Energy Fuels (UUUU) risk factors, FY2025 10-K

Risks Related to our Industry

1. 01We are subject to the risks normally encountered by companies in the mineral extraction industry43% rewritten
2. 02Our results of operations are significantly affected by the market prices of uranium, vanadium, rare earth elements and heavy mineral sands, which are cyclical and subject to substantial price fluctuations23% rewritten
3. 03The majority of our properties do not contain Mineral Reserves under S-K 1300 and NI 43-101, and some of the Company’s properties, projects and facilities may not be economic at any point in time or at all34% rewritten
4. 04Mining on properties having no known Mineral Resources or Mineral Reserves is inherently speculative and may not prove to be economic at any point in time or at all
5. 05Exploration, development, extraction, mining, recovery and milling of minerals, and the transportation and handling of the products recovered, are subject to extensive international, federal, state and local laws and regulations
6. 06There is a risk that current and future government administrations will not support mining, uranium mining, metals and alloys production, nuclear energy or other aspects of our business and may limit, restrict or prevent the use of public lands for mining, milling, processing/production and other activities
7. 07Public acceptance of nuclear energy and competition from other energy sources is unknown
8. 08Unfavorable media coverage of mining or nuclear energy could negatively affect our business
9. 09Potential impacts of public perceptions on our commercial relations84% rewritten
10. 10The uranium and REE industries are highly competitiveNew
11. 11Mining operations involve a high degree of risk
12. 12affected by unforeseen circumstances, including but not limited to delays due to litigation/injunctions. The effect of these factors cannot be accurately predicted, but the combination of these factors, along with others, may result in our not receiving an adequate return on invested capital
13. 13There is uncertainty in the estimation of Mineral Reserves and Mineral Resources
14. 14Opposition to mining may disrupt our business activities
15. 15We are subject to technical innovation and obsolescence
16. 16Mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure
17. 17Mining, mineral extraction, recovery and milling are subject to a high degree of risk, and we are not insured to cover against all potential risks
18. 18Risks associated with our REE business
19. 19Risks Associated with our HMS Initiatives39% rewritten
20. 20Risks Associated with our TAT Radioisotope Initiatives
21. 21Risks Associated with our New Metals and Alloys InitiativesNew

Risks Relating to our Regulatory Environment

1. 22Our business is subject to extensive environmental regulations that may make exploring, mining or related activities expensive, and which may change at any time
2. 23Changes in regulatory requirements or changes in attitudes or interpretations relating to existing regulatory requirements could have a material adverse effect on our operations and financial conditionNew
3. 24Possible amendments to the U.S. General Mining Law or other laws could make it more difficult or impossible for us to execute our business plan
4. 25The SEC’s disclosure requirements for Mineral Reserves and Mineral Resources, as codified in Subpart 1300 of Regulation S-K 1300, create ambiguity for issuers required to comply with both the requirements of S-K 1300 and NI 43-101, and may result in increased compliance costs for the Company
5. 26We are a “large accelerated filer” and are subject to a fully integrated audit pursuant to the Sarbanes-Oxley Act
6. 27Participation in Industry Trade Petition and related activities could have negative repercussions
7. 28Participation in the renewal of the Russian Suspension Agreement and related activities could have negative repercussions

