ENERGY FUELS INC
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
UUUU$6.66+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001385849-25-000016
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001385849-25-000027
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 235 previous paragraphs and 287 current paragraphs.
118 unchanged; 91 reworded; 61 added; 22 removed; 4 previous and 17 current paragraphs rearranged.
Tables are not compared: 10 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (61)
Current report
Guidance
Current report
As a result of the spot sale of 50,000 pounds of U 3 O 8 during Q2 2025 and the flex-up by the Company’s utility customers of deliveries under the Company’s long-term contracts from 220,000 pounds of U 3 O 8 to 300,000 pounds of U 3 O 8 in 2025, the Company is changing its sales guidance for 2025 from 220,000 pounds to 350,000 pounds of U 3 O 8, not counting additional spot sales the Company may make depending on market conditions. No other changes have been made to the Company’s previously published guidance. The Company’s revised guidance for 2025 is as follows:
Current report
Finished Uranium Costs Expected to Decline
Current report
The Company plans to begin processing low-cost Pinyon Plain mine ores commencing in Q4 2025 through Q1 2026, during which we expect to produce 1.1 to 1.4 million pounds of finished U 3 O 8. During that Mill run, the average mining and transportation costs to the Mill for Pinyon Plain ore are expected to be $10 to $14 per pound of recovered U 3 O 8, which together with an expected milling cost of approximately $13 to $16 per pound U 3 O 8, are expected to result in a total weighted average cost of goods sold of approximately $23 to $30 per pound of U 3 O 8 recovered, ranking among the lowest costs for mined uranium production in the world. These high-grade Pinyon Plain ores will be blended and processed with the lower grade, higher cost, La Sal/Pandora ores through early 2026, after which the Company can choose to process Pinyon Plain ores alone to maximize absolute margin, or in conjunction with La Sal/Pandora ores, purchased ores, and alternate feed materials at the Company’s discretion.
Current report
The Company’s inventories of finished U 3 O 8 had an approximate weighted average cost of $53.00 per pound U 3 O 8 as of June 30, 2025, reflecting the weighted average cost of production and purchase of finished inventories from various sources over the years, as the Company continues to ramp up production and maximize economies of scale, including from alternate feed materials, the La Sal/Pandora mines, low-grade mine clean-up materials, and spot purchases of uranium on the open market. These costs do not reflect the expected lower costs of recently mined ores from the Pinyon Plain mine, which have not yet been processed. As the Company accounts for cost of goods sold as the weighted average cost of its finished product inventories, sales of uranium produced in 2025 and into 2026 will reflect the blended average of the existing 725,000 pounds of U 3 O 8 finished inventories, plus the cost of additional finished U 3 O 8 produced from blended stockpiled Pinyon Plain and La Sal/Pandora ores. This is expected to result in costs of goods sold of approximately $50 to $55 per pound for U 3 O 8 sales through the end of 2025, which is expected to drop to the $30 to $40 per pound range in Q1 2026, depending on the quantity of any additional spot sales of inventory that may be made in Q3 and Q4 2025. The Company’s ability to blend and match various sources of uranium feeds to satisfy contract delivery requirements is a unique element of the Company’s production capabilities that no other producer has in North America.
Current report
Based on expected decreasing cost of goods sold and conservative uranium price forecasts, gross margins from the Company’s uranium sales are expected to increase over time.
Current report
During the three and six months ended June 30, 2025, the Company sold 50,000 pounds of uranium in the spot market for a realized sales price of $3.85 million, or $77.00 per pound.
Current report
The Company’s finished HMS products to date were mined from its Kwale Project, which the Company acquired through the acquisition of Base Resources on October 2, 2024. Mining at the Kwale Project commenced in 2013 and concluded at the end of December 2024 with lower grade ore mined at the end of the Kwale mine life. Processing activities concluded in early January 2025, and the sale of the remaining product stockpiles was substantially completed during the first quarter of 2025 and fully completed during the second quarter of 2025. As the lower grade ore is more costly to process into finished product, the Company did not realize a gross profit related to its HMS sales during the three or six months ended June 30, 2025.
Current report
During the three months ended June 30, 2025, the Company sold 202 tonnes of rutile for total sales of $0.28 million.
Current report
The Company does not expect further HMS sales during the remainder of 2025 or until such time its other HMS properties are in production, if at all.
Current report
Toliara Project
Current report
While the Company is progressing towards an FID, it has been working with the Government of Madagascar to formalize the terms and conditions set out in the MOU and to establish the necessary legal regime that will support development of the Project and is required before a positive FID can be made for the project. To achieve this, the Company and the Government of Madagascar have been negotiating the terms of an investment agreement that would be submitted to the Madagascar Parliament for approval as a law. The investment agreement is intended to provide the key pillars for a bankable large-scale project, including legal and fiscal stability, select tax and customs benefits, necessary adjustments to foreign exchange rules, protections from expropriation and access to international arbitration for dispute resolution. The investment agreement under discussions would also clarify existing procedures for adding monazite to the Project's mining permit, which currently allows for the production of ilmenite, rutile, and zircon.
Current report
The Government of Madagascar has also been working on a new law establishing a special regime for large scale investments in the Malagasy mining sector, referred to as the “LGPEM” (which will replace the current law known as the “LGIM”). The Company has provided detailed comments on the LGPEM, however the timing of when the LGPEM will be finalized and ready for consideration by the Madagascar Parliament is uncertain. If approved, the Company may elect to seek clarification under the LGPEM. Depending on the final form of the law, a separate agreement approved by the Madagascar Parliament may be required to supplement the LGPEM and ultimately support the development of the Toliara Project. While this is considered a viable pathway to achieving Project stability, the current focus of both the Government of Madagascar and the Company remains finalizing the investment agreement.
Current report
Donald Project
Current report
Bahia Project
Current report
Recently, Benchmark Mineral Intelligence (“Benchmark”) published the first X-China rare earth pricing estimates as of July 31, 2025. Benchmark's recently published European Dy and Tb prices of $800/kg and $3,625/kg exceed the published Chinese prices of $230/kg and $988/kg, respectively, by 348% and 367%, reflecting the scarcity of these REE oxides outside of China and their importance to markets in the United States and Europe.
Current report
Monazite prices remain subdued and, after recovering from a slight dip in April, were relatively stable through Q2 2025.
Current report
For the three months ended June 30, 2025, net loss increased to $21.84 million or $0.10 per share from $6.42 million or $0.04 per share for the three months ended June 30, 2024 primarily due to lower revenues between periods driven by timing of our uranium contract deliveries, the Company's decision to retain uranium in inventory at current spot price levels and higher operating costs following the acquisition of Base Resources on October 2, 2024.
Current report
Revenues decreased by $4.51 million to $4.21 million for the three months ended June 30, 2025 from $8.72 million for the three months ended June 30, 2024 primarily due to lower uranium sales between periods as a result of contract delivery timing and the Company's decision to retain uranium in inventory at current spot price levels.
Current report
Costs applicable to revenue were relatively consistent at $3.66 million and $3.68 million for the three months ended June 30, 2025 and 2024, respectively.
Current report
Transactions and integration related costs
Current report
Transactions and integration related costs are for legal, advisory and accounting fees directly related to the acquisition of Base Resources and the formation of the Donald Project JV. Transactions and integration related costs were $2.54 million for the three months ended June 30, 2024. There were no transactions and integration related costs incurred during the three months ended June 30, 2024. See Note 3 – Transactions for more information.
Current report
Gain on sale of assets
Current report
Gain on sale of assets was $3.14 million for the three months ended June 30, 2025 primarily due to the sale of mining equipment no longer needed for completing reclamation activities at the Kwale Project. The Company had a negligible gain on sale of assets during the three months ended June 30, 2024.
Current report
Equity in loss of unconsolidated affiliates
Current report
Other income
Current report
Income tax expense
Current report
Income tax expense was $0.03 million for the three months ended June 30, 2025 on loss before income taxes of $21.81 million. The income tax expense is primarily due to Brazil income tax arising from transfer pricing revenue recognized. While loss before taxes was $6.42 million for the three months ended June 30, 2024, the Company did not record income tax benefit because it had a full valuation allowance on net deferred tax assets.
Current report
Revenues from uranium concentrates decreased by $4.74 million to $3.85 million for the three months ended June 30, 2025 from $8.59 million for the three months ended June 30, 2024 primarily due to lower volumes sold and lower realized sales prices between periods. Lower sales volumes (calculated as the change in period-to-period sales volumes times the prior period realized sales price) accounted for an approximate $4.30 million decrease in revenue between periods. Lower realized prices (calculated as the change in the period-to-period average realized price times the current period volumes sold) accounted for an approximate $0.44 million decrease in between periods.
Current report
Revenues from Alternate Feed Materials, processing and other decreased by $0.05 million to $0.08 million for the three months ended June 30, 2025 from $0.13 million for the three months ended June 30, 2024 primarily due to fewer services provided to IsoEnergy Ltd., as successor in interest to CUR, under our mine operating agreement with CUR.
