkets, over 90% of FeV is used in the steel industry. In addition, vanadium is used in the aerospace and chemical industries, and continues to see interest in energy storage technologies, including vanadium redox flow batteries. China is the largest global producer of vanadium, with additional production coming from Russia, South Africa and Brazil (Roskill).
In addition, vanadium is used in the aerospace and chemical industries, and continues to see interest in energy storage technologies, including vanadium redox flow batteries. China is the largest global producer of vanadium, with additional production coming from Russia, South Africa, and Brazil (Roskill).
The Company believes that V 2 O 5 prices will increase once confidence in the Chinese and global economy returns. As of February 16, 2024, the price of vanadium was $6.88 per pound V 2 O 5.
The Company believes that V 2 O 5 prices will increase once confidence in the Chinese and global economy returns. As of February 21, 2025, the price of vanadium was $5.35 per pound V 2 O 5.
While production at the Nichols Ranch Project is currently being maintained on standby, the Company is undertaking exploration and development activities to expand the resources at the Nichols Ranch Project and to further develop a wellfield to be ready for potential recommencement of production in late 2024 or in 2025. See “Part II, Item 7.
While production at the Nichols Ranch Project is currently being maintained on standby, the Company is undertaking exploration and development activities to expand the resources at the Nichols Ranch Project and to further develop a wellfield to be ready for potential recommencement of production within 12 months of a “go" decision. See “Part II, Item 7.
Contract pricing has a fixed price component (fully indexed to inflation) and a spot market component, along with floor and ceiling prices (fully indexed to inflation). The Company expects to fill deliveries during the early years of these contracts from its significant existing produced inventories.
The Company’s contract pricing has a fixed price component (fully indexed to inflation) and a spot market component, along with floor and ceiling prices (fully indexed to inflation). The Company has filled deliveries during the early years of these contracts from produced inventories and expects to fill future deliveries through new production.
Separated REE products can be made into REE metals and metal-alloys, which are used for magnets and other applications. To date, substantially all the RE Carbonate produced by the Mill has been sold to Neo.
Separated REE products are typically sold to various markets, depending on the use. Separated REE products can be made into REE metals and metal-alloys, which are used for magnets and other applications. To date, substantially all the RE Carbonate produced by the Mill has been sold to Neo Performance Materials (“ Neo ”).
REEs are mined both as a primary target, like the Mountain Pass REE mine in California, and as a byproduct, which is the case of Chemours’ Offerman Mineral Sand Plant, where the natural monazite sands are physically separated from the other mined sands.
REEs are mined both as a primary target, like the Mountain Pass REE mine in California, and as a byproduct, which is the case of Chemours’ Offerman Mineral Sand Plant, where the natural monazite sands are physically separated from the other mined sands, and which is expected to occur at the Company’s Toliara, Donald and Bahia HMS projects.
The REEs we are now producing are used to manufacture permanent magnets for electric vehicles (“ EVs ”), wind turbines and other clean energy technologies. The radioisotopes we are evaluating for recovery from our REE and uranium processing streams have the potential to provide materials needed for emerging TAT cancer-fighting therapeutics.
The REEs we are now producing are used to manufacture permanent magnets for electric vehicles (“ EVs ”), hybrid EVs, wind turbines, advanced robotics, defense technologies and other technologies. The radioisotopes we are e valuating recovering from our REE and uranium processing streams have the potential to provide materials needed for emerging TAT cancer-fighting therapeutics.
According to TradeTech, the spot price was $102.00 per pound as of February 16, 2024. TradeTech price data also indicated that long-term U 3 O 8 prices began 2023 at $53.00 per pound and ended 2023 at $68.00 per pound.
According to TradeTech, the spot price was $65.25 per pound as of February 21, 2025. TradeTech price data also indicated that long-term U 3 O 8 prices began 2024 at $68.00 per pound and ended 2024 at $82.00 per pound.
The Company currently has a Research and Development (“ R&D ”) license for the recovery of R&D quantities of Ra-226 at the Mill, issued by DWMRC in 2023.
The Company currently has an R&D license for the recovery of R&D quantities of Ra-226 at the Mill, issued by DWMRC in 2023.
Our primary product is U 3 O 8 (also known as natural uranium concentrate or yellowcake), which, when further processed, becomes the fuel for the generation of clean nuclear energy. According to the Nuclear Energy Institute, nuclear energy provides nearly 20% of the total electricity and 50% of the clean, carbon-free electricity generated in the U.S.
Uranium Segment Our primary product is U 3 O 8 (also known as natural uranium concentrate), which, when further processed, becomes the fuel for the generation of clean nuclear energy. According to the most recent data from the Nuclear Energy Institute, nuclear energy provides 18% of the total electricity and 46% of the clean, carbon-free electricity generated in the U.S.
Monthly spot prices began the year at $47.60 per pound of U 3 O 8 on December 31, 2022 and ended the year at $91.00 per pound on December 31, 2023, reaching a high of $91.00 per pound for the month of December 2023 and a low of $47.60 per pound at the beginning of the period.
Monthly spot prices began the year at $91.00 per pound of U 3 O 8 on December 31, 2023 and ended the year at $73.50 per pound on December 31, 2024, reaching a high of $100.50 per pound for the month of December 2023 and a low of $73.50 per pound at the end of the period.
See the Company’s Proxy Statement on Schedule 14A, filed April 4, 2023, for our most recent disclosure on Energy Fuels’ diversity statistics. 34 Available Information Detailed information about Energy Fuels is, and will continue to be, included in our annual reports on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements on Schedules 14A and other reports, and amendments to those reports that we file with or furnish to the SEC and, for Canadian purposes, the Ontario Securities Commission (“ OSC ”).
Available Information Detailed information about Energy Fuels is, and will continue to be, included in our annual reports on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements on Schedules 14A and other reports, and amendments to those reports that we file with or furnish to the SEC and, for Canadian purposes, the Ontario Securities Commission (“ OSC ”).
The Company believes that certain uranium supply and demand fundamentals point to sustained market strength and potentially higher prices in the future, including significant production cuts and/or shortfalls, and increased demand from utilities, financial entities, traders, and producers.
The Company believes that certain uranium supply and demand fundamentals point to sustained market strength and potentially higher prices in the future, increased demand from utilities and end-users (including the technology sector), financial entities, traders, and producers.
In 2024, the Company also plans to advance permitting on the Roca Honda, Sheep Mountain and Bullfrog Projects, which could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years.
In 2025, the Company plans to continue to advance permitting and development on the Roca Honda and Bullfrog projects, which together with the Company's Sheep Mountain Project, could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years, as market conditions warrant.
Worldwide, there are currently 61 new reactors under construction with an additional 115 reactors on order or in the planning stage and 326 having been proposed. According to data from TradeTech LLC (“ TradeTech ”), the world continues to require more uranium than it produces from primary extraction.
Worldwide, there are currently 65 new reactors under construction with an additional 86 reactors on order or in the planning stage and an additional 344 proposed. 26 Table of Content According to data from TradeTech LLC (“ TradeTech ”), the world continues to require more uranium than it produces from primary extraction.
The graph, below, shows the monthly spot (blue line) and long-term (red line) uranium price from August 1969 up to January 2024 as reported by TradeTech (not adjusted for inflation): To give a more recent perspective over the last five years, the graph below shows the monthly spot (blue line) and long-term (red line) uranium price from January 2020 up to January 2024, as reported by TradeTech (not adjusted for inflation): 24 According to monthly price data from TradeTech, uranium prices during 2023 were up $43.40, or 91%, for the year.
The graph, below, shows the monthly spot (blue line) and long-term (red line) uranium price from August 1969 up to January 2025 as reported by TradeTech (not adjusted for inflation): To give a more recent perspective over the last five years, the graph below shows the monthly spot (blue line) and long-term (red line) uranium price from January 2020 up to January 2025, as reported by TradeTech (not adjusted for inflation): 28 Table of Content According to monthly price data from TradeTech, uranium prices during 2024 decreased $17.50, or 19%, for the year.
TAT is an in-development method of targeted radionuclide therapy for various cancers. It employs radioactive substances which undergo alpha decay to treat diseased tissue at close proximity. It has the potential to provide highly targeted treatment, especially to microscopic tumor cells.
The Pinyon Plain Project, The Company’s Planned Work .” Recovering Medical Isotopes for Advanced Cancer Therapies TAT is an in-development method of targeted radionuclide therapy for various cancers. It employs radioactive substances which undergo alpha decay to treat diseased tissue at close proximity. It has the potential to provide highly targeted treatment, especially to microscopic tumor cells.
The gap between demand and primary supply is being filled by stockpiled inventories and secondary supplies, which the Company believes have dwindled significantly in recent years. According to the WNA, the U.S. currently has 93 operating reactors, one reactor under construction, and another 21 reactors on order, planned or proposed. According to the U.S.
The gap between demand and primary supply is being filled by stockpiled inventories and secondary supplies, which the Company believes have dwindled significantly in recent years. According to the WNA, the U.S. currently has 94 operating reactors, and another 13 reactors proposed. According to the U.S.
The Company also provides reasonable accommodation for qualified individuals with known disabilities and employees whose work requirements interfere with a religious belief unless doing so would result in an undue hardship to the Company or cause a direct threat to health or safety.
The Company also provides reasonable accommodation for qualified individuals in the U.S. with known disabilities and employees whose work requirements interfere with a religious belief unless doing so would result in an undue hardship to the Company or cause a direct threat to health or safety, and is evaluating the extent to which these policies can be applied to its non-U.S. employees.
Annual fees must be paid to maintain unpatented mining claims, but work expenditures are not required. Holders of unpatented mining claims are generally granted surface access to conduct mineral exploration and extraction activities. However, additional permits and plans are generally required prior to conducting exploration or mining activities on such claims.
Holders of unpatented mining claims are generally granted surface access to conduct mineral exploration and extraction activities. However, additional permits and plans are generally required prior to conducting exploration or mining activities on such claims.
The Company’s uranium inventories, along with expected uranium production in 2024 and subsequent years, are expected to provide the Company with the flexibility to complete spot sales in 2024 in response to improved market conditions, should the Company desire to do so.
The Company’s uranium inventories, along with expected uranium production in 2025 and subsequent years, are expected to provide the Company with the flexibility to complete spot sales in 2025 in response to improved market conditions, should the Company desire to do so. The Company will also continue to evaluate the potential to complete opportunistic purchases of uranium during 2025.
The very heart of our business – uranium and rare-earth production and recycling – helps us play a part in addressing global climate change, reducing air pollution, and making the world a cleaner and healthier place.
The very heart of our business – uranium and rare-earth production and recycling – helps us play a part in addressing global climate change, reducing air pollution, and making the world a cleaner and healthier place. Segment Information Following the Company's acquisition of Base Resources (see “Part I, Item 1.
During “Phase 3,” Energy Fuels expects to add “heavy” REE separation capabilities, including the production of Dy, Tb, and potentially other REE oxides and advanced materials. The Company will also evaluate the potential to produce La and Ce products.
During Phase 2, Energy Fuels also expects to add “heavy” REE separation capabilities at the Mill, including the production of Dy, Tb, and potentially other separated REE’s and advanced materials. The Company will also evaluate the potential to produce lanthanum (“ La ”) and cerium (“ Ce ”) products, along with potentially other REE products.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThe fluctuation of the Canadian dollar in relation to the U.S. dollar will consequently have an impact on our profitability and may also affect the value of our assets and shareholders’ equity. In addition, any strengthening of the U.S. dollar relative to other currencies makes our mineral extraction and recovery less competitive in relation to similar activities in other countries.
Biggest changeIn addition, any strengthening of the U.S. dollar relative to other currencies makes our mineral extraction and recovery less competitive in relation to similar activities in other countries and could have a material impact on our cash flows and profitability and affect the value of our assets and shareholders’ equity.
Whether or not a mining claim is valid must be determined by a mineral examination conducted by BLM or USFS, as applicable. The mineral examination, which involves an economic evaluation of a project, must demonstrate the existence of a locatable mineral resource and that the mineral resource constitutes discovery of a valuable mineral deposit.
Whether or not a mining claim is valid must be determined by a mineral examination conducted by BLM or USFS, as applicable. The mineral examination, which involves an economic evaluation of a project, must demonstrate the existence of a locatable mineral resource and that the mineral resource constitutes discovery of a valuable mineral deposit.
The increased reliance on technology, coupled with the Company’s developing REE and radioisotope initiatives, which involve novel technology developed in part by the Company and in part by others and by consultants, may expose the Company to material risks of theft or loss of proprietary technology and other intellectual property, including technical data, business processes, data sets or other sensitive information.
The increased reliance on technology, coupled with the Company’s developing REE and radioisotope initiatives, which involve novel technology developed in part by the Company or in part by others and by consultants, may expose the Company to material risks of theft or loss of proprietary technology and other intellectual property, including technical data, business processes, data sets or other sensitive information.
The existing licensing regime and any new or existing permits or licenses or amendments that may be required are subject to challenge, which could delay or prevent existing production or any new construction, as well as any separation and other activities; • The current shortage of supply of REEs and the resulting prices for REEs, and the fear that supplies of REEs may not be forthcoming on a timely basis to meet new demands for REEs, such as for permanent magnets for EVs, may encourage end-users to substitute away from REEs to advance and use other technologies to meet consumer demands for end products, which could result in a significant reduction in demand for and prices of REEs.
The existing licensing regime and any new or existing permits or licenses or amendments that may be required are subject to challenge, which could delay or prevent existing production or any new construction, as well as any separation and other activities; • The current shortage of supply of REEs and the resulting prices for REEs, and the fear that supplies of REEs may not be forthcoming on a timely basis to meet new demands for REEs, such as for permanent magnets for EVs and hybrid EVs, may encourage end-users to substitute away from REEs to advance and use other technologies to meet consumer demands for end products, which could result in a significant reduction in demand for and prices of REEs.
Our uranium business is in direct competition with: a relatively small number of publicly traded or privately funded uranium mining companies; 39 nationally subsidized uranium companies; uranium produced as a byproduct of other mining operations; excess inventories, including inventories made available from decommissioning of nuclear weapons; reprocessed uranium and plutonium; used reactor fuel; and the use of excess Russian enrichment capacity to re-enrich depleted uranium tails.
Our uranium business is in direct competition with: a relatively small number of publicly traded or privately funded uranium mining companies; nationally subsidized uranium companies; uranium produced as a byproduct of other mining operations; excess inventories, including inventories made available from decommissioning of nuclear weapons; reprocessed uranium and plutonium; used reactor fuel; and the use of excess Russian enrichment capacity to re-enrich depleted uranium tails.
To the extent that we are subject to uninsured environmental liabilities, the payment of such liabilities would reduce otherwise available earnings and could have a material adverse effect on us. In addition, we do not have coverage for environmental losses generally or for 38 certain other risks as such coverage cannot be purchased at a commercially reasonable cost.
To the extent that we are subject to uninsured environmental liabilities, the payment of such liabilities would reduce otherwise available earnings and could have a material adverse effect on us. In addition, we do not have coverage for environmental losses generally or for certain other risks as such coverage cannot be purchased at a commercially reasonable cost.
In the event of depressed commodity prices, we would continue to hold our standby properties, projects and facilities because we believe that prices are likely to rise, to such levels within a reasonable time period to justify future production. This ability to maintain 37 scalability as commodity prices increase is a key component of our business strategy.
In the event of depressed commodity prices, we would continue to hold our standby properties, projects and facilities because we believe that prices are likely to rise, to such levels within a reasonable time period to justify future production. This ability to maintain scalability as commodity prices increase is a key component of our business strategy.
Uranium Reserve Program's first round of contract awards and that will ultimately strengthen the 46 U.S. uranium mining industry, bolster national defense, and improve supply diversification for U.S. utilities and their customers, there is a risk that future contract awards, if any, may be given in a way that does not benefit the Company.
Uranium Reserve Program's first round of contract awards and that will ultimately strengthen the U.S. uranium mining industry, bolster national defense, and improve supply diversification for U.S. utilities and their customers, there is a risk that future contract awards, if any, may be given in a way that does not benefit the Company.
Although our financial statements will record a liability for the asset retirement obligation, and the bonding requirements are generally periodically reviewed by applicable regulatory authorities, there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will not exceed the estimated liability to be 49 provided on our financial statements.
Although our financial statements will record a liability for the asset retirement obligation, and the bonding requirements are generally periodically reviewed by applicable regulatory authorities, there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will not exceed the estimated liability to be provided on our financial statements.
As a result, our competitors may adopt technological advancements that give them an advantage over the Company or that reduce the demand for the Company’s products and services or make them obsolete. 41 Mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure.
As a result, our competitors may adopt technological advancements that give them an advantage over the Company or that reduce the demand for the Company’s products and services or make them obsolete. Mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure.
We are dependent on key personnel and qualified and experienced employees. Our success will largely depend on the efforts and abilities of certain senior officers and key employees, some of whom are approaching retirement. Certain of these individuals have significant experience in the uranium and REE industries. The number of individuals with significant experience in these industries is small.
We are dependent on key personnel and qualified and experienced employees. Our success will largely depend on the efforts and abilities of certain senior officers and key employees, some of whom are approaching retirement. Certain of these individuals have significant experience in the uranium, REE and HMS industries. The number of individuals with significant experience in these industries is small.
Nevertheless, our success will depend on the availability of qualified and experienced employees to work in our operations and our ability to develop, attract and retain such employees. The number of individuals with relevant mining and operational experience in the Company’s key industries, especially the U.S. uranium and REE industries, is small.
Nevertheless, our success will depend on the availability of qualified and experienced employees to work in our operations and our ability to develop, attract and retain such employees. The number of individuals with relevant mining and operational experience in the Company’s key industries, especially the U.S. uranium, and REE and HMS industries, is small.
Although it is impossible to predict at this point what any legislated royalties might be, enactment could adversely affect the potential for construction and 45 development and the economics of existing operating mines and facilities. Passage of such legislation could adversely affect our financial performance.
Although it is impossible to predict at this point what any legislated royalties might be, enactment could adversely affect the potential for construction and development and the economics of existing operating mines and facilities. Passage of such legislation could adversely affect our financial performance.
Companies engaged in uranium, monazite or other exploration operations may be required to compensate others who suffer loss or damage by reason of such activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.
Companies engaged in uranium, monazite, HMS or other exploration operations may be required to compensate others who suffer loss or damage by reason of such activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.
We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA and CFPOA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents.
We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA, CFPOA and CCA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents.
We may from time to time prepare estimates of future uranium, vanadium, monazite, HMS or other mineral extraction and recovery, or increases in uranium, vanadium, monazite, HMS or other mineral extraction and recovery, for particular operations, or relating to our ability to increase uranium, vanadium, monazite, HMS or other mineral extraction and recovery in response to increases in commodity prices, as market conditions warrant or otherwise.
We may from time to time prepare estimates of future uranium, vanadium, monazite, REE, HMS or other mineral extraction and recovery, or increases in uranium, vanadium, monazite, REE, HMS or other mineral extraction and recovery, for particular operations, or relating to our ability to increase uranium, vanadium, monazite, REE, HMS or other mineral extraction and recovery in response to increases in commodity prices, as market conditions warrant or otherwise.
Russia’s interference with Ukrainian nuclear plants in violation of Article 56 of the Additional Protocol of 1979 to the Geneva Conventions, which states that nuclear power plants “shall not be made the object of attack, even where these objects are military objectives, if such an attack may cause the release of dangerous forces and consequent severe losses among the civilian population” (WNA, 2023), may result in increased and serious harm to global reception to nuclear energy due to the current war’s proximity to Chrenobyl, site of the then-Soviet Union’s 1986 nuclear accident.
Russia’s interference with Ukrainian nuclear plants in violation of Article 56 of the Additional Protocol of 1979 to the Geneva Conventions, which states that nuclear power plants “shall not be made the object of attack, even where these objects are military objectives, if such an attack may cause the release of dangerous forces and consequent severe losses among the civilian population” (WNA, 2023), may result in increased and serious harm to global reception to nuclear energy due to the current war’s proximity to Chernobyl, site of the then-Soviet Union’s 1986 nuclear accident.
The Company may not be able to raise debt financing as may be required or desirable for planned expansion of our operations or for the development of projects with third parties in which we have a joint venture or other interest.
We may be unable to raise debt financing as may be required or desirable. The Company may not be able to raise debt financing as may be required or desirable for planned expansion of our operations or for the development of projects with third parties in which we have a joint venture or other interest.
To date, no changes in the Company’s internal control over financial reporting resulting from the Russian invasion of Ukraine and/or supply chain disruptions have been deemed necessary. 56 The price of our Common Shares is subject to volatility.
To date, no changes in the Company’s internal control over financial reporting resulting from the Russian invasion of Ukraine and/or supply chain disruptions have been deemed necessary. The price of our Common Shares is subject to volatility.
In addition, due to the radioactive nature of the materials handled in uranium extraction, mining, recovery, processing and transportation (both trucking and shipping), additional costs and risks are incurred by us on a regular and ongoing basis.
In addition, due to the radioactive nature of the materials handled in uranium and monazite extraction, mining, recovery, processing and transportation (both trucking and shipping), additional costs and risks are incurred by us on a regular and ongoing basis.
Our actual uranium, vanadium, monazite, HMC or other mineral extraction and recovery may vary from estimates for a variety of reasons, including, among others: actual mineralized material extracted, mined or recovered varying from estimates of grade, tonnage, dilution, metallurgical and other characteristics; short-term operating factors relating to the Mineral Resources and Mineral Reserves, such as the need for sequential construction or development of mineralized materials or deposits and the processing of new or different mineral grades; risk and hazards associated with extraction, mining and recovery; natural phenomena, such as inclement weather conditions, underground floods, earthquakes, pit wall failures and cave-ins; unexpected labor shortages or strikes; varying conditions in the commodities markets; and delays in obtaining or denial, challenges or appeals of regulatory approvals, licenses and permits or renewals of existing approvals, licenses or permits.
Our actual uranium, vanadium, monazite, REE, HMC, HMS product or other mineral extraction and recovery may vary from estimates for a variety of reasons, including, among others: actual mineralized material extracted, mined or recovered varying from estimates of grade, tonnage, dilution, metallurgical and other characteristics; short-term operating factors relating to the Mineral Resources and Mineral Reserves, such as the need for sequential construction or development of mineralized materials or deposits and the processing of new or different mineral grades; risk and hazards associated with extraction, mining and recovery; natural phenomena, such as inclement weather conditions, underground floods, earthquakes, pit wall failures and cave-ins; unexpected labor shortages or strikes; varying conditions in the commodities markets; and delays in obtaining or denial, challenges or appeals of regulatory approvals, licenses and permits or renewals of existing approvals, licenses or permits.
Russia ’ s Invasion of Ukraine is severely and unpredictably impacting global energy markets and supply chains, and rising concerns over a second severe nuclear accident in Ukraine could seriously hurt public reception to nuclear energy.
Russia ’ s Invasion of Ukraine is severely and unpredictably impacting global energy markets and supply chains, and concerns over a second severe nuclear accident in Ukraine could seriously hurt public reception to nuclear energy.
Russia’s February 2022 invasion of Ukraine continues to severely impact global energy markets and supply chains by causing economic uncertainty, price volatility, supply shortages and national security concerns to such a degree that the International Energy Agency (“ IEA ”) has called it “the first truly global energy crisis, with impacts that will be felt for years to come.” As the Company is engaged in a number of energy sectors, including uranium, REEs and vanadium, it is expected that such global impacts will necessarily impact the Company, though the full extent of any such impacts are not well understood at this time.
Russia’s February 2022 invasion of Ukraine continues to severely impact global energy markets and supply chains by causing economic uncertainty, price volatility, supply shortages and national security concerns to such a degree that the International 69 Table of Content Energy Agency (“ IEA ”) has called it “the first truly global energy crisis, with impacts that will be felt for years to come.” As the Company is engaged in a number of energy sectors, including uranium, REEs and vanadium, it is expected that such global impacts will necessarily impact the Company, though the full extent of any such impacts are not well understood at this time.
We are subject to litigation and other legal proceedings arising in the normal course of business and may be involved in disputes with other parties in the future which may result in litigation.
We may be subject to litigation and other legal proceedings arising in the normal course of business and may be involved in disputes with other parties in the future which may result in litigation.
