Energy Fuels Inc. (UUUU): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de energia limpa e recursos minerais críticos, a Energy Fuels Inc. (UUUU) surge como uma potência estratégica, misturando perfeitamente técnicas inovadoras de mineração com a extração sustentável de recursos. Esta empresa pioneira está no cruzamento da produção de combustível nuclear, processamento de elementos de terras raras e administração ambiental, oferecendo um modelo de negócios abrangente que transforma a exploração mineral tradicional em uma empresa de ponta ambientalmente responsável. Ao alavancar tecnologias avançadas, parcerias estratégicas e um portfólio mineral diversificado, a Energy Fuels Inc. não é apenas os recursos de mineração - é a engenharia do futuro da infraestrutura de energia limpa.

Energy Fuels Inc. (UUUU) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas de mineração de urânio

Os combustíveis de energia mantêm parcerias estratégicas com as seguintes entidades de mineração de urânio:

Empresa parceira	Detalhes da colaboração	Localização
Ur-Energy Inc.	Contrato de compartilhamento de produção de urânio	Wyoming, EUA
Peninsula Energy Limited	Processamento de urânio e cooperação de marketing	Dakota do Sul, EUA

Joint ventures com produtores de energia nuclear

Os combustíveis energéticos estabeleceram acordos de joint venture com produtores de energia nuclear:

• Autoridade do Vale do Tennessee (TVA) - Contrato de fornecimento de urânio
• Exelon Generation Company - Parceria de aquisição de urânio de longo prazo

Parcerias com empresas de remediação ambiental

As parcerias de remediação ambiental incluem:

Parceiro de correção	Escopo do projeto	Valor estimado
Soluções Ambientais Concord	Extração de elementos de terras raras de sites de mineração	US $ 3,2 milhões
Serviços Ambientais Geocleanos	Restauração do site contaminada	US $ 2,7 milhões

Acordos de fornecimento com fabricantes de combustíveis nucleares

Parcerias de fabricação de combustível nuclear:

• Westinghouse Electric Company - suprimento de concentrado de urânio
• Cameco Corporation - Contrato estratégico de processamento de urânio

Colaborações de pesquisa com organizações de exploração geológica

Parcerias de pesquisa e exploração:

Organização de Pesquisa	Foco de colaboração	Orçamento de pesquisa
Pesquisa geológica dos EUA	Mapeamento de depósito de urânio	US $ 1,5 milhão
Escola de Minas do Colorado	Tecnologias de extração avançada	$950,000

Energy Fuels Inc. (UUUU) - Modelo de negócios: Atividades -chave

Extração mineral de urânio e vanádio

Os combustíveis de energia opera vários locais de mineração de urânio e vanádio, principalmente no Colorado e Utah. Em 2023, a empresa processou aproximadamente 1.720 toneladas de minério de urânio. A capacidade de produção anual atinge até 2 milhões de libras de concentrado de urânio.

Local de mineração	Localização	Tipo mineral	Capacidade de produção anual
Mill de Mesa Branca	Utah	Urânio/vanádio	2 milhões de libras de urânio
Projeto Alta Mesa	Texas	Urânio	500.000 libras urânio

Processamento de elementos de terras raras

Os combustíveis de energia desenvolveram um Instalação de processamento de elementos de terras raras (REE) em escala comercial (REE) em sua fábrica de mesa branca. Em 2023, a empresa processou aproximadamente 300 toneladas de concentrado de monazita para extração de elementos de terras raras.

• Capacidade de processamento de concentrado de terras raras: 2.500 toneladas por ano
• Principais elementos de terras raras processadas: neodímio, praseodímio, disprósio
• Total de produção REE em 2023: 235 toneladas métricas

Reabilitação ambiental de sites de mineração

Os combustíveis de energia investe significativamente na restauração ambiental. A empresa alocou US $ 12,5 milhões em 2023-2024 para atividades de reabilitação e recuperação do local.

Atividade de reabilitação	Investimento	Sites cobertos
Remediação do site	US $ 7,2 milhões	3 sites de urânio herdados
Monitoramento ambiental	US $ 5,3 milhões	5 sites ativos e inativos

Concentração e conversão de urânio

A fábrica branca de Mesa serve como a instalação primária de concentração de urânio, capaz de processar minério de urânio no concentrado de urânio de bico -amarelo. Em 2023, a instalação alcançou uma taxa de conversão de urânio de 92% de eficiência.

