Energy Fuels Terbium Oxide Qualified by Japan's Largest Rare Earth Magnet Maker

Energy Fuels Inc. announces that its terbium oxide, produced at the White Mesa Mill in Utah, has successfully passed all qualifications for use by one of the world's largest manufacturers of rare earth permanent magnets outside China. The Japan-based manufacturer has informed Energy Fuels that the terbium oxide meets their specifications and is approved for commercial rare earth permanent magnet (REPM) production with no further qualification or validation required. Terbium oxide currently commands a market price of approximately $5.5 million per tonne, per Benchmark Mineral Intelligence (CIF Europe), reflecting its scarcity and limited production in the West. Energy Fuels has now received qualification of its neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide for use in permanent magnet manufacturing.

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 U.S. 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.

Terbium Oxide Qualification

Energy Fuels Inc. announces that its terbium oxide, produced at the White Mesa Mill in Utah, has passed all qualifications for use by one of the world's largest rare earth permanent magnet manufacturers outside China. The Japan-based manufacturer has informed the Company that the terbium oxide meets their specifications and is approved for commercial REPM production with no further qualification or validation required.

Terbium is a heavy rare earth element that improves the heat resistance and performance of high-strength NdFeB permanent magnets used in advanced technologies. Terbium oxide currently commands a market price of approximately $5.5 million per tonne, per Benchmark Mineral Intelligence (CIF Europe). Energy Fuels has previously received qualification of its neodymium-praseodymium oxide and dysprosium oxide for permanent magnet manufacturing.

President and Chief Executive Officer of Energy Fuels Inc., Ross Bhappu, commented: 

"This latest qualification of Energy Fuels' heavy rare earth oxides marks another significant milestone in establishing a secure, diversified supply chain for critical rare earth materials. Successful qualification of our terbium oxide by one of the largest Japanese rare earth permanent magnet manufacturers represents one of the strongest endorsements of our product quality and industry-leading rare earth processing capabilities to supply the heavy rare earth materials needed for automobiles, advanced electronics, robotics, aerospace, defense systems, and other advanced technologies."

Strategic Context

With qualifications now received for neodymium-praseodymium oxide, Dy oxide, and terbium oxide, Energy Fuels states it is targeting the position of the leading vertically integrated mine-to-rare earth permanent magnet producer in the US and Europe upon the closing of the pending acquisitions of Australian Strategic Materials Limited (ASM) and Vacuumschmelze GmbH & Co. KG ("VAC"), subject to their respective conditions. The NdPr, terbium, and dysprosium oxide  produced at the White Mesa Mill are targeted to be key components of the Company's integrated supply chain.

Next Steps

The pending acquisition of ASM is targeted to close on August 28, 2026. The acquisition of VAC remains subject to regulatory approvals and certain other conditions, with closing targeted for early 2027. The heavy rare earth oxide expansion at the White Mesa Mill is under construction and targeted for commissioning by the end of 2027 for terbium and dysprosium circuits.