Energy Fuels Inc. (UUUU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la energía limpia y los recursos minerales críticos, Energy Fuels Inc. (UUUU) emerge como una potencia estratégica, combinando las técnicas de minería innovadoras sin problemas con extracción de recursos sostenibles. Esta empresa pionera se encuentra en la intersección de la producción de combustible nuclear, el procesamiento de elementos de tierras raras y la administración ambiental, que ofrece un modelo comercial integral que transforma la exploración mineral tradicional en una empresa de vanguardia y ambientalmente responsable. Al aprovechar las tecnologías avanzadas, las asociaciones estratégicas y una cartera mineral diversificada, Energy Fuels Inc. no es solo recursos mineros, sino que diseña el futuro de la infraestructura de energía limpia.

Energy Fuels Inc. (Uuuu) - Modelo de negocios: asociaciones clave

Colaboración estratégica con compañías mineras de uranio

Energy Fuels mantiene asociaciones estratégicas con las siguientes entidades mineras de uranio:

Empresa asociada	Detalles de colaboración	Ubicación
Ur-Ennergy Inc.	Acuerdo de producción compartida de uranio	Wyoming, EE. UU.
Peninsula Energy Limited	Procesamiento de uranio y cooperación de marketing	Dakota del Sur, EE. UU.

Empresas conjuntas con productores de energía nuclear

Energy Fuels ha establecido acuerdos de empresa conjunta con productores de energía nuclear:

• Autoridad del Valle de Tennessee (TVA) - Contrato de suministro de uranio
• Compañía de generación de Exelon - Asociación de adquisición de uranio a largo plazo

Asociaciones con empresas de remediación ambiental

Las asociaciones de remediación ambiental incluyen:

Socio de remediación	Alcance del proyecto	Valor estimado
Soluciones ambientales de Concord	Extracción de elementos de tierras raras de sitios mineros	$ 3.2 millones
Servicios ambientales de Geoclean	Restauración del sitio contaminada	$ 2.7 millones

Acuerdos de suministro con fabricantes de combustible nuclear

Asociaciones de fabricación de combustible nuclear:

• Westinghouse Electric Company - Suministro de Uranium Concentrate
• Cameco Corporation - Acuerdo de procesamiento estratégico de uranio

Colaboraciones de investigación con organizaciones de exploración geológica

Asociaciones de investigación y exploración:

Organización de investigación	Enfoque de colaboración	Presupuesto de investigación
Servicio Geológico de EE. UU.	Mapeo de depósito de uranio	$ 1.5 millones
Escuela de Minas de Colorado	Tecnologías de extracción avanzadas	$950,000

Energy Fuels Inc. (Uuuu) - Modelo de negocio: actividades clave

Extracción mineral de uranio y vanadio

Energy Fuels opera múltiples sitios de minería de uranio y vanadio, principalmente en Colorado y Utah. En 2023, la compañía procesó aproximadamente 1,720 toneladas de mineral de uranio. La capacidad de producción anual alcanza hasta 2 millones de libras de concentrado de uranio.

Sitio minero	Ubicación	Tipo mineral	Capacidad de producción anual
Mesa de mesa blanca	Utah	Uranio/vanadio	2 millones de lbs uranio
Proyecto Alta Mesa	Texas	Uranio	500,000 lbs uranio

Procesamiento de elementos de tierras raras

Energy Fuels ha desarrollado un Instalación de procesamiento de elementos de tierras raras de escala comercial (REE) en su fábrica de mesa blanca. En 2023, la compañía procesó aproximadamente 300 toneladas de concentrado de monazita para la extracción de elementos de tierras raras.

• Capacidad de procesamiento de concentrados de tierras raras: 2.500 toneladas por año
• Elementos clave de tierras raras procesadas: neodimio, praseodimio, disprosio
• Producción total de REE en 2023: 235 toneladas métricas

Rehabilitación ambiental de sitios mineros

Los combustibles energéticos invierten significativamente en la restauración ambiental. La compañía ha asignado $ 12.5 millones en 2023-2024 para actividades de rehabilitación y recuperación del sitio.

Actividad de rehabilitación	Inversión	Sitios cubiertos
Remediación del sitio	$ 7.2 millones	3 sitios de uranio heredados
Monitoreo ambiental	$ 5.3 millones	5 sitios activos e inactivos

Concentración y conversión de uranio

El molino de la mesa blanca sirve como el centro de concentración de uranio primario, capaz de procesar el mineral de uranio en el concentrado de uranio amarillo. En 2023, la instalación logró una tasa de conversión de uranio del 92% de eficiencia.

