Energy Fuels Inc. (UUUU): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'énergie propre et des ressources minérales critiques, Energy Fuels Inc. (UUUU) apparaît comme une puissance stratégique, mélangeant de manière transparente des techniques miniers innovantes avec une extraction des ressources durables. Cette entreprise pionnière se tient à l'intersection de la production de carburant nucléaire, du traitement des éléments des terres rares et de la gestion de l'environnement, offrant un modèle commercial complet qui transforme l'exploration minérale traditionnelle en une entreprise de pointe et responsable de l'environnement. En tirant parti des technologies avancées, des partenariats stratégiques et un portefeuille minéral diversifié, Energy Fuels Inc. n'est pas seulement des ressources minières - c'est l'ingénierie de l'avenir de l'infrastructure énergétique propre.

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les sociétés minières d'uranium

Les combustibles énergétiques maintiennent des partenariats stratégiques avec les entités d'extraction d'uranium suivantes:

Entreprise partenaire	Détails de collaboration	Emplacement
Ur-Energy Inc.	Accord de partage de la production d'uranium	Wyoming, USA
Peninsula Energy Limited	Coopération du traitement et du marketing de l'uranium	Dakota du Sud, États-Unis

Coentreprises avec des producteurs d'énergie nucléaire

Energy Fuels a établi des accords de coentreprise avec des producteurs d'énergie nucléaire:

• Tennessee Valley Authority (TVA) - Contrat d'approvisionnement en uranium
• Exelon Generation Company - Partnership à long terme de l'uranium d'approvisionnement

Partenariats avec les entreprises de correction environnementale

Les partenariats de correction environnementale comprennent:

Partenaire d'assainissement	Portée du projet	Valeur estimée
Solutions environnementales concord	Extraction d'éléments de terres rares à partir des sites miniers	3,2 millions de dollars
Services environnementaux Geoclean	Restauration du site contaminé	2,7 millions de dollars

Accords d'approvisionnement avec des fabricants de combustibles nucléaires

Partenariats de fabrication de combustibles nucléaires:

• Westinghouse Electric Company - Approvisionnement en concentré d'uranium
• Cameco Corporation - Contrat de traitement stratégique de l'uranium

Collaborations de recherche avec des organisations d'exploration géologique

Partenariats de recherche et d'exploration:

Organisation de recherche	Focus de la collaboration	Budget de recherche
US Geological Survey	Cartographie des dépôts d'uranium	1,5 million de dollars
Colorado School of Mines	Technologies d'extraction avancées	$950,000

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: Activités clés

Extraction minérale d'uranium et de vanadium

Les carburants énergétiques exploitent plusieurs sites d'extraction d'uranium et de vanadium, principalement au Colorado et à l'Utah. En 2023, la société a traité environ 1 720 tonnes de minerai d'uranium. La capacité de production annuelle atteint jusqu'à 2 millions de livres de concentré d'uranium.

Site minier	Emplacement	Type minéral	Capacité de production annuelle
Moulin à mésa blanc	Utah	Uranium / vanadium	2 millions de livres d'uranium
Projet Alta Mesa	Texas	Uranium	500 000 lb d'uranium

Traitement des éléments de terre rare

Energy Fuels a développé un Installation de traitement de l'élément de terres rares à l'échelle commerciale (REE) à son moulin à Mesa blanc. En 2023, la société a traité environ 300 tonnes de concentré de monazite pour l'extraction des éléments de terre rare.

• Capacité de traitement des concentrés de terres rares: 2 500 tonnes par an
• Éléments clés des terres rares traitées: néodyme, praseodymium, dysprosium
• Production totale de REE en 2023: 235 tonnes métriques

Réhabilitation environnementale des sites miniers

Les combustibles énergétiques investissent considérablement dans la restauration environnementale. La société a alloué 12,5 millions de dollars en 2023-2024 pour les activités de réadaptation et de remise en état du site.

Activité de réadaptation	Investissement	Sites couverts
Remédiation du site	7,2 millions de dollars	3 sites d'uranium hérités
Surveillance environnementale	5,3 millions de dollars	5 sites actifs et inactifs

Concentration et conversion d'uranium

Le moulin à Mesa blanc sert de principale installation de concentration d'uranium, capable de traiter le minerai d'uranium dans le concentré d'uranium jaune. En 2023, l'installation a atteint un taux de conversion d'uranium de 92% d'efficacité.

