Energy Fuels Announces First U.S. Primary Production of Critical "Heavy" Rare Earth Material in Decades

Rhea-AI Summary

Energy Fuels (NYSE: UUUU) produced its first 1 kg of terbium oxide at 99.9% purity at the White Mesa Mill using U.S. monazite feedstock, following ~30 kg of 99.9% dysprosium oxide earlier. Pilot-rate terbium production is ~1 kg/week.

The company plans a commercial circuit by 2027 (subject to regulatory approvals and feedstock) targeting up to 35 t Dy, 12 t Tb and 850–1,000 t NdPr per year; a Phase 2 circuit could reach >6,000 tpa NdPr and ~80 tpa Tb, ~288 tpa Dy by 2029.

Positive

• Terbium produced: 1 kg at 99.9% purity
• Dysprosium produced: nearly 30 kg at 99.9% purity
• Pilot cadence: approximately 1 kg terbium oxide per week
• 2027 target: up to 35 t Dy and 12 t Tb annually

Negative

• Expanded production contingent on regulatory approvals and permits
• Commercial scaling depends on securing sufficient monazite feedstock
• Phase 2 capacity and 2029 timeline remain conditional on approvals

News Market Reaction – UUUU

+3.82%

32 alerts

+3.82% Session close to close

+5.0% Peak Tracked

-7.9% Trough Tracked

$4.77B Market Cap

0.3x Rel. Volume

In the Mar 25 session, UUUU gained 3.82%, reflecting a moderate positive market reaction. Argus tracked a peak move of +5.0% during that session. Argus tracked a trough of -7.9% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Energy Fuels’ first high‑purity terbium oxide production in the U.S., b...

Analysis

This announcement highlights Energy Fuels’ first high‑purity terbium oxide production in the U.S., building on earlier dysprosium achievements and outlining a path to larger‑scale Dy, Tb and NdPr output by 2027 and a Phase 2 expansion as early as 2029. In context with recent feasibility work and acquisitions, it underscores a strategy to become a major rare earth supplier. Key items to watch include regulatory approvals, monazite and MREC feed availability, and progress toward planned tonnage targets.

Key Figures

Terbium oxide produced: 1 kg Terbium purity: 99.9% Dysprosium oxide produced: Nearly 30 kg +5 more

8 metrics

Terbium oxide produced 1 kg First high-purity Tb oxide at White Mesa Mill pilot scale

Terbium purity 99.9% Tb oxide purity meeting REPM manufacturer specifications

Dysprosium oxide produced Nearly 30 kg Recent 99.9% pure Dy oxide production

Pilot Tb rate 1 kg per week Expected terbium oxide output from existing pilot circuit

Commercial Dy output 35 tonnes per year Planned Dy recovery in expanded commercial circuit from 2027

Commercial Tb output 12 tonnes per year Planned Tb recovery in expanded commercial circuit from 2027

NdPr output (Phase 1 expanded) 850–1,000 tonnes per year Planned NdPr production from processing up to 10,000 tonnes monazite

Phase 2 NdPr capacity Over 6,000 tpa Expected NdPr oxide capacity after Phase 2 Circuit commissioning

Historical Context

5 past events · Latest: Feb 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 26	Earnings & guidance	Positive	-6.7%	Reported 2025 results, strong working capital, guidance and new uranium contracts.
Feb 12	Earnings call notice	Neutral	-5.2%	Announced timing and access details for upcoming 2025 earnings call.
Jan 20	Strategic acquisition	Positive	-4.3%	Planned acquisition of ASM to create integrated mine‑to‑metal rare earth platform.
Jan 15	Phase 2 REE study	Positive	+0.1%	Class 3 BFS for Phase 2 REE expansion at White Mesa with strong economics.
Jan 08	Vara Mada study	Positive	-1.9%	Updated Feasibility Study confirming large scale and economics at Vara Mada project.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent company news, including guidance, acquisitions, and project studies, has often been followed by flat or negative price reactions, even when fundamentals appeared positive.

Recent Company History

Over the past few months, Energy Fuels has focused on expanding its uranium and rare earth footprint. Updates included 2025 results and 2026 guidance with new uranium contracts, an agreement to acquire Australian Strategic Materials to build a mine‑to‑metal rare earth chain, and detailed economics for Phase 2 REE expansion and the Vara Mada project. Despite these growth initiatives, share reactions frequently skewed negative or flat. Today’s heavy rare earth production milestone at White Mesa fits into this broader strategy of scaling REE capabilities.

