Energy Fuels' Updated Vara Mada Feasibility Study Confirms World-Class Economics and Long-Term Rare Earth Supply Potential

Energy Fuels Inc. released results from an updated feasibility study for its 100%-owned Vara Mada heavy mineral sands project in Madagascar, confirming exceptional project economics, world-class rare earth, titanium, and zircon mineral reserves and resources, and an initially modeled 38-year mine life with potential for further expansion. The study outlines a post-tax net present value of approximately $1.8 billion at a 10% discount rate, or $7.30 per share, and projects ramp-up to more than $500 million in annual EBITDA from the project alone. This financial performance represents a significant milestone for the company and demonstrates the substantial economic potential of the Vara Mada deposit.

The feasibility study also highlights plans to process monazite produced at Vara Mada through the company's White Mesa Mill in Utah, positioning Energy Fuels to supply a significant portion of projected U.S. demand for both light and heavy rare earth oxides while supporting secure, U.S.-centered critical mineral supply chains. This strategic approach addresses growing concerns about reliance on foreign sources for critical minerals essential to various high-tech and defense applications. The integration of Madagascar mining operations with Utah processing capabilities creates a vertically integrated supply chain that enhances supply security and economic efficiency.

The Vara Mada project contains substantial mineral resources that support the extended mine life and production projections outlined in the study. The world-class rare earth, titanium, and zircon deposits at the site represent one of the most significant heavy mineral sands discoveries in recent years, with the potential to become a major global supplier of these critical materials. The 38-year initial mine life provides long-term production visibility and stability for the company's operations and revenue streams. The project's scale and longevity make it particularly significant in the context of increasing global demand for rare earth elements used in electric vehicles, renewable energy technologies, and defense systems.

Energy Fuels' ability to process monazite from Vara Mada at its White Mesa Mill creates a competitive advantage by leveraging existing infrastructure and regulatory approvals. This approach reduces development timelines and capital requirements compared to building new processing facilities, while also ensuring compliance with U.S. environmental and safety standards. The company's newsroom at http://ibn.fm/UUUU provides additional information about corporate developments and project updates. The strategic importance of developing domestic and allied-nation sources of critical minerals has gained increased attention from policymakers and industry leaders concerned about supply chain vulnerabilities.

The updated feasibility study represents a comprehensive evaluation of the technical and economic viability of the Vara Mada project, incorporating current market conditions, technological advancements, and regulatory considerations. The substantial net present value and EBITDA projections demonstrate the project's potential to generate significant shareholder value while contributing to global critical mineral supply diversification. The integration of Madagascar mining with U.S. processing aligns with broader trends toward supply chain resilience and strategic mineral independence, making the Vara Mada development particularly timely and relevant in current market conditions.