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美国
证券交易委员会
华盛顿特区 20549
___________________________

8-K 表格

当前报告
根据1934年证券交易法第13条或第15(d)条

报告日期（最早事件报告日期）： \n 2026年10月13日\n

ENERGY FUELS INC.
(在章程中规定的注册人准确名称)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 安大略\n	\n 001-36204\n	\n 98-1067994\n
(州或其他司法管辖区	(委员会	(IRS 雇主
的成立地)	文件编号)	识别号码)

\n 225 Union Blvd., Suite 600
\n \n 科罗拉多州莱克伍德市，美国\n 80228
\n (主要执行办公室地址) (邮政编码)

注册人的电话号码，包括地区代码： (303) 974-2140

不适用
(如自上次报告以来名称或地址已更改，请填写旧名称或旧地址)

如果拟同时满足注册人根据以下任何规定提交文件义务，请在下方勾选适当方框：

\n ☐ 根据《证券法》第425条的书面沟通（17 CFR 230.425）\n

\n ☐ 根据《交易法》第14a-12条（17 CFR 240.14a-12）征求材料\n

\n ☐ 根据《交易法》第14d-2(b)条（17 CFR 240.14d-2(b)）进行的开始前沟通\n

\n ☐ 根据《交易法》第13e-4(c)条（17 CFR 240.13e-4(c)）进行的开始前沟通\n

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

每类的名称	交易代码	每类注册的交易所名称
\n 没有面值的普通股\n	\n UUUU\n	\n 纽约证券交易所美国有限责任公司\n
	EFR	多伦多证券交易所

通过勾选方框表明注册人是否根据《1933年证券法》第405条（§ 230.405）或《1934年证券交易法》第12b-2条（§ 240.12b-2）定义的新兴成长公司。

新兴成长公司 ☐\n

如果是一家新兴成长公司，请通过勾选方框表明注册人是否选择不使用根据《交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

说明性备注

如之前在2026年6月26日的8-K格式当前报告（\"VAC 宣布 8-K\"）中所报告的，Energy Fuels Inc.（\"公司\"或\"Energy Fuels\"或\"我们\"或\"我们\"或\"我们\"）于2026年6月23日与VAC 宣布 8-K中提到的各方（\"合并协议\"）签订了一份合并协议和计划，根据该协议，Energy Fuels 将从 Ara Partners（\"VAC 收购\"）处收购 VAC Group B.V.、Ara VAC TOPCO US LLC 及其各自合并的子公司（统称为\"VAC\"）100%的股份。

VAC收购的完成仍需满足或放弃在合并协议中规定的某些常规交割条件，并如VAC公告8-K中所述。如果完成VAC收购，我们将根据第2.01项的要求，在8-K表格的当前报告中披露有关VAC收购完成的信息。

如之前在2026年8月28日的8-K表格当前报告（“ASM收盘8-K”）中所报告的，Energy Fuels的一家全资子公司EFR Critical Materials Pty Ltd。（“Energy Fuels投标方”）根据2026年1月21日签署的《方案实施协议》，并于2026年3月13日修订，Energy Fuels、Energy Fuels投标方和ASM（“ASM收购”）之间签署的协议，完成了对澳大利亚战略材料有限公司（“ASM”）所有普通股的收购。

本8-K表格的目的是（i）披露进入合并协议修正案（如下文定义）；（ii）补充公司有关ASM收购后业务和运营的重要披露；（iii）补充公司有关VAC业务和运营的披露，如果VAC收购按计划完成，这些披露将对本公司具有重大意义；（iv）披露Energy Fuels首席法律顾问兼全球政府关系执行副总裁的计划离职；（v）提供VAC的某些历史财务报表，如果VAC收购按计划完成，这些报表将对本公司具有重大意义；（vi）提供考虑VAC收购和已完成的ASM收购的未经审计的假设财务信息，如果VAC收购按计划完成，这些信息将对本公司具有重大意义，如ASM收盘8-K中所述。附录99.3中包含的与ASM有关的未经审计的假设财务信息是自愿提供的，并符合S-X条例第11条的规定。

Energy Fuels（包括ASM）和VAC，在假设VAC收购按计划完成的情况下，共同定义为本8-K表格中的“合并公司” 。

第1.01项：订立重大最终协议。

2026年10月13日，与VAC收购相关的合并协议各方签署了《合并协议和计划的第一修正案》（“合并协议修正案”），目的是修改和澄清合并协议中的某些条款，包括与客户就商业供应协议的持续争议、该争议的潜在和解、某些债务的偿还以及与前述事项相关的潜在购买价格调整，以反映该协议或所偿还债务相关的任何价值损失。

以上对合并协议修正案的描述并非完整，其全部内容以合并协议修正案的全文为准，该全文作为本8-K表格当前报告的附录2.1提交，并在此引用。

第8.01项。 其他事件。

补充披露

此第8.01项包含公司此前未提交的披露信息。该披露信息旨在补充而非取代公司之前的披露信息，除非本8-K表格中明确修改了相关内容。因此，应将本第8.01项中的披露信息与公司之前的披露信息一并阅读，包括公司截至2025年12月31日的年度报告10-K表（\"FY25 Form 10-K\"）中的披露信息以及公司截至2026年3月31日的季度报告（\"Q1 Form 10-Q\"）和2026年6月30日的季度报告（\"Q2 Form 10-Q\"）中的披露信息。

关于前瞻性声明的警示声明

本8-K文件包含“前瞻性声明”和“前瞻性信息”，根据适用的美国（“美国”）和加拿大证券法（统称为“前瞻性声明”），可能包括但不限于有关Energy Fuels的未来期间运营结果和进展的预期；我们矿产财产的计划勘探、开发和运营；与我们业务相关的计划，包括持续的铀生产以及我们稀土元素（“REE”）和重矿物砂（“HMS”）计划的扩展；我们继续在犹他州美国的White Mesa Mill（“White Mesa Mill”或“Mill”）开发用于商业分离REE的能力；我们在巴西的Bahia HMS和REE项目（“Bahia项目”）的开发活动；我们在肯尼亚的Kwale HMS项目（“Kwale项目”）的复垦活动；我们在马达加斯加的Vara Mada REE和HMS项目（“Vara Mada项目”）的开发活动以及我们在澳大利亚新南威尔士州（“NSW”）新收购的REE项目（“Dubbo项目”）；关于公司通过其在韩国南部新收购的韩国金属厂（“KMP”）的金属和合金能力的任何预期；关于公司通过美国金属厂（“AMP”）按计划扩展其金属和合金制造能力的任何预期；关于公司成功将其新的金属和合金能力，以及在假设VAC收购完成的情况下，其新的磁铁制造能力整合到现有业务中的任何预期，包括对未来盈利能力的任何预期或从进一步垂直整合中可能增加的利润；关于ASM收购和/或待定的VAC收购将使公司更接近通过一个完全整合的从矿山到磁铁的稀土业务或平台提供有弹性的完整REE供应链的任何预期；关于拟议的VAC收购将按计划完成或无论如何完成的任何预期；关于公司增长战略将实现的任何预期；关于在澳大利亚的Donald REE和HMS项目（“Donald项目”）中可能获得高达49%的合资企业权益的任何预期；关于Vara Mada项目、Donald项目、Dubbo项目和/或Bahia项目将做出积极的最终投资决定（“FID”或“FIDs”）的任何预期，或者这些项目将按计划开发或开发的任何预期；关于公司是否有能力获得其他用于REE回收的原料来源以满足其生产预期的任何预期；与在Mill中潜在回收放射性同位素用于靶向α疗法（“TAT”）医疗治疗的计划；关于计划中的Mill扩建以实现分离轻重REE氧化物的大规模生产的任何预期，或是否能按预期完成或无论如何完成；与收购额外铀、铀/钒、REE或HMS矿产财产相关的计划；关于美国战略资本办公室（“OSC”）之前在VAC公告8-K中报告的最高7.25亿美元的有条件高级担保债务贷款承诺（“OSC有条件贷款”）的任何预期；关于生产水平、成本、利润率和时间的任何预期；根据7 CFR第220.1300和228.601(b)(96)部分定义的历史和估计矿产资源和矿产储量（统称为“S-K 1300”），以及根据加拿大国家法规43-101 - 矿产项目披露标准（“NI 43-101”）（统称为“矿产资源和矿产储量”）；材料权利、许可证和许可的申请、维护和更新；关于我们在运营所在司法管辖区的政治或政府稳定性和监管条件的任何预期；关于通过投资协议、现有法律的修正或其他机制及时或无论如何与马达加斯加政府正式确定Vara Mada项目的财政和其他条款的任何预期；以及关于任何待决或未来诉讼、争议和/或指控的结果的任何预期。这些声明涉及基于对未来结果的预测、尚未确定的金额估计和管理层假设的分析和其他信息。

任何涉及预测、期望、信念、计划、预测、目标、时间表、假设、未来事件或表现的陈述（通常但不总是通过诸如“期望”、“不期望”、“预计将”、“可能”、“预算”、“计划”、“预测”、“意图”、“预期”、“不预期”、“继续”、“计划”、“估算”、“相信”或类似词语或短语来识别）或陈述某些行动、事件或结果“可能”、“可能”、“将”、“或许”或“将”发生或实现的陈述，都不是对历史事实的陈述，而是前瞻性陈述。

前瞻性陈述基于作出该等陈述时管理层的意见和估算，并涉及已知和未知的风险和不确定性。尽管我们认为这些前瞻性陈述中反映的期望在作出时是合理的，但无法保证这些期望最终会被证明是正确的，因此，包含在本8-K表中或通过引用并入本表中的前瞻性陈述不应被过度依赖。

请读者注意，任何前瞻性声明均不应被视为创建任何法律权利，此类前瞻性声明并非对未来表现的保证，且涉及已知和未知的风险和不确定性，实际结果可能会有所不同，且可能有重大差异，目标、计划和策略可能与前瞻性声明所表达或暗示的不同或发生变化，这是由于各种因素造成的。此类风险和不确定性包括但不限于：全球经济风险，包括流行病或其他广泛健康紧急情况的发生、政治动荡或战争，或对全球市场产生影响的关税或其他贸易限制；与国际关注的关键和其他高度敏感矿物相关的网络安全风险；诉讼风险；与我们铀矿、铀/钒矿和稀土元素（REE）及HMS矿和加工厂的重启、扩产和运营相关的风险；与我们分离稀土氧化物的商业生产以及此类生产的计划扩产相关的风险；与Vara Mada项目、Donald项目、Dubbo项目和/或Bahia项目的勘探、许可和开发相关的风险，此外还包括公司现有的未开发铀项目；与Kwale项目的恢复和待关闭相关的风险；与KMP和计划中的AMP相关的风险；与从公司TAT计划中潜在回收放射性同位素相关的风险；与成功完成和整合业务和矿物收购相关的风险；与合资企业的风险；国际风险，包括地缘政治和国家风险；与谈判和维持令人满意的财政和稳定安排以及及时或无论如何获得外国政府批准相关的风险，包括征用风险；与马达加斯加政府未能通过投资协议、现有法律的修订或其他机制及时或无论如何正式确定适用于Vara Mada项目的适当财政和其他条款相关的风险；与马达加斯加国内的社会动荡和政治不稳定相关的Vara Mada项目相关风险；与适用于我们运营的监管要求增加相关的风险，包括在新的国际司法管辖区；在矿产资源和加工厂的勘探、开发、运营、关闭和恢复过程中通常遇到的风险；与稀土元素（REE）活动相关的风险，以及公司能否为其现有和计划运营获得足够的独居石和/或混合稀土碳酸盐（“MREC”）原料的风险；与整合并实现收益（包括预期协同效应）相关的风险，包括ASM收购和待进行的VAC收购；与ASM和VAC运营司法管辖区的税收相关的风险；与运营结果相关的风险，这些结果受稀土元素（REE）、HMS、铀和钒市场价格的影响；一些公司的矿产资源可能永远无法进入生产状态的风险；公司需要不断增加其矿石储量和矿产资源基础和/或扩大其铀回收计划的风险，该计划包括处理非源自天然或原生矿石的含铀材料（“Alternate Feed Materials”）；与新金属和合金计划相关的风险；与预期的新磁铁计划相关的风险；与吸引、培养和留住合格的管理层、董事会成员、熟练矿工和其他对业务成功至关重要的关键人员的能力相关的风险；以及与Energy Fuels（包括ASM）和VAC的预计财务信息不反映合并后公司的实际财务状况相关的风险。

公司目前掌握的前景和状况可能对其财务状况产生重大影响。未来可能会出现目前管理层尚未预见的因素，可能带来额外风险，包括公司目前认为不重要的风险。公司当前和潜在的股东在做出投资决策时，应仔细考虑这些风险因素，并结合FY25 Form 10-K、Q1 Form 10-Q和Q2 Form 10-Q中包含的风险因素。

