UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

All amounts included below are in U.S. Dollars unless noted otherwise.

Introduction

On August 28, 2026, a wholly owned subsidiary of Energy Fuels Inc., EFR Critical Materials Pty Ltd. ("Energy Fuels Bidder"), completed the acquisition of all of the ordinary shares of Australian Strategic Materials Limited ("ASM") pursuant to a Scheme Implementation Deed dated January 21, 2026, as amended on March 13, 2026 by and among Energy Fuels Inc. ("Energy Fuels" or the "Company"), the Energy Fuels Bidder and ASM (the "Deed"). Under the Deed, at closing, each holder of ordinary shares of ASM received consideration of (i) 0.053 of the Company's CHESS Depositary Interests (by default) or, at their election, 0.053 of the Company's common shares for each ASM share held on the Scheme Record Date (being 5:00 pm Sydney, Australia time on August 21, 2026) (the "Deed Share Consideration"), and (ii) AUS$0.13 in cash (the "Deed Cash Consideration", and together with the Deed Share Consideration, the "Deed Scheme Consideration"). The total Deed Scheme Consideration was approximately $243.3 million, including total Deed Share Consideration issued by Energy Fuels of $217.2 million based on the closing price of the Company's common shares as of August 28, 2026 and total Deed Cash Consideration of approximately $26.1 million. Holders of ordinary shares of ASM that reside in certain jurisdictions received the net proceeds from the sale made by a nominee of the Company's common shares in lieu of the Deed Share Consideration. ASM option holders received A$0.50 per ASM option under a separate, but concurrent, scheme of arrangement (the "Option Scheme Consideration").

On June 23, 2026, Energy Fuels Inc. entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG ("Ara VAC Dutch TopCo"), Ara VAC TopCo US LLC ("Ara VAC US TopCo"), and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.8 billion based on Energy Fuels' closing share price of $11.35 as of September 25, 2026 (the "Merger"). Prior to the close of the acquisition, Ara VAC IE Aggregator, LP, a limited partnership organized under the laws of Ireland is the majority owner of Ara VAC Dutch TopCo, and the sole owner of Ara VAC US TopCo. Prior to acquisition, Ara VAC Blocker, SLP, a separate limited partnership organized under the laws of Jersey ("Blocker"), and Ara VAC Holdings, Ltd., a limited company organized under the laws of Ireland ("Ara HoldCo"), together with Blocker, comprise the minority owners of VAC ("VAC Minority Owners"). The aggregate purchase price to be paid by Energy Fuels will consist of: (i) $718.0 million in cash (the "Merger Cash Consideration"); (ii) 65,853,000 common shares of Energy Fuels (provided that the maximum number of common shares that will be issued shall not exceed the maximum number of common shares that may be issued without obtaining the approval of Parent's shareholders under applicable Canadian Securities Laws (the " Merger Share Consideration")); and (iii) preferred shares of Energy Fuels, if any (the "Merger Preferred Share Consideration"), to be issued in either or both of the following circumstances: (A) to the extent the number of common shares constituting the Merger Share Consideration is reduced to comply with the maximum issuance limit described above, preferred shares will be issued in replacement of any common shares so removed; and (B) if the volume-weighted average price of Energy Fuels' common shares in the twenty consecutive trading day period that ends on (and includes) the second trading day immediately prior to Closing is below a specified reference price of $20.93 per common share, additional preferred shares will be issued to provide a value top-up to the Ara Parties, in an amount not to exceed $135.0 million in value.

Management has determined that there are no material differences between financial statements prepared for the combined results of Ara VAC Dutch TopCo, Ara VAC US TopCo, and their respective consolidated subsidiaries, and the consolidated results of Ara VAC IE Aggregator, LP, given the immaterial impact of the noncontrolling interests held by VAC Minority Owners on such financial statements.

The Company is providing the following unaudited pro forma condensed combined financial information to aid shareholders in their analysis of the financial aspects of the Deed and Merger (together the "Business Combinations"). The unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X and should be read in conjunction with the accompanying notes.

