Energy Fuels signs MOU with Vulcan Elements

Executive Summary

• Energy Fuels Inc. and Vulcan Elements have signed an MOU to create a domestic supply chain for rare‑earth magnets, reducing reliance on China.
• Energy Fuels will deliver initial quantities of high‑purity light (NdPr) and heavy (Dy) rare‑earth oxides from its U.S. White Mesa mill in Q4 2025 for Vulcan’s validation.
• Successful validation could lead to long‑term supply agreements, supporting critical defence and commercial magnet applications across the United States.

Key Details

• MOU Scope: Collaboration on sourcing, validating, and potentially supplying NdPr (neodymium‑praseodymium) and Dy (dysprosium) oxides for rare‑earth magnet production.
• Supply Timeline: Initial deliveries of high‑purity light and heavy separated RE oxides scheduled for Q4 2025.
• Source Material: Oxides will be derived exclusively from U.S. monazite concentrates processed at Energy Fuels’ White Mesa mill (Utah), the only U.S. facility capable of this conversion.
• Validation Process: Vulcan Elements will test the supplied NdPr and Dy oxides for suitability in magnet manufacturing; successful validation may trigger negotiations for additional long‑term supply contracts.
• Strategic Importance: Aims to onshore a critical component of the rare‑earth magnet supply chain used in satellites, AI data centres, defence systems, EVs, robotics, drones, semiconductor equipment, and industrial motors.
• Company Statements:
• John Maslin (CEO, Vulcan Elements) highlighted the partnership’s role in securing America’s future economy and military capabilities.
• Mark S. Chalmers (CEO, Energy Fuels) emphasized shared vision for a secure Western magnet supply chain and noted existing commercial‑scale production of high‑purity NdPr oxide.
• Current Production Status:
• Energy Fuels already produces high‑purity NdPr oxide at commercial scale (2024).
• Pilot production of heavy RE oxides underway; kilogram‑scale Dy oxide samples expected August 2025, terbium oxide in Q4 2025.
• Vulcan Elements Capability: Operates a commercial sintered NdFeB magnet manufacturing facility in Durham, NC, serving both defence and commercial markets.

Notable Quotes

“Together, Vulcan Elements and Energy Fuels are onshoring one of the most important supply chains for America’s future economy and security.” – John Maslin, CEO, Vulcan Elements

“We see this MOU as the first step towards building a long‑term relationship that serves the interests of both companies and the U.S.” – Mark S. Chalmers, CEO, Energy Fuels