Energy Fuels Announces 2023 Results: Record Net Income and Earnings per Share, Uranium Production Ramp-Up, and Near-Term Production of Separated Rare Earth Elements

Conference Call and Webcast on February 26, 2024

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the year ended December 31, 2023. The Company's Annual Report on Form 10-K has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar. html on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

Financial Highlights:

Record Annual Net Income of Nearly $100 Million : During the year ended December 31, 2023 , the Company earned net income of $99.76 million , or $0.63 per common share.
Robust Balance Sheet with Over $220 million of Liquidity and No Debt: As of December 31, 2023 , the Company had $222.34 million of working capital (versus $116.97 million as of December 31, 2022 ), including $57.45 million of cash and cash equivalents, $133.04 million of marketable securities (uranium stocks and interest-bearing securities), $38.87 million of inventory, and no debt.
Nearly $45 Million of Additional Liquidity from Market Value of Inventory: At current commodity prices, the Company's product inventory has a value of approximately $76.10 million , while the balance sheet reflects product inventory carried at cost of $31.16 million .
Uranium Drives Revenue: Revenue was comprised of (i) sales of 560,000 pounds of uranium concentrates (" U ₃ O ₈ ") for $33.28 million , which resulted in a gross profit of $17.96 million and an average gross margin of 54%; (ii) sales of 153 metric tons (" tonnes ") of finished high purity, partially separated mixed rare earth carbonate (" RE Carbonate ") for $2.85 million ; and (iii) sale of 79,344 pounds of vanadium (" V ₂ O ₅ ") for $0.87 million .
Alta Mesa Sale Funds Investment in Uranium and Rare Earth Production: The Company realized a gain of $119.26 million on the sale of the Company's Alta Mesa in situ recovery project in Texas (the " Alta Mesa Sale ") and Prompt Fission Neutron Assets that were used exclusively at Alta Mesa. The cash received from the Alta Mesa Sale helped to fund expenses associated with (i) preparing three (3) of our uranium mines for production and (ii) developing commercial rare earth element (" REE ") separation capabilities.
Well-Stocked to Capture Market Opportunities: As of December 31, 2023 , the Company held 685,000 pounds of finished U ₃ O ₈ , 905,000 pounds of finished V ₂ O ₅ , and 11 tonnes of finished RE Carbonate in inventory. The Company holds an additional 436,000 pounds of U ₃ O ₈ as raw materials and work-in-progress inventory (for total finished, raw material and work-in-progress inventory of 1.12 million pounds of U ₃ O ₈ ), along with an estimated 1 - 3 million pounds of solubilized V ₂ O ₅ in tailings solutions that could be recovered in the future. In December 2023 , the Company purchased 100,000 pounds of U ₃ O ₈ and 480 tonnes of monazite from third parties.

Capitalizing on Strong Uranium Pricing:

During the year ended December 31, 2023 , the Company sold 560,000 pounds of U ₃ O ₈ for $33.28 million or a realized sales price of $59.42 per pound. These sales resulted in a gross profit of $17.96 million ( $32.07 per pound of U ₃ O ₈ ), or a 54% gross margin.
During 2023, the Company readied three of its permitted and developed uranium mines for uranium production, Pinyon Plain ( Arizona ), La Sal ( Utah ) and Pandora ( Utah ). In late December 2023 , the Company announced that all three uranium mines had commenced production on schedule.
Once production is fully ramped up at these mines, which is expected by mid- to late-2024, the Company expects to be producing uranium at a run-rate of 1.1 to 1.4 million pounds per year.
During 2024, the Company expects to produce approximately 150,000 to 500,000 pounds of U ₃ O ₈ from newly mined conventional ore, stockpiled ore, and recycled alternate feed materials, depending on the timing of the ramp up of production at the Company's Pinyon Plain, La Sal and Pandora mines, while increasing to higher levels of production in 2025 and beyond.
The Company expects to issue an ore buying schedule in early 2024, describing the terms under which the Company is prepared to buy uranium and uranium/vanadium ore from third-party miners in the vicinity of the White Mesa Mill (the " Mill "), which is expected to contribute to the Company's production profile.
During 2024, the Company expects to sell 200,000 to 300,000 pounds of U ₃ O ₈ into its existing portfolio of long-term uranium contracts, of which 200,000 pounds were sold during Q1-2024 at a realized price of $75.13 per pound, which resulted in a gross profit of $38.29 per pound, or gross margin of 51%.
During Q1-2024, the Company contracted to sell an additional 100,000 pounds of uranium in March 2024 at an average sales price of $102.88 per pound, which it expects to result in a gross profit of approximately $66.04 per pound, or approximate gross margin of 64%. Assuming continued strength in uranium prices, the Company intends to capture further opportunities to selectively sell uranium into the spot market during 2024.
In anticipation of continued strength in uranium markets, the Company is preparing two additional mines in Colorado and Wyoming (Whirlwind and Nichols Ranch) for expected production within one year. If market conditions remain strong, the Whirlwind and Nichols Ranch mines could potentially increase Energy Fuels' uranium production to a run-rate of over two million pounds of U ₃ O ₈ per year as early as 2025.
In light of the current strength in the uranium market, the Company is planning to conduct exploration drilling on its Nichols Ranch area properties and underground delineation drilling at its Pinyon Plain mine, in order to increase the Company's uranium resources and mine life at its existing mines, as well as advance permitting on its large-scale Roca Honda , Sheep Mountain and Bullfrog uranium properties for additional uranium production in the future, which could expand the Company's uranium production to a run-rate of up to five million pounds of U ₃ O ₈ per year in the coming years.
As of February 16, 2024 , the spot price of U ₃ O ₈ was $102.00 per pound and the long-term price of U ₃ O ₈ , which is the price most relevant for long-term uranium sales contracts, was $72.00 per pound, according to data from TradeTech.

