This market resolves YES if Energy Fuels Inc. trailing 6-month Europium Oxide (Eu2O3) production at White Mesa Mill exceeds 12000 kg on December 31, 2026.

What is being measured: Eu2O3 output (kilograms) attributable to Energy Fuels' White Mesa Mill monazite processing, for the 6-month period ending 3 months before December 31, 2026. The 3-month lag ensures both quarterly production reports covering the window are published before settlement.

Measurement window:

• Settlement June 30: October (prior year) – March (current year) total

• Settlement December 31: April – September (current year) total

Data timing: Energy Fuels releases quarterly production reports ~45 days post-quarter. Both quarters in the measurement window are published before settlement.

YES if:

• Energy Fuels quarterly reports confirm cumulative Eu2O3 production exceeds 12000 kg for the applicable 6-month window

NO if:

• Cumulative Eu2O3 production for the window is ≤ 12000 kg per Energy Fuels filings

• If Eu2O3 is not separately disclosed: estimate from mixed carbonate tonnage using Eu2O3 content factor (~2–4% of TREO); if estimated equivalent ≤ 12000 kg, resolves NO

• If no production data is available (pre-ramp / not yet operational), resolves NO

Unit note: Production must be converted to kg Eu2O3 (not kg Eu metal; not tonnes). If reported in other units: 1 tonne = 1,000 kg; Eu metal to Eu2O3 multiply by 1.208.

See measurable definition: measurables/europium/energy_fuels_europium_oxide_output.measurable.yaml

Primary sources:

1. Energy Fuels Inc. quarterly production and financial report (investor.energyfuels.com) — Rare Earths section; released ~45 days post-quarter end

2. Energy Fuels MD&A (quarterly / annual) — Eu2O3 production table or carbonate tonnage with rare earth breakdown

Secondary sources: 3. Energy Fuels press releases via PR Newswire / SEDAR+ — production milestone announcements 4. Energy Fuels 10-K / AIF annual report — element-level rare earth production table 5. Neo Performance Materials quarterly reports (if White Mesa-sourced Eu is disclosed as feedstock received at Sillamäe)