Current report
Costs applicable to uranium concentrates decreased by $1.02 million to $2.66 million for the three months ended June 30, 2025 from $3.68 million for the three months ended June 30, 2024 primarily due to lower volumes sold between periods partially offset by higher weighted average costs per pound. Lower sales volumes (calculated as the change in period-to-period sales volumes times the prior period weighted average costs per pound) accounted for an approximate $1.84 million decrease in costs between periods. Higher weighted average costs per pound (calculated as the change in the period-to-period weighted average costs per pound times the current period volumes sold) accounted for an approximate $0.82 million increase in costs between periods.
Current report
Revenues from HMS were $0.28 million for the three months ended June 30, 2025. The final HMS product produced from the Kwale mine was shipped in April 2025. There were no revenues from HMS for the three months ended June 30, 2024 as the acquisition of Base Resources occurred on October 2, 2024. See Note 3 – Transactions to the consolidated financial statements for more information.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current report
Consolidated Results of Operations
Current report
Revenues decreased by $13.04 million to $21.11 million for the six months ended June 30, 2025 from $34.15 million for the six months ended June 30, 2024 primarily due to lower uranium sales between periods as a result of contract delivery timing and Company's decision to retain uranium in inventory at current spot price levels, partially offset by HMS sales during the current period. As the lower grade HMS are more costly to produce, the Company did not realize a gross profit related to its HMS sales during the three or six months ended June 30, 2025.
Current report
Other Operating Costs and Expenses
Current report
Exploration, development and processing costs (excluding share-based compensation) increased by $10.23 million to $15.52 million for the six months ended June 30, 2025 from $5.29 million for the six months ended June 30, 2024 primarily due to higher indirect processing costs at the Mill related to a higher headcount and inflation, further development activities at the La Sal Complex and the Juniper zone at the Pinyon Plain mine, increased exploration activities at other mine locations and write-off of consumables inventory at the Kwale Project.
Current report
Standby
Current report
Selling, general and administrative expenses (excluding share-based compensation) increased by $13.59 million to $25.11 million for the six months ended June 30, 2025 from $11.52 million for the six months ended June 30, 2024 primarily due to higher salaries and benefits in connection with additional headcount, including employees retained from Base Resources following the acquisition on October 2, 2024.
Current report
Share-based compensation
Showing the first 40 of 61 passages. Open the source sections for the rest.
Removed paragraphs (22)
Previous report
Changes in Guidance
Previous report
As a result of these developments, the Company is pleased to provide its updated production, sales and inventory guidance for 2025 as follows:
Previous report
On January 29, 2025, the Company announced it had signed a landmark agreement with the Navajo Nation governing the transport of uranium ore along federal and state highways crossing the Navajo Nation. Ore transport from the Pinyon Plain mine in northern Arizona to the Mill resumed on February 12, 2025. Upon resolution of this matter, the Company resumed mining at the Pinyon Plain mine.
Previous report
As previously disclosed, the Company has four long-term contracts with major U.S. nuclear utilities and additionally entered into one spot purchase agreement during the three months ended March 31, 2025.
Previous report
The Company entered into one agreement during Q1 2025 for the purchase of 50,000 pounds of U 3 O 8 at a price of $64.75 per pound.
Previous report
Acquisition of Base Resources
Previous report
On October 2, 2024, the Company completed its acquisition of Base Resources. At closing, each holder of ordinary shares of Base Resources received share consideration and AUS$0.065 in cash, paid by way of a special dividend by Base Resources to its shareholders. The total share consideration issued by Energy Fuels was approximately $178.4 million and the total special dividend value was approximately $55.1 million. See Note 3 – Transactions to the consolidated financial statements for more information.
Previous report
The Company, through its newly acquired subsidiary Base Resources (as of October 2, 2024), owns the Toliara Project. In addition to its stand-alone ilmenite, rutile and zircon production capability, the Toliara Project also contains large quantities of monazite, which is a rich source of the ‘magnetic’ REEs used in EVs, hybrid EVs and a variety of clean energy, defense and advanced technologies, which, upon development, would be shipped to the Mill for the recovery of REEs.
Previous report
Base Resources also owns the Kwale Project in Kenya, which completed its mine life in December 2024 and has commenced reclamation activities.
Previous report
HMS products are sold under a mix of spot, quarterly, half yearly and long-term (multi-year) offtake contracts, depending on the customer and market segment. Terms and prices for offtake contracts are privately negotiated with each individual customer based on market conditions and long-term strategic considerations. Products may be shipped as dry bulk cargoes (for large consumers) or in shipping containers (either packed loose in the container or in bulk bags).
Previous report
While prices for ilmenite and rutile have been decreasing in recent quarters, they remained near historically high levels.
Previous report
Monazite prices remain subdued but have been trending slightly up through Q1 2025 in line with improved sentiment around rare earth oxides.
Previous report
Continued Efforts to Minimize Costs
Previous report
Although the Company is pursuing two new initiatives - its HMS/REE and TAT radioisotope initiatives - in addition to its existing uranium and vanadium products, which will require the Company to grow certain of its operations, the Company will continue to seek ways to minimize the costs of all its operations where feasible while maintaining its critical capabilities, manpower and properties.
Previous report
*Not meaningful.
Previous report
Revenues decreased by $8.53 million to $16.90 million for the three months ended March 31, 2025 from $25.43 million for the three months ended March 31, 2024 due to HMS sales during the three months ended March 31, 2025 compared to higher sales of uranium during the three months ended March 31, 2024.
Previous report
Equity in loss of unconsolidated affiliate
Previous report
Other income (loss)
Previous report
*Not meaningful.
Previous report
Revenues from uranium concentrates were $25.31 million for the three months ended March 31, 2024 due to primarily due to completed sales of 300,000 pounds sold at a weighted average realized sales price of $84.38 per pound. There were no sales during the three months ended March 31, 2025.
Previous report
Costs applicable to uranium concentrates were $11.05 million for the three months ended March 31, 2024 primarily due to completed sales of 300,000 pounds at a weighted average cost of $36.84 per pound.
Previous report
Net cash used in operating activities was $18.83 million for the three months ended March 31, 2025 compared to net cash provided by operating activities of $8.84 million for the three months ended March 31, 2024. The change between periods was primarily due to gross profit on the sales of uranium concentrates during the three months ended March 31, 2024 as well as higher operating costs between periods as a result of the acquisition of Base Resources on October 2, 2024.
Reworded paragraphs (91)
Previous wording
All dollar amounts stated herein are in U.S. dollars, except share and per share amounts and currency exchange rates, unless specified otherwise.
Current wording
All dollar amounts stated herein are in U.S. dollars, except share amounts and currency exchange rates, unless specified otherwise.
Previous wording
We responsibly produce several of the raw materials needed for clean energy and advanced technologies, including uranium, vanadium, HMS and REE. The Company owns conventional uranium, uranium/vanadium and HMS properties and projects in various stages of operation, development, exploration and permitting, as well as fully permitted uranium and uranium/vanadium projects on standby.
Current wording
We responsibly produce several of the critical materials essential to U.S. energy security and advanced technologies, including uranium, vanadium, REEs and HMS—helping to reduce reliance on foreign sources and strengthen domestic supply chains. The Company owns conventional uranium, uranium/vanadium and HMS/REE properties and projects in various stages of operation, development, exploration and permitting, as well as fully permitted uranium and uranium/vanadium projects on standby.
Previous wording
The Mill is working to establish itself as a critical minerals hub in the U.S. with its uranium, vanadium, REE Product, HMS Product and potential radioisotopes production. Uranium is the fuel for carbon-free, emission-free baseload nuclear power and one of the cleanest forms of energy in the world. The REEs we are now producing are used to manufacture permanent magnets for EVs, hybrid EVs, wind turbines, advanced robotics, defense technologies and other technologies. The titanium and zirconium products derived from our HMS production are used for, in the case of titanium, aircraft engines and frames, spacecraft components, medical devices, pigments and other industrial and consumer goods uses, and, in the case of zirconium, fuel rod cladding and reactor components for nuclear power plants, high-temperature parts in jet engines and spacecraft, metal alloys, ceramics and abrasives and other uses in the medical field and chemical industry. The radioisotopes we are evaluating recovering from our REE and uranium processing streams have the potential to provide materials needed for emerging TAT cancer treatments.
Current wording
The Company is working to establish itself as a critical minerals hub in the U.S. with its uranium, vanadium, REE Product, HMS Product and potential radioisotopes production. Uranium is the strategic fuel powering carbon-free, emission-free baseload nuclear energy, and one of the most reliable forms of power supporting U.S. energy independence and decarbonization goals. The REEs we are now producing are essential to manufacture permanent magnets used in EVs, hybrid EVs, defense systems, robotics and other advanced technologies. The titanium and zirconium products derived from our HMS production are vital to national security and high-performance industries. Titanium is used in aircraft engines and frames, spacecraft components, medical devices and pigments; while zirconium is crucial for fuel rod cladding, reactor components, jet engine parts and advanced ceramics in a wide range of applications in the medical, aerospace and chemical industries. The radioisotopes that we are evaluating recovering from our REE and uranium processing streams have the potential to provide materials needed for emerging TAT cancer treatments.
Previous wording
In addition, Energy Fuels recovers uranium from Alternate Feed Materials at its Mill, thereby recycling materials back into the market that would otherwise be lost to direct disposal.
