Energy Fuels Reports Second Quarter 2026 Results, $996 Million Working Capital

• The second quarter of 2026 revenue reached $25 million, driven by the sale of 310,000 pounds of uranium oxide concentrate at spot and long-term contract prices.
• Working capital stood at $996 million as of June 30, 2026, including $58.4 million in cash and $878.3 million in marketable securities.
• Uranium production remained strong, with 1.7 million pounds of uranium oxide concentrate produced in the second quarter and 2.3 million pounds produced during the completed Pinyon Plain Mill run.
• Energy Fuels is expanding its rare earth business, including the planned $1.9 billion acquisition of Vacuumschmelze GmbH & Co. KG (VAC) and the proposed acquisition of Australian Strategic Materials Limited (ASM).
• Major projects are moving forward, with the White Mesa Mill heavy rare earth expansion, Final Investment Decision (FID) for the Donald Project, and another uranium Mill run targeted for late 2026 or early 2027.

Company Overview

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) is a US-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes. The Company owns and operates conventional and in situ recovery uranium projects in the western United States and, per its most recently filed Annual Report on Form 10-K, has been the leading US producer of natural uranium concentrate for several years. Energy Fuels also owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium processing facility in the United States. The company is developing 3 heavy mineral sands projects: the 100%-owned Vara Mada Project in Madagascar, the 100%-owned Bahia Project in Brazil, and the Donald Project in Australia, in which it has the right to earn up to a 49% interest in a joint venture (JV) with Astron Limited.

Financial Results

Energy Fuels Inc. reported the second quarter of 2026 total revenues of $25 million from the sale of 310,000 pounds of uranium oxide concentrate, including 150,000 pounds at a weighted average spot price of $84.92 per pound and 160,000 pounds under long-term contracts at a weighted average price of $76.33 per pound. The net loss of $33.6 million was driven primarily by transaction-related costs associated with the planned acquisitions of Vacuumschmelze GmbH & Co. KG  (VAC) and Australian Strategic Materials Limited (ASM), as well as higher operating expenses, partially offset by improved uranium sales margins.

As of June 30, 2026, the company held working capital of $996 million, including $58.4 million in cash and cash equivalents, $878.3 million in marketable securities, comprising primarily short-term interest-bearing securities and uranium equities, $15.1 million in trade and other receivables, and $75 million in inventory. Total assets were $1.53 billion and total liabilities were $736.4 million.

President and Chief Executive Officer of Energy Fuels Inc., Ross Bhappu, commented on the second quarter of 2026 results and the company's strategic progress: 

"Our second quarter financial results reflect continued strong performance in our uranium segment, including industry-leading low production costs, and actions we have taken to deliver on becoming the first, true, rare earth mine-to-magnet platform in the West. The continued investment in our transformation into a vertically integrated global critical materials company resulted in a net loss driven primarily by transaction-related costs associated with our planned acquisitions and higher operating expenses as we invest in people and projects. Importantly, these investments are being made from a position of financial strength, with nearly $1 billion of working capital at quarter-end."

Uranium Segment

The company mined 315,000 pounds of contained uranium oxide concentrate at its Pinyon Plain, La Sal, and Pandora mines during the second quarter of 2026, bringing total first-half 2026 mining to 740,000 pounds. At Pinyon Plain, ore containing approximately 250,000 pounds of uranium oxide concentrate was mined at an average grade of approximately 0.71% uranium oxide concentrate during the second quarter of 2026. The conventional uranium Mill run commenced in the fourth quarter of 2025 and was completed in the second quarter of 2026, producing approximately 2.3 million pounds of finished uranium oxide concentrate at a total weighted average cost of approximately $23 per pound of uranium oxide concentrate recovered at Pinyon Plain, at the bottom end of the previously announced range of $23 to $30 per pound. Ore not processed during the current Mill run will remain stockpiled for a subsequent Mill run targeted for the fourth quarter of 2026 or early 2027.

Total uranium inventory as of June 30, 2026 comprised approximately 590,000 pounds in ore, mineralised material, and raw materials; approximately 35,000 pounds in work-in-process; and 1,640,000 pounds of finished uranium oxide concentrate, for a total of approximately 2,265,000 pounds of finished and contained uranium oxide concentrate. The uranium spot price was $86.50 per pound, and the long-term price was $97.00 per pound as of July 31, 2026.

Rare Earth Element & Heavy Mineral Sands Segment

On June 23, 2026, Energy Fuels entered into a definitive agreement to acquire VAC for total cash-and-stock consideration of approximately $1.9 billion. The company also continued to advance its planned acquisition of ASM, an Australia-based critical materials company with rare earth element mining, processing and metallization assets. Australian foreign investment approval was obtained during the second quarter of 2026. The ASM transaction remains subject to court, regulatory and shareholder approvals and is targeted to close by the end of August 2026.

On July 29, 2026, the company commenced construction of an expansion at the White Mesa Mill to enable large-scale production of heavy rare earth element oxides, with completion targeted by the end of 2027 for the terbium and dysprosium circuits and by the end of 2028 for the samarium, europium, and gadolinium circuits. The Donald Project JV is targeted to provide a long-term source of monazite feedstock to the Mill. Energy Fuels' ownership in the Donald Project JV increased to 12.7% as of June 30, 2026, with AUD$48.83 million in cash contributed. A Final Investment Decision (FID) for the Donald Project is targeted for the third quarter of 2026.

Next Steps

A subsequent uranium Mill run is targeted for the fourth quarter of 2026 or early 2027. The ASM acquisition is targeted to close by the end of August 2026. The Donald Project FID is targeted for the third quarter of 2026. The White Mesa Mill heavy rare earth element expansion is targeted for completion by the end of 2027 for the terbium and dysprosium circuits, and by the end of 2028 for the samarium, europium, and gadolinium circuits. 

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