Rare Earth Element Ramp-Up:

The Mill's REE production is complementary to its uranium production and does not diminish the Mill's uranium production profile in any way.
The Phase 1 modification and enhancements to the existing solvent extraction (" SX ") circuits at the Mill are expected to be completed on-schedule, and $7 million to $9 million below budget, by the end of Q1-2024, at which time the Company will be able to produce high purity separated REE oxides. Subject to securing sufficient monazite feed, "Phase 1" is expected to position Energy Fuels as one of the world's leading producers of separated neodymium-praseodymium (" NdPr ") outside of China .
The Mill's "Phase 1" REE circuit is expected to have the capacity to produce approximately 800 to 1,000 tonnes of separated NdPr oxide per year. For reference, 1,000 tonnes of NdPr can be used in enough permanent REE magnets to power up to 1 million electric vehicles per year. "Phase 1" capital costs are expected to total between $16 million and $18 million , or approximately $7 million to $9 million less than our initial $25 million budget. During Q2-2024, the Company expects to produce about 25 – 35 tonnes of NdPr oxide to commission and optimize the NdPr circuit, after which time the Company expects to begin processing uranium ore and alternate feed materials for the large-scale production of uranium at the Mill for the remainder of the year.
Due to the significant opportunity in REEs, Energy Fuels is engineering further enhancements at the Mill to increase NdPr oxide production capacity to approximately 3,000 tonnes – 5,000 tonnes per year by 2027 (" Phase 2 "), and to add a separate crack and leach facility to allow for the simultaneous operation of the Mill's conventional ore and REE processing circuits. The Company also intends to produce separated dysprosium (" Dy "), terbium (" Tb ") and potentially other advanced REE materials in the future from monazite and potentially other REE process streams by 2028 ( "Phase 3" ). Phase 2 and Phase 3 are subject to permitting, financing and receipt of sufficient monazite feed.
To secure a cost-effective and reliable supply of monazite ore, Energy Fuels made significant progress in developing its Bahia Project in Brazil . During the first half of 2023, the Company completed 2,266 meters of sonic drilling at its Bahia Project in Brazil to confirm and further delineate the rare earth, titanium, and zirconium mineralization at the Bahia Project. The Company commenced further sonic drilling in Q1-2024. The Company is awaiting the results from the 2023 drilling campaign. The Company expects to complete an SK-1300 and NI 43-101 compliant mineral resource estimate on the Bahia Project during 2024.
In December 2023 , the Company announced it had signed a non-binding Memorandum of Understanding (" MOU ") with Astron Corporation Limited to jointly develop the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the " Donald Project "). Under the terms of the MOU, Energy Fuels could earn into a 49% equity interest by investing Aus$180 million ( US$117 million ) into the Donald Project. The Donald Project has the potential to produce approximately 7,000 to 8,000 tonnes of monazite per year during its first phase, and 13,000 to 14,000 tonnes during its second phase, and is expected to be another low-cost source of feed for the Company's REE production at the Mill. This joint venture is subject to due diligence investigations and the negotiation of definitive agreements.
The Company continues active discussions with several additional suppliers of natural monazite around the world to significantly increase the supply of feed for our growing REE initiative.

Vanadium Highlights:

The Company produces high purity V ₂ O ₅ from time-to-time and carries that material in inventory for sale into market strength, including during Q1-2023 when the Company sold approximately 79,344 pounds of V ₂ O ₅ for a realized sales price of $10.98 per pound.
The Company currently holds approximately 905,000 pounds of V ₂ O ₅ in inventory.
As of February 16, 2024 , the spot price of V ₂ O ₅ was $6.88 per pound, according to data from Fastmarkets.

Medical Isotope Highlights:

The Company continued advancing its program to evaluate the potential to recover radioisotopes from its process streams for use in emerging targeted alpha therapy (" TAT ") cancer therapeutics.
In June 2023 , the Utah Division of Waste Management and Radiation Control issued the Company a research and development (" R&D ") license for the recovery of R&D quantities of Ra-226 at the Mill.
During 2024, the Company intends to complete engineering on the R&D pilot facility for the production of Ra-226 at the Mill; to set up the first stages of the pilot facility; and to produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product.

Mark S. Chalmers, Energy Fuels' President and CEO, stated:

"In 2023, Energy Fuels joined an exclusive club. With nearly $100 million in net income, we became one of the only profitable non-state-owned uranium mining companies in the world. There were two factors that contributed to our profitability: profitable uranium sales that captured the recent sharp rise in uranium prices and the sale of our non-core Alta Mesa project. The Alta Mesa sale was important, because it provided the Company with the funds needed to increase our uranium production and strategically diversify into the REE business. Keep in mind that while net income was less than Alta Mesa proceeds, this was by design, as we are investing heavily in growth to become a sustainably profitable, high-margin U.S. critical minerals company."

Chalmers continued, "Our nimble business plan enabled us to capture opportunities in the uranium market as prices surged beginning in late-2023. During 2023, we sold 560,000 pounds of uranium for about $60 per pound for total gross profits of $17.96 million and a 54% gross margin. However, uranium prices have risen significantly since then, and in Q1-2024, we intend to sell approximately 300,000 pounds of uranium under long-term contracts and on the spot market at an expected weighted average sales price of $84.38 per pound and at substantially higher gross margins. As long as market prices are strong, we will continue to selectively capitalize on spot market sales opportunities as we ramp up our production, in ways that are unique to our Company, in 2024 and beyond, and with limited capital.

"Furthermore, we have a bullish long-term view on uranium prices, and we are investing to increase production. We are ramping-up production at several of our uranium mines, which continue to proceed on-time and on-budget. In late-2023, we announced that we had begun ore production at our Pinyon Plain, La Sal , and Pandora mines. We currently expect to process ore from these conventional mines, along with alternate feed material recycling, at the Mill in the latter half of 2024. As a result, we intend to produce approximately 150,000 to 500,000 pounds of uranium during 2024 from both newly mined conventional ore and stockpiled alternate feed materials, increasing further in 2025, depending on the timing of the ramp up of production at the Company's Pinyon Plain, La Sal and Pandora mines."

"Looking further ahead, we are preparing two additional mines for production (the Whirlwind mine and the Nichols Ranch ISR Project), which have the potential to increase Company-wide production to a run-rate of about two million pounds of uranium per year by 2025. At the current time, only about 25% to 30% of our short-term, low-cost production is committed to contracts, and our contracts maintain some exposure to market prices. As a result, most of Energy Fuels' future uranium production is exposed to further market upside at this time. We are also planning an exploration drilling program on our Nichols Ranch Project and an underground delineation drilling program at our Pinyon Plain mine to increase our resources at those projects as well as advancing permitting efforts at three of our large-scale uranium mines, which could increase Company-wide production to a run-rate of up to five million pounds of uranium per year in the next several years."