Sustained reductions in the price of such radioisotopes would impact the Company’s returns from its TAT radioisotope initiatives and could render them unfeasible. Risks Relating to our Regulatory Environment Our business is subject to extensive environmental regulations that may make exploring, mining or related activities expensive, and which may change at any time.
Sustained reductions in the price of such radioisotopes would impact the Company’s returns from its TAT radioisotope initiatives and could render them infeasible. Risks Relating to our Regulatory Environment Our business is subject to extensive environmental regulations that may make exploring, mining or related activities expensive, and which may change at any time.
As such, we are subject to a fully integrated audit pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (“ SOX ”), in order to assess, as of the most recent fiscal year-end, the effectiveness of the Company’s internal control structure and procedures for financial reporting, as reported in an audit report of our independent public accounting firm.
As such, we are subject to a fully integrated audit pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, in order to assess, as of the most recent fiscal year-end, the effectiveness of the Company’s internal control structure and procedures for financial reporting, as reported in an audit report of our independent public accounting firm.
These regulatory authorities have accepted the decommissioning plans in concept, not upon a detailed performance forecast, which has not yet been generated. Over time, further regulatory review of the decommissioning plans may result in additional decommissioning requirements, associated costs and the requirement to provide additional financial assurances, including as our properties approach or go into decommissioning.
These regulatory authorities have accepted the decommissioning plans in concept, not upon a detailed performance forecast, which has yet to be generated. Over time, further regulatory review of the decommissioning plans may result in additional decommissioning requirements, associated costs and the requirement to provide additional financial assurances, including as our properties approach or go into decommissioning.
Market price fluctuations of uranium, vanadium, REEs or HMC as applicable, as well as increased production and capital costs and/or reduced recovery rates, may render our proven and probable Mineral Reserves unprofitable to develop at a particular site or sites for periods of time or may render Mineral Reserves containing relatively lower grade mineralization uneconomic.
Market price fluctuations of uranium, vanadium, REEs, HMC or HMS products as applicable, as well as increased production and capital costs and/or reduced recovery rates, may render our proven and probable Mineral Reserves unprofitable to develop at a particular site or sites for periods of time or may render Mineral Reserves containing relatively lower grade mineralization uneconomic.
The price of our securities is also likely to be significantly affected by short-term changes in uranium, vanadium, REE and HMC prices, changes in industry forecasts of uranium, vanadium, REE and HMC prices, other mineral prices including oil and natural gas, currency exchange fluctuation, or in our financial condition or results of operations as reflected in our periodic earnings reports.
The price of our securities is also likely to be significantly affected by short-term changes in uranium, vanadium, REE, HMC and HMS product prices, changes in industry forecasts of uranium, vanadium, REE, HMC and HMS product prices, other mineral prices including oil and natural gas, currency exchange fluctuation, or in our financial condition or results of operations as reflected in our periodic earnings reports.
With respect to REEs, such factors include, among others: demand for REEs; political and economic conditions in REE producing and consuming countries; REE-bearing ore supply from secondary sources; international interest in the purchase of RE Carbonate and separated REE oxides, absent a U.S.-based separation facility; public and political response to REE initiatives at the Mill; governmental investment in domestic REE 36 infrastructure; world production levels; costs of production; risks associated with foreign governmental actions, policies, laws, rules, regulations and foreign state subsidized enterprises, with respect to REE production and sales, which could impact REE prices available to the Company and impact our access to world and domestic markets for the supply of REE-bearing ores and the sale of RE Carbonate, REE oxides, and other REE products and services to world and domestic markets; and other government actions, including licensing and import requirements.
With respect to REEs, such factors include, among others: demand for REEs; political and economic conditions in REE producing and consuming countries; REE-bearing ore supply from secondary sources; international interest in the purchase of RE Carbonate, separated REE oxides and other REE products, absent a U.S.-based separation facility; public and political response to REE initiatives at the Mill; governmental investment in domestic REE 46 Table of Content infrastructure; world production levels; costs of production; risks associated with foreign governmental actions, policies, laws, rules, regulations and foreign state subsidized enterprises, with respect to REE production and sales, which could impact REE prices available to the Company and impact our access to world and domestic markets for the supply of REE-bearing ores and the sale of RE Carbonate, REE oxides, and other REE products and services to world and domestic markets; and other government actions, including licensing and import requirements.
See “Item II, Cautionary Note to Investors Concerning Disclosure of Mineral Reserve and Mineral Resource Estimates. ” Mineral Reserves and Mineral Resources are statistical estimates of mineral content pursuant to S-K 1300 and NI 43-101 based on limited information acquired, in large part, through drilling and other sampling techniques and require judgmental interpretations of geology.
See “Item II, Cautionary Note to Investors Concerning Disclosure of Mineral Resources and Reserves. ” Mineral Reserves and Mineral Resources are statistical estimates of mineral content pursuant to S-K 1300 and NI 43-101 based on limited information acquired, in large part, through drilling and other sampling techniques and require judgmental interpretations of geology.
There can be no assurance of our continued compliance or ability to meet stricter environmental laws and regulations and permit or license conditions or changes in attitudes or interpretations relating thereto. Delays in obtaining permits and licenses could impact expected production levels or increases in expected uranium, vanadium, REE and/or HMC extraction levels.
There can be no assurance of our continued compliance or ability to meet stricter environmental laws and regulations and permit or license conditions or changes in attitudes or interpretations relating thereto. Delays in obtaining permits and licenses could impact expected production levels or increases in expected uranium, vanadium, REE, HMC and/or HMS product extraction levels.
With respect to uranium, such factors include, among others: demand for nuclear power; political and economic conditions in uranium producing and consuming countries; public and political response to a nuclear incident or fear of a nuclear incident; reprocessing of used reactor fuel, the re-enrichment of depleted uranium tails and the enricher practice of underfeeding; sales of excess civilian and military inventories (including from the dismantling of nuclear weapons; the premature decommissioning of nuclear power plants; and from the build-up of Japanese utility uranium inventories as a result of the Fukushima incident) by governments and industry participants; uranium supply, including the supply from other secondary sources; production levels and costs of production, and government actions such as, for instance, any plans included in President Biden’s 2024 fiscal budget and those taken pursuant to the U.S.
With respect to uranium, such factors include, among others: demand for nuclear power; political and economic conditions in uranium producing and consuming countries; public and political response to a nuclear incident or fear of a nuclear incident; reprocessing of used reactor fuel, the re-enrichment of depleted uranium tails and the enricher practice of underfeeding; sales of excess civilian and military inventories (including from the dismantling of nuclear weapons; the premature decommissioning of nuclear power plants; and from the build-up of Japanese utility uranium inventories as a result of the Fukushima incident) by governments and industry participants; uranium supply, including the supply from other secondary sources; production levels and costs of production, and government actions such as, for instance, any plans included in a President’s fiscal budget and those taken pursuant to the U.S.
This opposition may take on forms such as road blockades, vandalism, threats and/or slander, applications for injunctions seeking to cease certain construction, development, extraction, mining and/or milling or recovery activities, refusals to grant access to lands or to sell lands on commercially viable terms, lawsuits for damages or to revoke or modify licenses and permits, issuances of unfavorable laws and regulations, changes in regulatory attitudes and interpretations and other rulings contrary to or otherwise harming our interests.
This opposition may take on forms such as road blockades, vandalism, threats and/or slander, applications for injunctions seeking to cease certain construction, development, extraction, mining and/or milling or recovery activities, refusals to grant access to lands or to sell lands on commercially viable terms, lawsuits for damages or to revoke or modify licenses and permits, government-imposed suspensions, issuances of unfavorable laws and regulations, changes in regulatory attitudes and interpretations and other rulings contrary to or otherwise harming our interests.
Generally, we intend to continue to hold, and in certain cases advance, properties, projects and facilities which may not be economic at any point in time in anticipation of possible future increases in the prices of uranium, vanadium, REEs and/or HMC, as the case may be.
Generally, we intend to continue to hold, and in certain cases advance, properties, projects and facilities which may not be economic at any point in time in anticipation of possible future increases in the prices of uranium, vanadium, REEs, HMC and/or HMS products, as the case may be.
Many of the foregoing risks and hazards could result in damage to, or destruction of, our mineral properties or processing or recovery facilities, personal injury or death, environmental damage, delays in or interruption of or cessation of extraction, mining, production and recovery from our mines or processing facilities or in our exploration, construction or development activities, delay in or inability to receive regulatory approvals to transport our uranium, vanadium, REE or HMC concentrates, and costs, monetary losses and potential legal liability and adverse governmental action.
Many of the foregoing risks and hazards could result in damage to, or destruction of, our mineral properties or processing or recovery facilities, personal injury or death, environmental damage, delays in or interruption of or cessation of extraction, mining, production and recovery from our mines or processing facilities or in our exploration, construction or development activities, delay in or inability to receive regulatory approvals to transport our uranium, vanadium, REE, HMC or HMS products, and costs, monetary losses and potential legal liability and adverse governmental action.
There can be no assurance that the price of any minerals recovered from or processed at our properties will be such that any deposits can be operated at a profit. Our profitability is directly related to the market prices of uranium, vanadium, REEs and HMC recovered.
There can be no assurance that the price of any minerals recovered from or processed at our properties will be such that any deposits can be operated at a profit. Our profitability is directly related to the market prices of uranium, vanadium, REEs, HMC and HMS products recovered.
Possible amendments to the General Mining Law or other laws could make it more difficult or impossible for us to execute our business plan. Members of the U.S. Congress have repeatedly introduced bills which would supplant or alter the provisions of the U.S. Mining Law, as amended.
General Mining Law or other laws could make it more difficult or impossible for us to execute our business plan. Members of the U.S. Congress have repeatedly introduced bills which would supplant or alter the provisions of the U.S. Mining Law, as amended.
In October 2020, the DOC and the State Atomic Energy Corporation Rosatom, acting on behalf of the Government of the Russian Federation, together signed an amendment (the “ Russian Amendment ”) to the “ Agreement Suspending the Antidumping Investigation on Uranium from the Russian Federation ” (the “ Russian Agreement ”), thereby extending limitations on the import of Russian low-enriched uranium into the U.S. for use as fuel for nuclear reactors until the year 2040 and tightening restrictions in order to close loopholes identified in the original Russian Agreement.
In October 2020, the DOC and the State Atomic Energy Corporation Rosatom, acting on behalf of the Government of the Russian Federation, together signed an amendment (the “ Russian Amendment ”) to the “ Agreement Suspending the Antidumping Investigation on Uranium from the Russian Federation ” (the “ Russian Agreement ”), thereby extending limitations on the import of Russian LEU into the U.S. for use as fuel for nuclear reactors until the year 2040 and tightening restrictions in order to close loopholes identified in the original Russian Agreement.
Although all our reclamation obligations are bonded, and cash and other assets have been reserved to secure a portion but not all the bonded amounts, to the extent the bonded amounts are not fully collateralized, we will be required to provide additional cash to perform our reclamation obligations when they occur.
Although all our U.S. reclamation obligations are bonded, and cash and other assets have been reserved to secure a portion but not all the bonded amounts, to the extent the bonded amounts are not fully collateralized, we will be required to provide additional cash to perform our reclamation obligations when they occur.
If we are then unable to extract uranium, vanadium, REEs and/or HMC, or potentially copper, in commercially viable quantities, the capital investment of mining such properties may be lost and could materially impact our business.
If we are then unable to extract uranium, vanadium, REEs, HMC and/or HMS products, or potentially copper, in commercially viable quantities, the capital investment of mining such properties may be lost and could materially impact our business.
However, as there is a cost associated with holding and, in some cases, maintaining such properties, projects and facilities on standby during periods of depressed commodity prices, in those circumstances we continuously evaluate, on a case-by-case basis, such costs against the prospects for price increases, and may from time to time sell, drop or reclaim any such properties, projects or facilities.
However, as there is a 47 Table of Content cost associated with holding and, in some cases, maintaining such properties, projects and facilities on standby during periods of depressed commodity prices, in those circumstances we continuously evaluate, on a case-by-case basis, such costs against the prospects for price increases, and may from time to time sell, drop or reclaim any such properties, projects or facilities.
To date, the Company has not experienced any material impact to the business or operations resulting from information or cybersecurity attacks; however, because of the frequently changing attack techniques, along with the increasing volume and sophistication of the attacks paired with the increasingly high exposure of the Company due to its efforts to compete internationally in the REE industry, there is the potential for the Company to be targeted and adversely impacted.
To date, the Company has not experienced any material impact to the business or operations resulting from information or cybersecurity attacks; however, because of the frequently changing attack techniques, along with the increasing volume and sophistication of the attacks paired with the increasingly high exposure of the Company due to its efforts to compete internationally in the REE and HMS industries, there is the potential for the Company to be targeted and adversely impacted.
In the event we conclude that a significant deterioration in expected future uranium, vanadium, REE or HMC prices has occurred, we will assess whether an impairment allowance is necessary which, if required, could be material.
In the event we conclude that a significant deterioration in expected future uranium, vanadium, REE, HMC or HMS product prices has occurred, we will assess whether an impairment allowance is necessary which, if required, could be material.
Our sales of uranium, vanadium and REE products expose us to the risk of non-payment. Our sales of uranium, vanadium, HMC and REE products expose us to the risk of non-payment.
Our sales of uranium, vanadium, REE, HMC and HMS products expose us to the risk of non-payment. Our sales of uranium, vanadium, HMC, HMS products and REE products expose us to the risk of non-payment.
We anticipate that the U.S. government may take steps to support the development of a U.S. supply chain for REEs through price support or other mechanisms, but there can be no guarantee that any such support will be given, or if given, would benefit the Company; • The risk of process failures in the production of RE Carbonates or separated REE oxides, such as the Company’s ability to continue producing RE Carbonate and to potentially produce separated REE oxides at commercial specifications and on a commercial scale at acceptable costs, which could prevent future commercial production of RE Carbonate and/or separated REE oxides at the Mill cost-competitively or at all; • The risk that we may not be able to increase our sources of natural monazite sands or other ores in amounts sufficient to sustain cost-competitive production of RE Carbonate, REE oxides or other REE products at the Mill or elsewhere; • The inability of the Company to successfully or cost-competitively process other types of REEs and uranium-bearing ores and materials at the Mill, such as those produced from coal-based resources or Alternate Feed Materials; • The inability of the Company to successfully enhance and modify existing Mill facilities to commission or otherwise construct and operate its planned REE separation circuits at the Mill or elsewhere, and potentially other downstream REE activities, including metal-making and alloying, in the future at the Mill or elsewhere, at acceptable costs or at all; • The risk of: permit and license challenges, the failure to obtain or retain any needed permit or license amendments, or changes in regulatory attitudes or interpretations.
We anticipate that the U.S. government may take steps to support the development of a U.S. supply chain for REEs through price support or other mechanisms, but there can be no guarantee that any such support will be given, or if given, would benefit the Company; • The risk of process failures in the production of separated NdPr, REE oxides or other REE products, such as the Company’s ability to continue producing separated NdPr and to produce REE oxides and other REE products at commercial specifications and on a commercial scale at acceptable costs, which could prevent future commercial production of separated NdPr, REE oxides or other REE products at the Mill cost-competitively or at all; • The risk that we may not be able to increase our sources of natural monazite sands or other ores in amounts sufficient to sustain cost-competitive production of separated NdPr, REE oxides or other REE products at the Mill or elsewhere; • The inability of the Company to successfully or cost-competitively process other types of REEs and uranium-bearing ores and materials at the Mill, such as those produced from coal-based resources or Alternate Feed Materials; • The inability of the Company to successfully enhance and modify existing Mill facilities to commission or otherwise construct and operate its planned Phase 2 REE separation circuit at the Mill, and potentially other downstream REE activities, including metal-making and alloying, in the future at the Mill or elsewhere, at acceptable costs or at all; • The risk of: permit and license challenges, the failure to obtain or retain any needed permit or license amendments, or changes in regulatory attitudes or interpretations.
Opposition to our business activities are beyond our control. Any opposition to our business activities may cause a disruption to our business activities and may result in increased costs and delays, which could have a material adverse effect on our business and financial condition. We are subject to technical innovation and obsolescence.
Any opposition to our business activities may cause a disruption to our business activities and may result in increased costs and delays, which could have a material adverse effect on our business and financial condition. We are subject to technical innovation and obsolescence.
There can be no guarantee that we will be able to enter into additional new term sales contracts in the future for uranium, vanadium, REEs or HMC on suitable terms and conditions.
There can be no guarantee that we will be able to enter into additional new term sales contracts in the future for uranium, vanadium, REEs, HMC or HMS products on suitable terms and conditions.
All the Company’s properties located on the Arizona Strip, with the exception of its Wate property and certain exploration properties held by the Company’s subsidiary, Arizona Strip Partners LLC, are located within the withdrawn lands and boundaries of the Grand Canyon National Monument.
All the Company’s properties located on the Arizona Strip, with the exception of its Wate Project and certain exploration properties held by the Company’s subsidiary, Arizona Strip Partners LLC, are located within the withdrawn lands and boundaries of the Grand Canyon National Monument.
Depending on uranium, vanadium, REE and HMC prices, some or all of our properties, projects and facilities may not be economic for uranium, vanadium, REE or HMC extraction, recovery or processing at any point in time.
Depending on uranium, vanadium, REE, HMC and HMS product prices, some or all of our properties, projects and facilities may not be economic for uranium, vanadium, REE or HMC or HMS product extraction, recovery or processing at any point in time.
Our expected levels of uranium, vanadium and REE recovery and other business activity are dependent on our expectation and the industry’s expectations of uranium, vanadium, REE and HMC prices, which may not be realized or may change.
Our expected levels of uranium, vanadium, REE, HMC and HMS product recovery and other business activity are dependent on our expectation and the industry’s expectations of uranium, vanadium, REE, HMC and HMS product prices, which may not be realized or may change.
The potential costs which could be associated with any liabilities not covered by insurance, or in excess of insurance coverage, or compliance with applicable laws and regulations may cause substantial delays and require significant capital outlays, adversely affecting our future earnings and competitive position and, potentially, our financial viability.
The potential costs which could be associated with any liabilities not covered by insurance, or in excess of insurance coverage, or compliance with applicable laws and regulations may cause substantial delays 58 Table of Content and require significant capital outlays, adversely affecting our future earnings and competitive position and, potentially, our financial viability.
For so long as we are and remain the owner and operator of the Mill, the Nichols Ranch Project and numerous uranium, uranium/vanadium, REE and HMS projects and other facilities located in the U.S., Brazil and elsewhere, and certain other permitting, construction, development and exploration properties, we are obligated to ultimately reclaim or participate in the reclamation of our properties upon the occurrence of certain predetermined criteria using closely monitored and carefully developed, approved methods.
For so long as we are and remain the owner and operator of the Mill, Kwale Operations, the Nichols Ranch Project and numerous HMC, uranium, uranium/vanadium, REE and HMS projects and other facilities located in the U.S., Brazil, Africa and elsewhere, and certain other permitting, construction, development and exploration properties, we are obligated to ultimately reclaim or participate in the reclamation of our properties upon the occurrence of certain predetermined criteria using closely monitored and carefully developed, approved methods.
However, there can be no assurance that sufficient conventional ores, Alternate Feed Materials, suitable tailings pond solutions and/or other sources of mill feed will be available in the future, or that our planned increases to production of RE Carbonate and separated REE oxides will be successful, so as to allow us to operate the Mill on a profitable basis and/or recover a portion of the Mill’s standby costs at any time.
However, there can be no assurance that sufficient conventional ores, Alternate Feed Materials, suitable tailings pond solutions, monazite, REEs and/or other sources of mill feed will be available in the future, or that our planned increases to production of separated REE oxides will be successful, so as to allow us to operate the Mill on a profitable basis and/or recover a portion of the Mill’s standby costs at any time.
The Company is a “large accelerated filer,” meaning that, as of December 31, 2023 (and for the first time as of December 31, 2021): (i) we had a public float of $700 million or more as of the most recently completed second fiscal quarter; (ii) we had been subject to the requirements of the Exchange Act Section 13(a) or 15(d) for a period of at least 12 calendar months; (iii) we filed at least one annual report pursuant to the Exchange Act Section 13(a) or 15(d), and (iv) we were not eligible to use the requirements for “smaller reporting companies” under the applicable revenue test.
The Company is a “large accelerated filer,” meaning that, as of December 31, 2024: (i) we had a public float of $700 million or more as of the most recently completed second fiscal quarter; (ii) we had been subject to the requirements of the Exchange Act Section 13(a) or 15(d) for a period of at least 12 calendar months; (iii) we filed at least one annual report pursuant to the Exchange Act Section 13(a) or 15(d), and (iv) we were not eligible to use the requirements for “smaller reporting companies” under the applicable revenue test.
The uranium industry also potentially faces renewed skepticism and distrust as a result of Russia’s invasion of Ukraine. According to the World Nuclear Association (“ WNA ”), “In the early hours of 4 March the Zaporizhzhia plant in southeastern Ukraine became the first operating civil nuclear power plant to come under armed attack.
The uranium industry also potentially faces renewed skepticism and distrust as a result of Russia’s invasion of Ukraine. According to the WNA, “In the early hours of 4 March the Zaporizhzhia plant in southeastern Ukraine became the first operating civil nuclear power plant to come under armed attack.
We have a number of joint ventures and other business relationships from time to time relating to our properties and projects, including key projects, such as the Arkose Mining Venture, which can restrict our ability to act unilaterally with respect to those 53 projects in certain circumstances.
We have a number of joint ventures and other business relationships from time to time relating to our properties and projects, including key projects, such as the Arkose Mining Venture, and the Donald Project, which can restrict our ability to act unilaterally with respect to those projects in certain circumstances.
Changes in regulatory requirements or changes in attitudes or interpretations relating to existing regulatory requirements could have a material adverse effect on our operations and financial condition. Our operations on U.S. federal lands may be impacted by mineral withdrawals or the designation of national monuments by the U.S.
Changes in regulatory requirements or changes in attitudes or interpretations relating to existing regulatory requirements could have a material adverse effect on our operations and financial condition. 55 Table of Content Our operations on U.S. federal lands may be impacted by mineral withdrawals or the designation of national monuments by the U.S.
Other factors relating to the prices of uranium, vanadium, REEs and HMC include: levels of supply and demand for a broad range of industrial products; substitution of new or different products in critical applications for our existing products; expectations with respect to the rate of inflation; the relative strength of the U.S. dollar and of certain other currencies; interest rates; global or regional political or economic crises; regional and global economic conditions; and sales of uranium, vanadium, RE Carbonate, REE oxides and other REE products and services, and HMC by holders in response to such factors.
Other factors relating to the prices of uranium, vanadium, REEs, HMC and HMS products include: levels of supply and demand for a broad range of industrial products; substitution of new or different products in critical applications for our existing products; expectations with respect to the rate of inflation; the relative strength of the U.S. dollar and of certain other currencies; tariffs, subsidies or other trade barriers; interest rates; global or regional political or economic crises; regional and global economic conditions; and sales of uranium, vanadium, RE Carbonate, REE oxides and other REE products and services, and HMC and HMS products by holders in response to such factors.
The effect of these factors cannot be accurately predicted, but the combination of these factors, along with others, may result in our not receiving an adequate return on invested capital. 40 It is possible that actual costs and economic returns of current and new extraction, mining, or recovery operations may differ materially from our best estimates.
The effect of these 50 Table of Content factors cannot be accurately predicted, but the combination of these factors, along with others, may result in our not receiving an adequate return on invested capital. It is possible that actual costs and economic returns of current and new extraction, mining, or recovery operations may differ materially from our best estimates.
The Company may not maintain cybersecurity insurance having sufficient coverage to cover all financial losses, or any at all, in the event of an information security or cyber incident. 54 The Company may compromise or lose its proprietary technology or intellectual property in certain circumstances, which could result in a loss in the Company’s competitive position and/or the value of its intangible assets.
The Company may not maintain cybersecurity insurance having sufficient coverage to cover all financial losses, or any at all, in the event of an information security or cyber incident. 67 Table of Content The Company may compromise or lose its proprietary technology or intellectual property in certain circumstances, which could result in a loss in the Company’s competitive position and/or the value of its intangible assets.
If the Company is not able to secure adequate contracts for the sale of its RE Carbonate, REE oxides or other REE products, we may be required to hold our RE Carbonate, REE oxides and other REE products in inventory until they can be sold at reasonable prices, which would require the commitment of the Company’s cash resources while the REE product is being held in inventory.
