Energy Fuels' US-Produced "Heavy" Rare Earth Oxide Successfully Qualified for Use in Permanent Magnets

The most recent announcement (December 19, 2025) confirms that Energy Fuels has successfully produced high-purity (99.9%) dysprosium (Dy) oxide at its White Mesa Mill in Utah. Crucially, the product has passed initial quality assurance benchmarks of a major South Korean automotive manufacturer for use in permanent magnets. While the current production is pilot-scale (approximately 29 kg), the company has outlined a clear path for expansion: pilot production of terbium (Tb) oxide starting late December 2025, followed by gadolinium and samarium. Commercial-scale production for these heavy rare earth oxides is targeted for as early as Q4 2026, with an annual capacity goal of 48 tonnes for Dy and 14 tonnes for Tb.

This news is a significant technical de-risking event for the company’s rare earth element (REE) segment. - Commercial Validation: Passing the QA/QC benchmarks of a global automotive manufacturer transforms the REE business from a theoretical "onshoring" narrative into a verified technical reality. This is critical for securing future long-term offtake agreements. - Margin Profile: Heavy rare earth oxides like Dy and Tb trade at significantly higher premiums compared to light REEs (NdPr). Successful separation of these "heavies" at the White Mesa Mill validates the company's ability to extract the highest-value components from its monazite feedstock. - Strategic Independence: This validates Energy Fuels as the first and only U.S. company producing separated heavy REE oxides from commercial ores, providing a Western alternative to Chinese dominance in the permanent magnet supply chain. - Timeline Confirmation: The target of Q4 2026 for commercial production remains aggressive but is now supported by successful pilot data.

Energy Fuels is a diversified critical minerals producer based in the U.S. Its flagship asset is the White Mesa Mill in Blanding, Utah. It is the only operating conventional uranium mill in the U.S. and the only facility in the country capable of processing monazite for rare earth oxide separation. The company is pursuing a "tri-metal" strategy: - Uranium: Leading U.S. miner with production ramping up at Pinyon Plain (AZ) and La Sal (UT). - Rare Earths: Developing a non-China "mine-to-magnet" supply chain using monazite byproduct. - Heavy Mineral Sands: Securing its own monazite feedstock through acquisitions and JVs in Australia (Donald), Madagascar (Toliara), and Brazil (Bahia).