如果我们无法成功应对以下任何风险和不确定性，可能会对我们的业务、财务状况和/或经营成果产生重大不利影响，我们的普通股（\"Common Shares\"）和CHESS存托凭证（\"CDIs\"）的交易价格可能会大幅波动。我们无法向您保证我们已成功或完全应对了这些风险或其他可能影响我们业务的未知风险。

市场、行业和其他数据

本8-K包含有关我们行业、我们业务以及我们的产品市场的一些估计、预测和其他信息。基于估计、预测、市场调研或其他类似方法的信息本身具有固有的不确定性，实际事件或情况可能与该信息中假设的事件或情况有重大差异。除非另有明确说明，我们获得的行业、业务、市场和其他数据来自我们自己的内部估计和研究，以及市场研究公司和其他第三方编制的报告、市场调研、研究和类似数据、行业和通用出版物、政府数据以及类似可靠来源。

风险因素

除了我们在FY25 Form 10-K中标题为“风险因素”以及我们在Q2 Form 10-Q中标题为“风险因素”的风险因素外，合并后的公司可能或将会根据适用情况面临以下风险：

进入合并协议和VAC收购相关的风险

我们在某些VAC运营司法管辖区可能会面临新的税务风险。

VAC在德国、斯洛伐克、马来西亚、芬兰、中国以及其他地区开展业务和运营，而我们的子公司目前并未在这些地区开展业务或进行运营。这些司法管辖区的税收法律可能很复杂，可能因相关税务机关的不同解释和应用而有所不同，并且不断受到变化和修订的影响。此外，在VAC收购完成后，我们可能会面临VAC现有的税务责任，或与VAC收购相关的税务责任，而这些责任目前尚不清楚。任何对我们征收的意外税务都可能对我们的财务状况产生重大不利影响。

ASM收购后公司业务和运营相关的风险

公司的业务和行业面临业务和运营风险，包括一些超出其控制范围的风险，这些风险可能对公司的实际结果产生负面影响。这些风险包括但不限于以下内容：

a. 公司可能无法成功整合并无法实现ASM收购带来的好处，包括协同效应。

自ASM收购完成之日起，公司预计将继续推进其战略、运营目标和效益，包括协同效应。公司可能无法实现其战略、运营目标和/或预期效益（全部或部分），或者这些目标可能被推迟。这可能由于公司无法控制的情况，或由于情况或战略的变化而发生。未能实现这些战略、运营目标和效益可能对公司的运营、财务表现和财务状况产生不利影响。

b. 公司在某些ASM运营司法管辖区可能面临新的税务风险

ASM在韩国开展业务和运营，而Energy Fuels及其子公司此前并未在此开展业务，这可能现在会影响公司的税务状况。韩国的税收法律复杂，相关税务机关对其解释和应用存在差异，并且不断受到变化和修订。在完成ASM收购后，公司可能面临与此次收购相关的税务责任，而这些责任目前仍在识别和理解中。任何对公司征收的意外税收都可能对其财务状况产生重大不利影响。

c. 运营结果在很大程度上受到REE、HMS、铀、钒、金属和合金以及磁铁市场价格的影响，这些价格容易出现大幅波动。

公司的收益和运营现金流对REE、铀、钒、金属和合金以及HMS的市场价格的长期和短期变化特别敏感，包括金红石、锐钛矿和锆石的价格，这可能会影响Bahia项目、Vara Mada项目、Donald项目以及任何其他HMS项目的计划产量或HMS和独居石生产的可行性，或者会影响Dubbo项目生产潜在金属氧化物和混合REE中间产品的可行性，进而影响公司计划的从矿到磁铁的关键材料生产的供应。除其他因素外，这些价格还会影响公司矿产资源、矿石储量和库存的价值，以及普通股份和CDI的市场价格。

市场价格受公司无法控制的众多因素影响。关于铀，这些因素包括但不限于：对核能的需求；铀生产国和消费国的政治和经济状况；对核事故或核事故恐惧的公众和政治反应以及普遍的反核情绪；用过反应堆燃料的再处理、贫铀尾料的再富集和富集过程中的低喂料实践；政府和行业参与者出售过剩民用和军用库存（包括来自核武器拆解、核电厂提前退役以及由于福岛事件导致日本公用事业铀库存增加）；铀供应，包括来自其他二次来源；生产水平和生产成本，以及政府行动，例如美国总统财政预算中包含的任何计划以及根据美国铀储备计划采取的行动。

关于钒，这些因素包括但不限于：对钢铁的需求；钒在先进电池技术中的潜在用途；钒生产国和消费国的政治和经济状况；世界生产水平；以及生产成本。

关于稀土元素（REEs），这些因素包括但不限于：对稀土元素的需求；稀土元素生产国和消费国的政治和经济状况；来自二次来源的含稀土元素矿石供应；对国际购买MREC、分离的稀土氧化物和其他稀土产品（在美国没有分离设施的情况下）的兴趣；对矿区稀土元素计划的公众和政治反应；政府对国内稀土基础设施的投资；世界生产水平；生产成本；与外国政府行动、政策、法律、规则、法规以及与稀土元素生产与销售相关的外国国家补贴企业有关的风险，这可能会影响a）公司可获得的稀土元素价格，b）其获取世界和国内市场含稀土元素矿石供应的途径，以及c）在VAC收购完成的情况下，MREC、其他分离的稀土产品、金属、合金，以及向世界和国内市场销售磁铁和服务；以及其他政府行动，包括许可和进出口要求。

关于高品位矿石（HMS），这些因素包括但不限于：对钛矿物和锆的需求；HMS生产国和消费国的政治和经济状况；其他政府行动，包括许可和进口要求；地缘政治因素；世界生产水平；勘探、采矿、加工、精炼和其他生产成本；所开采的HMS矿体的品位；采矿方法的规模；对钛矿物和锆的最终用途需求增长，包括消费国的GDP增长；可开采矿床和升级设施的可用性；货币波动；以及其他市场供需动态。

在金属和合金方面，此类因素包括但不限于：商品价格和价格波动；工程、建设、加工和采矿的困难、中断和延误；许可和授权要求及延误；法规要求的变化；法律挑战；其他生产商的竞争；政府和政治行动或不作为；以及在外国司法管辖区开展业务相关的风险，包括征用风险；市场因素，包括对金属和合金产品未来需求；

与铀、钒、稀土元素、重矿物精矿（“HMC”）、HMS产品和金属及合金的价格有关的其他因素，以及在完成VAC收购后，磁铁（统称为“Goods”）的价格包括：各种工业产品供应和需求水平；在关键应用中用新产品或不同产品替代公司现有和计划产品的预期；对通货膨胀率的预期；美元及其他某些货币的相对强度；关税、补贴或其他贸易壁垒；利率；全球或地区政治或经济危机；地区和全球经济状况；以及公司产品和服务的销售。如果价格低于公司的开采或回收现金成本，并且在任何持续期间内保持在该水平，或者无法获得足够的利润率，公司可能会认为在任何或所有项目或其他设施中继续商业开采、回收或加工在经济上不可行或不适宜，并可能需要寻找除现金流以外的替代方案，以在价格恢复前维持公司的流动性。公司预计的铀、钒、稀土元素、HMC和HMS产品回收、金属和合金，以及在完成VAC收购后磁铁生产和其它业务活动，取决于其对公司产品（Goods）的预期以及行业的预期，这些预期可能无法实现或可能发生变化。如果公司得出结论认为预期的未来产品价格出现重大恶化，公司将评估是否需要计提减值准备，如果需要，该准备可能金额重大。

公司的盈利能力直接与回收商品的市场价格相关。公司可能在有可用的情况下，不时开展商品和货币对冲计划，旨在保持充足的现金流和盈利能力，以促进业务的长期可行性。公司预计在正常业务过程中，如果在有足够资产和回收量以支持远期销售安排且远期销售安排在合适条款下可获得时，将进行远期销售。然而，远期销售计划存在相关风险。如果公司没有足够的回收产品来履行其远期销售承诺，可能不得不在现货市场购买或借入（随后从回收产品中交付回）足够的产品以履行远期销售合同，可能以高于远期销售合同中规定的价格购买，或可能无法履行此类交付。此外，在远期合同下，公司可能被迫以低于在交付完成时现货市场可能提供的价格出售。尽管公司可能在其销售合同中采用各种定价机制来管理其价格波动风险，但无法保证这些机制会成功。同样无法保证公司能够签订额外的长期合同以在未来以允许公司成功管理其价格波动风险的价格或数量销售商品。

d. 公司的一些矿产资源可能永远无法进入生产状态。

除了上述的Vara Mada项目、Donald项目、Bahia项目和Dubbo项目外，根据稀土元素（REEs）、HMS、铀和钒的价格，公司的一些矿产资源可能永远不会进入生产状态。公司仅有三个项目——Vara Mada项目、Pinyon Plain项目和Sheep Mountain项目——根据S-K 1300和NI 43-101的定义包含矿产储量，以及Donald项目，Energy Fuels在本8-K表格发布之日拥有15.3%的权益。由于个别矿点最终具有矿产储量的可能性不确定，公司的其他项目可能根本不包含矿产储量。即使发现了矿产储量，根据商品价格，公司可能由于资金不足或其他原因无法将某项目投入生产状态。任何在未投入生产的项目上进行的勘探、建设、开发、开采和回收所花费的资金可能会损失。公司无法确定其矿产资源上是否存在“经济可回收”的铀、钒、REEs、HMC和/或HMS产品。此外，尽管Energy Fuels正在Mill进行铀提取活动，并且在当前商品价格下进行采矿，但由于许多矿产资源上缺乏已确立的矿产储量，因此无法确定公司能否继续从其运营中产生收入。公司可能永远无法发现可商业开采量的铀、钒、REEs、HMC或HMS产品，而且根据商品价格，目前被归类为矿产资源的已发现矿床可能永远不会符合商业可采矿产储量的标准。

矿产资源的勘探以及在必要时的建设和开发涉及长期的重大财务和其他风险，即使结合了仔细的评估、经验和知识，也可能无法消除这些风险。很少有被勘探的矿产资源最终会被开发成生产性矿山。为了通过钻探建立矿产储量并建造矿山和加工厂，需要大量支出。公司的运营和活动受到铀、贵金属和基础金属、HMC和HMS产品勘探和生产中通常存在的危害和风险的影响，任何一种都可能导致生命或财产的损害、环境损害以及对此类损害的可能法律责任。尽管公司可能为某些风险投保，但这些风险的性质可能导致责任超过保单限额或被排除在承保范围之外。还有一些风险是公司无法投保或可能选择不投保的。任何未被保险或超出保险范围的责任，或遵守适用法律和法规的潜在成本可能导致重大延误并需要大量资本支出，从而对公司的未来收益和竞争地位产生不利影响，甚至可能影响其财务可行性。

e. 公司面临与稀土元素（REE）活动相关的风险。

公司稀土元素（REE）活动本身存在固有风险，包括以下内容：

获得并维持足够的独居石（monazite）、MREC 和/或其它稀土元素（REE）原料以供磨矿厂加工以及下游生产金属、合金和磁铁的供应风险。Energy Fuels 的巴伊亚项目（Bahia Project）目前处于勘探和许可阶段，不是运营中的矿山。类似的风险也适用于目前处于开发阶段的杜博项目（Dubbo Project）。无法保证杜博项目能够生产出可在磨矿厂加工的REE原料或其他混合稀土中间产品。同样情况也适用于尚未运营的瓦拉马达项目（Vara Mada Project）和唐纳德项目（Donald Project）。因此，目前公司并未拥有自己的运营中的独居石矿山，并且目前完全依赖合同安排来获取其REE原料来源。无法保证公司能够在长期内以合适的价格获得足够的独居石或MREC供应或其他REE原料来源，也无法保证巴伊亚项目、瓦拉马达项目、唐纳德项目或杜博项目能够被开发为运营中的独居石生产矿山。此外，公司可能需要支付的独居石砂、MREC和其他REE原料的价格不仅受商业因素影响，还可能受到外国政策和/或外国国有企业的影响。公司将评估潜在的收购、投资以及与矿山或资源物业所有者进行的合资企业，包括与Energy Fuels当前运营在供应链不同阶段互补或相邻的机会。

Energy Fuels目前正处于考虑、在某些情况下与交易对手讨论和谈判此类收购、投资和合资机会的不同阶段。截至本文件日期，Energy Fuels尚未就任何与获取额外原料有关的重大交易达成任何具有约束力的协议，也无法保证未来是否会就任何重大收购、投资或合资机会达成任何最终协议。此外，即使未来达成任何此类最终协议，也无法保证任何重大交易最终都会完成。

