Energy Fuels Announces First U.S. Primary Production of Critical "Heavy" Rare Earth Material in Decades In a major win for U.S. critical mineral supply chains, Energy Fuels successfully produces high-purity terbium oxide in Utah from ore mined in Florida and Georgia, demonstrating the
Energy Fuels Announces First U.S. Primary Production of Critical "Heavy" Rare Earth
Material in Decades
In a major win for U.S. critical mineral supply chains, Energy Fuels successfully produces
high-purity terbium oxide in Utah from ore mined in Florida and Georgia, demonstrating the
first U.S. mine to oxide capability to provide a secure western source of “heavy” rare earth
oxides used in key commercial and defense technologies.
Denver, March 25, 2026 – Energy Fuels Inc. (NYSE: UUUU; TSX: EFR), a leading U.S. producer
of uranium, rare earths, and critical materials, today announced it has successfully
produced its first kilogram (kg) of terbium (Tb) oxide at its White Mesa Mill in Utah. Using
monazite ore sourced from the United States, the team achieved a purity of 99.9% Tb at pilot
scale, which meets the specifications of global manufacturers of rare earth permanent
magnets (REPMs). This achievement follows the Company’s recent announcement that it
had produced nearly 30 kg of 99.9% pure dysprosium (Dy) oxide production, another critical
“heavy” rare earth oxide (REO) used in permanent magnets.
“This success proves we can process and produce high purity ‘heavy’ rare earth oxides
economically and at scale in the U.S., ” said Energy Fuels CEO Mark Chalmers. “ North
America will soon have a reliable and secure U.S. commercial source of these vital critical
materials ensuring availability for high-performance magnet and defense technologies. This
is just another example of the outstanding team the company has at both the Mill, and
elsewhere, as the company continues to advance our strategy of becoming a world
significant critical material producer.”
Energy Fuels believes it is the first U.S. company in many decades to produce high-purity Tb
oxide from a primary mineral feedstock and publicly disclose actual production volumes and
purities that are sufficient for downstream metal/alloy validation . Like the Company’s Dy
oxide, its Tb oxide has been requested by multiple magnet manufacturers and OEMs around
the world to begin product validation. Both Dy and Tb are subject to Chinese export controls
highlighting the need for secure, western supply chains.
Adding Dy and Tb to permanent magnets makes a superior product for electric vehicles
(EVs)/hybrid EVs , drones, robotics , and defense technologies by improving operational
capabilities in high heat conditions and enabling smaller, lighter, and more powerful motors
and actuators. The Mill expects to continue producing terbium oxide at an approximate rate
of one kilogram per week in its existing pilot circuit, followed by pilot production of Sm, Eu,
and Gd oxides.
The Company also plans to expand its heavy rare earth element production capability at its
existing Mill circuits for the planned commercial-level recovery of Dy, Tb, Sm, Eu and Gd,
with the ability to separate other heavy rare ear th elements such as Y and Lu if market
conditions warrant. Subject to the receipt of required regulatory approvals and sufficient
quantities of monazite sand feedstock, the expanded commercial circuit is expected to be
operational as early as 2027, with planned production recovery of up to approximately 35
tonnes of Dy, 12 tonnes of Tb per year and potentially other heavy rare earth elements, in
addition to the 850 – 1,000 tonnes of NdPr, from processing up to approximately 10,000
tonnes of monazite per year through existing circuits.
The Company also plans to further expand its NdPr, Dy and Tb production capability and
potentially other REE material production capability through the development of its stand -
alone Phase 2 Circuit as early as 2029, subject to the receipt of regulatory approvals and
sufficient feed materials. Upon commissioning, the Phase 2 Circuit is expected to increase
the Mill’s rare earth oxide production capacity to over 6,000 tpa of NdPr oxide, along with
approximately 80 tpa of Tb and 2 88 tpa of Dy oxides. This would provide the capability to
produce sufficient NdPr for up to approximately 7.0 million EVs/hybrid EVs per year.
Moving forward, the Company expects to continue purchasing monazite concentrates from
U.S. companies and to import additional significant quantities from allied nations, including
Energy Fuels ’ “shovel-ready” Donald Project in Australia, massive Vara Mada Project in
Madagascar, and prospective Bahia Project in Brazil. The Company is also planning to install
circuits at the Mill to enable the processing of mixed rare earth concentrates (MREC) for both
“light” and “heavy” rare earth oxides, subject to receipt of regulatory approvals. MREC is a
partially processed, intermediate rare earth material.
About Energy Fuels
Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements,
heavy mineral sands, vanadium, and medical isotopes. With several uranium projects in the western
United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate,
supplying nuclear utilities. The Company owns the only fully licensed conventional uranium mill in
the U.S.—the White Mesa Mill in Utah —where it also produces REE products and evaluates medical
isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy
mineral sands projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald
Project in Australia ( through a joint venture with Astron Corporation Limited). Based in Lakewood,
Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit
http://www.energyfuels.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking
Statements" within the meaning of applicable United States and Canadian securities legislation,
which may include, but are not limited to, statements with respect to: any expectation that the
Company can process and produce high purity ‘heavy’ rare earth oxides economically and at scale
in the U.S.; any expectation that North America will soon have a reliable and secure U.S. commercial
source of heavy rare earth elements; any expectation that the Company’s Tb oxide will be
successfully validated by magnet manufacturers and/or OEMs; any expectation that the Company's
pilot scale production of heavy REEs will continue to be successful; any expectation of the purity of
any of the REE or heavy REE oxides to be produced at the Mill; any expectation as to the timing of pilot
and/or commercial scale production of REE or heavy REE oxides at the Mill; any expectation as to the
Company's production capacity or expected timelines to production; any expectation as to
estimated recoverable REE oxides; any expectation that the Company’s development projects will
be placed into production; and any expectation that the Company will be successful at recovering
certain medical isotopes from existing uranium process streams needed for emerging Targeted
Alpha Therapy cancer treatments. Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected,"
"is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not
anticipate," or "believes," or variations of such words and phrases, or state that certain actions,
events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have
the potential to." All statements, other than statements of historical fact herein are considered to be
forward-looking statements. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements express or implied
by the forward-looking statements. Factors that could cause actual results to differ materially from
those anticipated in these forward-looking statements include risks associated with: commodity
prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets
and delays; permitting and licensing requirements and delays; changes to regulatory requirements;
legal challenges; competition from other producers; government and political actions or inactions;
market factors, including future demand for rare earth elements, titanium and zirconium; and the
other factors described under the caption "Risk Factors" in the Company's most recently filed Annual
Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on
SEDAR at www.sedar.com, and on the Company's website at www.energyfuels.com. Forward-
looking statements contained herein are made as of the date of this news release, and Energy Fuels
disclaims, other than as required by law, any obligation to update any forward-looking statements
whether as a result of new information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements. Energy Fuels assumes no obligation to update the
information in this communication, except as otherwise required by law.
Investor and Media Contact:
Energy Fuels Inc.
Kim Ronkin Casey, Investor Relations Manager
303-389-4165
www.energyfuels.com