If the Company is not able to secure adequate contracts for the sale of its separated NdPr, REE oxides or other REE products, we may be required to hold our separated NdPr, REE oxides and other REE products in inventory until they can be sold at reasonable prices, which would require the commitment of the Company’s cash resources while the REE product is being held in inventory.
We also face the typical risks associated with doing business in foreign countries, including: different market and economic forces, resulting from new business environments with new competitors and different consumer preferences; dealing with local suppliers who may have a strong foothold in the area; the need to build up brand awareness and trust in a new market; different customer and supplier demographics; language and cultural barriers; extreme weather events and natural disasters that can present a sustained business risk relating to supply logistics and other factors; the additional requirements of foreign legal systems; the impacts of foreign tax requirements; the need to comply with foreign regulations and operations compliance; the need to comply with foreign legal systems, including as they relate to contract enforceability; the requirement to stay abreast of and remain in compliance with changing laws and regulations; and the lack of purchasing power parity compared to domestic competitors.
We also face the typical risks associated 62 Table of Content with doing business in foreign countries, including: different market and economic forces, resulting from new business environments with new competitors and different consumer preferences; dealing with local suppliers who may have a strong foothold in the area; the need to build up brand awareness and trust in a new market; different customer and supplier demographics; language and cultural barriers; extreme weather events and natural disasters that can present a sustained business risk relating to supply logistics and other factors; the additional requirements of foreign legal systems; the impacts of foreign tax requirements; the need to comply with foreign regulations and operations compliance; the need to comply with foreign legal systems, including as they relate to contract enforceability; the requirement to stay abreast of and remain in compliance with changing laws and regulations; inconsistent application of existing laws; social unrest; and the lack of purchasing power parity compared to domestic competitors.
There are a number of risks related to our potential recovery of radioisotopes at the Mill for use in the development and production of emerging TAT cancer treatments, including: • The risk that the potential recovery of such radioisotopes at the Mill may not be technically feasible or that the radioisotopes may not meet commercial specifications; • The risk that such radioisotopes may not be economically feasible to produce or may not be able to be sold on a commercial basis at a sufficient price and quantity; • The risk that the Company is not able to enter into commercial commitments for the sale of offtake of radioisotopes that are adequate to justify the capital and other expenditures required to produce the radioisotopes; 43 • The risk that the Company may not be able to secure the reagents, materials, supplies and other components necessary for recovery of the radioisotopes on reasonable commercial terms or in adequate quantities; • The risk that all required licenses, permits and regulatory approvals may not be obtained on a timely basis or at all; • The risk that the medical isotopes derived from such radioisotopes produced at the Mill may not prove their efficacy at clinical trials and may not obtain all required approvals for commercial use; • The development of competing cancer treatment therapeutics that could render the TAT therapeutics less attractive or obsolete; • The current shortage of supply of such radioisotopes and the resulting prices for such radioisotopes, and the fear that supplies of the radioisotopes may not be forthcoming on a timely basis to meet new demands for cancer therapies, may encourage pharmaceutical companies to advance and use other technologies to meet consumer demands for end products, which could result in a significant reduction in demand for and prices of the radioisotopes the Mill is capable of producing.
There are a number of risks related to our potential recovery of radioisotopes at the Mill for use in the development and production of emerging TAT cancer treatments, in addition to other applicable risks described in this Item 1A – Risk Factors, including: • The risk that the potential recovery of such radioisotopes at the Mill may not be technically feasible or that the radioisotopes may not meet commercial specifications; • The risk that such radioisotopes may not be economically feasible to produce or may not be able to be sold on a commercial basis at a sufficient price and quantity; • The risk that the Company is not able to enter into commercial commitments for the sale of offtake of radioisotopes that are adequate to justify the capital and other expenditures required to produce the radioisotopes; • The risk that the Company may not be able to secure the reagents, materials, supplies and other components necessary for recovery of the radioisotopes on reasonable commercial terms or in adequate quantities; • The risk that all required licenses, permits and regulatory approvals may not be obtained on a timely basis or at all; • The risk that the medical isotopes derived from such radioisotopes produced at the Mill may not prove their efficacy at clinical trials and may not obtain all required approvals for commercial use; • The development of competing cancer treatment therapeutics that could render the TAT therapeutics less attractive or obsolete; 54 Table of Content • The current shortage of supply of such radioisotopes and the resulting prices for such radioisotopes, and the fear that supplies of the radioisotopes may not be forthcoming on a timely basis to meet new demands for cancer therapies, may encourage pharmaceutical companies to advance and use other technologies to meet consumer demands for end products, which could result in a significant reduction in demand for and prices of the radioisotopes the Mill is capable of producing.
The Company is subject to media coverage relating to mining and the production of uranium and other forms of nuclear energy, as well as the production of RE Carbonate, separated REE oxides, HMC and the extraction and concentration of radioisotopes for use in TAT medical treatments, some of which can be inaccurate, non-objective or politically motivated.
The Company is subject to media coverage relating to mining and the production of uranium and other forms of nuclear energy, as well as the production of RE Carbonate, separated REEs and other REE products, HMC, HMS products and the extraction and concentration of radioisotopes for use in TAT medical treatments, some of which can be inaccurate, non-objective or politically motivated.
Our financial condition, general market conditions, volatile uranium and vanadium markets, volatile interest rates, legal claims against us, a significant disruption to our business or operations, or other factors may make it difficult to secure financing necessary for the expansion of mining activities or to take advantage of opportunities for acquisitions.
Our financial condition, general market conditions, volatile REEs, HMC, HMS product, uranium and vanadium markets, volatile interest rates, legal claims against us, a significant disruption to our business or operations, or other factors may make it difficult to secure financing necessary for the expansion of mining activities or to take advantage of opportunities for acquisitions.
We will continue to attempt to acquire the surface and mineral rights on lands that we think are geologically favorable or where we have historical information in our possession that indicates uranium mineralization might be present.
We will continue to attempt to acquire the surface and mineral rights on lands that we think are geologically favorable or where we have historical information in our possession that indicates uranium, vanadium, REE and/or HMS mineralization might be present.
We will evaluate potential acquisitions of additional mines or resource properties and joint ventures with mine or resource property owners, but there can be no guarantee that any such acquisitions or joint ventures can be realized on acceptable terms.
We will evaluate potential acquisitions of additional mines or 52 Table of Content resource properties and joint ventures with mine or resource property owners, but there can be no guarantee that any such acquisitions or joint ventures can be realized on acceptable terms.
There is a risk of a Brazilian federal or state government enacting or managing a conservation unit or environmental protection area or implementing a management plan in connection therewith that could impact planned production at or restrict the Company’s ability to or prevent the Company from mining significant portions of the Company’s Bahia Project.
In respect of the Company's Bahia Project in Brazil, there is a risk of a Brazilian federal or state government enacting or managing a conservation unit or environmental protection area or implementing a management plan in connection therewith that could impact planned production at or restrict the Company’s ability to or prevent the Company from mining the Company’s Bahia Project, or portions thereof.
We would also bear the risk that the REE product may not be able to be sold at reasonable prices in the future, either due to a lack of a market for the purchase of our RE Carbonate, REE oxides or other REE products and/or a reduction in REE commodity prices and, hence, we bear the risk of a reduction in the value of our RE Carbonate, REE oxides or other REE products.
We would also bear the risk that the REE product may not be able to be sold at reasonable prices in the future, either due to a lack of a market for the purchase of our separated NdPr, REE oxides or other REE products and/or a reduction in REE commodity prices and, hence, we bear the risk of a reduction in the value of our separated NdPr, REE oxides or other REE products.
The risks of exchanges of state-owned lands in mineral withdrawal areas or national monuments for federal lands outside the withdrawal area or national monument but that are within the boundaries of and affect any of our properties, or similar actions, could adversely impact our affected properties or our ability to operate our affected properties.
The risks of exchanges of state-owned lands in mineral withdrawal areas or national monuments for federal lands outside the withdrawal area or national monument but that are within the boundaries of and affect any of our properties, or similar actions, could adversely impact our affected properties or our ability to operate our affected properties. Possible amendments to the U.S.
Our operations and activities are subject to the hazards and risks normally incident to exploration and production of uranium, precious and base metals, any of which could result in damage to life or property, environmental damage and possible legal liability for such 47 damage.
Our operations and activities are subject to the hazards and risks normally incident to exploration and production of uranium, precious and base metals, HMC and HMS products, any of which could result in damage to life or property, environmental damage and possible legal liability for such damage.
In addition, the costs of pursuing such actions have been and could continue to be significant. Participation in the renewal of the Russian Suspension Agreement and related activities could have negative repercussions.
In addition, the costs of pursuing such actions have been and could continue to be significant. 57 Table of Content Participation in the renewal of the Russian Suspension Agreement and related activities could have negative repercussions.
Only two of our properties – the Sheep Mountain and Pinyon Plain mines – contain Mineral Reserves under SEC S-K 1300 and NI 43-101 (see “Item II, Cautionary Note to Investors Concerning Disclosure of Mineral Reserve and Mineral Resource Estimates ”).
Only two of our properties – the Sheep Mountain and Pinyon Plain mines – contain Mineral Reserves under SEC S-K 1300 and NI 43-101 (see “Item II, Cautionary Note to Investors Concerning Disclosure of Mineral Resources and Reserves ”).
Sustained reductions in the price of REEs would impact the Company’s returns from its REE initiatives and could render them infeasible; • The risk that further exploration, permitting and development work on the Bahia Project may result in a determination by the Company that developing a mine on the property is not feasible; • The risks associated with HMC production at the Company’s Bahia Project or any other HMS project acquired by the Company in the future, and the risks associated with HMC pricing could impact the profitability of mining the Company’s Bahia Project or any such other HMS projects, which could impact the supply of monazite available to the Company from such projects; • The risk of conducting exploration and mining activities in Brazil, including: the need to rely on English/Portuguese translations provided by third parties; variations in laws, labor practices, and social norms that could impact the Company’s ability to conduct business in a timely and effective manner; and delays caused by cross-border logistics, such as import and export processes; and • Increases in the supply of REEs through the addition of new mines and/or REE processing facilities could increase the global supply of REEs and reduce the price of REEs and REE products.
Sustained reductions in the price of REEs would impact the Company’s returns from its REE initiatives and could render them infeasible; • The risk that further exploration, permitting and development work on the Bahia Project, Toliara Project and Donald Project may result in a determination by the Company that developing a mine on any of those properties is not feasible; • The risks associated with HMC or HMS product production at the Company’s Bahia Project, Toliara Project, Donald Project or any other HMS project acquired by the Company in the future, and the risks associated with HMC and HMS product pricing could impact the profitability of mining any of the Company’s Bahia Project, Toliara Project and Donald Project or any such other HMS projects, which could impact the supply of monazite available to the Company from such projects; • The risk of conducting exploration and mining activities in Brazil, Madagascar or any other developing or less-developed country, including: the need to rely on English/Foreign Language translations provided by third parties; variations in laws, labor practices, and social norms that could impact the Company’s ability to conduct business in a timely and effective manner; and delays caused by cross-border logistics, such as import and export processes; and • Increases in the supply of REEs through the addition of new mines and/or REE processing facilities could increase the global supply of REEs and reduce the price of REEs and REE products.
The uranium industry is subject not only to the worker health and safety and environmental risks associated with all mining activities, but also to additional risks uniquely associated with uranium extraction, mining, recovery and milling. We expend significant resources, both financial and managerial, to comply with these laws and regulations.
The uranium industry, including concentrating, handling and processing monazite, is subject not only to the worker health and safety and environmental risks associated with all mining activities, but also to additional risks uniquely associated with uranium extraction, mining, recovery and milling. We expend significant resources, both financial and managerial, to comply with these laws and regulations.
Our reclamation obligations are bonded, and cash and other assets have been reserved to secure a portion, but not all, of the bonded amounts.
Our reclamation obligations in the U.S. are bonded, and cash and other assets have been reserved to secure a portion, but not all, of the bonded amounts.
These types of challenges can impact commodity prices, including for uranium, vanadium and REEs, as well as currencies and global debt and stock markets.
These types of challenges can impact commodity prices, including for uranium, vanadium, REEs, HMC and HMS products, as well as currencies and global debt and stock markets.
Our earnings and operating cash flow are and will be particularly sensitive to the long- and short-term changes in the market prices of uranium, vanadium and REEs, as well as heavy mineral sands and their components, including the prices for ilmenite, rutile, titanium and zircon, which could impact planned production levels or the feasibility of production of HMC and monazite from our Bahia Project and any other HMS projects and which could impact monazite supply for our RE Carbonate and planned REE oxide production.
Our earnings and operating cash flow are and will be particularly sensitive to the long- and short-term changes in the market prices of uranium, vanadium and REEs, as well as HMS and their components, including the prices for ilmenite, rutile and zircon, which could impact planned production levels or the feasibility of production of HMC and monazite from our Bahia Project, Toliara Project, the Donald Project and any other HMS projects and which could impact monazite supply for our RE Carbonate and separated REE production.
Requirements for our products and services may be affected by: technological changes in nuclear reactors, enrichment and used uranium fuel reprocessing; facilities and processes for REE and radioisotope recovery; and substitutes for REEs, HMC and the radioisotopes the Company may potentially be producing.
Requirements for our products and services may be affected by: technological changes in nuclear reactors, enrichment and used uranium fuel reprocessing; facilities and processes for REE and radioisotope recovery; and substitutes for REEs, HMC, HMS 51 Table of Content products and the radioisotopes the Company may potentially be producing.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (“ NIST ”), the Center for Internet Security Benchmark (“ CIS ”) and Service Organization Controls Types 1 and 2 of the American Institute of Certified Public Accountants (“ SOC ”).
Biggest changeThe underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (“ NIST ”), the Center for Internet Security Benchmark (“ CIS ”), and Service Organization Controls Types 1 and 2 of the American Institute of Certified Public Accountants (“ SOC ”) in the Americas, and the International Organization for Standardization/International Electrotechnical Commission 27001 suite of guiding security and process principles in Australia, Kenya and Madagascar.
When a potential incident is first detected, the matter is communicated the IT Manager as soon as possible so that the Company may work quickly and diligently to re-secure its systems and work to minimize any damage and further risk to the Company as a result thereof; to this end, a monitored email address dedicated solely to the reporting of such incidents is in place.
When a potential incident is first detected, the matter is communicated to the IT Manager as soon as possible so that the Company may work quickly and diligently to re-secure its systems and work to minimize any damage and further risk to the Company as a result thereof; to this end, a monitored email address dedicated solely to the reporting of such incidents is in place.
As soon as reasonably practicable after response efforts commence, the designated executive officers are required to notify the Chair of the Audit Committee of the situation and to thereafter keep the Chair apprised of all material developments, 58 who may escalate the matter to the full Board in the Chair’s discretion.
As soon as reasonably practicable after response efforts commence, the designated executive officers are required to notify the Chair of the Audit Committee of the situation and to thereafter keep the Chair apprised of all material developments, who may escalate the matter to the full Board in the Chair’s discretion.
Additionally, the Company has implemented numerous IT policies and procedures concerning cybersecurity matters, which include policies that directly or indirectly relate to encryption standards, antivirus protection, remote access, multi-factor authentication, confidential information and the use of the internet, social media, email and wireless and personal devices for both Company business and personal matters while utilizing Company resources, among other relevant topics.
Additionally, the Company has implemented numerous IT policies and procedures concerning cybersecurity matters, which include policies that directly or indirectly relate to encryption standards, endpoint protection, remote access, multi-factor authentication, confidential information and the use of the internet, social media, email and wireless and personal devices for both Company business and personal matters while utilizing Company resources, among other relevant topics.
As soon as an immediate threat or cyberattack is sufficiently contained to permit it, the IT Manager notifies designated executive officers of the situation, who are charged to direct the IT Manager on any additional or special measures to be taken, including but not limited to a Company-wide alert or directive, which the IT Manager must follow/implement without delay.
As soon as an immediate threat or cyberattack is sufficiently contained to permit it, the IT Manager notifies designated executive officers of the situation, who are charged to direct the IT Manager on any additional or special measures to be taken, including but not limited to a Company-wide alert or 72 Table of Content directive, which the IT Manager must follow/implement without delay.
See “Part I, Item 1A. Risk Factors – An information security incident, including a cybersecurity breach, could have a negative impact to the Company’s business or reputation. ” 59
See “Part I, Item 1A. Risk Factors – An information security incident, including a cybersecurity breach, could have a negative impact to the Company’s business or reputation. ” 73 Table of Content
Added
The Company's evaluation and integration efforts across these two existing frameworks have demonstrated very similar information security and risk management elements and a strong alignment of current methods and technologies.
Added
The Company is continuing to integrate the two programs to ensure that its company-wide cybersecurity and risk management processes continue to adapt to the ever-changing cybersecurity landscape and to respond to emerging threats in a timely and effective manner in all aspects of the Company's business.

Item 2. Properties

Properties — owned and leased real estate

323 edited+326 added−56 removed542 unchanged
Biggest changeProject or Source 2023 2022 2021 2020 2019 Alternate Feed Materials (2) Tons (000) --- 3 --- NA (2) NA (2) Ave. % U 3 O 8 --- 3.3% --- NA (2) NA (2) Recovered Pounds U 3 O 8 (000) --- 161 --- 144 (3) --- Tailings Solution Recycle & Production from In-Circuit Material (4) 84 Recovered Pounds U 3 O 8 (000) --- --- --- 47 --- Recovered Pounds V 2 O 5 (000) --- --- --- 67 1,807 Recovered Metric Tons Total Rare Earth Oxide (TREO) --- --- 0 --- --- Conventional Feed Materials (5) Tons (000) 326 0.1 --- --- --- Contained Grade % U 3 O 8 0.46% 0.5% --- --- --- Recovered Pounds U 3 O 8 (000) (6) --- 1 --- --- --- Recovered Pounds V 2 O 5 (000) --- --- --- --- --- Recovered Metric Tons Total Rare Earth Oxide (TREO) 260 95 120 --- --- Nichols Ranch (7) Recovered Pounds U 3 O 8 (000) 0.2 0.5 0.5 6 70 Alta Mesa (8) Recovered Pounds U 3 O 8 (000) --- --- --- --- --- Total Pounds of U 3 O 8 Recovered (000) 0.2 162 --- 197 70 Total Pounds of V 2 O 5 Recovered (000) --- --- --- 67 1,807 Total Metric Tons of TREO Recovered 260 95 120 --- --- Notes: (1) Mineralized material is shown as being processed and pounds recovered during the year in which the materials were processed at the Mill or at the Nichols Ranch Plant, which is not necessarily the year in which the materials were extracted from the project facilities.
Biggest changeAll mineral processing after that date has been for the account of Energy Fuels. 102 Table of Content Project or Source 2024 2023 2022 2021 2020 Conventional Feed Materials (Uranium Ore – Colorado Plateau Conventional Ore) (2) Tons (000) 55 — — — — Contained Grade % U 3 O 8 0.11 — — — — Recovered Pounds U 3 O 8 (000) 78 — — — — Conventional Feed Materials (Uranium Ore – Monazite) (3) Tons (000) 0.55 0.36 0.4 0.39 — Contained Grade % U 3 O 8 0.38 0.46 0.45 0.5 — Contained Grade % TREO 46.33 47.25 46.79 53.45 — Recovered Pounds U 3 O 8 (000) (9) 2 — 1 — — Recovered Metric Tons Total Rare Earth Oxide (TREO) (4) 38 160 93 74 — Recovered Metric Tons NdPr Oxide (or equivalent) (5) 38 — — — — Alternate Feed Materials (6) Tons (000) 1 — 3 — NA Ave. % U 3 O 8 5.27 — 3.3 — NA Recovered Pounds U 3 O 8 (000) (7) 77.4 — 161 — — Tailings Solution Recycle & Production from In-Circuit Material (8) Recovered Pounds U 3 O 8 (000) — — — — 47 Recovered Pounds V 2 O 5 (000) — — — — 67 Recovered Metric Tons Total Rare Earth Oxide (TREO) — — — — — Total Pounds of U 3 O 8 Recovered (000) 157.4 — 162 — 47 Total Pounds of V 2 O 5 Recovered (000) — — — — 67 Total Metric Tons of TREO Recovered — 160 93 74 — Total Metric Tons of NdPr Oxide (or equivalent) Recovered 38 — — — — Notes: (1) Mineralized material is shown as being processed and pounds recovered during the year in which the materials were processed at the Mill, which is not necessarily the year in which the materials were extracted from the project facilities.
The Company’s principal conventional uranium properties include the following: • the White Mesa Mill (see “ The White Mesa Mill ”); • the Pinyon Plain Project (see “ The Pinyon Plain Project ”); • the Roca Honda Project (see “ The Roca Honda Project ”); • the Sheep Mountain Project (see “ The Sheep Mountain Project ”); • the Bullfrog Project (see “ The Bullfrog Project ”); • the La Sal Project (see “ The La Sal Project ”); • the Arizona Strip uranium properties located in north-central Arizona, including: the Arizona 1 Project, the Wate Project, and EZ Project (see “ Non-Material Mineral Properties – Other Conventional Projects – Arizona Strip ”); and • the Whirlwind Project located in southwest Colorado on the Colorado and Utah border (see “ Non-Material Mineral Properties – Other Conventional Projects – Colorado Plateau ”).
The Company’s principal conventional uranium properties include the following: • the White Mesa Mill (see “ The White Mesa Mill ”); • the Pinyon Plain Project (see “ The Pinyon Plain Project ”); • the Roca Honda Project (see “ The Roca Honda Project ”); • the Sheep Mountain Project (see “ The Sheep Mountain Project ”); • the Bullfrog Project (see “ The Bullfrog Project ”); • the La Sal Project (see “ The La Sal Project ”); • the Arizona Strip uranium properties located in north-central Arizona, including: the Arizona 1 Project, the Wate Project, and EZ Project (see “ Non-Material Mineral Properties – Other Conventional Projects – Arizona Strip ”); and • the Whirlwind Project located in southwest Colorado on the Colorado and Utah border (see “ Non-Material Mineral Properties – Other Conventional Uranium Projects – Colorado Plateau ”).
The summer months are typically hot, dry, and clear, except for infrequent high-intensity, short-duration storm events. The Complex is located in Johnson and Campbell Counties. These counties are generally rural; according to the April 1, 2020 United States Census, there were 8,447 people living in Johnson County and 47,026 people living in Campbell County.
The summer months are typically hot, dry, and clear, except for infrequent high-intensity, short-duration storm events. The Complex is located in Campbell and Johnson Counties. These counties are generally rural; according to the April 1, 2020 United States Census, there were 8,447 people living in Johnson County and 47,026 people living in Campbell County.
At the request of the ADEQ, the three General APPs were consolidated into an Individual APP on April 28, 2022, which resulted in a supplemental reclamation bond being issued in the amount of $132,581. An Air Quality Permit was issued by the ADEQ in March 2011, renewed in 2016, amended in 2017 and renewed in 2021.
At the request of the ADEQ, the three General APPs were consolidated into an Individual APP on April 28, 2022, which resulted in a supplemental reclamation bond being issued in the amount of $132,581. An Air Quality Permit was issued by ADEQ in March 2011, renewed in 2016, amended in 2017 and renewed in 2021.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Negative disequilibrium occurs when uranium has had enough time to decay to produce the daughter radioisotopes but was remobilized and removed from the deposit. This would lead to measuring more uranium than is present. The use of core to verify natural gamma logs is standard practice and allows for the calculation of a disequilibrium factor.
Negative disequilibrium occurs when uranium has had enough time to decay to produce the daughter radioisotopes but was remobilized and removed from the deposit. This would lead to measuring more uranium than is present. The use of core to verify natural gamma logs is standard practice and allows for the calculation of a disequilibrium factor.
Sheep Mountain Mineral Resources – In Situ Uranium (1)(2)(3)(4)(5)(6) Classification Zone Cut-off (G.T.) Tons (000s) Grade (% eU 3 O 8 ) Contained Metal (eU 3 O 8 000s) Metallurgical Recovery Measured --- --- --- --- --- --- Indicated Sheep Underground 0.30 2,048 0.09 3,786 91.9 % Congo Pit Area 0.10 2,161 0.13 5,786 91.9 % Total Indicated Resources 4,210 0.11 % 9,750 91.9 % Total Measured and Indicated 4,210 0.11 % 9,750 91.9 % Inferred --- --- --- --- --- --- Notes: (1) S-K 1300 and NI 43-101 definitions were followed for Mineral Resources.
