Energy Fuels closes $700 million convertible notes offering

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) completed its offering of 0.75% convertible senior notes due 2031 for $700 million, including the full exercise of initial purchasers' option to purchase an additional $100 million of notes, the company announced.

Goldman Sachs & Co. LLC served as sole book-running manager for the offering, with Cantor as lead manager and capped call coordinator, Morgan Stanley as lead manager, and BMO Capital Markets and Canaccord Genuity as co-managers.

The notes carry a cash interest coupon of 0.75% per annum, payable semi-annually beginning May 1, 2026. The conversion price is approximately $20.34 per common share, representing a 32.5% premium to the last reported sale price on the NYSE American on September 30, 2025.

Energy Fuels purchased capped call options for approximately $53.55 million, increasing the effective conversion price to $30.70, which represents a 100% premium over the September 30 closing price. The notes mature on November 1, 2031, unless earlier converted, redeemed or repurchased.

"We are pleased to announce the completion of a significant financing milestone, as we capitalized on the robust market environment," said CEO Mark Chalmers. "This strategic capital raise strengthens our balance sheet and enhances our ability to accelerate our rare earth initiatives, including the expansion at our White Mesa Mill and Donald Project in Australia."

The company plans to use proceeds to advance rare earth initiatives and uranium production operations. Energy Fuels operates uranium projects in the western United States and owns the White Mesa Mill in Utah, the only fully licensed conventional uranium processing facility in the United States.

The notes were offered only to qualified institutional buyers under Rule 144A and were not registered under the Securities Act of 1933.

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