Energy Fuels' U.S. NdPr oxide validated for EV magnets

Executive Summary

• Energy Fuels successfully manufactured high‑purity NdPr oxide into commercial‑scale rare‑earth permanent magnets (REPMs) for EV drive units, confirming a domestic mine‑to‑magnet supply chain.
• The 1.2 mt of NdPr oxide supplied earlier this year was converted into ~3.0 mt of REPMs—enough for roughly 1,500 new electric/hybrid vehicles—and passed all QA/QC benchmarks required by major automotive manufacturers.
• The achievement paves the way for negotiations on a longer‑term supply agreement and supports plans to add heavy‑rare‑earth oxide capacity (e.g., dysprosium) at the White Mesa mill in 2026.

Key Details

• Manufacturing Partner: South Korea’s largest drive‑unit motor core manufacturer produced NdPr metal, 45H‑grade NdFeB alloy sintered blocks, and high‑temperature REPMs from Energy Fuels’ oxide.
• Quality Validation: All products met QA/QC standards for use in EV and hybrid drive unit motors sold to major automotive OEMs across North America, EU, Japan, and Korea.
• Supply Chain Independence: Demonstrates a fully U.S.–based rare‑earth supply chain (monazite mined in Florida/Georgia → processed at White Mesa mill, Utah) independent of China.
• Quantities Produced: 1.2 metric tonnes of NdPr oxide → ~3.0 metric tonnes of REPMs; includes 25 kg of 45H‑grade NdFeB sintered block alloys.
• Vehicle Impact: The REPM output is sufficient to equip approximately 1,500 new electric or hybrid vehicles.
• Future Plans: Energy Fuels intends to negotiate a longer‑term supply arrangement and to construct heavy rare‑earth oxide (e.g., dysprosium) production capacity at White Mesa in 2026.
• CEO Quote: “Rare‑earth oxides mined, processed and produced in America are expected to be powering EVs and hybrids for sale around the world very soon… Commercial validation of our rare‑earth oxides at scale is a significant triumph…” – Mark S. Chalmers, CEO.

Notable Quotes

• Mark S. Chalmers, CEO: “We are excited to announce that rare‑earth oxides mined, processed and produced in America are expected to be powering EVs and hybrids for sale around the world very soon, representing a major achievement in restoring domestic critical mineral supply chains.”

Materiality Assessment: Material – Positive (significant operational milestone with clear commercial implications).