Sheep Mountain Mineral Resources – In Situ Uranium (1)(2)(3)(4)(5)(6) Classification Zone Cut-off Tons Grade Contained Metal Metallurgical Recovery (G.T.) (000s) (% eU 3 O 8 ) (eU 3 O 8 000s) Measured — — — — — — Indicated Sheep Underground 0.30 2,048 0.09 3,786 91.9 % Congo Pit Area 0.10 2,161 0.13 5,786 91.9 % Total Indicated Resources 4,210 0.11 % 9,750 91.9 % Total Measured and Indicated 4,210 0.11 % 9,750 91.9 % Inferred — — — — — — Notes: (1) S-K 1300 and NI 43-101 definitions were followed for Mineral Resources.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
In 2018 the La Sal, Beaver, and Pandora portions of the Complex were reopened and rehabilitated as part of a test mining program. In May 2019 the Project was placed back into care and maintenance mode. Permitting Mineral extraction facilities on private and public lands in Utah require an approved Notice of Intent (“ NOI ”) with the UDOGM.
In 2018 the La Sal, Beaver, and Pandora portions of the Complex were reopened and rehabilitated as part of a test mining program. In May 2019 the Project was placed back into care and maintenance mode. Permitting Mineral extraction facilities on private and public lands in Utah require an approved Notice of Intent (“ NOI ”) with UDOGM.
This amendment allows the Company to install water treatment and other new surface facilities to support extraction of up to 250 tons per day of mineralized materials. Water discharge permits to allow initial and ongoing discharge of water from underground workings were also approved by the DWQ in 2009 and renewed most recently in 2018.
This amendment allows the Company to install water treatment and other new surface facilities to support extraction of up to 250 tons per day of mineralized materials. Water discharge permits to allow initial and ongoing discharge of water from underground workings were also approved by DWQ in 2009 and renewed most recently in 2018.
Existing mining operations at the Pandora, Beaver, La Sal and Snowball Properties are fully permitted with the State of Utah, the BLM, and the USFS. In order to allow expansion of the existing mines, Energy Fuels has obtained regulatory approvals for expansion of the Pandora, Beaver, and La Sal operations through the UDOGM, the BLM, and the USFS.
Existing mining operations at the Pandora, Beaver, La Sal and Snowball Properties are fully permitted with the State of Utah, the BLM, and the USFS. In order to allow expansion of the existing mines, Energy Fuels has obtained regulatory approvals for expansion of the Pandora, Beaver, and La Sal operations through UDOGM, BLM, and USFS.
In late 2014, an EA, draft Decision Notice and FONSI were issued for public comment. In March 2015, in response to an objection filed by an environmental interest group, the USFS ruled that additional analysis was required before a modified Plan of Operations and EA could be approved for the proposed expansion.
In late 2014, an EA, draft Decision Notice and FONSI were issued for public comment. In March 2015, in response to an objection filed by an environmental interest group, USFS ruled that additional analysis was required before a modified Plan of Operations and EA could be approved for the proposed expansion.
An expanded EA was finalized by the USFS and BLM in September 2017. On February 23, 2018, the BLM and USFS issued the EA, Decision Record (BLM)/Decision Notice (USFS), and FONSI approving the expansion, conditional upon the Company incorporating certain specific requirements into the Plan of Operations amendment and having the required reclamation bond in place.
An expanded EA was finalized by the USFS and BLM in September 2017. On February 23, 2018, BLM and USFS issued the EA, Decision Record (BLM)/Decision Notice (USFS), and FONSI approving the expansion, conditional upon the Company incorporating certain specific requirements into the Plan of Operations amendment and having the required reclamation bond in place.
On September 26, 2018, the USFS approved the Plan of Operations amendment and surety bond. In November 2020, the Large Mine NOI permit expansion was approved through UDOGM. All other regulatory approvals needed for project expansion, including an air emissions permit, are in place.
On September 26, 2018, USFS approved the Plan of Operations amendment and surety bond. In November 2020, the Large Mine NOI permit expansion was approved through UDOGM. All other regulatory approvals needed for project expansion, including an air emissions permit, are in place.
It is then transported in oxygenated groundwater until it is precipitated from solution under reducing conditions at an oxidation-reduction interface. The reducing conditions may be caused by such reducing agents in the sandstone as carbonaceous material, sulfides, hydrocarbons, hydrogen sulfide, or brines.
It is then transported in oxygenated groundwater until it is precipitated from solution under reducing conditions at an oxidation-reduction interface. The reducing conditions may be caused by such reducing agents in the sandstone as carbonaceous material, sulfides, hydrocarbons, hydrogen sulfide, or brines.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Positive disequilibrium occurs when the uranium present has not had enough time to decay and produce daughter isotopes, which are what are actually measured during a natural gamma assay. Under positive disequilibrium a natural gamma assay would indicate lower amounts of uranium than what is present.
Negative disequilibrium occurs when uranium has had enough time to decay to produce the daughter radioisotopes but was remobilized and removed from the deposit. This would lead to measuring more uranium than is present. The Project is part of a larger mining district with no history of disequilibrium issues. The disequilibrium factor applied to the Project Mineral Resource is 1.0.
Negative disequilibrium occurs when uranium has had enough time to decay to produce the daughter radioisotopes but was remobilized and removed from the deposit. This would lead to measuring more uranium than is present. The Project is part of a larger mining district with no history of disequilibrium issues. The disequilibrium factor applied to the Project Mineral Resource is 1.0.
Sheep Mountain Mineral Reserves – In Situ Uranium (1)(2)(3)(4)(5)(6) Classification Zone Cut-off (G.T.) Tons (000s) Grade (% eU 3 O 8 ) Contained Metal (eU 3 O 8 000s) Metallurgical Recovery Proven --- --- --- --- --- --- Probable Sheep Underground 0.45 3,498 0.132 9,248.00 91.9 % Congo Pit Area 0.10 3,955 0.115 9,117.00 91.9 % Total Probable Reserves 7,453 0.123 18,365 91.9 % Total Proven and Probable 7,453 0.123 18,365 91.9 % Notes: (1) The Mineral Reserve estimate in this table complies with the requirements of both S-K 1300 and NI 43-101.
Sheep Mountain Mineral Reserves – In Situ Uranium (1)(2)(3)(4)(5)(6) Classification Zone Cut-off Tons Grade Contained Metal Metallurgical Recovery (G.T.) (000s) (% eU 3 O 8 ) (eU 3 O 8 000s) Proven — — — — — — Probable Sheep Underground 0.45 3,498 0.132 9,248 91.9 % Congo Pit Area 0.10 3,955 0.115 9,117 91.9 % Total Probable Reserves 7,453 0.123 18,365 91.9 % Total Proven and Probable 7,453 0.123 18,365 91.9 % Notes: (1) The Mineral Reserve estimate in this table complies with the requirements of both S-K 1300 and NI 43-101.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Pinyon Plain Technical Report Summary remained accurate as of December 31, 2023. Pinyon Plain Project – Summary of Mineral Resources – In Situ Copper, December 31, 2023 (1)(2)(3)(4)(5)(6)(7)(8)(9)(10) Zone Classification Cut-Off (eqv.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Pinyon Plain Technical Report Summary remained accurate as of December 31, 2024. Pinyon Plain Project – Summary of Mineral Resources – In Situ Copper, December 31, 2023 (1)(2)(3)(4)(5)(6)(7)(8)(9)(10) Zone Classification Cut-Off (eqv.
Core analysis by the Company was done at the White Mesa Mill in Blanding, Utah. The Company submitted uranium standards and blanks to the mill as part of a standard QA/QC procedure. 123 Utilizing only natural gamma logs as assay data could lead to an over or under estimation of Mineral Resources due to disequilibrium.
Core analysis by the Company was done at the White Mesa Mill in Blanding, Utah. The Company submitted uranium standards and blanks to the mill as part of a standard QA/QC procedure. Utilizing only natural gamma logs as assay data could lead to an over or under estimation of Mineral Resources due to disequilibrium.
If ANM does not agree with the justification, ANM may request the holder of the mineral right to proceed with the request for a mining concession stage. Eventually, ANM can forfeit the request right if there is clear and strong evidence of procrastination. One of the mineral rights underlying the Bahia Project currently falls within this category (870.871/2011). 127 3.
If ANM does not agree with the justification, ANM may request the holder of the mineral right to proceed with the request for a mining concession stage. Eventually, ANM can forfeit the request right if there is clear and strong evidence of procrastination. One of the mineral rights underlying the Bahia Project currently falls within this category (870.871/2011). 3.
Between September 20, 2022 and February 14, 2023, the Company drilled 2,266 meters of sonic drill core on various ANM Process Areas to confirm the prior drilling and collect samples and data for use in an S-K 1300/NI 43-101 compliant technical report for publication in Q1 2025.
Between September 20, 2022 and February 14, 2023, the Company drilled 2,266 meters of sonic drill core on various ANM Process Areas to confirm the prior drilling and collect samples and data for use in an S-K 1300/NI 43-101 compliant technical report for publication in 2025.
The Mill, located near Blanding, Utah, is centrally located such that it can be fed by a number of the Company’s uranium and uranium/vanadium projects in Colorado, Utah, Arizona and New 61 Mexico, as well as by ore purchase or toll milling arrangements with third party miners in the region, as market conditions warrant.
The Mill, located near Blanding, Utah, is centrally located such that it can be fed by a number of the Company’s uranium and uranium/vanadium projects in Colorado, Utah, Arizona and New Mexico, as well as by ore purchase or toll milling arrangements with third party miners in the region, as market conditions warrant.
Negative disequilibrium occurs when uranium has had enough time to decay to produce the daughter radioisotopes but was remobilized and removed from the deposit. This would lead to measuring 91 more uranium than is present. The use of core to verify natural gamma logs is standard practice and allows for the calculation of a disequilibrium factor.
Negative disequilibrium occurs when uranium has had enough time to decay to produce the daughter radioisotopes but was remobilized and removed from the deposit. This would lead to measuring more uranium than is present. The use of core to verify natural gamma logs is standard practice and allows for the calculation of a disequilibrium factor.
Permitting Although the Company has completed initial environmental baseline studies and mine plans for permitting purposes at the Bullfrog Property, the submittal of permit applications has been deferred pending favorable market conditions. 113 Geologic Setting, Mineralization and Deposit The Copper Bench and Indian Bench Deposits are classified as sandstone hosted uranium deposits.
Permitting Although the Company has completed initial environmental baseline studies and mine plans for permitting purposes at the Bullfrog Property, the submittal of permit applications has been deferred pending favorable market conditions. Geologic Setting, Mineralization and Deposit The Copper Bench and Indian Bench Deposits are classified as sandstone hosted uranium deposits.
A port on the Caravelas River at the extreme southern end of the 128 project area was last operated in 2021 but has been maintained in a standby condition and could be used for the Project. The closest deepwater port is the Port of Ilheus approximately 380 km to the north. There is no rail near the Project.
A port on the Caravelas River at the extreme southern end of the project area was last operated in 2021 but has been maintained in a standby condition and could be used for the Project. The closest deepwater port is the Port of Ilheus approximately 380 km to the north. There is no rail near the Project.
Under this initiative, the Company has the 82 potential to recover valuable isotopes from its existing process streams, thereby recycling back into the market material that would otherwise be lost to disposal for use in treating cancer. See “ Part I, Item 1.
Under this initiative, the Company has the potential to recover valuable isotopes from its existing process streams, thereby recycling back into the market material that would otherwise be lost to disposal for use in treating cancer. See “ Part I, Item 1.
The approximate center of the Satellite Properties is roughly 8 mi to 11 mi west of Wyoming Highway 50, and the southern edge of the Satellite Properties is approximately 12 mi to 15 mi north of Wyoming Highway 387. Road development and improvements may be required at a later time to facilitate future development of wellfields and processing facilities.
The approximate center of the Satellite Properties is approximately 8 mi to 11 mi west of Wyoming Highway 50, and the southern edge of the Satellite Properties is approximately 12 mi to 15 mi north of Wyoming Highway 387. Road development and improvements may be required at a later time to facilitate future development of wellfields and processing facilities.
The State of Utah requires that every operating uranium mill have a GWDP, regardless of whether the facility discharges to groundwater. The GWDP for the Mill was finalized and implemented in March 2005. The GWDP required that the Mill add over 40 additional monitoring 83 parameters and 15 additional monitoring wells at the site.
The State of Utah requires that every operating uranium mill have a GWDP, regardless of whether the facility discharges to groundwater. The GWDP for the Mill was finalized and implemented in March 2005. The GWDP required that the Mill add over 40 additional monitoring parameters and 15 additional monitoring wells at the site.
Nichols Ranch was acquired by the Company in June 2015 as part of the Uranerz acquisition. Properties sold or otherwise disposed of are not included in this table. Uranium pounds recovered since 2021 are immaterial and correspond to pounds captured during standby.
(2) Nichols Ranch was acquired by the Company in June 2015 as part of the Uranerz acquisition. Properties sold or otherwise disposed of are not included in this table. Uranium pounds recovered since 2021 are immaterial and correspond to pounds captured during standby.
Mathisen, C.P.G., R. Dennis Bergen, P. Eng. and Grant Malensek, M.Eng., P. Eng., each a Qualified Person employed by SLR, Lee (Pat) Gochnour, MMSA, a Qualified Person employed by Gouchnour & Associate, Inc. and Jeffrey Woods, MMSA, a Qualified Person employed by Woods Process Services (the “ Pinyon Plain Technical Report Summary ”).
Mathisen, C.P.G., R. Dennis Bergen, P. Eng. and Grant Malensek, M.Eng., P. Eng., each a Qualified Person employed by SLR, Lee (Pat) Gochnour, MMSA, a Qualified Person employed by Gouchnour & Associate, Inc. and Jeffrey L. Woods, MMSA, a Qualified Person employed by Woods Process Services (the “ Pinyon Plain Technical Report Summary ”).
In connection with the acquisition of its interest in the Arkose Joint Venture, Uranerz entered into a venture agreement dated January 15, 2008 (the “ Venture Agreement ”) with United Nuclear, LLC (“ United Nuclear ”), a limited liability company wholly owned by the NAMMCO Sellers and their designee under the purchase and sale agreement.
In connection with the acquisition of its interest in the Arkose Joint Venture, Uranerz entered into a venture agreement dated January 15, 2008 (the “ Venture Agreement ”) with United Nuclear, a limited liability company wholly owned by the NAMMCO Sellers and their designee under the purchase and sale agreement.
It is a smoothing technique that allows the geologist to apply judgment regarding the variability of the mineralization within the plane of the mineralized body. This technique is particularly effective in generating a realistic landscape of metal values along the plane of 77 the mineralized body and limiting the effect of local high values.
It is a smoothing technique that allows the geologist to apply judgment regarding the variability of the mineralization within the plane of the mineralized body. This technique is particularly effective in generating a realistic landscape of metal values along the plane of the mineralized body and limiting the effect of local high values.
This JV operated the Hecla 120 Shaft (now Energy Queen) immediately west of Section 5 on the Superior Uranium Lease. The San Juan County Mineral Lease is held by an annual payment. It is the intent of the Company to continue to hold this lease.
This JV operated the Hecla Shaft (now Energy Queen) immediately west of Section 5 on the Superior Uranium Lease. The San Juan County Mineral Lease is held by an annual payment. It is the intent of the Company to continue to hold this lease.
Pinyon Plain Project – Summary of Mineral Resources – In Situ Uranium, December 31, 2023 (1)(2)(3)(4)(5)(6)(7)(8) Zone Classification Cut-Off (% U 3 O 8 ) Tonnage (Tons) Grade (%U 3 O 8 ) Contained Metal (lb U 3 O 8 ) Metallurgical Recovery Main Lower Measured 0.3 --- --- --- --- Indicated 0.3 --- --- --- --- Measured + Indicated 0.3 --- --- --- --- Inferred 0.3 2,000 0.48 16,000 96% Juniper I Measured 0.3 --- --- --- --- Indicated 0.3 37,000 0.95 703,000 96% Measured + Indicated 0.3 37,000 0.95 703,000 96% Inferred 0.3 2,000 0.58 24,000 96% Juniper II Measured 0.3 --- --- --- --- Indicated 0.3 --- --- --- --- Measured + Indicated 0.3 --- --- --- --- Inferred 0.3 1,000 0.36 8,000 96% Total Measured 0.3 --- --- --- --- Total Indicated 0.3 37,000 0.95 703,000 96% Total Measured + Indicated 0.3 37,000 0.95 703,000 96% Total Inferred 0.3 5,000 0.50 48,000 96% Notes: (1) SEC S-K 1300 definitions were followed for all Mineral Resource categories.
Pinyon Plain Project – Summary of Mineral Resources – In Situ Uranium, December 31, 2024 (1)(2)(3)(4)(5)(6)(7)(8) Zone Classification Cut-Off Tonnage Grade Contained Metal Metallurgical Recovery (% U 3 O 8 ) (Tons) (% U 3 O 8 ) (lb U 3 O 8 ) Main Lower Measured 0.3 — — — — Indicated 0.3 — — — — Measured + Indicated 0.3 — — — — Inferred 0.3 2,000 0.48 16,000 96% Juniper I Measured 0.3 0 0 0 0 Indicated 0.3 37,000 0.95 703,000 96% Measured + Indicated 0.3 37,000 0.95 703,000 96% Inferred 0.3 2,000 0.58 24,000 96% Juniper II Measured 0.3 — — — — Indicated 0.3 — — — — Measured + Indicated 0.3 — — — — Inferred 0.3 1,000 0.36 8,000 96% Total Measured 0.3 — — — — Total Indicated 0.3 37,000 0.95 703,000 96% Total Measured + Indicated 0.3 37,000 0.95 703,000 96% Total Inferred 0.3 5,000 0.50 48,000 96% Notes: (1) SEC S-K 1300 definitions were followed for all Mineral Resource categories.
The Energy Queen Property was developed 122 and has conducted mineral extraction, but the Redd Block IV Property was discontinued soon after the start of construction. An NOI amendment for the Energy Queen Property was approved by the UDOGM on September 22, 2009.
The Energy Queen Property was developed and has conducted mineral extraction, but the Redd Block IV Property was discontinued soon after the start of construction. An NOI amendment for the Energy Queen Property was approved by UDOGM on September 22, 2009.
The host sands are primarily arkosic in composition, friable, and contain trace carbonaceous material and organic debris. There are local 76 sandy mudstone/siltstone intervals with the sandstones, and the sands may thicken or pinch-out in some locations.
The host sands are primarily arkosic in composition, friable, and contain trace carbonaceous material and organic debris. There are local sandy mudstone/siltstone intervals with the sandstones, and the sands may thicken or pinch-out in some locations.
U 3 O 8 ) Metallurgical Recovery Measured 0.19 Sec. 9, 10, & 16 208,000 0.48 1,984,000 95% 0.19 Sec. 17 --- --- --- --- Total Measured 0.19 Sec. 9, 10, 16, & 17 208,000 0.48 1,984,000 95% Indicated 0.19 Sec. 9, 10, & 16 1,303,000 0.48 12,580,000 95% 0.19 Sec. 17 336,000 0.45 3,058,000 95% Total Indicated 0.19 Sec. 9, 10, 16, & 17 1,639,000 0.48 15,638,000 95% Total Measured + Indicated 0.19 Sec. 9, 10, 16, & 17 1,847,000 0.48 17,622,000 95% Inferred 0.19 Sec. 9, 10, & 16 1,198,000 0.47 11,206,000 95% 0.19 Sec. 17 315,000 0.42 2,636,000 95% Total Inferred 0.19 Sec. 9, 10, 16, & 17 1,513,000 0.46 13,842,000 95% Notes: (1) SEC S-K 1300 and NI 43-101 definitions were followed for all Mineral Resource categories.
U 3 O 8 ) Measured 0.19 Sec. 9, 10, & 16 208,000 0.48 1,984,000 95% 0.19 Sec. 17 — — — — Total Measured 0.19 Sec. 9, 10, 16, & 17 208,000 0.48 1,984,000 95% Indicated 0.19 Sec. 9, 10, & 16 1,303,000 0.48 12,580,000 95% 0.19 Sec. 17 336,000 0.45 3,058,000 95% Total Indicated 0.19 Sec. 9, 10, 16, & 17 1,639,000 0.48 15,638,000 95% Total Measured + Indicated 0.19 Sec. 9, 10, 16, & 17 1,847,000 0.48 17,622,000 95% Inferred 0.19 Sec. 9, 10, & 16 1,198,000 0.47 11,206,000 95% 0.19 Sec. 17 315,000 0.42 2,636,000 95% Total Inferred 0.19 Sec. 9, 10, 16, & 17 1,513,000 0.46 13,842,000 95% Notes: (1) SEC S-K 1300 and NI 43-101 definitions were followed for all Mineral Resource categories.
Nevertheless, the areas in the general vicinity of the Grand Canyon 90 can be environmentally sensitive in many ways and so the permitting, development, and operation of a uranium extraction facility in this area remains a contentious issue.
Nevertheless, the areas in the general vicinity of the Grand Canyon can be environmentally sensitive in many ways and so the permitting, development, and operation of a uranium extraction facility in this area remains a contentious issue.
The Battle Spring Formation and associated mineralization at the Sheep Mountain Project is bounded to the east by the western flank of 106 the Sheep Mountain Syncline and to the west by the Spring Creek Anticline. To the north the system is cut off by erosion.
The Battle Spring Formation and associated mineralization at the Sheep Mountain Project is bounded to the east by the western flank of the Sheep Mountain Syncline and to the west by the Spring Creek Anticline. To the north the system is cut off by erosion.
Most species are yearlong residents, however, some species such as elk, eagles, songbirds, and waterfowl are more abundant during migration periods. The Nichols Ranch Mining Unit is situated in a low-lying plain with elevations ranging from roughly 4,600 ft ASL to 4,900 ft ASL. There are two main ephemeral drainages at the site.
Most species are yearlong residents, however, some species such as elk, eagles, songbirds, and waterfowl are more abundant during migration periods. The Nichols Ranch Mining Unit is situated in a low-lying plain with elevations ranging from approximately 4,600 ft ASL to 4,900 ft ASL. There are two main ephemeral drainages at the site.
The uranium royalty varies from 3% to 8% and the vanadium royalty from 2% to 6%, less allowable deductions. The annual $165/claim annual BLM fees are the responsibility of the Company. No other lease costs apply to these claims. The Pandora Mining Lease, dated June 16, 1967, was originally between Robert H. Sayre, Jr. and American Metal Climax, Inc.
The uranium royalty varies from 3% to 8% and the vanadium royalty from 2% to 6%, less allowable deductions. The annual $200/claim annual BLM fees are the responsibility of the Company. No other lease costs apply to these claims. The Pandora Mining Lease, dated June 16, 1967, was originally between Robert H. Sayre, Jr. and American Metal Climax, Inc.
During 2018, bench scale and pilot plant scale metallurgical test work was carried out by Hazen Research (“ HAZEN ”) in Golden, Colorado, in connection with the potential recovery of copper from the mine. At this time, any copper recovered would be expected to be processed using roasting, followed by acid leach and solvent extraction.
During 2018, bench scale and pilot plant scale metallurgical test work was carried out by Hazen Research (“HAZEN”) in Golden, Colorado, in connection with the potential recovery of copper from the mine. At this time, any copper recovered would be expected to be processed using roasting, followed by acid leach and solvent extraction.
County recording fees for the claims are approximately $425 per year New Mexico General Mining Lease number HG-0133, located on Section 16, covers an area of 638 acres. The mining lease has a primary, secondary, tertiary, and quaternary term, each with annual rentals to be paid in advance.
County recording fees for the claims are approximately $500 per year New Mexico General Mining Lease number HG-0133, located on Section 16, covers an area of 638 acres. The mining lease has a primary, secondary, tertiary, and quaternary term, each with annual rentals to be paid in advance.
All unpatented mining claims are subject to an annual federal mining claim maintenance fee of $165 per claim plus approximately $10 per claim for county filing fees to the BLM. The Company leases the mineral rights on 119 claims located across the Project. These claims are held through four separate mineral leases (“ MLs ”) described in detail below.
All unpatented mining claims are subject to an annual federal mining claim maintenance fee of $200 per claim plus approximately $10 per claim for county filing fees to the BLM. The Company leases the mineral rights on 119 claims located across the Project. These claims are held through four separate mineral leases (“ MLs ”) described in detail below.
