Energy Fuels Reports 20% Uranium Output Beat, First US Heavy Rare Earth Production in Decades, & Proposed ASM Acquisition Targeting Mine-to-Alloy Integration

• Uranium output beat guidance by 20%. Energy Fuels mined 1.72 million contained pounds in 2025, exceeding its revised ceiling of 1.435 million pounds. At the Q1 2026 long-term contract price of $90 per pound, 2026 contract-based uranium revenue could reach approximately $157.5 million, more than three times the $48.2 million generated in 2025.
• First US terbium oxide production in decades. The White Mesa Mill produced one kilogram of terbium oxide at 99.9% purity from US-sourced monazite in March 2026, following approximately 29 kilograms of dysprosium oxide. Both materials are subject to Chinese export controls, leaving non-Chinese buyers without an alternative supply source.
• ASM acquisition adds alloy conversion margin to existing oxide sales. The Korean Metal Plant currently produces approximately 1,300 metric tonnes per annum of neodymium-iron-boron alloy, with Phase 3 targeting 5,600 metric tonnes per annum. Adding metal and alloy conversion captures an additional processing margin on the same feedstock volumes Energy Fuels already processes at White Mesa.
• Phase 2 expansion targets a revenue step-change from $48.2 million to approximately $1.2 billion. Combined Phase 1 rare earth oxide output implies a revenue ceiling of approximately $282.75 million at February 2026 benchmark prices, rising to approximately $1.2 billion at full Phase 2 throughput of 60,000 metric tonnes per annum, targeting 2028 to 2029.
• Stock re-rated up to 475% in 2025 to 2026, now consolidating ahead of three catalysts. UUUU reached an intraday high of approximately $23.37 on March 2, 2026, against a 2025 trading range of $4 to $15. Market capitalisation stabilised at $4.6 billion to $4.9 billion, with the ASM close, Donald Project FID, and Phase 1B commissioning each carrying defined timelines through mid-2027.

Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) reported 2025 uranium production of 1.72 million contained pounds, 20% above its revised second-quarter guidance ceiling of 1.435 million pounds, while simultaneously announcing a proposed acquisition of Australian Strategic Materials (ASM) targeting mid-2026 close and disclosing the first US primary production of high-purity terbium oxide in decades. Together, these developments extend the company's position across the rare earth value chain from monazite processing through to finished alloy, adding metal conversion margin to an existing separated oxide revenue base.

Uranium Production & Sales

The Pinyon Plain Mine in Arizona delivered ore grading 1.62% uranium oxide in 2025, among the highest grades of any operating uranium mine in the United States, contributing to total mined output of 1.72 million contained pounds. The company processed just over one million finished pounds and sold 650,000 pounds at a weighted average realized price of $74.21 per pound, generating $48.2 million in uranium revenue for the full year, per the company's 2025 annual results.

Energy Fuels holds six long-term uranium supply contracts with US nuclear utilities covering deliveries through 2032, including two agreements executed in 2025. The long-term contract uranium price reached $90 per pound in the first quarter of 2026, the highest level on record per company disclosure, while the spot price peaked at $101.41 per pound on January 29, 2026, before closing the quarter at $83.90 per pound.

For 2026, the company is targeting 2.0 to 2.5 million mined pounds and sales of 1.5 to 2.0 million pounds at Pinyon Plain cash costs of $23 to $30 per pound. At the Q1 2026 long-term contract price of $90 per pound and the midpoint of 2026 sales guidance of 1.75 million pounds, contract-based uranium revenue would reach approximately $157.5 million, more than three times 2025 uranium revenue of $48.2 million. The La Sal Complex in Utah is also in active production, with additional mining areas being prepared for 2026 and 2027.

Rare Earth Expansion, Heavy REE Milestone, & ASM Acquisition

On March 25, 2026, Energy Fuels disclosed production of its first kilogram of terbium oxide at 99.9% purity at the White Mesa Mill in Blanding, Utah, from US-sourced monazite ore. The company described this as the first US primary production of high-purity terbium oxide from a mineral feedstock in decades at volumes and purities sufficient for downstream permanent magnet manufacturer validation. The disclosure followed an earlier announcement of approximately 29 kilograms of 99.9% pure dysprosium oxide production from the same facility.

Both dysprosium and terbium are currently subject to Chinese export controls, removing them from global spot markets for non-Chinese buyers without alternative supply. The proposed ASM acquisition, announced January 20, 2026, adds the Korean Metal Plant in Ochang, South Korea, currently producing approximately 1,300 metric tonnes per annum of neodymium-iron-boron alloy, with Phase 3 expansion targeting approximately 5,600 metric tonnes per annum.

The transaction also includes a planned American Metal Plant targeting initial alloy capacity of approximately 2,000 metric tonnes per annum and the Dubbo Project in New South Wales, Australia, a construction-ready development with a 42-year mine life and all major permits in place. Because Energy Fuels currently sells separated rare earth oxides, the addition of metal and alloy conversion at the Korean and American plants captures an additional processing margin on the same feedstock volumes.

