UUUU earnings call summary

Prepared Highlights

• Uranium operations: Mined 425k lbs (Pinyon Plain & La Sal); mill produced ~800k lbs in Q1; inventory ended at 2.25M lbs (prepared).
• Uranium sales: 100k lbs spot at avg $95.88/lb; 110k lbs long-term contracts at ~$64/lb (CFO).
• Uranium all-in cost: $23–$30/lb range maintained; cost of goods sold expected to decrease toward ~$30/lb through 2026 (CFO).
• Varamata feasibility study: $1.8B NPV; >$500M/yr expected EBITDA (CEO).
• White Mesa Mill Phase 2 BFS: CapEx $410M (lower than expected); $1.9B NPV; 33% IRR; $311M/yr standalone EBITDA (CEO).
• Rare earths: Produced first terbium at pilot scale (~1 kg/week); Phase 1B (Dy, Tb) and Phase 1C (MREC processing) targeted operational late 2027 (CEO).
• ASM acquisition: FIRB approval received; targeting close early July 2026 (CEO).
• Financials: $957M working capital; $1.4B total assets; $8M operating cash flow in Q1; net loss $11M (vs $26M loss in Q1 2025) (CFO).
• Uranium inventory cost: Declined to $36/lb at quarter-end; 1.1M lbs finished, 1.1M lbs in process (CFO).
• Donald project: Shovel-ready, fully permitted; FID pending finalization of offtake and financing (CEO).

Official Guidance

• Uranium mining: 425k lbs mined in Q1; ore grades at Pinyon Plain expected to increase through 2026 (CFO).
• Mill processing: 1.5M–2.5M lbs for full year 2026; >1M lbs processed through April; planned maintenance downtime end of Q2/start of Q3 (CFO).
• Uranium sales: Continued throughout year under long-term contracts and spot; guidance ranges maintained (CFO).
• All-in cost: $23–$30/lb expected to continue for rest of year (CFO).

Mgmt Quotes

• (CEO) “We had a fantastic first quarter by every measure.”
• (CEO) “The White Mesa Mill really makes everything possible for us at Energy Fuels Inc. It is truly a national treasure by any measure.”
• (CEO) “For me, it is all about execution. We have an incredible asset base, incredible mines to develop, and an incredible facility at White Mesa.”
• (CFO) “These are exciting results, as the last two quarters have shown the mill’s capabilities above expectations, having not run at these levels in many years.”
• (CEO) “I remain very bullish on uranium personally, and we talk about it internally quite a lot.”

Prepared Metrics