(“ BRS ”), none of which is affiliated with the Company or any other entity that has an ownership, royalty, or other interest in the relevant property that is the subject of the Technical Report Summary. See “ Material Properties .” Between December 31, 2022 and December 31, 2023, there were no changes to the Mineral Reserves or Mineral Resources.
(“ BRS ”), none of which is affiliated with the Company or any other entity that has an ownership, royalty, or other interest in the relevant property that is the subject of the Technical Report Summary. See “ Material Properties .” Between December 31, 2023 and December 31, 2024, there were no changes to the Mineral Reserves or Mineral Resources.
BLM Mining Claim Geographic Index Report Mineral and Land Record System (MLRS). The claims covering Section 9, 10, and part of 11 have a location date of June 29 and 30, 1965. The claims in Section 8 have location dates of September 10, 1997. The Rocca Honda claims in Sections 5 and 6 were located on September 6, 2004.
BLM Mining Claim Geographic Index Report Mineral and Land Record System (MLRS). The claims covering Section 9, 10, and part of 11 have a location date of June 29 and 30, 1965. The claims in Section 8 have location dates of September 10, 1997. The Roca Honda claims in Sections 5 and 6 were located on September 6, 2004.
Both the estimated Mineral Resources and Mineral Reserves were diluted to a minimum mining thickness of six feet. The reported Probable Mineral Reserve is that portion of the reported Indicated Mineral Resource that is within the current underground mine design. The table below sets out the Mineral Reserve estimates for the Sheep Mountain Project as of December 31, 2023.
Both the estimated Mineral Resources and Mineral Reserves were diluted to a minimum mining thickness of six feet. The reported Probable Mineral Reserve is that portion of the reported Indicated Mineral Resource that is within the current underground mine design. The table below sets out the Mineral Reserve estimates for the Sheep Mountain Project as of December 31, 2024.
The contained pounds of uranium were calculated using the following formula: Mineral Resource, pounds = (Area, ft 2 ) x (GT, %-ft) x (20 lb) x (DEF) / (RD, ft 3 /ton) • Area (ft 2 ) = Area of influence in square feet (measured from contour interval) • GT (percent x feet) = Material grade in percent times feet thickness of mineralization (GT multiplied by 20 lb to convert from short tons to pounds as 1% of a short ton equals 20 lb) • DEF (1.00) = Disequilibrium factor (1.00) • RD (15.5) = Rock density (15.5 ft 3 /ton) Tonnage was calculated based on grade, pounds and a tonnage conversion factor for a given GT contour area.
The contained pounds of uranium were calculated using the following formula: Mineral Resource, pounds = (Area, ft 2 ) x (GT, %-ft) x (20 lb) x (DEF) / (RD, ft 3 /ton) • Area (ft 2 ) = Area of influence in square feet (measured from contour interval) • GT (percent x feet) = Material grade in percent times feet thickness of mineralization (GT multiplied by 20 lb to convert from short tons to pounds as 1% of a short ton equals 20 lb) • DEF (1.00) = Disequilibrium factor (1.00) 94 Table of Content • RD (15.5) = Rock density (15.5 ft 3 /ton) Tonnage was calculated based on grade, pounds and a tonnage conversion factor for a given GT contour area.
A copper mineral resource is also associated with the Main and Main-Lower zones at Pinyon Plain. Further study is required to determine if the copper associated with uranium mineralization in the zones can be economically extracted. The table below sets out the Mineral Resources estimates for the Pinyon Plain Project as of December 31, 2023.
A copper mineral resource is also associated with the Main and Main-Lower zones at Pinyon Plain. Further study is required to determine if the copper associated with uranium mineralization in the zones can be economically extracted. The table below sets out the Mineral Resources estimates for the Pinyon Plain Project as of December 31, 2024.
(3) Mineral Resources are estimated using a long-term uranium price of $65 per pound and a Copper price of $4.00 per lb. These prices are based on independent, third-party, and market analysts’ average forecasts as of 2022, and the supply and demand projections are for the period 2023 to 2035.
(3) Mineral Resources are estimated using a long-term uranium price of $65 per pound and a Copper price of $4.00 per lb. These prices are based on independent, third-party, and market analysts’ average forecasts as of 2022, and the supply and demand projections are for the period 2021 to 2035.
Pinyon Plain Project – Summary of Mineral Reserves, December 31, 2023 (1)(2)(3)(4)(5)(6)(7)(8) Zone Classification Cut-Off (%U 3 O 8 ) Tonnage (Tons) Grade (%U 3 O 8 ) Contained Metal (lb U 3 O 8 ) Metallurgical Recovery Main Proven 0.3 7,800 0.33 50,800 96% Probable 0.3 126,700 0.6 1,517,000 96% Total Proven + Probable 0.3 134,500 0.58 1,567,800 96% Notes: (1) SEC S-K 1300 definitions were followed for all Mineral Reserve categories.
Pinyon Plain Project – Summary of Mineral Reserves, December 31, 2023 (1)(2)(3)(4)(5)(6)(7)(8) Zone Classification Cut-Off (% U 3 O 8 ) Tonnage (Tons) Grade (% U 3 O 8 ) Contained Metal (lb U 3 O 8 ) Metallurgical Recovery 112 Table of Content Main Proven 0.3 7,800 0.33 50,800 96% Probable 0.3 126,700 0.6 1,517,000 96% Total Proven + Probable 0.3 134,500 0.58 1,567,800 96% Notes: (1) SEC S-K 1300 definitions were followed for all Mineral Reserve categories.
The mining lease does not include any requirement for annual advance royalties or other lease payments. All claims, which are renewed annually in September of each year, are in good standing until September 1, 2024 (at which time they will be renewed for the following year as a matter of course).
The mining lease does not include any requirement for annual advance royalties or other lease payments. All claims, which are renewed annually in September of each year, are in good standing until September 1, 2025 (at which time they will be renewed for the following year as a matter of course).
These properties, located at Arkose, include the: Verna Ann, Niles Ranch, Arvina, Streeter, Table Mountain, Heldt Draw, Drew, Collins Draw and Jack properties. The Company, through Uranerz, also holds an 81% interest in the Arkose Joint Venture, which holds 40,852 net acres in the Powder River Basin.
These properties, located at Arkose, include the: Verna Ann, Niles Ranch, Arvina, Streeter, Table Mountain, Heldt Draw, Drew, Collins Draw and Jack properties. The Company, through Uranerz, also holds an 81% interest in the Arkose Joint Venture, which holds 40,602 net acres in the Powder River Basin.
These estimates are derived from the Sheep Mountain Technical Report Summary, which estimated Mineral Resources as of December 31, 2021 and are exclusive of Mineral Reserves. Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Sheep Mountain Technical Report Summary remained accurate as of December 31, 2023.
These estimates are derived from the Sheep Mountain Technical Report Summary, which estimated Mineral Resources as of December 31, 2021 and are exclusive of Mineral Reserves. Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Sheep Mountain Technical Report Summary remained accurate as of December 31, 2024.
The annual $165/claim annual BLM fees are the responsibility of the Company. No other lease costs apply to these claims. Six Mike claims are covered by a Mining Lease dated August 1, 2001, between various stakeholders of the Mike claims and Denison, which was acquired by the Company in June 2012.
The annual $200/claim annual BLM fees are the responsibility of the Company. No other lease costs apply to these claims. Six Mike claims are covered by a Mining Lease dated August 1, 2001, between various stakeholders of the Mike claims and Denison, which was acquired by the Company in June 2012.
These estimates are derived from the Sheep Mountain Technical Report Summary, which estimated Mineral Reserves as of December 31, 2021. Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Reserve estimates set forth in the Sheep Mountain Technical Report Summary remained accurate as of December 31, 2023.
These estimates are derived from the Sheep Mountain Technical Report Summary, which estimated Mineral Reserves as of December 31, 2021. Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Reserve estimates set forth in the Sheep Mountain Technical Report Summary remained accurate as of December 31, 2024.
Specific details regarding the estimation of Mineral Resources can be found in Section 14.0 Mineral Resource Estimates of the Bullfrog Technical Report Summary. The table below sets out the Mineral Resources estimates for the Bullfrog Project as of December 31, 2023. These estimates are derived from the Bullfrog Technical Report Summary, which estimated Mineral Resources as of December 31, 2021.
Specific details regarding the estimation of Mineral Resources can be found in Section 14.0 Mineral Resource Estimates of the Bullfrog Technical Report Summary. The table below sets out the Mineral Resources estimates for the Bullfrog Project as of December 31, 2024. These estimates are derived from the Bullfrog Technical Report Summary, which estimated Mineral Resources as of December 31, 2021.
All of the unpatented lode mining claims have annual filing requirements ($165 per claim) with the BLM, to be paid on or before September 1 of each year. Jane Dough The permit boundary for the Jane Dough area encompasses approximately 3,680 acres.
All of the unpatented lode mining claims have annual filing requirements ($200 per claim) with the BLM, to be paid on or before September 1 of each year. Jane Dough The permit boundary for the Jane Dough area encompasses approximately 3,680 acres.
Holding costs for the 163 claims include a claim maintenance fee of $165.00 per claim payable to the BLM before September 1 of each calendar year and recording an affidavit and Notice of Intent to hold with the McKinley County Clerk, New Mexico.
Holding costs for the 163 claims include a claim maintenance fee of $200.00 per claim payable to the BLM before September 1 of each calendar year and recording an affidavit and Notice of Intent to hold with the McKinley County Clerk, New Mexico.
As of December 31, 2023, the total net book value attributable to the Roca Honda Project on the consolidated financial statements of the Company was $22.10 million. The Company’s Planned Work The Company intends to continue its permitting and related activities at the Roca Honda Project during 2024.
As of December 31, 2024, the total net book value attributable to the Roca Honda Project on the consolidated financial statements of the Company was $22.10 million. The Company’s Planned Work The Company intends to continue its permitting and related activities at the Roca Honda Project during 2025.
The various state and federal permits and licenses that were required and have been obtained for the Nichols Ranch Project, exclusive of the expansion to the Jane Dough Property, are summarized below: Primary Permits and Licenses for the Nichols Ranch Project (Nichols Ranch and Hank Units Only) Permit, License, or Approval Name Agency Status Source Material License NRC (2011); WDEQ-LQD (2018) Obtained Permit to Mine (UIC Permit) WDEQ-LQD Obtained Aquifer Exemption WDEQ-LQD; EPA Obtained Permit to Appropriate Groundwater WSEO Obtained Wellfield Authorization WDEQ-LQD Obtained Class I UIC Deep Disposal Well Permits WDEQ-WQD Obtained WYPDES WDEQ-WQD Obtained Plan of Operations (Hank Unit only) BLM Obtained Air Quality Permit WDEQ-AQD Obtained Notes: (1) NRC - Nuclear Regulatory Commission 75 (2) EPA - Environmental Protection Agency (3) UIC - Underground Injection Control (4) WDEQ-LQD - Wyoming Department of Environmental Quality Land Quality Division (5) WDEQ-WQD - Wyoming Department of Environmental Quality Water Quality Division (6) WDEQ-AQD - Wyoming Department of Environmental Quality Air Quality Division (7) WSEO - Wyoming State Engineer’s Office (8) WYPDES - Wyoming Pollutant Discharge Elimination System Under the licensed plan, the Nichols Ranch Plant has been built, and a satellite processing facility is licensed for the Hank Project.
The various state and federal permits and licenses that were required and have been obtained for the Nichols Ranch Project, exclusive of the expansion to the Jane Dough Property, are summarized below: 91 Table of Content Primary Permits and Licenses for the Nichols Ranch Project (Nichols Ranch and Hank Units Only) Permit, License, or Approval Name Agency Status Source Material License NRC (2011); WDEQ-LQD (2018) Timely Renewal Permit to Mine (UIC Permit) WDEQ-LQD Obtained Aquifer Exemption WDEQ-LQD; EPA Obtained Permit to Appropriate Groundwater WSEO Obtained Wellfield Authorization WDEQ-LQD Obtained Class I UIC Deep Disposal Well Permits WDEQ-WQD Obtained WYPDES WDEQ-WQD Obtained Plan of Operations (Hank Unit only) BLM Obtained Air Quality Permit WDEQ-AQD Obtained Notes: (1) NRC - Nuclear Regulatory Commission (2) EPA - Environmental Protection Agency (3) UIC - Underground Injection Control (4) WDEQ-LQD - Wyoming Department of Environmental Quality Land Quality Division (5) WDEQ-WQD - Wyoming Department of Environmental Quality Water Quality Division (6) WDEQ-AQD - Wyoming Department of Environmental Quality Air Quality Division (7) WSEO - Wyoming State Engineer’s Office (8) WYPDES - Wyoming Pollutant Discharge Elimination System Under the licensed plan, the Nichols Ranch Plant has been built, and a satellite processing facility is licensed for the Hank Project.
Limited exploration was conducted by Uranerz on each project. Arkose Joint Venture, Powder River Basin, Wyoming : The Company, through its wholly owned subsidiary Uranerz, holds an undivided 81% interest in the Arkose Joint Venture, which holds an additional 40,852 net acres in the Powder River Basin.
Limited exploration was conducted by Uranerz on each project. Arkose Joint Venture, Powder River Basin, Wyoming : The Company, through its wholly owned subsidiary Uranerz, holds an undivided 81% interest in the Arkose Joint Venture, which holds an additional 40,602 net acres in the Powder River Basin.
From the original commissioning in 1980 through December 31, 2023, the Mill has recovered a total of approximately 40 million pounds of U 3 O 8 and 46 million pounds of vanadium. In late 2006, Denison began a program to refurbish the Mill.
From the original commissioning in 1980 through December 31, 2024, the Mill has recovered a total of approximately 40 million pounds of U 3 O 8 and 46 million pounds of vanadium. In late 2006, Denison began a program to refurbish the Mill.
Details regarding the Mineral Resource estimate disclosed herein can be found in Section 14.0, Mineral Resource Estimates of the Nichols Ranch Technical Report Summary. The table below sets out the Mineral Resources estimates for the Nichols Ranch Project as of December 31, 2023.
Details regarding the Mineral Resource estimate disclosed herein can be found in Section 14.0, Mineral Resource Estimates of the Nichols Ranch Technical Report Summary. The table below sets out the Mineral Resources estimates for the Nichols Ranch Project as of December 31, 2024.
The lease stipulates a 5% of gross returns royalty to the State of New Mexico “less actual and reasonable transportation and smelting or reduction costs, up to 50% of the gross returns” for production of uranium, which is designated a “special mineral” in the lease. 97 Accessibility, Climate, Local Resources, Infrastructure and Physiography The Roca Honda Project is located approximately three miles northwest of the community of San Mateo, New Mexico, in McKinley County, and approximately 22 miles by road northeast of Grants, New Mexico, via State Highway NM 605.
The lease stipulates a 5% of gross returns royalty to the State of New Mexico “less actual and reasonable transportation and smelting or reduction costs, up to 50% of the gross returns” for production of uranium, which is designated a “special mineral” in the lease. 116 Table of Content Accessibility, Climate, Local Resources, Infrastructure and Physiography The Roca Honda Project is located approximately three miles northwest of the community of San Mateo, New Mexico, in McKinley County, and approximately 22 miles by road northeast of Grants, New Mexico, via State Highway NM 605.
Each 25’x25’ block was then evaluated based on its grade and thickness for mine planning and scheduling. The table below sets out the Mineral Resources estimates for the Sheep Mountain Project as of December 31, 2023.
Each 25’x25’ block was then evaluated based on its grade and thickness for mine planning and scheduling. The table below sets out the Mineral Resources estimates for the Sheep Mountain Project as of December 31, 2024.
Bureau of Land Management (BLM) land. Section 8 is split estate, the private surface belonging to Fernandez Ranch. Sections 5, 6, 9, 10, and 11 are open to the public, with the land used for a variety of purposes including grazing, mineral extraction, hunting, hiking, and other outdoor recreation activities. All claims are listed in the U.S.
Section 8 is split estate, the private surface belonging to Fernandez Ranch. Sections 5, 6, 9, 10, and 11 are open to the public, with the land used for a variety of purposes including grazing, mineral extraction, hunting, hiking, and other outdoor recreation activities. All claims are listed in the U.S.
Permit approvals from the USACE and the EPA are also required for discharge of treated mine water associated with mine activities. An application for the USACE permit has been submitted and the permit is expected prior to issuance of the Permit to Mine in 2025.
Permit approvals from the USACE and the EPA are also required for discharge of treated mine water associated with mine activities. An application for the USACE permit has been submitted and the permit is expected prior to issuance of the Permit to Mine in 2026.
An application for the EPA permit has also been submitted, however; the previous application is expected to be withdrawn and a new application submitted during 2024. The EPA permit for discharge of treated mine water is expected prior to issuance of the Permit to Mine in 2025.
An application for the EPA permit has also been submitted, however; the previous application is expected to be withdrawn and a new application is expected to be submitted during 2025. The EPA permit for discharge of treated mine water is expected prior to issuance of the Permit to Mine in 2026.
Roca Honda Project – Summary of Mineral Resources – In Situ Uranium (1)(2)(3)(4)(5)(6)(7) Classification Cut-Off Grade (% eU 3 O 8 ) Area Tonnage (Tons) Grade (% eU 3 O 8 ) Contained Metal (lbs.
Roca Honda Project – Summary of Mineral Resources – In Situ Uranium (1)(2)(3)(4)(5)(6)(7) Classification Cut-Off Grade Area Tonnage Grade Contained Metal Metallurgical Recovery (% eU 3 O 8 ) (Tons) (% eU 3 O 8 ) (lbs.
The Company received EPA’s approval under the Clean Air Act National Emissions Standard for Hazardous Air Pollutants for the Pinyon Plain Project in September of 2015. Development of uranium-bearing breccia pipes of the Arizona Strip requires minimal surface disturbance, typically less than 20 acres total. Thus, the overall environmental impact is minimal.
The Company received EPA’s approval under the Clean Air Act National Emissions Standard for Hazardous Air Pollutants for the Pinyon Plain Project in September of 2015. 108 Table of Content Development of uranium-bearing breccia pipes of the Arizona Strip requires minimal surface disturbance, typically less than 20 acres total. Thus, the overall environmental impact is minimal.
In 2006, IUC acquired Denison and changed its name to Denison Mines Corporation (Denison). EFR Colorado entered into a new lease on the Energy Queen property in late 2006. The Company acquired Denison’s U.S. Mining Division in June 2012, thereby becoming owner and operator (through various subsidiaries) of the entire Project and the Mill.
In 2006, IUC acquired Denison and changed its name to Denison Mines Corporation (Denison). EFR Colorado entered into a new lease on the Energy Queen property in late 2006. The Company acquired Denison’s U.S. Mining Division in June 2012, thereby becoming owner and 142 Table of Content operator (through various subsidiaries) of the entire Project and the Mill.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Pinyon Plain Technical Report Summary remained accurate as of December 31, 2023.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Pinyon Plain Technical Report Summary remained accurate as of December 31, 2024.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Pinyon Plain Technical Report Summary remained accurate as of December 31, 2023.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Pinyon Plain Technical Report Summary remained accurate as of December 31, 2024.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Roca Honda Technical Report Summary remained accurate as of December 31, 2023.
Daniel Kapostasy, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Roca Honda Technical Report Summary remained accurate as of December 31, 2024.
In August 1983, Atlas commissioned Pincock, Allen and Holt, Inc. (“ PAH ”), to conduct a feasibility study for development of the Southwest and Copper Bench deposits. From July 1983 to March 1984, Atlas completed a core drilling program throughout the Bullfrog property, as well as a rotary drillhole program to delineate the Indian Bench deposit.
In August 1983, Atlas commissioned Pincock, Allen and Holt, Inc. (“ PAH ”), to conduct a feasibility study for development of the 132 Table of Content Southwest and Copper Bench deposits. From July 1983 to March 1984, Atlas completed a core drilling program throughout the Bullfrog property, as well as a rotary drillhole program to delineate the Indian Bench deposit.
When the State of Utah became an Agreement State, it required that a GWDP be put in place for the Mill. The GWDP is required for all similar facilities in the State of Utah and affects the State groundwater regulations to the Mill site.
When the State of Utah became an Agreement State, it required that a GWDP be put in place for the Mill. The GWDP is required for all similar facilities in the State of Utah and implements the State groundwater regulations to the Mill site.
These above-ground storage tanks are used for operational flexibility and extra water storage capacity during winter months. Three floating, downcasting, enhanced evaporators have been installed in the Non-Stormwater Impoundment to aid in evaporation. The tanks and evaporators are part of Energy Fuels’ water balance management practices at the site.
These above-ground storage tanks are used for operational flexibility and extra water storage capacity during winter months. Three 113 Table of Content floating, downcasting, enhanced evaporators have been installed in the Non-Stormwater Impoundment to aid in evaporation. The tanks and evaporators are part of Energy Fuels’ water balance management practices at the site.

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Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeHowever, the Company does not consider this action to have any merit. If resolution is not achieved, the stay is lifted and the petition is successful before an ALJ, the likely outcome would be a requirement to modify or revoke the Mill License amendment.
Biggest changeIf resolution is not achieved, the stay is lifted and the petition is successful before an ALJ, the likely outcome would be a requirement to modify or revoke the Mill License amendment. At this time, the Company does not believe any such modification or revocation would materially affect its financial position, results of operations or cash flows.
Then, on November 18, 2021, the Tribe filed its Request for Appointment of an ALJ, followed shortly thereafter by a stay on the request in accordance with a Stipulation and Agreement between the Tribe, UDEQ and Company. Thereafter, discussions between the Company and the Tribe commenced in an effort to resolve the dispute and other outstanding matters without formal adjudication.
Then, on November 18, 2021, the Tribe filed its Request for Appointment of an ALJ, followed shortly thereafter by a stay on the request in accordance with a Stipulation and Agreement between the Tribe, UDEQ and the Company.
At this time, the Company does not believe any such modification or revocation would materially affect its financial position, results of operations or cash flows.
The Company therefore does not believe, at this time, that this action will materially impact the Company’s financial position, results of operations or cash flows.
Added
Thereafter, discussions between the Company and the Tribe commenced in an effort to resolve the dispute and other outstanding matters without formal adjudication. However, the Company does not consider this action to have any merit.
Added
Kwale Project Royalty dispute In connection with its acquisition of the Kwale Project in 2010, Base Titanium, a subsidiary of Base Resources, granted a 2% gross revenue royalty to third parties.
Added
The royalty is governed by a Royalty Deed dated July 30, 2010, and was split between the parent company of the project’s vendor, Vaaldium Mining Inc., and the then holder of certain rights in respect of the project, Pangea Goldfields Inc.
Added
There was a disagreement between Base Titanium and the current holders of the royalty in respect of the royalty’s scope under the Royalty Deed – specifically, whether, and the extent to which, the royalty applies outside the Kwale SML 23 as it existed at the time of the Kwale Project’s acquisition in 2010 (“ 2010 SML ”).
Added
The royalty is currently held by 178 Table of Content Osisko Gold Royalties Ltd (as to 1.5%), TRR Services UK Limited (as to 0.25%) and Elemental Royalties Limited (as to 0.25%).
Added
While all three royalty holders initially contested Base Titanium’s interpretation of the royalty’s scope, only Osisko Gold Royalties and TRR Services UK took formal steps to enforce their respective claimed rights and on March 13, 2023 commenced arbitration proceedings in the London Court of International Arbitration. The arbitral tribunal determined to only register the arbitration for Osisko Gold Royalties.
Added
Base Titanium objected to the jurisdiction of the arbitral tribunal to hear the dispute; however, this objection was dismissed by the arbitral tribunal on February 7, 2024. Base Titanium appealed to the Ontario Superior Court to decide the matter of jurisdiction. In Q4 2024, a confidential settlement was reached, and the arbitration was subsequently terminated.
Added
Dismissal of the appeal before the Ontario Superior Court is pending. At the time of writing, no formal legal proceedings have been commenced by either of the other two royalty holders. The Company believes these claims are time barred pursuant to applicable Ontario law.
Added
Stevedoring Dispute with the Kenya Ports Authority To operate its ship loading and jetty facility in Likoni (“ Jetty Facility ”), Base Titanium requires a Port Operating License issued by the Kenya Ports Authority (“ KPA ”).
Added
In March 2014, KPA granted Base Titanium a waiver to operate the Jetty Facility indefinitely until the formal license is approved by the KPA board of directors.