任何未来重大收购、投资或合资企业（无论用于支付现金对价还是直接作为相关交易的对价发行）所需的额外股权融资，包括与VAC收购相关的融资，可能会稀释股东权益，而如果可以获得债务融资，可能会涉及对融资和运营活动的限制。此外，如果完成任何此类收购、投资或合资企业，公司可能会面临与所收购业务或资产相关的特定风险，包括与运营、监管合规、技术、供应链、市场、管理、整合或其他因素相关的风险，这些风险可能与公司以往的经验不同或超出其经验范围，此类风险可能会对公司的业务、财务状况、经营成果和前景产生不利影响；

进一步勘探、许可和开发巴哈项目、瓦拉马达项目、唐纳德项目和达博项目可能会导致公司认定在这些矿权上开发矿山不可行的风险；

通过新增矿山和/或稀土元素（REE）加工设施增加稀土元素供应可能会增加全球稀土元素供应并降低稀土元素及其产品的价格。稀土元素价格的持续下降预计将对公司的稀土元素计划回报产生重大影响，并可能导致这些计划不可行；

与公司成功开发和商业化达博项目、按计划扩展KMP以及获得许可并开发计划中的AMP相关的风险。这些包括技术风险、与交易对手相关的合同风险、资金获取、竞争和市场因素以及获取服务、基础设施和政府批准等风险，以及其他相关风险；

f. 公司可能需要在实施其业务和战略计划的过程中不时获得额外融资。

勘探、建设、开发和收购矿产资源以及矿山和其他设施的持续运营，包括瓦拉马达项目、唐纳德项目、巴哈项目、达博项目以及计划中的AMP和/或KMP的潜在扩展，以及磨矿厂一期电路扩展和拟议的二期电路的持续建设，需要大量资本，并可能取决于公司通过合资、债务融资、股权融资和其他方式获得融资的能力。因此，公司可能需要进一步资本以利用进一步的机会或收购。公司的财务状况、一般市场状况、波动的稀土元素、HMC、HMS产品、铀、钒和金属、合金及磁铁市场、波动的利率、针对公司的法律索赔、公司业务或运营的重大中断或其他因素可能使获得扩展采矿活动或利用收购机会所需的融资变得困难。此外，信贷市场的波动可能由于相关利率基准的利差增加而增加债务工具的相关成本，或可能影响公司或其寻求合作的第三方进入这些市场的能力。持续的股市波动，特别是能源和商品市场，可能由于股价低迷而增加股权融资的相关成本，并可能促使公司需要提供更高的折扣和其他形式的价值（例如认股权证）。无法保证公司能够在需要时以可接受的条款获得所需的融资，或公司能够成功履行其贷款偿还义务。

g. 公司需要持续增加其矿石储量和矿产资源基础，并扩展其替代原料来源。

Energy Fuels的大多数矿产资源根据S-K 1300和NI 43-101标准并不包含任何矿石储量。

Energy Fuels的材料铀矿资源位于Nichols Ranch原地浸出（\"ISR\"）项目、Pinyon Plain项目、Roca Honda项目、Sheep Mountain项目、Bullfrog项目和La Sal项目。这些项目将成为公司的主要（及潜在）当前和预期未来铀浓缩物的来源。除非发现其他矿产资源或矿产储量，或发现现有资源体的延伸，随着Pinyon Plain和Sheep Mountain矿场中现有的矿产资源和矿产储量的耗尽，铀浓缩物的开采、生产和回收来源将随时间减少。无法保证公司未来的勘探、建设、开发和收购工作将成功补充矿产资源或发现和开发矿产储量。

此外，尽管Energy Fuels认为公司的许多项目最终将开展开采或采矿活动，如Roca Honda、Bullfrog、Sheep Mountain、Bahia项目、Vara Mada项目、Donald项目和Dubbo项目，但无法保证它们将被投入此类活动，或能够替代当前的开采或采矿活动。Energy Fuels还通过在工厂处理替代饲料材料来回收铀。无法保证未来会以商业上可接受的条款或其他方式获得额外的替代饲料材料，也无法保证公司能够及时获得所有必要的监管批准、许可证和许可，以允许接收和处理任何此类等效饲料材料或替代饲料材料。

此外，Energy Fuels依赖或将在未来依赖独居石用于工厂的Phase 1 Circuit和拟议的Phase 2 Circuit生产。无法保证未来会以商业上可接受的条款或其他方式获得独居石或其他稀土元素（REE）来源（如MREC）的额外来源，也无法保证目前处于不同勘探、许可和开发阶段的Bahia项目、Vara Mada项目、Donald项目和/或Dubbo项目将对公司具有商业盈利能力。

h. 公司面临与新金属和合金计划相关的风险。

我们新收购的金属和合金计划存在相关风险，包括：

工厂无法将独居石、MREC或其他原料分离成用于ASM冶金设施的稀土氧化物，以满足生产预期或根本无法满足的风险；
公司无法以商业方式或根本无法生产钕/镨（\"NdPr\"）金属、镝（\"Dy\"）金属、铽（\"Tb\"）金属、钐（\"Sm\"）金属或其他金属的风险；
用于制造稀土金属的原材料（包括氟化材料）无法轻易获得或无法以合理成本获得，从而无法满足稀土金属商业生产需求的风险；
公司无法以商业方式或根本无法生产钕/铁/硼（\"NdFeB\"）合金、铁-镝（\"Fe-Dy\"）合金、钐-钴（\"SmCo\"）合金或其他用于稀土磁铁制造的合金的风险；
制造稀土合金（REE alloys）所需的原材料可能无法随时获得，或无法以商业生产所需的合理成本获得；
用于生产稀土金属（REE metals）和合金的设备可能无法以合理成本和及时方式获得，这可能影响KMP或AMP的计划扩展，或影响稀土金属和合金的商业生产；
公司可能无法以具有成本效益的方式生产稀土金属和合金；
来自其他现有和新全球稀土金属和合金制造商的竞争风险；
技术发展可能使公司的运营变得不具竞争力；
潜在买家可能开发或获得自己的金属和/或合金制造能力，从而减少第三方对公司金属和合金的需求，例如其他磁铁制造商；
公司可能无法以合理的商业价格在多个阶段向终端用户销售稀土产品，从而为公司创造利润；
公司可能无法按计划在韩国扩展金属和合金制造，或通过计划中的AMP进入美国，包括公司可能无法及时获得相关政府许可的风险；
KMP的计划扩展可能无法及时或根本无法建设，或者如果建设完成，可能无法以具有成本效益和商业可行的方式运营；
计划中的AMP可能无法及时或根本无法建设，或者如果建设完成，可能无法以具有成本效益和商业可行的方式运营；

公司的金属和合金制造行动可能无法转化为公司及其股东的利润率、现金流或市场份额的增加；
公司可能无法在整个稀土价值链中增强垂直整合、利润捕获和/或市场份额；以及
由于上述原因，公司可能无法填补西方/西方盟友全球磁铁应用供应链中的关键战略缺口。

i. 如果VAC收购按计划完成，公司面临与新磁铁制造计划相关的风险

如果VAC收购按计划完成，我们新的磁铁制造计划将面临相关风险，包括：

KMP和/或计划中的AMP可能无法生产用于VAC磁铁制造设施的稀土金属和合金，以满足生产预期或根本无法生产；
用于制造稀土磁铁的原材料，包括NdPr金属、Dy金属、铽（“Tb”）金属、钐金属、其他金属以及由此产生的NdFeB、Fe-Dy和其他合金，在VAC现有和计划设施中可能无法随时获得，或无法以商业生产所需的合理成本获得，或根本无法获得；
用于生产稀土磁铁的设备可能无法以合理成本和及时方式获得，这可能影响VAC磁铁制造设施的计划扩展，或影响稀土磁铁的商业生产；
公司可能无法以具有成本效益的方式制造稀土磁体，或无法以合理的商业价格将磁体销售给最终用户，从而在全面整合的采矿到磁体基础上产生足够的利润率；
公司可能无法成功获得新的磁体制造合同；
由于稀土磁体最终用户希望拥有有弹性的供应链的需求低于预期，导致公司无法以足够的利润率销售足够数量的稀土磁体以满足公司的预期，或导致无法形成可行的整合稀土供应链；
来自其他现有和新全球及国内稀土磁体制造商的竞争风险，可能导致VAC无法填满其现有的磁体制造产能和计划的未来磁体制造产能；
技术发展可能使公司的运营变得不具竞争力；
稀土磁体需求下降的风险，包括由于消费者偏好变化或技术革新导致的新型具有成本效益的竞争产品出现；
地缘政治力量和外国及国内政府行动可能对稀土磁体市场产生不利影响，包括通过磁体供应过剩降低磁体价格或以其他方式影响公司磁体产品的需求；
公司磁体制造行动可能无法转化为公司及其股东的利润率、现金流或市场份额的增加；
公司可能无法在稀土价值链中增强垂直整合、利润率捕获和/或市场份额；

政府因外国投资审查或其他监管批准而对磁体销售施加限制或条件的风险，这可能限制市场准入、减少收入并削弱交易的预期收益。
由于上述原因，公司可能无法填补西方/西方盟友全球磁体应用供应链中的关键战略缺口；和
VAC现有的晶体和快速凝固软磁业务线可能无法按预期扩展和/或产生足够的利润率。

与合并公司业务和运营的未经审计的合并简要财务信息相关的风险

a) Energy Fuels（现包括ASM）和VAC未经审计的合并简要财务信息可能无法反映Energy Fuels在成功完成VAC收购后的实际财务状况。

Energy Fuels在完成ASM收购并待VAC收购成功的情况下，未经审计的合并预计财务信息仅用于说明目的，以展示ASM收购和待定的VAC收购对合并后的效果，不应被视为Energy Fuels在成功完成VAC收购后的财务状况或经营成果的指示。例如，未经审计的合并预计财务信息是根据Energy Fuels的历史合并财务报表编制的，并且在考虑了ASM收购和待定VAC收购后，对Energy Fuels作出了一些调整和假设。这些调整和假设所依据的信息是初步的，这类调整和假设很难完全准确，因为其他因素可能会影响Energy Fuels在成功完成VAC收购后的经营成果或财务状况。此外，未经审计的合并预计财务信息并未反映与ASM收购及成功完成VAC收购相关的所有预计成本。例如，整合ASM和VAC所产生的增量成本并未反映在预计财务信息中。

未经审计的合并预计财务信息基于Energy Fuels和VAC在VAC收购前情况的假设，以及在成功完成VAC收购（“交割”）前实际发生但可能与这些假设不同的事件。未经审计的合并预计财务信息反映了有关待定VAC收购条款以及Energy Fuels、ASM和VAC的财务、合同、运营及其他情况的某些假设。无法保证这些假设在交割前仍准确。特别是，在交割前，合并协议可能会被修改、补充、放弃或终止，包括关于应付对价、交易结构、交割条件、声明、保证或其他重要条款。此外，在交割前，Energy Fuels或VAC的资本结构、债务、融资安排、利率、流动性、现金余额或其他资金来源和用途可能会发生变化，这可能是因为额外借款、还款、再融资、修改或违约所致。

VAC现有的合同可能在交割前发生变化、终止、到期、重新谈判或适用不同的条款。在交割前，Energy Fuels和/或VAC可能会进一步产生交易相关、融资、重组、整合、诉讼或其他成本，这些成本未反映在未经审计的合并简明预测财务信息和交割中，这是由于市场条件、经济状况、利率、汇率、监管、竞争、客户需求、供应链或其他因素的变化所致。e-VAC Magnetics LLC正与一家客户就一份商业供应协议存在争议。Energy Fuels根据会计准则汇编主题805，《企业合并》（“ASC 805”）对购买对价和初步购买价格分配的估计，对此次争议的预期结果做出了一些假设，包括合理的和解金额，该金额已反映在VAC收购的购买价格调整中，如果未能达成该和解金额，则会进行调整。如果争议结果低于这些假设，则差额将通过此价格调整进行补偿，如果争议结果超过预期，则差额将归VAC所有，这将在VAC收购完成后使公司受益。

因此，公司完成VAC收购后的实际财务状况和经营成果可能与公司的财务信息不一致，或无法从公司的财务信息中看出。用于编制预测财务信息的假设可能不准确，其他因素可能会影响Energy Fuels在实施VAC收购后的财务状况或经营成果。

业务描述

ASM收购（2026年8月28日实施）

如之前在ASM交割8-K中报告的那样，Energy Fuels的一家全资子公司（“Energy Fuels投标方”）根据2026年1月21日签署的方案实施协议（2026年3月13日修订）以及Energy Fuels、Energy Fuels投标方和ASM之间签署的协议，完成了对ASM所有普通股的收购。

ASM概况

ASM曾是，且仍隶属于Energy Fuels，是一家澳大利亚新兴的垂直整合的稀土金属和合金生产商，用于先进和清洁能源技术。ASM正在开发位于澳大利亚新南威尔士州中部西部的Dubbo项目，以及扩大位于韩国华城的KMP，这两者在下文有更详细的描述。