Turning to the Company's REE opportunities, Chalmers noted, "Even as we capture today's opportunities in uranium, we are also advancing our REE initiatives. With relatively minimal capital expenditures, we are now positioned to capitalize on this potentially high-growth market. We believe now is the right time to secure a strategic position in the REE space, since REE prices are at relatively low levels, and because our unique ability to process radioactive ore at the Mill gives us a durable competitive advantage. We plan to commission our new NdPr circuit at the White Mesa Mill during Q2-2024 and produce about 25 – 35 tonnes of NdPr oxide, and are seeking to secure low-cost sources of monazite to feed current and future rare earth oxide crack-and-leach and separation circuits. We will not make major capital expenditures on any projects unless the REE economics build shareholder value. We are very excited about the long-term opportunity in REEs, especially because it is complementary to our uranium efforts, and does not diminish our short-, medium-, or long-term uranium opportunities."

Chalmers concluded, "Energy Fuels is taking a unique and attractive path in the critical minerals business. Unlike other companies, who are reliant on only uranium, Energy Fuels is taking a broader view of the critical mineral industry and is producing the materials necessary to power the energy transition. Over time, our intent is to build a multi-product, high value commodity portfolio, centered on uranium, that earns long-term, sustainable, and high-margin cashflows. I am excited to see our plans develop further in 2024."

Conference Call and Webcast at 8:30 am ET on Monday , February 26, 2024:

Energy Fuels will be hosting a conference call and webcast on February 26, 2024 at 8:30 am ET ( 6:30 am MT ) to discuss our 2023 financial results, the outlook for 2024, and our uranium, rare earths, vanadium, and medical isotopes initiatives.

To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call: RAPIDCONNECT

Alternatively, you may dial in to the conference call by calling 1-888-664-6392, and you will be connected to the call by an Operator.

You may also access viewer-controlled Webcast slides and/or stream the call by following this link: WEBCAST

A replay of the call will be available until March 11, 2024 by calling (888) 390-0541 or (416) 764-8677 and entering the replay code, 227391#

Selected Summary Financial Information:

	Years Ended December 31,
(In thousands, except per share data)	2023	2022	2021
Results of Operations:
Uranium concentrates revenues	$ 33,278	$ —	$ —
Vanadium concentrates revenues	871	8,778	74
RE Carbonate revenues	2,848	2,122	1,385
Total revenues	37,928	12,515	3,184
Gross profit	19,747	4,671	1,370
Operating loss	(32,367)	(44,938)	(35,425)
Net income (loss) attributable to the company	99,862	(59,849)	1,541
Basic net income (loss) per common share	0.63	(0.38)	0.01
Diluted net income (loss) per common share	0.62	(0.38)	0.01

	December 31,		Percent
(In thousands)	2023	2022	Change
Financial Position:
Working capital	$ 222,335	$ 116,966	90 %
Total current assets	232,695	135,590	72 %
Mineral properties	119,581	83,539	43 %
Property, plant and equipment, net	26,123	12,662	106 %
Total assets	401,939	273,947	47 %
Total current liabilities	10,360	18,624	(44) %
Total liabilities	22,734	29,538	(23) %

ABOUT ENERGY FUELS

Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U ₃ O ₈ per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U ₃ O ₈ per year. The Company recently acquired the Bahia Project in Brazil , which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates of production; any expectation as to quantities of uranium or NdPr oxides to be produced in 2024 or in any subsequent years; any expectation that production rates will increase in 2025 or in any future years; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any mines that are in the permitting or development stage; any expectation that the Company will issue an ore buying schedule in 2024 or at all; any expectation as to future uranium sales, the price of any such sales or the gross profits or gross margins from any such sales; any expectations with respect to the Company's planned exploration programs; any expectation that the Mill's REE production will not diminish the Mill's uranium production profile in any way; any expectation that Energy Fuels will be successful in developing U.S. separation, or other value-added U.S. REE production capabilities at the Mill, or otherwise, including the timing of any such Phase 1, Phase 2, Phase 3 or other initiatives and the expected production capacity or capital costs associated with any such production capabilities; any expectation that the Company's planned Phase 1 separation facility will position the Company as one of the world's leading producers of NdPr outside of China ; any expectation as to the quantity of U ₃ O ₈ , RE Carbonate and V ₂ O ₅ the Company may hold as raw material and work-in-progress inventory or solubilized in tailings solution and the Company's ability to recover any such inventories in the future; any expectation with respect to the quantities of monazite to be acquired by Energy Fuels, or the quantities of RE Carbonate or REE oxides to be produced by the Mill; any expectation that the Company is well-stocked to capture market opportunities; any expectation that the Company may sell its separated NdPr oxide to electric vehicle manufacturers; any expectation that the Bahia Project will be a cost-effective and reliable supply of monazite ore for the Mill; any expectation that the Company will commence further sonic drilling at its Bahia Project in Q1-2024 or complete an SK-1300 and NI 43-101 compliant mineral resource estimate during 2024, or otherwise; any expectation that the Company's due diligence will be satisfactory and that the Company will enter into definitive agreements to jointly develop the Donald Project, the expected production levels associated with the Donald Project if it progresses and that, if developed, the Donald Project would be expected to be a low-cost source of feed for the Company's REE production at the Mill; any expectation that the Company will be successful in securing monazite from additional sources on satisfactory commercial terms or at all; any expectation that now is the right time to secure a strategic position in the REE space; any expectation that the Mill has a unique ability to process radioactive ore and that such ability gives the Company a durable competitive advantage; any expectation the Company will not make major capital expenditures on any projects unless the REE economics build shareholder value; any expectation about the long-term opportunity in REEs; any expectation the Company is taking a unique and attractive path in the critical minerals business or that the Company is taking a broad view of the many critical materials that are necessary to power the energy transition; any expectation that, over time, the Company will be successful in building a multi-product, high value commodity portfolio, centered on uranium, that earns long-term, sustainable, and high-margin cashflows; any expectation that the Company will complete engineering on its R&D pilot facility for the production of Ra-226 at the Mill, will set up the first stage of the pilot facility, and produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product or at all; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; any expectation that the Company will be successful in completing any additional contracts for the sale of uranium to U.S. utilities on commercially reasonable terms or at all; any expectation that the Company will continue to selectively capitalize on spot market sales opportunities; and any expectation as to future uranium, vanadium or REE prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; available supplies of monazite; the ability of the Mill to produce RE Carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/ edgar. html , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.