Key Terms

terbium oxide, dysprosium oxide, rare earth oxides, rare earth permanent magnets, +2 more

6 terms

terbium oxide technical

"successfully produced its first kilogram (kg) of terbium (Tb) oxide at its White Mesa Mill"

Terbium oxide is a rare-earth metal combined with oxygen to form a solid material used in small amounts inside high-tech products like lighting, display phosphors, certain magnets and catalysts. Think of it as a specialty ingredient or pigment: tiny quantities can be essential to a device’s performance. Investors watch it because its scarcity, supply chain risks and price swings can affect costs and margins for manufacturers and the value of mining and processing companies.

dysprosium oxide technical

"it had produced nearly 30 kg of 99.9% pure dysprosium (Dy) oxide production"

Dysprosium oxide is a ceramic powder made from the rare earth metal dysprosium combined with oxygen; think of it as a specialized ingredient manufacturers add to make high-performance magnets, heat-resistant materials, lasers and certain electronic components work better. Investors care because it’s a critical and scarce input for clean-energy and defense technologies, so its availability and price can influence costs, production capacity and profit margins across those industries.

rare earth oxides technical

"secure western source of "heavy" rare earth oxides used in key commercial and defense"

Rare earth oxides are compounds formed when rare earth elements combine with oxygen, creating powders or solids used as the raw ingredients for critical components like strong magnets, catalysts, display phosphors and some battery materials. They matter to investors because these materials are essential to many high‑growth industries and their supply is often concentrated and hard to scale, so shortages, production changes or cost swings can quickly affect manufacturers’ profits and stock values.

rare earth permanent magnets technical

"meets the specifications of global manufacturers of rare earth permanent magnets (REPMs)"

High-strength magnets made from alloys that include rare-earth elements, such as neodymium or samarium, which produce a powerful and lasting magnetic pull far stronger than ordinary magnets—think tiny but very powerful fridge magnets that keep their grip under heavy use. They matter to investors because they are essential components in electric motors, wind turbines, electronics and defense systems, so shifts in demand, supply bottlenecks or price swings can directly affect costs, revenues and geopolitical risk for many manufacturers and countries.

monazite ore technical

"Using monazite ore sourced from the United States, the team achieved a purity of 99.9%"

Monazite ore is a naturally occurring rock that concentrates rare earth elements—materials used in electronics, magnets, batteries and some clean-energy technologies—and often contains small amounts of thorium, a weakly radioactive element. Investors watch monazite because its availability, extraction costs and the regulatory or cleanup burdens from radioactivity can swing prices and supply of critical components much like a pantry shortage raises the cost of a popular recipe ingredient.

mixed rare earth concentrates technical

"install circuits at the Mill to enable the processing of mixed rare earth concentrates (MREC)"

A powdery product taken from mined ore that contains a blend of several rare earth elements still grouped together, not yet separated into pure metals. Think of it like a mixed fruit basket that must be sorted and processed before you can sell individual fruits; its value to investors depends on the mix of elements, processing costs, and the demand or scarcity for those specific metals used in electronics, clean energy and defense supply chains.

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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 /PRNewswire/ - 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 earth 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 288 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.

www.energyfuels.com

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SOURCE Energy Fuels Inc.

FAQ

What did Energy Fuels (UUUU) announce about terbium oxide production on March 25, 2026?

The company produced its first 1 kg of terbium oxide at 99.9% purity. According to the company, this was done at White Mesa Mill using U.S. monazite feedstock and meets magnet-manufacturer specifications.

How much dysprosium oxide has Energy Fuels (UUUU) produced and at what purity?

Energy Fuels produced nearly 30 kg of dysprosium oxide at 99.9% purity. According to the company, that production was completed earlier at pilot scale and is now requested for magnet validation.

What are Energy Fuels' (UUUU) 2027 production targets for heavy rare earths?

The planned 2027 commercial circuit targets up to 35 tonnes Dy and 12 tonnes Tb per year. According to the company, targets assume required regulatory approvals and sufficient monazite feedstock.

What pilot production rate for terbium oxide did Energy Fuels (UUUU) report?

The White Mesa Mill expects roughly 1 kg per week in its existing pilot circuit. According to the company, this is the current pilot cadence before commercial circuit expansion.

What could Energy Fuels (UUUU) achieve with a Phase 2 circuit by 2029?

Phase 2 could raise capacity to over 6,000 tpa NdPr, ~80 tpa Tb, and ~288 tpa Dy. According to the company, commissioning is conditional on approvals and feed availability.

What are the main risks to Energy Fuels' (UUUU) rare-earth expansion plans?

Key risks are regulatory approvals and securing sufficient monazite feedstock for scaling. According to the company, expanded and Phase 2 circuits are subject to permits and feed supply.