Dubbo项目

Dubbo项目预计可提供长期、稳定的REE资源，以及可能的其他关键矿物。位于澳大利亚新南威尔士州的Dubbo项目是全球重要的Nd、Pr、Dy、Tb资源，以及包括锆（“Zr”）、铌（“Nb”）和铪（“Hf”）在内的其他关键矿物资源。

在成功开发之前，公司预计来自达博项目的资源将在现场进行开采、分离和精炼，以最初生产一种混合稀土氧化物中间产品。一旦投入运营，公司计划评估生产一系列关键金属氧化物和混合氯化物的机会。达博项目的混合稀土氧化物中间产品预计将在选矿厂分离成稀土氧化物，并在KMP进一步加工成金属和合金，以及可能的AMP，且在完成VAC收购后，将在VAC现有的和/或计划扩展的设施中加工成稀土磁铁。此外，任何不用于公司内部使用的混合稀土氧化物中间产品都可以直接销售给西方/西方盟国的全球客户。

达博项目的采矿租约于2015年12月18日授予ASM的全资子公司，并于2036年12月18日到期。通过其新收购的全资子公司Toongi Pastoral Company，公司拥有3,456公顷土地，其中包含采矿租约1724。达博项目的全部测量矿产资源估算、矿山及所需加工设施预计都将位于采矿租约的边界内。达博项目的地理区域图如下所示：

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计划使用来自麦夸里河和上麦夸里河冲积含水层的水源用于达博项目的建设和运营。ASM在Cudgegong-Macquarie水资源计划下持有足够的河流和地下水许可（包括一些高安全许可），每年约可提供2000万升的水资源，以将达博项目开发为年产100万吨（“Mtpa”）的运营。ASM于2025年7月11日向澳大利亚证券交易所发布的符合澳大利亚联合矿石储量委员会（“JORC”）标准的堆浸初步研究结果披露了第3至第15年的平均生产目标，总计每年1,242吨（“tpa”）的稀土氧化物，包括：

NdPr氧化物：1,157 tpa；
Tb氧化物：13 tpa；和
Dy氧化物：72 tpa。

上述数字为历史数据，不应被视为根据S-K 1300或NI 43-101定义的当前矿产资源。公司目前正在准备一份符合S-K 1300和NI 43-101标准的达博项目可行性研究。

(i) 历史

达博项目最初由Alkane启动，该公司于1987年获得了Toongi矿床的勘探许可。1999年至2002年之间的后续钻探和冶金试验确认了矿床的均匀品位，并证明硫酸焙烧和浸出工艺可以有效处理矿石——鉴于在类似矿床中遇到的与二氧化硅相关的问题，这是一个重要的突破。尽管该项目在2003年暂时搁置，Alkane仍继续推进该项目的技术基础，包括于2008年在ANSTO建设了一座中试规模的示范工厂。这项工作使开发出一种能够生产轻稀土和重稀土、锆、铪和铌的独立产品的流程成为可能。

在这些成果的基础上，接下来的十年中进行了一系列技术和经济研究。由TZ Minerals International于2013年完成的《最终可行性研究》（“DFS”），是在TZMI（2011年）和SNC Lavalin（2002年）之前的研究基础上进行的。2015年，Hatch提供了进一步的工程建议，2017年GHD Ltd.也提供了建议，最终在2017年发布了首次矿石储量报告。这些研究共同确认了该项目的技术可行性，并为未来的发展奠定了基础。

To accelerate development, ASM was subsequently demerged from Alkane and assumed responsibility for progressing the Dubbo Project. ASM completed an Optimisation Feasibility Study (the \"OFS\") in 2021, resulting in an updated Ore Reserves Estimate later that year. The OFS incorporated significant enhancements to the flowsheet following extensive collaboration with ANSTO, improving overall recoveries and process efficiency. It also assessed a processing circuit designed to produce a comprehensive suite of high-value oxides across the REEs (both heavy and light) as well as Zr, Nb and Hf and incorporated infrastructure upgrades to strengthen ESG performance, including a chlor-alkali plant, brine concentrator and rail refurbishment.

(ii) Project studies

In 2024, ASM launched the Rare Earth Options Assessment (the \"REOA\") to evaluate alternative pathways for developing the Dubbo Project. The goal of the REOA is to identify lower-capital, shorter implementation options for recovering both light rare earths (Nd, Pr) and heavy rare earths (Dy, Tb) as high-purity, separated oxides.

A key opportunity emerging from this work is the potential to deliver the Dubbo Project in phases - beginning with a first phase focused on REE recovery and a second phase to target the broader suite of critical minerals in the Dubbo Project deposit.

The REOA identified several technically viable options, particularly heap and atmospheric tank leaching. These methods have the potential to remove the need for a capital- and energy-intensive acid bake in the initial development phase, significantly simplifying the process flowsheet.

To assess these options, ASM conducted extensive metallurgical test work, including scoping variability tank leach and bottle roll tests across different zones of the Dubbo Project deposit. In July 2025, ASM successfully completed and released the Heap Leach Scoping Study as part of the REOA work program. The Heap Leach Scoping Study provides a high-level economic evaluation (+/- 50%) of a heap leach, REE-focused first phase implementation of the Dubbo Project and represents a transformative shift in the Dubbo Project's development approach. The heap leach approach eliminates complex initial processing stages, simplifying construction and accelerating the pathway to cash flow generation. This approach offers a more agile and targeted entry point, aligning with current market priorities while potentially reducing initial capital requirements.

Since the release of the Heap Leach Scoping Study, ASM made substantial progress across multiple technical workstreams in support of delivering a Pre-Feasibility Study (the \"PFS\") specific to the heap leach process. Completion of the PFS is being accelerated by leveraging ASM's extensive prior technical and engineering work.

Korean Metals Plant and potential American Metals Plant

The KMP, located in South Korea, is the Company’s current REE metals and alloys metallization facility. Since opening in 2022 under ASM, the KMP has established itself as a strategically important, independent source of western/western-allied based REE metallization and alloying capacity. The buildings and equipment at KMP are owned by ASM, while the underlying land is leased. Certain equipment at KMP is subject to retention requirements and restrictions on disposal. As well, certain KMP assets are subject to approval from the government of South Korea prior to being transferred, exchanged, leased, pledged, or used outside of certain approved business purposes.

The plant has twelve total installed furnaces (including the eight installed in 1H 2026) and one strip caster with an installed alloy nameplate production capacity of approximately 1,300 tpa neodymium-iron-boron (“NdFeB”) alloy. The facility is designed for a full nameplate capacity of 3,600 tpa of NdFeB alloy, which is expected to be enabled through a Phase 2 ramp‑up involving installation of additional furnaces (eight of which were installed in H1 2026) and a second strip caster, which was purchased and is currently being installed at KMP.

Demand continues to grow for KMP products amid heightened geopolitical uncertainty and global efforts to diversify critical material supply chains, particularly from global magnet manufacturers and original equipment manufacturers (the \"OEMs\"), reflecting the growing importance of secure, western/western-allied supply alternatives. This has translated into ongoing and new customer discussions globally for the Company. In parallel with this rising demand, operational performance at the KMP has strengthened, with steadily increasing alloy output and consistent sales growth demonstrating the facility's maturing capability and market traction. This rising demand is expected to provide an outlet for any metal and/or alloy making capacity not required for the Company’s internal needs once the VAC Acquisition closes as contemplated.

To support growing customer demand, ASM initiated a phased expansion of the KMP. Phase 2 ramp‑up activities are progressing, including the installation of eight additional furnaces in H1 2026 that will maximise output of NdPr metal. A second strip caster with 2,000 tpa capacity was ordered and is currently being installed at the KMP. The second strip caster along with the existing operational strip caster will raise the total strip cast capacity at the KMP to 3,600 tpa. Funding of the Phase 2 expansion was fully funded from ASM’s recent successful capital raise. Early planning has also commenced for a potential Phase 3 expansion, which could lift total nameplate capacity to around 5,600 tpa, positioning the KMP as a cornerstone asset in global rare earth supply chains and a key enabler of the energy transition and advanced manufacturing markets. The Phase 3 expansion will be conditional on internal and external demand for metals and alloys, taking into consideration additional capacity that would be available at an AMP if developed as planned.

The KMP achieved a significant milestone in ASM’s heavy rare earth strategy with the first commercial sales of Tb and Dy – two of the most technically challenging and strategically important REEs. These initial shipments, delivered to Neo Performance Materials’ new permanent magnet facility in Narva, Estonia, validate ASM’s technical capability and have contributed to a surge in enquiries from global manufacturers seeking reliable heavy rare earth supply partners. To meet this demand, and to satisfy the Company’s internal demands upon closing of the VAC Acquisition as contemplated, ASM is actively expanding its heavy REE production capacity and is targeting commencement of commercial-scale heavy REE metal production in 2027.

Further to the operational success of the KMP, ASM has explored the strategic expansion of its metallization capability and the extension of its vertically integrated strategy through the proposed AMP. The AMP is expected to leverage U.S. government focus on supply chain vulnerability and domestic production capabilities in the rare earth and metallization market to position the Company to address critical U.S. supply chain needs and strengthen the enduring partnership between the U.S. and Australia. The AMP is expected to replicate proprietary alloy production processes, NdPr metallization and advanced heavy rare earth metallization techniques to focus on NdFeB alloy production from separated rare earths (NdPr, Dy, Tb), which are critical to defense and clean energy applications and represent acute supply chain vulnerabilities in the U.S. The proposed AMP has an initial nameplate production capacity of 2,000 tpa (with the ability to expand to 4,000 tpa) of alloy. The Company remains engaged with U.S. and state government agencies and funding bodies to meet relevant permitting and funding requirements, to identify and select the optimal location for the AMP, and to negotiate and understand state incentives available for such facility. If the VAC Acquisition closes as contemplated, the AMP could potentially be located in Sumter, South Carolina, adjacent to VAC’s existing REE magnet-making facility.

Implications of the ASM Acquisition for Energy Fuels

Strategic Rationale and Plans

With the ASM Acquisition, the Company aims to further establish itself as a first tier, globally competitive critical materials company focused on REE, HMS, uranium, vanadium, and metals and alloys and, upon the successful closing of the VAC Acquisition as contemplated, magnet production, thereby supporting western/western-allied supply chain resilience for defense, clean energy and advanced manufacturing sectors, in part by closing a critical strategic gap in global supply chains for magnet applications, including automotive, robotic, energy and defense technologies.

By integrating REE mining and REE separation with downstream REE metal and alloy conversion, the Company has established a vertically integrated supply chain, expected to capture value across multiple stages of the REE value chain by potentially enhancing margin capture, reducing supply chain friction and exposure to third-party processing bottlenecks and improving the Company's ability to respond to market demand.

Through the ASM Acquisition, Energy Fuels sees an opportunity to expand the range of REE products available to both customer bases by combining Energy Fuels’ U.S.-based REE oxide production capabilities at its Mill with the KMP’s downstream metal and alloy manufacturing capability, being one of the few operating western/western ally facilities currently producing REE metals and alloys, including NdPr, Dy and Tb metals and NdFeB and Dy-Fe alloys.

The ASM team’s proven skills and intellectual property also allow the Company to potentially expand its REE metal and alloy capacity into the U.S. through the permitting and development of a planned AMP intended to have initial nameplate production capacity of 2,000 tpa of alloy with the ability to expand up to 4,000 tpa of alloy. The Mill, as the only U.S. facility capable of separating monazite into both light and heavy REE oxides, is expected to produce and supply REE oxides to both the KMP and, potentially, an AMP.

The Company expects to advance pre-feasibility work at the newly acquired Dubbo Project in NSW, Australia. The Dubbo Project’s REE JORC-compliant mineral resource estimates, particularly NdPr, Dy and Tb, complement Energy Fuels’ existing REE feedstock strategy and provide an important long-term supply of REEs required for advanced permanent magnet applications. As a part of this work, the Company expects to evaluate the production of a mixed REE intermediate product at the Dubbo Project for subsequent processing into separated NdPr, Dy and Tb oxides at the Mill. Leveraging the Mill’s existing separation capability has the potential to significantly simplify the processing flowsheet of the Dubbo Project. If production of an intermediary mixed REE product at the Dubbo Project is determined to be feasible, based on evaluations the Company expects to perform, the Dubbo Project is expected to strengthen the Company’s pipeline of potential REE development projects. This pipeline currently includes the Donald Project, Vara Mada Project and Bahia Project, which, upon their respective development, subject to successful permitting and commissioning, are intended to supply feed materials to support the planned Phase 2 Circuit expansion of the Mill’s REE oxide separation capacity. If production of such an intermediary product at the Dubbo Project is determined not to be feasible, then the Company intends to continue evaluating the feasibility of other means of bringing the Dubbo Project into production.