Current wording
In addition, Energy Fuels recovers uranium from Alternate Feed Materials at its Mill, recycling valuable resources that would otherwise be discarded and returning them to the fuel cycle to support U.S. nuclear energy and national security objectives.
Previous wording
The Company is currently: ramping up the mining of uranium ore from its Pinyon Plain, La Sal and Pandora mines, located in Arizona and Utah and stockpiling the mined ore at the Mill; processing stockpiled uranium ore and Alternate Feed Materials at the Mill for the recovery of U 3 O 8 finished product; performing permitting and exploration activities at its Bahia HMS project in Brazil; negotiating stability arrangements, seeking final government approvals and performing permitting and development activities at its Toliara HMS project in Madagascar in preparation for a final investment decision (“FID”) expected in mid-2026; performing permitting and development activities at its Donald HMS joint venture project in Australia in preparation for an FID expected as early as December 31, 2025; performing various permitting, exploration, and development activities at its numerous uranium and uranium/vanadium properties in the United States; and performing final reclamation activities at its Kwale HMS project in Kenya.
Current wording
The Company is currently: ramping up the mining of uranium ore from its Pinyon Plain, La Sal and Pandora mines, located in Arizona and Utah and stockpiling the mined ore at the Mill; processing stockpiled uranium ore and Alternate Feed Materials at the Mill for the recovery of U 3 O 8 finished product; performing permitting and exploration activities at its Bahia HMS/REE project in Brazil; negotiating stability arrangements, seeking final government approvals and performing permitting and development activities at its Toliara HMS/REE project in Madagascar in preparation for an FID, which the Company expects could be made as early as 2026 if stability arrangements are finalized; performing permitting and development activities at its Donald Project in Australia in preparation for an FID, which the Company expects could be made as early as December 31, 2025; performing various permitting, exploration, and development activities at its uranium and uranium/vanadium properties in the United States; and performing final reclamation activities at its Kwale Project in Kenya.
Previous wording
We have four long-term uranium contracts with major U.S. utilities at this time. The Company also entered into one uranium ore purchase agreement with a third-party miner in the vicinity of the Mill during 2025 and has the potential to enter into additional agreements later in 2025 as market conditions warrant.
Current wording
We have four long-term uranium contracts with major U.S. utilities at this time. The Company also entered into one uranium ore purchase agreement with a third-party miner in the vicinity of the Mill during 2025 and has the potential to enter into additional agreements as market conditions warrant.
Previous wording
During April 2025, the Company mined 4,604 tons of ore, containing roughly 151,400 pounds of uranium with an average grade of 1.64% eU 3 O 8 at its Pinyon Plain mine, which the Company believes is one of the highest-grade uranium mines in U.S. history. Production rates at the mine have steadily increased over the past several months as the Pinyon Plain mine is ramping up, with April's results representing the largest monthly production rate since mining began last year. Furthermore, as mined ore grades so far are significantly higher than the gamma probe grades from previous drill programs, the Company believes it will mine considerably more uranium from the Main Zone of the deposit versus what is described in the Technical Report on the Pre-Feasibility Study on the Pinyon Plain Project (“PFS”) prepared in February 2023 in accordance with S-K 1300 and NI 43-101. As a result, the Company has increased its uranium mining guidance for 2025 (see “Changes in Guidance” below), with the high end of the increased guidance assuming that the high grades mined and the increased mining rate experienced during April 2025 will persist at least for the remainder of 2025.
Current wording
Production rates at the Pinyon Plain mine have steadily increased over the past several months as the mine has ramped up. During the three months ended June 30, 2025, the Company mined ore containing roughly 635,000 pounds of uranium with an average grade of 2.23% eU 3 O 8 at its Pinyon Plain mine, which the Company believes is one of the highest-grade uranium mines in U.S. history. Furthermore, as mined ore grades so far are significantly higher than the gamma probe grades from previous drill programs, the Company believes it will mine considerably more uranium from the Main Zone of the deposit versus what is described in the Technical Report on the Pre-Feasibility Study on the Pinyon Plain Project (“PFS”) prepared in February 2023 in accordance with S-K 1300 and NI 43-101.
Previous wording
On April 17, 2025, the Company announced it has successfully developed the technology it believes is required to produce samarium, gadolinium, dysprosium, terbium, lutetium and yttrium, at scale at the Mill, which are six (6) of the seven (7) rare earth oxides that are now subject to newly enacted Chinese export controls, amid increasing trade tensions between the U.S. and China and at the same time President Trump commenced a Section 232 investigation on imports of processed critical minerals, including the rare earth, uranium, and vanadium oxides produced by the Company. The Mill currently has the commercial capacity, in its Phase 1 REE separation circuit to process monazite ore concentrates into separated neodymium-praseodymium (“NdPr”) oxide. Through its ongoing test work at the Mill, the Company believes it now has the technical knowhow to design, construct, and commission the expansion of its existing infrastructure, including an expansion of its Phase 1 REE separation circuit, to produce these six (6) rare earth oxides from monazite relatively quickly with appropriate U.S. government support and/or market conditions.
Current wording
On April 17, 2025, the Company announced it has successfully developed the technology it believes is required to produce samarium, gadolinium, dysprosium, terbium, lutetium and yttrium, at scale at the Mill, which are six (6) of the seven (7) rare earth oxides that are now subject to newly enacted Chinese export controls, amid increasing trade tensions between the U.S. and China and at the same time President Trump commenced a Section 232 investigation on imports of processed critical minerals, including the rare earth, uranium, and vanadium oxides produced by the Company. The Company also announced on July 17, 2025, that it is in pilot-scale production of “heavy” REE oxides and is expected to have a one (1) kilogram sample of dysprosium (“Dy”) oxide within thirty (30) days (mid-August 2025) and fifteen (15) kilograms by September 30, 2025. The Company also expects to produce a one (1) kilogram sample of terbium (“Tb”) oxide by the end of November 2025 and if progress continues as planned, the Company expects to be able to start producing samarium (“Sm”) oxide on a pilot scale at the Mill in January of 2026.
Previous wording
However, until such time as the Mill completes its stand-alone Phase 2 REE separation facilities, expected in 2028, the Mill can either process uranium and uranium/vanadium ores or it can process monazite for the recovery of uranium and REEs through its Phase 1 REE separation facilities, but it cannot do both activities at the same time, due to the use of some shared facilities for those activities. As a result, the Mill has historically stockpiled mined uranium ore until such time as it has enough stockpiled conventional ore to justify a Mill processing run, after which the Mill can be switched over to other uses, such as monazite processing for uranium and REEs, relatively easily and at low cost. This has historically not been an issue, as the Mill has a larger throughput capacity and can process uranium ore much faster than it is mined. It does, however, require that Mill processing runs be scheduled depending on the timing of conventional uranium ore processing and other needs of the Mill.
Current wording
Until such time as the Mill completes its stand-alone Phase 2 REE separation facilities, expected in 2028, the Mill can either process uranium and uranium/vanadium ores or it can process monazite for the recovery of uranium and REEs through its Phase 1 REE separation facilities, but it cannot do both activities at the same time, due to the use of some shared facilities for those activities. The Mill has historically stockpiled mined uranium ore until such time as it has enough stockpiled conventional ore to justify a Mill processing run, after which the Mill can be switched over to other uses, such as monazite processing for uranium and REEs, relatively easily and at low cost. The Mill has a large throughput capacity and can process uranium ore much faster than it is mined, so this has not been an issue to date, but it does require that Mill processing runs be scheduled depending on the timing of conventional uranium ore processing and other needs of the Mill.
Previous wording
In light of the higher mining rate expected at the Pinyon Plain mine for the remainder of 2025 and in subsequent years, and in order to produce enough uranium finished product in 2025 to allow the Company to fulfill its contract deliveries in 2025, 2026 and a good portion of 2027 and to thereby allow the Company to free-up the Mill to complete an REE processing campaign in 2026 and/or to make any process changes at the Mill in 2026 if needed to help the U.S. government meet its critical minerals requirements, the Company currently plans to conduct a conventional ore processing campaign at the Mill in Q4 2025, whereas under its previous guidance it assumed the current uranium ore processing run at the Mill would cease at the end of Q2 2025 to be resumed in a later year. As a result of the addition of this planned conventional ore Mill run in Q4 2025, the Company has increased its finished U 3 O 8 production guidance for 2025 (see “Changes in Guidance” below). The timing of this planned Q4 2025 uranium ore Mill run could change, depending on the Company’s involvement in any government activities aimed at increasing U.S. REE processing capability in 2025 that could dictate a change in Mill scheduling and a further change to the Company’s guidance.
Current wording
In light of the higher mining rate expected at the Pinyon Plain mine for the remainder of 2025 and in subsequent years, and in order to produce enough uranium finished U 3 O 8 in 2025 to allow the Company to fulfill its contract deliveries in 2025, 2026 and a good portion of 2027 and to thereby allow the Company to free-up the Mill to complete an REE processing campaign in 2026 and/or to make any process changes at the Mill in 2026 if needed to help the U.S. government meet its critical minerals requirements, the Company currently plans to commence a conventional ore processing campaign at the Mill in Q4 2025, which is currently expected to continue into March 2026, whereas under its previous guidance it assumed the current uranium ore processing run at the Mill would cease at the end of Q2 2025 to be resumed in a later year. As a result of the addition of this planned conventional ore Mill run commencing in Q4 2025, the Company previously increased its finished U 3 O 8 production guidance for 2025 (see “Guidance” below). The timing of this planned Q4 2025 uranium ore Mill run could change, depending on the Company’s involvement in any government activities aimed at increasing U.S. REE processing capability in 2025 that could dictate a change in Mill scheduling and a change to the Company’s guidance.