The unaudited pro forma condensed combined balance sheet as of June 30, 2026 combines the unaudited consolidated balance sheet of Energy Fuels as of June 30, 2026, the audited balance sheet of ASM as of June 30, 2026, and the unaudited condensed consolidated statement of financial position of Ara VAC IE Aggregator, LP and its subsidiaries ("Ara VAC IE Aggregator, LP") as of June 30, 2026, giving effect to the Business Combinations as if it had been consummated on June 30, 2026.

The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025 combines the audited statement of operations of Energy Fuels for the year ended December 31, 2025, the unaudited statement of operations of ASM for the year ended December 31, 2025, and the audited consolidated statement of profit or loss of Ara VAC IE Aggregator, LP for the year ended December 31, 2025. The results of ASM for the year ended December 31, 2025 were calculated as (i) the historical audited statement of operations of ASM for the fiscal year ended June 30, 2025; less (ii) the historical unaudited statement of operations of ASM for the six months ended December 31, 2024; plus (iii) the historical unaudited statement of operations of ASM for the six months ended December 31, 2025.

The unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2026 combines the unaudited condensed statement of operations of Energy Fuels for the six months ended June 30, 2026, the unaudited condensed statement of operations of ASM for the six months ended June 30, 2026, and the unaudited condensed consolidated statement of profit or loss of Ara VAC IE Aggregator, LP for the six months ended June 30, 2026. The results of ASM for the six months ended June 30, 2026 were calculated as (i) the historical audited statement of operations of ASM for the fiscal year ended June 30, 2026; less (ii) the historical unaudited statement of operations of ASM for the six months ended December 31, 2025.

The unaudited pro forma condensed combined statements of operations give effect to the Business Combination as if they had been consummated on January 1, 2025.

The unaudited pro forma condensed combined financial information was derived from, and should be read in conjunction with, the following historical financial statements and the accompanying notes:

• The historical unaudited condensed consolidated financial statements of Energy Fuels as of and for the six months ended June 30, 2026, as filed with the Securities and Exchange Commission ("SEC") on August 5, 2026;

• The historical audited consolidated financial statements of Energy Fuels as of and for the year ended December 31, 2025, as filed with the SEC on February 26, 2026;

• The historical audited consolidated financial statements of ASM as of and for the year ended June 30, 2026, as published on the Company Reports page of ASM's website (https://asm-au.com/investors/company-reports/).

• The historical unaudited consolidated financial statements of ASM as of and for the six months ended December 31, 2025, as published on the Company Reports page of ASM's website (https://asm-au.com/investors/company-reports/).

• The historical audited consolidated financial statements of ASM as of and for the year ended June 30, 2025, as published on the Company Reports page of ASM's website (https://asm-au.com/investors/company-reports/).

• The historical unaudited condensed consolidated financial statements of Ara VAC IE Aggregator, LP as of and for the six months ended June 30, 2026, included as Exhibit 99.2 to Energy Fuels’ Current Report on Form 8-K with the SEC on October 13, 2026.

• The historical audited consolidated financial statements of Ara VAC IE Aggregator, LP as of December 31, 2025 and 2024 and January 1, 2024, and for the years ended December 31, 2025 and 2024, included as Exhibit 99.1 to Energy Fuels’ Current Report on Form 8-K with the SEC on October 13, 2026.

The unaudited pro forma condensed combined financial information should also be read together with other financial information included elsewhere or incorporated by reference into this Current Report.

The historical consolidated financial statements of ASM have been prepared in accordance with the Australian Accounting Standards Board ("AASB"), which are consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and in their presentation and reporting currency of Australian dollars ("AUD"). The historical consolidated financial statements of Ara VAC IE Aggregator, LP have been prepared in accordance with IFRS, as issued by IASB, and in their presentation and reporting currency of ("EUR"). The historical consolidated financial statements of Energy Fuels have been prepared in accordance with U.S. GAAP ("GAAP") and in their presentation and reporting currency of U.S. dollars ("USD").