Subject to permitting and financing, the Company plans to expand its current nameplate capability at the Mill to process up to approximately 10,000 tonnes of monazite/xenotime per year into the production of approximately 1,000 tpa of NdPr oxide (in its existing Phase 1 facility), to a further expanded nameplate capability of approximately 60,000 tpa of monazite/xenotime (or the equivalent amount of MREC or the equivalent) per year into approximately 6,000 tpa of NdPr, 200 tpa of Dy and 60 tpa of Tb (in its existing Phase 1 facility and future Phase 2 facility). On going expansions at the KMP from its existing 1,300 tpa REE installed NdFeB alloy-making nameplate capacity to 3,600 tpa NdFeB alloy-making nameplate capacity would allow the facility to accept REE oxides produced at the Mill from monazite/xenotime mined from the Donald Project, subject to a positive FID on that project, for conversion into REE metals and alloys for sale to third-party purchasers, or, upon closing of the VAC Acquisition as contemplated, for use at VAC’s existing and planned magnet-making capacity for the production of REE magnets by the Company.

Current ASM Employees

ASM's workforce continued their pre-acquisition roles following the ASM Acquisition. Key members of ASM’s senior leadership team remain employed with the Company following the ASM Acquisition. Rowena Smith, former Managing Director and Chief Executive Officer of ASM, continues to be employed by the Company following the ASM Acquisition and is entitled to receive certain retention incentive arrangements.

Headquarters

Post-ASM Acquisition, the Company’s head office continues to be in Lakewood, Colorado, U.S. ASM’s team in West Perth, Australia is now operating on a combined basis with Energy Fuels’ Perth-based HMSRE division out of the Company’s existing office in Perth.

The Pending Acquisition of VAC

As previously reported in the VAC Announcing 8-K, Energy Fuels entered into a Merger Agreement pursuant to which Energy Fuels expects to acquire 100% of VAC. Consummation of the VAC Acquisition remains subject to the satisfaction or waiver of certain customary closing conditions specified in the Merger Agreement and as described in the VAC Announcing 8-K. As noted above, the parties to the Merger Agreement entered into that certain Merger Agreement Amendment dated October 13, 2026, which is filed as Exhibit 2.1 to this Current Report on Form 8-K.

Overview of VAC

VAC is a manufacturer of magnetic materials and product solutions, headquartered in Hanau, Germany. Founded in 1923, VAC develops, manufactures, and sells specialized alloys, materials, parts, components, permanent magnets, and applied magnetic solutions. VAC has undergone several ownership transitions, including and most recently by Ara Partners in October 2023. Through these transitions, VAC has maintained its position as one of the largest Western manufacturers of advanced magnetic materials. VAC's products are used across a range of end markets, including automotive and electrified mobility, industrial automation, defense and aerospace, renewable energy and power electronics.

VAC's business is organised into three divisions:

Rapid Solidification - designs and manufactures soft-magnetic alloys (amorphous and nanocrystalline) on an industrial scale. The product portfolio consists of magnetic cores, inductive components, and current sensors through to complete assemblies, serving customers in industrial power electronics, automotive, solar technology, charging infrastructure for electric vehicles, and aerospace and defense applications; In FY2025, the Rapid Solidification division generated revenue of approximately €156 million (approximately US$176 million, based on an average exchange rate of 1.1518 euros per U.S. dollar for FY2025), representing approximately 48% of VAC’s total revenue. The division’s gross margin was approximately 21.5% in FY2025.

Crystalline – designs and manufactures soft-magnetic alloys (NiFe, CoFe) used across industries including automotive, industrial, defense and aerospace, and renewable-energy applications. Alloys are melted in vacuum induction furnaces at the Hanau plant and manufactured in the form of strips, wires, and further processed products, including stamped parts, rotor and stator assemblies, and precision sensor components. In FY2025, the Crystalline division generated revenue of approximately €91 million (approximately US$104 million, based on an average exchange rate of 1.1518 euros per U.S. dollar for FY2025), representing approximately 28% of VAC’s total revenue. The division’s gross margin was approximately 18.5% in FY2025.

Permanent Magnets – develops and manufactures high-performance sintered REE permanent magnets, including NdFeB (VACODYM®) and samarium-cobalt (“SmCo”) (VACOMAX®) magnets, as well as magnet assemblies. These products are used primarily in automotive (including electric vehicle (“EV”) traction motors), industrial, defense and aerospace applications. VAC is one of a limited number of manufacturers producing sintered REE permanent magnets at scale outside of Asia. In FY2025, the Permanent Magnets division generated revenue of approximately €79 million (approximately US$89 million, based on an average exchange rate of 1.1518 euros per U.S. dollar for FY2025), representing approximately 24% of VAC’s total revenue. The division’s gross margin was approximately 10.4% in FY2025.

Implications of the VAC Acquisition for Energy Fuels

VAC is a magnetics company with over 100 years of production expertise, more than 400 patents, upwards of 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a magnet facility in Sumter, South Carolina, U.S. with capacity to produce 2,000 tpa of permanent magnets, scalable to 12,000 tpa. Over the last decade, VAC has produced and shipped more than one billion rare earth permanent magnets. VAC’s product portfolio spans both permanent magnets (sintered NdFeB and SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC’s output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts.

Corporate Structure

Upon Closing, VAC will become a wholly owned subsidiary of Energy Fuels and will cease to be a privately held company.

Strategy

Following Closing, the Company’s strategy will be to bring together Energy Fuels’ upstream REE assets, including REE mining projects and existing separation and metal and alloy-making capacity, with VAC’s downstream REE magnet manufacturing expertise. The acquisition of VAC is intended to add the downstream magnet-manufacturing component to the Company's planned mine-to-magnet platform. This represents the last stage of mine-to-magnet vertical integration for Energy Fuels, which, together with the recently completed ASM Acquisition, would complete a fully western/western-allied-origin rare earth supply chain from its prospective feedstock projects through to finished permanent magnets. By internalizing magnet manufacturing, the Combined Company expects to capture additional margins on each kilogram of rare earth material processed.

The Combined Company aims to serve western/western-allied customers globally in the automotive, aerospace and defense, robotics, data centers, electronics and industrial automation sectors.

The combined platform includes: feedstock supply from the “shovel ready” Donald Project in Australia (subject to a FID, which is now targeted for Q4 2026) and from Energy Fuels’ other prospective feedstock projects, including the Vara Mada Project and Bahia Project, which are intended to supply additional feed materials to the Mill upon development; processing and separation at the Mill; metals and alloy production at the KMP and planned AMP; and permanent magnet manufacturing and assembly at VAC’s European facilities and Sumter plant.

VAC serves a diversified range of end markets. Based on FY2025 revenue, VAC’s end-market exposure, from its three divisions, was approximately as follows:

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Industrial: Largest end market, including industrial automation, drives, power electronics, and installation technology.
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Automotive (General): Nearly a quarter of VAC's revenue is from the production of components for internal combustion engine vehicles and general automotive electronics.
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Automotive (EV): Growing segment, including EV traction motors, charging infrastructure, and battery management systems.
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Aerospace & defense: Growing segment, particularly in the permanent magnets division, supported by increasing western defense spending.
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Alternative Energy: Includes solar/PV inverters and renewable energy applications.
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Other: Includes consumer electronics, luxury watches, medical equipment, and other specialty applications.
\n

Dividend Framework

Energy Fuels has not declared cash dividends on its Common Shares to date. Energy Fuels anticipates that it will retain any earnings to support operations and to finance the growth of the Company's business. Therefore, the Company does not expect to pay cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of the Company's Board of Directors (the \"Board\") and will be dependent on the financial condition, operating results and capital requirements of the Company, and other factors that the Company's Board deems relevant.

Current VAC Employees

VAC’s workforce is expected to continue in their existing roles following the Closing, with no currently anticipated changes that would be material to the business.

Headquarters

After Closing, the Company’s head office will continue to be its existing corporate offices in Lakewood, Colorado, U.S. VAC’s existing office in Hanau, Germany will continue to operate and is currently intended to be the principal office of the Company’s magnet division.

Expected Synergies Resulting from the Acquisition of VAC

Following completion of the VAC Acquisition, the Combined Company is intended to be vertically integrated across the full REE value chain - from mining projects and separation (Energy Fuels' White Mesa Mill and Donald Project) through metals and alloys production (ASM's KMP and planned AMP) to finished permanent magnet manufacturing (VAC's European facilities and Sumter magnet plant). This vertical integration is intended to enable the Combined Company to:

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capture value at each conversion step in the supply chain – from ore to separated oxide, oxide to metal/alloy, and metal/alloy to finished magnet – rather than participating only in one or a subset of the manufacturing steps;
\n
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internalize the upstream margin on REE feedstock currently paid to third-party suppliers by sourcing separated REE oxides and metals from within the Combined Company's own operations rather than purchasing them at market prices;
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reduce exposure to third-party supply chain disruptions and pricing volatility, particularly given recent foreign export restrictions on certain REE alloy forms that have required VAC to restructure its procurement arrangements (including sourcing REE oxides from European and U.S.-based suppliers and engaging intermediary processors for alloy refinement); and
\n
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strengthen pricing power with end customers by creating a fully traceable, western/western-allied-origin, mine-to-magnet supply chain applicable to the aerospace, defense and automotive sectors, as suggested by western pricing.
\n

Key Manufacturing Operations

VAC's manufacturing operations are spread across multiple facilities, with approximately 3,500 full-time employees as of December 31, 2025. The principal manufacturing facilities comprise:

(a) Hanau, Germany.

The Hanau site serves as VAC's headquarters and primary production hub. Founded in 1923, the facility covers all three divisions (Rapid Solidification, Crystalline, and Permanent Magnets) and serves as a supplier of base material to downstream facilities in Slovakia, China and Malaysia. The Hanau site also houses VAC's principal research and development (\"R&D\") capabilities. Approximately 85% of VAC's inventory is held at the Hanau site. The facility includes vacuum induction furnaces for alloy melting and a vertically integrated manufacturing chain from raw material processing through to finished components and assemblies.

(i) Production Capacity

1. Melt Shop: 8,000 tpa

2. Cold Rolling: 6,000 tpa

3. Rapid Solidification: 3,950 tpa

4. Permanent Magnets: 1,000 tpa

(b) Sumter, South Carolina, U.S.

The Sumter facility is a purpose-built manufacturing facility situated on an approximately 80-acre site in Sumter, South Carolina, which VAC is currently in the process of expanding to 224 acres through an additional land purchase. Initial production commenced in the fourth quarter of 2025. The facility has been designed to support potential phased expansion of capacity across subsequent phases. The Sumter facility has received U.S. government financial support, including federal investment tax credits under Section 48C of the Internal Revenue Code. The facility, operated through wholly owned subsidiary e-VAC Magnetics LLC, has current capacity to produce 2,000 tonnes per annum of permanent magnets, scalable to 12,000 tonnes per annum.

The facility can increase capacity to 4,000 tonnes per annum and does not require any additional infrastructure to accommodate this expanded capacity. To expand to 12,000 tonnes per annum, VAC would be required to invest additional capital, which would only be invested if additional contracts for increased magnet offtakes by third parties were secured to justify the expansion.

The Sumter facility was constructed in connection with an offtake agreement that is currently the subject of a contractual dispute (see Management's Discussion and Analysis of Financial Condition and Results of Operations of Ara VAC IE Aggregator, LP - Recent Developments - Customer Contract Dispute, below). Energy Fuels was aware of this dispute during the negotiation of the Merger Agreement, and the parties incorporated a purchase price adjustment to account for the matter.

The Sumter facility currently has available production capacity to support the existing offtake agreement in full; to the extent such offtake agreement does not remain in place on its existing terms, the Sumter facility will have capacity to onboard new customer contracts. Depending on customer-specific technical specifications and operational requirements, any new contracts may require significant incremental capital expenditures by the Company, which would be taken into account in contract negotiations with any such new customers.

The Ulvila facility specializes in the production of permanent magnets and magnet assemblies, including both SmCo and NdFeB magnets. The facility was acquired through the acquisition of Neorem Magnets Oy in 2007 and contributed approximately 3.3% of VAC's total FY2025 revenue, with most sales relating to locally manufactured products.

(i) Production Capacity

1. Permanent Magnets: 500 tons

(d) Horna Streda, Slovakia

The Horna Streda facility is a multi-purpose production site supporting all three divisions. The site produces cores, components, magnets and soft-magnetic parts, including downstream processing and component assembly. The facility was founded in 1998 and has recently undergone expansion, with growth capital expenditure in FY2025 primarily directed toward the acquisition of adjacent buildings to secure optionality for future capacity expansion.

(i) Production Capacity

1. Rapid Solidification: Slitting (633 tpa)

2. Crystalline: 230,000 hours

3. Permanent Magnets: PCU26 (23,500 hours), PCU32 (32,300 hours)

(e) Pekan, Malaysia

The Malaysian facility manufactures cores, current sensors and components primarily for automotive and electrical safety applications within the Rapid Solidification division. The facility was established in 1984 and provides toll manufacturing services, with raw materials and work-in-progress remaining owned by VAC's German entity Vacuumschmelze GmbH & Co. KG.