Previous wording
Finally, the major U.S. utility company to which the Company is obligated to deliver 250,000 pounds of U 3 O 8 in 2025, plus or minus 20%, has recently specified that it has opted to take delivery of 220,000 pounds of U 3 O 8, for delivery in Q2- or Q3 2025 under its contract for 2025, thereby providing more certainty to the Company’s contractual uranium sales obligations in 2025. As a result, the Company has adjusted its uranium sales guidance for 2025 accordingly (see “Changes in Guidance” below).
Current wording
The major U.S. utility company to which the Company is obligated to deliver 250,000 pounds of U 3 O 8 in 2025, plus or minus 20%, has recently specified that it has opted to take delivery of 140,000 pounds of U 3 O 8, for delivery in Q3 2025 and 160,000 pounds of U 3 O 8 in Q4 2025, under its contract for 2025, thereby providing more certainty to the Company’s contractual uranium sales obligations in 2025. This is reflected in the Company's uranium sales guidance for 2025 as revised at the end of Q2 2025 (see “Guidance” below).
Previous wording
During 2025, the Company expects to mine ore from its Pinyon Plain, La Sal and Pandora mines, located in Arizona and Utah, containing 875,000 to 1,435,000 pounds of U 3 O 8, depending on ore grades, mining rates, contract requirements and market conditions, which will be stockpiled at the mines and Mill pending processing at the Mill, which is up from the Company’s most recently published guidance of 730,000 to 1,170,000 pounds of U 3 O 8 in 2025. In addition, the Company expects to receive additional Alternate Feed Materials, AUM cleanup material from the Navajo Nation and ore purchased from third-party mining companies containing approximately 160,000 to 200,000 pounds of U 3 O 8, which, when combined with the ore mined/to be mined by the Company at its own projects, is expected to result in total inventories (uranium-contained-in-ore inventories, work-in-process and finished U 3 O 8 inventory) of approximately 1,985,000 to 2,585,000 pounds of U 3 O 8 up from the Company’s most recently published guidance of 1,655,000 to 2,340,000 pounds of U 3 O 8. Uranium processing activities are currently expected to result in total finished uranium production of 700,000 to 1,000,000 pounds of U 3 O 8 for 2025, up from the Company's most recently published guidance of 200,000 to 250,000 pounds of uranium for 2025, which (combined with existing finished goods inventories) is expected to be sufficient to complete all currently contracted uranium sales in 2025 and 2026 and a large portion of currently contracted uranium sales in 2027.
Current wording
The Company continues to mine and stockpile ore from its Pinyon Plain, La Sal and Pandora mines, located in Arizona and Utah, which is expected to contain 875,000 to 1,435,000 pounds of U 3 O 8 contained in approximately 55,000 to 80,000 tons of ore from these mines during 2025, subject to market conditions, mining rates and other factors. This mined ore is expected to be stockpiled at the mines and Mill pending processing at the Mill, which is up from the Company’s initial 2025 published guidance of 730,000 to 1,170,000 pounds of U 3 O 8 in 2025. In addition, the Company expects to receive additional Alternate Feed Materials, AUM cleanup material from the Navajo Nation and ore purchased from third-party mining companies containing approximately 160,000 to 200,000 pounds of U 3 O 8, which, when combined with the ore mined/to be mined by the Company at its own projects, is expected to result in total inventories (uranium-contained-in-ore inventories, work-in-process and finished U 3 O 8 inventory) of approximately 1,985,000 to 2,585,000 pounds of U 3 O 8, subject to any additional spot sales that may be made in 2025. Uranium processing activities are currently expected to result in total uranium production of 700,000 to 1,000,000 pounds of finished U 3 O 8 for 2025, which (combined with existing finished goods inventories) is expected to be sufficient to complete all currently contracted uranium sales in 2025 and 2026 and a portion of currently contracted uranium sales in 2027.
Previous wording
The final mix between quantities of U 3 O 8 contained in ore inventories and quantities of U 3 O 8 in finished product inventories at the end of 2025 will depend on the timing of processing stockpiled uranium ore at the Mill (which is currently scheduled to include a conventional ore Mill run in Q4 2025), on any additional ore purchases from third-party mining companies, on any Alternate Feed Materials and other cleanup materials received and on any spot uranium sales or purchases the Company may elect to complete in 2025 in response to uranium prices, market conditions, contract requirements and other factors. Generally, at current spot prices the Company plans to continue to mine uranium ore from its mines, to stockpile the mined ore for future processing, and to process the mined ore only as required to fill deliveries under its long-term contracts, which are currently priced at higher than current spot prices for uranium, and are thereby expected to generate higher margins upon processing and sale in the future compared to processing for delivery into spot sales at this time. This is consistent with the Company’s approach in 2024, during which all the Company’s uranium ore mined in 2024 was stockpiled at the Mill, and none of that ore was processed into finished uranium product or sold in 2024, resulting in no revenues or margins from uranium ore mined in 2024. Instead, the Company elected to stockpile the uranium ore mined in 2024 for processing in 2025 for sale at higher margins into the Company’s 2025 and 2026 deliveries under its long-term sales contracts. Uranium sales in 2024 were limited to sales from pre-existing inventories and only for delivery under the Company’s long-term contracts in 2024.
Current wording
The final mix between quantities of U 3 O 8 contained in ore inventories and finished product inventories at the end of 2025 will depend on the timing of processing stockpiled uranium ore at the Mill (which is currently scheduled to include a conventional ore Mill run commencing in Q4 2025), on any additional ore purchases from third-party mining companies, on any Alternate Feed Materials and other cleanup materials received and on any spot uranium sales or purchases the Company may elect to complete in 2025 in response to uranium prices, market conditions, contract requirements and other factors. Generally, at current spot prices the Company plans to continue to mine uranium ore from its mines, to stockpile the mined ore for future processing, and to process the mined ore only as required to fill deliveries under its long-term contracts, and maintain flexibility for potential spot sales to generate higher margins upon processing, subject to market conditions. This is consistent with the Company’s approach in 2024, during which all the Company’s uranium ore mined in 2024 was stockpiled at the Mill, and none of that ore was processed into finished uranium product or sold in 2024, resulting in no revenues or margins from uranium ore mined in 2024. Instead, the Company elected to stockpile the uranium ore mined in 2024 for processing in 2025 for sale at higher margins into the Company’s 2025 and 2026 deliveries under its long-term sales contracts. Uranium sales in 2024 were limited to sales from pre-existing inventories and only for delivery under the Company’s long-term contracts in 2024.
Previous wording
Currently, the Company plans to process stockpiled and mined ore from its Pinyon Plain, La Sal and Pandora mines during Q4 2025, containing up to 700,000 pounds of U 3 O 8, subject to market conditions, contract requirements and the Mill’s schedule, which, along with the expected production of 300,000 pounds of U 3 O 8 in Q1 and Q2 2025, would be expected to result in total finished product uranium production in 2025 at the high end of the 700,000 to 1,000,000 range. The finished goods uranium inventory from this currently planned Q4 2025 processing campaign, along with existing finished goods inventories, is expected to be sufficient to satisfy the Company’s 2025, 2026 and a large portion of its 2027 delivery requirements, at higher margins than would be expected compared to spot sales at this time. The Company currently plans to process this larger amount of uranium ore in 2025, rather than deferring a portion of the Company’s processing requirements to 2026 and 2027, in order to allow the Company to be able to complete an REE processing campaign in 2026.
Current wording
Currently, the Company plans to process stockpiled and mined ore from its Pinyon Plain, La Sal and Pandora mines during Q4 2025, containing up to 670,000 pounds of U 3 O 8, subject to market conditions, contract requirements and the Mill’s schedule, which, along with the production of 330,000 pounds of U 3 O 8 during the first half of 2025, result in expected total finished product uranium production in 2025 at the high end of the 700,000 to 1,000,000 range. The finished U 3 O 8 inventory from this planned Q4 2025 processing campaign, which is expected to continue through Q1 2026, along with existing finished goods inventories, is expected to be sufficient to satisfy the Company’s 2025, 2026 and a large portion of its 2027 delivery requirements, at higher margins than would be expected compared to spot sales at this time. The Company currently plans to process this larger amount of uranium ore in 2025, rather than deferring a portion of the Company’s processing requirements to 2026 and 2027, in order to allow the Company to be able to complete an REE processing campaign in 2026.