Energy Fuels intends to obtain certain debt financing, with an original principal balance of $250.0 million, (the "Senior Secured Term Loan Facility") in order to finance the repayment of VAC debt that includes a pre-existing change in control provision upon consummation of the Merger with VAC. The interest on the Senior Secured Term Loan Facility reflects an assumed Secured Overnight Financing Rate ("SOFR") plus an assumed applicable margin. As of September 25, 2026 this rate was determined to be 3.67% plus an applicable margin of 2.5%.

Accounting for the Business Combinations

The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). Energy Fuels has been treated as the acquirer for accounting purposes, and thus accounts for the Business Combinations as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations ("ASC 805").

ASM's tangible and identifiable intangible assets acquired and liabilities assumed will be recorded at fair value at the close date, August 28, 2026, with the excess of the purchase consideration over the fair value of ASM's net assets being recorded as goodwill. The assets and liabilities of ASM have been measured based on various preliminary estimates using assumptions that Energy Fuels' management believes are reasonable and based on currently available information.

VAC's tangible and identifiable intangible assets acquired and liabilities assumed will be recorded at fair value at the date of completion of the Merger, with the excess of the purchase consideration over the fair value of VAC's net assets being recorded as goodwill. The assets and liabilities of VAC have been measured based on various preliminary estimates using assumptions that Energy Fuels' management believes are reasonable and based on currently available information.

Accordingly, the pro forma adjustments are preliminary and have been made solely for the purpose of providing this unaudited pro forma condensed combined financial information. There may be differences between these preliminary estimates used to prepare the accompanying unaudited pro forma condensed combined financial information and the final purchase accounting which could have a material impact on the combined company's future results of operations and financial position.

Basis of Pro Forma Presentation

The unaudited pro forma condensed combined financial information appearing below does not consider any potential effects of changes in market conditions on revenues or expense efficiencies, among other factors. In addition, as explained in more detail in the accompanying notes, the preliminary allocation of the pro forma purchase price reflected in the unaudited pro forma condensed combined financial information is subject to adjustment and may vary significantly from the actual purchase price allocation that will be recorded upon completion of the Business Combinations.

As described in the Introduction, Ara VAC IE Aggregator, LP is the majority owner of Ara VAC Dutch TopCo and Ara VAC US TopCo. The Ara VAC IE Aggregator, LP historical audited consolidated financial information and unaudited consolidated financial information include non-controlling interests attributable to Blocker and ARA HoldCo. The Ara VAC IE Aggregator, LP historical financial information serves as the basis of the VAC presentation in the pro forma financial information. Pro forma adjustments have been made to the Ara VAC IE Aggregator, LP historical financial statements to present the pro forma condensed combined financial information as if 100% of the Ara VAC Dutch TopCo is owned by Energy Fuels, consistent with the terms of the Merger, through the elimination of non-controlling interest to present combined consolidation pro forma financial statements of VAC.

The unaudited pro forma condensed combined financial information has been prepared based on the aforementioned historical consolidated financial statements and the assumptions and adjustments as described in the notes to the unaudited pro forma condensed combined financial information. The pro forma adjustments reflect transaction accounting adjustments related to the Business Combinations and the financing transactions, which are discussed in further detail below. Amounts presented reflect the accounting for the acquisition of ASM and VAC by Energy Fuels. These transaction accounting adjustments are preliminary, subject to further revision as additional information becomes available and additional analyses are performed and have been made solely for the purpose of providing the unaudited pro forma condensed combined financial information. Therefore, the unaudited pro forma condensed combined financial information is presented for illustrative purposes only and do not purport to represent the combined company's consolidated results of operations or consolidated financial position that would actually have occurred had the Business Combinations been consummated on the dates assumed or to project the combined company's consolidated results of operations or consolidated financial position for any future date or period.

In addition, for purposes of the unaudited pro forma condensed combined financial information, certain amounts within the applicable historical consolidated financial statements of ASM and VAC have been reclassified to align to the financial statement presentation of Energy Fuels, translated into USD. The applicable historical consolidated financial statements of ASM are prepared under the accounting standards issued by the AASB, which are consistent with IFRS. The applicable historical consolidated financial statements of VAC are prepared in accordance with IFRS.