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Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, rare earth elements (" REEs "), and vanadium, is pleased to announce that it has achieved commercial production of separated neodymium-praseodymium (" NdPr ") at its White Mesa Mill in Utah (the " Mill "). Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles (" EVs ") and dual power hybrids. Further, this 'on-spec' NdPr is now able to be produced by Energy Fuels at the full design capacity of its new Phase 1 REE separation circuit (850 to 1,000 metric tons (" tonnes ") of NdPr per year). The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024 . Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale.

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Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned

The Donald Project is an advanced-stage project with the potential to supply approximately 7,000 – 14,000 tonnes of monazite sand in a rare earth element (" REE ") concentrate (" REEC ") per year to Energy Fuels' White Mesa Mill (the " Mill "), located in Utah, U.S.A. , for processing into separated REE oxides, as early as 2026.
Under the joint venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million ) and issue $17.5 million in Energy Fuels shares to earn up to a 49% interest in the project.
Of these amounts, Energy Fuels expects to issue $3.5 million in Energy Fuels shares in 2024 and to invest approximately $10.6 million in 2024 from its existing working capital (approximately $225 million at March 31, 2024 ) , prior to making a final investment decision to proceed with the development of the first phase of the project. A positive final investment decision would require the approval of both Energy Fuels and Astron and would generally require commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, as well as commitments for non-recourse and/or government-backed debt financing for the project.
The REEC production of approximately 7,000 to 8,000 tonnes per year from the first phase of the Donald Project would be processed at the Mill's recently constructed REE oxide separation circuit, which is expected to be fully commissioned by the end of Q2 2024 and has the capacity to process up to 10,000 tonnes of monazite sand per year into up to 1,000 tonnes of NdPr oxide per year, along with a heavy mixed REE carbonate, without the need for any further capital expenditures at the Mill.
During 2024 and 2025, the Company also plans to continue to design, permit, and construct an expansion of REE oxide production capacity at the Mill to 40,000 – 60,000 tonnes of monazite per year, which is expected to be completed in 2027, and would have the capacity to process the second phase of monazite production from the Donald Project of 13,000 to 14,000 tonnes of REEC per year, which could be available as early as 2029/2030, as well as planned monazite production from the Company's Bahia Project in Brazil and the Company's planned acquisition of the Toliara Project in Madagascar .
The Company's REE production initiatives will not diminish in any way the Company's U.S. leading uranium production capabilities, which are proceeding as planned. The Company expects to produce approximately 150,000 to 500,000 pounds of uranium oxide (" U ₃ O ₈ " ) in 2024 from its U.S. mines and alternate feed materials ramping up to mining at a run-rate of approximately 1.1 million to 1.4 million pounds of U ₃ O ₈ per year later this year from three of its existing mines, with plans to increase mining to the rate of approximately 2 million pounds of U ₃ O ₈ per year by 2025 and up to 5 million pounds per year in coming years if market conditions continue to be positive, as expected.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, REEs, and vanadium, is pleased to announce that it has executed binding agreements with Astron Corporation Limited (" Astron ") creating a joint venture (the " Venture ") to develop and operate the Donald Rare Earth and Mineral Sands Project, located in the Wimmera Region of the State of Victoria, Australia (the " Donald Project "). All references to dollars or $ in this news release are references to US$ unless otherwise indicated.

The Donald Project is a world-class, world scale, REE and heavy mineral sand (" HMS ") deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (" REEC ") that would be transported to the Company's Mill in Utah, USA for processing into REE oxides and other advanced REE materials to fuel the clean energy transition and meet critical U.S. national security needs.

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Energy Fuels Announces Sale of Secured Convertible Note and Receipt of Payment in Full for Prior Sale of Alta Mesa ISR Project

Together with $41.8 million previously paid by enCore, net proceeds from the Note total $64.2 million

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ) is pleased to announce that, on November 9, 2023 it sold to MMCAP International Inc. SPC (" MMCAP ") the remaining unpaid balance of $20 million owed under the Secured Convertible Note (the " Note ") issued to the Company by enCore Energy Corp. (" enCore ") as partial consideration for enCore's purchase of the Alta Mesa In-Situ Recovery Project (the " Alta Mesa Sale "), as previously announced on February 15, 2023 for total consideration of $21 million plus $1.5 million in unpaid accrued interest, less a sales commission of $100,000 paid to a third-party broker. As disclosed in the Company's Form 10-Q for the quarter ended September 30, 2023 enCore previously paid $40 million toward the $60 million principal Note balance and $1.8 million of interest to the Company in partial fulfillment of its obligations under the Note. As a result of enCore's earlier paydown and the $22.4 million received in connection with the Note's sale, the Company has now received payment in full for the Alta Mesa Sale, and no further consideration is owed in connection therewith. All references to dollar amounts in this press release are references to US$.

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SAGA Metals Announces Non-Brokered Private Placement and Provides Corporate Update

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Saga Metals Corp. (the "Company" or "SAGA") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that it intends to complete a financing by way of a non-brokered private placement for aggregate gross proceeds of C$2,500,000 comprised of: (i) 2,500,000 flow-through common share units of the Company (the " FT Units ") at C$0.30 per FT Unit for gross proceeds of C$750,000, and, (ii) 7,000,000 hard dollar common share units of the Company (the " HD Units ", and together with the FT Units, the " Securities ") at C$0.25 per HD Unit for gross proceeds of C$1,750,000 (collectively, the " Offering ").

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International Lithium Announces Upsize and Extension of Private Placement

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it is increasing the size of its non-brokered private placement financing (the "Offering") from $600,000 to $855,000 and extending the closing of the Offering to May 30, 2025. The Offering was originally announced on February 5, 2025. The upsized Offering is comprised of up to 57,000,000 common shares of the Company at a price of $0.015 per share for gross proceeds of up to $855,000.

On March 31, 2025, the Company closed the first tranche the Offering and issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. The proposed payments from the first tranche proceeds included $183,600 to pay the outstanding fees to non-arm's length creditors.

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American Salars Signs Letter Of Intent To Acquire Cauchari Lithium Brine Project, Argentina

(TheNewswire)

VANCOUVER, BC MAY 1 st 2025 TheNewswire - American Salars Lithium Inc. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces it has signed a Letter of Intent ("LOI") with an arms length Vendor to acquire a 100% interest in the Cauchari Minas Ines 01 Lithium Salar Project ("Cauchari" or "Project"), located o n the south end of the Cauchari Salt Lake, Department Los Andes in the Province of Salta, Argentina.

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Albemarle Reports First Quarter 2025 Results

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2025 .