• Capacité de concentration en uranium: 2 000 tonnes par an
• Efficacité de la conversion: 92%
• Production Yellowcake en 2023: 1,1 million de livres

Exploration et développement des propriétés minérales

Les combustibles énergétiques continuent une exploration active des sites minéraux potentiels de l'uranium et des terres rares. En 2023, la société a investi 4,3 millions de dollars dans des activités d'exploration et de développement dans plusieurs propriétés.

Zone d'exploration	Investissement	Minéraux potentiels
Plateau du Colorado	2,1 millions de dollars	Uranium, vanadium
Projets de l'Arizona	1,2 million de dollars	Éléments de terres rares
Exploration de l'Utah	1 million de dollars	Uranium, ree

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: Ressources clés

Réclamations minérales importantes au Colorado et à l'Utah

Energy Fuels Inc. tient 13 540 acres de revendications minérales à travers le Colorado et l'Utah à partir de 2024. La rupture spécifique de la propriété comprend:

Emplacement	Acres	Ressource primaire
Colorado	7,240	Uranium
Utah	6,300	Vanadium

Technologies de traitement et d'extraction avancées

Les capacités technologiques clés comprennent:

• Technologie ISR (récupération in situ) Extraction d'uranium
• Capacité de traitement conventionnelle de l'uranium de l'uranium de 8 millions de livres par an
• Infrastructure de séparation des éléments de terres rares intégrées

Équipe de génie géologique et minière expérimentée

Composition technique de la main-d'œuvre:

• 37 professionnels techniques à temps plein
• Expérience moyenne de l'industrie de plus de 15 ans
• Expertise spécialisée dans l'extraction des éléments de l'uranium et des terres rares

Équipement minier spécialisé et infrastructure

Type d'équipement	Quantité	Valeur estimée
Transformation des usines	2	85 millions de dollars
Installations d'extraction	3	45 millions de dollars

Techniques de traitement des minéraux propriétaires

Le portefeuille de propriété intellectuelle comprend:

• 7 brevets actifs dans l'extraction d'uranium
• 3 Brevets de traitement d'éléments de Terre rare en attente
• Méthodes de traitement hydrométallurgique propriétaire

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: propositions de valeur

Production intérieure de matériaux de combustible nucléaire critiques

Energy Fuels Inc. a produit 138 000 livres d'uranium en 2022. La société exploite le Moulin à mésa blanc Dans l'Utah, la seule installation de production d'uranium conventionnelle aux États-Unis.

Métrique de production	Valeur 2022
Production d'uranium	138 000 livres
Production de vanadium	223 000 livres

Pratiques minières durables et respectueuses de l'environnement

Les combustibles énergétiques mettent en œuvre des stratégies avancées de gestion environnementale à travers ses opérations minières.

• Investissement de récupération: 12,3 millions de dollars dans les efforts de restauration environnementale
• Techniques de conservation de l'eau mise en œuvre dans les installations de traitement des minéraux
• Conformité aux réglementations environnementales strictes de l'EPA et au niveau de l'État

Le concentré d'uranium et de vanadium de haute qualité

La société maintient 99,5% de normes de pureté pour les concentrés d'uranium et de vanadium.

Minéral	Niveau de pureté	Prix ​​du marché (2023)
Concentré d'uranium	99.5%	80 $ la livre
Concentré de vanadium	99.5%	7,50 $ la livre

Support stratégique pour les infrastructures d'énergie propre

Les combustibles énergétiques soutient les infrastructures d'énergie nucléaire grâce à une production spécialisée de matériaux.

• Capacité de traitement des éléments de terre rare: 2 000 tonnes par an
• Production de minéraux critiques pour les technologies d'énergie propre
• Partenariats stratégiques avec des développeurs de technologies nucléaires avancés

Portefeuille de ressources minérales diversifiées

La société maintient plusieurs capacités d'extraction et de traitement des minéraux.