Previous wording
Of this 700,000 to 1,000,000 pounds of uranium currently expected to be produced in Q4 2025, approximately 220,000 pounds are expected to be sold under the Company’s long-term contracts in 2025 and the remainder is expected to be sold under the Company’s long-term contracts in 2026 and 2027, resulting in an expected increase in the Company’s finished goods inventory to approximately 925,000 to 1,225,000 pounds of finished U 3 O 8 by the end of 2025. As with 2024, this will result in a deferral of revenue recognition and expected margins in connection with the Company’s mined ore and other inventories from 2025 to 2026 and 2027, in order to recognize higher sales prices and hence higher margins from sales into the Company’s higher priced long-term contracts in 2026 and 2027.
Current wording
Of the 700,000 to 1,000,000 pounds of uranium currently expected to be produced in Q4 2025, approximately 300,000 pounds are expected to be sold under the Company’s long-term contracts in 2025 and the remainder is expected to be sold under the Company’s long-term contracts in 2026 and 2027, resulting in an expected increase in the Company’s finished goods inventory to approximately 925,000 to 1,225,000 pounds of finished U 3 O 8 by the end of 2025, subject to any additional spot sales that may be made in 2025. As with 2024, this will result in a deferral of sales and the expected higher realized sales and margins in connection with the Company’s mined ore and other inventories from 2025 to 2026 and 2027, into the Company’s higher priced long-term contract deliveries in 2026 and 2027. The Company may sell additional uranium inventories on the spot market in 2025, depending on market conditions.
Previous wording
Additionally, the Company is continuing to prepare two additional mines in Colorado and Wyoming (Whirlwind and Nichols Ranch, respectively) for expected production within one year from a “go” decision and is advancing several other of its large-scale U.S. mine projects in order to increase uranium production in the coming years, as market conditions warrant. With strong market conditions, the Whirlwind and Nichols Ranch mines could potentially increase Energy Fuels’ uranium production to a run-rate of over two million pounds of U 3 O 8 per year in as early as 2026. The exact timing for resumption of production from each of these projects will be subject to current and future uranium market conditions and/or the procurement of additional long-term contracts. In 2025, the Company also plans to continue advancing its permitting and development on the Roca Honda and Bullfrog Projects, which together with the Company’s Sheep Mountain Project, could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years, as market conditions warrant. As the Company is ramping up its commercial uranium production, it can rely on its uranium inventories and potential purchases of uranium on the spot market to supplement its uranium production if necessary to fulfill existing contract requirements.
Current wording
Additionally, the Company is continuing to prepare two additional mines in Colorado and Wyoming (Whirlwind and Nichols Ranch, respectively) for expected production within one year from a “go” decision and is advancing several other of its large-scale U.S. mine projects in order to increase uranium production in the coming years, as market conditions warrant. With strong market conditions, the Whirlwind and Nichols Ranch mines could potentially increase Energy Fuels’ uranium production to a run-rate of over two million pounds of U 3 O 8 per year in as early as 2026. The exact timing for resumption of production from each of these projects will be subject to current and future uranium market conditions and/or the procurement of additional long-term contracts. In 2025, the Company also plans to continue advancing its permitting and development on the Roca Honda, Bullfrog, and EZ Projects, which together with the Company’s Sheep Mountain Project, could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years, as market conditions warrant. As the Company is ramping up its commercial uranium production, it can rely on its uranium inventories and potential purchases of uranium on the spot market to supplement its uranium production if necessary to fulfill existing contract requirements.
Previous wording
The Company continually seeks to maximize capacity utilization at the Mill and new sources of revenue, including through its emerging REE/HMS and potential TAT radioisotopes business lines, as well as new sources of Alternate Feed Materials and new feed processing opportunities at the Mill that can be processed without reliance on uranium sales prices. The Company also entered into an agreement with the Navajo Nation in January 2025, which could open the door to the Company assisting in the cleanup of AUM materials left over from Cold War era government programs predating the Company while recycling uranium from ore historically lost to direct disposal.
Current wording
The Company continually seeks to maximize capacity utilization at the Mill and add new sources of revenue, including through its emerging REE/HMS and potential TAT radioisotopes business lines, as well as new sources of Alternate Feed Materials and new feed processing opportunities at the Mill that can be processed without reliance on uranium sales prices. The Company also entered into an agreement with the Navajo Nation in January 2025, which could open the door to the Company assisting in the cleanup of AUM materials left over from Cold War era government programs predating the Company while recycling uranium from ore historically lost to direct disposal.
Previous wording
The Company also believes the long-term fundamentals of the REE sector point to higher sustained pricing. According to industry forecaster Adamas Intelligence, the demand for REEs is expected to be primarily driven by increased demand for neodymium-iron-boron (“NdFeB”) magnets used in robotics, advanced air mobility and EVs (including hybrid EVs). Adamas forecasts demand for separated NdPr, dysprosium (“Dy”) and terbium (“Tb”) to grow at a compound annual growth rate (“CAGR”) of 8.7% through 2040, while global production is expected to grow at a slower rate of 5.1%. Robotics are expected to become the largest demand driver for NdFeB magnets through 2040. The Company is also observing significant interest in creating new REE supply chains that are not connected to China, further compounding the REE opportunity for Energy Fuels.
Current wording
The Company also believes the long-term fundamentals of the REE sector point to higher sustained pricing. According to industry forecaster Adamas Intelligence, the demand for REEs is expected to be primarily driven by increased demand for neodymium-iron-boron (“NdFeB”) magnets used in robotics, advanced air mobility and EVs (including hybrid EVs). Adamas forecasts demand for separated NdPr, Dy and Tb to grow at a compound annual growth rate (“CAGR”) of 8.7% through 2040, while global production is expected to grow at a slower rate of 5.1%. Robotics are expected to become the largest demand driver for NdFeB magnets through 2040. The Company is also observing significant interest in creating new REE supply chains that are not connected to China, further compounding the REE opportunity for Energy Fuels.
Previous wording
The Company has significantly advanced its REE programs, including the commissioning of commercial REE (NdPr) separation capabilities at the Mill while securing HMS mines that are expected to supply significant quantities of natural monazite sands feedstock to the Mill for processing into separated REE products, which is expected to be produced as a low-cost byproduct of primarily ilmenite, rutile and zircon from HMS mining. This includes the Company’s recent acquisition of Base Resources, which owns the Toliara Project, and through its recently formed joint venture with Astron to jointly develop the Donald HMS and REE Project (in addition to the Bahia Project, which the Company acquired in 2023).
Current wording
The Company has significantly advanced its REE programs, including the commissioning of commercial REE (NdPr) separation capabilities at the Mill while securing HMS/REE mines that are expected to supply significant quantities of monazite sands feedstock to the Mill for processing into separated REE products. The monazite is expected to be produced as a low-cost byproduct of primarily ilmenite, rutile and zircon from HMS mining. This includes the Company’s October 2, 2024 acquisition of Base Resources and the Toliara Project, and through its joint venture with Astron to jointly develop the Donald Project (in addition to the Bahia Project, which the Company acquired in 2023).
Previous wording
The Company completed commissioning its Phase 1 REE separation circuit at the Mill during Q2-2024, which is capable of processing 8,000 to 10,000 tonnes of monazite per year into 850 to 1,000 tonnes of separated NdPr per year, plus a samarium plus (“Sm+”) heavy RE Carbonate. The Company is also advancing engineering and permitting on its Phase 2 separation facilities at the Mill to enable the processing of up to 60,000 tonnes of monazite and the production of up to 4,000 to 6,000 tonnes of separated NdPr, along with separated Dy, Tb and other REE materials (see “Rare Earth Element Initiatives” below). During Phase 1 commissioning, the Company produced approximately 38 tonnes of separated NdPr, which is currently being qualified by REE metal and magnet manufacturers to enable future offtake of the Company’s separated REE products expected to be produced at the Mill from monazite feedstocks originating at the Toliara, Donald and/or Bahia Projects (subject to all required licenses, permits and permissions being obtained), in addition to third-party feedstocks that may be purchased from third parties. The Company also plans to continue to evaluate potential opportunities in REE metal, alloy and magnet-making as they may arise.
Current wording
The Company completed commissioning its Phase 1 REE separation circuit at the Mill during Q2-2024, which is capable of processing 8,000 to 10,000 tonnes of monazite per year into 850 to 1,000 tonnes of separated NdPr per year, plus a samarium plus (“Sm+”) heavy RE Carbonate. The Company also expects to produce pilot-scale (kilogram) quantities of Dy and Tb oxides in 2025 and Sm in 2026. Assuming the current pilot-scale production continues to be successful, the Company is evaluating producing Dy, Tb and Sm on a commercial scale at its existing Phase 1 REE separation circuit at the Mill, with minor modifications, as early as Q4 2026 from existing feed sources and, if a production decision (which assumes a positive FID) is made in 2025, as early as Q4 2027 from its permitted Donald Project in Australia. The Company is also advancing engineering and permitting on its Phase 2 separation facilities at the Mill to enable the processing of up to 60,000 tonnes of monazite and the production of up to 4,000 to 6,000 tonnes of separated NdPr, along with separated Dy, Tb and other REE materials (see “Rare Earth Element Initiatives” below). During Phase 1 commissioning, the Company produced approximately 38 tonnes of separated NdPr, which is currently being qualified by REE metal and magnet manufacturers to enable future offtake of the Company’s separated REE products expected to be produced at the Mill from monazite feedstocks originating at the Toliara, Donald and Bahia Projects (subject to all required licenses, permits and permissions being obtained), in addition to third-party feedstocks that may be purchased from third parties. The Company also plans to continue to evaluate potential opportunities in REE metal, alloy and magnet-making as they may arise.
