[Form 4] ENERGY FUELS INC Insider Trading Activity

Rhea-AI Filing Summary

J. Birks Bovaird, a director of Energy Fuels Inc. (UUUU), reported the sale of 10,000 common shares on 09/19/2025 under transaction code S. The sale price is reported as $14.85 (USD), reflecting a CAD-to-USD conversion at 1:0.7257 and described as an average price for multiple sales on that date. Following the reported transaction, the filing shows 195,617 shares beneficially owned. The Form 4 was signed 09/22/2025 and notes that detailed breakdowns of the individual transactions can be provided to the SEC on request.

Positive

• Timely disclosure filed and signed on 09/22/2025, meeting reporting requirements
• Clear explanation of CAD-to-USD conversion and that the price is an average for multiple sales
• Director retained substantial holdings after the sale (195,617 shares)

Negative

• Insider sale of 10,000 shares by a director, which may be perceived negatively by some investors

Insights

Financial Analyst

TL;DR: Director sold a small portion of holdings; transaction disclosed and ownership remains substantial.

The 10,000-share sale represents a partial disposition by a company director while still retaining 195,617 shares, indicating continued ownership exposure. The filing uses code S, denoting a standard sale, and reports a USD-equivalent price of $14.85 after a CAD-to-USD conversion. From a market-materiality perspective, the disclosure is routine: it informs investors of insider liquidity but does not, by itself, signal an operational change or material corporate event.

Corporate Governance Expert

TL;DR: Reporting meets Section 16 disclosure requirements; timing and clarity are appropriate.

The Form 4 is timely and signed, providing required transparency about insider transactions. The explanatory note clarifying currency conversion and aggregated pricing for multiple trades improves clarity for regulators and investors. There is no indication in the filing of transactions pursuant to a Rule 10b5-1 plan or other coded exemptions; the form checks the director box and indicates individual filing. This is a routine governance disclosure rather than a signal of governance concern.

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^*

Bovaird J. Birks

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

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	09/19/2025		S		10,000	D	$14.85	195,617	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

Explanation of Responses:

Remarks:

Price reported in Table I reflects a Canadian dollar to US dollar conversion at a rate of 1:0.7257, and is an average price for multiple sales made on the same date. Details of the individual transactions can be made available to the SEC upon request.

	J. Birks Bovaird	09/22/2025
	** 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 insider activity did ENERGY FUELS INC (UUUU) report on this Form 4?

The Form 4 reports that director J. Birks Bovaird sold 10,000 common shares on 09/19/2025 under transaction code S.

How many ENERGY FUELS shares does the reporting person own after the transaction?

The filing shows the reporting person beneficially owns 195,617 shares following the reported sale.

At what price were the ENERGY FUELS shares sold?

The sale price is reported as $14.85 (USD), which reflects a CAD-to-USD conversion at a rate of 1:0.7257 and is an average for multiple trades that day.

When was the Form 4 signed and filed for UUUU insider activity?

The Form 4 was signed by J. Birks Bovaird on 09/22/2025 and reports the transaction date as 09/19/2025.

Does the Form 4 indicate the sale was part of a 10b5-1 trading plan?

No checkbox or language in the provided content indicates the transaction was made pursuant to a Rule 10b5-1 plan.