Energy Fuels Announces Q2-2025 Results Record-breaking performance at U.S. uranium mine to drive lower-cost U3O8 production; advancement of world class rare earth element and heavy mineral sands projects , including receipt of final major
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Energy Fuels Announces Q2-2025 Results
Record-breaking performance at U.S. uranium mine to drive lower-cost U3O8 production; advancement
of world class rare earth element and heavy mineral sands projects , including receipt of final major
regulatory approval for the Company’s Donald Projec t and advanc ement of heavy rare earth oxide
separations; significantly improved rare earth element pricing environment; improved financial results
and strengthened balance sheet compared to Q1 2025.
DENVER, August 06, 2025 - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or the
“Company”), a leading U.S. producer of uranium, rare earth elements (“REEs”), and other critical minerals,
today reported its financial results for the quarter ended June 30, 2025 . The Company previously
announced details for its upcoming August 7, 2025, earnings call.
“This quarter delivered proof that our long-term commitment to the Pinyon Plain uranium mine has been
worth the effort, as the mine continues to be one of the highest, if not the highest, grade uranium mine
in U.S. history,” said Mark Chalmers, Energy Fuels’ Chief Executive Officer. “The exceptional production at
this mine is a ‘once in a lifetime event’ and has come at the perfect time for Energy Fuels as it places us in
the enviable position of increasing production while lowering costs.
“Based on the high mined grades and production so far, we anticipate sustained production and high
grades at Pinyon Plain for several additional years beyond our initial estimates, which offers sustained low
unit costs - possibly around $23 - $30 per pound U3O8 for dramatically higher expected uranium margins.
While our uranium segment showed a loss this quarter due to limited uranium sales , revenue from
upcoming contract deliveries , along with possible spot market sales during the remainder of 2025 , is
expected to provide substantial cash flow starting this year and getting into full swing in 2026 and
subsequent years, to be offset against our global operating and capital costs.
“Equally important, is our progress as a leader in the U.S. REE industry as we continue to advance our rare
earth processing capabilities and heavy mineral sand s assets towards production, particularly in light of
significant recent improvements in REE markets . Chinese neodymium-praseodymium prices have
increased approximately 19.5% from $61.88 to $73.93 per kg over the last month, and recently published
European dysprosium and terbium oxide prices of $800 per kg and $3 ,625 per kg exceed the published
Chinese prices of $230 per kg and $988 per 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.
“We are also very pleased that the Government of Victoria, Australia has approved the Work Plan for the
construction and operation of the Company’s Donald Rare Earth and Mineral Sand Project located in the
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Wimmera region of Victoria, which we believe is one of the best, near-term sources of ‘mid’ and ‘heavy’
REEs needed for numerous commercial and defense applications . This is the final major regulatory
approval required to construct and operate the Donald Project and enables the finalization of critical
activities, including arrangements for debt and equity financing, before a final investment decision can be
made.
“Naturally, we are also very excited about having successfully developed the technology that we believe is
required to commercially produce ‘heavy‘ REEs at scale through expansion of our existing REE production
capability in Utah, particularly in light of these rising dysprosium and terbium prices. In fact, we are now
in the process of producing dysprosium oxide at pilot scale at the Company’s White Mesa Mill in Utah ,
with our first kilogram of dysprosium oxide expected in August 2025, our first production of terbium oxide
expected in November 2025, and our first production of samarium oxide expected in Q1 2026. Assuming
the pilot scale production continues to be successful, the Company could be in a position to produce
dysprosium, terbium and samarium on a commercial scale at its existing Phase 1 rare earth element
separation circuit at the Mill, with minor modifications, as early as Q4 2026 from existing feed sources
and, if a positive final investment decision is made in 2025, as early as Q4 2027 from monazite feed
produced at our permitted Donald Project in Australia.
“These commodity lines are complementary to our core uranium business with the expected ability to
provide consistent cash flow and long-term shareholder growth value.”
Q2-2025 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
• Robust Balance Sheet with Over $250 million of Liquidity and No Debt: As of June 30, 2025, the
Company had $253.23 million of working capital including $71.49 million of cash and cash equivalents,
$126.41 million of marketable securities (short-term interest-bearing securities and uranium equities),
$7.79 million of trade and other receivables, $76.50 million of inventory, and no debt, which puts the
Company in a strong position as it advances its projects.