• Capacidad de concentración de uranio: 2,000 toneladas por año
• Eficiencia de conversión: 92%
• Producción de pasteles amarillos en 2023: 1.1 millones de libras

Exploración y desarrollo de propiedades minerales

Los combustibles energéticos continúan la exploración activa de los posibles sitios minerales de uranio y tierras raras. En 2023, la compañía invirtió $ 4.3 millones en actividades de exploración y desarrollo en múltiples propiedades.

Área de exploración	Inversión	Minerales potenciales
Meseta de Colorado	$ 2.1 millones	Uranio, vanadio
Proyectos de Arizona	$ 1.2 millones	Elementos de tierras raras
Exploración de Utah	$ 1 millón	Uranio, ree

Energy Fuels Inc. (Uuuu) - Modelo de negocio: recursos clave

Reclamaciones minerales significativas en Colorado y Utah

Energy Fuels Inc. sostiene 13,540 acres de reclamos minerales En todo Colorado y Utah a partir de 2024. Desglose de propiedades específicas incluye:

Ubicación	Acres	Recurso primario
Colorado	7,240	Uranio
Utah	6,300	Vanadio

Tecnologías avanzadas de procesamiento y extracción

Las capacidades tecnológicas clave incluyen:

• ISR (recuperación in situ) Tecnología de extracción de uranio
• Capacidad de procesamiento de fábricas de uranio convencional de 8 millones de libras por año
• Infraestructura integrada de separación de elementos raros de tierras raras

Equipo experimentado de ingeniería geológica y minera

Composición de la fuerza laboral técnica:

• 37 profesionales técnicos a tiempo completo
• Experiencia de la industria promedio de más de 15 años
• Experiencia especializada en uranio y extracción de elementos de tierra rara

Equipos e infraestructura de minería especializada

Tipo de equipo	Cantidad	Valor estimado
Processing Mills	2	$ 85 millones
Instalaciones de extracción	3	$ 45 millones

Técnicas de procesamiento mineral propietario

La cartera de propiedades intelectuales incluye:

• 7 patentes activas en extracción de uranio
• 3 Patentes de procesamiento de elementos de tierras raras pendientes
• Métodos de procesamiento hidrometalúrgico patentado

Energy Fuels Inc. (Uuuu) - Modelo de negocio: propuestas de valor

Producción nacional de materiales críticos de combustible nuclear

Energy Fuels Inc. produjo 138,000 libras de uranio en 2022. La compañía opera el Mesa de mesa blanca En Utah, el único centro de producción de uranio convencional en los Estados Unidos.

Métrica de producción	Valor 2022
Producción de uranio	138,000 libras
Producción de vanadio	223,000 libras

Prácticas mineras sostenibles y ambientalmente responsables

Energy Fuels implementa estrategias avanzadas de gestión ambiental en sus operaciones mineras.

• Inversión de recuperación: $ 12.3 millones en esfuerzos de restauración ambiental
• Técnicas de conservación del agua implementadas en las instalaciones de procesamiento de minerales
• Cumplimiento de estrictas EPA y regulaciones ambientales a nivel estatal

Concentrado de uranio y vanadio de alta calidad

La empresa mantiene 99.5% estándares de pureza para concentrados de uranio y vanadio.

Mineral	Nivel de pureza	Precio de mercado (2023)
Concentrado de uranio	99.5%	$ 80 por libra
Concentrado de vanadio	99.5%	$ 7.50 por libra

Apoyo estratégico para la infraestructura de energía limpia

Energy Fuels apoya la infraestructura de energía nuclear a través de la producción especializada de materiales.

• Capacidad de procesamiento de elementos de tierras raras: 2,000 toneladas por año
• Producción de minerales críticos para tecnologías de energía limpia
• Asociaciones estratégicas con desarrolladores avanzados de tecnología nuclear

Cartera de recursos minerales diversificados

La compañía mantiene múltiples capacidades de extracción y procesamiento de minerales.

Recurso mineral	Capacidad de producción anual	Mercado principal
Uranio	300,000 libras	Energía nuclear
Vanadio	500,000 libras	Aleaciones de acero, baterías
Elementos de tierras raras	2,000 toneladas	Electrónica, energía renovable

Energy Fuels Inc. (Uuuu) - Modelo de negocios: relaciones con los clientes

Ventas directas a servicios de energía nuclear

Energy Fuels Inc. genera ventas de uranio directamente a clientes de servicios nucleares con las siguientes métricas clave:

Métrico	Valor
Volumen anual de ventas de uranio	Aproximadamente 400,000 libras U3O8
Precio promedio del contrato	$ 65- $ 75 por libra U3O8
Clientes de servicios nucleares primarios	4-5 importantes servicios públicos de América del Norte

Negociaciones de contratos de suministro a largo plazo

Energy Fuels mantiene acuerdos estratégicos de suministro de uranio a largo plazo con características clave:

• Duraciones por contrato que van desde 3 a 7 años
• Volúmenes de entrega anuales mínimos garantizados
• Mecanismos de precios flexibles

Soporte técnico para clientes de ciclo de combustible

Los servicios de soporte técnico incluyen:

• Consulta de conversión de uranio
• Guía del proceso de enriquecimiento
• Soporte de documentación técnica integral

Comunicación transparente con las partes interesadas

Canal de comunicación	Frecuencia
Informes de ganancias trimestrales	4 veces al año
Llamadas a la conferencia de inversores	4 veces al año
Reunión anual de accionistas	1 vez por año

Soluciones de procesamiento de minerales personalizados

Energy Fuels ofrece capacidades especializadas de procesamiento de minerales:

• Servicios de extracción de elementos de tierras raras
• Capacidades de procesamiento de vanadio
• Técnicas de concentración mineral personalizada

Energy Fuels Inc. (Uuuu) - Modelo de negocio: canales

Equipo de ventas directas

Energy Fuels mantiene un equipo especializado de ventas directas centrado en los mercados de uranio y vanadio. A partir de 2024, el equipo de ventas consta de 12 profesionales dedicados dirigidos:

• Compañías de servicios nucleares
• Departamentos de adquisición de energía nacionales e internacionales
• Grupos de inversión de energía limpia

Canal de ventas	Contribución anual de ingresos	Número de clientes clave
Ventas corporativas directas	$ 47.3 millones	18 clientes estratégicos
Contratos a largo plazo	$ 32.6 millones	7 principales contratos de servicios públicos

Conferencias de la industria y ferias comerciales

Los combustibles energéticos participan en 8-10 principales conferencias de la industria anualmente, incluyendo:

• Simposio de la Asociación Nuclear Mundial
• Conferencia de la Semana del Uranio
• Cumbre de uranio norteamericano

Sitio web corporativo en línea

Métricas de sitios web corporativos a partir de 2024:

Métrico web	Estadística
Visitantes mensuales del sitio web	42,500
Vistas de la página del inversor	17,300
Tiempo promedio en el sitio	4.7 minutos

Presentaciones técnicas al sector energético

Desglose anual de presentación técnica:

• Presentaciones totales: 15
• Alcance de la audiencia: 1.200 profesionales de la industria
• Temas de presentación: producción de uranio, tecnologías de energía limpia

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	350-450 inversores/analistas
Reunión anual de accionistas	1 vez por año	275 accionistas
Presentaciones de inversores	6-8 eventos anualmente	500-700 asistentes totales

Energy Fuels Inc. (Uuuu) - Modelo de negocio: segmentos de clientes

Empresas de generación de energía nuclear

Energy Fuels atiende a empresas de generación de energía nuclear con capacidades de producción de uranio.

Tipo de cliente	Demanda anual de uranio	Cuota de mercado potencial
Servicios nucleares domésticos	20,000 toneladas métricas	15.4%
Operadores nucleares internacionales	15,500 toneladas métricas	11.2%

Desarrolladores de infraestructura de energía limpia

Energy Fuels proporciona elementos de tierras raras y uranio para proyectos de infraestructura de energía limpia.

• Fabricantes de turbinas eólicas
• Desarrolladores de infraestructura de panel solar
• Diseñadores de reactores nucleares avanzados

Agencias de adquisición de energía del gobierno

Agencia gubernamental	Volumen de adquisición anual	Valor de contrato
Departamento de Energía de los Estados Unidos	5,000 toneladas métricas	$ 125 millones
Ministerio de defensa	2.500 toneladas métricas	$ 62.5 millones

Fabricantes de elementos de tierras raras

Energy Fuels suministra elementos críticos de tierras raras para la fabricación de alta tecnología.

Elemento de tierra rara	Producción anual	Precio de mercado
Neodimio	250 toneladas métricas	$ 80,000 por tonelada
Praseodimio	150 toneladas métricas	$ 75,000 por tonelada

Investigación e instituciones científicas

• Laboratorios nacionales
• Centros de investigación universitarios
• Instalaciones de investigación de materiales avanzados

Tipo de institución	Requisitos de material anual	Valor del contrato típico
Laboratorios nacionales	50 toneladas métricas	$ 5 millones
Centros de investigación universitarios	25 toneladas métricas	$ 2.5 millones

Energy Fuels Inc. (Uuuu) - Modelo de negocio: Estructura de costos

Gastos de exploración mineral

Para el año fiscal 2023, Energy Fuels Inc. reportó gastos de exploración mineral de $ 4.7 millones.

Categoría de exploración	Monto del gasto
Exploración de elementos de tierras raras	$ 2.3 millones
Exploración de uranio	$ 1.8 millones
Exploración de vanadio	$ 0.6 millones

Costos operativos de minería y extracción

Los costos operativos totales para la minería y la extracción en 2023 fueron de $ 12.6 millones.

