Energy Fuels

What Energy Fuels does

Energy Fuels is a US-domiciled (Ontario, Canada legal registration; Lakewood, Colorado operational headquarters) critical minerals company that produces uranium concentrate (U3O8), rare earth oxides, and vanadium. The company operates the White Mesa Mill in Blanding, Utah — the only fully licensed conventional uranium mill in the United States and the only facility authorized to process uranium-bearing monazite for rare earth separation — and has produced approximately two-thirds of all US uranium since 2017. Through pending acquisitions of Vacuumschmelze (VAC) and Australian Strategic Materials (ASM), Energy Fuels is constructing the first vertically integrated Western mine-to-magnet rare earth supply chain, spanning mineral sands mining in Madagascar, Australia, and Brazil, separation at White Mesa, metallization at ASM's Korean Metals Plant and a planned American Metals Plant, and permanent magnet manufacturing (NdFeB and SmCo) at VAC's facilities in Germany, Finland, Slovakia, and South Carolina.

Revenue is generated through direct B2B sales: uranium concentrate is sold under six long-term contracts (covering 2026-2032 with 3.21 million pounds of committed base sales) plus spot sales to US nuclear utilities at market prices (Q1 2026 weighted average of $70.04 per pound); rare earth oxides (NdPr, with emerging Tb and Dy production) are sold to defense, EV, wind, robotics, and electronics manufacturers; vanadium is sold to steel producers and battery companies; and post-VAC, permanent magnets and soft magnetic materials will be sold to over 1,000 customers across automotive, aerospace, defense, robotics, and data center sectors under multi-year contracts averaging over 30 years with largest accounts. The customer base is anchored by long-duration contracts and government demand drivers, including the January 2027 DFARS deadline and the 2028 Russian Uranium Imports Act ban.

The company is publicly traded on NYSE American (UUUU) and TSX (EFR), employs 1,001-5,000 people, and holds $956.6 million of working capital as of March 31, 2026. Its FY2025 revenue was $65.9M with Q1 2026 revenue of $35.8M; recent capital deployment exceeds $2.9 billion across acquisitions, supplemented by a $725 million conditional US Department of War loan, $700 million in senior notes, and a $250 million Goldman Sachs term loan. The Phase 2 REE expansion alone carries a projected $1.9 billion NPV at 8% discount with 33% IRR, targeting 6,300 tpa NdPr, 80 tpa Tb, and 288 tpa Dy by late 2027-early 2028.

Name

Energy Fuels

Legal name

Energy Fuels Inc.

Website

https://energyfuels.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Energy Fuels is a US-based critical minerals company producing uranium, rare earth oxides, and vanadium, and building the first Western vertically integrated mine-to-magnet rare earth supply chain via the pending VAC and ASM acquisitions to serve nuclear utilities, defense contractors, and advanced technology manufacturers.

Ownership category

akta.pro rank

Product category

Uranium and Rare Earth Elements Production

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Nonferrous Metal (except Aluminum) Smelting and Refining (33141)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro industry

PRIMARYEUAKACAB

Uranium Mining & Milling (Yellowcake/U3O8 Production)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Fuel Cycle (Mining, Conversion, Enrichment & Fuel Fabrication)

SECONDARYIMAKAFAH

Rare Earths Separation & Refining (Oxides/Metals)

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

SECONDARYIMAKAFAG

Rare Earths Mining & Concentrates (REE Ores)

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

SECONDARYEUAKACAC

Uranium Refining & Conversion (U3O8 to UF6/UO2)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Fuel Cycle (Mining, Conversion, Enrichment & Fuel Fabrication)

SECONDARYEUAKAIAA

Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Materials, Radiation Services & Isotopes (Medical/Industrial)

Keywords

• Uranium concentrate production
• Rare earth oxide processing
• Vanadium mining operations
• Permanent magnet manufacturing
• Critical minerals supply