• Over $ 13 Million of Additional Liquidity from Market Value of Inventory: At August 1, 2025
commodity prices, the Company’s product inventory has a market value of approximately $56.25
million, while the balance sheet reflects product inventory carried at historical cost of $43.00 million.
• Net Loss of $21 Million Shows Improved Financial Results Compared to Q1 2025 : During Q2-2025,
the Company incurred a net loss of $21.81 million, or $0.10 per common share , which is an
improvement compared to a net loss of $26.32 million, or $0.13 per common share during Q1-2025.
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• Well-Stocked to Capture Market Opportunities and to Meet Long-term Contract Obligations: As of
June 30, 2025, the Company held a total of 1,875,000 pounds of U3O8 in inventory, including 725,000
pounds of finished U 3O8, 1,100,000 pounds of U 3O8 in ore and raw materials, and 50,000 pounds of
work-in-progress U3O8. Inventory increased from last quarter due to Pinyon Plain, La Sal and Pandora
mine ore production. The Company expects these uranium inventories to continue increasing, as we
continue to mine additional ore and purchase ore from third parties , offset by upcoming contract
uranium sales and potential spot sales. The Company continues to elect to retain most of its finished
uranium product in inventory in anticipation of higher uranium prices. The Company also held 905,000
pounds of finished vanadium (“ V2O5”), 37,000 kilograms (“kg”) of finished separated neodymium-
praseodymium (“NdPr”) oxide and 9,000 kg of finished high purity, partially separated mixed "heavy"
samarium-plus ("Sm+") rare earth carbonate (“RE Carbonate”) in inventory.
Uranium Milestones:
• Finished U3O8 Production: The Company produced a total of 180,000 pounds of finished U 3O8 at its
White Mesa Mill (the “Mill”) in Utah during the three months ended June 30, 2025, from newly mined
ore and stockpiled alternate feed materials.
• U3O8 Sales: The Company sold a total of 50,000 pounds of U 3O8 during Q2-2025 on the spot market
for $77.00 per pound realizing total gross proceeds of $3.85 million and a gross margin of 31%. Spot
uranium prices during the quarter were relatively weak, with weekly prices averaging $70.26 during
Q2 2025. Therefore, as the Company believes prices will improve later in 2025, the Company elected
to make only one small sale of U3O8 during the quarter.
• Q2 2025 Uranium Mine Production : During Q2 -2025, the Company mined ore containing
approximately 665,000 pounds of uranium from its Pinyon Plain and La Sal mines with an average
grade of 2.23% U3O8 at the 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, with ore being stockpiled for a large-scale ore processing run at the Mill beginning in
Q4 2025.
• Expected 2025 Uranium Mine Production: The Company continues to mine and stockpile ore from its
Pinyon Plain, La Sal and Pandora mines, which is expected to total approximately 875,000 to 1,435,000
pounds of U 3O8 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. The Company also expects to
purchase uranium ore from third -party miners in the region, and there is the po tential to receive
additional alternate feed materials and mine cleanup materials, expected to add a total of
approximately 160,000 to 200,000 pounds of additional contained uranium to ore inventories, all of
which will be processed as market conditions, Mill schedules, and contract requirements may warrant.
• Expected FY 2025 Finished Uranium Product Production: The Company currently expects to process
up to approximately 670,000 pounds of U 3O8 in Q4 2025 from stockpiled ore mined from its Pinyon
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Plain, La Sal and Pandora mines . This ore processing run is expected to continue through Q1 2026 .
Expected Q4 2025 production, combined with the Company’s 330,000 pounds of production during
Q1 and Q2 2025, will result in the production of up to approximately 1,000,000 pounds of finished
U3O8 for 2025.
• Uranium Sales During the Remainder of 2025 : The Company expects to sell 140,000 pounds of
uranium during Q3 2025 and 160,000 pounds in Q4 2025, under the Company's existing long -term
contracts with utilities. The Company may sell additional uran ium on the spot market during the
remainder of 2025, depending on market conditions. In 2026, the Company expects to sell between
620,000 and 880,000 pounds of U3O8 under its current portfolio of long-term uranium sales contracts.
• Expected Year End U3O8 Inventory: As a result of these sales, plus planned 2025 mine production, at
the end of 2025, the Company expects to hold a total of 1,985,000 to 2,585,000 pounds of U3O8 in ore
inventories, including approximately 925,000 to 1,225,000 pounds of finished U3O8 inventory, subject
to any additional spot sales that may be made in 2025. This expected finished goods uranium inventory
is expected to be sufficient to satisfy the Company's 2025, 2026 and a large portion of the Company's
current 2027 delivery requirements under existing contracts.
