Madagascar lifts 5-year suspension on Energy Fuels' Toliara project; development to resume

ENERGY FUELS INC

Madagascar Council of Ministers lifted the suspension on Energy Fuels' 100%-owned Toliara project, imposed since Nov 2019.
Company holds a mining permit for titanium and zirconium minerals (ilmenite, rutile, zircon); plans to add rare-earth production.
Recommencing development, community programs, technical and environmental work; targets Final Investment Decision by early 2026.
Energy Fuels acquired Toliara via purchase of Base Resources in Oct 2024; project is 100% owned.
Negotiating with Madagascar government to formalize fiscal, stability terms and rare-earth permit amendment.

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