Ressource minérale	Capacité de production annuelle	Marché primaire
Uranium	300 000 livres	Énergie nucléaire
Vanadium	500 000 livres	Alloys en acier, batteries
Éléments de terres rares	2 000 tonnes	Électronique, énergie renouvelable

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: relations avec les clients

Ventes directes vers les services publics d'énergie nucléaire

Energy Fuels Inc. génère des ventes d'uranium directement aux clients des services publics nucléaires avec les mesures clés suivantes:

Métrique	Valeur
Volume annuel des ventes d'uranium	Environ 400 000 livres U3O8
Prix ​​du contrat moyen	65 $ - 75 $ la livre U3O8
Clients des services de service nucléaire primaires	4-5 principaux services publics nord-américains

Négociations à long terme des contrats d'approvisionnement

Les combustibles énergétiques maintiennent des accords stratégiques d'approvisionnement en uranium à long terme avec des caractéristiques clés:

• Durée contractuelle allant de 3 à 7 ans
• Volumes de livraison annuels garantis minimum
• Mécanismes de tarification flexibles

Support technique pour les clients du cycle de carburant

Les services de support technique comprennent:

• Consultation de conversion d'uranium
• Guide du processus d'enrichissement
• Assistance complète de documentation technique

Communication transparente avec les parties prenantes

Canal de communication	Fréquence
Rapports de bénéfices trimestriels	4 fois par an
Conférence téléphonique des investisseurs	4 fois par an
Réunion des actionnaires annuelle	1 fois par an

Solutions de traitement des minéraux personnalisés

Energy Fuels offre des capacités de traitement minéral spécialisées:

• Services d'extraction d'éléments de terres rares
• Capacités de traitement de vanadium
• Techniques de concentration minérale personnalisées

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: canaux

Équipe de vente directe

Les carburants énergétiques maintiennent une équipe de vente directe spécialisée axée sur les marchés de l'uranium et du vanadium. En 2024, l'équipe commerciale se compose de 12 professionnels dévoués ciblant:

• Sociétés de services publics nucléaires
• Départements d'approvisionnement énergétique nationaux et internationaux
• Groupes d'investissement en énergie propre

Canal de vente	Contribution annuelle des revenus	Nombre de clients clés
Ventes directes des entreprises	47,3 millions de dollars	18 clients stratégiques
Contrats à long terme	32,6 millions de dollars	7 Contrats d'utilité majeurs

Conférences et salons commerciaux de l'industrie

Les carburants énergétiques participent à 8 à 10 conférences industrielles majeures chaque année, notamment:

• Symposium de l'association nucléaire mondiale
• Conférence de la semaine d'uranium
• Sommet d'uranium nord-américain

Site Web d'entreprise en ligne

Métriques du site Web de l'entreprise à partir de 2024:

Métrique Web	Statistique
Visiteurs mensuels du site Web	42,500
Pages d'investisseurs View	17,300
Temps moyen sur place	4,7 minutes

Présentations techniques au secteur de l'énergie

Répartition annuelle de présentation technique:

• Présentations totales: 15
• Autonie du public: 1 200 professionnels de l'industrie
• Sujets de présentation: production d'uranium, technologies d'énergie propre

Communications des relations avec les investisseurs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	350-450 investisseurs / analystes
Réunion des actionnaires annuelle	1 fois par an	275 actionnaires
Présentations des investisseurs	6-8 événements par an	500-700 participants au total

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: segments de clientèle

Sociétés de production d'énergie nucléaire

Les combustibles énergétiques sert des sociétés de production d'énergie nucléaire avec des capacités de production d'uranium.

Type de client	Demande annuelle d'uranium	Part de marché potentiel
Utilitaires nucléaires intérieurs	20 000 tonnes métriques	15.4%
Opérateurs nucléaires internationaux	15 500 tonnes métriques	11.2%

Développeurs d'infrastructures d'énergie propre

Les combustibles énergétiques fournissent des éléments de terres rares et de l'uranium pour les projets d'infrastructures d'énergie propre.

• Fabricants d'éoliennes
• Développeurs d'infrastructures de panneaux solaires
• Concepteurs de réacteurs nucléaires avancés

Agences d'achat d'énergie gouvernementales

Agence gouvernementale	Volume de l'approvisionnement annuel	Valeur du contrat
Département américain de l'énergie	5 000 tonnes métriques	125 millions de dollars
Ministère de la Défense	2 500 tonnes métriques	62,5 millions de dollars

Fabricants d'éléments de terres rares

Les combustibles énergétiques fournissent des éléments critiques de terres rares pour la fabrication de haute technologie.