First-Quarter 2025 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

Net sales of $1.1 billion , with double-digit volume growth in Specialties (+11%) and record Energy Storage lithium salt production from the company's integrated conversion network
Net income of $41 million , or ($0.00) per diluted share attributable to common shareholders; adjusted diluted loss per share attributable to common shareholders of ($0.18)
Adjusted EBITDA of $267 million ; year-over-year gains in Specialties (+30%) and Ketjen (+76%)
Cash from operations of $545 million , which included a $350 million customer prepayment; excluding the prepayment, operating cash flow conversion ^(a) was 73%; line of sight to breakeven free cash flow assuming current lithium market pricing
Through April, achieved approximately 90% run-rate against midpoint $350 million cost and productivity improvement target; identified opportunities to reach high-end of the $300 to $400 million range
Maintaining full-year 2025 outlook considerations, including ranges based on recently observed lithium market price scenarios; ranges include the anticipated direct impact of tariffs announced as of April 29, 2025

(a) Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details.

"Our business continues to perform in line with our outlook considerations, including first-quarter adjusted EBITDA of $267 million with strong year-over-year improvements in Specialties and Ketjen," said Kent Masters , Chairman and CEO. "We continue to focus on what we can control - taking decisive actions to reduce costs, optimize our lithium conversion network and increase efficiencies to preserve our long-term competitive position. While the full economic impact of the recently announced tariffs and other global trade actions is unclear, we benefit from our global footprint and the current exemptions for critical minerals; as a result, we are maintaining our full year 2025 outlook considerations."

First Quarter 2025 Results

In millions, except per share amounts	Q1 2025	Q1 2024	$ Change	% Change
Net sales	$ 1,076.9	$ 1,360.7	$ (283.9)	(20.9) %
Net income attributable to Albemarle Corporation	$ 41.3	$ 2.4	$ 38.9	1,620.8 %
Adjusted EBITDA ^(a)	$ 267.1	$ 291.2	$ (24.1)	(8.3) %
Diluted loss per share attributable to common shareholders	$ (0.00)	$ (0.08)	$ 0.08	(100.0) %
Non-recurring and other unusual items ^(a)	(0.18)	0.34
Adjusted diluted (loss) earnings per share attributable to common shareholders ^(a)(b)	$ (0.18)	$ 0.26	$ (0.44)	(169.2) %

(a) See Non-GAAP Reconciliations for further details.

(b) Totals may not add due to rounding.

Net sales for the first quarter of 2025 were $1.1 billion compared to $1.4 billion for the prior-year quarter, a decline of 21% driven primarily by lower pricing in Energy Storage, partially offset by higher volumes in Specialties (+11%). Adjusted EBITDA of $267 million declined by $24 million from the prior-year quarter as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts. Net income attributable to Albemarle of $41 million increased year-over-year by $39 million .

The effective income tax rate for the first quarter of 2025 was 21.0% compared to 2.2% in the same period of 2024. On an adjusted basis, the effective income tax rates were (42.8)% and (12.4)% for the first quarters of 2025 and 2024, respectively, with the decrease primarily due to changes in geographic income mix and the impact of tax valuation allowances in Australia and China.

Energy Storage Results

In millions	Q1 2025	Q1 2024	$ Change	% Change
Net Sales	$ 524.6	$ 800.9	$ (276.3)	(34.5) %
Adjusted EBITDA	$ 186.4	$ 198.0	$ (11.6)	(5.9) %

Energy Storage net sales for the first quarter of 2025 were $525 million , a decrease of $276 million , or 35%, due to lower pricing (-34%). Volumes were flat as record production at our integrated conversion network offset reduced tolling volumes. Adjusted EBITDA of $186 million decreased $12 million , as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts.

Specialties Results

In millions	Q1 2025	Q1 2024	$ Change	% Change
Net Sales	$ 321.0	$ 316.1	$ 4.9	1.6 %
Adjusted EBITDA	$ 58.7	$ 45.2	$ 13.5	29.8 %

Specialties net sales for the first quarter of 2025 were $321 million , an increase of $5 million , or 2%, primarily due to higher volumes (+11%), which more than offset lower prices (-8%). Adjusted EBITDA of $59 million increased $13 million versus the year-ago quarter due to higher sales volumes and decreased manufacturing costs related to productivity initiatives.

Ketjen Results

In millions	Q1 2025	Q1 2024	$ Change	% Change
Net Sales	$ 231.3	$ 243.8	$ (12.5)	(5.1) %
Adjusted EBITDA	$ 38.6	$ 22.0	$ 16.6	75.6 %

Ketjen net sales for the first quarter of 2025 were $231 million , down 5% compared to the prior-year quarter as higher prices (+4%) were more than offset by lower volumes (-8%), primarily due to the timing of sales, offset by favorable pricing due to product mix. Adjusted EBITDA of $39 million increased $17 million , driven by favorable product mix and higher equity income from joint ventures.

2025 Outlook Considerations

Total Corporate Outlook Considerations are Unchanged
The table below reflects expected outcomes for the total company based on recently observed lithium market price scenarios, unchanged from the prior quarter. Ranges include the anticipated direct impact of announced tariffs as of April 29, 2025 . Ranges are based on variation in sales volume and mix, including a projected increase in Energy Storage volumes of 0% to 10% in 2025 compared to 2024. All three scenarios assume flat market pricing flowing through Energy Storage's current contract book. Scenarios also assume spodumene pricing averages 10% of the lithium carbonate equivalent (LCE) price, while other costs are assumed to be constant.

	Total Corporate FY 2025E Including Energy Storage Scenarios
Observed market price case ^(a)	YE 2024	H1 2024 range	Q4 2023 average
Average lithium market price ($/kg LCE) ^(a)	~$9	$12-15	~$20
Net sales	$4.9 - $5.2 billion	$5.3 - $6.1 billion	$6.5 - $7.0 billion
Adjusted EBITDA ^(b)	$0.8 - $1.0 billion	$1.2 - $1.8 billion	$2.5 - $2.7 billion


(a)	Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.
(b)	The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See "Additional information regarding Non-GAAP Measures" for more information.

Energy Storage Market Price Scenarios

	Energy Storage FY 2025E
Observed market price case ^(a)	YE 2024	H1 2024 range	Q4 2023 average
Average lithium market price ($/kg LCE) ^(a)	~$9	$12-15	~$20
Net sales	$2.5 - $2.6 billion	$2.9 - $3.5 billion	$4.2 - $4.5 billion
Adjusted EBITDA	$0.6 - $0.7 billion	$1.0 - $1.5 billion	$2.2 - $2.4 billion
Equity in net income of unconsolidated investments (net of tax) ^(b)	$0.2 - $0.3 billion	$0.3 - $0.5 billion	$0.6 - $0.7 billion


(a)	Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.
(b)	Included in adjusted EBITDA on a pre-tax basis.