Previous wording
With respect to its HMS activities, the Company plans to continue advancing each of its Donald and Toliara HMS projects to a FID by as early as late-2025 and mid-2026, respectively. The Company is also updating the 2021 Australian Joint Ore Reserves Committee (“JORC”)-compliant Toliara Definitive Feasibility Study (“DFS”) and 2024 JORC-compliant Toliara Prefeasibility Study (“PFS”) into a combined S-K 1300 and NI 43-101-compliant feasibility study (“FS”), and the 2023 Donald Project JORC-compliant DFS into an S-K 1300 and NI 43-101-compliant FS, both of which are expected to be completed later in 2025. The Company also plans to advance its permitting efforts and restart its drilling program at the Bahia Project in 2025, once the appropriate permits and surface access arrangements are in place, with the goal of getting enough information to declare an S-K 1300-compliant initial assessment and NI 43-101-compliant technical report in late 2025 or early 2026.
Current wording
With respect to its HMS activities, the Company plans to continue advancing each of its Donald and Toliara Projects to a FID by as early as late-2025 and 2026, respectively. The Company is also updating the 2021 Australian Joint Ore Reserves Committee (“JORC”)-compliant Toliara Definitive Feasibility Study (“DFS”) and 2024 JORC-compliant Toliara Prefeasibility Study (“PFS”) into a combined S-K 1300 and NI 43-101-compliant feasibility study (“FS”), and the 2023 Donald Project JORC-compliant DFS into an S-K 1300 and NI 43-101-compliant FS, both of which are expected to be completed later in 2025. The Company also plans to advance its permitting efforts and restart its drilling program at the Bahia Project in 2025, once the appropriate permits and surface access arrangements are in place, with the goal of getting enough information to declare an S-K 1300-compliant initial assessment and NI 43-101-compliant technical report in early 2026.
Previous wording
Mining at the Kwale Project commenced in 2013 and concluded at the end of December 2024 following depletion of the remaining ore reserves previously reported in accordance with the JORC standards. Processing activities concluded in early January 2025. The sale of almost all remaining product stockpiles was completed during Q1 2025. Additional costs of winding-down activities and mining lower mineral grades were incurred during the fourth quarter of 2024 and included in product stockpiles that were sold during the first quarter of 2025. As a result, the Company incurred a loss in connection with its Q1 2025 sales. Reclamation has been ongoing throughout the life of the Kwale Project and will continue until all mining areas are fully reclaimed in accordance with all applicable legal standards. Reclamation of the South Dune mining area was completed in 2024, with the reclamation of the Central Dune, North Dune and Bumamani mining areas scheduled for completion in 2025. Reclamation of the tailings storage facility onsite has commenced and is expected to be completed by 2027, with ongoing management and monitoring expected to continue through 2037.
Current wording
Mining at the Kwale Project commenced in 2013 and concluded at the end of December 2024 following depletion of the remaining ore reserves previously reported in accordance with the JORC standards. Processing activities concluded in early January 2025. The sale of all remaining product inventories was completed during 2025. Additional costs of winding-down activities and mining lower mineral grades were incurred during the fourth quarter of 2024 and included in product inventories that were sold during the first quarter of 2025. As a result, the Company incurred a loss in connection with its 2025 sales. Reclamation has been ongoing throughout the life of the Kwale Project and will continue until all mining areas are fully reclaimed in accordance with all applicable legal standards. Reclamation of the South Dune mining area was completed in
Previous wording
During the first quarter of 2025, the Company increased its working capital from $170.90 million to $214.61 million, thereby maintaining the strong balance sheet necessary for the Company to develop its ongoing projects.
Current wording
During the six months ended June 30, 2025, the Company increased its working capital from $170.90 million to $253.23 million, thereby maintaining the strong balance sheet necessary for the Company to develop its ongoing projects.
Previous wording
During the three months ended March 31, 2025, the Mill focused on processing stockpiled Alternate Feed Materials and conventional ores during Q1 2025, which resulted in production of 150,000 pounds of U 3 O 8. Expected production from processing stockpiled Alternate Feed Materials and conventional ores during Q2 2025 is expected to be approximately 150,000 pounds of U 3 O 8. No REE separation or vanadium production occurred during Q1 2025, though the Company continually monitors its inventory and vanadium markets to guide future potential vanadium production.
Current wording
During the six months ended June 30, 2025, the Mill focused on processing stockpiled Alternate Feed Materials and conventional ores, which resulted in production of 330,000 pounds of U 3 O 8.
Previous wording
The Mill also continued to advance its research and development (“R&D”) activities on medical isotopes throughout Q1 2025 while advancing discussions with buyers interested in off-takes for the material (see “Recovering Medical Isotopes for Advanced TAT Cancer Treatments” below).
Current wording
The Mill also continued to advance its research and development (“R&D”) activities on medical isotopes throughout Q2 2025 while engaging in discussions with buyers interested in off-takes for the material (see “Recovering Medical Isotopes for Advanced TAT Cancer Treatments” below).
Previous wording
During 2025, the Company expects to receive additional Alternate Feed Materials and AUM cleanup material and to purchase ore from third-party mining companies for a total combined U 3 O 8 content of approximately 160,000 to 200,000 pounds. In addition, the Company expects to produce approximately 300,000 pounds of finished U 3 O 8 during the first half of 2025 from existing conventional ore inventories and Alternate Feed Materials, and currently expects to process stockpiled and mined ore from its Pinyon Plain, La Sal and Pandora mines along with Alternate Feed Materials in Q4 2025, which would be expected to result in total uranium production during 2025 of up to 1,000,000 pounds of finished U 3 O 8 depending on market conditions, contract requirements and the Mill’s processing schedule.
Current wording
During the second half of 2025, the Company expects to receive additional Alternate Feed Materials and AUM cleanup material and to purchase ore from third-party mining companies for a total combined U 3 O 8 content of approximately 160,000 to 200,000 pounds. In addition, the Company expects to process stockpiled and mined ore from its Pinyon Plain, La Sal and Pandora mines along with Alternate Feed Materials in Q4 2025, which would be expected to result in total uranium production during 2025 of up to 1,000,000 pounds of finished U 3 O 8 depending on market conditions, contract requirements and the Mill’s processing schedule. This uranium processing run is expected to extend through Q1 2026.
Previous wording
The Company expects to have a total of 1,985,000 to 2,585,000 pounds of contained uranium in ore inventories plus finished product at the end of 2025. Having stockpiled mined ore available at the Mill, which can be processed into finished U 3 O 8 product on relatively short notice, gives the Company more flexibility in securing long-term sales contracts on the most favorable terms when needed rather than merely accepting contracts at current prices when the fundamentals suggest higher prices in the future may be expected.
Current wording
Following expected contract uranium sales, the Company expects to have a total of 1,985,000 to 2,585,000 pounds of contained uranium in ore inventories including finished product at the end of 2025. Having stockpiled mined ore available at the Mill, which can be processed into finished U 3 O 8 product on relatively short notice, gives the Company more flexibility in securing uranium sales contracts on the most favorable terms when needed rather than merely accepting contracts at current prices when the fundamentals suggest higher prices in the future may be expected. It also provides more flexibility to make spot sales if market conditions warrant.
Previous wording
During the three months ended March 31, 2025, the Company continued ramping up ore production at the Pinyon Plain mine, La Sal mine and Pandora mine.
Current wording
During the six months ended June 30, 2025, the Company continued ore production at the Pinyon Plain mine, La Sal mine and Pandora mine.
Previous wording
During the three months ended March 31, 2025, the Company mined approximately 12,000 tons of ore containing approximately 115,000 pounds of U 3 O 8 from the Pinyon Plain, La Sal and Pandora mines. Subject to market conditions, the Company currently expects to mine 55,000 to 80,000 tons of ore containing approximately 875,000 to 1,435,000 pounds of contained U 3 O 8 from its Pinyon Plain, Pandora and La Sal mines during 2025. Such uranium-bearing ore will be stockpiled at the mines or Mill for processing during the remainder of 2025 or at a future date, subject to market conditions, contract requirements and the Mill’s processing schedule. The Company also expects to purchase uranium ore from third-party miners in the region, and there is the potential to receive additional Alternate Feed Materials and mine cleanup materials, expected to total approximately 160,000 to 200,000 pounds of additional contained uranium in ore inventories.