(f) Shenyang, China

VAC holds 100% in Vacuumschmelze China Magnetics (Shenyang) Co. Ltd. (CN), which produces components and current sensors for power-electronics and electrical safety applications within the Rapid Solidification division. VAC has operated production facilities in Shenyang, China, since 1994 - initially in cooperation with a local partner and, since 2001, as an independent company under the name of VACUUMSCHMELZE China Magnetics (Shenyang) Co., Ltd.

(i) Production Capacity

1. Current Sensors (26,000,000 pcs)

2. Components (2,830,000 hrs)

VAC also holds a 49% equity interest in SANVAC (Beijing) Magnetics Co. Ltd., a joint venture with Beijing Zhong Ke San Huan High-Tech Co., Ltd., which produces NdFeB permanent magnets and magnetic assemblies. The joint venture was established pursuant to a Joint Venture Contract dated January 17, 2005.

Research and Development

VAC’s principal R&D capabilities are housed at the Hanau, Germany headquarters. Total capitalized R&D costs amounted to approximately €8.9 million, €6.3 million and €3.5 million in FY2023, FY2024 and FY2025, respectively. The decline in capitalized R&D in FY2024 and FY2025 reflects the partial reallocation of engineering and development capacity to support the build-up of the e-VAC facility in Sumter South Carolina. rather than a structural reduction in underlying R&D capability.

VAC holds more than 400 patents across its product portfolio. The company’s R&D activities focus on the development of advanced magnetic materials, manufacturing processes and application-specific solutions across its three divisions.

Senior Management

As of the date of this Current Report on Form 8-K, the senior management personnel of VAC are:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Senior Management Personnel \n
\n Dr. Erik Eschen \n Chief Executive Officer \n	\n Dr. Eschen brings extensive professional experience in management to VAC. Prior to joining VAC, Dr. Eschen held leadership positions in international industrial organizations, including serving as CFO of the EMEA Division of Keller Group and holding roles at Bilfinger Berger and Deutsche Bahn. Eschen holds a PhD in Strategic Management and Diploma in Business Management from the Freie Universität Berlin. \n
\n Jürgen Wössner \n Chief Financial Officer \n	\n Mr. Wössner has extensive experience in finance and executive leadership roles across the automotive and industrial sectors. Prior to joining VAC, Mr. Wössner served as Group CFO for Allgaier Automotive GmbH and as CFO and Chairman of the Management Board at Felss Group. Mr. Wössner holds a Diploma in Business Management from the University of Stuttgart. \n
\n Gregor Eipert \n Chief Operating Officer \n	\n Mr. Eipert has extensive experience in industrial engineering and operational leadership roles. Prior to joining VAC, Mr. Eipert served as Head of Business Unit Stamping and Managing Director for Feintool, and as COO & CSO of Kienle + Spiess. Mr. Eipert holds a Master of Science in Industrial Engineering from the Berlin University of Applied Sciences and Technology. \n

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF ARA VAC IE
AGGREGATOR, LP

The following discussion and analysis of the financial condition and results of operations of Ara VAC IE Aggregator, LP (“the Group”, or “IE Aggregator”) should be read together with the annual consolidated financial statements and the unaudited interim condensed consolidated financial statements, included elsewhere in this Form 8-K, and “Risk Factors.”

Overview

The Group is a global manufacturer of magnetic materials and product solutions, headquartered in Hanau, Germany, with operations across Europe, Asia and North America. The Group specializes in engineered magnetic materials used in automotive and electrified mobility, industrial automation, defense and aerospace, renewable energy, power electronics and medical applications. The Group consists of Ara VAC TopCo GmbH and its subsidiaries and Ara VAC TopCo US LLC and its subsidiaries, each directly and indirectly controlled by IE Aggregator. The Group’s ultimate parent is Ara Fund III GP, Ltd., Cayman Islands, which exercises control through Ara VAC Holdings, Ltd. and Ara VAC Blocker, SLP.

The Group has more than one hundred years of experience in the field of materials science. Product development within the Group is highly specialized and focused on meeting individual customer requirements.

The Group is active in a wide variety of growth markets and technology segments and develops, manufactures, and sells specialized alloys, materials, parts, components, permanent magnets and applied magnetic solutions. The Group’s product range includes a wide range of advanced semi-finished products and components. These are used in a variety of areas and industries, such as automotive systems, industrial automation and robotics, alternative energy as well as aerospace, defense, and logistics, tracking and medical technology. The Group is a global group of companies with numerous production sites in Europe and Asia and a research and development center in Germany.

The Group operates in three business divisions, which follow the value-added approach and depict the actual production and value-added processes contained in the respective end products:

Crystalline - designs and manufactures soft-magnetic alloys (NiFe, CoFe) used across industries including automotive, industrial, defense and aerospace, and renewable energy applications. Alloys are melted in vacuum induction furnaces at the Hanau plant and manufactured in the form of strips, wires, and further processed products, including stamped parts, rotor and stator assemblies, and precision sensor components; and

Permanent Magnets - develops and manufactures high-performance sintered rare-earth permanent magnets, including neodymium-iron-boron (VACODYM®) and samarium-cobalt (VACOMAX®) magnets, as well as magnet assemblies. These products are used primarily in automotive (including EV traction motors), industrial, defense, and aerospace applications. VAC is one of a limited number of manufacturers producing sintered rare-earth permanent magnets at scale outside of Asia.

Recent Developments

On June 23, 2026, IE Aggregator, together with Ara VAC Holdings, Ltd. and Ara VAC Blocker, SLP, entered into an Agreement and Plan of Merger (the “Agreement”) with Energy Fuels Inc. (“Energy Fuels”) pursuant to which Energy Fuels will acquire 100% of the equity interests in Ara VAC TopCo GmbH (“German TopCo”) and Ara VAC TopCo US LLC (“US TopCo”) through a series of merger transactions for total cash and equity consideration with an implied equity value of approximately $1.9 billion. The transaction remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the next 12 months.

The Group’s management believes the proposed transaction represents a significant strategic milestone for the Group and its stakeholders. Until the transaction closes, the Group will continue to operate its business in the ordinary course while working to satisfy the conditions necessary to complete the transaction.

Upon completion of the transaction, IE Aggregator is expected to remain in existence and retain the equity consideration received from Energy Fuels. As a result, the transaction is expected to represent the disposition of IE Aggregator’s operating business in exchange for cash and equity interests in Energy Fuels rather than liquidation of IE Aggregator. The Group’s management will continue to monitor developments related to the transaction and evaluate any resulting impacts on its operations, financial position, liquidity and capital resources.

Customer contract dispute

During the six months ended June 30, 2026, e-VAC Magnetics LLC, a subsidiary of the Group, became involved in a dispute with a customer regarding a commercial supply agreement. The dispute first arose in April 2026. The customer purported to provide official notice of termination of the commercial supply agreement on July 1, 2026. On July 7, 2026, e-VAC Magnetics LLC commenced arbitration proceedings, seeking a declaration that the termination was wrongful under the express terms of the commercial supply agreement, together with an award of the payments the customer is obligated to make to e-VAC Magnetics LLC over the remaining life of the commercial supply agreement. Management continues to evaluate the matter and its potential implications for e-VAC Magnetics LLC's future operations including in its liquidity and scenario planning processes. Given the early stage and ongoing nature of the proceedings, the ultimate outcome remains uncertain. Refer to Note 2, The Group's ability to continue as a going concern to the unaudited interim condensed consolidated financial statements for additional information.

Trends and Key Factors Affecting Performance

The Group’s results of operations, financial condition and liquidity have been, and may continue to be, affected by a number of factors, including demand across the end markets served by the Group’s business divisions, the ramp-up and operating performance of e‑VAC Magnetics, LLC’s permanent magnet production facility in the United States, fluctuations in rare earth raw material costs, energy, freight and labor costs, foreign currency exchange rates, the Group’s indebtedness, changes in the Group’s supply chain, and general economic, geopolitical and trade conditions. The Group’s future performance may also be affected by the outcome of the customer contract dispute described above and by the proposed transaction with Energy Fuels, including the timing and satisfaction of the conditions to closing and the effect of the transaction and integration process on the Group’s business, customers, suppliers and employees. For additional information regarding the proposed transaction and factors that may affect the combined business following completion of the transaction, see the sections entitled “Recent Developments” and “Risk Factors” included elsewhere in this Form 8-K.

Components of Results of Operations

Revenues

The Group generates revenue through the development, manufacture and sale of high-end magnetic materials, alloys, and applied products. The Group operates in three business divisions: Rapid Solidification, Crystalline and Permanent Magnets. Products for each of these divisions are sold to multiple markets, including automotive, energy conversion and distribution, installations, automation and drives, communication, aerospace and transportation, and to customers across multiple geographies. The Group’s products are often designed and manufactured in development cycles with highly integrated customer-built processes, mainly with large customers. The Group’s sources of revenue are divided into five geographic locations (Germany, Europe excluding Germany, North America, Asia Pacific and Rest of World). Revenue from the sale of goods is recognized generally at the point in time when control transfers to the customer, usually upon delivery. For customer contracts that require the Group to deliver a series of goods, revenue is recognized over time, generally in the amount to which the Group has a right to invoice.

Cost of sales

Cost of sales primarily consists of personnel expenses, direct materials and services, royalties, utilities, consumables and maintenance, freight, IT services and communication costs allocated to production and manufacturing activities, professional fees, bad debt allowances, depreciation and amortization and other production related costs.

Distribution expenses

Distribution expenses primarily consist of personnel expenses, professional fees, sales commissions and advertising expenses, depreciation and amortization, IT services and communication costs allocated to distribution activities, and travel expenses.

Administrative Expenses

Administrative expenses primarily consist of personnel expenses, professional fees, depreciation and amortization, training and recruitment expenses, travel expenses, IT services and communication costs allocated to administrative functions, insurance expenses, and other administrative expenses.

Research and development expenses

Research and development expenses primarily consist of personnel expenses, depreciation and amortization, travel expenses, IT services and communication costs allocated to research and development activities, utilities, consumables and maintenance, and other R&D expenses. Research and development expenses are presented net of government grants recognized as a reduction of qualifying research expenses.

Other income

Other income consists mainly of foreign exchange gains from operating activities.

Other expenses

Other expenses consist mainly of losses from the disposal of fixed assets, foreign exchange losses from operating activities, and one-time structuring fees associated with the sale of a §48C tax credit.

Finance income

Finance income consists primarily of financing foreign exchange gains, interest income, income from amortization of interest-bearing loans, and fair value changes of embedded derivatives.

Finance expenses

Finance expenses primarily consist of interest expense on third-party borrowings, financing fees, expenses from modification of interest-bearing loans, amortization expenses from interest-bearing loans, expenses from fair value changes of embedded derivatives, interest expense on employee benefit obligations, amortization of deferred assets, lease-related interest expenses and financing foreign exchange losses.

Income taxes

Income taxes consist of current and deferred income taxes recognized in profit or loss. Deferred taxes related to items recognized in other comprehensive income are recognized in other comprehensive income.

Comparison of the six months ended June 30, 2026 to June 30, 2025

Consolidated Results of Operations

The following table sets forth a summary of the Group's consolidated results of operations for the periods indicated, and the changes between periods.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For the six months ended June 30,		2026 vs. 2025 Change
	2026		2025		Change		Change
	kEUR		kEUR		kEUR		%

Revenue	211,489		156,863		54,626		34.8%
Cost of sales	(194,704	)	(165,722	)	(28,982	)	17.5%
Gross profit / (loss)	16,785		(8,859	)	25,644		289.5%

Distribution expenses	(9,323	)	(8,444	)	(879	)	10.4%
Administrative expenses	(35,238	)	(10,946	)	(24,292	)	221.9%
Research and development expenses	(3,459	)	(2,523	)	(936	)	37.1%
Other income	6,310		8,978		(2,668	)	(29.7%)
Other expense	(9,544	)	(3,658	)	(5,886	)	160.9%
Operating loss	(34,469	)	(25,452	)	(9,017	)	35.4%

Finance income	3,627		1,411		2,216		157.1%
Finance expenses	(34,326	)	(37,896	)	3,570		(9.4%)
Loss before tax	(65,168	)	(61,937	)	(3,231	)	5.2%

Income taxes	7,744		17,122		(9,378	)	(54.8%)
Loss after tax	(57,424	)	(44,815	)	(12,609	)	28.1%

Supplemental depreciation and amortization information
Depreciation and amortization expense	31,681		26,503		5,178		19.5%

Revenues

Revenues for the six months ended June 30, 2026 increased by kEUR 54,626, or 34.8%, compared to the six months ended June 30, 2025. The increase was primarily driven by the commencement of commercial operations at e‑VAC Magnetics, LLC’s new production facility, which contributed additional Permanent Magnet revenue of kEUR 38,050, primarily in North America during the period. Revenue from the Group’s existing Permanent Magnets operations also increased by kEUR 10,225 compared to the prior-year period, reflecting continued growth in demand across Europe, North America and other global markets. Revenues in the Crystalline division also increased by kEUR 5,694, primarily driven by an increase in demand, while revenues in the Rapid Solidification division remained relatively consistent with the prior-year period.

