Energy Fuels' Acquisition of Australian Strategic Materials Wins Shareholder Approval

Ross Bhappu, President and Chief Executive Officer of Energy Fuels said

"Today's vote marks an important milestone for Energy Fuels, with ASM shareholders set to join a strong, well-capitalised business with a clear growth strategy.

ASM's rare earth metals and alloy-making capacity is a critical addition to our platform as we work to build what we believe will be the West's only integrated mine-to-magnet rare earth business. The combination moves us closer to offering customers a reliable allied-source alternative across the full supply chain.

Australia is central to that platform, from our Donald Project in Victoria, which we are developing with Astron Limited and which is planned to feed the supply chain, through to ASM's Dubbo Project in New South Wales and their operating metals and alloys capacity in South Korea.

We look forward to completing the next steps in the acquisition of ASM and closing the transaction on August 28, 2026."

ASM Securityholders Overwhelmingly Vote in Favor of Combination with Energy Fuels

As previously announced, Energy Fuels entered into a Scheme Implementation Deed to acquire 100% of ASM through EFR Critical Materials Pty Ltd, a wholly owned subsidiary of Energy Fuels, by way of schemes of arrangement under Australia's Corporations Act 2001 (Cth). Under the Share Scheme, each ASM shareholder is entitled to receive 0.053 new Energy Fuels CHESS Depositary Interests plus A$0.13 cash for each ASM share held at the Scheme Record Date. Under the Option Scheme, ASM option holders are entitled to receive A$0.50 cash per option.

At the Scheme Meetings held in Perth, Australia, ASM securityholders voted in favor of the transaction. 98.23% of the votes cast by ASM shareholders were in favor of the Share Scheme, and 83.62% of ASM shareholders present and voting (in person or by proxy) voted in favor. The Option Scheme was approved by 99.97% of the votes cast, and 87.78% of the ASM Optionholders present and voting at the Option Scheme Meeting (in person or by proxy) were in favor of the Option Scheme Resolution. Both results for the Share Scheme exceed the requirements for shareholder approval, being more than 75% of the votes cast and more than 50% of the securityholders present and voting.

Next Steps

As a next step, ASM will apply to the Federal Court of Australia for approval of the Schemes, which is scheduled to occur on August 18, 2026. If the Court approves the Schemes, a copy of the Court order will be lodged with the Australian Securities and Investments Commission ("ASIC") and the Schemes will become effective, which is expected to occur on August 19, 2026. ASM Securities are expected to be suspended from trading on the Australian Securities Exchange ("ASX") from the close of trading on the Effective Date. Implementation of the Schemes, on which the Scheme Consideration will be provided to ASM securityholders, is expected to occur on August 28, 2026.

A Fully Integrated Mine-to-Magnet Platform

The acquisition of ASM would add commercial-scale rare earth metals and alloys capability, through ASM's Korean Metals Plant, and a planned American Metals Plant, to Energy Fuels' rare earth oxide production at its White Mesa Mill in Utah (Mill). Together with ASM's Dubbo Project in New South Wales and the Donald Project in Victoria, which Energy Fuels is developing in a joint venture with Astron, the transaction is intended to advance an integrated Western supply chain spanning mining, processing, separation, metals and alloys.

Separately, and subject to its own conditions, Energy Fuels has agreed to acquire the permanent magnet manufacturer Vacuumschmelze ("VAC"), which, if completed, would extend the platform through to magnet production. Completion of the VAC acquisition, which, subject to regulatory approvals and certain other conditions, is expected to occur in early 2027, is not a condition to the ASM schemes.

Energy Fuels has the current commercial capacity to produce light rare earth oxides at its Mill, and also recently announced construction has begun on an expansion to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data centre, energy and defence industries.

About Energy Fuels

Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is developing three (3) heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the proposed acquisition of ASM will complete as planned or at all; any expectation that the proposed acquisition of VAC will complete as planned or at all; any expectation that the Company's growth strategy will be realized; any expectation that Energy Fuels will be successful in developing the West's only integrated mine-to-magnet rare earth business or an integrated mine-to-magnet platform; any expectation that the acquisition of ASM will move the Company closer to offering customers a reliable alternative across the full REE supply chain; any expectation that the planned expansion at the Mill to enable the large-scale production of heavy REE oxides will be completed as expected, or at all; any expectation that ASM will expand its metal and alloy-making capacity as planned; any expectation that any of Energy Fuels' other projects will advance to a positive final investment decision and be developed; any expectation as to future production of Energy Fuels; any expectation that Energy Fuels will maintain its position as a leading U.S.-based critical materials company; and any expectation that Energy Fuels' evaluation of radioisotope recovery at the Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Energy Fuels to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the ability of Energy Fuels to produce rare earth products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for rare earth element products generally or for western-produced REE products; and the other factors described under the caption "Risk Factors" in Energy Fuels' most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on Energy Fuels' website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.