Energy Fuels Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the transition period from ___________________ to ___________________ Commission file number:001-36204 (Exact name of registrant as specified in its charter) 98-1067994 Ontario, Canada(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 80228(Zip Code) (303) 974-2140(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Table of Contents Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company ☒Accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes☐No☒ As of May1, 2026, the registrant had 249,867 common shares (in thousands), without par value, outstanding. ENERGY FUELS INC.FORM 10-QFor the Quarter Ended March31, 2026INDEX PagePART I – FINANCIAL INFORMATIONITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)9ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS34ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK54ITEM 4. CONTROLS AND PROCEDURES55PART II – OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGS56ITEM 1A. RISK FACTORS56ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS56ITEM 3. DEFAULTS UPON SENIOR SECURITIES56ITEM 4. MINE SAFETY DISCLOSURE56ITEM 5. OTHER INFORMATION56ITEM 6. EXHIBITS57SIGNATURES CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q and the exhibits attached hereto (the “Quarterly Report”) contain “forward-looking statements”and “forward-looking information” within the meaning of applicable United States (“U.S.”) and Canadian securities laws (collectively,“forward-looking statements”), which may include, but are not limited to, statements with respect to Energy Fuels Inc.’s (the“Company” or “Energy Fuels,” “we,” “us” or “our”): anticipated results and progress of our operations in future periods; plannedexploration, development and operation of our mineral properties; plans related to our business, including the ramp-up of uraniumproduction and the expansion of our rare earth element (“REE”) and heavy mineral sands (“HMS”) initiatives; our continueddevelopment of capabilities for the commercial separation of REEs at our White Mesa Mill (the “White Mesa Mill” or the “Mill”) inUtah; development activities at our South Bahia HMS and REE project in Brazil (the “Bahia Project”); our reclamation activities atthe Kwale HMS Project in Kenya (the “Kwale Project”) and development activities at the Vara Mada REE and HMS Project inMadagascar (the “Vara Mada Project,” formerly known as the Toliara Project), which were acquired through our acquisition of BaseResources Limited (“Base Resources” or “Base”) on October 2, 2024; the potential earn-in of up to a 49% joint venture interest in theDonald REE and HMS Project in Australia (the “Donald Project”); plans related to the potential recovery of radioisotopes at the Millforuse in targeted alpha therapy(“TAT”)medical treatments;any plans related to the acquisition of additional uranium,uranium/vanadium, REE or HMS mineral properties; any plans related to the acquisition of metal-and-alloy or other projects to buildout an ex-China supply chain; expectations regarding production levels, costs, margins and timing; historic and estimated MineralResources and Mineral Reserves; maintenance and renewal of permits; expectations regardi