Mark Chalmers discusses his transition from CEO of Energy Fuels (NYSE American: UUUU/TSX: EFR) and breaks down the future of the uranium market, rare earths, and critical minerals. He explains why uranium prices may need to rise "well into the hundreds" to sustain new production, how utilities are returning to long-term contracting, and why Energy Fuels is positioning itself as a global multi-commodity powerhouse. The conversation also covers production growth to 2–3 million pounds, the company's $2B expansion strategy, rare earth competition with China, vanadium price triggers, and the massive upside potential in medical isotopes, including radium valued at up to $6 million per gram. If you're interested in uranium investing, nuclear energy, rare earth elements, and the future of critical minerals supply chains, this interview delivers key insights for investors in 2026 and beyond.

🗓️ Recording date: April 8 , 2026

📖 Chapters
0:00 Intro
1:10 – CEO Transition: Stepping Down but Not Retiring
2:00 – 10-Year Transformation: $100M → $5B Company
3:10 – New CEO Ross Bhappu
4:10 – Uranium Market Outlook
5:30 – Utilities & Long-Term Contracts
7:00 – Offtake Agreements
8:00 – 2025 Outperformance: Beating Production Guidance
9:00 – Scaling Production: Path to 2–3M Pounds
10:00 – Pinion Plain Mine: Production Outlook
11:00 – Vision: Becoming a Critical Minerals Hub
12:00 – $1B+ Potential: Long-Term Earnings Power
13:00 – Rare Earths vs China: Cost & Strategy
14:00 – How to Value Energy Fuels (Uranium vs Rare Earths)
15:30 – Medical Isotopes Opportunity
17:00 – Timeline for Isotope Commercialization
18:00 – Risks & Scaling Challenges
19:00 – Vanadium Market: When Does It Make Sense?
20:00 – Vanadium Demand & Battery Opportunity
21:00 – Is Vanadium Core or Opportunistic?
22:00 – Building a US Critical Minerals Supply Chain
24:00 – Financial Strategy
25:30 – Cost to Build a New Mill Today
26:30 – Upcoming Catalysts & News Flow