Energy Fuels Announces Q3-2025 Results Increased uranium sales; continued strong low-cost uranium m ining poised to exceed production guidance; successful “heavy” rare earth pilot production including 29 kilograms of Dy oxide through
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Energy Fuels Announces Q3-2025 Results
Increased uranium sales; continued strong low-cost uranium m ining poised to exceed production
guidance; successful “heavy” rare earth pilot production including 29 kilograms of Dy oxide through
September 30, 2025 and upcoming production of Tb oxide; post quarter completion of upsized $700
million 0.75% convertible senior notes boosts working capital to near $1 billion along with capped call
transactions that boost effective conversion price to $30.70 per share.
DENVER, November 3, 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 September 30, 2025. The Company previously
announced details for its upcoming November 4, 2025, earnings call.
"The entire team continued to deliver on promises this quarter , including increased sales, increased
revenues and continued low-cost uranium production, which is resulting in significant cash margins as we
average down our cost of goods sold over time, and set the stage for increased gross margins in 2026,”
said Mark Chalmers, Energy Fuels’ Chief Executive Officer.
“We believe the performance of our uranium segment is well-timed, as we see several factors indicating
that demand for our domestically produced uranium is increasing. At the same time, we continue to make
remarkable progress in our rare earth segment, including ‘heavy’ rare earth pilot production at our White
Mesa Mill and qualification of our NdPr production for use by major automobile manufacturers. We also
received final government approvals for the development of our Donald Project rare earth and critical
mineral joint venture in Australia, along with receipt of a conditional Letter of Support from Export Finance
Australia for up to A$80 million in respect of senior debt project financing for the Project. To top it all off,
we completed an upsized offering of $700 million of convertible senior notes on very favorable terms ,
increasing our post-quarter working capital balance to nearly $1 billion.”
Q3-2025 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
• Robust Balance Sheet with Nearly $300 million of Liquidity: As of September 30, 2025 , the
Company had $298.5 million of working capital including $94.0 million of cash and cash
equivalents, $141.3 million of marketable securities (interest -bearing securities and uranium
equities), $12.1 million of trade and other receivables, $74.4 million of inventory, and no debt,
which puts the Company in a strong position as it advances its projects.
• Completion of Upsized $700 Million Convertible Senior Notes Offering Post-Quarter: On October
3, 2025, the Company closed its upsized offering of 0.75% Convertible Senior Notes due 2031 for
an aggregate principal amount of $700.0 million, including the exercise in full by the initial
purchasers of their option to purchase an additional $100.0 million of notes, on a deal led by
Goldman Sachs & Co. LLC . The notes have a conversion price of $20.34 per common share of
Energy Fuels ("Common Share"), which represents a premium of approximately 32.5% to the last
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reported sale price of the Common Shares on the NYSE American on September 30, 2025, subject
to customary anti-dilution adjustments. The effective conversion price of the notes was increased
to $30.70 (representing a premium of 100% over the last reported sale price of the Common
Shares on the NYSE American on September 30, 2025) through the purchase of capped call
transactions.
• Over $15 Million of Additional Liquidity from Market Value of Finished Inventory: At October 31,
2025 commodity prices, the Company’s product inventory has a market value of approximately
$45.3 million, while the balance sheet reflects product inventory carried at historical cost of $30.3
million.
• Reduced Net Loss of $16.7 Million Compared to Q2 2025: During Q3-2025, the Company incurred
a net loss of $16.7 million, or $0.07 per common share, which is an improvement compared to a
net loss of $21.8 million, or $0.10 per common share during Q2 -2025, while at the same time
advancing the Company’s development projects and prepping the Company’s White Mesa Mill
(the “Mill”) for a conventional uranium ore processing run that commenced in early October 2025.
• Well-Stocked to Capture Market Opportunities and to Meet Long-term Contract Obligations: As
of September 30, 2025 , the Company held a total of 2,125,000 pounds of U 3O8 in inventory,
including 485,000 pounds of finished U 3O8, 1,525,000 pounds of U 3O8 in ore and raw materials,
and 115,000 pounds of work -in-progress U 3O8. Inventory increased from last quarter due to
Pinyon Plain, La Sal and Pandora mine ore production , partially offset by sales . The Company
expects these uranium inventories to continue increasing as we continue to mine additional ore
from these mines and potentially purchase additional ore from third parties, offset by upcoming
contract uranium sales and pot ential spot sales. The Company continues 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:
• Q3-2025 U3O8 Sales: The Company sold a total of 240,000 pounds of U3O8 for a weighted average
realized price of $72.38 per pound for total gross proceeds of $17.4 million and a gross margin of
26%. Spot uranium prices during the quarter were relatively weak, averaging approximately
$74.66 during Q3-2025. Therefore, the Company elected to make only one spot sale for 100,000
pounds of U3O8 during the quarter.