Headquarters

HQ city

Lakewood

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Uranium Sales: Energy Fuels generates the majority of its revenue from selling uranium concentrate (U3O8) to U.S. nuclear power utilities. The company has six long-term supply contracts covering 2026-2032 with 3.21 million pounds of committed base sales and potential total deliveries of 3.71-5.29 million pounds. Additional spot sales are made opportunistically. Q1 2026 uranium revenue was $35.7 million from 510,000 pounds sold at $70.04 per pound.
2. Rare Earth Element Products: Revenue from selling separated rare earth oxides including neodymium-praseodymium (NdPr), and in the future, dysprosium and terbium. The company completed its first commercial run of on-spec NdPr oxide. Phase 2 expansion targets 6,300 tpa of NdPr, 80 tpa Tb, and 288 tpa Dy.
3. Vanadium Production: Energy Fuels is the only primary vanadium producer in North America. Vanadium is sold for use in high-strength steel, titanium alloys, and vanadium redox batteries for renewable energy storage.
4. Heavy Mineral Sands Products: Revenue from titanium minerals (ilmenite, rutile) and zircon from the Kwale Operations in Kenya (now in closure) and future production from Vara Mada in Madagascar, Donald Project in Australia, and Bahia Project in Brazil.
5. VAC Magnet and Soft Magnetics Sales: Following the VAC acquisition, Energy Fuels will generate revenue from VAC's permanent magnet products (sintered NdFeB and SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products). VAC generated $29 million adjusted EBITDA in 2025 with over 20% year-on-year order book growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Energy Fuels produces and supplies critical minerals, including uranium concentrate (U3O8) for nuclear utilities, separated rare earth oxides (NdPr, dysprosium, terbium), vanadium, and heavy mineral sands products. The company is building a vertically integrated Western mine-to-magnet rare earth supply chain spanning mining (Vara Mada in Madagascar, Donald in Australia, Bahia in Brazil), separation (White Mesa Mill in Utah), metallization (ASM's Korean Metals Plant), and permanent magnet manufacturing (VAC). It is also developing medical isotope products through its RadTran subsidiary.

Differentiator

Problem solved

Functional benefit

Products and services

• Uranium Concentrate (U3O8)

Quantifiable outcome

• First US primary production of 99.9% pure terbium oxide in decades (March 2026)
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Astron Corporation LimitedcoreStrategic or Co-development Partner · 1 June 2024Joint venture agreement to earn up to 49% interest in the Donald Project in Australia, containing ilmenite, leucoxene, rutile, zircon, monazite and xenotime for rare earth feedstock supply.
• ChemourssupportingStrategic or Co-development PartnerStrategic alliance announced to support Energy Fuels' rare earth supply chain development.
• POSCO InternationalsupportingStrategic or Co-development PartnerSigned MOU with POSCO International to support rare earth supply chain operations.
• RadTransupportingStrategic or Co-development PartnerAcquisition of RadTran to create a supply chain for R&D quantities of Radium-226 and Radium-228 needed for emerging Targeted Alpha Therapy cancer treatments.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Cameco Corporation: World's largest publicly traded uranium producer, operating mines and conversion facilities (including the US-only conversion capability). Directly comparable to Energy Fuels as a primary uranium supplier to U.S. and global utilities, with overlapping long-term utility contract models.
• MP Materials: Owns and operates Mountain Pass, the only scaled U.S. rare earth mine and processing facility, and is building a U.S. NdFeB magnet facility (Fort Worth). The closest direct competitor to Energy Fuels' mine-to-magnet strategy and a benchmark for the Western rare earth equity story.
• Lynas Rare Earths: Australia's Lynas operates the Mt Weld mine and the Kalgoorlie processing facility, the largest non-Chinese source of separated rare earth oxides. Closely comparable to Energy Fuels' White Mesa REE separation operation and its heavy rare earth capability development.
• Uranium Energy Corp: U.S.-focused uranium producer with ISR operations in Wyoming, New Mexico, and Texas, plus a pending acquisition of Uranium One Americas. Directly comparable as a U.S.-domestic uranium producer benefiting from the Russian uranium ban and utilities' onshoring demand.
• Neo Performance Materials: Operates rare earth separation, rare earth metals/alloys, and magnet materials manufacturing across China, Europe, and North America. Comparable to the ASM/VAC components of Energy Fuels' strategy — particularly rare earth metallization and downstream magnet materials.
• Iluka Resources: Australian mineral sands producer (rutile, zircon, ilmenite) building a fully integrated rare earth refinery at Eneabba. Directly comparable to Energy Fuels' heavy mineral sands portfolio (Vara Mada, Donald, Bahia) and emerging REE separation capability.

Broad incumbents

• Kazatomprom: World's largest uranium producer, state-owned Kazakh operator with ISR mining. A broad incumbent comparable to Energy Fuels' uranium operations, though not directly competing in REE or magnets.
• Tronox Holdings: Global vertically integrated zircon and titanium dioxide producer with mineral sands mining operations. Comparable to the heavy mineral sands components of Energy Fuels' portfolio (titanium and zircon from Vara Mada, Donald, Bahia) though focused on TiO2 pigment rather than REE.

Emerging players

• REalloys: U.S. NdFeB magnet producer and one of the four companies selected by the U.S. Army to host critical mineral processing at military bases alongside Energy Fuels. An emerging competitor in the U.S. rare earth magnet supply chain.

Others

• Cheval Resources: Strategic alliance partner of Energy Fuels for rare earth supply chain development. As a TiO2 and mineral sands incumbent with monazite-rich feedstocks, Chemours is both a potential feedstock supplier and adjacent participant in the U.S. REE value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/energy_fuels
• LinkedInlinkedin.com/company/energy-fuels-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds12 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Energy Fuels