Energy Fuels' White Mesa produces 1 M lb U3O8 in 2025

Executive Summary

• Energy Fuels Inc. exceeded its fiscal year 2025 guidance for finished uranium production, mined uranium ore production, and uranium concentrate sales, reinforcing its position as the largest U.S. uranium producer.
• The company announced significant long-term sales contracts with U.S. nuclear power companies for deliveries between 2027 and 2032, utilizing hybrid pricing structures.
• Operational updates include continued ramp-up at Pinyon Plain and La Sal mines, with plans to shift the White Mesa mill toward commercial-scale heavy rare earth element production in late 2026.

Key Details

• FY 2025 Production Performance:
  • Mined over 1.6 million pounds of uranium in 2025, exceeding the top end of guidance by approximately 11%.
  • White Mesa mill produced more than one million pounds of finished U3O8 in 2025.
  • December 2025 production alone accounted for over 350,000 pounds of U3O8.
• Mining Operations & Guidance:
  • Current mining rate is approximately 2.0 million pounds of recoverable uranium per year from the Main zone at Pinyon Plain and the La Sal complex, expected to continue through at least 2026.
  • Substantial exploration drilling planned for the Juniper zone at Pinyon Plain in 2026 to delineate the orebody and potentially expand minable resources.
  • Development continues at Whirlwind, Energy Queen, and Nichols Ranch mines for future mining.
• Milling & Rare Earths:
  • Milling rates averaging approximately 250,000 pounds of U3O8 per month expected through the first half of 2026.
  • Plans to shift to commercial-scale production of heavy rare earths dysprosium (Dy) and terbium (Tb) for the remainder of 2026, marking the first U.S. commercial production of these heavy rare earths in many years.
  • Uranium ore mined in the second half of 2026 will be added to mill inventory for processing in 2027.
• Sales & Financials:
  • Q4 2025 expected sales: 360,000 pounds of U3O8 (a 50% increase from Q3 2025's 240,000 pounds).
  • Q4 2025 expected gross revenue: ~$27 million.
  • Q4 2025 weighted average sales price: ~$74.93 per pound.
  • Cost of goods sold expected to drop in Q1 2026 due to the inclusion of low-cost Pinyon Plain uranium in inventory.
• New Long-Term Contracts:
  • Completed two new long-term sales contracts with U.S. nuclear power generating companies for deliveries from 2027 to 2032.
  • Pricing structure is hybrid: a portion based on a base escalated price and a portion based on the spot price at delivery, subject to floors and ceilings.
  • 2026 expected sales into long-term portfolio: 780,000 to 880,000 pounds of U3O8.
  • Total portfolio of six long-term contracts covers 2.41 million to 4.41 million pounds of U3O8 for 2027–2032, leaving significant uncommitted low-cost uranium for spot/term market sales.

Notable Quotes

• "These 2025 uranium metrics reinforce our reputation as not only the country's lowest-cost and largest uranium producer but as a company that delivers on its promises," said Mark S. Chalmers, CEO.
• "And I am particularly proud of the fact that Energy Fuels has achieved this, while at the same time, advancing its world-class rare earth element projects and capabilities."