Certain adjustments have been made to reflect ASM's and VAC's historical audited and unaudited consolidated financial statements on a U.S. GAAP basis for purposes of presenting the unaudited pro forma financial information and to align ASM's and VAC's historical significant accounting policies under IFRS to Energy Fuels' significant accounting policies under U.S. GAAP. As of the date of this filing, Energy Fuels has not identified all adjustments necessary to convert ASM's and VAC's historical audited and unaudited financial statements prepared in accordance with IFRS to U.S. GAAP and to conform to Energy Fuels' accounting policies. A more comprehensive comparison and assessment including review of the accounting policies of ASM and VAC is expected to occur, which may result in additional differences being identified. Additionally, Energy Fuels has included certain reclassifications for consistency in the financial statement presentation.

The unaudited pro forma condensed combined financial information does not reflect the costs of any integration activities or cost savings or synergies that may be achieved because of the Business Combinations.

Energy Fuels and ASM did not have any material relationships prior to the closing of the Deed. Accordingly, no pro forma adjustments were required to eliminate activities between the two companies.

Energy Fuels and VAC have not had any material relationships. Accordingly, no pro forma adjustments were required to eliminate activities between the two companies.

ASM and VAC have not had any material relationships. Accordingly, no pro forma adjustments were required to eliminate activities between the two companies.

Unaudited Pro Forma Condensed Combined Balance Sheet

As of June 30, 2026

Please refer to the notes to the unaudited pro forma condensed combined financial information.

Unaudited Pro Forma Condensed Combined Balance Sheet

As of June 30, 2026 (Cont.)

Please refer to the notes to the unaudited pro forma condensed combined financial information.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Six Months Ended June 30, 2026

Please refer to the notes to the unaudited pro forma condensed combined financial information

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2025

Please refer to the notes to the unaudited pro forma condensed combined financial information

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

1. Basis of Presentation

The pro forma adjustments have been prepared as if the Business Combinations had been consummated on June 30, 2026, in the case of the unaudited pro forma condensed combined balance sheet, and, in the case of the unaudited pro forma condensed combined statement of operations, as if the Business Combinations had been consummated on January 1, 2025, the beginning of the earliest period presented in the unaudited pro forma condensed combined statement of operations.

The historical consolidated financial statements of ASM have been prepared in accordance with the accounting standards issued by the AASB, which are consistent with IFRS as issued by the IASB and in their presentation and reporting currency of AUD. The historical consolidated financial statements of Energy Fuels has been prepared in accordance with U.S. GAAP and in their presentation and reporting currency of USD. For purposes of the unaudited pro forma condensed combined financial information, ASM's unaudited consolidated statement of financial position as of June 30, 2026 was translated using the spot rate on June 30, 2026 (1.445504$/AUD). ASM's unaudited consolidated income statement for the six months ended June 30, 3036 was translated using the average exchange rate for the six months ended June 30, 2026 (1.424063$/AUD). ASM's unaudited consolidated income statement for the twelve months ended December 31, 2025 was translated using the average exchange rate for the twelve months ended December 31, 2025 (1.550931$/AUD).

The historical consolidated financial statements of VAC have been prepared in accordance with IFRS as issued by the IASB and in their presentation and reporting currency of EUR. The historical consolidated financial statements of Energy Fuels has been prepared in accordance with U.S. GAAP and in their presentation and reporting currency of USD. For purposes of the unaudited pro forma condensed combined financial information, VAC's unaudited consolidated statement of financial position as of June 30, 2026 was translated using the spot rate on June 30, 2026 (0.875297$/€). VAC's unaudited consolidated income statement for the six months ended June 30, 3036 was translated using the average exchange rate for the six months ended June 30, 2026 (0.857263$/€). VAC's unaudited consolidated income statement for the twelve months ended December 31, 2025 was translated using the average exchange rate for the twelve months ended December 31, 2025 (0.884465$/€).