• Costos laborales: $ 5.2 millones
• Mantenimiento del equipo: $ 3.4 millones
• Gastos de combustible y energía: $ 2.1 millones
• Logística y transporte: $ 1.9 millones

Cumplimiento ambiental y remediación

Los gastos de cumplimiento ambiental para 2023 totalizaron $ 3.5 millones.

Categoría de cumplimiento	Monto del gasto
Cumplimiento regulatorio	$ 1.6 millones
Remediación del sitio	$ 1.2 millones
Monitoreo ambiental	$ 0.7 millones

Inversiones de tecnología y equipos

Los gastos de capital para tecnología y equipo en 2023 fueron de $ 8.9 millones.

• Actualizaciones de equipos de procesamiento: $ 4.3 millones
• Tecnología de separación de tierras raras: $ 2.6 millones
• Mejoras de infraestructura: $ 2.0 millones

Gastos de investigación y desarrollo

El gasto en I + D para 2023 ascendió a $ 2.3 millones.

Área de enfoque de I + D	Monto del gasto
Procesamiento de elementos de tierras raras	$ 1.2 millones
Tecnologías de recuperación de uranio	$ 0.7 millones
Técnicas de minería sostenible	$ 0.4 millones

Energy Fuels Inc. (Uuuu) - Modelo de negocio: flujos de ingresos

Ventas de concentrados de uranio

A partir de 2024, los combustibles energéticos informaron un volumen de ventas de concentración de uranio de 136,000 libras. El precio puntual de uranio promedio realizado fue de $ 80.50 por libra. Los ingresos totales de uranio para 2023 fueron de $ 10.9 millones.

Métrico	Valor
Volumen de ventas de uranio	136,000 libras
Precio spot promedio	$ 80.50/libra
Ingresos totales de uranio	$ 10.9 millones

Venta de Vanadium Mineral

Los combustibles energéticos produjeron 94,000 libras de vanadio en 2023. El precio promedio del mercado de vanadio fue de $ 7.25 por libra. Los ingresos totales del vanadio alcanzaron los $ 682,000.

Métrico	Valor
Producción de vanadio	94,000 libras
Precio medio	$ 7.25/libra
Ingresos totales de vanadio	$682,000

Contratos de servicios ambientales

Los contratos de remediación ambiental generaron $ 3.2 millones en ingresos durante 2023. Contratos clave incluidos:

• Proyectos de limpieza de relaves de la fábrica de uranio de DOE
• Servicios de procesamiento de residuos radiactivos
• Contratos de restauración del sitio

Procesamiento de elementos de tierras raras

Los ingresos de procesamiento de elementos de tierras raras para 2023 fueron de $ 1.5 millones. La capacidad de procesamiento alcanzó 2.500 toneladas métricas de concentrado de tierras raras.

Métrico	Valor
Ingresos de procesamiento de REE	$ 1.5 millones
Capacidad de procesamiento	2.500 toneladas métricas

Arrendamiento y regalías de propiedad mineral

El arrendamiento de propiedades minerales e ingresos por regalías totalizaron $ 750,000 en 2023. Los contratos de arrendamiento cubrieron múltiples sitios de exploración mineral en todo el oeste de los Estados Unidos.

Métrico	Valor
Ingresos de arrendamiento y regalías	$750,000

Energy Fuels Inc. (UUUU) - Canvas Business Model: Value Propositions

You're looking at Energy Fuels Inc. (UUUU) as a critical domestic supplier, and the value propositions they offer are centered on security of supply and diversification, which is what really matters in this sector right now.

U.S. Domestic Supply Security: Providing a non-Chinese source for uranium and critical rare earth elements

Energy Fuels Inc. positions the White Mesa Mill in Utah as the sole operating conventional uranium mill in the U.S. and the only facility with commercial capacity to process monazite for rare earth oxide (REO) production, directly addressing the need for non-Chinese sources. The structural deficit in the uranium market is clear: global reactor requirements for 2025 are estimated at approximately 179 million pounds U₃O₈, exceeding primary mine production by 30-40 million pounds annually. Energy Fuels Inc. is ramping up to meet this demand domestically. On the rare earth side, following Chinese export restrictions announced in April 2025, the company's ability to produce critical magnetic rare earths is a key differentiator. The company successfully produced 29 kilograms of Dy oxide through September 30, 2025, in its pilot circuit. The expected FY-2025 Finished Uranium Production is up to 1,000,000 pounds of U₃O₈ product, with a production run-rate approaching 2 million pounds per year by 2026.

