Energy Fuels SEC Filings

Energy Fuels Inc. is a Canada‑incorporated, Colorado‑based producer of critical minerals, focused on uranium, vanadium, rare earth elements (REEs) and heavy mineral sands (HMS). It operates the White Mesa Mill in Utah, the only licensed and operating uranium mill in the U.S., which also recovers REEs and can process alternate uranium-bearing feeds.

The company produced approximately 1,015,000 pounds of U₃O₈ in 2025 and mined mineralized material containing about 1,720,000 pounds of U₃O₈ from its Pinyon Plain, La Sal and Pandora mines. For 2026, it expects to produce 2.0 to 2.5 million pounds of U₃O₈ and has six long‑term uranium contracts targeting 740,000 to 880,000 pounds of sales in 2026 and 770,000 to 1,130,000 pounds in 2027.

Energy Fuels is building an integrated REE business around monazite feed from its Bahia (Brazil), Vara Mada (Madagascar) and Donald (Australia) projects, and a 9.48% joint venture interest in the Donald Project. Its existing Phase 1 circuit can produce up to 1,049 tonnes of NdPr per year, with planned expansions across Phase 1 and Phase 2 targeting 6,562 tonnes of NdPr, 200 tonnes of Dy and 60 tonnes of Tb annually. The company is also advancing a medical isotope program, including the 2024 acquisition of RadTran and R&D to recover Ra‑226 and Ra‑228 for targeted alpha therapy. A $1.13 billion aggregate market value of non‑affiliate equity and 241,606 thousand common shares outstanding as of February 20, 2026 highlight its scale.

Energy Fuels Inc. furnished an updated pre-feasibility study for its Pinyon Plain underground uranium mine in Arizona, along with a separate feasibility study for the Donald rare earths and mineral sands project in Australia. The Pinyon Plain plan envisions mining 133,000 tons of ore grading 0.97% U₃O₈ over a 32‑month life, producing about 2.47 million pounds of U₃O₈ at 96% recovery.

The study assumes a long-term uranium price of $80/lb, generating after-tax undiscounted cash flow of $97.7 million and an after-tax NPV at a 5% discount rate of $78.3 million. Life-of-mine capital is estimated at $10.6 million and operating costs at $73.7 million, or $542 per ton milled, equating to cash operating costs of $30.08/lb U₃O₈ and all-in costs of $34.39/lb.

Energy Fuels Inc. received a new large-holder disclosure from Global X Management Company LLC. Global X reports beneficial ownership of 13,635,299 common shares of Energy Fuels, representing 5.75% of the class as of the event date. Global X is the investment adviser to the Global X Uranium ETF, which actually holds the shares and receives all dividends and sale proceeds. Global X has sole voting and dispositive power over these shares but states they were acquired and are held in the ordinary course of business, not to change or influence control of Energy Fuels.

Van Eck Associates Corporation, a Delaware-based investment manager, reported a passive ownership stake in Energy Fuels Inc. common shares as of 12/31/2025. Van Eck beneficially owns 12,251,167 common shares, representing 5.17% of the class, with sole voting and sole dispositive power over all of these shares.

The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Energy Fuels. This Schedule 13G positions Van Eck as a significant, but passive, institutional shareholder in the company.

Energy Fuels Inc. completed a private offering of $700.0 million aggregate principal amount of 0.75% Convertible Senior Notes due 2031, using this amended filing mainly to refile a corrected indenture exhibit.

The notes pay 0.75% interest, mature on November 1, 2031, and can be converted into common shares at an initial rate of 49.1672 shares per $1,000 principal (a conversion price of about $20.34 per share, a 32.5% premium to the September 30, 2025 NYSE American closing price). Net proceeds are approximately $674.6 million after fees, with about $53.55 million spent on capped call transactions designed to limit dilution and offset cash above principal on conversion up to a $30.70 per-share cap. Based on a higher maximum conversion rate, initially up to 45,602,550 common shares may be issued if all notes convert at that maximum rate.

Energy Fuels Inc. granted equity awards to senior executive Misael Cabrera, SVP Regulatory, Environmental and Sustainability Affairs. On 1/27/2026, he received 10,443 common shares in the form of restricted stock units at $0 per share, all held directly.

These 10,443 restricted stock units vest 50% on 1/27/2027, 25% on 1/27/2028, and 25% on 1/27/2029. He also received 12,019 employee stock options with a $26.07 exercise price, set at a 10% premium to a $23.70 grant price, vesting 50% on 1/27/2027 and 50% on 1/27/2028, and expiring on 1/26/2031. The filing notes it was submitted late due to delays in obtaining EDGAR filing codes.

Energy Fuels Inc. filed an initial insider ownership report for executive Misael Cabrera, who began employment as SVP Regulatory, Environmental and Sustainability Affairs effective January 19, 2026. The filing states that no securities are beneficially owned by the reporting person. The report notes it was filed late due to a lengthy delay in obtaining EDGAR filing codes.

Energy Fuels Inc. director Jaqueline Herrera filed an amended initial ownership statement reporting beneficial ownership of 2,900 common shares held directly. The filing explains that this holding was inadvertently not reported when she joined the board and that the shares were purchased in the open market.

Energy Fuels Inc. officer Michiel van Akkooi received a grant of performance-based stock options. The amended filing reports 13,611 performance-based stock options with an exercise price of $10.69 per option, exercisable starting 08/05/2026 and expiring on 08/04/2030. After this grant, 13,611 derivative securities are beneficially owned directly. The amendment corrects the number of options previously miscalculated using a Black-Scholes value intended for non-performance options.