Certain adjustments have been made to reflect ASM's and VAC's historical audited and unaudited consolidated financial statements on a U.S. GAAP basis for purposes of presenting the unaudited pro forma financial information and to align ASM's and VAC's historical significant accounting policies under IFRS to Energy Fuels' significant accounting policies under U.S. GAAP.

The preparation of the unaudited pro forma condensed combined financial information is based on reasonable estimates, assumptions and adjustments that affect the amounts reported in such financial statements and the notes thereto. The pro forma adjustments are preliminary, subject to further revision as additional information becomes available and additional analyses are performed and have been made solely for the purpose of providing the unaudited pro forma condensed combined financial information. The unaudited pro forma condensed combined financial information are presented for illustrative purposes only and do not necessarily reflect the operating results or financial position that would have occurred if the Business Combinations and the financing transactions had been consummated on the dates indicated, nor are they necessarily indicative of the results of operations or financial condition that may be expected for any future period or date. Differences between these preliminary estimates and the final transaction accounting, which are expected to be completed for ASM and VAC within one year of the respective Deed and Merger close dates, will occur and these differences could have a material impact on the accompanying unaudited pro forma condensed combined financial information and the combined company's future results of operations and financial position.

2. ASM Reclassification Adjustments

ASM's historical balances were derived from ASM's historical consolidated financial statements described above and are presented under the accounting standards of the AASB, which are consistent with IFRS and converted from AUD to USD based on the historical exchange rates presented above in Note 1.

During the preparation of the unaudited pro forma condensed combined financial information, Energy Fuels performed a preliminary review of ASM's financial statements to identify differences in financial statement presentation as compared to the presentation of Energy Fuels. Based on the information currently available, certain reclassifications have been made to ASM's historical consolidated financial statements to conform to Energy Fuels' presentation. Further review of ASM's financial statements may result in additional reclassifications, which could be materially different from the amounts set forth in the unaudited pro forma condensed combined financial information presented herein.

Refer to the table below for a preliminary reconciliation of the historical consolidated financial statements of ASM to Energy Fuels' presentation:

Reclassification of historical ASM:

(a) Biological assets were reclassified to prepaid expenses and other current assets and non-current other assets to conform with Energy Fuels presentation.

(b) Exploration and evaluation assets were reclassified to mineral properties to conform with Energy Fuels presentation.

(c) Provisions were reclassified to accounts payable and accrued liabilities to conform with Energy Fuels presentation.

(d) Current lease liabilities within current interest bearing liabilities were reclassified to current other liabilities; short term borrowings within current interest bearing liabilities were reclassified to the current borrowings - both in order to conform with Energy Fuels presentation.

(e) Non-current interest bearing liabilities, relating solely to leases, were reclassified to non-current other liabilities to conform with Energy Fuels presentation.

(f) Provisions for employee benefit liabilities were reclassified to non-current employee benefit obligations to conform with Energy Fuels presentation.

(g) Provisions for decommissioning was reclassified to asset retirement obligations to conform with Energy Fuels presentation.

(h) Other equity was reclassified to share capital to conform with Energy Fuels presentation.

(i) Capital contribution reserves and share-based payments were reclassified from reserves to share capital to conform with Energy Fuels presentation. Foreign currency translation reserve and retirement benefit obligation reserve have been reclassified from reserves to accumulated other comprehensive income to conform with Energy Fuels presentation.

Reclassification of historical ASM:

(a) Fair value movement in biological assets, finance costs, and net foreign exchange gain/(loss) were reclassified to other income (loss) to conform with Energy Fuels presentation.

(b) Operating expenses, along with depreciation and amortization expense, were reclassified to exploration, development and processing to conform with Energy Fuels presentation.

(c) Professional fees and consulting services, employee renumeration, shared-based payments, directors' fees and salaries, general and administration expenses, and pastoral company expenses have been reclassified to selling, general and administration to conform with Energy Fuels presentation.