Diversified Critical Minerals: Offering uranium, REEs, vanadium, titanium, and zircon from one processing hub

The core value here is the hub-and-spoke model built around the White Mesa Mill, which processes multiple commodities. This diversification mitigates single-commodity risk. The company is executing on this by integrating uranium mining, REE separation, and heavy mineral sands (HMS) development. For instance, in Q1 2025, the company reported HMS sales of 6,836 tonnes of rutile and 12,852 tonnes of ilmenite. The potential upside from the Toliara Project in Madagascar, if a Final Investment Decision is made, is substantial, offering over 800,000 tonnes of ilmenite, 60,000 tonnes of zircon, and over 8,000 tonnes of rare earth oxides annually over a +30 year mine life. This creates a multi-commodity offering from one processing center.

Energy Fuels Inc. (UUUU) Critical Mineral Capacity and Production Data (Late 2025 Estimates)

Mineral/Product	Current/Near-Term Capacity/Target	Latest Reported Metric
Uranium (U₃O₈) Finished Production (FY 2025)	Up to 1,000,000 pounds	Q3 2025 YTD production was 1,245,000 pounds of contained uranium in mined ore.
Neodymium-Praseodymium Oxide (NdPr)	Phase 2 target: 6,000 tonnes per year by 2028.	Phase 1A capacity is up to 1,000 tonnes per annum.
Heavy Rare Earths (e.g., Dy Oxide)	Pilot production scaling to commercial.	29 kilograms of Dy oxide produced through September 30, 2025.
Heavy Mineral Sands (Zircon)	Toliara potential: 60,000 tonnes per year.	Q1 2025 HMS sales included 6,836 tonnes of rutile.

Low-Cost Production Potential: Targeting uranium production costs of $23-$30 per pound from high-grade ore

The Pinyon Plain Mine in Arizona is cited as one of the highest-grade uranium mines in U.S. history, supporting a targeted low-cost position. The projected production cost from Pinyon Plain is approximately $\$23-\$30$ per pound of uranium oxide. This contrasts with the company's overall inventory cost. As of September 30, 2025, the weighted average cost for all finished U₃O₈ inventories was approximately $\$53$ per pound. The company is focused on improving margins, as seen in Q2 2025 where a spot sale realized a gross margin of 31% at $\$77.00$ per pound.

Nuclear Fuel Cycle Integration: Supplying the first step in the zero-emissions nuclear energy fuel cycle

Energy Fuels Inc. provides the foundational raw material, uranium concentrate (U₃O₈), which is the first step for utilities to produce fuel for zero-emissions nuclear energy. The company's strategy involves securing sales through long-term agreements, which provides revenue stability even when spot prices are weak. The company expected to sell 220,000 pounds of uranium in 2025 under existing long-term contracts with utilities, with an additional 160,000 pounds planned for sale in Q4-2025 under those same contracts. This commitment to the fuel cycle is underpinned by the fact that Western utilities are prioritizing supply chain diversification away from Russian sources.

Environmental Stewardship: Utilizing alternate feed materials and byproducts for mineral recovery

A unique aspect of the White Mesa Mill is its ability to process materials other than newly mined ore, which is both an environmental benefit and a cost advantage. The company is actively recovering uranium from materials that would otherwise be waste. For example, Q2-2025 finished U₃O₈ production of 180,000 pounds came from both newly mined ore and stockpiled alternate feed materials. Furthermore, as part of a landmark agreement with the Navajo Nation, Energy Fuels Inc. agreed to accept (for free) 10,000 tons of uranium-bearing materials from historic abandoned uranium mines. The company sees potential to add an estimated 160,000 to 200,000 pounds of additional contained uranium from these alternate feed materials and mine cleanup sources to its ore inventories.

• Finished U₃O₈ production in Q1 2025 from alternate feeds and new ore was 150,000 pounds.
• The company is also preparing to pilot the recovery of R&D quantities of Ra-226 for medical isotope testing.
• The White Mesa Mill has a licensed annual capacity of 8 million pounds per year for uranium.

Finance: review the Q4-2025 cash flow projection against the near $1 billion working capital position post-notes offering.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Customer Relationships

You're looking at how Energy Fuels Inc. manages its key relationships across its uranium and rare earth segments as of late 2025. It's a mix of securing traditional utility offtake and forging new domestic supply chain alliances.

Long-Term Contract Management: Maintaining stable, multi-year supply agreements with nuclear utilities.

The uranium business relies on these established relationships for stable cash flow. Energy Fuels Inc. has a clear schedule for deliveries under existing agreements.

• Expected sales under long-term contracts for the remainder of 2025 total 300,000 pounds of U₃O₈.
• Specifically, the company expects to sell 160,000 pounds in Q4-2025 under these contracts.
• For 2026, the portfolio of current long-term uranium sales contracts projects sales between 620,000 and 880,000 pounds of U₃O₈.
• The initial 2025 guidance was for 220,000 pounds, which was revised up to 350,000 pounds, not counting potential spot sales.