Current wording
During the three months ended June 30, 2025, the Company mined ore containing approximately 665,000 pounds of U 3 O 8 from the Pinyon Plain, La Sal and Pandora mines for a total of approximately 780,000 pounds of contained U 3 O 8 through the first half of 2025. Subject to market conditions, the Company currently expects to mine ore containing approximately 875,000 to 1,435,000 pounds of contained U 3 O 8 from its Pinyon Plain, Pandora and La Sal mines during 2025. Such uranium-bearing ore will be stockpiled at the mines or Mill for processing during the remainder of 2025 and into 2026 (or at a future date), subject to market conditions, contract requirements and the Mill’s processing schedule. The Company also expects to continue to purchase uranium ore from third-party miners in the region, and there is the potential to receive additional Alternate Feed
Previous wording
The Company currently expects to process stockpiled and mined ore from its Pinyon Plain, La Sal and Pandora mines in Q4 2025 containing up to 700,000 pounds of U 3 O 8, with the remainder of the mined ore and Alternate Feed Materials stockpiled at the mines or Mill for processing during 2026 or 2027, subject to market conditions, contract requirements, and the Mill’s schedule. This is expected to result in the production of an additional 700,000 pounds of finished U 3 O 8 in Q4 2025 from stockpiled and mined ore from the Company’s Pinyon Plain, La Sal and Pandora mines, which when added to the Company’s expected production of approximately 300,000 pounds of finished U 3 O 8 through the first half of 2025 from existing conventional ore inventories and Alternate Feed Materials, would result in the production of up to 1,000,000 pounds of finished U 3 O 8 product in 2025.
Current wording
The Company currently expects to process stockpiled and mined ore from its Pinyon Plain, La Sal and Pandora mines in Q4 2025 containing up to 670,000 pounds of U 3 O 8, with the remainder of the mined ore and Alternate Feed Materials stockpiled at the mines or Mill for processing during 2026 or 2027, subject to market conditions, contract requirements, and the Mill’s schedule. This is expected to result in the production of an additional 670,000 pounds of finished U 3 O 8 in Q4 2025 from stockpiled and mined ore from the Company’s Pinyon Plain, La Sal and Pandora mines, which when added to the Company’s production of approximately 330,000 pounds of finished U 3 O 8 through the first half of 2025 from existing conventional ore inventories and Alternate Feed Materials, would result in the production of up to 1,000,000 pounds of finished U 3 O 8 product in 2025.
Previous wording
Ore mined during 2025 that is not included in the expected Q4 2025 processing run will remain stockpiled at the Mill and included in the Company’s inventories of U 3 O 8 contained in stockpiled ore at the end of 2025. Having stockpiled mined ore available at the Mill, which can be processed into finished U 3 O 8 product on relatively short notice, gives the Company more flexibility in securing long-term sales contracts on the most favorable terms when needed, rather than merely accepting contracts at current prices when the fundamentals suggest higher prices in the future may be expected.
Current wording
Ore mined during 2025 that is not processed in Q4 2025 will remain stockpiled at the Mill and included in the Company’s inventories of U 3 O 8 contained in stockpiled ore at the end of 2025. Having stockpiled mined ore available at the Mill, which can be processed into finished U 3 O 8 product on relatively short notice, gives the Company more flexibility in securing long-term sales contracts on the most favorable terms when needed, rather than merely accepting contracts at current prices when the fundamentals suggest higher prices in the future may be expected. It also provides more flexibility to make spot sales if market conditions warrant.
Previous wording
Through the remainder of 2025, the Company also plans to continue advancing permitting and development on its Roca Honda Project, a large, high-grade conventional project in New Mexico, and its Bullfrog Project in Utah, which together with its Sheep Mountain Project (a large conventional project in Wyoming) could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years. The Company is also continuing to maintain required permits at its other conventional projects, including the Energy Queen mine. These projects serve as important pipeline assets for the Company’s future conventional production capabilities, as market conditions may warrant.
Current wording
Through the remainder of 2025, the Company also plans to continue advancing permitting and development on its Roca Honda Project, a large, high-grade conventional project in New Mexico, its Bullfrog Project in Utah, and its EZ Project in Arizona, which together with its Sheep Mountain Project (a large conventional project in Wyoming) could expand the Company’s uranium production to a run-rate of up to five million pounds of U 3 O 8 per year in the coming years. The Company is also continuing to maintain required permits at its other conventional projects, including the Energy Queen mine. These projects serve as important pipeline assets for the Company’s future conventional production capabilities, as market conditions may warrant.
Previous wording
49 core holes were completed in the Juniper Zone drilling program. Drill core is currently being sampled and will be sent for analytical testing. Highlights from the drilling program include the following intercepts:
Current wording
49 core holes were completed in the Juniper Zone drilling program in February 2025. Drill core has been sampled and is undergoing analytical testing, which is expected to be completed by the end of Q3 2025. Highlights from the drilling program include the following intercepts:
Previous wording
All drill holes targeted the Juniper Zone and were completed from two underground drill stations. The Company believes these drill results confirm that the Juniper Zone is another very high-grade zone of uranium mineralization. The Company is planning to conduct additional drilling in the Juniper Zone as it continues development of that area. The Company plans to incorporate these results into an updated S-K 1300/NI 43-101 technical report for the Pinyon Plain mine later this year, which the Company believes will significantly increase the uranium reserves and resources at the Pinyon Plain mine and result in a lower mining and milling cost per pound.
Current wording
All drill holes targeted the Juniper Zone and were completed from two underground drill stations. The Company believes these drill results confirm that the Juniper Zone is another high-grade zone of uranium mineralization. The Company is planning to conduct additional drilling in the Juniper Zone as it continues development of that area. The Company plans to incorporate these results into an updated S-K 1300/NI 43-101 technical report for the Pinyon Plain mine later this year, which the Company believes will significantly increase the uranium reserves and resources at the Pinyon Plain mine and result in a lower mining and milling cost per pound.
Previous wording
As of March 31, 2025, the Company held approximately 595,000 pounds of finished uranium inventories located at the Mill and at conversion facilities in North America. Additionally, as of March 31, 2025, the Company held approximately 710,000 pounds of additional U 3 O 8 contained in stockpiled ore, Alternate Feed Materials and work-in-process at the Mill or nearby mine sites that can potentially be processed and recovered expediently in the future, as market conditions and contract requirements may warrant.
Current wording
As of June 30, 2025, the Company held approximately 725,000 pounds of finished uranium inventories located at the Mill and at conversion facilities in North America. Additionally, as of June 30, 2025, the Company held approximately 1,150,000 pounds of additional U 3 O 8 contained in stockpiled ore, Alternate Feed Materials and work-in-process at the Mill or nearby mine sites that can potentially be processed and recovered expediently in the future, as market conditions and contract requirements may warrant.
Previous wording
The Company expects to produce another 150,000 pounds of finished uranium inventories from stockpiled uranium ore and Alternate Feed Materials during the first half of 2025, for total expected U 3 O 8 production of approximately 300,000 pounds during the first half of 2025 and currently expects to produce up to another 700,000 pounds of finished U 3 O 8 from stockpiled and mined ore from the Company’s Pinyon Plain, La Sal and Pandora mines in Q4 2025, subject to market conditions, contract requirements, and the Mill’s schedule. As a result, total inventories of finished product available for sale in 2025 are currently expected to total approximately 925,000 to 1,225,000 pounds of finished U 3 O 8, depending on whether the Company processes the Pinyon Plain, La Sal and Pandora ore in Q4 2025, as currently expected.
Current wording
The Company produced approximately 330,000 pounds of U 3 O 8 during the first half of 2025 and currently expects to produce up to another 670,000 pounds of finished U 3 O 8 from stockpiled and mined ore from the Company’s Pinyon Plain, La Sal and Pandora mines in Q4 2025, subject to market conditions, contract requirements, and the Mill’s schedule. As a result, total inventories of finished product available for sale in 2025 are currently expected to total approximately 925,000 to 1,225,000 pounds of finished U 3 O 8, depending on whether the Company processes the Pinyon Plain, La Sal and Pandora ore in Q4 2025, as currently expected.
Previous wording
The Company expects to sell 220,000 pounds of uranium during the remainder of 2025, under the Company's existing long-term contracts with utilities. As a result of these sales, the Company currently expects that finished U 3 O 8 inventory will total approximately 925,000 to 1,225,000 pounds U 3 O 8 at the end of 2025 and contained uranium in stockpiled uranium ore inventories will total approximately 1,060,000 to 1,360,000 pounds of U 3 O 8, totaling 1,985,000 to 2,585,000 pounds of contained uranium in ore inventories plus finished product at the end of 2025. Again, the mix between increased contained uranium in ore inventories and finished U 3 O 8 product inventory at the end of 2025 will depend on the timing of the processing of stockpiled uranium ore at the Mill, of which a quantity of ore containing up to 700,000 pounds of U 3 O 8 is currently expected to be processed in Q4 2025 with the remainder deferred to subsequent years, and any spot uranium sales or purchases the Company may elect to complete during the remainder of 2025.
Current wording
The Company expects to sell 300,000 pounds of uranium during the remainder of 2025, under the Company's existing long-term contracts with utilities. As a result of these sales, the Company currently expects that finished U 3 O 8 inventory will total approximately 925,000 to 1,225,000 pounds U 3 O 8 at the end of 2025 and contained uranium in stockpiled uranium ore inventories will total approximately 1,060,000 to 1,360,000 pounds of U 3 O 8, totaling 1,985,000 to 2,585,000 pounds of contained uranium in ore inventories plus finished product at the end of 2025. Again, the mix between increased contained uranium in ore inventories and finished U 3 O 8 product inventory at the end of 2025 will depend on the timing of the processing of stockpiled uranium ore at the Mill, of which a quantity of ore containing up to 670,000 pounds of U 3 O 8 is currently expected to be processed in Q4 2025 with the remainder (if any) deferred to subsequent years, and any spot uranium sales or purchases the Company may elect to complete during the remainder of 2025.