Risks Related to Our Business

1. 29Some of our mineral properties may never be put into a state of production
2. 30The Mill has historically been run on a campaign basis as sufficient feed materials are available, and there can be no assurance that sufficient mill feed will be available in the future to sustain future campaigns
3. 31There can be no guarantee that we will be able to enter into additional new term sales contracts in the future for our Goods on suitable terms and conditions22% rewritten
4. 32Vanadium mineral resource estimates for the La Sal Complex are based in part on Mill production records
5. 33We face risks associated with the closure of Kwale Operations
6. 34We face risks associated with our ability to earn our 49% interest in the Donald Project Joint Venture28% rewritten
7. 35We may be unable to raise debt financing as may be required or desirable
8. 36We may be unable to timely pay our outstanding debt obligations, which may result in us losing some of our assets covered by mortgage and/or other security arrangements, and which may adversely affect our assets, results of operations and/or future prospects
9. 37We may need additional financing in connection with the implementation of our business and strategic plans from time to time
10. 38We have experienced negative cash flows from operations and may need additional financing in connection with the implementation of our business and strategic plans from time to time
11. 39We are subject to costs associated with decommissioning and reclamation of our properties
12. 40Our mineral properties may be subject to defects in title or risks of forfeiture90% rewritten
13. 41properties and, if a mineral examination is performed on a property, there can be no guarantee that the mineral examination would not result in one or more of our mining claims being considered invalid, which could prevent a project from proceedingNew
14. 42Because we may be unable to secure access rights to certain of our properties, we may be unable to explore and/or advance such properties
15. 43We face heightened risks relating to the business we conduct in foreign jurisdictions which could have a material adverse effect on our operations, liquidity and/or financial condition37% rewritten
16. 44The Company may face tax risks in certain operating foreign jurisdictions and unexpected taxes could be imposed on us which could have a material and adverse effect on our financial positionNew
17. 45Our operations outside the United States and Canada require us to comply with a number of United States, Canadian and international regulations, violations of which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition
18. 46Our operations in Africa expose us to regional-specific social, political, economic and/or other risks56% rewritten
19. 47We face risks associated with a Brazilian federal or state government enacting or managing a conservation unit or environmental protection area which could have a material adverse effect on our operations, liquidity and/or financial condition
20. 48We are subject to foreign currency risks which could have a material impact on our cash flows and profitability28% rewritten
21. 49We may not realize the anticipated benefits of previous acquisitions which could impair our results of operations, profitability and/or financial results50% rewritten
22. 50We prepare estimates of future uranium, uranium/vanadium, REE (monazite), HMC and HMS product E&R, and future metals and alloys production, and there are no assurances that such estimates will be achieved46% rewritten
23. 51We depend on the issuance of license amendments and renewals, which cannot be guaranteed
24. 52Our sales of Goods expose us to the risk of non-paymentNew
25. 53We are dependent on key personnel and qualified and experienced employees
26. 54We are dependent on business partner, government and third-party consents and approvals60% rewritten
27. 55Certain of our directors may be in a position of conflict of interest with respect to the Company due to their relationship with other resource companiesNew
28. 56Our relationship with our employees may be impacted by changes in labor relations which could have a material adverse impact on our cash flows, earnings, results of operations, and/or financial condition
29. 57Investors in jurisdictions outside of Canada may have difficulty bringing actions and enforcing judgments under their respective jurisdiction's securities laws against an Ontario corporation
30. 58An information security incident, including a cybersecurity breach, could have a negative impact to the Company’s business or reputation
31. 59Artificial intelligence presents risks and challenges that can impact our business by posing security risks to our confidential information, proprietary information and personal dataNew
32. 60The Company may compromise or lose its proprietary technology or intellectual property in certain circumstances, which could result in a loss in the Company’s competitive position and/or the value of its intangible assets
33. 61We may be required to provide financial statements of one or more of our equity method investees in our annual reports on Form 10-K and rely on our equity method investees to provide us with these financial statements to fulfill our SEC reporting obligations
34. 62Our method of accounting for equity investments in other companies held by the Company could result in material changes to the Company’s financial results that are not fully within the Company’s control57% rewritten
35. 63Servicing the Notes or future debt will require a significant amount of cash, and we may not have sufficient cash flow from our business to pay for the Notes or other future debtNew
36. 64We may still incur substantially more debt or take other actions which would intensify the risks discussed aboveNew
37. 65We may not have the ability to raise the funds necessary to settle conversions of the Notes in cash or to repurchase the Notes upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the NotesNew
38. 66The conditional conversion feature of the Notes, if triggered, may adversely affect our financial condition and operating resultsNew
39. 67Conversion of the Notes may dilute the ownership interest of our shareholders or may otherwise depress the price of our Common SharesNew
40. 68Certain provisions in the indenture governing the Notes may delay or prevent an otherwise beneficial takeover attempt of usNew
41. 69The capped call transactions may affect the value of the Notes and our Common SharesNew
42. 70We have been advised that, in connection with establishing their initial hedges of the capped call transactions, the counterparties or their respective affiliates entered into various derivative transactions with respect to our Common SharesNew
43. 71We are subject to counterparty risk with respect to the capped call transactions, and the capped call transactions may not operate as plannedNew
44. 72We can provide no assurances as to the financial stability or viability of the counterpartiesNew
45. 73We are subject to Global Economic Risks
46. 74Russia’s Invasion of Ukraine is severely and unpredictably impacting global energy markets and supply chains, and concerns over a second severe nuclear accident in Ukraine could seriously hurt public reception to nuclear energy
47. 75The price of our Common Shares is subject to volatility27% rewritten
48. 76The issuance of additional Common Shares may impact the trading price of our Common SharesNew
49. 77We may be subject to litigation and other legal proceedings arising in the normal course of business and may be involved in disputes with other parties in the future which may result in litigation
50. 78If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results and/or prevent fraud