Added
To date, the Port Operating License has not been finalized as KPA has refused to grant the license unless that license includes an obligation on Base Titanium to pay a $1/tonne stevedoring charge on exports from the Jetty Facility. Under applicable KPA tariffs, KPA may levy a $1/tonne charge for stevedoring services it provides.
Added
KPA sought to levy such charges shortly prior to Base Titanium’s maiden shipment from the Jetty Facility in 2014, which was ultimately paid by Base Titanium under protest to ensure the vessel was permitted to sail.
Added
Base Titanium objects to stevedoring charges being levied by KPA principally on the grounds that (i) Base Titanium’s Jetty Facility is a private facility that was built entirely at Base Titanium’s expense; and (ii) no such stevedoring services are either required of, or are being provided by, KPA and, therefore, a service charge in respect of stevedoring is not applicable and invalid.
Added
In 2017, Base Titanium sought and obtained an injunction from the High Court of Kenya to compel KPA to provide necessary marine services to vessels berthing at the Jetty Facility (“ 2017 Ruling ”). In conjunction, the parties entered consent orders to establish an escrow account where disputed charges are being held pending the final outcome of the dispute.
Added
Base Titanium sought resolution of the dispute through arbitration commenced in Kenya in February 2017 bought under the Kenya Ports Authority Act. The KPA challenged the jurisdiction of the arbitrator to hear the dispute and, in late 2019, the arbitrator ruled in favor of arbitration having jurisdiction. In March 2022, the High Court of Kenya upheld the arbitrator’s jurisdictional ruling.
Added
The KPA appealed this ruling to the Court of Appeal of Kenya, but this appeal has not progressed. Separately, in February 2021, the High Court of Kenya ruled that that the arbitrator should be removed and directed the parties to seek appointment of a new arbitrator.
Added
KPA separately appealed the 2017 Ruling and, in April 2023, the Court of Appeal of Kenya dismissed KPA’s appeal, paving the way for Base Titanium to seek appointment of a new arbitrator. Base Titanium has not yet sought the appointment of a new arbitrator pending the outcome of discussions between the parties.
Added
Discussions have stalled over recent months, and Base Titanium is likely to need to recommence formal dispute resolution proceedings through arbitration. As at the time of writing, the amount in dispute is approximately $4.6 million (with $1.4 million previously paid, and approximately $3.2 million held in the escrow account).
Added
Mivumoni B Village On March 18, 2021, a local landholder, Michael Kiswili (on his own behalf and on behalf of 65 others (collectively, the “ Petitioners ”)) filed a petition against Base Titanium in the Environment and Land Court at Mombasa alleging failings in the Environmental Impact Assessment process for the Kwale Project, excessive noise and air pollution from dust and adverse consequences of contaminated water allegedly caused by Base Titanium’s operations.
Added
Base Titanium denies that it has committed the alleged violations or breaches, with no substantive evidence adduced supporting the claims. Base Titanium conducts its operations in compliance with its Environmental Impact Assessment License and Environmental and Social Management Plan.
Added
Base Titanium has a valid and subsisting license issued by the National Environmental Management Authority. 179 Table of Content Base Titanium raised a preliminary objection challenging the jurisdiction of the Environment and Land Court at first instance, on the basis that the proper procedure for raising grievances specified in the Mining Act had not been followed which requires grievances with respect to mining operations to be first raised with the Cabinet Secretary for Mining, Blue Economy and Maritime Affairs.
Added
The Court dismissed Base Titanium’s application by way of ruling dated February 10, 2022. Base Titanium is pursuing an appeal. The appeal was heard in the Court of Appeal on January 21, 2025 and a ruling is expected in late May, 2025. The primary case has been stayed, pending Base Titanium’s appeal.
Added
The Company does not consider this action to have any merit. The Company therefore does not believe, at this time, that this action will materially impact the Company’s financial position, results of operations or cash flows.
Added
Mchingirini Residents On July 18, 2023, former local landholders filed a petition with the Environment and Land Court alleging they were the registered and beneficial owners of suit properties in the Mchingirini area, which form part of Kwale Project SML 23, that their prior relocation and resettlement was unlawful and that the compensation paid was inadequate on the basis of an alleged understanding that there were no minerals on the suit properties.
Added
The former local landholders have sought a declaration to this effect and that Base Titanium pay an additional KSH 360,000 per acre (representing the difference between the compensation paid by Base Titanium to the local landholders and the compensation paid to other local landholders for resettlements undertaken in 2021) and interest on this amount at 20% per annum.
Added
Base Titanium denies any liability to the plaintiffs. In 2015 and 2016, following negotiations between the parties, agreements were reached to have the plaintiffs relocated from the suit properties. Pursuant to the said agreements, the plaintiffs were relocated, and compensation was paid by Base Titanium.
Added
In turn, the plaintiffs surrendered their title deeds to Base Titanium and transfer instruments were executed. Base Titanium has raised a preliminary objection challenging jurisdiction on the basis that the proper procedure for raising grievances specified in the Mining Act has not been followed.
Added
This objection was dismissed by the Environment and Land Court by way of ruling on April 12, 2024. Base Titanium is pursuing an appeal in the Court of Appeal of Kenya. Appeal dates are yet to be set. The original proceedings have been stayed, pending Base Titanium’s appeal. The Company does not consider this action to have any merit.
Added
Toliara Project Although the Toliara Project holds a mining permit that allows production of Ilmenite, Rutile and Zircon, development at the Project was suspended by the Government of Madagascar in November 2019 pending negotiation of fiscal terms applying to the Project.
Added
Based on progress made in the negotiation of fiscal terms, the Government of Madagascar lifted the suspension on November 28, 2024, and on December 5, 2024 the Company entered into a Memorandum of Understanding (the “ MOU ") with the Government of Madagascar setting forth certain key terms applicable to the Toliara Project.
Added
The MOU is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project.
Added
Now that the Government of Madagascar has lifted the suspension, the Company has re-commenced development and investment in the Project, is re-establishing community and social programs, and is advancing the technical, environmental and social activities necessary to achieve a positive Financial Investment Decision (“ FID "), which the Company expects to make in early 2026.
Added
While the Company is progressing towards an FID, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a “Stability Mechanism" consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (“Project Certification") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the “ LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the “ LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.
Added
The Company and the Government of Madagascar are currently pursuing option (b) by working towards an LGIM Amendment and to have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for 180 Table of Content approval as law.
Added
The Company currently expects that the LGIM Amendment process could be completed in Q2 2025 with the Project Certification and Investment Agreement, if required, approval by the end of Q3 2025. In parallel, the Company and the Government of Madagascar are working through the process for having Monazite added to the Toliara Project’s mining permit.
Added
There can be no assurance as to the timing of achieving sufficient legal and fiscal stability or the timing for approval of the addition of Monazite to the mining permit.
Added
If such approvals are not obtained, or obtained on terms less favorable than expected, this could delay any final investment decision in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project. (see “ Part I, Item 2.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeITEM 4. MINE SAFETY DISCLOSURE The mine safety disclosures required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K are included in Exhibit 95.1 of this Annual Report. 137 PART II
Biggest changeITEM 4. MINE SAFETY DISCLOSURE The mine safety disclosures required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K are included in Exhibit 95.1 of this Annual Report. 181 Table of Content PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

21 edited+4 added−7 removed22 unchanged
Biggest changeStock Performance Graph (1) The performance graph below shows Energy Fuels’ cumulative total 5-year return based on an initial investment of $100 in Energy Fuels Common Shares beginning on December 31, 2018, as compared with the Russell 2000 Index, NYSE American Natural Resources Index, NYSE Composite, NASDAQ Composite, and a peer group consisting of Cameco, NexGen Energy, Fission Uranium, Uranium Energy Corp, Ur-Energy, Paladin Energy, GoviEx Uranium, Denison Mines, Deep Yellow Ltd., Peninsula Energy and Boss Resources.
Biggest changeStock Performance Graph (1) The performance graph below shows Energy Fuels’ cumulative total 5-year return based on an initial investment of $100 in Energy Fuels Common Shares beginning on December 31, 2019, as compared with the Russell 2000 Index, NYSE American Natural Resources Index, NYSE Composite, NASDAQ Composite, and a peer group consisting of Arafura Rare Earths Ltd., Boss Resources, Cameco, The Chemours Company, Deep Yellow Ltd., Denison Mines, Eramet S.A., GoviEx, Iluka Resources Limited, Image Resources, Kenmare Resources Plc, Lynas Rare Earth Ltd., MP Materials Corp, Neo Performance Materials, NexGen Energy, Paladin Energy, Peninsula Energy, Rare Element Resources Ltd., Texas Mineral Resources Corp, Tronox Holdings Plc, Ucore Rare Metals Inc., Uranium Energy Corp and Ur-Energy.
Further, notwithstanding the foregoing vesting schedule, no SARs were able to be exercised by the holder for an initial period of one year from the date of grant; the date first exercisable being January 25, 2024. As of December 31, 2023, none of the performance goals had been achieved and none of the underlying SARs have vested.
Further, notwithstanding the foregoing vesting schedule, no SARs were able to be exercised by the holder for an initial period of one year from the date of grant; the date first exercisable being January 25, 2023. As of December 31, 2024 , none of the performance goals had been achieved and none of the underlying SARs have vested.
The Board of Directors, or a Committee authorized by the Board of Directors (the “ Committee ”), administers the Compensation Plan. The Committee may grant awards for non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, deferred share units, restricted stock units, performance shares, performance units, and share-based awards to eligible participants.
The Board of Directors, or a Committee authorized by the Board (the “ Committee ”), administers the Compensation Plan. The Committee may grant awards for non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, deferred share units, restricted stock units, performance shares, performance units, and share-based awards to eligible participants.
Treaty ”), the rate is generally reduced to 15% (or to 5% for a company that holds at least 10% of the voting stock of the corporation paying the 141 dividend) where the Non-Resident Holder is a resident of the U.S. for the purposes of, and is entitled to the benefits of, the Canada-U.S. Treaty.
Treaty ”), the rate is generally reduced to 15% (or to 5% for a company that holds at least 10% of the voting stock of the corporation paying the dividend) where the Non-Resident Holder is a resident of the U.S. for the purposes of, and is entitled to the benefits of, the Canada-U.S. Treaty.
The chart shows yearly performance marks over a five-year period. This performance chart assumes: (1) $100 was invested on December 31, 2018 in Energy Fuels Common Shares along with the Russell 2000 Index, NYSE American Natural Resources Index, NYSE Composite, NASDAQ Composite, and the peer group’s common stock; and (2) all dividends are reinvested.
The chart shows yearly performance marks over a five-year period. This performance chart assumes: (1) $100 was invested on December 31, 2019 in Energy Fuels Common Shares along with the Russell 2000 Index, NYSE American Natural Resources Index, NYSE Composite, NASDAQ Composite, and the peer group’s common stock; and (2) all dividends are reinvested.
Further, notwithstanding the foregoing vesting schedule, no SARs were able to be exercised by the holder for an initial period of one year from the date of grant; the date first exercisable being January 25, 2023. As of December 31, 2023, none of the performance goals had been achieved and none of the underlying SARs have vested.
Further, notwithstanding the foregoing vesting schedule, no SARs were able to be exercised by the holder for an initial period of one year from the date of grant; the date first exercisable being January 25, 2024. As of December 31, 2024 , none of the performance goals had been achieved and none of the underlying SARs have vested.
Therefore, we do not expect to pay cash dividends in the foreseeable future. Any further determination to pay cash dividends will be at the discretion of our Board of Directors and will be dependent on the financial condition, operating results, capital requirements, and other factors that our Board of Directors deems relevant. Recent Sales of Unregistered Securities None.
Therefore, we do not expect to pay cash dividends in the foreseeable future. Any further determination to pay cash dividends will be at the discretion of our Board and will be dependent on the financial condition, operating results, capital requirements, and other factors that our Board deems relevant. Recent Sales of Unregistered Securities None. Use of Proceeds None.
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting of which Canada is a signatory, affects many of Canada’s bilateral tax treaties (but not the Canada-U.S. Treaty), including the ability to claim benefits thereunder.
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting of which Canada is a signatory, affects many of Canada’s bilateral tax treaties (but not the Canada-U.S. Treaty), 185 Table of Content including the ability to claim benefits thereunder.
With a few exceptions, each RSU vests annually at approximately the following intervals: as to 50% on January 27 approximately one year after the date of grant, as to another 25% on January 27 approximately two years after the date of grant and as to the remaining 25% on January 27 approximately three years after the date of grant.
With a few exceptions, each RSU vests annually at approximately the following intervals: as to 50% on January 27 th approximately one year after the date of grant, as to another 25% on January 27 th approximately two years after the date 182 Table of Content of grant and as to the remaining 25% on January 27 approximately three years after the date of grant.
Energy Fuels Compensation Plan The Compensation Plan was approved by the Board of Directors on each of January 28, 2015, March 29, 2018 and March 18, 2021 and by shareholders on each of June 18, 2015, May 30, 2018 and May 26, 2021 (amended, restated and approved every three years).
Energy Fuels Compensation Plan The Compensation Plan was approved by the Board on each of January 28, 2015, March 29, 2018, March 18, 2021 and May 24, 2024 and by shareholders on each of June 18, 2015, May 30, 2018, May 26, 2021 and June 11, 2024 (amended, restated and approved every three years).
Equity Compensation Plan Information The following table provides information as of December 31, 2023, concerning stock options, restricted stock units (“ RSUs ”) and stock appreciation rights (“ SARs ”) outstanding pursuant to our 2021 Amended and Restated Omnibus Equity Incentive Compensation Plan (the “ Compensation Plan ”), which has been approved by the Company’s shareholders.
Equity Compensation Plan Information The following table provides information as of December 31, 2024, concerning non-qualified stock options, restricted stock units (“ RSUs ”) and stock appreciation rights (“ SARs ”) outstanding pursuant to our 2024 Amended and Restated Omnibus Equity Incentive Compensation Plan (the “ Compensation Plan ”), which has been approved by the Company’s shareholders.
This summary is based upon the provisions of the Tax Act in force as of the date hereof, all specific proposals to amend the Tax Act that have been publicly and officially announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “ Proposed Amendments ”) and management’s understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the “ CRA ”) published in writing by it prior to the date hereof.
Such Non-Resident Holders should seek advice from their own tax advisors. 184 Table of Content This summary is based upon the provisions of the Tax Act in force as of the date hereof, all specific proposals to amend the Tax Act that have been publicly and officially announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “ Proposed Amendments ”) and management’s understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the “ CRA ”) published in writing by it prior to the date hereof.
As of February 21, 2024, Energy Fuels had 163,570,079 Common Shares issued and outstanding, held by an estimated 115,000 or more shareholders. Dividend Policy We have never declared cash dividends on our Common Shares. We anticipate that we will retain any earnings to support operations and to finance the growth of our business.
As of February 24, 2025, Energy Fuels had 210,241,007 Common Shares issued and outstanding, held by an estimated 140,000 or more shareholders. Dividend Policy We have never declared cash dividends on our Common Shares. We anticipate that we will retain any earnings to support operations and to finance the growth of our business.
(6) Includes 234,421 SARs granted in 2023 and earned in 2022 (excluding any SARs granted but since forfeited).
(6) Includes 231,269 SARs granted in 2023 and earned in 2022 (excluding any SARs granted but since forfeited).
Upon vesting, each RSU entitles the holder to receive one Common Share without any additional payment. (3) 641,839 RSUs have been excluded from the weighted average exercise price because there is no exercise price. (4) Includes 816,854 SARs granted in 2019 and earned in 2018 (excluding any SARs granted but since forfeited).
Upon vesting, each RSU entitles the holder to receive one Common Share without any additional payment. (3) 1,143,146 RSUs have been excluded from the weighted average exercise price because there is no exercise price. (4) Includes 785,476SARs granted in 2022 and earned in 2021 (excluding any SARs granted but since forfeited).
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our Common Shares are listed for trading on the NYSE American under the symbol “ UUUU ” and on the Toronto Stock Exchange under the symbol “ EFR .” As of February 21, 2024, the closing bid quotation for our Common Shares was $6.25 per share as quoted by the NYSE American and was $8.46 per share as quoted by the TSX.
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our Common Shares are listed for trading on the NYSE American under the symbol “ UUUU ” and on the TSX under the symbol “ EFR .” As of February 24, 2025, the closing bid quotation for our Common Shares was $4.36 per share as quoted by the NYSE American and was $6.22 per share as quoted by the TSX.
Use of Proceeds None. Repurchase of Equity Securities During 2023, neither we nor any of our affiliates repurchased any of our Common Shares registered under Section 12 of the Exchange Act.
Repurchase of Equity Securities During the year ended December 31, 2024, neither we nor any of our affiliates repurchased any of our Common Shares registered under Section 12 of the Exchange Act.
Dates on the chart represent the last trading day of the indicated fiscal year. 139 Notes: (1) This peer group represents a broad range of companies operating within the U.S. uranium industry generally and is distinct from the more select peer group used for the Company’s executive officer compensation decisions as reported annually in the Company’s proxy circular.
Dates on the chart represent the last trading day of the indicated fiscal year. 183 Table of Content Notes: (1) This peer group represents a broad range of companies operating within the uranium, REE and HMS generally and is used for certain of the Company’s executive officer long-term incentive plan compensation decisions as reported annually in the Company’s proxy circular.
(7) Represents a weighted average exercise price of: (i) $4.90, which is the weighted average exercise price of stock options and SARs pursuant to the Omnibus Equity Incentive Plan, and (ii) $4.48, which is the weighted average exercise price of the Uranerz Replacement Stock Options.
(7) Represents a weighted average exercise price of stock options and SARs pursuant to the Omnibus Equity Incentive Plan.
Generally, our Common Shares will be considered to be capital property to a Non-Resident Holder provided the Non-Resident Holder does not hold our Common Shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade. 140 Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere or is an authorized foreign bank (as defined in the Tax Act).
Generally, our Common Shares will be considered to be capital property to a Non-Resident Holder provided the Non-Resident Holder does not hold our Common Shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.
Plan Category Number of Common Shares to be issued upon exercise of outstanding options, warrants and rights (1) Weighted average exercise price of outstanding options, warrants and rights (US$) (1)(3) Number of Common Shares remaining available for future issuance (1) Equity compensation plans approved by security holders 3,004,835 (2)(4)(5)(6) $4.89 (7) 13,261,080 Equity compensation plans not approved by security holders Nil Nil Nil Total 3,004,835 $4.89 13,261,080 (1) The number of Common Shares, and the exercise price thereof, has been adjusted to take into account the Consolidation.
Plan Category Number of Common Shares to be issued upon exercise of outstanding options, warrants and rights (1) Weighted average exercise price of outstanding options, warrants and rights (US$) (1)(3)(7) Number of Common Shares remaining available for future issuance (Total Share Authorization) (1) Number of Common Shares remaining available for future issuance (1) Equity compensation plans approved by security holders 3,292,862 (2)(4)(5)(6) $ 6.62 6,621,232 6,356,854 Equity compensation plans not approved by security holders Nil Nil Nil Nil Total 3,292,862 $ 6.62 6,621,232 6,356,854 (1) There are no warrants outstanding at this time.
Removed
There are no warrants outstanding at this time. (2) Includes 523,469 stock options and 641,839 RSUs.
Added
Under the Compensation Plan, full value awards mean any award other than employee non-qualified stock options, SARs or similar awards, the value of which non-qualified stock options, SARs or similar awards is based solely on an increase in the value of the Common Shares over the grant price, option price or similar exercise price applicable to such award (“ Full Value Awards ”).
Removed
Each SAR granted entitles the holder, on exercise, to a payment in cash or shares (at the election of the Company) equal to the difference between the market price of the Common Shares at the time of exercise and $2.92 (the market price at the time of grant) over a five-year period, but vest only upon the 138 achievement of the following performance goals: as to one-third of the SARs granted upon the 90-calendar-day VWAP of the Common Shares on the NYSE American equaling or exceeding $5.00 for any continuous 90-calendar-day period; as to an additional one-third of the SARs granted, upon the 90-calendar-day VWAP of the Common Shares on the NYSE American equaling or exceeding $7.00 for any continuous 90-calendar-day period; and as to the final one-third of the SARs granted, upon the 90-calendar-day VWAP of the Common Shares on the NYSE American equaling or exceeding $10.00 for any continuous 90-calendar-day period.
Added
The number of Common Shares reserved for issuance to participants under the Compensation Plan shall not exceed 10,000,000 (the “ Total Share Authorization ”). In addition to being subject to the Total Share Authorization limit, the aggregate number of Shares that may be issued under all Full Value Awards shall not exceed 7,500,000 (the “ Full Value Share Authorization ”).
Removed
Further, notwithstanding the foregoing vesting schedule, no SARs were able to be exercised by the holder for an initial period of one year from the date of grant; the date first exercisable being January 22, 2020. As of December 31, 2023, the first two performance goals had been achieved with the underlying SARs now vested.
Added
(2) Includes 1,132,972 stock options and 1,143,146 RSUs.
Removed
These SARs are currently in the last year of their five-year term. (5) Includes 788,253 SARs granted in 2022 and earned in 2021 (excluding any SARs granted but since forfeited).
Added
Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere or is an authorized foreign bank (as defined in the Tax Act).
Removed
Uranerz Options On June 18, 2015, in connection with the acquisition of Uranerz, Energy Fuels issued 2,048,000 stock options of Energy Fuels, by assuming the then-existing stock options granted pursuant to the Uranerz 2005 Stock Option Plan, as amended on June 10, 2009 (the “ 2005 Stock Option Plan ”).
Removed
These stock options are now exercisable for Common Shares, subject to the exchange ratio set out in the Merger Agreement that governed the acquisition of Uranerz. No further stock options will be granted pursuant to the 2005 Stock Option Plan. The stock options have varying expiry dates with the last stock options expiring in June 2025.
Removed
Such Non-Resident Holders should seek advice from their own tax advisors.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYears Ended December 31, Increase Percent 2023 2022 (Decrease) Change Volumes sold Uranium concentrates (lbs.) 560,000 — 560,000 * Vanadium concentrates (lbs.) 79,344 641,928 (562,584) * RE Carbonate (kgs) 153,353 88,860 64,493 73 % Realized sales price Uranium concentrates ($/lb.) $ 59.42 $ — $ 59.42 * Vanadium concentrates ($/lb.) $ 10.98 $ 13.67 $ (2.69) (20) % RE Carbonate ($/kg) $ 18.57 $ 23.88 $ (5.31) (22) % Costs applicable to revenues Uranium concentrates ($/lb.) $ 27.35 $ — $ 27.35 * Vanadium concentrates ($/lb.) $ 6.94 $ 5.87 $ 1.07 18 % RE Carbonate ($/kg) $ 15.08 $ 14.82 $ 0.26 2 % *Not meaningful.
Biggest changeThe operating results of our reportable segments were as follows (in thousands): Year Ended December 31, 2023 Uranium Heavy Mineral Sands Rare Earth Elements Consolidated Total Revenues Uranium concentrates $ 33,278 $ — $ — $ 33,278 Vanadium concentrates 871 — — 871 RE Carbonate — — 2,848 2,848 Alternate Feed Materials, processing and other 931 — — 931 Total revenues $ 35,080 $ — $ 2,848 $ 37,928 Costs applicable to revenues Costs applicable to uranium concentrates $ 15,318 $ — $ — $ 15,318 Costs applicable to vanadium concentrates 551 — — 551 Costs applicable to RE Carbonate — — 2,312 2,312 Total costs applicable to revenues $ 15,869 $ — $ 2,312 $ 18,181 Year Ended December 31, 2022 Uranium Heavy Mineral Sands Rare Earth Elements Consolidated Total Revenues Vanadium concentrates $ 8,778 $ — $ — $ 8,778 RE Carbonate — — 2,122 2,122 Alternate Feed Materials, processing and other 1,615 — — 1,615 Total revenues $ 10,393 $ — $ 2,122 $ 12,515 Costs applicable to revenues Costs applicable to vanadium concentrates $ 3,769 $ — $ — $ 3,769 Costs applicable to RE Carbonate — — 1,317 1,317 Underutilized capacity production costs applicable to RE Carbonate — — 2,758 2,758 Total costs applicable to revenues $ 3,769 $ — $ 4,075 $ 7,844 201 Table of Content The following table sets forth selected operating data and financial metrics: Years Ended December 31, Increase Percent 2023 2022 (Decrease) Change Volumes sold Uranium concentrates (lbs.) 560,000 — 560,000 * Vanadium concentrates (lbs.) 79,344 641,928 (562,584) * RE Carbonate (kgs.) 153,353 88,860 64,493 73 % Realized sales price Uranium concentrates ($/lb.) 59.42 — 59.42 * Vanadium concentrates ($/lb.) 10.98 13.67 (2.69) (20) % RE Carbonate ($/kg.) 18.57 23.88 (5.31) (22) % Costs applicable to revenues Uranium concentrates ($/lb.) 27.35 — 27.35 * Vanadium concentrates ($/lb.) 6.94 5.87 1.07 18 % RE Carbonate ($/kg.) 15.08 14.82 0.26 2 % *Not meaningful.
