Energy Fuels' dysprosium oxide qualified for magnets

Executive Summary

• Energy Fuels Inc. announced that its US-produced high-purity dysprosium (Dy) oxide has successfully passed all initial purity and quality assurance benchmarks of a major South Korean automotive manufacturer for use in downstream rare-earth permanent magnets (REPMs).
• This achievement marks Energy Fuels as potentially the first U.S. company to have both light (NdPr) and heavy (Dy) rare-earth elements qualified for permanent magnet applications, a significant milestone for the U.S. critical materials supply chain and national defense given current Chinese export controls.
• The company plans to begin pilot production of terbium (Tb) oxide next week, followed by gadolinium (Gd) and samarium (Sm), with commercial-scale heavy rare-earth production infrastructure targeted for Q4 2026.

Key Details

• Dysprosium Oxide Qualification: High-purity Dy oxide passed QA/QC benchmarks of a major South Korean automotive manufacturer.
• Product Specifications: Dy oxide achieved purities of 99.9%, exceeding the automotive specification requirement of 99.5%.
• Production Volume: Approximately 29 kilograms of high-purity Dy oxide have been produced at pilot scale to date; first kilogram produced in August 2025.
• Strategic Context: Dy oxide is a key additive in neodymium-iron-boron (NdFeB) magnets for EVs, robotics, and defense systems (drones, missiles, jet engines). China imposed export controls on seven rare earths, including Dy, in April 2025.
• Previous Milestone: Follows the Sept. 9, 2025, announcement that the company's NdPr oxide was also qualified for NdFeB magnet applications.
• Upcoming Pilot Production:
  • Terbium (Tb): Pilot production begins next week; kilogram-scale samples expected for qualification in early 2026.
  • Gadolinium (Gd) and Samarium (Sm): Piloting planned to follow Tb production. Sm is critical for samarium-cobalt (SmCo) magnets used in radar, sonar, and missile guidance.
• Commercial Scale Plans: Construction of infrastructure for commercial-scale production of Dy, Tb, and potentially Sm oxides at the White Mesa mill in Utah.
• Capacity Targets: Planned annual capacity of up to 48 metric tons of Dy oxide and 14 tonnes of Tb oxide, subject to available feed.
• Timeline: Commercial-scale heavy rare-earth production targeted for Q4 2026.

Notable Quotes

• "Production of dysprosium oxide that meets stringent magnet specifications is yet another key milestone in the company's critical materials strategy, demonstrating Energy Fuels' unique and rapidly expanding capabilities in the rare-earth sector, and in particular our ability to produce high-purity separated 'heavy' rare-earth oxides from monazite at our White Mesa mill in Utah. This achievement is even more notable by the fact our dysprosium oxide was validated by a well-known third party end-user." — Mark S. Chalmers, CEO