Energy Fuels' U.S. Uranium Business Continues to Deliver, with Year-End Production and Sales Exceeding Guidance

The most recent news release (December 29, 2025) confirms that Energy Fuels has exceeded its 2025 uranium production and sales guidance. Key operational highlights include mining 1,600,000 pounds of U3O8 and producing 1,000,000 pounds of finished product, with a notable production surge in December (350,000 pounds). The company achieved Q4 sales of 360,000 pounds at a weighted average price of $74.93/lb. Furthermore, Energy Fuels secured two new long-term uranium sales contracts for deliveries between 2027 and 2032. On the Rare Earth Elements (REE) front, the company announced on December 19 that its high-purity dysprosium (Dy) oxide (99.9% purity) has been qualified by a major South Korean automotive manufacturer, marking a critical step toward commercial-scale heavy REE production targeted for Q4 2026.

The impact of this news is material and positive for three primary reasons: - Operational Execution: Exceeding guidance in the core uranium business demonstrates management's ability to navigate logistical hurdles, such as the previously noted Navajo Nation transport agreements and truck haulage limitations. The 2026 production target of 2 million pounds per year is now highly credible. - Revenue De-risking: The addition of two long-term contracts provides future cash flow visibility. The shift toward higher production at the Pinyon Plain mine is expected to lower production costs to $23-$30/lb, significantly expanding gross margins as higher-cost legacy inventory ($50-$55/lb) is flushed out. - REE Validation: Third-party qualification of dysprosium oxide by a global OEM validates the company's technical capability to separate "heavy" rare earths, a market currently dominated by China. This transforms Energy Fuels from a speculative REE explorer into a verified technology and processing leader.

Energy Fuels is the leading U.S. producer of uranium and a pioneer in domestic rare earth element processing. Its flagship asset is the White Mesa Mill in Utah, the only operating conventional uranium mill in the U.S. and the only facility capable of processing monazite for REE separation. The company is vertically integrating by acquiring heavy mineral sands projects (Donald, Toliara, Bahia) to secure long-term monazite feed for its REE business while maintaining dominant U.S. uranium production from the high-grade Pinyon Plain mine and the La Sal Complex.