Energy Fuels Surpasses 2025 Uranium Targets; Eyes Commercial Rare Earth Production

DENVER, CO – Energy Fuels Inc. announced a significant success in its U.S. uranium business, demonstrating that Energy Fuels uranium is a cornerstone of American energy independence. The company exceeded its fiscal year 2025 guidance for production and sales, a remarkable achievement that solidifies Energy Fuels’ position as America’s largest uranium producer. This positive news underscores strong operational performance and highlights the critical role of Energy Fuels uranium in meeting national energy demands.

Energy Fuels Uranium Production Exceeds Expectations

The company mined over 1.6 million pounds of uranium in 2025, surpassing previous guidance by approximately 11%. Current mining operations are running at an annualized rate of about 2 million pounds of uranium, with Energy Fuels expecting to maintain this rate through at least 2026. The White Mesa Mill in Utah, a key facility for Energy Fuels uranium processing, produced over one million pounds of finished uranium oxide (U3O8) in 2025. December alone saw an impressive output of over 350,000 pounds, also exceeding guidance, further proving that Energy Fuels uranium production targets are achievable.

Strong Sales Performance and Future Nuclear Power Contracts

Energy Fuels anticipates selling 360,000 pounds of U3O8 in the fourth quarter of 2025, a 50% increase from the third quarter. Fourth-quarter sales are projected to generate approximately $27.0 million in revenue, with a weighted average sales price expected to be around $74.93 per pound. This robust sales performance for Energy Fuels uranium is further bolstered by the company securing two new long-term uranium sales contracts with U.S. nuclear power companies, covering deliveries between 2027 and 2032. The company also expects to complete sales of 780,000 to 880,000 pounds in 2026 under its existing nuclear power contracts, reinforcing the demand for its Energy Fuels uranium.

Advancing Critical Materials and Rare Earth Production

Energy Fuels is also making significant strides in rare earth element (REE) production. While continuing to mill uranium at around 250,000 pounds per month through the first half of 2026, the company plans to shift to commercial-scale production of heavy rare earths later in 2026. Key targets include dysprosium (Dy) and terbium (Tb), which would mark the first U.S. commercial production of these critical materials in many years. The company has successfully qualified high-purity dysprosium oxide for use in permanent magnets, verified by a major South Korean automotive manufacturer, showcasing its commitment to critical materials production and rare earth production beyond its core Energy Fuels uranium business.

Strategic Outlook and Financial Health for Energy Fuels Uranium

The company’s CEO, Mark S. Chalmers, stated that these results reinforce Energy Fuels’ reputation for delivery and highlighted uranium’s importance for national security and clean energy. Energy Fuels continues to advance its world-class rare earth projects, but its robust uranium production remains critical for America’s energy needs. The White Mesa Mill serves as a central facility for both uranium and rare earth processing, standing as the only fully licensed and operating conventional uranium mill in the United States. Costs for uranium production are expected to decline in early 2026 due to processing lower-cost ore from the Pinyon Plain mine. Energy Fuels is well-positioned for continued success in both its Energy Fuels uranium operations and its burgeoning rare earth businesses, contributing to uranium production targets and critical materials production.