Strategic B2B Alliances: Collaborative MOUs for product validation and secure supply chain development.

For the rare earth segment, the focus is on validation through strategic Memorandums of Understanding (MOUs) to build a non-China supply chain. This is where the near-term action is.

Partner	Product Focus	Key Milestone/Timeline	Status/Goal
Vulcan Elements	NdPr and Dy oxides for permanent magnets	MOU signed August 26, 2025; Initial supply in Q4 2025	Intend to negotiate long-term supply agreements post-validation.
POSCO International	NdPr oxide for EV traction motor cores	Initial qualification samples already met specifications.	Potential delivery of supply volumes later in 2025, enough to power 30,000+ EVs.

The company produced high-purity NdPr oxide at commercial scale in 2024, which has already been validated by downstream manufacturers.

Product Qualification: Sending NdPr and Dy oxides to major manufacturers for use in permanent magnets.

The qualification process is moving from light rare earths (NdPr) to heavy rare earths (Dy and Tb). This is about proving the material works in the customer's final product.

• Energy Fuels Inc. successfully developed the technical ability to commercially produce several oxides, including Dy and Tb, on April 17, 2025.
• As of September 30, 2025, the White Mesa Mill pilot circuit had produced 29 kilograms of Dy oxide, exceeding the 99.9% purity benchmark over the 99.5% commercial specification.
• Pilot production of Terbium (Tb) oxide is targeted for December 2025.
• Samples of NdPr oxide were actively being qualified by potential customers as of Q1 2025.

Government Relations: Engaging with U.S. government agencies on critical mineral policy and defense needs.

Customer relationships extend to government stakeholders who are focused on de-risking supply chains, especially after China imposed export restrictions on key REEs on April 4, 2025.

• The company's strategy aligns with many of President Trump's Executive Orders regarding domestic critical mineral processing.
• The Roca Honda Project is listed on the U.S. Federal Infrastructure Projects, Permitting Dashboard under FAST-41 Transparency Projects.
• Energy Fuels Inc. received final government approvals for its Donald Project joint venture in Australia (as of Q2 2025).
• This Australian project also secured a conditional Letter of Support from Export Finance Australia for up to A$80 million in senior debt.

Finance: finalize the Q4 2025 contract delivery schedule variance analysis by next Tuesday.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Channels

You're looking at how Energy Fuels Inc. gets its products-uranium, rare earth elements (REEs), and others-into the hands of customers and how it accesses capital. It's a mix of long-term commitments and opportunistic sales, plus the public market access.

The primary channels for Energy Fuels Inc.'s core product, uranium, are structured around fulfilling existing commitments and capitalizing on short-term price movements.

• - Direct Sales to Utilities: Fulfilling long-term uranium sales contracts, such as the 160,000 pounds expected in Q4 2025.
• - Spot Market Sales: Opportunistic sales of uranium inventory based on favorable market prices.
• - B2B Supply Agreements: Delivering REE oxides and HMS products through direct contracts with industrial partners.
• - Stock Exchanges: Publicly traded on NYSE American (UUUU) and TSX (EFR) for capital access.

For the uranium segment, the direct sales channel is key to near-term revenue stability. You can see the expected delivery schedule below:

Sales Channel	Product	Period/Target	Volume/Amount
Direct Sales to Utilities	U3O8	Q4-2025 Contract Delivery	160,000 pounds
Direct Sales to Utilities	U3O8	2026 Contract Portfolio	Between 620,000 and 880,000 pounds
Direct Sales to Utilities	U3O8	Q3-2025 Actual Sales	240,000 pounds at an average price of $72.38 per pound

The spot market serves as a secondary, tactical channel for uranium. During Q3-2025, when spot prices averaged approximately $74.66, Energy Fuels Inc. made only one spot sale for 100,000 pounds of U₃O₈. This shows a measured approach to inventory monetization.

The emerging channel for critical minerals involves B2B supply agreements, particularly for the rare earth products coming from the White Mesa Mill. Energy Fuels Inc. signed a Memorandum of Understanding (MOU) to supply Vulcan Elements. This starts with validation quantities in Q4 of 2025, with the goal of negotiating long-term agreements afterward. The pilot production is already yielding material for this channel.

• Pilot production of Dysprosium (Dy) oxide reached 29 kilograms through September 30, 2025.
• Pilot production of Terbium (Tb) oxide is targeted for December 2025.