• Changes in Guidance: As a result of the spot sale of 50,000 pounds of U3O8 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 U3O8 to 300,000 pounds of U3O8 in 2025, the Company is changing its sales
guidance for 2025 from 220,000 pounds to 350,000 pounds of U3O8, 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:
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Current Guidance, as
Revised Q2 2025
Low High
Mined (contained pounds of U3O8) 875,000 1,435,000
Alternate Feed Materials and other
(contained pounds of U3O8)(1) 160,000 200,000
Processed (pounds of U3O8) 700,000 1,000,000
Sales (pounds of U3O8)(2) 350,000 350,000
Finished goods (pounds of U3O8) 925,000 1,225,000
Total inventories (contained pounds
of U3O8) 1,985,000 2,585,000
(1) "Other" includes ore purchases from 3rd party miners and potential cleanup from historic abandoned uranium mines.
(2) The Company may sell inventory into the spot market in addition to these sales, subject to market conditions.
• Uranium Costs Expected to Decline in Q4 2025 and FY 2026: 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 U3O8. 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 U3O8, which together with an expected milling cost of approximately $13 to $16 per pound
U3O8, are expected to result in a total weighted average cost of goods sold of approximately $ 23 to
$30 per pound of U3O8 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.
• Low Uranium Production Costs Expected for 2025: The Company’s inventories of finished U 3O8 had
an approximate weighted average cost of $53.00 per pound U3O8 as at 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
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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 3O8 finished inventories, plus the cost of additional finished U3O8
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 3O8 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.
• Increasing Gross Margins on Uranium Production: 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.
• Exploration at Pinyon Plain: The Company has been performing underground drilling in the “Juniper
Zone” of the Pinyon Plain mine, with exceptional drill results from its 2024 – 2025 underground drill
program showing high -grade intercepts within the previously defined Mineral Resource as well as
above the existing mineralized zone, which exceed previous expectations (linked here). The Company
is in the process of completing a U.S. Subpart 1300 of Regulation S -K ( "S-K 1300" ) and Canadian
National Instrument 43 -101 ( "NI 43 -101") compliant technical report, which is expected to
significantly add to the uranium resources at Pinyon Plain.
• Nichols Ranch and Whirlwind Update : The Company continues to observe positive results from
ongoing drilling at its Nichols Ranch in -situ recovery (“ ISR”) Project in Wyoming. Both the Nichols
Ranch Project and Whirlwind Mine in Colorado are being prepared for production, as market
conditions warrant. Production from these mines, when combined with production from Pinyon Plain,
La Sal and Pandora, alternat e feed materials, uranium from monazite, and third -party uranium ore
purchases, would be expected to increase the Company’s production run-rate to roughly two million
pounds per year by as early as 2026.
• Roca Honda, Bullfrog, and Sheep Mountain Update : The Company continued advancing permitting
and other pre -development activities on its large -scale Roca Honda and Bullfrog uranium projects
during the three months ended June 30, 2025, which together with its Sheep Mountain Project, have
the potential to expand the Company's uranium production to a run-rate of up to five million pounds
of U3O8 per year in the coming years.
• Uranium Market Update: As of August 1, 2025, the spot price of U3O8 was $71.50 per pound and the
long-term price of U3O8 was $82.00 per pound, according to data from TradeTech.
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Rare Earth Element Milestones:
• Significant Improvements in REE Market : REE markets have improved significantly over the last
month, with Chinese NdPr prices increasing approximately 19.5% from $61.88 per kg on June 30, 2025
to $73.93 on August 1, 2025. As of July 31, 2025, recently published European dysprosium (“Dy”) and
terbium (“Tb”) prices of $800 per kg and $3,625 per kg exceed the published Chinese prices of $230
per kg and $988 per kg, respectively, by 348% and 367%.