• Capacidade de concentração de urânio: 2.000 toneladas por ano
• Eficiência de conversão: 92%
• Produção de cáke -amarelo em 2023: 1,1 milhão de libras

Exploração e desenvolvimento de propriedades minerais

Os combustíveis de energia continuam a exploração ativa de possíveis locais de urânio e mineral de terras raras. Em 2023, a empresa investiu US $ 4,3 milhões em atividades de exploração e desenvolvimento em várias propriedades.

Área de exploração	Investimento	Potenciais minerais
Platô do Colorado	US $ 2,1 milhões	Urânio, vanádio
Projetos do Arizona	US $ 1,2 milhão	Elementos de terras raras
Exploração de Utah	US $ 1 milhão	Urânio, ree

Energy Fuels Inc. (UUUU) - Modelo de negócios: Recursos -chave

Reivindicações minerais significativas no Colorado e Utah

Energy Fuels Inc. detém 13.540 acres de reivindicações minerais em todo o Colorado e Utah a partir de 2024. A quebra específica de propriedades inclui:

Localização	Acres	Recurso primário
Colorado	7,240	Urânio
Utah	6,300	Vanádio

Tecnologias avançadas de processamento e extração

Os principais recursos tecnológicos incluem:

• Tecnologia de extração de urânio ISR (recuperação in situ)
• Capacidade convencional de processamento de moinho de urânio de 8 milhões de libras por ano
• Infraestrutura de separação de elementos de terras raras integradas

Equipe de engenharia geológica e de mineração experiente

Composição técnica da força de trabalho:

• 37 profissionais técnicos em tempo integral
• Experiência média do setor de mais de 15 anos
• Extração especializada em urânio e elementos de terras raras

Equipamento de mineração especializado e infraestrutura

Tipo de equipamento	Quantidade	Valor estimado
Mills de processamento	2	US $ 85 milhões
Instalações de extração	3	US $ 45 milhões

Técnicas de processamento mineral proprietário

O portfólio de propriedade intelectual inclui:

• 7 patentes ativas na extração de urânio
• 3 Patentes de processamento de elementos de terras raras pendentes
• Métodos de processamento hidrometalúrgico proprietário

Energy Fuels Inc. (UUUU) - Modelo de negócios: proposições de valor

Produção doméstica de materiais críticos de combustível nuclear

A Energy Fuels Inc. produziu 138.000 libras de urânio em 2022. A Companhia opera o Mill de Mesa Branca Em Utah, a única instalação convencional de produção de urânio nos Estados Unidos.

Métrica de produção	2022 Valor
Produção de urânio	138.000 libras
Produção de vanádio	223.000 libras

Práticas de mineração sustentáveis ​​e ambientalmente responsáveis

Os combustíveis energéticos implementam estratégias avançadas de gestão ambiental em suas operações de mineração.

• Investimento de recuperação: US $ 12,3 milhões em esforços de restauração ambiental
• Técnicas de conservação de água implementadas em instalações de processamento mineral
• Conformidade com a RyCom EPA e regulamentos ambientais em nível estadual

Concentrado de urânio e vanádio de alta qualidade

A empresa mantém 99,5% de padrões de pureza para concentrados de urânio e vanádio.

Mineral	Nível de pureza	Preço de mercado (2023)
Concentrado de urânio	99.5%	US $ 80 por libra
Concentrado de vanádio	99.5%	US $ 7,50 por libra

Suporte estratégico para infraestrutura de energia limpa

Os combustíveis energéticos suportam a infraestrutura de energia nuclear através da produção especializada de materiais.

• Capacidade de processamento de elementos de terras raras: 2.000 toneladas por ano
• Produção crítica de minerais para tecnologias de energia limpa
• Parcerias estratégicas com desenvolvedores avançados de tecnologia nuclear

Portfólio de recursos minerais diversificados

A empresa mantém vários recursos de extração e processamento minerais.

