[Form 4] ENERGY FUELS INC Insider Trading Activity

Energy Fuels Inc. executive David C. Frydenlund, EVP & Chief Legal Officer, reported multiple equity transactions on 01/27/2026.

Rhea-AI Filing Summary

Energy Fuels Inc. executive David C. Frydenlund, EVP & Chief Legal Officer, reported multiple equity transactions on 01/27/2026. He received 22,903 restricted stock units (RSUs) that vest 50% on 1/27/2027, 25% on 1/27/2028, and 25% on 1/27/2029, bringing his directly held common shares at that point to 642,071.

He also disposed of 35,490 common shares at $24.16 per share, after which he directly held 629,484 common shares. In addition, he was granted 26,358 performance-based stock options with a $26.07 exercise price, vesting 50% on 1/27/2027 and 50% on 1/27/2028, representing rights to acquire 26,358 common shares.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Frydenlund David C.

Role EVP & Chief Legal Officer

Type	Security	Shares	Price	Value
Grant/Award	Performance-Based Stock Options ("Options")	26,358	$0.00	$0.00
Grant/Award	Common Shares	22,903	$0.00	$0.00
Exercise Price or Tax Liability	Common Shares	35,490	$24.16	$857K

Holdings After Transaction: Performance-Based Stock Options ("Options") — 26,358 contracts (Direct); Common Shares — 629,484 shares (Direct)

Footnotes (2)

1. F1. Reflects grant of 22,903 RSUs which vest as follows: 50% on 1/27/2027; 25% on 1/27/2028; and 25% on 1/27/2029.
2. F2. Reflects grant of 26,358 Options having a strike price at a 10% premium of the grant price of $23.70, which vest as follows: 50% on 1/27/2027 and 50% on 1/27/2028.

FAQ

What insider transactions did Energy Fuels (UUUU) EVP David C. Frydenlund report?

David C. Frydenlund reported receiving 22,903 RSUs and 26,358 performance-based stock options on 01/27/2026, and disposing of 35,490 common shares at $24.16 per share. After these transactions, he directly held 629,484 common shares of Energy Fuels Inc.

How many RSUs did Energy Fuels (UUUU) EVP receive and how do they vest?

He received 22,903 restricted stock units. These RSUs vest in stages: 50% on January 27, 2027, 25% on January 27, 2028, and the remaining 25% on January 27, 2029, aligning vesting with multi-year service and performance horizons at Energy Fuels.

What are the terms of the performance-based stock options granted to the Energy Fuels (UUUU) EVP?

He was granted 26,358 performance-based stock options with a $26.07 exercise price, set at a 10% premium to a $23.70 grant price. These options vest 50% on January 27, 2027, and 50% on January 27, 2028, and expire on January 26, 2031.

How many Energy Fuels (UUUU) shares does the EVP hold after the reported Form 4 transactions?

After the reported transactions on January 27, 2026, David C. Frydenlund directly holds 629,484 common shares of Energy Fuels Inc. He also holds derivative rights through 26,358 performance-based stock options linked to an equal number of underlying common shares.

At what price were the Energy Fuels (UUUU) shares disposed of in the EVP’s Form 4 filing?

The filing reports a disposition of 35,490 Energy Fuels common shares at a price of $24.16 per share on January 27, 2026. This transaction reduced the EVP’s directly held common shares from 642,071 to 629,484 following the reported activity.

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Accepted by SEC EDGAR 01/29/2026 - 09:15 PM Learn about SEC filing dates

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^*

Frydenlund David C.

(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)
	EVP & Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

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	01/27/2026		A		22,903(1)	A	$0	642,071	D
Common Shares	01/27/2026		F		35,490	D	$24.16	629,484	D

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")	$26.07	01/27/2026		A		26,358		(2)	01/26/2031	Common Shares	26,358	$0	26,358	D

Explanation of Responses:

1. Reflects grant of 22,903 RSUs which vest as follows: 50% on 1/27/2027; 25% on 1/27/2028; and 25% on 1/27/2029.

2. Reflects grant of 26,358 Options having a strike price at a 10% premium of the grant price of $23.70, which vest as follows: 50% on 1/27/2027 and 50% on 1/27/2028.

	/s/ David C. Frydenlund	01/29/2026
	** 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.
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