Energy Fuels on Resumption of U.S. Uranium Mining Along with Rare Earth Production & Mineral Sands Launch

• Energy Fuels resumed active uranium mining in the U.S. and sold 450,000 lbs of U₃O₈ in 2024, earning a 56% gross margin on uranium sales.
• The company achieved commercial rare earth production in the U.S., producing 38,000 kg of separated NdPr and beginning qualification with potential customers.
• Energy Fuels acquired the Toliara mineral sands project in Madagascar and advanced the Donald mineral sands project in Australia, expanding its critical minerals portfolio.
• The company ended 2024 with a strong balance sheet of $170 million in working capital, no debt, and raised an additional $60 million in early 2025.
• Energy Fuels is positioned to be a leading multi-commodity critical minerals supplier to the U.S. and global markets in the coming years.

Energy Fuels Inc. (NYSE:UUUU) is a leading U.S.-based producer of uranium, rare earth elements, and mineral sands. The company leverages its unique assets and technical capabilities to supply critical minerals essential for clean energy and advanced technologies. With a focus on uranium, rare earths, titanium, and zircon, Energy Fuels aims to address U.S. dependencies on foreign supplies of these key materials.

Uranium Business Highlights

Energy Fuels resumed active uranium production in the U.S. in 2024, mining ore containing approximately 208,000 pounds of U3O8 at its Pinyon Plain mine in Arizona. The company also produced or delivered 142,000 pounds of U3O8 in ore from its La Sal and Pandora mines in Utah.

During the year, Energy Fuels sold 450,000 pounds of U3O8, including 200,000 pounds under long-term contracts at an average price of $75.13 per pound and 250,000 pounds on the spot market at an average price of $91.51 per pound. These sales earned the company a gross profit of $21.32 million, representing an impressive gross margin of 56%.

Looking ahead, Energy Fuels expects to produce between 730,000 and 1,170,000 pounds of U3O8 in ore from its Pinyon Plain, La Sal, and Pandora mines in 2025. Additional uranium is expected from alternate feed materials, mine cleanup, and ore purchases, contributing a further 160,000 to 200,000 pounds.

CEO Mark Chalmers stated in the press release,

"We believe diversifying into high-growth and potentially high-margin rare earth, mineral sand, and potential medical isotope markets, while generating near-term cashflow from our core uranium business, will drive long-term value for our shareholders."

Rare Earth Elements Progress

A major milestone for Energy Fuels in 2024 was the successful commissioning of its Phase 1 rare earth separation circuit at the White Mesa Mill in Utah. This resulted in the production of approximately 38,000 kg of separated NdPr product, marking the commencement of commercial rare earth production in the U.S.

The company is now actively engaged in qualifying its NdPr product with potential customers, including permanent magnet manufacturers. Successful qualification would pave the way for future offtake agreements and establish Energy Fuels as a viable supplier of separated rare earth products outside of China.

Mineral Sands Expansion

Energy Fuels significantly expanded its critical minerals portfolio in 2024 through the acquisition of Base Resources and its world-class Toliara mineral sands project in Madagascar. The Toliara project is expected to produce ilmenite, rutile, and zircon, with a valuable byproduct monazite stream that can feed the company's rare earth production at the White Mesa Mill.

The company also advanced the Donald mineral sands project in Australia through a joint venture with Astron Corporation. A final investment decision on the Donald project could come as early as late 2025.

Chalmers commented, "These accomplishments demonstrate our success as a nimble, innovative company, making strategic decisions that we believe will support significant future profitability, while contributing to U.S. economic and national security."

Medical Isotopes & Vanadium

To further diversify its critical minerals portfolio, Energy Fuels acquired RadTran LLC in 2024, a company specializing in the separation of radioisotopes such as radium-226 and radium-228. This acquisition enhances the company's plans to produce medical isotopes used in cancer treatments, addressing a global shortage.

While the company did not sell any vanadium in 2024, it maintains an inventory of approximately 905,000 pounds of V₂O₅, providing optionality for future sales when market conditions are favorable.

Financial Position & Outlook

Energy Fuels maintained a robust balance sheet throughout 2024, ending the year with $170.90 million in working capital, including $38.60 million in cash and cash equivalents, $80.85 million in marketable securities, and no debt. The company also raised an additional $60.01 million in early 2025 to support the advancement of its Toliara and Donald mineral sands projects.

Despite a net loss of $47.84 million in 2024, largely due to one-time transaction and integration costs related to the Base Resources acquisition and Donald project joint venture with Astron, Energy Fuels generated significant revenues from its uranium and mineral sands businesses.

Energy Fuels delivered on multiple fronts in 2024, resuming active uranium mining, achieving commercial rare earth production, expanding into mineral sands, and maintaining financial strength. The company is well-positioned to be a leading, multi-commodity supplier of critical minerals to the U.S. and global markets in the coming years.

With a diverse portfolio spanning uranium, rare earths, mineral sands, and medical isotopes, Energy Fuels offers investors exposure to the growing demand for materials essential to clean energy, advanced technologies, and healthcare. As the company continues to execute on its strategic plan and leverage its unique assets, it is poised to create long-term shareholder value while contributing to U.S. economic and national security.