Specialties and Ketjen Outlook Considerations
Specialties outlook reflects modest volume growth in key end markets led by pharma, automotive, and oilfield, partially offset by weakness in building and construction.

Ketjen outlook assumes favorable product revenue mix, lower input costs and the continuation of its turnaround plan execution.

	Segment FY 2025E
Specialties net sales	$1.3 - $1.5 billion
Specialties adjusted EBITDA	$210 - $280 million
Ketjen net sales	$1.0 - $1.1 billion
Ketjen adjusted EBITDA	$120 - $150 million

Other Corporate Outlook Considerations
Albemarle expects its 2025 capital expenditures to be in the range of $700 million to $800 million , down more than 50% from $1.7 billion in 2024. This level of spending reflects a prioritization on sustaining existing assets and resources, with the remainder allocated to select growth projects and high-return, quick payback improvements.

	Other Corporate FY 2025E
Capital expenditures	$700 - $800 million
Depreciation and amortization	$630 - $670 million
Adjusted effective tax rate ^(a)	(40%) - 25%
Corporate costs ^(b)	$70 - $100 million
Interest and financing expenses	$180 - $210 million
Weighted-average common shares outstanding (diluted)	118 million

(a) Adjusted effective tax rate dependent on lithium market prices and geographic income mix

(b) FY 2025E outlook includes FX impact year to date

Cash Flow and Capital Deployment
Cash from operations of $545 million increased $447 million compared to the prior-year period. A customer prepayment received in January and improved working capital more than offset lower adjusted EBITDA and reduced dividends received from equity investments. Capital expenditures of $183 million decreased by $397 million versus the prior-year period, reflecting the impact of decisions that stopped or slowed spending and the completion of capacity expansions in Energy Storage and Specialties.

Balance Sheet and Liquidity
As of March 31, 2025, Albemarle had estimated liquidity of approximately $3.1 billion , including $1.5 billion of cash and cash equivalents, $1.5 billion available under its revolver and $106 million available under other credit lines. Total debt was $3.5 billion , representing a debt covenant net debt to adjusted EBITDA ratio of approximately 2.4 times.

Earnings Call

Date:	Thurs., May 1, 2025
Time:	8:00 AM Eastern time
Dial-in (U.S.):	1-800-590-8290
Dial-in (International):	1-240-690-8800
Conference ID:	ALBQ1

The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com .

About Albemarle
Albemarle Corporation (NYSE: ALB) is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "scenario," "should," "would," and "will". Forward-looking statements may include statements regarding: our 2025 company and segment outlooks, including expected market pricing of lithium and spodumene and other underlying assumptions and outlook considerations; expected capital expenditure amounts and the corresponding impact on cash flow; expected impact of tariffs and other trade restrictions; market pricing of lithium carbonate equivalent and spodumene; plans and expectations regarding other projects and activities, cost reductions and accounting charges, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; changes in trade policies and tariffs; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; geopolitical conflicts and political unrest; trade policies and tariffs; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov . These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Albemarle Corporation and Subsidiaries Consolidated Statements of Income (In Thousands Except Per Share Amounts) (Unaudited)
	Three Months Ended
	March 31,
	2025	2024
Net sales	$ 1,076,881	$ 1,360,736
Cost of goods sold	920,582	1,321,798
Gross profit	156,299	38,938
Selling, general and administrative expenses	123,502	161,376
Restructuring charges and asset write-offs	(1,063)	33,536
Research and development expenses	14,099	23,532
Operating profit (loss)	19,761	(179,506)
Interest and financing expenses	(48,977)	(37,969)
Other income, net	10,250	49,901
Loss before income taxes and equity in net income of unconsolidated investments	(18,966)	(167,574)
Income tax benefit	(3,978)	(3,721)
Loss before equity in net income of unconsolidated investments	(14,988)	(163,853)
Equity in net income of unconsolidated investments (net of tax)	64,286	180,500
Net income	49,298	16,647
Net income attributable to noncontrolling interests	(7,950)	(14,199)
Net income attributable to Albemarle Corporation	41,348	2,448
Mandatory convertible preferred stock dividends	(41,688)	(11,584)
Net loss attributable to Albemarle Corporation common shareholders	$ (340)	$ (9,136)
Basic loss per share attributable to common shareholders	$ (0.00)	$ (0.08)
Diluted loss per share attributable to common shareholders	$ (0.00)	$ (0.08)

Weighted-average common shares outstanding – basic	117,603	117,451
Weighted-average common shares outstanding – diluted	117,603	117,451

Albemarle Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) (Unaudited)
	March 31,	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$ 1,518,511	$ 1,192,230
Trade accounts receivable	670,775	742,201
Other accounts receivable	137,080	238,384
Inventories	1,656,365	1,502,531
Other current assets	124,551	166,916
Total current assets	4,107,282	3,842,262
Property, plant and equipment	12,660,018	12,523,368
Less accumulated depreciation and amortization	3,356,979	3,191,898
Net property, plant and equipment	9,303,039	9,331,470
Investments	1,124,777	1,117,739
Other assets	628,277	504,711
Goodwill	1,606,144	1,582,714
Other intangibles, net of amortization	229,739	230,753
Total assets	$ 16,999,258	$ 16,609,649
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable to third parties	$ 778,658	$ 793,455
Accounts payable to related parties	139,296	150,432
Accrued expenses	379,871	467,997
Current portion of long-term debt	410,477	398,023
Dividends payable	61,312	61,282
Income taxes payable	174,779	95,275
Total current liabilities	1,944,393	1,966,464
Long-term debt	3,128,655	3,118,142
Postretirement benefits	31,908	31,930
Pension benefits	115,846	116,192
Other noncurrent liabilities	1,125,943	819,204
Deferred income taxes	378,171	358,029
Commitments and contingencies
Equity:
Albemarle Corporation shareholders' equity:
Common stock	1,177	1,176
Mandatory convertible preferred stock	2,235,105	2,235,105
Additional paid-in capital	2,991,389	2,985,606
Accumulated other comprehensive loss	(633,136)	(742,062)
Retained earnings	5,433,704	5,481,692
Total Albemarle Corporation shareholders' equity	10,028,239	9,961,517
Noncontrolling interests	246,103	238,171
Total equity	10,274,342	10,199,688
Total liabilities and equity	$ 16,999,258	$ 16,609,649