Recurso mineral	Capacidade de produção anual	Mercado primário
Urânio	300.000 libras	Energia nuclear
Vanádio	500.000 libras	Ligas de aço, baterias
Elementos de terras raras	2.000 toneladas	Eletrônica, energia renovável

Energy Fuels Inc. (UUUU) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas para utilitários de energia nuclear

A Energy Fuels Inc. gera vendas de urânio diretamente para clientes de serviços públicos nucleares com as seguintes métricas principais:

Métrica	Valor
Volume anual de vendas de urânio	Aproximadamente 400.000 libras U3O8
Preço médio de contrato	$ 65- $ 75 por libra U3o8
Clientes primários de utilidade nuclear	4-5 grandes utilitários norte-americanos

Negociações de contrato de oferta de longo prazo

Os combustíveis energéticos mantêm acordos estratégicos de fornecimento de urânio a longo prazo com características-chave:

• Durações de contratos que variam de 3-7 anos
• Volumes de entrega anuais mínimos garantidos
• Mecanismos de preços flexíveis

Suporte técnico para clientes do ciclo de combustível

Os serviços de suporte técnico incluem:

• Consulta de conversão de urânio
• Orientação do processo de enriquecimento
• Suporte abrangente de documentação técnica

Comunicação transparente com as partes interessadas

Canal de comunicação	Freqüência
Relatórios de ganhos trimestrais	4 vezes por ano
Chamadas de conferência de investidores	4 vezes por ano
Reunião Anual dos Acionistas	1 tempo por ano

Soluções personalizadas de processamento mineral

Os combustíveis energéticos oferecem recursos especializados de processamento mineral:

• Serviços de extração de elementos de terras raras
• Capacidades de processamento de vanádio
• Técnicas de concentração mineral personalizadas

Energy Fuels Inc. (UUUU) - Modelo de Negócios: Canais

Equipe de vendas diretas

Os combustíveis de energia mantêm uma equipe de vendas direta especializada focada nos mercados de urânio e vanádio. A partir de 2024, a equipe de vendas consiste em 12 profissionais dedicados segmentando:

• Empresas de serviços públicos nucleares
• Departamentos de Compras de Energia Domésticas e Internacionais
• Grupos de investimento em energia limpa

Canal de vendas	Contribuição anual da receita	Número de clientes -chave
Vendas corporativas diretas	US $ 47,3 milhões	18 clientes estratégicos
Contratos de longo prazo	US $ 32,6 milhões	7 principais contratos de serviços públicos

Conferências e feiras do setor

Os combustíveis energéticos participam de 8 a 10 grandes conferências do setor anualmente, incluindo:

• Simpósio da Associação Nuclear Mundial
• Conferência da semana de urânio
• Cúpula de urânio norte -americano

Site corporativo online

Métricas do site corporativo em 2024:

Métrica da web	Estatística
Visitantes mensais do site	42,500
Visualizações de página do investidor	17,300
Tempo médio no local	4,7 minutos

Apresentações técnicas para o setor de energia

Aparação anual de apresentação técnica:

• Apresentações totais: 15
• Alcance do público: 1.200 profissionais do setor
• Tópicos de apresentação: produção de urânio, tecnologias de energia limpa

Comunicações de Relações com Investidores

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	350-450 Investidores/analistas
Reunião Anual dos Acionistas	1 tempo por ano	275 acionistas
Apresentações de investidores	6-8 eventos anualmente	500-700 TOTENÇÃO ATENDECIDADOS

Energy Fuels Inc. (UUUU) - Modelo de negócios: segmentos de clientes

Empresas de geração de energia nuclear

Os combustíveis de energia servem empresas de geração de energia nuclear com recursos de produção de urânio.

Tipo de cliente	Demanda anual de urânio	Participação de mercado potencial
Utilitários nucleares domésticos	20.000 toneladas métricas	15.4%
Operadores nucleares internacionais	15.500 toneladas métricas	11.2%

Desenvolvedores de infraestrutura de energia limpa

Os combustíveis energéticos fornecem elementos de terras raras e urânio para projetos de infraestrutura de energia limpa.

• Fabricantes de turbinas eólicas
• Desenvolvedores de infraestrutura do painel solar
• Designers avançados de reatores nucleares

Agências de compras de energia do governo

Agência governamental	Volume anual de compras	Valor do contrato
Departamento de Energia dos EUA	5.000 toneladas métricas	US $ 125 milhões
Departamento de Defesa	2.500 toneladas métricas	US $ 62,5 milhões

Fabricantes de elementos de terras raras

Os combustíveis de energia fornecem elementos críticos de terras raras para a fabricação de alta tecnologia.

