Energy Fuels Positions for U.S. Nuclear Expansion and Rare Earth Independence

Energy Fuels (UUUU) is scaling its operations to meet rising domestic demand for uranium as the United States aggressively pursues energy independence. This strategic shift is accelerated by the Prohibiting Russian Uranium Imports Act, which mandates a ban on low-enriched uranium imports from Russia by 2028. With a national objective to quadruple nuclear energy capacity by 2050, domestic producers are becoming critical components of national security. The company maintains a significant competitive advantage through the White Mesa Mill in Utah, currently the only fully operational conventional uranium mill in the United States. Energy Fuels expects to mine between 2 million and 2.5 million pounds of triuranium octoxide, or yellowcake, this year. Processing targets at the White Mesa facility are forecasted to reach up to 2.5 million pounds, a substantial increase from 1 million pounds in the previous year. Further growth is anticipated through the potential activation of the Whirlwind mine in Colorado and the Nichols Ranch ISR project in Wyoming. If approved, these sites could increase annual production by an additional 600,000 pounds of yellowcake within 12 months. Beyond uranium, Energy Fuels is diversifying into rare-earth elements (REEs) essential for technological and defense applications. The company currently has the capacity to produce 850 to 1,000 metric tons of separated neodymium-praseodymium (NdPr) per year. Plans for a Phase 2 Circuit aim to increase combined capacity to over 6,000 metric tons of NdPr, 240 metric tons of dysprosium, and 66 metric tons of terbium. A feasibility study for this expansion projects a net present value of $1.9 billion and annual EBITDA exceeding $311 million over the first 15 years.