Management Commentary

Following the terbium oxide disclosure, CEO Mark Chalmers provided operational context on the company's processing capability and supply chain positioning.:

"This success proves we can process and produce high purity 'heavy' rare earth oxides economically and at scale in the U.S. North America will soon have a reliable and secure U.S. commercial source of these vital critical materials ensuring availability for high-performance magnet and defense technologies."

Project & Regional Context

The White Mesa Mill in Blanding, Utah, is the only US facility licensed to process monazite into separated rare earth element oxides and holds licensed uranium oxide production capacity of more than eight million pounds per year. The mill's Phase 1A rare earth circuit processes up to 10,000 metric tonnes per annum of monazite, producing up to 1,000 metric tonnes per annum of neodymium-praseodymium oxide, validated at commercial scale by a permanent magnet manufacturer and an original equipment manufacturer for use in automotive electric motors.

Monazite feedstock supply for Phase 2 throughput of 60,000 metric tonnes per annum requires sources beyond existing contracted volumes. Energy Fuels has identified four projects with aggregate capacity of approximately 40,900 metric tonnes per annum at full build-out, leaving a gap of approximately 19,100 metric tonnes per annum against the Phase 2 target.

The nearest-term source is the Donald Project in Victoria, Australia, a joint venture with Astron Corporation in which Energy Fuels is earning into a 49% interest while retaining entitlement to 100% of monazite produced. A Final Investment Decision was targeted as early as the first quarter of 2026, with first monazite deliveries to White Mesa targeting late 2027 at total project funding of approximately A$520 million (approximately US$340 million). The Vara Mada Project in Madagascar and the Bahia Project in Brazil provide additional feedstock at later development stages, with Bahia targeting a resource estimate in 2026.

Economic & Development Context

A Phase 1B expansion of White Mesa targeting mid-2027 would add commercial-scale recovery of dysprosium, terbium, samarium, europium, and gadolinium oxides from existing circuits, with planned annual output of up to approximately 35 tonnes of dysprosium and 12 tonnes of terbium. At February 2026 benchmark prices of $1.125 million per tonne for dysprosium oxide and $4.5 million per tonne for terbium oxide, Phase 1B heavy rare earth output implies additional annual revenue of up to approximately $93.75 million from dysprosium and $54 million from terbium, on top of Phase 1A neodymium-praseodymium oxide revenue of up to $135 million at $135,000 per tonne, for a combined Phase 1 revenue ceiling of approximately $282.75 million.

A full Phase 2 expansion targeting 2028 to 2029 would bring total mill throughput to 60,000 metric tonnes per annum, enabling production of over 6,000 metric tonnes per annum of neodymium-praseodymium oxide, approximately 288 tonnes of dysprosium oxide, and approximately 80 tonnes of terbium oxide. At the same February 2026 benchmark prices, Phase 2 output implies annual revenues approaching $1.2 billion per company disclosure, versus 2025 total revenues of $48.2 million from uranium alone.

The Vara Mada Project carries a post-tax net present value of $1.8 billion at a 10% discount rate, an internal rate of return of 24.9%, and Stage 1 capital expenditure of $769 million, with projected EBITDA of $500 million following ramp-up, per company feasibility disclosure. In October 2025, the company completed a $700 million convertible senior notes offering at a 0.75% annual coupon, a 32.5% conversion premium at $20.34 per share, and an all-in effective pre-tax yield of 2.1%, oversubscribed more than seven times, with proceeds designated for White Mesa Phase 1 and Phase 2 expansions and the Donald Project investment decision.

Market Reaction

UUUU shares reached an intraday high of approximately $23.37 on March 2, 2026, before declining approximately 10% in a single session on March 3, then stabilising in an approximate $19 to $20 range through late March and into early April 2026. Market capitalisation declined from approximately $5.17 billion to approximately $4.91 billion over the same 30-day period, a reduction of approximately $260 million, before stabilising in a $4.6 billion to $4.9 billion range, per Public and Companies Market Cap data.

The 2025 full-year trading range of approximately $4 to $15 per share, against a March 2026 range of approximately $18 to $23, represents a price appreciation of between 20% and 475% depending on entry point, without implying a directional forward view. Near-term catalysts with defined timelines include the targeted ASM acquisition close in mid-2026, the Donald Project Final Investment Decision targeted as early as Q1 2026, and Phase 1B commissioning targeting mid-2027.

Resource & Exploration Context

Energy Fuels reported working capital of $927.4 million and total assets of $1.41 billion at December 31, 2025, per the company's 2025 annual results. The company recorded a net loss of $86.1 million, or $0.38 per share, for the full year, compared with a net loss of $47.8 million, or $0.28 per share, in 2024, an 80% increase in net loss year-on-year, reflecting higher operating costs from global expansion, increased exploration expenditure, and uranium spot market volatility, partially offset by $48.2 million in uranium sales revenue.

The company carried no rare earth oxide sales revenue in 2025 sufficient to offset these costs, with commercial rare earth revenue targeting commencement at Phase 1B commissioning in mid-2027. The Bahia Project in Brazil remains at exploration and permitting stage, targeting a resource estimate in 2026, and represents the only identified feedstock source without a defined capital cost or delivery timeline against the Phase 2 throughput target of 60,000 metric tonnes per annum.