Cost of sales

Cost of sales for the six months ended June 30, 2026 increased by kEUR 28,982, or 17.5%, compared to the six months ended June 30, 2025. The increase was primarily attributable to higher production and sales volumes, particularly within the Permanent Magnets division, and a customer-specific expected credit loss allowance related to the ongoing customer dispute. Cost of sales increased at a lower rate than revenue, resulting in an improvement in gross margin from negative 5.6% to positive 7.9%. The increase in the margin is primarily driven by the commencement of commercial operations at e-VAC Magnetics, LLC's new production facility.

Distribution expenses

Distribution expenses increased by kEUR 879, or 10.4%, for the six months ended June 30, 2026 compared with the six months ended June 30, 2025. The increase was primarily attributable to higher personnel and sales-related costs associated with the growth in revenues during the period.

Administrative expenses

Administrative expenses for the six months ended June 30, 2026 increased by kEUR 24,292, or 221.9%, compared to the six months ended June 30, 2025. The increase was primarily driven by higher professional fees associated with strategic and transaction-related initiatives, including legal, audit, accounting and tax services. Legal expenses incurred during the period were primarily related to an ongoing customer dispute discussed in the Recent Developments section above. Administrative expenses also increased due to higher share-based payment expense related to the equity incentive plan and salary and wages costs resulting from the commencement of commercial operations at e-VAC Magnetics, LLC's new production facility.

Research and development expenses

Research and development expenses increased by kEUR 936, or 37.1%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily attributable to higher personnel costs and depreciation and amortization associated with the Group’s research and development activities.

Other income and other expenses

Other income for the six months ended June 30, 2026 decreased by kEUR 2,668, or 29.7%, compared to the six months ended June 30, 2025, while other expenses for the six months ended June 30, 2026 increased by kEUR 5,886, or 160.9%, compared to the six months ended June 30, 2025. The movements were primarily driven by operating foreign exchange gains and losses, as well as a one-time structuring fee of kEUR 2,340 recorded in other expenses in connection with the sale of a §48C tax credit.

Finance income

Finance income for the six months ended June 30, 2026 increased by kEUR 2,216, or 157.1%, compared to the six months ended June 30, 2025. The increase was primarily driven by income from amortization of interest-bearing loans and higher foreign exchange gains on financing activities during the period. This favorable impact was partially offset by a decrease in the fair value changes of embedded derivatives.

Finance expenses

Finance expenses for the six months ended June 30, 2026 decreased by kEUR 3,570, or 9.4%, compared to the six months ended June 30, 2025. The decrease was primarily driven by a one-time kEUR 11,538 debt modification loss recorded in the prior period. The decrease was partially offset by higher interest expenses on third-party loans as additional drawings were made during the current period and a higher expense resulting from the fair value changes of embedded derivatives.

Income taxes

Income tax benefit for the six months ended June 30, 2026 decreased by kEUR 9,378, or 54.8%, compared to the six months ended June 30, 2025. The lower tax benefit was primarily attributable to a less favorable effective tax rate in the current period, largely resulting from a change in the amount of unrecognized tax losses.

Comparison of the Years Ended December 31, 2025 and 2024

Consolidated Results of Operations

The following table sets forth a summary of the Group's consolidated results of operations for the periods indicated, and the changes between periods.

	2025		2024		Change		Change
	kEUR		kEUR		kEUR		%

Revenue	325,052		353,539		(28,487	)	(8.1%)
Cost of sales	(347,089	)	(392,757	)	45,668		(11.6%)
Gross profit / (loss)	(22,037	)	(39,218	)	17,181		(43.8%)

Distribution expenses	(17,789	)	(17,130	)	(659	)	3.8%
Administrative expenses	(23,218	)	(24,170	)	952		(3.9%)
Research and development expenses	(7,158	)	(8,483	)	1,325		(15.6%)
Other income	11,633		3,930		7,703		196.0%
Other expense	(7,315	)	(6,524	)	(791	)	12.1%
Operating loss	(65,884	)	(91,595	)	25,711		(28.1%)

Finance income	3,009		8,434		(5,425	)	(64.3%)
Finance expenses	(58,545	)	(31,719	)	(26,826	)	84.6%
Loss before tax	(121,420	)	(114,880	)	(6,540	)	5.7%
					-
Income taxes	33,566		18,122		15,444		85.2%
Loss after tax	(87,854	)	(96,758	)	8,904		(9.2%)

Supplemental depreciation and amortization information
Depreciation and amortization expense	54,792		58,860		(4,068	)	(6.9%)

Revenues

Revenues for the year ended December 31, 2025 decreased by kEUR 28,487, or 8.1%, compared to the year ended December 31, 2024. The decrease was primarily driven by the geopolitical environment of the U.S.-China trade conflicts, related uncertainty for the European Union, and a weakening global economy. The decline was concentrated in two divisions: Rapid Solidification revenues fell by approximately 8%, mainly reflecting lower electronic article surveillance volumes; and Crystalline revenues decreased by kEUR 13,330, or 12.8%, driven by weaker demand in consumer and automotive semi-finished products and in current sensors for both solar applications and electric vehicle charging infrastructure. Permanent Magnets revenues remained broadly stable and declined by kEUR 1,488, or 1.9%, year over year.

Cost of sales

Cost of sales for the year ended December 31, 2025 decreased by kEUR 45,668, or 11.6%, compared to the year ended December 31, 2024. The decrease was primarily driven by the sell-through of inventory in 2024 recorded at fair value as part of purchase accounting in 2023, resulting in a non-recurring recognition of approximately kEUR 34,474. The year-over-year decrease was further influenced by lower revenue and corresponding reductions in variable costs, partially offset by improved gross margins due to favorable raw material pricing and lower personnel costs following workforce reductions in manufacturing operations.

Distribution expenses

Distribution expenses for the year ended December 31, 2025 increased by kEUR 659, or 3.8%, compared to the year ended December 31, 2024. The increase was primarily driven by higher social security costs, professional fees, increased travel expenses related to the North American expansion initiative, and one-time IT transition costs. These increases were partially offset by lower personnel costs and reduced sales commissions and advertising expenses.

Administrative expenses

Administrative expenses for the year ended December 31, 2025 decreased by kEUR 952, or 3.9%, compared to the year ended December 31, 2024. The decrease was primarily driven by lower personnel costs and professional fees resulting from the non-recurrence of strategic advisory costs incurred in the prior year, partially offset by higher insurance expense and slightly higher IT service and communications costs related to one-time IT transition activities.

Research and development expenses

Research and development expenses for the year ended December 31, 2025 decreased by kEUR 1,325, or 15.6%, compared to the year ended December 31, 2024. The decrease was primarily driven by increased government grant income recognized as a reduction to R&D expenses, which increased to kEUR 3,252 in 2025 from kEUR 218 in 2024. As a result, R&D expenses decreased despite the Group’s continued investment in research and development activities during the year.

Other income and other expenses

Other income for the year ended December 31, 2025 increased by kEUR 7,703, or 196.0%, compared to the year ended December 31, 2024, while other expenses for the year ended December 31, 2025 increased by kEUR 791, or 12.1%, compared to the year ended December 31, 2024. The movements were primarily driven by operating foreign exchange gains and losses.

Finance income

Finance income for the year ended December 31, 2025 decreased by kEUR 5,425, or 64.3%, compared to the year ended December 31, 2024. The decrease was primarily attributable to fair value movements in embedded derivatives associated with the Group's term loans. In 2024, these instruments generated a fair value gain of kEUR 5,779 that was recognized within finance income, whereas in 2025, their fair value declined, resulting in a loss recognized within finance expenses.

Finance expenses

Finance expenses for the year ended December 31, 2025 increased by kEUR 26,826, or 84.6%, compared to the year ended December 31, 2024. The increase was primarily driven by a kEUR 11,538 modification loss recognized in connection with the August 2025 amendment of the Group's credit agreement, which was contractually deemed effective as of June 30, 2025. The increase was also attributable to unfavorable fair value movements on embedded derivatives associated with the Group's term loans, which resulted in higher finance expenses in 2025 compared to the prior year, as well as increased financing foreign exchange losses resulting from currency movements on the Group's foreign-currency borrowings.

Income taxes

Income tax benefit for the year ended December 31, 2025 increased by kEUR 15,444, or 85.2%, compared to the year ended December 31, 2024. The increase was mainly attributable to favorable movements in temporary differences and the remeasurement of deferred tax balances following enacted tax law changes in Germany, partially offset by current income tax expense and certain tax losses and interest carryforwards for which no tax benefit was recognized.

Liquidity and Capital Resources

The Group’s principal liquidity requirements include funding working capital, capital expenditures, debt service, and other operating obligations. The Group has historically funded these requirements through cash generated from operations, cash on hand, borrowings under our financing arrangements and contributions from our shareholders.

As of June 30, 2026, the Group had available liquidity of EUR 69.5 million, consisting of EUR 43.7 million of cash and cash equivalents and approximately EUR 25.8 million of undrawn commitments under the Group’s third-party revolving credit facilities. The undrawn commitments consisted of EUR 10.0 million available under the EUR 35.0 million German revolving credit facility and approximately EUR 15.8 million available under the USD 18.0 million US revolving credit facility.

Management regularly evaluates the Group's liquidity position, projected cash flows, covenant compliance and available sources of funding under a range of operating scenarios. This assessment includes reasonably possible downside scenarios and available mitigating actions, including working-capital initiatives, liquidity-management measures, shareholder support and other actions available under the Group's financing arrangements.

Taking into account available liquidity, the letters of comfort provided by the Ara Funds, related party loan financing received prior to issuance of the interim condensed consolidated financial statements and other mitigating actions available to management, management concluded that the Group has adequate resources to continue its operations for at least twelve months from the date of issuance of the interim condensed consolidated financial statements. See Note 2, The Group’s ability to continue as a going concern to our unaudited interim condensed consolidated financial statements for additional information regarding management’s going-concern assessment.

Interest-Bearing Loans and Borrowings

The Group’s principal borrowing arrangements consist of the German term loan and revolving credit facility, the US term loan and revolving credit facility, and a related-party short term loan arrangement. See Note 24, Financial assets and liabilities to the Group’s audited consolidated financial statements and Note 12, Financial assets and liabilities to the Group’s unaudited interim condensed consolidated financial statements for additional information.

German Debt Facilities

On October 5, 2023, the Group entered into a syndicated lending arrangement which included a term loan (the “Term Loan”) and a revolving credit facility (the “Revolving Credit Facility”). The Term Loan principal of kEUR 165,000 has a maturity date of October 5, 2028. The Revolving Credit Facility carries a total commitment of kEUR 50,000, with a maturity date of April 5, 2028, and can be drawn with cash or bank guarantee utilizations. The Term Loan carries a variable interest rate of three-month EURIBOR, subject to a 3% floor plus a margin of 8% per annum, while the Revolving Credit Facility carries a variable interest rate of three-month EURIBOR plus a margin of 4% per annum. In August 2025, the Group amended the syndicated lending arrangement, effective as of June 30, 2025, and reduced the total commitment of the Revolving Credit Facility to kEUR 35,000 maturing on April 5, 2028. In addition, it was amended to capitalize paid-in-kind (PIK) interest of 2.5% per annum on the term loan until maturity.

During the six months ended June 30, 2026, the Group made a EUR 16.0 million repayment on the term loan using a portion of the proceeds from the monetization of the §48C tax credits, consisting of EUR 14.4 million of principal, EUR 1.0 million of PIK interest, EUR 0.4 million of accrued interest and EUR 0.2 million of prepayment fees. As of June 30, 2026, the carrying amount of the term loan was EUR 164.7 million.

The revolving credit facility was undrawn as of December 31, 2025. During the six months ended June 30, 2026, we drew EUR 17.0 million in January 2026 and EUR 8.0 million in May 2026. As of June 30, 2026, EUR 25.0 million was outstanding and EUR 10.0 million remained available under the facility.

