Energy Fuels' U.S. Uranium Business Continues to Deliver, with Year-End Production and Sales Exceeding Guidance

Rhea-AI Summary

Energy Fuels (NYSE: UUUU) reported FY-2025 uranium results that exceeded guidance: the White Mesa Mill produced more than 1,000,000 lbs U3O8 in 2025 and Pinyon Plain plus La Sal mined over 1.6 million lbs of uranium (≈11% above prior guidance). The company expects Q4-2025 uranium sales of 360,000 lbs generating ~$27.0M at a weighted average price of $74.93/lb. Energy Fuels added two long-term hybrid-priced contracts and targets 780k–880k lbs of long-term sales in 2026, while its 2027–2032 portfolio totals 2.41–4.41M lbs of deliveries.

Management expects COGS to begin falling in Q1-2026 as low-cost Pinyon Plain ore is sold.

Positive

• White Mesa Mill produced >1,000,000 lbs U3O8 in 2025
• Pinyon Plain and La Sal mined >1.6 million lbs in 2025 (≈11% above guidance)
• Q4-2025 sales of 360,000 lbs generating ~$27.0M
• Added two long-term hybrid-priced uranium contracts for 2027–2032
• Company expects COGS to drop starting Q1-2026

Negative

• Mill shifting to heavy REE production for remainder of year reduces uranium processing capacity
• Uranium ore mined in H2-2026 may remain in inventory until 2027 processing
• New long-term contracts use hybrid pricing with floors/ceilings limiting spot upside

Key Figures

2025 finished U3O8 more than 1,000,000 lb Finished uranium production at White Mesa Mill in 2025; exceeded guidance

2025 mined uranium over 1.6 million lb Uranium mined at Pinyon Plain and La Sal mines in 2025; above guidance

Mining rate approximately 2.0 million lb/year Recoverable uranium contained in ore from Main Zone and La Sal

December U3O8 output over 350,000 lb Finished U3O8 produced at White Mesa Mill in December 2025

Q4 2025 U3O8 sales 360,000 lb Expected Q4-2025 uranium sales vs 240,000 lb in Q3-2025

Q4 2025 uranium revenue $27.0 million Expected total gross uranium sales revenue in Q4-2025

Q4 2025 avg price $74.93 per lb Expected weighted average U3O8 sales price in Q4-2025

2026 contract deliveries 780,000–880,000 lb Expected U3O8 sales into long-term contracts during 2026

Market Reality Check

$16.68 Last Close

Volume Volume 4,123,140 vs 20-day average 8,096,861, indicating lighter-than-normal trading. low

Technical Price at 14.64 is trading above the 200-day MA of 10.37.

Peers on Argus

Despite positive operational news, UUUU fell 3.05% while uranium peers like DNN (-3.6%), NXE (-2.84%), LEU (-2.34%), UEC (-1.45%) and EU (-2%) also traded lower, pointing to broader uranium weakness.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 19	Heavy REE progress	Positive	+7.8%	Dy oxide from White Mesa qualified for permanent magnet use.
Nov 03	Q3 2025 earnings	Positive	-13.2%	Higher uranium sales and liquidity but shares sold off afterward.
Oct 22	Earnings call details	Neutral	+10.2%	Scheduled Q3-2025 results call and access details released.
Oct 20	Donald project funding	Positive	+7.2%	Conditional A$80M EFA debt support for Donald REE/mineral sands.
Oct 03	Convertible notes offering	Neutral	-1.8%	Closed US$700M 0.75% convertible notes due 2031 financing.

Pattern Detected

Stock has often reacted strongly to strategic and REE-related updates, with one notable selloff on quarterly results despite operational progress.

Recent Company History

Over the past few months, UUUU reported key milestones across uranium, rare earths and financing. On Oct 3, it closed a US$700M convertible notes offering. On Oct 20, it secured indicative A$80M debt support for the Donald Project. A Q3-2025 update on Nov 3 highlighted rising uranium sales and liquidity, yet the stock dropped. By Dec 19, successful qualification of high‑purity Dy oxide drove gains. Today’s news reinforces the 2025 uranium ramp-up that underpinned those prior disclosures.

Market Pulse Summary

This announcement highlights that Energy Fuels exceeded its 2025 uranium production and sales guidance, with more than 1 million lb of finished U3O8 and Q4 revenue of about $27.0 million at $74.93/lb. The company also expanded its book of long-term contracts and outlined a path toward commercial heavy rare earth production. When evaluating this news, investors may track future delivery volumes, cost of goods trends starting in Q1-2026, and execution at key mines and the White Mesa Mill.