Élément de terre rare	Production annuelle	Prix ​​du marché
Néodyme	250 tonnes métriques	80 000 $ par tonne
Praseodymium	150 tonnes métriques	75 000 $ par tonne

Recherche et institutions scientifiques

• Laboratoires nationaux
• Centres de recherche universitaires
• Installations de recherche sur les matériaux avancés

Type d'institution	Exigences matérielles annuelles	Valeur contractuelle typique
Laboratoires nationaux	50 tonnes métriques	5 millions de dollars
Centres de recherche universitaires	25 tonnes métriques	2,5 millions de dollars

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: Structure des coûts

Frais d'exploration minérale

Pour l'exercice 2023, Energy Fuels Inc. a déclaré des frais d'exploration minérale de 4,7 millions de dollars.

Catégorie d'exploration	Montant des dépenses
Exploration des éléments de la terre rare	2,3 millions de dollars
Exploration de l'uranium	1,8 million de dollars
Exploration de vanadium	0,6 million de dollars

Coûts opérationnels d'exploitation et d'extraction

Les coûts opérationnels totaux pour l'exploitation minière et l'extraction en 2023 étaient de 12,6 millions de dollars.

• Coûts de main-d'œuvre: 5,2 millions de dollars
• Entretien de l'équipement: 3,4 millions de dollars
• Frais de carburant et d'énergie: 2,1 millions de dollars
• Logistique et transport: 1,9 million de dollars

Compliance et correction environnementale

Les dépenses de conformité environnementale pour 2023 ont totalisé 3,5 millions de dollars.

Catégorie de conformité	Montant des dépenses
Conformité réglementaire	1,6 million de dollars
Remédiation du site	1,2 million de dollars
Surveillance environnementale	0,7 million de dollars

Investissements technologiques et équipements

Les dépenses en capital pour la technologie et l'équipement en 2023 étaient de 8,9 millions de dollars.

• Traitement des mises à niveau des équipements: 4,3 millions de dollars
• Technologie de séparation des terres rares: 2,6 millions de dollars
• Améliorations des infrastructures: 2,0 millions de dollars

Dépenses de recherche et développement

Les dépenses de R&D pour 2023 s'élevaient à 2,3 millions de dollars.

Zone de focus R&D	Montant des dépenses
Traitement des éléments de terre rare	1,2 million de dollars
Technologies de récupération d'uranium	0,7 million de dollars
Techniques d'exploitation durables	0,4 million de dollars

Energy Fuels Inc. (UUUU) - Modèle d'entreprise: Strots de revenus

Ventes de concentrés d'uranium

En 2024, les combustibles énergétiques ont déclaré un volume de ventes de concentrés d'uranium de 136 000 livres. Le prix moyen de l'uranium réalisé était de 80,50 $ la livre. Le chiffre d'affaires total de l'uranium pour 2023 était de 10,9 millions de dollars.

Métrique	Valeur
Volume de ventes d'uranium	136 000 livres
Prix ​​au comptant moyen	80,50 $ / livre
Revenu total d'uranium	10,9 millions de dollars

Ventes minérales de vanadium

Les combustibles énergétiques ont produit 94 000 livres de vanadium en 2023. Le prix moyen du marché du vanadium était de 7,25 $ la livre. Les revenus totaux de vanadium ont atteint 682 000 $.

Métrique	Valeur
Production de vanadium	94 000 livres
Prix ​​moyen	7,25 $ / livre
Revenu total de vanadium	$682,000

Contrats de services environnementaux

Les contrats de restauration environnementale ont généré 3,2 millions de dollars de revenus en 2023. Les contrats clés comprenaient:

• Projets de nettoyage des résidus de l'usine de l'uranium Doe
• Services de traitement des déchets radioactifs
• Contrats de restauration du site

Traitement des éléments de terre rare

Les revenus de traitement des éléments de terres rares pour 2023 étaient de 1,5 million de dollars. La capacité de traitement a atteint 2 500 tonnes métriques de concentré de terres rares.

Métrique	Valeur
Revenus de traitement REE	1,5 million de dollars
Capacité de traitement	2 500 tonnes métriques

Location de biens minéraux et redevances

Le crédit-bail et les revenus de redevances minéraux ont totalisé 750 000 $ en 2023. Les accords de location couvraient plusieurs sites d'exploration minérale dans l'ouest des États-Unis.

Métrique	Valeur
Leasing et le revenu de redevance	$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.