Energy Fuels Now Producing Heavy Rare Earth Element Oxides Energy Fuels has commenced producing heavy rare earth element oxides at its White Mesa Mill at pilot scale , and could be in a position to produce separated heavy rare earth oxides on a
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Energy Fuels Now Producing Heavy Rare Earth Element Oxides
Energy Fuels has commenced producing heavy rare earth element oxides at its White Mesa Mill
at pilot scale , and could be in a position to produce separated heavy rare earth oxides on a
commercial scale as early as Q4 2026 from existing feed sources and , if a production decision is
made in 2025, from its permitted Donald Project by the end of 2027, thereby providing much-
needed U.S.-produced heavy rare earth oxides.
DENVER, July 17, 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, is pleased to provide an update on its heavy rare earth element (“HREE”) oxide
production, which is the only heavy rare earth oxide production occurring from mined ores at a
commercial facility in the United States at this time.
Energy Fuels is now in the process of producing Dysprosium (“Dy”) oxide, at a minimum purity of
99.5% and potentially exceeding 99.9% purity , at pilot scale at its White Mesa Mill in Utah (the
“Mill”). Energy Fuels expects to complete production of its first kilogram ("kg") of Dy oxide within
the next 30 days. 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 kg of Dy.,
generating enough residuals to feed its Terbium (“ Tb”) circuit starting the beginning of October
2025. The Company expects to have produced one kg of Tb on a pilot scale by the end of
November 2025. 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.
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 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 production decision is made in 2025, as early as Q4 2027 from its
permitted Donald Project in Australia.
Unlike others who are experimenting with HREE production via recycling, Energy Fuels is the only
U.S. company producing separated HREE 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.
“Energy Fuels is in a unique position to produce the heavy rare earth oxides needed by other U.S.
producers to make rare earth metals , alloys and magnets” , said Mark Chalmers, President and
CEO of Energy Fuels. “ The Company has demonstrated its ability to separate NdPr on a
commercial scale through the commissioning of its Phase 1 REE separations circuit at the Mill in
April 202 4. Piloting of our HREE production is going very well, with our first kg of D y oxides
expected shortly. With minor modifications to the Mill’s existing Phase 1 separations circuit, the
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Company could be in commercial production of Dy, Tb and Sm as early as Q4 2026. The Company’s
permitted Donald Project, in Australia, is one of the richest deposits of HREEs in the world, which
we could bring into production by the end of 2027 , thereby providing much -needed U .S.-
produced heavy rare earth oxides to other U.S. rare earth producers.
The Company’s Donald Project joint venture in Victoria Australia is a world-class permitted heavy
mineral sand and REE development project containing the rare earth-bearing minerals monazite
and xenotime, under which the Company has the right to offtake all the monazite and xenotime.
While monazite contains light and heavy rare earth elements, xenotime contains more of the
heavy rare earth elements including Tb , Dy and Sm . Tb and Dy are required in the rare earth
magnet industry to allow the magnets to operate at higher temperatures. The Donald Project is
a world -class source of HREEs , because it has high relative concentrations of xenotime. The
monazite + xenotime rare earth element concentrate (“ REEC”) that will be produced at the
Donald Project contains approximately 3.02% Sm, 0.37% Tb and 2.15% Dy on a 100% total rare
earth oxides (“ TREO”) basis . This compares to typical bastnaesite ores, which contain
approximately 0.79% Sm, 0.02% Tb and 0.03% Dy and other monazite properties that typically
contain approximately 1.80% Sm, 0.10% Tb and 0.20% Dy. At the average Phase 1 production rate
at the Donald Project of 7,100 tonnes of REEC per year, the REEC would contain 129 tonnes of
Sm, 16 tonnes of Tb and 92 tonnes of Dy per year for the next 40+ years, representing 250%, 23%
and 34% respectively of current annual U.S. requirements. Those oxides could be produced at the
White Mesa Mill commencing as soon as Q4 2027, if a production decision is made in 2025. Phase
2 production at the Donald Project would be expected to increase the annual tonnage to
approximately 13,000 tonnes of REEC, with corresponding increases in annual production of
HREEs.
Chalmers continued: “And, of course, we also have the Toliara Project in Madagascar, which is a
world-class heavy mineral sands and rare earth development project, currently targeted to come
on line as early as 2028, subject to receipt of Madagascar government approvals and acceptable
stability arrangements, and our Bahia Project in Brazil, which is a heavy mineral sands and REE
exploration and permitting project targeted to come on line in 2029 . Both of these projects
contain significant quantities of ligh t and heavy REE oxides which can be supplied to U.S. and
European manufacturers.”
The Company’s HREE production would represent the only commercial scale heavy rare earth
element production in the United States from an economically viable feedstock and would
position Energy Fuels to supply U.S. – based manufacturers with the heavy rare earth oxides
required to make rare earth metals, alloys and permanent magnets.
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Qualified Person Statement
The scientific and technical information disclosed in this news release was reviewed and approved
by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for
the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.
About Energy Fuels
Energy Fuels is a leading U .S.-based critical minerals company, focused on uranium, rare earth
elements, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and
operates several conventional and in-situ recovery uranium projects in the western United States,
has been the leading U.S. producer of natural uranium concentrate for the past several years,
which is sold to nuclear utilities that process it further for the production of carbon -free nuclear
energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and
operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels
also produces advanced rare earth element products, vanadium oxide (when market conditions
warrant), and is evaluating the potential recovery of certain medical isotopes from existing
uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy
Fuels is also developing three (3) additional heavy mineral sands projects: the Toliara Project
in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which Energy
Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited.
Energy Fuels is based in Lakewood, Colorado, near Denver, with its heavy m ineral sands
operations managed from Perth, Australia. The primary trading market for Energy Fuels' common
shares is the NYSE American under the trading symbol "UUUU," and its common shares are also
listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all
Energy Fuels does, please 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’s pilot scale production of HREE oxides will continue to be successful; any expectation
of the purity of any of the REE or HREE oxides to be produced at the Mill; any expectation as to
the timing of pilot and/or commercial scale production of REEs or HREEs at the Mill; any
expectation that commercial scale production of HREEs can be achieved at the existing Phase 1
separation circuit at the Mill, with minor modifications; any expectation that t he 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; any expectation that market
conditions may support rare earth production; any expectation as to the Company’s production
capacity or expected timelines to production; any expectation as to when a production decision
may be made at the Donald Project , if at all, or at any of the Company’s other projects; any
expectation as to the actual production of rare earth concentrates that may be achieved at the
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Donald Project during any phase of production; any expectations as to the contained REEs or
HREEs at the Donald Project; any expectation as to estimated recoverable rare earth oxides; and
any expectation that the Company will receive all necessary approvals, stability arrangements,
financing and development required for the Donald Project, Toliara Project or Bahia Project to go
into production. 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 tha n 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.
For further information: Investor & Press Inquiries:
Energy Fuels Inc., Kim Ronkin Casey, Investor Relations Manager, 303 -389-4165