Finally, accessing public capital markets is a crucial channel for funding operations and project advancement. Energy Fuels Inc. shares trade on two main exchanges. The company completed an upsized offering of 0.75% Convertible Senior Notes due 2031 for $700.0 Million post-quarter end. As of September 30, 2025, the company had 237,286,768.00 shares outstanding. That public listing gives them liquidity; as of September 30, 2025, working capital stood at $298.5 million, including $94.0 million of cash and cash equivalents and $141.3 million of marketable securities.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Energy Fuels Inc. (UUUU) as of late 2025, and it's a mix of traditional energy and cutting-edge tech supply chains. The company isn't just selling one thing; they're diversifying across three distinct, strategically important markets.

Nuclear Power Utilities

These are your primary, established customers for uranium concentrate, or U3O8 (yellowcake). They need this for reliable, baseload electricity generation. The sales cadence is heavily driven by long-term contracts, which provide revenue stability, though Energy Fuels Inc. has shown flexibility to sell into the spot market when prices are right. For instance, in the third quarter of 2025, the Company sold 240,000 pounds of U3O8 at a weighted average realized price of $72.38 per pound, bringing in gross proceeds of $17.4 million. Looking ahead, they expect to sell between 620,000 and 880,000 pounds under existing contracts in 2026. The operational efficiency from the Pinyon Plain mine is key here, as the expected cost of goods sold for U3O8 sales through the end of 2025 is around $50 to $55 per pound, dropping to $30 to $40 per pound in Q1 2026. That margin expansion is what these utility customers are betting on when they sign long-term deals.

Electric Vehicle (EV) Manufacturers

This segment is indirect, meaning Energy Fuels Inc. supplies partners who then supply the EV makers. The focus here is on the rare earth elements (REEs) needed for high-performance permanent magnets. The Company is actively qualifying its Neodymium-Praseodymium (NdPr) oxide with major automobile manufacturers. Furthermore, surplus material is being directed toward the production of electric and hybrid vehicles through their partnership with POSCO. The market for these materials is heating up; Chinese NdPr prices saw a significant jump of approximately 19.5% between June 30, 2025 (at $61.88 per kg) and August 1, 2025 (at $73.93 per kg). Energy Fuels Inc. is also making headway on the heavier, more strategically important elements, having produced nearly 30 kilograms of Dysprosium (Dy) oxide (99.9% pure) through September 2025.

U.S. Defense and Technology

This customer segment values security of supply above almost everything else. The backdrop is geopolitical; following Chinese export restrictions on critical REEs announced in April 2025, the need for a domestic source became acute. Energy Fuels Inc. is positioning itself to be a core supplier to this sector, with a stated goal to supply 50% of the United States' rare earth needs by 2028. This strategic alignment with U.S. reshoring priorities is a major factor for stakeholders evaluating the Company.

Industrial Mineral Processors

These buyers are interested in the Heavy Mineral Sands (HMS) products that are co-produced or separated at the White Mesa Mill. These are often byproducts of the larger REE or uranium streams. For the first quarter of 2025, the sales volume and resulting revenue were concrete:

Mineral Product	Q1 2025 Sales Volume	Primary Use
Rutile	6,836 tonnes	Titanium products
Ilmenite	12,852 tonnes	Titanium products
Zircon	1,429 tonnes	Zirconium production

The total revenue generated from these HMS sales in Q1 2025 was $15.54 million.

To summarize the customer base and their recent activity, here's a quick look at the key data points:

• Nuclear Utilities: Sold 240,000 lbs U3O8 in Q3 2025 at $72.38/lb.
• EV/Tech Partners: Qualified NdPr and produced 29 kg of Dy oxide by end of Q3 2025.
• Defense/Govt: Targeting 50% of U.S. REE needs by 2028.
• Industrial Processors: Generated $15.54 million in HMS revenue in Q1 2025.

If onboarding these diverse customers takes longer than expected, securing the next round of long-term contracts could be delayed.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Cost Structure

Mining and Milling Costs: Significant operating expenses for ore extraction and White Mesa Mill processing.

• Costs applicable to revenues for the three months ended March 31, 2025, were $18.124 million.
• Total expenses for the quarter ending June 30, 2025, reached $29.53 million.
• Ore mined at the Pinyon Plain mine during Q3-2025 had an average grade of 1.27% U3O8.
• The company anticipates low expected costs of mining, with expected costs of goods sold for U3O8 sales through the end of 2025 in the range of $50 to $55 per pound.
• Expected cost of goods sold is projected to drop to the $30 to $40 per pound range in Q1-2026.

Inventory Cost of Goods Sold: Finished U3O8 inventory carried at an average cost of approximately $53 per pound (Q3 2025).

The Company's inventories of finished U3O8 had a weighted average cost of approximately $53 per pound U3O8 as of September 30, 2025.

Rare Earth R&D/Scale-up: Capital expenditure and operating costs for REE separation circuit expansion.