• Q3-2025 Uranium Mine Production: During Q3 -2025, the Company mined ore containing
approximately 465,000 pounds of uranium from its Pinyon Plain and La Sal mines for a total of
approximately 1,245,000 pounds of contained U 3O8 through September 30, 2025. Ore mined at
the Pinyon Plain mine during Q3-2025 had an average grade of 1.27% U3O8, which the Company
believes is one of the highest -grade uranium mines in U.S. history. Overall grades for mined ore
have averaged 1.67% for the life of the mine so far , which is almost three times the estimated
average grade of proven and probable reserves for the mine of 0.58% U3O8 as set out in the
Company’s pre-feasibility study filed under National Instrument 43-101 ("NI 43-101") and Subpart
1300 of Regulation S-K ("S-K 1300"). Ore from the mine is being stockpiled at the Mill for a large-
scale ore processing run that commenced in early October 2025.
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• Expected 2025 Uranium Product 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 U3O8 contained in approximately 55,000 to 80,000 tons of ore from these
mines during 2025. With a total of approximately 1, 245,000 pounds of contained U 3O8 mined
through September 30, 2025 , and the addition of ore expected to be mined in Q4-2025, the
Company is in a strong position to meet or exceed the high end of this guidance. The Company
also expects to continue to seek 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 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 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
Plain, La Sal and Pandora mines. This ore processing run is expected to continue through at least
Q1-2026. Expected Q4-2025 production, combined with the Company's 330,000 pounds of
production through Q3-2025, is expected to result in the production of up to approximately
1,000,000 pounds of U 3O8 for 2025. This is expected to be within the previously reported 2025
production guidance of 700,000 to 1 million pounds of finished U3O8.
• Uranium Sales During the Remainder of 2025: The Company expects to sell 160,000 pounds of
U3O8 in Q4-2025 under its existing long -term contracts with utilities. The Company may sell
additional uranium on the spot market during the remainder of 2025, depending on market
conditions.
• 2026 Preliminary Guidance: In 2026, the Company expects to sell between 620,000 and 880,000
pounds of U 3O8 under its current portfolio of long -term uranium sales contracts. The Company
may elect to sell additional uranium on the spot market or under new long -term contracts,
depending on Mill schedules and market conditions. The Company expects to produce between
430,000 and 730,000 pounds of U 3O8 during Q1-2026. Uranium and/or REE production for Q2 -
2026 and beyond is undetermined at this time, and will be based upon Mill schedules, market
conditions, and/or commercial or government demand for REEs.
• 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 U 3O8
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 and 2026
delivery requirements under existing contracts.
• 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)(2) 1,985,000 2,585,000
(1) "Other" includes ore purchases from 3rd party miners and potential cleanup from historic abandoned uranium mine s.
(2) Does not include any sales of inventory into the spot market, which the Company may make depending on market conditions. The Company expects to exceed
the high end of the range following its 100,000 pound spot sale in Q3-2025 that was not incorporated into this range.
• Uranium Costs Expected to Decline in Q4-2025 and FY-2026: The Company commenced
processing low-cost Pinyon Plain mine ores in Q4-2025 which is expected to continue through at
least Q1-2026, during which we expect to produce 1.1 to 1.4 million pounds of finished U 3O8.
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 3O8 which together with an expected
milling cost of approximately $13 to $16 per pound of U 3O8, are expected to result in a total
weighted average cost of goods sold of approximately $23 to $30 per pound of U 3O8 recovered
(assuming royalty costs based on current market prices), 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 pr ocess Pinyon Plain ores alone to maximize absolute margin, or in
conjunction with the La Sal/Pandora ore, purchased ores, and alternate feed materials to
maximize pounds of U3O8 produced, at the Company's discretion.
• Low Uranium Production Costs Expected for 2025: These low expected costs of mining are
expected to result in significant cash margins immediately upon the sale of mined uranium
product, and increasing gross margins as we average down our cost of goods sold over time. The
Company's inventories of finished U 3O8 had a weighted average cost of approximately $53 per
pound U 3O8 as of September 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. These costs do not yet reflect the
expected lower costs of recently mined ores from the Pinyon Plain mine, which only recently
began to be 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 485,000 pounds of U3O8 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
U3O8 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 Q4-2025. The Company's ability to blend and match various sources of uranium feeds to satisfy
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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: The Company expects to earn significant cash
margins immediately as uranium from its Pinyon Plain mine is sold. In addition, based on expected
decreasing cost of goods sold , the current portfolio of long -term contracts, and conservative
uranium price forecasts, gross margins from the Company’s uranium sales are expected to
increase over time through the end of 2026.