U.S. Debt Facilities

In September 2024, e-VAC Magnetics, LLC entered into a syndicated credit agreement providing for a USD 300.0 million construction facility, a USD 18.0 million revolving credit facility and a USD 17.0 million debt-service-reserve letter-of-credit facility. The construction facility was established to fund eligible costs associated with the development of the Group's permanent magnet production facility in Sumter, South Carolina and converts into a term loan with increasing nominal amount upon satisfaction of specified project-completion and operational conditions. During the six months ended June 30, 2026, the construction facility was converted into a term loan requiring quarterly repayments of 4.0% per annum. Borrowings bear interest at variable rates based on daily simple secured overnight financing rate (\"SOFR\") or an alternate base rate, plus a fixed margin of 3%. The term loan has a maturity date of March 31, 2031.

As of December 31, 2025, the USD 300.0 million term loan was fully drawn, with a euro-equivalent principal balance of EUR 255.3 million. As of June 30, 2026, the term loan remained fully drawn, with a euro-equivalent principal balance of EUR 263.3 million. As of June 30, 2026, the USD 18.0 million revolving credit facility under the US Credit Agreement was fully available, representing approximately EUR 15.8 million (in equivalent of USD 18.0 million) of undrawn borrowing capacity.

Related-Party Loan Agreement

During the six months ended June 30, 2026, the Group entered into a related-party loan arrangement with an affiliate of its indirect shareholders and received principal advances totaling USD 7.5 million. Borrowings bear interest at 8.0% per annum and mature 363 calendar days from the date of each advance. The loan is repayable in cash, including accrued interest, on the final repayment date through the distribution waterfall prior to distributions to holders of ordinary and preference equity interests. If the loan remains unpaid by maturity, the outstanding principal and accrued interest automatically convert into equity interests at fair value split between ordinary and preference interests using the same proportions as the contributing lender's existing interests.

As of June 30, 2026, EUR 6.6 million (in equivalent of USD 7.5 million) was outstanding.

Covenant Compliance

The German and U.S. financing arrangements contain customary affirmative and negative covenants and events of default. The German facilities include a leverage-ratio covenant and a minimum-liquidity covenant of EUR 10.0 million. As of June 30, 2026, Ara VAC BidCo GmbH and e-VAC Magnetics, LLC were in compliance with the applicable covenants under their respective financing arrangements.

Shareholder Commitments

Subsequent to June 30, 2026 and prior to the issuance of the interim condensed consolidated financial statements, the Ara Funds, as indirect shareholders of the Group, advanced an additional USD 28.4 million in loans to the Group. Furthermore, in June 2026, Ara Fund III, LP, Ara Fund III-B, LP, Ara Fund III-AIV, LP, Ara Fund III-A, SCSp and Ara Fund III-C, SCSp (together the “Ara Funds”) provided two letters of comfort, both covering the period through September 30, 2027:

a letter of comfort in favor of Ara VAC TopCo GmbH, under which the Ara Funds undertake to provide sufficient financial means to enable the Group to fulfil its payment obligations as they fall due and to maintain compliance with the financial covenants under the Senior Facilities Agreement, limited to an aggregate maximum amount of EUR 43.5 million; and

a letter of comfort in favor of e-VAC Magnetics, LLC, under which the Ara Funds undertake to provide sufficient financial means to enable e-VAC Magnetics, LLC to fulfil its payment obligations as they fall due, without any monetary limitation.

Such financial support may be provided by way of equity contributions, shareholder loans, or contributions to the capital reserve.

Derivatives

Certain of the Group’s financing arrangements contain contractual features that are accounted for separately from the related host debt instruments as embedded derivatives. These embedded derivatives are measured at fair value through profit or loss and are classified within Level 3 of the fair value hierarchy because their valuation incorporates significant unobservable inputs, including credit spreads, volatility and the probability and timing of potential exit events. Changes in the fair value of these instruments have resulted in and may continue to result in material finance income or finance expenses.

The Groups also enters into interest-rate swaps, foreign exchange forward contracts and commodity derivative contracts to manage its exposure to fluctuations in interest rates, foreign currency exchange rates and commodity prices. The interest-rate swaps are designated as hedging instruments within a cash flow hedge accounting, while the foreign exchange forward contracts and commodity derivatives are not designated for hedge-accounting purposes. The Group uses derivative instruments for risk-management purposes and not for speculative or trading purposes. See Note 24, Financial assets and liabilities to the Group’s audited consolidated financial statements and Note 12, Financial assets and liabilities to its unaudited interim condensed consolidated financial statements for additional information.

Material Cash Requirements

The Group's material cash requirements primarily consist of debt-service obligations, lease liabilities, capital expenditure and working-capital requirements. As of June 30, 2026, the Group had commitments of EUR 1.3 million for the acquisition of property, plant and equipment, compared with EUR 1.3 million as of December 31, 2025. The Group expects to fund its material cash requirements through cash generated from operations, available cash, borrowings under our financing arrangements and shareholder support. See Note 12, Financial assets and liabilities and Note 15, Commitments and contingencies to the Group's unaudited interim condensed consolidated financial statements for additional information regarding our borrowings, capital commitments and contingencies.

Cash Flows

The following table summarizes the Group's cash flows and cash and cash equivalents for the periods indicated:

	Six months ended June 30,		Year Ended December 31,
	2026		2025		2025		2024
	kEUR		kEUR		kEUR		kEUR

Net cash provided by (used in) operating activities	30,103		(19,386	)	3,884		19,685
Net cash used in investing activities	(35,703	)	(91,591	)	(183,667	)	(174,124	)
Net cash provided by financing activities	33,431		120,085		162,859		110,617
Net increase (decrease) in cash and cash equivalents	27,831		9,108		(16,924	)	(43,822	)

Cash Provided by Operating Activities

Net cash provided by operating activities increased to kEUR 30,103 for the six months ended June 30, 2026, compared with net cash used in operating activities of kEUR 19,386 for the six months ended June 30, 2025. This change was primarily attributable to proceeds from the sale of the transferable tax credit resulting in net proceeds of kEUR 81,546 offset by an increase in trade receivables.

Net cash provided by operating activities decreased to kEUR 3,884 for the year ended December 31, 2025 from kEUR 19,685 for the year ended December 31, 2024. The decrease was primarily attributable to unfavorable working-capital movements, as the prior year benefited from a significant reduction in inventories, primarily due to the sell-through of previously acquired inventory in 2023 that was originally recorded at fair value as part of purchase accounting, which carries a higher cost basis than inventory acquired through normal operations. This overall decrease was partially offset by improved operating results.

Cash Used in Investing Activities

Net cash used in investing activities decreased by kEUR 55,888, from net cash used in investing activities of kEUR 91,591 for the six months ended June 30, 2025 to kEUR 35,703 for the six months ended June 30, 2026. This improvement was primarily driven by lower capital expenditures for property, plant and equipment, which decreased by kEUR 68,793 compared to the prior period, as construction of the Sumter production facility neared completion during the first half of 2026. In contrast, capital expenditures in the prior-year period were elevated due to the continued build-out of the facility and related equipment.

Net cash used in investing activities increased by kEUR 9,543 from kEUR 174,124 during the year ended December 31, 2024 to kEUR 183,667 during the year ended December 31, 2025. The increase was primarily driven by higher capital expenditures related to the continued expansion of the Group's permanent magnet production facility in Sumter County, South Carolina. In addition, government grant proceeds declined compared to the prior year.

Cash Provided by Financing Activities

Net cash provided by financing activities decreased by kEUR 86,654 from kEUR 120,085 for the six months ended June 30, 2025 to kEUR 33,431 for the six months ended June 30, 2026. The change was primarily driven by lower proceeds from borrowings, which changed by kEUR 88,011 due to an additional draw on the USD term loan in 2025 compared to smaller draws related to a revolving credit facility and a related party loan in 2026. The Group also made higher principal payments in the first half of 2026 compared to the first half of 2025, as the Group made a principal repayment of kEUR 14,384 related to a payment on the German debt facility, as well as principal payment on the US revolving credit facility equivalent to approximately kEUR 8,652. In addition, interest and financing fees paid increased by kEUR 4,723 due to the higher outstanding debt as of June 2026 compared to June 2025. These cash outflows were partially offset by higher equity contributions in the current period.

Net cash provided by financing activities increased by kEUR 52,242 from kEUR 110,617 during the year ended December 31, 2024 to kEUR 162,859 during the year ended December 31, 2025. The increase was primarily driven by higher borrowings to support the continued expansion of the Group's permanent magnet manufacturing facility in Sumter County, South Carolina. This was partially offset by lower equity contributions from shareholders and higher payments of interest and financing fees.

Critical Accounting Estimates

The Group’s consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. Preparation of the consolidated financial statements requires the Group’s management to make judgments, estimates and assumptions that impact the reported amount of net sales and expenses, assets and liabilities and the disclosure of contingent assets and liabilities. The Group considers an accounting judgment, estimate or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and the use of different judgments, estimates and assumptions could have a material impact on our consolidated financial statements. The Group’s management believes that significant estimates, judgments, and assumptions are used in the assessment of impairment of non-financial assets, employee benefit obligations, the fair value of embedded derivatives, income taxes and deferred tax assets, transferrable investment tax credits, and the capitalization of development costs. The Group’s management periodically reviews the Group’s estimates and makes adjustments when facts and circumstances dictate. To the extent that there are material differences between these estimates and actual results, the Group’s financial condition or results of operations will be affected. Additional information regarding the Group’s significant accounting policies, estimates, judgments, and assumptions is included in Note 4, Significant accounting judgments, estimates and assumptions of our audited consolidated financial statements.

Recently Issued and Adopted Accounting Standards

Recently issued and adopted accounting pronouncements are described in Note 3, Summary of significant accounting policies to the Group’s audited consolidated financial statements and Note 1.4, New standards, interpretations and amendments to our unaudited interim condensed consolidated financial statements included elsewhere in this Form 8-K.

Quantitative and Qualitative Disclosures About Market Risk

The Group's future income, cash flows, and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. The primary market risks the Group is exposed to include foreign currency risk, interest rate risk and commodity price risk. For more information, see Note 24.3, Financial instruments risk management objectives and policies to the Group's audited consolidated financial statements.

The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to manage its foreign currency risks and interest rate risks, respectively. Interest rate swaps are designated as cash-flow hedging instruments, while forward currency contracts and commodity derivatives are not designated as hedging instruments.

Departure of Chief Legal Officer and Executive Vice President, Global Government Relations

On September 28, 2026, Nathan Longenecker informed the Company of his decision to depart the Company following a transition period expected to conclude on December 15, 2026, or such earlier date as may be mutually agreed by the parties. Mr. Longenecker will continue to serve as Chief Legal Officer and Executive Vice President, Global Government Relations during the transition period and assist with the orderly transition of his responsibilities.

Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Business or Funds Acquired.

The audited consolidated financial statements of Ara VAC IE Aggregator, LP and its subsidiaries as of December 31, 2025 and 2024 and January 1, 2024, and for the years ended December 31, 2025 and December 31, 2024 and the notes thereto are filed as Exhibit 99.1 hereto and incorporated by reference herein, as required by Rule 3-05 of Regulation S-X.

The unaudited interim condensed consolidated financial statements of Ara VAC IE Aggregator, LP and its subsidiaries for the six months ended June 30, 2026 and June 30, 2025 and the notes thereto are filed as Exhibit 99.2 hereto and incorporated by reference herein, as required by Rule 3-05 of Regulation S-X.

(b) Pro Forma Financial Information.

The unaudited pro forma condensed combined balance sheet as of June 30, 2026 and the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025 and the six months ended June 30, 2026 and the notes thereto are filed as Exhibit 99.3 hereto and incorporated by reference herein, as required by Article 11 of Regulation S-X.

The information included in Exhibit 99.3, as it pertains to ASM, is being provided on a voluntary basis and in conformity with Article 11 of Regulation S-X.

(d) Exhibits.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

2.1†	First Amendment to Agreement and Plan of Merger, dated as of October 13, 2026, by and among VAC Group B.V., Ara VAC Blocker, SLP, Ara VAC Holdings, Ltd., Ara VAC TOPCO US LLC, Ara VAC IE Aggregator, LP, Energy Fuels Inc., Energy Fuels Holdings Corp.
23.1	Consent of PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft
99.1	Audited Consolidated Financial Statements of Ara VAC IE Aggregator, LP and its subsidiaries as of December 31, 2025 and 2024 and January 1, 2024, and for the years ended December 31, 2025 and December 31, 2024
99.2	Unaudited Interim Condensed Consolidated Financial Statements of Ara VAC IE Aggregator, LP and its subsidiaries for the six months ended June 30, 2026 and June 30, 2025
99.3	Unaudited pro forma condensed combined balance sheet as of June 30, 2026 and unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025 and the six months ended June 30, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

† The annexes to the First Amendment to Agreement and Plan of Merger have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Energy Fuels agrees to furnish supplementally copies of the omitted annexes to the U.S. Securities and Exchange Commission or its staff upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	ENERGY FUELS INC. (Registrant)

Dated: October 13, 2026	By: /s/ Nathan Bennett
	Nathan Bennett
	Chief Financial Officer

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