The Company is authorized to issue an unlimited number of Common Shares without par value, unlimited Preferred Shares issuable in series and unlimited Series A Preferred Shares. The Preferred Shares issuable in series will have the rights, privileges, restrictions and conditions assigned to the particular series upon the Board of Directors approving their issuance. The Series A Preferred Shares issuable are non-redeemable, non-callable, non-voting and have no right to dividends.

The calculation of basic net income (loss) per common share and diluted net income (loss) per common share after adjustment for the effects of all potential dilutive Common Shares is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Net loss attributable to Energy Fuels Inc.	$	(10,844)	$	(26,297)

Basic weighted average common shares outstanding	241,554		207,705
Dilutive impact of stock options and restricted stock units	—		—
Diluted weighted average common shares outstanding	241,554		207,705

Basic net loss per common share	$	(0.04)	$	(0.13)
Diluted net loss per common share	$	(0.04)	$	(0.13)

For the three months ended March 31, 2026 and 2025, a weighted average of 3.82 million and 4.10 million, respectively, stock options and restricted stock units (“RSUs”) have been excluded from the calculation of diluted net income per common share,

as their effect would have been anti-dilutive. In addition, the Company excluded stock appreciation rights (“SARs”) of 0.93 million and 1.02 million, respectively, for the three months ended March 31, 2026 and 2025. Additionally, for the three months ended March 31, 2026 and 2025, a weighted average of 0.05 million and 0.27 million, respectively, of Common Shares contingently issuable upon achieving the initial production milestone as part of the Company’s acquisition of RadTran that have been excluded from the calculation of diluted net loss per common share as their effect would have been anti-dilutive. Additionally, for the three months ended March 31, 2026, 34.42 million Common Shares have been excluded that would be issuable upon conversion of the Notes.