• 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. If a positive production decision is made, production from these mines, when
combined with production from the Company’s Pinyon Plain, La Sal and Pandora mines, alternate
feed materials, uranium from monazite, and third -party uranium ore purchases, would be
expected to increase the Company’s production run-rate to approximately 2.5 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 Q3 -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. Roca Honda is currently on a Fast-41 transparency project
timeline.
• Uranium Market Update: As of October 31, 2025, the spot price of U 3O8 was $82.50 per pound
and the long-term price of U3O8 was $86.00 per pound, according to data from TradeTech.
Rare Earth Element Milestones:
• Significant Improvements in REE Market: REE markets have improved significantly over the last
three months, with NdPr prices increasing by approximately 25% from $61.88 per kg on June 30,
2025 to $77.73 on September 30, 2025, according to Asian Metals. According to Benchmark, as of
September 30, 2025, European NdPr, dysprosium ("Dy") and terbium ("Tb") prices of $87.50 per
kg, $850 per kg and $3,600 per kg according to Benchmark exceed the published Chinese prices
of $77.73 per kg, $226 per kg and $990 per kg, respectively, by 13%, 276% and 264%, respectively.
• Pilot Scale Production of Heavy REEs Currently Underway: On August 21, 2025, the Company
announced it successfully completed production of 99.9% purity Dy oxide, which is well in excess
of the 99.5% commercial specification . W e believe Energy Fuels is the first U.S. company to
publicly report Dy production volumes and purities. To date, the Mill has produced 29 kilograms
of Dy oxide in its pilot circuit. Pilot production of Tb oxide is targeted for December 2025.
• Commercial Scale Production of Heavy REEs: Based on the success of its “heavy” REE pilot, t he
Company intends to construct and commission commercial-scale Dy, Tb and potentially samarium
(“Sm”) separation capacity at the Mill, which could be operational as soon as Q4-2026. Multiple
magnet manufacturers and OEMs have expressed strong interest in obtaining Dy samples, further
validating the Company’s strategy to establish a fully non -Chinese rare earth supply chain for
commercial and defense applications.
• Export Finance Australia Issues Conditional Letter of Support for the Donald Project: On October
21, 2025, Export Finance Australia (“EFA”) issued a non-binding, conditional Letter of Support to
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Energy Fuels and Astron Limited for up to AUD$80 million of senior debt financing for the Donald
Project. The Donald Project, which is expected to require approximately AUD$520 million in total
funding with a targeted 50:50 debt-to-equity ratio structure, is planned to commence production
in the second half of 2027 and is expected to produce ~7,200 tonnes per annum of rare earth
oxide concentrate, including ~1,000 tonnes of NdPr oxide, ~92 tonnes of Dy oxide, and ~16 tonnes
of Tb oxide. The Company expects to purchase 100% of the rare earth concentrate under a life-of-
mine offtake agreement for processing at the Mill. This conditional support from EFA marks a
significant step toward advancing project financing and reinforces the strategic importance of the
Donald Project in strengthening the Australia–U.S. critical minerals supply chain.
• U.S. Mined and Processed Rare Earths Successfully Manufactured into Permanent Magnets for
Use in EVs and Hybrids: On September 9, 2025, the Company announced that the high-purity
NdPr oxide produced at its Mill was manufactured into commercial scale rare earth permanent
magnets by South Korea's largest manufacturer of drive unit motor cores, pursuant to a previously
announced MOU, and has passed all quality assurance and quality control (QA/QC) benchmarks
for use in EV drive unit motors sold to major automotive manufacturers. This included the
successful manufacture of Energy Fuels' NdPr oxide into NdPr metal, neodymium -iron-boron
(“NdFeB”) alloy sintered blocks (45H grade), and high-performance, high-temperature NdFeB rare
earth permanent magnets (“REPMs”).
• Energy Fuels and Vulcan Elements Join Forces to Advance U.S. Rare Earth Magnet Security: On
August 26, 2025, the Company and Vulcan Elements, a U.S. manufacturer of REPMs, announced
that the companies have signed a Memorandum of Understanding ( “MOU”) to collaborate on
creating a resilient domestic supply chain for REPMs independent of China. Under the
collaboration, Energy Fuels has agreed to supply initial quantities of high -purity "light" and
"heavy" separated rare earth oxides to Vulcan in Q4 of 2025. Upon receipt, Vulcan will validate
Energy Fuels' NdPr and Dy oxides for production of REPMs. After validating the oxides, Vulcan and
Energy Fuels intend to negotiate additional long -term supply agreements for both NdPr and Dy
oxides. NdPr and Dy are key raw materials required for the manufacture of REPMs. The NdPr and
Dy oxides that Energy Fuels will provide to Vulcan under the MOU for validation will be sourced
exclusively from U.S. mines.
