"Heavy" Rare Earths Produced by Energy Fuels Qualified for Use by Largest Permanent Magnet Manufacturer in Japan

Energy Fuels Inc. (EFR) announced that its terbium (Tb) oxide, produced at the White Mesa Mill in Utah, has successfully passed all qualification requirements for a major Japanese permanent magnet manufacturer. The product is approved for commercial rare earth permanent magnet (REPM) production with no further validation required. This follows prior qualifications for neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides.

Terbium is highlighted as a high-value strategic element, valued at approximately $5.5 million per tonne, and is critical for high-strength neodymium-iron-boron (NdFeB) magnets used in electric vehicles, robotics, and defense applications. The qualification positions Energy Fuels to supply key components for a vertically integrated "mine-to-magnet" supply chain upon closing of the pending ASM and VAC acquisitions.

Energy Fuels Inc. (EFR) has completed the qualification of its terbium oxide process, a milestone that validates the technical capability of the White Mesa Mill to produce high-purity heavy rare earths. This achievement supports the core thesis behind the company’s ASM and VAC acquisitions.

The company’s financial guidance, M&A timelines, and near-term cash flows remain unchanged. Commercial revenue from rare earth elements is not expected until 2027 or 2028.

Energy Fuels Inc. stock has declined approximately 48% from its January 2026 high. This performance suggests the market is pricing in execution risk, M&A dilution, and the absence of near-term cash flow generation, rather than rewarding incremental pilot validations. The stock remains in a downtrend, indicating the market views this development as expected progress rather than a market-moving event.

Energy Fuels Inc. (EFR) operates the White Mesa Mill in Utah, the only U.S. facility capable of commercially processing monazite into separated light and heavy rare earth oxides. Its core uranium assets include the Pinyon Plain mine, the La Sal complex, and development-stage ISR projects at Nichols Ranch and Whirlwind.

The company’s strategic rare earth element assets include the Donald Project joint venture in Australia, the Vara Mada project in Madagascar, the Bahia project in Brazil, and the pending acquisitions of Australian Strategic Materials (ASM) and Vacuumschmelze (VAC). Energy Fuels’ strategy centers on building a vertically integrated "mine-to-magnet" supply chain to capture margin uplift across the critical materials value chain.