Previous wording
The four long-term utility contracts require future deliveries of uranium between 2025 and 2030 with base quantities totaling 2.77 million pounds of uranium sales remaining over the period, and between 2.07 million and 3.85 million pounds of deliveries of uranium over that time period based on the buyer’s exercise of options and quantity flexibility. Having observed a uptick in interest from nuclear utilities seeking long-term uranium supply, along with continued strong long-term prices, the Company remains actively engaged in pursuing additional selective long-term uranium sales contracts.
Current wording
The Company's four long-term utility contracts require future deliveries of uranium between 2025 and 2030 with base quantities totaling 2.77 million pounds of uranium sales remaining over the period, and between 2.07 million and 3.85 million pounds of deliveries of uranium over that time period based on the buyer’s exercise of options and quantity flexibility. Having observed an uptick in interest from nuclear utilities seeking long-term uranium supply, along with continued strong long-term prices, the Company remains actively engaged in pursuing additional selective long-term uranium sales contracts.
Previous wording
Under the current portfolio of contracts, the Company expects to sell 220,000 pounds of uranium during Q2 or Q3 2025. The Company holds uncommitted inventory and, with the benefit of production in 2025 and potentially further into the future, will continue to evaluate additional spot and/or long-term uranium sales opportunities during 2025 and beyond. The Company may also evaluate the purchase of uranium on the spot market, subject to market conditions, contract requirements and the Mill’s schedule for processing uranium ore stockpiles at the Mill.
Current wording
Under the current portfolio of contracts, the Company expects to sell 140,000 pounds of uranium during Q3 2025, 160,000 pounds of uranium in Q4, and between 620,000 and 880,000 pounds of uranium in 2026. The Company holds uncommitted inventory and, with the benefit of production in 2025 and planned production in the future, will continue to evaluate additional spot and/or long-term uranium sales opportunities during 2025 and beyond. The Company may also evaluate the purchase of uranium on the spot market, subject to market conditions, contract requirements and the Mill’s schedule for processing uranium ore stockpiles at the Mill.
Previous wording
During the three months ended March 31, 2025, the Company sold 1.2 tonnes of its NdPr produced from the Mill’s newly installed and commissioned Phase 1 separation circuit to POSCO International (“POSCO”) for sampling to validate that the material meets POSCO’s applicable specifications, which the Company’s NdPr met. The Company offset $0.04 million from the sale of NdPr against commissioning costs capitalized related to the Company’s Phase 1 separation circuit. As of March 31, 2025, approximately 37 tonnes of separated NdPr remain in inventory. Additionally, the Company has approximately 28 tonnes of NdPr plus approximately 4 tonnes of Sm+ RE Carbonate in solution in its Phase 1 separation circuit. Samples of the Company’s NdPr product have been sent to permanent magnet and other companies around the world for product qualification. Initial testing responses have been positive.
Current wording
During the six months ended June 30, 2025, the Company sold 1.2 tonnes of its NdPr produced from the Mill’s newly installed and commissioned Phase 1 separation circuit to POSCO International (“POSCO”) for sampling to validate that the material meets POSCO’s applicable specifications, which the Company’s NdPr met. The Company offset $0.04 million from the sale of NdPr against commissioning costs capitalized related to the Company’s Phase 1 separation circuit. As of June 30, 2025, approximately 37 tonnes of separated NdPr remain in inventory. Additionally, the Company has approximately 28 tonnes of NdPr, plus approximately 4 tonnes of Sm+ RE Carbonate in solution in its Phase 1 separation circuit. Samples of the Company’s NdPr product have been sent to permanent magnet and other companies around the world for product qualification. Initial testing responses have been positive.
Showing the first 40 of 91 pairs. Open the source sections for the rest.
Rearranged current paragraphs (17)
Current report — wording carried from elsewhere
The Mill currently has the commercial capacity, in its Phase 1 REE separation circuit to process monazite ore concentrates into separated neodymium-praseodymium (“NdPr”) oxide. Through its ongoing test work at the Mill, the Company believes it now has the technical knowhow to design, construct, and commission the expansion of its existing infrastructure, including an expansion of its Phase 1 REE separation circuit, to produce these six (6) rare earth oxides from monazite relatively quickly given appropriate market conditions. In its July 17, 2025 news release, the Company announced that, assuming the current pilot-scale production continues to be successful, the Company could be in a position to produce Dy, Tb and Sm on a commercial scale at its existing Phase 1 REE separation circuit at the Mill, with minor modifications, as early as Q4 2026 from existing feed sources and, if a production decision (which assumes a positive FID) is made in 2025, as early as Q4 2027 from its permitted Donald Project in Australia.
Current report — wording carried from elsewhere
2024, with the reclamation of the Central Dune, North Dune and Bumamani mining areas scheduled for completion in 2025. Reclamation of the tailings storage facility onsite has commenced and is expected to be completed by 2027, with ongoing management and monitoring expected to continue through 2037.
Current report — wording carried from elsewhere
Materials and mine cleanup materials, expected to total approximately 160,000 to 200,000 pounds of additional contained uranium in ore inventories.
Current report — wording carried from elsewhere
The JV Agreement provides Energy Fuels with the right to invest up to AUD$183.00 million (approximately $119.89 million at June 30, 2025 exchange rates) to earn up to a 49% interest in the Donald Project JV. In addition, the Company has agreed to issue Common Shares to Astron having a value of up to $17.50 million, of which $3.50 million of Common Shares were issued on September 24, 2024 and the remainder will be issued upon a positive FID. As of June 30, 2025, the Company has contributed $18.66 million in cash to the Donald Project JV and issued $3.50 million of Common Shares to Astron for total contributions of $22.16 million. As a result, the Company has a 6.61% ownership interest in the Donald Project. Astron, through its subsidiary Dickson & Johnson Pty Ltd, holds the remaining 93.39% interest. See Note 3 – Transactions for further information.
Current report — wording carried from elsewhere
Monazite is a source of REEs, uranium and thorium. REEs are used in a wide variety of applications including, but not limited to, clean energy applications, permanent magnets, EVs, robotics, electronics, glass polishing, catalysts and defense applications.
Current report — wording carried from elsewhere
The Company has had negative net cash flows from operating activities and net losses in previous years and through the first half of 2025, in part due to depressed uranium and vanadium prices, along with low quantities of monazite to process into salable RE Carbonate or separated NdPr, which has not allowed the Company to realize economies of scale.
Current report — wording carried from elsewhere
The following table sets forth select operating data and financial metrics:
Current report — wording carried from elsewhere
Costs applicable to HMS were $1.00 million for the three months ended June 30, 2025 due to higher unit costs related to mining the lower grade ore at the end of the Kwale mine life, which was completed as of December 31, 2024. The final HMS product sales from the Kwale mine was shipped in April 2025. There were no costs applicable to HMS the three months ended June 30, 2024 as the acquisition of Base Resources occurred on October 2, 2024. See Note 3 – Transactions to the consolidated financial statements for more information.
Current report — wording carried from elsewhere
The consolidated results of operations were as follows (in thousands):
Current report — wording carried from elsewhere
Exploration, development and processing (excluding share-based compensation)
Current report — wording carried from elsewhere
While we expect exploration and development costs related to our mineral properties to provide future value to the Company, the Company expenses these costs in part due to the fact that the Company has not established Proven Mineral Reserves or Probable Mineral Reserves as defined by S-K 1300 or NI 43-101 through the completion of a feasibility or pre-feasibility study for any of the Company’s projects as of June 30, 2025, with the exception of its Sheep Mountain and Pinyon Plain Projects.
Current report — wording carried from elsewhere
Standby costs are related to the care and maintenance of the standby mines and are expensed as incurred. Standby costs increased by $0.65 million to $3.65 million for the six months ended June 30, 2025 from $3.00 million for the six months ended June 30, 2024 primarily due to higher general maintenance costs as a result of inflation.
Current report — wording carried from elsewhere
Selling, general and administrative (excluding share-based compensation)
Current report — wording carried from elsewhere
The operating results of our reportable segments were as follows (in thousands):
Current report — wording carried from elsewhere
Alternate Feed Materials, processing and other
Current report — wording carried from elsewhere
There were no revenues or costs applicable to revenues for either the six months ended June 30, 2025 or 2024.
Current report — wording carried from elsewhere
Costs applicable to heavy mineral sands
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Joint Venture with Astron on the Donald Project
Previous report — wording carried elsewhere
Carbonate that contains only the heavy REEs (including Dy, Tb, Sm, Gd, Lu and Y). The Sm+ mixed RE Carbonate can be sold on the market to other facilities to separate the heavy REEs or stockpiled at the Mill for separation of the heavies upon completion of the Phase 2 REE separation facility.
Previous report — wording carried elsewhere
Carbonate is tied to the prices of those REE oxides. In addition, as discussed above, the Company commenced production of separated NdPr in 2024. The following table sets forth certain REE compounds and materials mid-point prices in RMB¥/kg and their approximate value in USD$/kg, according to date from Asian Metal:
Previous report — wording carried elsewhere
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024