NYSE American · Uranium and rare earth refining
Energy Fuels (UUUU): rare earth profile
Energy Fuels (NYSE American: UUUU) produced the first kilogram of 99.9% terbium oxide from US monazite at its White Mesa Mill in March 2026 and began construction of a heavy rare earth expansion on 29 July 2026, with terbium and dysprosium circuits due by the end of 2027.
Information only, not investment advice · figures from company filings, reviewed 28 October 2026
This profile reports company disclosures. It contains no share price, valuation, rating or recommendation. See the disclosures.
Energy Fuels latest results: Quarter ended 30 June 2026
| Measure | Q2 2026 | Note |
|---|---|---|
| Revenue | $25 million | 310,000 lb U₃O₈ sold |
| Spot sales price, 150,000 lb | $84.92 per lb | Weighted average |
| Long-term contract price, 160,000 lb | $76.33 per lb | Weighted average |
| Net loss | $33.6 million | Mainly VAC and ASM transaction costs |
| Working capital | $996 million | Cash $58.4 million; marketable securities $878.3 million |
| Pinyon Plain mill run cost | About $23 per lb | About 2.3 million lb finished UOC |
Source: Energy Fuels second-quarter 2026 results as summarised by Crux Investor. The release reports uranium sales and corporate figures; rare earth oxide volumes were not in the summary we could read.
Energy Fuels assets and projects
| Asset | Status |
|---|---|
| White Mesa Mill, Utah | Processes monazite sands for rare earth oxides and uranium ore; the heavy rare earth expansion began construction on 29 July 2026 |
| Heavy rare earth circuits | Terbium and dysprosium by end 2027; samarium, europium and gadolinium by end 2028. One report puts added capacity at about 20 tonnes per year of terbium and 120 tonnes per year of dysprosium oxide |
| Donald project, Australia | Joint venture with Astron to supply monazite; Energy Fuels held 12.7% on 30 June 2026 after A$48.83 million of contributions, with the right to earn up to 49%; final investment decision targeted for Q3 2026 |
Recent developments
Heavy rare earth firsts
In March 2026 Energy Fuels reported its first kilogram of 99.9% terbium oxide from US-sourced monazite, after nearly 30 kg of dysprosium oxide at similar purity. A later report says the terbium oxide passed qualification at a major non-Chinese magnet maker.
Acquisitions
A definitive agreement to buy VAC was signed on 23 June 2026 for about $1.9 billion in cash and stock. The Australian Strategic Materials (ASM) acquisition had Australian foreign investment approval and awaited court, regulatory and shareholder approvals, with a target of completion by the end of August 2026. Check the company's filings for completion of either deal.
What to watch
- Closing of the VAC and ASM acquisitions
- Donald final investment decision
- Disclosure of rare earth oxide volumes and the commercial terbium and dysprosium timetable
Context: rare earth mines, heavy vs light rare earths, Chinese export controls and rare earth prices.
Energy Fuels: frequently asked questions
What does Energy Fuels do with rare earths?
It processes monazite sands at White Mesa Mill, Utah, into rare earth oxides alongside uranium, and is building heavy rare earth circuits for terbium and dysprosium, due by the end of 2027.
Did Energy Fuels produce terbium oxide?
Yes. It reported its first kilogram of 99.9% terbium oxide from US monazite in March 2026.
Is Energy Fuels a rare earth or a uranium company?
Both. Its Q2 2026 revenue of $25 million came from uranium sales, while its expansion spending and acquisitions are directed at rare earths.
Sources
Compiled from the sources above, reviewed 28 October 2026. Report errors on the corrections page. Other companies: rare earth stocks.