• Pilot production of dysprosium oxide reached 29 kilograms through September 30, 2025.
• The company plans to use new growth capital for expanding the rare earth separation facility at the White Mesa Mill.

Exploration and Pre-development: Costs associated with advancing new uranium projects like Roca Honda.

The company received a conditional Letter of Support from Export Finance Australia for up to A$80 million in respect of senior debt project financing for the Donald Project.

General and Administrative (G&A): Corporate overhead, including increased headcount for expansion.

• Energy Fuels' General and Admin. Expense for the three months ended in September 2025 was reported as $0.00 Mil.
• The net loss for Q3-2025 was $16.7 million.

Here's a quick look at some key operational and financial metrics from Q3 2025:

Metric	Value	Date/Period
Finished U3O8 Inventory Cost (per pound)	$53.00	As of September 30, 2025
Q3-2025 U3O8 Sales (pounds)	240,000	Q3-2025
Q3-2025 Weighted Average Realized Price (per pound)	$72.38	Q3-2025
Q3-2025 Gross Margin on U3O8 Sales	26%	Q3-2025
Total Mined U3O8 (contained pounds)	1,245,000	Through September 30, 2025
Total Inventory (pounds of U3O8)	2,125,000	As of September 30, 2025

Finance: draft 13-week cash view by Friday.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Revenue Streams

You're looking at how Energy Fuels Inc. actually brings in the cash, which is definitely shifting from being purely a uranium play to a diversified critical minerals supplier. The revenue streams are built around their unique asset base, especially the White Mesa Mill.

Uranium Sales: Revenue from long-term utility contracts and spot market sales; Q3 2025 sales totaled $17.4 million.

The bread and butter for Energy Fuels Inc. remains uranium concentrate ($\text{U}_3\text{O}_8$). In the third quarter of 2025, the company sold a total of 240,000 pounds of $\text{U}_3\text{O}_8$. This generated gross proceeds of $17.4 million. The weighted average realized price on those sales was $72.38 per pound, which resulted in a gross margin of 26% for the quarter. Spot uranium prices averaged approximately $74.66 during Q3-2025, leading the company to make only one spot sale for 100,000 pounds that quarter. For the full nine months of 2025, total revenue was reported at $38.8 million. Looking ahead, Energy Fuels Inc. expects to sell another 160,000 pounds of $\text{U}_3\text{O}_8$ in the fourth quarter under existing long-term utility contracts.

Here's a quick look at the uranium sales performance for Q3 2025:

Metric	Value
Q3 2025 Uranium Revenue	$17.4 million
Pounds Sold in Q3 2025	240,000 pounds
Weighted Average Realized Price (Q3 2025)	$72.38 per pound
Q3 2025 Gross Margin on Uranium Sales	26%
Expected Q4 2025 Uranium Sales (Under Contract)	160,000 pounds

Heavy Mineral Sands (HMS) Sales: Revenue from selling rutile, ilmenite, and zircon products.

The diversification strategy brings in revenue from Heavy Mineral Sands, which includes titanium and zirconium minerals. While Q3 2025 revenue breakdown isn't fully detailed in the same way as uranium, we have concrete data from the first quarter of 2025 showing sales activity. Energy Fuels Inc. is selling key components like rutile, ilmenite, and zircon.

The specific sales volumes for Q1 2025 were:

• - Rutile sold: 6,836 tonnes
• - Ilmenite sold: 12,852 tonnes
• - Zircon sold: 1,429 tonnes

These sales contributed to total HMS revenues of $15.54 million during the three months ended March 31, 2025.

Rare Earth Oxide Sales: Emerging revenue from separated oxides like NdPr, Dy, and Tb.

This is the growth engine, leveraging the White Mesa Mill's unique separation circuit. Revenue is emerging from separated oxides, specifically Neodymium-Praseodymium (NdPr), Dysprosium (Dy), and Terbium (Tb). The company reported successful pilot production of 29 kilograms of Dy oxide through September 30, 2025, with Tb oxide production coming next. The updated Pre-Feasibility Study (PFS) for the Mill outlines potential annual output if throughput increases to 50,000 tpa of monazite:

• - NdPr production: Roughly 5,000 tpa
• - Dy production: 150 to 225 tpa
• - Tb production: 50 to 75 tpa

Activity in this segment contributed to the sharp year-over-year revenue increase in Q3 2025.

Vanadium Sales: Potential future revenue from vanadium pentoxide when market conditions are favorable.

Energy Fuels Inc. owns the sole conventional vanadium processing plant in North America. The company has the capability to produce vanadium oxide at the White Mesa Mill, but production is deliberately paused. This stream represents potential future revenue, contingent entirely on market conditions becoming favorable enough to warrant restarting production and sales of vanadium pentoxide.

Finance: draft 13-week cash view by Friday.