[Form 4] Energy Fuels Inc. Insider Trading Activity

Rhea-AI Filing Summary

Energy Fuels Inc. (UUUU) reported insider equity awards to Michiel Van Akkooi, its Senior Vice President of Global External Affairs. The filing shows a grant of 12,060 restricted stock units (RSUs) that vest 50% on January 27, 2026, 25% on January 27, 2027 and 25% on January 27, 2028. It also discloses a grant of 12,832 performance-based stock options with an exercise price of $10.69 per share (noted as a 10% premium to fair market value) exercisable beginning August 5, 2026 and expiring August 4, 2030. Following these grants the reporting person beneficially owns 12,060 common shares (direct) and 128,832 shares underlying options/awards in total as reported. The Form 4 was signed by an attorney-in-fact on August 7, 2025.

Positive

• Equity-based compensation aligns the SVP's interests with long-term shareholder value through time-vested RSUs and performance options
• Performance-based options require share-price appreciation above $10.69, linking pay to company performance

Negative

• Potential dilution from 12,832 options and 12,060 RSUs if vested and settled increases outstanding share count
• Option strike is a premium but still creates future share issuance risk if performance targets are met and options exercised

Insights

Compensation/Corporate Governance Analyst

TL;DR: Executive awarded time‑vested RSUs and performance options to align incentives; exercise price set above current market.

The grants combine time‑based restricted stock units with performance‑based options, a typical structure to retain senior executives and link pay to company performance. The RSU vesting schedule spreads retention through 2028. The options include a 10% premium exercise price ($10.69), which requires share price appreciation before intrinsic value accrues. From a governance perspective, these awards are customary but will incrementally increase potential dilution as options vest and RSUs settle. Disclosure is complete and standard for Section 16 filings.

Securities/Equity Analyst

TL;DR: The awards are routine insider compensation; impact on capitalization is limited but measurable if exercised.

The reported 12,832 options and 12,060 RSUs represent granted instruments that could convert to common shares over time, increasing outstanding share count if vested and exercised. The option strike at $10.69 implies management expects or incentivizes upside above that price. Immediate market impact is likely neutral; materiality depends on the company's market cap and total shares outstanding, which are not provided in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

VAN AKKOOI MICHIEL

(Last) (First) (Middle)

C/O ENERGY FUELS INC.

225 UNION BLVD., SUITE 600

(Street)

LAKEWOOD CO 80228

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENERGY FUELS INC [ UUUU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP of Global External Affairs

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares(1)	08/05/2025(1)	(1)	A(1)		12,060(1)	A(1)	$0(1)	12,060(1)	D(1)	(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance-Based Stock Options ("Options")(2)	$10.09	08/05/2025		A		12,832		08/05/2026	08/04/2030	Common Shares	12,832	$0	128,832	D

Explanation of Responses:

1. Table I reflects a grant of 12,060 restricted stock units ("RSUs"), which vest as follows: 50% on January 27, 2026; 25% on January 27, 2027; and 25% on January 27, 2028.

2. Table II reflects a grant of 12,832 performance-based stock options having an exercise price of $10.69/share, being a 10% premium to their fair market value at the time of grant.

	/s/ David C. Frydenlund as attorney-in-fact for Michiel Van Akkooi	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Michiel Van Akkooi receive according to the UUUU Form 4?

He received 12,060 RSUs and 12,832 performance-based stock options as reported on the Form 4.

What is the vesting schedule for the RSUs in the UUUU filing?

RSUs vest 50% on January 27, 2026; 25% on January 27, 2027; and 25% on January 27, 2028.

What is the exercise price and term of the options granted in the UUUU filing?

Exercise price is $10.69 per share, exercisable beginning August 5, 2026, with an expiration date of August 4, 2030.

How many shares does the reporting person beneficially own after the transaction?

12,060 common shares directly are reported; the filing also lists 128,832 shares underlying derivative securities beneficially owned following the transaction.

When was the Form 4 signed for the UUUU disclosure?

The Form 4 was executed by an attorney-in-fact on August 7, 2025.