Announcement • Jun 25
Energy Fuels Inc. (TSX:EFR) entered into a definitive agreement to acquire VACUUMSCHMELZE GmbH & Co. KG from Ara Partners Group, LLC for $1.8 billion. Energy Fuels Inc. (TSX:EFR) entered into a definitive agreement to acquire VACUUMSCHMELZE GmbH & Co. KG from Ara Partners Group, LLC for $1.8 billion on June 23, 2026. A cash consideration of $718 million will be paid by Energy Fuels Inc. The consideration consists of 65.85 million common equity of Energy Fuels Inc. to be issued for common equity of VACUUMSCHMELZE GmbH & Co. KG. Energy Fuels Inc. has obtained a $250 million term loan financing commitment from Goldman Sachs to support the refinancing of certain of VAC's existing debt, subject to customary conditions, including execution of definitive documents and satisfaction of closing conditions. Accounting for the planned completion of the ASM acquisition, Ara Partners will own 19.9% of Energy Fuels following closing of the VAC transaction and will have the right to nominate one director to Energy Fuels' Board of Directors, as well as a one-time veto on an independent nominee to the Board.
As of December 31, 2025, ACUUMSCHMELZE GmbH & Co. KG reported EBITDA of $29 million.
The transaction is subject to subject to antitrust regulations, approval by regulatory board / committee and approval of offer by acquirer board. The deal has been unanimously approved by the board. The transaction is expected to close in early 2027. The acquisition of VAC will be immediately accretive to earnings and cash flow and VAC's legacy business generated $27 million of adjusted EBITDA in 2025 and has experienced more than 20% year-on-year growth in its order book for 2026.
Goldman Sachs & Co. LLC acted as financial advisor and fairness opinion provider for Energy Fuels Inc. Dentons Canada LLP acted as legal advisor for Energy Fuels Inc. Dorsey & Whitney LLP acted as legal advisor for Energy Fuels Inc. Herbert Smith Freehills Kramer acted as legal advisor for Energy Fuels Inc. Jefferies LLC is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal counsel for VACUUMSCHMELZE GmbH & Co. KG. New Risk • May 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Significant insider selling over the past 3 months (Mex$34m sold). Reported Earnings • May 08
First quarter 2026 earnings released: US$0.04 loss per share (vs US$0.13 loss in 1Q 2025) First quarter 2026 results: US$0.04 loss per share (improved from US$0.13 loss in 1Q 2025). Revenue: US$35.8m (up 112% from 1Q 2025). Net loss: US$10.8m (loss narrowed 59% from 1Q 2025). Revenue is forecast to grow 27% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in South America are expected to remain flat. Announcement • Apr 23
Energy Fuels Inc. to Report Q1, 2026 Results on May 07, 2026 Energy Fuels Inc. announced that they will report Q1, 2026 results on May 07, 2026 Announcement • Apr 07
Energy Fuels Inc., Annual General Meeting, Jun 24, 2026 Energy Fuels Inc., Annual General Meeting, Jun 24, 2026. Announcement • Mar 25
Energy Fuels Inc. Produces its First Kilogram of Terbium Oxide at its White Mesa Mill in Utah Energy Fuels Inc. announced it has successfully produced its first kilogram (kg) of terbium (Tb) oxide at its White Mesa Mill in Utah. Using monazite ore sourced from the United States, the team achieved a purity of 99.9% Tb at pilot scale, which meets the specifications of global manufacturers of rare earth permanent magnets (REPMs). This achievement follows the Company's recent announcement that it had produced nearly 30 kg of 99.9% pure dysprosium (Dy) oxide production, another critical heavy rare earth oxide (REO) used in permanent magnets. Energy Fuels believes it is the first U.S. company in many decades to produce high-purity Tb oxide from a primary mineral feedstock and publicly disclose actual production volumes and purities that are sufficient for downstream metal/alloy validation. Like the Company's Dy oxide, its Tb oxide has been requested by multiple magnet manufacturers and OEMs around the world to begin product validation. Both Dy and Tb are subject to Chinese export controls highlighting the need for secure, western supply chains. Adding Dy and Tb to permanent magnets makes a superior product for electric vehicles (EVs)/hybrid EVs, drones, robotics, and defense technologies by improving operational capabilities in high heat conditions and enabling smaller, lighter, and more powerful motors and actuators. The Mill expects to continue producing terbium oxide at an approximate rate of one kilogram per week in its existing pilot circuit, followed by pilot production of Sm, Eu, and Gd oxides. Recent Insider Transactions • Mar 12
