Justin Chan

Joseph Reagor

Heiko Ihle

Matthew Key

Aaron Vadakkan

Noel Parks

Katie Lachapelle

Michael Kozak

Mike Heim

Puneet Singh

Zack Perry

- Energy Fuels Inc. announced the pricing of an **upsized $600 million offering** of **0.75% Convertible Senior Notes due 2031** in a private placement, with an option for initial purchasers to buy an additional **$100 million**.  **[1385849_0001062993-25-015938_exhibit99-1.htm:0]**  The offering is expected to close on **October 3, 2025**.  **[1385849_0001062993-25-015938_exhibit99-1.htm:0]** 
- The estimated net proceeds of approximately **$578.1 million** (or **$674.6 million** if the option is fully exercised) will be used to fund capped call transactions and provide financial flexibility for development expenditures, including the Phase 2 rare earth separations circuit expansion and the Donald heavy mineral sands project, as well as general corporate needs.  **[1385849_0001062993-25-015938_exhibit99-1.htm:0]** 
- The notes mature on **November 1, 2031**, accrue interest at **0.75% per year**, and have an initial conversion price of approximately **$20.34 per common share**, representing a **32.5% conversion premium** over the September 30, 2025, common share price.  **[1385849_0001062993-25-015938_exhibit99-1.htm:0]** **[1385849_0001062993-25-015938_exhibit99-1.htm:1]** 
- Capped call transactions, with an initial cap price of **$30.70**, were entered into to generally reduce potential dilution to common shares upon conversion.  **[1385849_0001062993-25-015938_exhibit99-1.htm:1]** **[1385849_0001062993-25-015938_exhibit99-1.htm:2]**

Energy Fuels Prices Upsized $600 Million Convertible Senior Notes Offering

- **Energy Fuels Inc.** has formed a strategic partnership with **Vulcan Elements** to supply high-purity rare earth oxides, aiming to establish a robust U.S. supply chain for permanent magnets and reduce reliance on China.  **[1385849_7cd1c2589fff4312a06d9bab9d2313d1]** 
- The company's rare earth element production has achieved over **99.5% purity**, with plans to initiate **terbium production by Q4 2025** and full-scale commercial production of additional rare earth elements by **Q4 2026**.  **[1385849_7cd1c2589fff4312a06d9bab9d2313d1]** 
- While Energy Fuels' stock has surged, analysts present a mixed outlook with an average price target of **$10.08** and a brokerage consensus of 'Outperform'.  **[1385849_7cd1c2589fff4312a06d9bab9d2313d1]** 
- Despite reported **strong revenue growth** and strategic advancements, the company faces ongoing challenges including **persistent losses**, **negative cash flows**, and **valuation concerns**.  **[1385849_7cd1c2589fff4312a06d9bab9d2313d1]**

Energy Fuels Forms Strategic Partnership for U.S. Rare Earth Supply Chain

ENERGY FUELS (UUUU)