Form 4: Energy Fuels Director Sells UUUU Shares Under 10b5-1 Plan

Energy Fuels Director Dennis L. Higgs reported selling a total of 25,917 common shares over two days in November 2025, pursuant to a Rule 10b5-1 trading plan.

Summary

• Dennis L. Higgs, a Director of Energy Fuels Inc. (UUUU), reported two separate sales of common shares.
• On November 17, 2025, Mr. Higgs sold 10,917 common shares at an average price of $15.28 per share.
• On November 18, 2025, an additional 15,000 common shares were sold at an average price of $15.26 per share.
• The total number of shares sold across both transactions is 25,917.
• Following these transactions, Mr. Higgs beneficially owns 192,964 common shares.
• The transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Sale prices reported constitute conversions from Canadian Dollars to U.S. Dollars.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While the sales represent a reduction in director ownership, the execution under a Rule 10b5-1 plan mitigates the negative signal, suggesting the sales are for personal financial management rather than a lack of confidence in the company's future.

Positives

• The sales were conducted under a Rule 10b5-1 plan, indicating they were pre-scheduled and not necessarily a reaction to new negative information about the company.

Negatives

• A director reducing their direct ownership in the company, even if pre-planned, can be perceived as a slight negative by some investors.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• Dennis L. Higgs signed the filing on 11/18/2025.

Industry Context

This insider transaction report is specific to Energy Fuels Inc. and does not provide broader industry context. However, insider selling can sometimes be viewed in the context of overall market sentiment or company-specific developments within the uranium and rare earths industry.

Stakeholder Impact

• Shareholders may interpret the director's share sales with caution, although the 10b5-1 plan suggests a pre-planned divestment rather than a reaction to new negative company information.

Key Dates

Recommendation

The director's sale of shares, while notable, was conducted under a pre-arranged 10b5-1 trading plan. This suggests the sales are for personal financial planning rather than a signal of deteriorating company fundamentals or a lack of confidence. Therefore, a 'hold' recommendation is appropriate, advising investors to monitor future company performance and broader industry trends without immediate alarm from this specific transaction.

Keywords

Energy Fuels, UUUU, Insider Trading, Form 4, Dennis L. Higgs, Share Sale, Director Transaction, 10b5-1 Plan