Independent Director recently sold Mex$2.2m worth of stock On the 10th of March, Dennis Higgs sold around 6k shares on-market at roughly Mex$361 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$10m. Insiders have been net sellers, collectively disposing of Mex$342m more than they bought in the last 12 months. Announcement • Mar 04
Energy Fuels Inc. Announces Board Changes, Effective April 15, 2026 On February 26, 2026, Energy Fuels Inc. (Company) announced that it expects to appoint Mr. Ross Bhappu, the President of the company, to the role of Director of the company, effective April 15, 2026, consistent with the company’s previously announced succession plans and in accordance with his existing employment agreement. Concurrently with Mr. Bhappu's appointment, Mr. Mark Chalmers, the current Chief Executive Officer, will be retiring on April 15, 2026 from his role as Chief Executive Officer, consistent with his planned retirement date. Upon his retirement, Mr. Chalmers will continue as a consultant to the Company exclusively for two years to support, as required, Mr. Bhappu and others in the Company with current and future growth initiatives. Mr. Chalmers will also be resigning from his position as a Director of the Company upon his retirement. Mr. Chalmers' resignation from the Board of Directors is not due to any disagreement with the Company on any matters related to the Company's operations, policies or practices. Mr. Bhappu was originally appointed President of the Company effective August 4, 2025. Mr. Bhappu, age 65, brings over 35 years of experience in mining to the Company, including nearly 25 years with Resource Capital Funds, where he provided both technical and financial evaluation and support in project identification, analysis, development, valuation, project finance, mergers and acquisitions and sourcing of capital from private and public markets exclusively for the mining and minerals sector. Mr. Bhappu completed his Ph.D. degree in Mineral Economics at the Colorado School of Mines and B.S. and M.S. degrees in Metallurgical Engineering at the University of Arizona. He began his professional career with Cyprus Minerals Company in Denver, Colorado and Miami, Arizona where he served in both technical and financial roles before joining Newmont Mining Corporation in Denver where he served as Director of Business Development. Mr. Bhappu gained substantial expertise in copper concentrate marketing while at Newmont and served as CEO of GTN Copper Corporation for three years with a focus on acquiring and redeveloping a brownfield copper project in Arizona prior to joining Resource Capital Funds in 2001. During his 25 year tenure at Resource Capital Funds, where he served in multiple roles including as Head of Private Equity Funds, Mr. Bhappu was instrumental in the acquisition of Mountain Pass, the only operating rare earth mine in the U.S., and the recreation of Molycorp Inc. where he served as Chair of the Board from 2008-2013. Mr. Bhappu retired from Resource Capital Funds just prior to joining the Company. Reported Earnings • Feb 27
Full year 2025 earnings released: US$0.38 loss per share (vs US$0.28 loss in FY 2024) Full year 2025 results: US$0.38 loss per share (further deteriorated from US$0.28 loss in FY 2024). Revenue: US$65.9m (down 16% from FY 2024). Net loss: US$85.6m (loss widened 79% from FY 2024). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Oil and Gas industry in South America. Board Change • Feb 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Director Mike Stirzaker was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 12
Energy Fuels Inc. to Report Fiscal Year 2025 Results on Feb 27, 2026 Energy Fuels Inc. announced that they will report fiscal year 2025 results on Feb 27, 2026 
