Energy Fuels Announces Updated Feasibility Study for Toliara Rare Earth and HMS Project in Madagascar Confirming World-Class Scale and Economics, Including $1.8 Billion NPV and Ramping Up to Over $500 Million of Expected Annual EBITDA

The most recent news release (January 8, 2026) announces the results of an updated Feasibility Study (FS) for the 100%-owned Vara Mada (formerly Toliara) project in Madagascar. The study confirms a world-class scale with a post-tax NPV of $1.8 billion (10% discount) and an IRR of 24.9%. The project is expected to generate over $500 million in annual EBITDA during ramp-up, with an average annual EBITDA of $387 million over a 38-year mine life. Production averages include 959,000 tonnes of ilmenite and 24,000 tonnes of monazite annually. Crucially, the company is still negotiating with the Government of Madagascar to formalize fiscal stability and the addition of monazite to the mining permit, both of which are prerequisites for a Final Investment Decision (FID).

This news is a significant milestone that validates the "company-maker" potential of the Madagascar asset. The $1.8 billion NPV represents roughly 30% of the company's current market capitalization as a single asset, separate from their U.S. uranium business and the Donald Project in Australia. - Strategic Integration: The inclusion of 24,000 tonnes of monazite production per year provides a massive, long-term feedstock for the White Mesa Mill’s rare earth separation circuits, potentially securing the "mine-to-magnet" strategy for decades. - Economic Scale: The 72% EBITDA margin is exceptionally high for a mining operation, suggesting a low-cost structure that can withstand commodity price volatility. - Execution Uncertainty: While the economics are "Game Changer" level, the project remains stuck in the "negotiation" phase with the Madagascar government. Historical news shows this project has faced suspensions before. Until the monazite permit is formalized and fiscal stability is signed, the $1.8 billion NPV remains theoretical.

Energy Fuels Inc. is a diversified critical minerals company. While historically a uranium miner, it has pivoted to become a "mine-to-magnet" rare earth element (REE) producer. - Flagship Project (Processing): The White Mesa Mill in Utah is the only conventional uranium mill in the U.S. and the only facility capable of processing monazite into separated REE oxides (NdPr, Dy, Tb). - Flagship Project (Mining): Vara Mada (Madagascar) is now the primary growth engine for HMS and REE feedstock, while Pinyon Plain (Arizona) is the flagship uranium asset, noted for being the highest-grade uranium mine in the U.S.