Albemarle Corporation and Subsidiaries Selected Consolidated Cash Flow Data (In Thousands) (Unaudited)
	Three Months Ended March 31,
	2025	2024
Cash and cash equivalents at beginning of year	$ 1,192,230	$ 889,900
Cash flows from operating activities:
Net income	49,298	16,647
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	161,754	123,751
Stock-based compensation and other	6,966	9,317
Equity in net income of unconsolidated investments (net of tax)	(64,286)	(180,500)
Dividends received from unconsolidated investments and nonmarketable securities	60,335	50,756
Pension and postretirement expense	1,696	1,273
Pension and postretirement contributions	(5,196)	(4,824)
Realized loss on investments in marketable securities	—	33,746
Unrealized loss on investments in marketable securities	5,331	6,737
Deferred income taxes	(5,669)	116,447
Working capital changes	(21,992)	(52,320)
Noncurrent liability changes and other, net	357,146	(23,076)
Net cash provided by operating activities	545,383	97,954
Cash flows from investing activities:
Capital expenditures	(182,624)	(579,322)
Sales of marketable securities, net	3,381	84,893
Investments in equity investments and nonmarketable securities	(60)	(74)
Net cash used in investing activities	(179,303)	(494,503)
Cash flows from financing activities:
Proceeds from issuance of mandatory convertible preferred stock	—	2,236,750
Repayments of long-term debt and credit agreements	(9,615)	(29,019)
Proceeds from borrowings of long-term debt and credit agreements	—	29,019
Other debt repayments, net	(1,195)	(620,753)
Dividends paid to common shareholders	(47,607)	(46,908)
Dividends paid to mandatory convertible preferred shareholders	(41,688)	—
Dividends paid to noncontrolling interests	(18,169)	—
Proceeds from exercise of stock options	1,186	86
Withholding taxes paid on stock-based compensation award distributions	(2,904)	(10,619)
Other	(14)	(1,256)
Net cash (used in) provided by financing activities	(120,006)	1,557,300
Net effect of foreign exchange on cash and cash equivalents	80,207	5,162
Increase in cash and cash equivalents	326,281	1,165,913
Cash and cash equivalents at end of period	$ 1,518,511	$ 2,055,813

Albemarle Corporation and Subsidiaries Consolidated Summary of Segment Results (In Thousands) (Unaudited)
	Three Months Ended
	March 31,
	2025	2024
Net sales:
Energy Storage	$ 524,565	$ 800,898
Specialties	321,014	316,065
Ketjen	231,302	243,773
Total net sales	$ 1,076,881	$ 1,360,736

Adjusted EBITDA:
Energy Storage	$ 186,355	$ 197,996
Specialties	58,666	45,181
Ketjen	38,588	21,979
Total segment adjusted EBITDA	283,609	265,156
Corporate	(16,465)	26,080
Total adjusted EBITDA	$ 267,144	$ 291,236

See accompanying non-GAAP reconciliations below.

Additional Information regarding Non-GAAP Measures

It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, adjusted diluted loss per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin, and operating cash flow conversion are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.

A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com . The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.

Albemarle Corporation AND SUBSIDIARIES

Non-GAAP Reconciliations

(Unaudited)

See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net (loss) income attributable to Albemarle Corporation common shareholders is defined as net income (loss) after mandatory convertible preferred stock dividends, but before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. EBITDA is defined as net income attributable to Albemarle Corporation before interest and financing expenses, income tax expense, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the proportionate share of Windfield Holdings income tax expense, non-recurring, other unusual and non-operating pension and OPEB items as listed below.

	Three Months Ended
	March 31,
	2025		2024
In thousands, except percentages and per share amounts	$	% of net sales	$	% of net sales
Net income attributable to Albemarle Corporation	$41,348		$ 2,448
Add back:
Non-operating pension and OPEB items (net of tax)	125		(351)
Non-recurring and other unusual items (net of tax)	(21,200)		40,044
Adjusted net income attributable to Albemarle Corporation	20,273		42,141
Mandatory convertible preferred stock dividends	(41,688)		(11,584)
Adjusted net (loss) income attributable to Albemarle Corporation common shareholders	$ (21,415)		$ 30,557

Adjusted diluted (loss) earnings per share attributable to common shareholders	$ (0.18)		$ 0.26

Adjusted weighted-average common shares outstanding – diluted	117,603		117,451

Net income attributable to Albemarle Corporation	$41,348	3.8 %	$ 2,448	0.2 %
Add back:
Interest and financing expenses	48,977	4.5 %	37,969	2.8 %
Income tax (benefit)	(3,978)	(0.4) %	(3,721)	(0.3) %
Depreciation and amortization	161,754	15.0 %	123,751	9.1 %
EBITDA	248,101	23.0 %	160,447	11.8 %
Proportionate share of Windfield income tax expense	25,326	2.4 %	73,689	5.4 %
Non-operating pension and OPEB items	275	— %	(325)	— %
Non-recurring and other unusual items	(6,558)	(0.6) %	57,425	4.2 %
Adjusted EBITDA	$ 267,144	24.8 %	$ 291,236	21.4 %

Net sales	$ 1,076,881		$ 1,360,736

Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income, net. Non-operating pension and OPEB items were as follows (in thousands):

	Three Months Ended
	March 31,
	2025	2024
Interest cost	$ 8,810	$ 8,505
Expected return on assets	(8,535)	(8,830)
Total	$ 275	$ (325)

In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):

	Three Months Ended
	March 31,
	2025	2024
Restructuring charges and asset write-offs ⁽¹⁾	$ (0.02)	$ 0.23
Acquisition and integration related costs ⁽²⁾	0.01	0.01
Loss in fair value of public equity securities ⁽³⁾	0.03	0.35
Other ⁽⁴⁾	(0.08)	(0.15)
Tax related items ⁽⁵⁾	(0.12)	(0.10)
Total non-recurring and other unusual items	$ (0.18)	$ 0.34


(1)	The Company took several actions during 2024 as part of a broader effort that will focus on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company's cost competitiveness and efficiency, reducing capital intensity and enhancing the Company's financial flexibility. Those actions included stopping construction of Kemerton Trains 3 and 4, as well as certain other capital projects, placing Kemerton Train 2 in care and maintenance and transitioning the Company's operating structure to a fully integrated functional model (excluding Ketjen). Subsequently, in early 2025, the Company announced its additional decision to put the Chengdu, China conversion plant into care and maintenance by mid-year 2025. As a result, the Company recorded restructuring and asset write-off charges of ($1.1 million) in Restructuring charges and asset write-offs and losses of $0.2 million in Other income, net for the three months ended March 31, 2025. Due to the impact of valuation allowances, this resulted in total after-tax gains of $2.1 million, or $0.02 per share for the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recorded restructuring and asset write-off charges of $33.5 million in Restructuring charges and asset write-offs and losses of $2.7 million in Other income, net. In total, this resulted in after-tax losses of ($27.0 million after income taxes, or $0.23 per share) for the three months ended March 31, 2024.