The Company currently holds 34 fully permitted, undeveloped wellfields at Nichols Ranch, including four additional wellfields at the Nichols Ranch wellfields, 22 wellfields at the adjacent Jane Dough wellfields, and eight wellfields at the Hank Project, which is fully permitted to be constructed as a satellite facility to the Nichols Ranch Plant.
At Nichols Ranch the Company currently holds 34 fully permitted, undeveloped wellfields, including four additional wellfields at the Nichols Ranch wellfields, 22 wellfields at the adjacent Jane Dough wellfields and eight wellfields at the Hank Project, which is fully permitted to be constructed as a satellite facility to the Nichols Ranch Plant.
We expect to be able to fund working capital and operating expenses, capital expenditures and currently planned growth initiatives over the next 12 months through available cash balances and product inventory sales, if needed. We may also increase our working capital through issuances of Common Shares pursuant to the ATM in appropriate circumstances.
We expect to be able to fund working capital and operating expenses, capital expenditures and currently planned growth initiatives over the next 12 months through available cash balances and product inventory sales, if needed. We may also increase our working capital through issuances of Common Shares pursuant to our ATM in appropriate circumstances.
Costs applicable to RE Carbonate Costs applicable to RE Carbonate increased by $0.99 million to $2.31 million for the year ended December 31, 2023 from $1.32 million for the year ended December 31, 2022 primarily due to increased volumes sold, as well as higher weighted average costs per kilogram.
Costs Applicable to Revenues Costs applicable to RE Carbonate Costs applicable to RE Carbonate increased by $0.99 million to $2.31 million for the year ended December 31, 2023 from $1.32 million for the year ended December 31, 2022 primarily due to increased volumes sold, as well as higher weighted average costs per kilogram.
Revenues Uranium concentrates Revenues from uranium concentrates were $33.28 million for the year ended December 31, 2023 due to the completed total sales of 560,000 pounds of our inventories to the U.S. Uranium Reserve Program and a major U.S. nuclear utility at a weighted-average sales price of $59.42 per pound of U 3 O 8 .
Uranium Segment Results Revenues Uranium concentrates Revenues from uranium concentrates were $33.28 million for the year ended December 31, 2023 due to the completed total sales of 560,000 pounds of our inventories to the U.S. Uranium Reserve Program and a major U.S. nuclear utility at a weighted-average sales price of $59.42 per pound of U 3 O 8 .
We are not able to determine the impact on its financial position, if any, of environmental laws and regulations that may be enacted in the future. Additionally, the expected cash flows in the future are discounted at our estimated credit-adjusted risk-free rate based on the periods the Company expects to complete the reclamation and remediation activities.
We are not able to determine the impact on the Company's financial position, if any, of environmental laws and regulations that may be enacted in the future. Additionally, the expected cash flows in the future are discounted at our estimated credit-adjusted risk-free rate based on the periods the Company expects to complete the reclamation and remediation activities.
We are not aware at this time of any trends or uncertainties that have had or are reasonably likely to have a material impact on revenues or income of the Company, other than: (i) recent strengthening of uranium markets, which could result in the Company selling inventories and future production at increased prices and/or signing additional contracts with nuclear utilities for the long-term supply of uranium; (ii) U.S. government laws and programs, including a potential ban on Russian uranium imports and efforts to restore domestic nuclear fuel capabilities, which could result in improved uranium sales prices; (iii) volatility of prices of uranium, vanadium, REEs and our other primary metals; and (iv) the Company’s REE and TAT radioisotope initiatives, which, if successful, could result in improved results from operations in future years.
We are not aware at this time of any trends or uncertainties that have had or are reasonably likely to have a material impact on revenues or income of the Company, other than: (i) recent activity in uranium markets, which could result in the Company selling inventories and future production at increased prices and/or signing additional contracts with nuclear utilities for the long-term supply of uranium; (ii) U.S. government laws and programs, including the recent ban on Russian uranium imports and efforts to restore domestic nuclear fuel capabilities, which could result in improved uranium sales prices; (iii) volatility in prices of uranium, vanadium, HMS, REEs and our other primary metals; and (iv) the Company’s HMS, REE and TAT radioisotope initiatives, which, if successful, could result in improved results from operations in future years.
Known Trends or Uncertainties The Company has had negative net cash flows from operating activities and net losses in previous years, in part due to depressed uranium and vanadium prices, along with low quantities of monazite to process into salable RE Carbonate, which has not allowed the Company to realize economies of scale.
Known Trends or Uncertainties The Company has had negative net cash flows from operating activities and net losses in previous years, in part due to depressed uranium and vanadium prices, along with low quantities of monazite to process into salable RE Carbonate or separated NdPr, which has not allowed the Company to realize economies of scale.
Changes in the Mineral Resource and Mineral Reserve estimates may impact the carrying value of mining and recovery assets, goodwill, reclamation and remediation obligations and depreciation and impairment.
Changes in the Mineral Resource and Mineral Reserve estimates may impact the carrying value of mining and recovery assets, reclamation and remediation obligations and depreciation and impairment.
These leases are primarily renewable annually and are expected to total $1.60 million for the year ended December 31, 2024. CRITICAL ACCOUNTING ESTIMATES The preparation of these consolidated financial statements in accordance with U.S. GAAP requires the use of certain critical accounting estimates and judgments that affect the amounts reported.
These leases are primarily renewable annually and are expected to total $1.84 million for the year ended December 31, 2024. CRITICAL ACCOUNTING ESTIMATES The preparation of these consolidated financial statements in accordance with U.S. GAAP requires the use of certain critical accounting estimates and judgments that affect the amounts reported.
These estimates are subject to various risks and uncertainties, which may ultimately have an impact on the expected recoverability of the carrying values of mining and recovery assets. We have not recorded an impairment loss related to our mining and recovery assets for the years ended December 31, 2023, 2022 and 2021. e.
These estimates are subject to various risks and uncertainties, which may ultimately have an impact on the expected recoverability of the carrying values of mining and recovery assets. We have not recorded an impairment loss related to our mining and recovery assets for the years ended December 31, 2024, 2023 and 2022. e.
No changes have been made to the materiality of these properties and no Mineral Resources were reported in 2022. 155 c.
No changes have been made to the materiality of these properties and no Mineral Resources were reported in 2022. c.
Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Cash Flows ” in our Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion on cash and cash flows for the year ended December 31, 2022 compared to the year ended December 31, 2021.
Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Cash Flows ” in our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion on cash and cash flows for the year ended December 31, 2023 compared to the year ended December 31, 2022.
While Energy Fuels’ primary interest in acquiring the Bahia Project is the REE-bearing monazite, the Bahia Project is also expected to produce large quantities of high-quality titanium (ilmenite and rutile) and zirconium (zircon) minerals that are also in high demand.
While Energy Fuels’ primary interest in acquiring the Bahia Project is the REE-bearing monazite, the Bahia Project is also expected to produce large quantities of high-quality ilmenite and rutile and zircon minerals that are also in high demand.
Alternate Feed Materials processing and other Revenues from Alternate Feed Materials, processing and other decreased by $0.68 million to $0.93 million for the year ended December 31, 2023 from $1.62 million for the year ended December 31, 2022 primarily due to lower Alternate Feed Materials received and processed between periods.
Alternate feed materials Revenues from Alternate Feed Materials, processing and other decreased by $0.69 million to $0.93 million for the year ended December 31, 2023 from $1.62 million for the year ended December 31, 2022 primarily due to lower Alternate Feed Materials received and processed between periods.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our financial statements for the three years ended December 31, 2023 and the related notes thereto.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our financial statements for the three years ended December 31, 2024 and the related notes thereto.
The Company believes that the advancement of reliable nuclear energy, fueled by uranium, is experiencing a global resurgence with an increased focus by governments, policymakers, and citizens on decarbonization, electrification, and security of energy supply.
The Company believes that the advancement of reliable nuclear energy, fueled by uranium, is experiencing a global resurgence with an increased focus by governments, policymakers, technology companies, and citizens on decarbonization, electrification, and security of energy supply.
Significant estimates made by management include: 154 a. Development Stage The Company has established the existence of multiple Mineral Resources and extracts and processes saleable uranium from its operations and has established Proven Mineral Reserves or Probable Mineral Reserves, as defined under SEC S-K 1300, at each of its Sheep Mountain and Pinyon Plain Projects.
Significant estimates made by management include: a. Production Stage The Company has established the existence of multiple Mineral Resources and extracts and processes saleable uranium from its operations and has established Proven Mineral Reserves or Probable Mineral Reserves, as defined under SEC S-K 1300, at each of its Sheep Mountain and Pinyon Plain Projects.
We intend to continue to pursue the acquisition of monazite mineral rights and other uranium producing assets. Shares Issued for Cash The Company has an ATM in place, which allows the Company to make Common Share distributions to the extent qualified under a U.S. shelf registration statement on Form S-3 and one or more prospectus supplements.
We intend to continue to pursue the acquisition of monazite mineral rights and other uranium producing assets. 203 Table of Content Shares Issued for Cash The Company has an ATM in place, which allows the Company to make Common Share distributions to the extent qualified under a U.S. shelf registration statement on Form S-3 (“ Shelf Registration Statement ”) and one or more prospectus supplements.
Resource and reserve estimates utilized The Company utilizes estimates of its Mineral Resources and Mineral Reserves based on information compiled by Qualified Persons, as defined by S-K 1300. Geological information relating to the size, depth and shape of the deposits requires complex geological judgments to interpret.
Resource and reserve estimates utilized The Company utilizes estimates of its Mineral Resources and Mineral Reserves based on information compiled by Qualified Persons, as defined by S-K 1300. Geological information relating to the size, depth and shape of the deposits requires complex 205 Table of Content geological judgments to interpret.
Asset retirement obligations Asset retirement obligations are recorded as a liability when an asset that will require reclamation and remediation is initially acquired. For disturbances created on a property owned that will require future reclamation and remediation, we record asset retirement obligations for such disturbance when occurred.
Asset retirement obligations 206 Table of Content Asset retirement obligations are recorded as a liability when an asset that will require reclamation and remediation is initially acquired. For disturbances created on a property owned that will require future reclamation and remediation, we record asset retirement obligations for such disturbance when occurred.
The Company’s decision to ramp-up uranium production at this time was driven by several favorable market and policy factors, including strengthening spot and long-term uranium prices, increased buying interest from U.S. nuclear utilities, U.S. and global government policies supporting nuclear energy to address global climate change, and the need to reduce U.S. reliance on Russian and Russian-controlled uranium and nuclear fuel.
The Company’s decision to ramp-up uranium production was driven by several favorable market and policy factors, including strengthening spot and long-term uranium prices in recent years, increased buying interest from U.S. nuclear utilities, U.S. and global government policies supporting nuclear energy to address global climate change, and the need to reduce U.S. reliance on Russian and Russian-controlled uranium and nuclear fuel.
The Company believes it has sufficient cash and resources to carry out its business plan for at least the next twelve months. We manage our liquidity risk through the management of our working capital and capital structure.
The Company believes it has sufficient cash and resources to carry out its business plan for at least the next twelve months. The Company manages liquidity risk through the management of its working capital and capital structure.
The Company is also continuing to maintain required permits at its other conventional projects, 144 including the Energy Queen mine and Sheep Mountain Project. All these projects serve as important pipeline assets for the Company’s future conventional production capabilities, as market conditions may warrant.
The Company is also continuing to maintain required permits at its other conventional projects, including the Energy Queen mine. All these projects serve as important pipeline assets for the Company’s future conventional production capabilities, as market conditions may warrant.
Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations ” in our Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion on the results of operations for the year ended December 31, 2022 compared to the year ended December 31, 2021.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations " in our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion on the consolidated results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022.
In 2024, the Company also plans to advance permitting and development on its Roca Honda Project, a large, high-grade conventional project, in New Mexico, its Sheep Mountain Project, a large conventional project in Wyoming, and its Bullfrog Project in Utah, which could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years.
In 2025, the Company also plans to continue advancing permitting and development on its Roca Honda Project, a large, high-grade conventional project in New Mexico and its Bullfrog Project in Utah, which together with its Sheep Mountain Project, a large conventional project in Wyoming, could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years.
RE Carbonate Revenues from RE Carbonate increased by $0.73 million to $2.85 million for the year ended December 31, 2023 from $2.12 million for the year ended December 31, 2022 primarily due to increased volumes sold, partially offset by lower realized prices.
Rare Earth Element Segment Results Revenues RE Carbonate Revenues from RE Carbonate increased by $0.73 million to $2.85 million for the year ended December 31, 2023 from $2.12 million for the year ended December 31, 2022 primarily due to increased volumes sold, partially offset by lower realized prices.
Lower realized prices (calculated 150 as the change in the year-to-year average realized price times current year sales volumes sold) accounted for an approximate $0.21 million decrease in vanadium revenue between periods.
Lower sales volumes (calculated as the change in year-to-year sales volumes times the prior period realized price) accounted for an approximate $7.69 million decrease in vanadium revenue between periods. Lower realized prices (calculated as the change in the year-to-year average realized price times current year sales volumes sold) accounted for an approximate $0.21 million decrease in vanadium revenue between periods.
If strong market conditions continue as expected, the Whirlwind and Nichols Ranch mines could potentially increase Energy Fuels' uranium production to a run-rate of over two million pounds of U 3 O 8 per year as early as 2025.
With strong market conditions, the Whirlwind and Nichols Ranch mines could potentially increase Energy Fuels’ uranium production to a run-rate of over two million pounds of U 3 O 8 per year as early as 2026.
Other Income (Loss) Gain on sale of assets For the year ended December 31, 2023, we recognized a gain on sale of assets of $119.26 million related to the sale of our Alta Mesa ISR Project to enCore for total consideration of $120 million consisting of $60 million cash and the $60 million Convertible Note, as well as the completed sale of our PFN tool utilized at Alta Mesa to enCore for total cash consideration of $3.10 million.
Other Income (Expense) Gain on sale of assets For the year ended December 31, 2023, we recognized a gain on sale of assets of $119.26 million related to the sale of our Alta Mesa ISR Project to enCore for total consideration of $120 million consisting of $60 million cash and the $60 million Convertible Note as well as a $2.81 million gain related to the sale of our PFN Assets utilized at Alta Mesa.
Costs applicable to vanadium concentrates Costs applicable to vanadium concentrates decreased by $3.22 million to $0.55 million for the year ended December 31, 2023 from $3.77 million for the year ended December 31, 2022 primarily due to lower volumes sold partially offset by increased weighted average costs per pound sold between periods.
There were no costs applicable to uranium concentrates for the year ended December 31, 2022. 202 Table of Content Costs applicable to vanadium concentrates Costs applicable to vanadium concentrates decreased by $3.22 million to $0.55 million for the year ended December 31, 2023 from $3.77 million for the year ended December 31, 2022 primarily due to lower volumes sold partially offset by increased weighted average costs per pound sold between periods.
Sales Update and Outlook for 2024 The Company sells uranium into its existing long-term contracts and continually evaluates selling a portion of its inventories on the spot market in response to future upside uranium price movements.
Sales Update and Outlook for 2025 The Company sells uranium into its existing long-term contracts and continually evaluates selling a portion of its inventories on the spot market in response to upside uranium or vanadium price movements and other market conditions.
Operations Update and Outlook for 2024 Overview The Company continues to believe that uranium supply pressure and demand fundamentals point to higher sustained uranium prices in the future.
Operations Update and Outlook for 2025 Overview The Company believes that uranium supply pressure and demand fundamentals point to higher sustained uranium prices in the future.
In 2024, the Company also plans to advance permitting and development on the Roca Honda, Sheep Mountain and Bullfrog projects, which could expand the Company's uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years.
In 2025, the Company also plans to continue to advance permitting and development on the Roca Honda and Bullfrog projects, which together with the Company's Sheep Mountain Project, could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years, as market conditions warrant.
As a result, the Company is a “Development Stage Issuer” as defined by S-K 1300, as it is engaged in the preparation of Mineral Reserves for extraction on at least one material property.
As a result, the Company is “Production Stage Issuer” as defined by S-K 1300, as it is engaged in the material extraction of mineral reserves on at least one material property December 31, 2024.
Underutilized capacity production costs applicable to RE Carbonate Underutilized capacity production costs applicable to RE Carbonate were $2.76 million for the year ended December 31, 2022. The underutilized capacity production costs were due to low throughput rates as the Mill ramps up to commercial-scale production of RE Carbonate.
Underutilized capacity production costs applicable to RE Carbonate Underutilized capacity production costs applicable to RE Carbonate were $2.76 million for the year ended December 31, 2022 due to low throughput rates as the Mill ramped up to commercial-scale production of RE Carbonate. The Mill expects to increase its throughput rates as its supplies of monazite sands increase.
Along with the sites in production, the Company is preparing two additional mines in Colorado and Wyoming (Whirlwind and Nichols Ranch) for expected production within one year and advancing permitting on several other large-scale U.S. mine projects in order to increase uranium production in the coming years in response to strong uranium market conditions.
Additionally, the Company is preparing two additional mines in Colorado and Wyoming (Whirlwind and Nichols Ranch) for expected production within one year from a “go” decision and is advancing several other large-scale U.S. mine projects in order to increase uranium production in the coming years in response to potentially strong uranium market conditions.
See Note 7 – Property, Plant and Equipment and Mineral Properties for more information.
See Note 7 – Mineral Properties and Property, Plant and Equipment and Note 16 – Fair Value Accounting for more information.
Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2023 (in thousands).
Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2024.
While we expect the amounts relative to the items listed above have added future value to the Company, the Company expenses these costs in part due to the fact that the Company has not established Proven Mineral Reserves or Probable Mineral Reserves as defined by S-K 1300 or NI 43-101 through the completion of a feasibility or pre-feasibility study for any of the Company’s projects as of the year ended 2023, with the exception of its Sheep Mountain and Pinyon Plain Projects.
While we expect exploration and development costs related to our mineral properties to provide future value to the Company, the Company expenses these costs in part due to the fact that the Company has not established Proven Mineral Reserves or Probable Mineral Reserves as defined by S-K 1300 or NI 43-101 through the completion of a feasibility or pre-feasibility study for any of the Company’s projects as of December 31, 2024, with the exception of its Sheep Mountain and Pinyon Plain Projects.
Sales made pursuant to the above noted U.S. shelf registration statement and prospectus supplement are made on the NYSE American at then-prevailing market prices, or any other existing trading market of the Common Shares in the U.S. During the year ended December 31, 2023, we issued 4,047,832 shares for net proceeds of $31.81 million under our ATM.
Sales made pursuant to the above summarized U.S. shelf registration statements and prospectus supplements are made on the NYSE American at then-prevailing market prices, or any other existing trading market of the Common Shares in the U.S. During the year ended December 31, 2024, we issued 2,612,733 shares for net proceeds of $16.62 million under our ATM.
During “Phase 3,” Energy Fuels expects to add “heavy” REE separation capabilities, including the production of Dy, Tb, and potentially other REE oxides and advanced materials. The Company will also evaluate the potential to produce La and Ce products.
During Phase 3, Energy Fuels expects to add “heavy” REE separation capabilities at the Mill, including the production of Dy, Tb, and potentially other separated REE’s and advanced materials. The Company will also evaluate the potential to produce lanthanum (La) and cerium (Ce) products, along with potentially other REE products.
These three new technical report summaries have resulted in the following material adjustments to the Mineral Reserve and Mineral Resource estimates, as compared to the estimates set out in the Company’s Annual Report for the year ended December 31, 2021: • Pinyon Plain: the Measured Mineral Resources (uranium) decreased from 55,000 pounds of U 3 O 8 to 0.0 pounds of U 3 O 8 ; the Indicated Mineral Resources (uranium) decreased from 2,347,000 pounds of U 3 O 8 to 703,000 pounds of U 3 O 8 ; the Inferred Mineral Resources (uranium) decreased from 126,000 pounds of U 3 O 8 to 48,000 pounds of U 3 O 8 ; the total uranium Mineral Resources decreased from 2,528,000 pounds of U 3 O 8 to 751,000 pounds of U 3 O 8 ; and the average grade of the uranium Mineral Resources increased from 0.85% U 3 O 8 to 0.89% U 3 O 8 ; • Pinyon Plain: the Measured, Indicated and Inferred Mineral Resources related to copper remained unchanged; • Pinyon Plain: the Proven Mineral Reserves (uranium) increased from 0.0 pounds U 3 O 8 to 50,800 pounds of U 3 O 8 ; the Probable Mineral Reserves (uranium) increased from 0.0 pounds U 3 O 8 to 1,517,000 pounds of U 3 O 8 ; the total uranium Mineral Reserves increased from 0.0 pounds of U 3 O 8 to 1,567,800 pounds of U 3 O 8 at an average grade of 0.58% U 3 O 8 ; and The Mineral Resources attributed to the Alta Mesa Project, which was sold to enCore on February 14, 2023, See “Part I, Item 1.
These three new technical report summaries have resulted in the following material adjustments to the Mineral Reserve and Mineral Resource estimates, as compared to the estimates set out in the Company’s Annual Report for the year ended December 31, 2021: • Pinyon Plain: the Measured Mineral Resources (uranium) decreased from 55,000 pounds of U 3 O 8 to 0.0 pounds of U 3 O 8 ; the Indicated Mineral Resources (uranium) decreased from 2,347,000 pounds of U 3 O 8 to 703,000 pounds of U 3 O 8 ; the Inferred Mineral Resources (uranium) decreased from 126,000 pounds of U 3 O 8 to 48,000 pounds of U 3 O 8 ; the total uranium Mineral Resources decreased from 2,528,000 pounds of U 3 O 8 to 751,000 pounds of U 3 O 8 ; and the average grade of the uranium Mineral Resources increased from 0.85% U 3 O 8 to 0.89% U 3 O 8 ; • Pinyon Plain: the Measured, Indicated and Inferred Mineral Resources related to copper remained unchanged; • Pinyon Plain: the Proven Mineral Reserves (uranium) increased from 0.0 pounds U 3 O 8 to 50,800 pounds of U 3 O 8 ; the Probable Mineral Reserves (uranium) increased from 0.0 pounds U 3 O 8 to 1,517,000 pounds of U 3 O 8 ; the total uranium Mineral Reserves increased from 0.0 pounds of U 3 O 8 to 1,567,800 pounds of U 3 O 8 at an average grade of 0.58% U 3 O 8 ; and Mineral Resources were reported for non-material properties in 2021 and were not covered by the joint S-K 1300/NI 43-101 reports.
Throughout this process, the Company is gaining important knowledge, experience and technical information, all of which are valuable for current and future mixed RE Carbonate production and planned future production of separated REE oxides and other advanced REE materials at the Mill or elsewhere.
Throughout this process, the Company is gaining important knowledge, experience and technical information, while also having its products qualified by end-users all of which are valuable for current and future production of separated REE oxides and other advanced REE materials at the Mill or elsewhere.
In addition, Russia’s invasion of Ukraine and the entry into the uranium market by financial entities purchasing uranium on the spot market to hold for the long-term has the potential to result in higher sustained spot and term prices and, perhaps, induce utilities to enter into more long-term contracts with non-Russian producers, like Energy Fuels, to foster security of supply, avoid transportation and logistic issues, and ensure more certain pricing.
In addition, a number of factors including restrictions on Russian uranium products in the U.S., transportation challenges, trade policies, and financial entities purchasing uranium on the spot market to hold for the long-term has the potential to result in higher sustained spot and term prices and, induce utilities to enter into more long-term contracts with non-Russian producers, like Energy Fuels, to foster security of supply, avoid transportation and logistics issues, and ensure more certain pricing.