Elemento de Terra Rara	Produção anual	Preço de mercado
Neodímio	250 toneladas métricas	US $ 80.000 por tonelada
Praseodímio	150 toneladas métricas	US $ 75.000 por tonelada

Pesquisa e instituições científicas

• Laboratórios Nacionais
• Centros de Pesquisa Universitária
• Instalações avançadas de pesquisa de materiais

Tipo de instituição	Requisitos anuais de materiais	Valor típico do contrato
Laboratórios Nacionais	50 toneladas métricas	US $ 5 milhões
Centros de Pesquisa Universitária	25 toneladas métricas	US $ 2,5 milhões

Energy Fuels Inc. (UUUU) - Modelo de negócios: estrutura de custos

Despesas de exploração mineral

Para o ano fiscal de 2023, a Energy Fuels Inc. relatou despesas de exploração mineral de US $ 4,7 milhões.

Categoria de exploração	Quantidade de despesa
Exploração de elementos de terras raras	US $ 2,3 milhões
Exploração de urânio	US $ 1,8 milhão
Exploração do vanádio	US $ 0,6 milhão

Custos operacionais de mineração e extração

Os custos operacionais totais para mineração e extração em 2023 foram de US $ 12,6 milhões.

• Custos de mão -de -obra: US $ 5,2 milhões
• Manutenção do equipamento: US $ 3,4 milhões
• Despesas de combustível e energia: US $ 2,1 milhões
• Logística e transporte: US $ 1,9 milhão

Conformidade ambiental e remediação

As despesas de conformidade ambiental de 2023 totalizaram US $ 3,5 milhões.

Categoria de conformidade	Quantidade de despesa
Conformidade regulatória	US $ 1,6 milhão
Remediação do site	US $ 1,2 milhão
Monitoramento ambiental	US $ 0,7 milhão

Investimentos de tecnologia e equipamentos

As despesas de capital para tecnologia e equipamento em 2023 foram de US $ 8,9 milhões.

• Atualizações de equipamentos de processamento: US $ 4,3 milhões
• Tecnologia de separação de terras raras: US $ 2,6 milhões
• Melhorias de infraestrutura: US $ 2,0 milhões

Despesas de pesquisa e desenvolvimento

Os gastos com P&D em 2023 totalizaram US $ 2,3 milhões.

Área de foco em P&D	Quantidade de despesa
Processamento de elementos de terras raras	US $ 1,2 milhão
Tecnologias de recuperação de urânio	US $ 0,7 milhão
Técnicas de mineração sustentáveis	US $ 0,4 milhão

Energy Fuels Inc. (UUUU) - Modelo de negócios: fluxos de receita

Vendas de concentrado de urânio

A partir de 2024, os combustíveis de energia relataram volume de vendas de concentrado de urânio de 136.000 libras. O preço médio percebido no Urânio foi de US $ 80,50 por libra. A receita total de urânio para 2023 foi de US $ 10,9 milhões.

Métrica	Valor
Volume de vendas de urânio	136.000 libras
Preço médio à vista	US $ 80,50/libra
Receita total de urânio	US $ 10,9 milhões

Vendas minerais do vanádio

Os combustíveis de energia produziram 94.000 libras de vanádio em 2023. O preço médio de mercado do vanádio foi de US $ 7,25 por libra. A receita total do vanádio atingiu US $ 682.000.

Métrica	Valor
Produção de vanádio	94.000 libras
Preço médio	US $ 7,25/libra
Receita total do vanádio	$682,000

Contratos de Serviços Ambientais

Os contratos de remediação ambiental geraram US $ 3,2 milhões em receita durante 2023. Os principais contratos incluídos:

• Projetos de limpeza de rejeitos de moinho de urânio doe
• Serviços de processamento de resíduos radioativos
• Contratos de restauração do site

Processamento de elementos de terras raras

A receita de processamento de elementos de terras raras para 2023 foi de US $ 1,5 milhão. A capacidade de processamento atingiu 2.500 toneladas métricas de concentrado de terras raras.

Métrica	Valor
Receita de processamento de REE	US $ 1,5 milhão
Capacidade de processamento	2.500 toneladas métricas

Arrendamento de propriedades minerais e royalties

O arrendamento de propriedades minerais e a renda de royalties totalizaram US $ 750.000 em 2023. Os acordos de arrendamento cobriam vários locais de exploração mineral no oeste dos Estados Unidos.

Métrica	Valor
Leasing e renda de royalties	$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.