• Donald Project Receive s Final Major Regulatory Approvals : On June 25, 2025, the Company
announced that the Government of Victoria, Australia had approved the Work Plan for the
construction and operation of the Company’s Donald Rare Earth and Mineral Sand Project (the
“Donald Project”) located in the Wimmera region of Victoria. This is the final major regulatory
approval required to construct and operate the Donald Project. It enables the finalization of critical
activities, including arrangements for debt and equity financing, before a final investment decision
(“FID”) can be made. Energy Fuels and its joint venture partner Astron are currently working towards
an FID for the Donald Project, which could be made as early as the end of 2025. With the Work Plan
approval, construction on the Donald Project could begin within weeks of a positive FID. Energy Fuels
believes the Donald Project is one of the best, near-term sources of "mid" and "heavy" REEs needed
for numerous commercial and defense applications, due to the high relative concentrations of
xenotime associated with the monazite from the mine. Xenotime is a phosphate mineral like monazite,
which is enriched in "mid" and "heavy" REE oxides, and is found alongside monazite in many mineral
sand deposits. Monazite and xenotime can be processed together in the Mill's circuits.
• Development of Technical Ability to Commercially Produce Heavy REEs : On April 17, 2025, Energy
Fuels announced that it had successfully developed the technical ability it believes is required to
commercially produce samarium (“Sm”), gadolinium (“Gd”), Dy, Tb, lutetium (“Lu”), yttrium (“Y”), and
other oxides, at scale through expansion of its existing REE production capability in Utah. On April 4,
2025, the Chinese government announced export restrictions on these REEs, which are needed for
key defense technologies.
• Pilot Scale Production of Heavy REEs Currently Underway : The Company is now in the process of
producing Dy oxide at pilot scale at the Mill. Energy Fuels expects to complete production of its first
kilogram of Dy oxide in August 2025. The Company expects to continue producing Dy oxide on a pilot
scale until the end of September 2025, at which time it expects to have produced approximately 15
kilograms of Dy oxide, enabling the production of Tb oxide starting the beginning of October 2025.
The Company expects to produce one kilogram of Tb oxide by the end of November 2025. The
Company also expects to be able to start producing Sm oxide on a pilot scale at the Mill in January of
2026.
• Commercial Scale Production of Heavy REEs : Assuming the 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
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existing Phase 1 rare earth element separation circuit at the Mill, with minor modifications, as early
as Q4, 2026 from existing feed sources and, if a positive final investment decision and production
decision is made in 2025, as early as Q4 2027 from monazite feed produced at its permitted Donald
Project in Australia.
• Technology Applicable to a Wide Range of Feedstocks : Unlike others who are experimenting with
heavy REE production via recycling, Energy Fuels is the only U.S. company producing separated heavy
REE oxides from commercial rare earth ores. The rare earth separation techniques being utilized by
Energy Fuels can also be applied to a wide range of feedstocks, including rare earth concentrates and
recycled materials.
• Qualification of REE Product: Samples of the Company's NdPr product have been sent to permanent
magnet manufacturers and other companies around the world for product qualification, including
POSCO International. Initial testing responses have been positive.
• Planned Expansion of Commercial Throughput of REEs : The Company continues the process of
updating the Mill's AACE International (" AACE") Class 4 Pre -Feasibility Study (not a Pre -Feasibility
Study subject to or intended to be compliant with NI 43 -101 or S-K 1300), originally released in Q2 -
2024 to increase throughput to a total of 50,000 tonnes per annum (“ tpa”) of monazite, producing
roughly 5,000 tpa of NdPr, 150 to 225 tpa of Dy, and 50 to 75 tpa of Tb. The Mill PFS referenced above
can be viewed on the Company's website, www.energyfuels.com.
Heavy Mineral Sands:
• Toliara Project: The Company continues to work with the Government of Madagascar to formalize the
terms and conditions set out in the Memorandum of Understanding signed with the Malagasy
government in December 2024 relating to the Toliara Project (the “Toliara Project”) in Madagascar,
and to establish the necessary legal regime that will support development of the Project. To achieve
this, the Company and the Govern ment 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 exp ropriation, and access to international arbitration for dispute
resolution. The investment agreement under discussion wo uld also clarify existing proce dures for
adding monazite to the Project’s mining permit, which currently allows for the production of ilmenite,
rutile, and zircon. The Company could make an FID on the Toliara Project as early as 2026, conditional
upon finalization of the investment agreement or other suitable stability arrangements with the
Malagasy government, to which there can be no guarantee of success.
• Donald Project: The Company continued to advance the Donald Project, a large monazite -rich HMS
project in Australia, pursuant to its joint venture with Astron Corporation Limited. Having received the
final major regulatory approval required to construct and operate the Donald Project , the Company