Additionally, the Company has approximately 436,000 pounds of additional U 3 O 8 contained in stockpiled Alternate Feed Materials and other ore inventory at the Mill that can potentially be recovered relatively quickly in the future, as general market conditions may warrant.
Additionally, as of December 31, 2024, the Company had approximately 725,000 pounds of additional U 3 O 8 contained in stockpiled Alternate Feed Materials, other ore inventory and work in process at the Mill or nearby mine sites that can potentially be recovered relatively quickly in the future, as market conditions and contract requirements may warrant.
The Company also continually evaluates the potential to purchase uranium on the spot market to replace sold inventory, meet contract obligations and gain exposure to future price increases. Uranium Sales The Company entered into four uranium sale and purchase agreements in 2022: three with major U.S. nuclear utilities and one with the U.S. Uranium Reserve Program.
The Company also continually evaluates the potential to purchase uranium on the spot market to replace sold inventory, meet contract obligations and gain exposure to future price increases. Uranium Sales The Company has four long term contracts with major U.S. nuclear utilities and entered into spot sale agreements with three customers during the year ended December 31, 2024.
Most recently, on January 3, 2022, we filed a prospectus supplement with the SEC to our U.S. shelf registration statement, qualifying for distribution up to $50.00 million in additional Common Shares under the ATM.
In conjunction with our Shelf Registration Statement, we filed a Prospectus Supplement with the SEC to our Shelf Registration Statement, qualifying for distribution up to $150.00 million in additional Common Shares under the ATM.
“Phase 2” is also expected to add a dedicated monazite “crack-and-leach” 146 circuit to the Mill’s existing leach circuits, which may be constructed as the first stage of Phase 2, prior to construction of the expanded NdPr separation capabilities. The Company expects to complete “Phase 2” in 2027, subject to licensing, financing, and receipt of sufficient monazite feed.
Phase 2 is also expected to add a dedicated monazite “crack-and-leach” circuit to the Mill’s existing leach circuits, which may be developed as the first stage of Phase 2, prior to construction of the expanded NdPr separation capabilities.
The acquisition of the Bahia Project is a part of the Company’s efforts to build a large and diverse book of monazite supply for its rapidly advancing REE processing business.
The acquisition of the Toliara and Bahia Projects, and the Donald Project JV, are a part of the Company’s efforts to build a large and diverse book of monazite supply for its rapidly advancing REE processing business, supplemented by third-party purchases (Chemours).
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 For the year ended December 31, 2023, we earned net income of $99.76 million or $0.63 per share compared to net loss of $59.94 million or $0.38 per share for the year ended December 31, 2022.
For the year ended December 31, 2024, we incurred a net loss of $47.84 million or $0.28 per share compared to net income of $99.76 million or $0.63 per share for the year ended December 31, 2023.
The Bahia Project is a well-known HMS deposit that has the potential to supply 3,000 – 10,000 tonnes of natural monazite sand concentrate per year to the Mill for decades for processing into high-purity REE oxides and other materials.
The Bahia Project is a well-known HMS deposit that the Company believes has the potential to supply 3,000 – 10,000 tonnes of natural monazite per year to the Mill for decades for processing into high-purity REE oxides. 3,000 – 10,000 tonnes of monazite contains approximately 1,500 – 5,000 tonnes of TREO, including 300 – 1,000 tonnes of NdPr and significant commercial quantities of Dy and Tb.
The Company expects to sell its remaining finished vanadium product when justified into the metallurgical industry, as well as other markets that demand a higher purity product, including the aerospace, chemical, and potentially the vanadium battery industries. The Company expects to sell to a diverse group of customers in order to maximize revenues and profits.
Vanadium Sales The Company did not sell any vanadium during the year ended December 31, 2024. The Company expects to sell its remaining finished vanadium product when justified into the metallurgical industry, as well as other markets that demand a higher purity product, including the aerospace, chemical, and potentially the vanadium battery industries.
While the Company continues to make progress on its mixed RE Carbonate production and additional funds are spent on process enhancements, improving recoveries, product quality and other optimization, profits from this initiative are expected to be minimal until such time when monazite throughput rates are increased and optimized.
While the Company continues to make progress on its separated REE production and additional capital is spent on process enhancements, improving recoveries, product quality and other optimization, profits from this initiative are expected to be minimal until such time when throughput rates are increased and optimized, which is expected in the 2027-2028 time frame assuming completion of development of the Donald Project and/or Toliara Project and the provision of a steady stream of monazite to the Mill.
Lower sales volumes (calculated as the change in year-to-year sales volumes times the prior period realized price) accounted for an approximate $7.69 million decrease in vanadium revenue between periods.
Lower sales volumes (calculated as the change in period-to-period sales volumes times the prior period weighted average costs per pound) accounted for an approximate $3.01 million decrease in costs between periods.
LIQUIDITY AND CAPITAL RESOURCES Funding of Major Cash Requirements Our primary short-term and long-term cash requirements are to fund working capital needs and operating expenses (including our contractual lease, decommissioning and other obligations as described in “Contractual Obligations” below), capital expenditures and potential future growth opportunities through ongoing initiatives such as our REE program, Bahia Project, REE oxide separation project, TAT radioisotope initiative and operational readiness at our Whirlwind and Nichols Ranch mines as well as potential business and property acquisitions.
LIQUIDITY AND CAPITAL RESOURCES Funding of Major Cash Requirements Our primary short-term and long-term cash requirements are to fund working capital needs and operating expenses, capital expenditures and potential future growth opportunities through ongoing initiatives such as our REE program, Bahia Project, REE separation capacity expansion, Pinyon Plain operational production, TAT radioisotope initiative and earn-in to the Donald Project JV, the acquisition of Base Resources and its Toliara and Kwale Projects, as well as potential business and property acquisitions.
Uranium Reserve Program and a major U.S. nuclear utility at a weighted average cost of $27.35 per pound. There were no costs applicable to uranium concentrates for the year ended December 31, 2022.
Uranium Reserve Program and a major U.S. nuclear utility at a weighted average cost of $27.35 per pound.
See Note 9 – Capital Stock for more information. Year Ended December 31, 2022 Compared to Year Ended December 31, 2021 Refer to “ Part I, Item 7.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 Refer to “ Part I, Item 7.
Uranium Reserve Program or similar government programs, the Company currently expects the Whirlwind mine, along with the Company’s Nichols Ranch ISR project, to commence uranium production within one (1) year, which could increase Energy Fuels' uranium production to a run-rate of over two (2) million pounds of U 3 O 8 per year starting in 2025, if strong market conditions continue as expected.
Although the timing of the Company’s plans to extract and process mineralized materials from the Whirlwind mine will be based on contract requirements, inventory levels, and/or sustained improvements in general market conditions, the Company currently expects the Whirlwind mine, along with the Company’s Nichols Ranch ISR project, to be able to commence uranium production within one (1) year from a “go” decision, which could increase Energy Fuels' uranium production to a run-rate of over two (2) million pounds of U 3 O 8 per year starting as early as 2026, as market conditions may warrant.
ISR Extraction and Recovery Activities Although the Company expects to produce insignificant quantities of U 3 O 8 in the year ending December 31, 2024 from Nichols Ranch, the Company plans to undertake exploration and development activities in 2024 to expand the resources at the Nichols Ranch Project and to further develop a wellfield to be ready for potential recommencement of production in late 2024 or in 2025, if strong market conditions continue as expected.
Although the Company does not expect to produce significant quantities of U 3 O 8 in 2025 from Nichols Ranch, the Company is undertaking exploration and development activities in 2025 to expand the resources at the Nichols Ranch Project and to further develop wellfields to be ready for potential recommencement of production within one year from a “go” decision, as market conditions warrant.
The Company continues to make progress toward full REE separation capabilities at the Mill to produce both “light” and “heavy” separated REE oxides in the coming years.
REE Separation Circuits at the Mill The Company continues to make progress at the Mill to produce both “light” and “heavy” separated REE products in the coming years. The Company produced a mixed RE Carbonate from monazite sands at the Mill between 2021 and 2024.
The sales during February and March 2023 were at a $0.60 per pound premium to the average spot price for V 2 O 5. The Company intends to continue to selectively sell its V 2 O 5 inventory on the spot market as markets warrant but will otherwise continue to maintain its vanadium in inventory.
The Company intends to continue to selectively sell its V 2 O 5 inventory on the spot market as markets warrant but will otherwise continue to maintain its vanadium in inventory. Rare Earth Sales During the year ended December 31, 2024, the Company did not have any rare earth sales.
As of December 31, 2023, the Company holds approximately 905,000 pounds of finished V 2 O 5 in inventory, and there remains an estimated 1.0 to 3.0 million pounds of additional solubilized recoverable V 2 O 5 remaining in tailings solutions awaiting future recovery, as market conditions may warrant.
Again, the mix between increased contained 190 Table of Content uranium in ore inventories and finished U 3 O 8 product inventory at the end of 2025 will depend on the timing of the processing of stockpiled uranium ore at the Mill, which could occur in 2025 or be deferred to subsequent years, and any spot uranium sales or purchases the Company may elect to complete in 2025; As of December 31, 2024, the Company holds approximately 905,000 pounds of finished V 2 O 5 in inventory, and there remains an estimated 1.0 to 3.0 million pounds of additional solubilized recoverable V 2 O 5 remaining in tailings solutions at the Mill awaiting future recovery, as market conditions may warrant.
The vanadium produced in the 2018/19 Pond Return campaign was a high-purity vanadium product of 99.6%-99.7% V 2 O 5 . The Company believes there may be opportunities to sell certain quantities of this high-purity material at a premium to reported spot prices.
The Company believes there may be opportunities to sell certain quantities of this high-purity material at a premium to reported spot prices, which it has done from time-to-time in the past.
Selling, general and administrative (excluding share-based compensation) Selling, general and administrative expenses (excluding share-based compensation) increased by $2.45 million to $23.29 million for the year ended December 31, 2023 from $20.85 million for the year ended December 31, 2022 primarily due to increased salaries and benefits in connection with additional headcount associated with the current and future growth in activity in our uranium and REE operations, partially offset by reduced contract and professional services between periods.
Selling, general and administrative (excluding share-based compensation) Selling, general and administrative expenses (excluding share-based compensation) increased by $7.90 million to $31.19 million for the year ended December 31, 2024 from $23.29 million for the year ended December 31, 2023 primarily due to higher salaries and benefits in connection with additional headcount for legacy Energy Fuels operations and the acquisition of Base Resources.
Cash and Cash Flows The following table summarizes our cash flows (in thousands): Year Ended December 31, 2023 2022 Net cash used in operating activities $ (15,409) $ (49,702) Net cash used in investing activities $ (23,853) (7,065) Net cash provided by financing activities $ 30,415 7,870 Effect of exchange rate fluctuations on cash held in foreign currencies $ 12 (66) Less: restricted cash related to assets held for sale $ — (3,590) Plus: release of restricted cash related to sale of assets $ 3,590 — Net change in cash, cash equivalents and restricted cash $ (5,245) (52,553) Cash, cash equivalents and restricted cash, beginning of period $ 80,269 132,822 Cash, cash equivalents and restricted cash, end of period $ 75,024 $ 80,269 153 Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 Net cash used in operating activities Net cash used in operating activities decreased by $34.29 million to $15.41 million for the year ended December 31, 2023 from $49.70 million for the year ended December 31, 2022 primarily due to sales of uranium concentrates of $33.28 million, partially offset by higher selling, general and administrative expenses and higher exploration, development and processing expenses between periods.
Cash and Cash Flows The following table summarizes our cash flows (in thousands): Year Ended December 31, 2024 2023 Net cash used in operating activities (43,973) (15,409) Net cash used in investing activities (13,297) (23,853) Net cash provided by financing activities 15,587 30,415 Effect of exchange rate fluctuations on cash held in foreign currencies (1,742) 12 Plus: net cash and restricted cash acquired from business combination 27,006 — Plus: release of restricted cash related to sale of assets — 3,590 Net change in cash, cash equivalents and restricted cash (16,419) (5,245) Cash, cash equivalents and restricted cash, beginning of period 75,024 80,269 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 58,605 $ 75,024 Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Net cash used in operating activities Net cash used in operating activities increased by $28.56 million to $43.97 million for the year ended December 31, 2024 from $15.41 million for the year ended December 31, 2023 primarily due to the acquisition of Base Resources, which resulted in losses incurred by the Company related to HMS operations of $15.10 million as well as transaction and integration related costs of $10.34 million related to the transactions during the period.
The Company purchased an additional 480 tonnes of monazite from Chemours that it expects to receive in early 2024, which the Company expects to process for the recovery of uranium and production of 25 – 35 tonnes of separated NdPr oxide and 10 – 20 tonnes Sm + RE Carbonate upon commissioning of the Mill’s Phase 1 REE separation circuit in early 2024 (see “Rare Earth Element Initiatives” below).
The Mill’s Phase 1 REE separation circuit is currently capable of producing separated NdPr and a “heavy” Sm + RE Carbonate (see “Rare Earth Element Initiatives” below). In 2024, the Company received 480 tonnes of monazite from Chemours.
Having observed a marked uptick in interest from nuclear utilities seeking long-term uranium supply, the Company remains actively engaged in pursuing additional selective long-term uranium sales contracts. In January 2023, the Company completed the sale of 300,000 pounds of its uranium inventories located at the Metropolis Works uranium conversion facility (“ ConverDyn ”) to the U.S.
Having observed a marked uptick in interest from nuclear utilities seeking long-term uranium supply, along with continued strong long-term prices, the Company remains actively engaged in pursuing additional selective long-term uranium sales contracts.
Until such time when the Company has ramped back up to commercial uranium production, it can rely on its uranium inventories including its recent purchases of U.S. origin uranium on the spot market to fulfill its new contract requirements.
As the Company is ramping up its commercial uranium production, it can rely on its uranium inventories and potential purchases of uranium on the spot market to supplement its uranium production if necessary to fulfill its contract requirements.
Inventories As of December 31, 2023, the Company had approximately 685,000 pounds of finished uranium inventories located at certain conversion facilities in North America.
Inventories During the year ended December 31, 2024, the Company sold 200,000 pounds of uranium under one of its term contracts and 250,000 pounds on the spot market. As of December 31, 2024, the Company had approximately 393,000 pounds of finished uranium inventories located at conversion facilities in North America and at the Mill.
One of the Company's utility customers has the option to purchase an additional 100,000 pounds of uranium from Energy Fuels in 2024. The Company holds 145 uncommitted inventory and, with the benefit of future production, will continue to evaluate additional spot and/or long-term uranium sales opportunities during 2024 and beyond.
Under the current portfolio of contracts, the Company expects to sell between 200,000 and 300,000 pounds of uranium during Q2- and Q3- 2025. The Company holds uncommitted inventory and, with the benefit of production in 2025 and beyond, will continue to evaluate additional spot and/or long-term uranium sales opportunities up to 400,000 pounds during 2025 and beyond.
Rare Earth Sales During the year ended December 31, 2023, the Company sold approximately 153,353 kilograms of RE Carbonate at an average price of $18.57 per kilogram of RE Carbonate, to Neo for separation at Silmet.
Rare Earth Element Segment Results Revenues RE Carbonate Revenues from RE Carbonate were $2.85 million for the year ended December 31, 2023 due to the completed sales of 153,353 kilograms at a realized sales price of $18.57 per kilogram. There were no revenues from RE Carbonate for the year ended December 31, 2024.
In 2022, we entered into three long-term uranium contracts with major U.S. utilities. To deliver under these contracts, the Company readied three of its permitted and developed conventional uranium mines, Pinyon Plain, La Sal and Pandora, located in Arizona and Utah for uranium production in late Q4-2023. At the start of 2024, all three uranium mines have commenced production.
To deliver under these contracts, the Company commenced ore production at three of its permitted and developed conventional uranium mines, Pinyon Plain, La Sal and Pandora, located in Arizona and Utah for uranium production. The Company also expects to enter into a uranium ore purchase agreement with one or more third-party miners in the vicinity of the Mill during 2025.
Net cash provided by financing activities Net cash provided by financing activities increased by $22.55 million to $30.42 million for the year ended December 31, 2023 from $7.87 million for the year ended December 31, 2022 primarily due to increased net proceeds of $23.93 million for the issuance of Common Shares for cash under the ATM between periods, partially offset by increased cash paid to settle and fund employee income tax withholding due upon exercise of stock appreciation rights of $1.52 million.
Net cash provided by financing activities Net cash provided by financing activities decreased by $14.83 million to $15.59 million for the year ended December 31, 2024 from $30.42 million for the year ended December 31, 2023 primarily due to decreased net proceeds of $15.19 million for the issuance of Common Shares for cash under the ATM between periods.
The Company’s current U.S. shelf registration statement was declared effective on March 18, 2021 and permits the Company to sell any combination of Securities (as defined therein) in one or more offerings having an aggregate offering price of up to $300.00 million.
The Company’s current Shelf Registration Statement was declared effective on March 22, 2024 and permits the Company to sell any combination of its common shares, warrants, rights, subscriptions receipts, preferred shares, debt securities and/or units in one or more offerings.
The Company expects to procure monazite through Company-owned mines like the Bahia Project, joint ventures or other collaborations, and open market purchases, like the Company’s current arrangement with The Chemours Company. The Company is currently in advanced discussions with several additional current and future monazite producers around the world to supply Energy Fuels’ initiative.
The Company expects to procure monazite through Company-owned mines like the Toliara Project, Bahia Project, its joint venture interest in the Donald Project and other potential joint ventures or other collaborations, and open market purchases.
It is expected that the potential recovery and concentration of R&D quantities of Th-232, Ra-228 and/or Th-228 will also require similar R&D licenses or amendments to the existing Ra-226 R&D license and that the potential recovery and concentration of commercial quantities of Th-232, Ra-228, Th-228 and/or Ra-226 will require additional licensing by DWMRC at the Mill. 147 The San Juan County Clean Energy Foundation On September 16, 2021, the Company announced its establishment of the Foundation, a fund specifically designed to contribute to the communities surrounding the Mill in southeastern Utah.
The San Juan County Clean Energy Foundation On September 16, 2021, the Company announced its establishment of the Foundation, a fund specifically designed to contribute to the communities surrounding the Mill in southeastern Utah.
Standby Standby costs related to the care and maintenance of the standby mines are expensed along with standby costs incurred when the Mill in standby status is operating at minimal levels of production or packaging.
Standby Standby costs are related to the care and maintenance of the standby mines and are expensed as incurred.
A seven-person Advisory Board, comprised of local citizens from San Juan County, evaluates grant applications on a quarterly basis and makes recommendations to the Foundation’s Managers for final review and approval, who are currently the President and Chief Executive Officer and the Executive Vice President and Chief Legal Officer of the Company.
An Advisory Board, comprised of local citizens from San Juan County, evaluates grant applications on a quarterly basis and makes recommendations to the Foundation’s Managers for final review and approval. As of the December 31, 2024, the Foundation has awarded 30 grants totaling $0.64 million, of which $0.25 million was committed to American Indian initiatives.
Year Ended December 31, 2024 2025 2026 2027 2028 Thereafter Total Operating lease obligations $ 384 $ 391 $ 398 $ 405 $ 273 $ — $ 1,851 Undiscounted decommissioning liabilities — 211 2,889 2,731 1,602 25,942 33,375 Total contractual obligations $ 384 $ 602 $ 3,287 $ 3,136 $ 1,875 $ 25,942 $ 35,226 The Company entered into commitments with federal and state agencies and private individuals to lease surface and mineral rights.
Year Ended December 31, 2025 2026 2027 2028 2029 Thereafter Total Operating lease obligations $ 931 $ 744 $ 557 $ 389 $ — $ — $ 2,621 Undiscounted decommissioning liabilities 23,425 4,182 3,760 2,536 2,665 37,705 74,273 Total contractual obligations $ 24,356 $ 4,926 $ 4,317 $ 2,925 $ 2,665 $ 37,705 $ 76,894 The Company entered into commitments with federal and state agencies and private individuals to lease surface and mineral rights.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

9 edited+0 added−0 removed7 unchanged
Biggest changeChange for Sensitivity Analysis Increase (decrease) in Net income Strengthening net earnings +1% change in US dollar / Cdn$ or R$ $ 298 Weakening net earnings -1% change in US dollar / Cdn$ or R$ $ (298) Credit Risk Credit risk relates to cash and cash equivalents, trade, and other receivables that arise from the possibility that any counterparty to an instrument fails to perform.
Biggest changeChange for Sensitivity Analysis Increase (Decrease) in Comprehensive Income Strengthening net earnings +1% change in U.S.dollar / major foreign currency $ 51 Weakening net earnings -1% change in U.S.dollar / major foreign currency $ (51) Credit Risk Credit risk relates to cash and cash equivalents, trade, and other receivables that arise from the possibility that any counterparty to an instrument fails to perform.
In addition, under forward contracts, we may be forced to sell at prices that are lower than the prices that may be available on the spot market 156 when such deliveries are completed.
In addition, under forward contracts, we may be forced to sell at prices that are lower than the prices that may be available on the spot market when such deliveries are completed.
It shows how net income would have been affected by changes in the relevant risk variables that were reasonably possible at that date (in thousands).
It shows how net income would have been affected by changes in the relevant risk variables that were reasonably possible at that date.
Market risk is the risk to the Company of adverse financial impact due to changes in the fair value or future cash flows of financial instruments as a result of fluctuations in interest rates and foreign currency exchange rates. Commodity Price Risk Our profitability is directly related to the market price of uranium, vanadium, REEs and HMC recovered.
Market risk is the risk to the Company of adverse financial impact due to changes in the fair value or future cash flows of financial instruments as a result of fluctuations in interest rates and foreign currency exchange rates. Commodity Price Risk Our profitability is directly related to the market price of uranium, vanadium, REEs, HMC and HMS products recovered.
There can also be no assurance that we will be able to enter into term contracts for future sales of uranium, vanadium, RE Carbonate, separated REE oxides or other REE products or HMC at prices or in quantities that would allow us to successfully manage our exposure to price fluctuations.
There can also be no assurance that we will be able to enter into term contracts for future sales of uranium, vanadium, separated NdPr, REE oxides or other REE products or HMC at prices or in quantities that would allow us to successfully manage our exposure to price fluctuations.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to risks associated with commodity prices, interest rates and credit. Commodity price risk is defined as the potential loss that we may incur as a result of changes in the market value of uranium, vanadium, and REEs.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to risks associated with commodity prices, interest rates and credit. Commodity price risk is defined as the potential loss that we may incur as a result of changes in the market value of uranium, vanadium, HMC, HMS products and REEs.
Dollar is the functional currency of our U.S. operations, the currency risk has been reduced. We maintain a nominal balance in Canadian dollars and Brazilian Real, resulting in a low currency risk relative to our cash and cash equivalent balances. We also hold equity marketable securities in Canadian dollars.
Dollar is the functional currency of our U.S. operations, the currency risk has been reduced. We maintain a nominal balance in Canadian dollars, Australian dollars, Kenyan Shillings, Malagasy Ariary and Brazilian Real, resulting in a low currency risk relative to our cash and cash equivalent balances. We also hold equity marketable securities in Canadian dollars.
The Company primarily transacts with highly rated counterparties and a limit on contingent exposure has been established for any counterparty based on that counterparty’s credit rating. As of December 31, 2023, the Company’s maximum exposure to credit risk was the carrying value of cash and cash equivalents and trade and note receivables. 157
The Company primarily transacts with highly rated counterparties and a limit on contingent exposure has been established for any counterparty based on that counterparty’s credit rating. As of December 31, 2024, the Company’s maximum exposure to credit risk was the carrying value of cash and cash equivalents and trade and note receivables. 208 Table of Content
The following table summarizes, in U.S. dollar equivalents, the Company’s major foreign currency (Cdn$/R$) exposures as of December 31, 2023 (in thousands): Cash and cash equivalents $ 754 Marketable securities 21,407 Total $ 22,161 The table below summarizes a sensitivity analysis for significant unsettled currency risk exposure with respect to our financial instruments as of December 31, 2023 with all other variables held constant.
The following table summarizes, in U.S. dollar equivalents, the Company’s major foreign currency (identified above) exposures as of December 31, 2024: Cash and cash equivalents $ 5,072 207 Table of Content The table below summarizes a sensitivity analysis for significant unsettled currency risk exposure with respect to our financial instruments as of December 31, 2024 with all other variables held constant.

Other UUUU 10-K year-over-year comparisons