Energy Fuels produces terbium oxide at Utah mill
Energy Fuels cements U.S. rare earth dominance with first terbium production while uranium cash flow fuels global M&A
The most recent news (March 25, 2026) announces that Energy Fuels has successfully produced its first kilogram of 99.9% pure terbium (Tb) oxide at its White Mesa Mill in Utah. This follows the successful pilot production of dysprosium (Dy) oxide. The company is now moving toward commercial-scale production of these "heavy" rare earth elements (HREE), with plans to produce 35 tonnes of Dy and 12 tonnes of Tb per year in Phase 1, eventually scaling to 288 tpa Dy and 80 tpa Tb in Phase 2.
This news is Routine - Positive. While the production of terbium is a significant technical milestone and reinforces the company's position as the only U.S. producer of separated HREE, it was explicitly forecasted in the February 2026 earnings call and previous 2025 updates. - Technical Validation: It proves the White Mesa Mill's solvent extraction (SX) circuits can achieve commercial purity (99.9%) for the most valuable rare earth oxides. - Strategic Alignment: It fulfills the "mine-to-magnet" strategy, providing the necessary heavy REEs required for high-temperature EV magnets. - Financial Context: While the pilot quantities are small (1kg), the successful separation de-risks the $410 million Phase 2 expansion. However, the market was already aware of this timeline, making the announcement an incremental execution step rather than a surprise.
Energy Fuels is the leading U.S. producer of uranium and is rapidly transitioning into a diversified critical minerals major. - Flagship Project: The White Mesa Mill in Utah. It is the only operating conventional uranium mill in the U.S. and the only facility capable of processing monazite into separated rare earth oxides. - Secondary Flagships: The Pinyon Plain Mine (high-grade uranium) and the Vara Mada Project in Madagascar (world-class heavy mineral sands/monazite source).