(2)	Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three months ended March 31, 2025 and 2024 were $1.4 million and $1.9 million ($1.1 million and $1.5 million after income taxes, or $0.01 and $0.01 per share), respectively.

(3)	Loss of $5.0 million ($3.9 million after income taxes, or $0.03 per share) recorded in Other income, net resulting from the net change in fair value of investments in public equity securities for the three months ended March 31, 2025. Losses of $33.7 million and $9.4 million recorded in Other income, net resulting from the sale of investments in public equity securities and the change in fair value of investments in public equity securities, respectively, for the three months ended March 31, 2024 ($41.1 million after income taxes, or $0.35 per share).

(4)	Other adjustments for the three months ended March 31, 2025 included amounts recorded in:
	•	Selling, general and administrative expenses - $3.2 million of gains from the sale of assets at a site not part of our operations, partially offset by $0.6 million of expenses related to certain historical legal matters.
	•	Other income, net - $9.8 million of income from PIK dividends of preferred equity in a Grace subsidiary and a $1.9 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses, partially offset by $1.9 million of charges for asset retirement obligations at a site not part of our operations.
	After income taxes, these net gains totaled $9.8 million, or $0.08 per share.

	Other adjustments for the three months ended March 31, 2024 included amounts recorded in:
	•	Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.
	•	Selling, general and administrative expenses - $0.1 million of expenses related to certain legal costs.
	•	Other income, net - $17.3 million gain primarily from the sale of assets at a site not part of our operations, an $8.7 million gain from PIK dividends of preferred equity in a Grace subsidiary and a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations.
	After income taxes, these net gains totaled $17.3 million, or $0.15 per share.

(5)	Included in Income tax benefit for the three months ended March 31, 2025 are discrete net tax benefits of $14.2 million, or $0.12 per share, primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.

	Included in Income tax benefit for the three months ended March 31, 2024 are discrete net tax benefits of $12.3 million, or $0.10 per share primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.

See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reporting in accordance with GAAP (in thousands, except percentages).

	(Loss) income before income taxes and equity in net income of unconsolidated investments	Income tax (benefit) expense	Effective income tax rate
Three months ended March 31, 2025
As reported	$ (18,966)	$ (3,978)	21.0 %
Non-recurring, other unusual and non-operating pension and OPEB items	(6,283)	14,792
As adjusted	$ (25,249)	$ 10,814	(42.8) %

Three months ended March 31, 2024
As reported	$ (167,574)	$ (3,721)	2.2 %
Non-recurring, other unusual and non-operating pension and OPEB items	57,100	17,407
As adjusted	$ (110,474)	$ 13,686	(12.4) %

See below for the calculation of operating cash flow conversion, which the Company defines as Net cash provided by operating activities from the statement of cash flows divided by adjusted EBITDA, which is a non-GAAP measure. A reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reporting in accordance with GAAP, is provided in the above tables (in thousands, except percentages).

	Three Months Ended
	March 31, 2025
Net cash provided by operating activities	$ 545,383
Less: Customer prepayment	350,000
Net cash provided by operating activities excluding customer prepayment	$ 195,383

Adjusted EBITDA	$ 267,144

Operating cash flow conversion	204 %
Operating cash flow conversion excluding customer prepayment	73 %

Contact:
invest@albemarle.com	1.980.299.5700

View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-2025-results-302442938.html

SOURCE Albemarle Corporation

News Provided by PR Newswire via QuoteMedia

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Description	DDH	FROM	TO	Length	Fe	TiO2	V205
	ID	m	m	m	%	%	%
Full Hole	HEZ-01	4.5	311	306.5	16.35	3.326	0.154
Layering Sequence_01	HEZ-01	109.7	142.6	32.9	18.075	4.016	0.158
Layering Sequence_02	HEZ-01	159.5	266	106.5	21.413	4.303	0.236
Highest Grade intercept	HEZ-01	167	198.5	31.5	25.954	5.339	0.284
Full Hole	HEZ-04	4.5	308	303.5	17.746	3.624	0.18
Layering Sequence_01	HEZ-04	24	56	32	15.595	3.489	0.113
Layering Sequence_02	HEZ-04	103	288	185	19.963	4.059	0.221
High Grade intercept_01	HEZ-04	231	281	50	24.494	4.74	0.305

Sample Number	DDH	FROM	TO	Length	Fe	TiO2	V205
	ID	m	m	m	%	%	%
1474069	HEZ-01	63.29	63.59	0.3	39.5	9.4	0.339
1474276	HEZ-01	198	198.5	0.5	43	9	0.512
1474242	HEZ-01	181	181.5	0.5	39.2	8.2	0.438
1471661	HEZ-04	241	241.5	0.5	41.6	7.9	0.522
1471663	HEZ-04	242	242.5	0.5	38.3	7.8	0.5

Name	Metal	Location	Area (Hectares)	Current Ownership Percentage	Future Ownership percentage if options exercised or work carried out	Operator or JV Partner
Raleigh Lake	Lithium Rubidium	Ontario	32,900	100%	100%	ILC
Firesteel	Copper Cobalt	Ontario	6,600	90%	90%	ILC
Wolf Ridge	Lithium	Ontario	5,700	0%	100%	ILC
Mavis Lake	Lithium	Ontario	2,600	0%	0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met)	Critical Resources Ltd ( ASX: CRR)
Avalonia*	Lithium	Ireland	29,200	0%	2.0% Net Smelter Royalty	Ganfeng Lithium
Forgan/ Lucky Lakes	Lithium	Ontario		0%	1.5% Net Smelter Royalty	Ultra Lithium Inc. ( TSXV: ULT)
*Sale not completed yet

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