• Technology Applicable to a Wide Range of Feedstocks: Unlike other companies who are
experimenting with “heavy” REE production via recycling, we believe Energy Fuels is the only U.S.
company producing separated “heavy” REE oxides from commercial REE ores. The REE separation
techniques being utilized by Energy Fuels can also be applied to a wide range of feedstocks,
including mixed REE concentrates and recycled materials.
• 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 by 50,000 tonnes per annum (" tpa") of monazite, producing
approximately 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:
• The Toliara Project: Since acquiring the Toliara Project in Madagascar (the “Toliara Project”) on
October 2, 2024 , the Company has been in discussions with the Government of Madagascar to
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establish the necessary legal regime to support development of the Project, which will be required
before a positive FID can be made. These discussions have been focused on, among other things,
mechanisms for achieving legal and fiscal stability, select ta x and customs benefits, necessary
adjustments to foreign exchange rules, protections from expropriation and access to international
arbitration for dispute resolution. The Company has also been seeking clarification of existing
procedures for adding monazi te to the Project's mining permit, which currently allows for the
production of ilmenite, rutile, and zircon. Recent discussions with the Government have focused
on addressing these issues through an investment agreement to be approved by Parliament or
through revisions to existing Malagasy law applicable to large scale mining investments.
On October 17, 2025, a new President of Madagascar was sworn in by the Country's High
Constitutional Court following a period of social unrest and political instability that resulted in the
removal of the Country's prior President, and, on October 20, 2025 , a new Prime Minister was
appointed. Shortly thereafter, on October 28, 2025, a new cabinet was announced. At this time,
it is too early to determine whether and to what extent recent social and political developments
in Madagascar may impact the Toliara Project, whether positively or negatively, including with
respect to the Project's development prospects or timelines, the ability to achieve suitable fiscal
or other terms applicable to the Project or the ability to achieve a positive FID. These
developments have not had an impact on the financial results of the Company at this time . The
Company will continue to monitor events as they unfold and intends to further engage with the
Government when appropriate.
• The Donald Project: The Company continued to advance the Donald Project, a large monazite -
rich heavy mineral sands (“ 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, along with advancing commercial and financing avenues, the
Company expects that an FID could be made on the Donald Project as early as Q4-2025 or early
2026. The Donald Project is of particular interest as the monazite concentrate has exceptional
concentrations of the "heavy" rare earth elements, including Dy, Tb, and Sm.
• The Company also obtained its exploration permit and plans to restart its drilling program at the
Bahia Project in Q4 -2025 with the goal of getting enough information to declare an S -K 1300-
compliant initial assessment and NI 43-101-compliant technical report in 2026.
Medical Isotope Highlights:
• During Q3-2025, the Company continued to utilize its research and development ("R&D") license
for the potential recovery of R&D quantities of Ra-226 at the Mill. During the remainder of 2025
and in early 2026, Energy Fuels plans to complete its process development engineering and, upon
successful completion of such engineering, expects to set up the first stages of the pilot facility
and produce R&D quantities of Ra -226 for testing by end -users of the product. Upon successful
production of R&D quantities of Ra-226, Energy Fuels plans to develop capabilities at the Mill for
the commercial -scale production of Ra -226 in 2027 -2028, conditional on completion of
engineering design, securing sufficient offtake agreeme nts for final radium production, and
receipt of all required regulatory approvals and project financing. At the same time, parallel with
its Ra-226 process development activities, the Company has applied for a license to concentrate
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R&D quantities of Ra -228 at the Mill and is currently performing engineering on its process
development and R&D pilot facility for Ra-228 production.
Director Retirements
• On October 15, 2025, longtime Director Robert W. Kirkwood stepped down from his position
with the Company. Mr. Kirkwood served on the Board for over eight years, during which time he
served in a number of capacities, including most recently as Chair of the Compensation
Committee. Mr. Kirkwood was a highly respected and valued contributor, notable for his
balanced and well-reasoned insights.
• On October 29, 2025, Director Ivy V. Estabrooke stepped down from her position with the
Company. Ms. Estabrooke served on the Board for nearly four years, including on various
committees. Ms. Estabrooke brought to the Company insightful perspectives on government
relations and strategy and was an engaged and active participant in a range of valuable
discussions.
The Company extends its sincerest thanks to Mr. Kirkwood and Ms. Estabrooke for their dedicated
service to the Company and wishes each of them well in their future endeavors.
Mr. Chalmers continued:
“We invite all stakeholders to join us in our upcoming November 4, 2025, earnings call, details of which
are below, to learn more about our exciting achievements.”
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