Key Terms

u3o8 technical

"The Company's White Mesa Mill in Utah (the "Mill") has produced more than one million pounds of finished U3O8 during 2025"

U3O8 is the chemical name for a stable form of uranium oxide commonly called “yellowcake,” the concentrated powder produced after uranium ore is processed. Investors track U3O8 because it represents the raw material that is turned into nuclear fuel; its supply, demand and price act like a commodity indicator that can move the value of mining companies, utilities and firms tied to the nuclear fuel chain. Think of it as the crude oil equivalent for nuclear power — a basic feedstock whose availability and cost affect an entire industry.

rare earth elements medical

"advancing its position as a leading U.S. producer of rare earth elements and other critical materials"

Rare earth elements are a set of 17 chemical metals used to make powerful magnets, batteries, catalysts and many tiny components inside electronics, renewable energy equipment and defense systems. They matter to investors because they are essential inputs for fast‑growing industries, and limited or concentrated supply can drive prices, create production bottlenecks or shift competitive advantage — like a factory running short of a specialized ingredient that halts output and affects profits.

dysprosium medical

"commercial-scale production of the heavy rare earths dysprosium ("Dy") and terbium ("Tb ")"

Dysprosium is a rare earth metal used in small amounts to make very strong permanent magnets and other high-tech parts; think of it as a tiny but essential ingredient that makes electric motors and some electronics work better. It matters to investors because its scarcity, concentrated supply, and role in clean-energy and defense technologies can drive price swings and affect the costs and competitiveness of companies that rely on those components.

terbium medical

"commercial-scale production of the heavy rare earths dysprosium ("Dy") and terbium ("Tb ")"

Terbium is a rare earth metal used in small amounts to give electronic devices specific properties, such as bright green color in LED screens and improved performance in magnets and sensors. For investors, terbium matters because it is a critical, limited-resource input for high-tech and clean-energy products, so supply shortages or price swings can affect costs and profitability for manufacturers and the companies that rely on them—think of it as a specialty ingredient that can make or break production lines.

heavy rare earths medical

"mark the first U.S. commercial production of highly sought heavy rare earths in many years"

A group of specific rare earth elements that are heavier in atomic weight and are critical ingredients in high-tech devices—think of them as tiny, high-value spices used in strong magnets, electric vehicle motors, wind turbines, and some defense systems. Investors watch heavy rare earths because their supply is limited and geographically concentrated, so changes in production, trade rules, or demand can quickly affect prices and the profits of miners, manufacturers, and companies relying on these materials.

targeted alpha therapy medical

"needed for emerging Targeted Alpha Therapy cancer treatments"

A cancer treatment that attaches tiny, highly energetic bits of radiation called alpha particles to a molecule that seeks out tumor cells, delivering a powerful, localized dose much like a guided missile hitting only its target. Investors care because it can offer strong anti-tumor effects with fewer whole-body side effects than traditional radiation, creating significant commercial upside, clinical and regulatory risks, and clear milestones that affect company value.

form 10-k regulatory

"described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

forward looking statements regulatory

"This news release contains certain "Forward Looking Information" and "Forward Looking Statements""

Statements about a company’s expected future performance, plans, goals, or projections that are not historical facts and involve assumptions and estimates. Investors care because these are predictions that guide decisions but can be wrong; like a weather forecast, they help set expectations and risk — if circumstances change, actual results may differ significantly, so investors should weigh them alongside hard data and risk factors.

AI-generated analysis. Not financial advice.

The Company provides an update on its uranium business for FY-2025, including over one million pounds of finished uranium production, increased mine production, higher sales volumes, and new long-term sales contracts.

DENVER, Dec. 29, 2025 /PRNewswire/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earths, and critical materials, today announced it has exceeded previously disclosed guidance for finished uranium production, mined uranium ore production, and uranium concentrate sales for FY-2025. These results demonstrate the Company's continued successful ramp-up at its U.S. uranium mines and production facilities, maintaining its position as America's largest uranium producer, and simultaneously advancing its position as a leading U.S. producer of rare earth elements and other critical materials.

"These 2025 uranium metrics reinforce our reputation as, not only the country's lowest-cost and largest uranium producer, but as a company that delivers on its promises," said Energy Fuels' CEO Mark S. Chalmers. "Nuclear energy powered by uranium is among the cleanest, least expensive, and most reliable ways to supply our nation's growing energy and electricity needs. Strong uranium production is critical to America's economic and national security, and Energy Fuels is proud to lead the comeback of this critical domestic industry.

"And I am particularly proud of the fact that Energy Fuels has achieved this, while at the same time, advancing its world-class rare earth element projects and capabilities".

Uranium Production Update

Energy Fuels' Pinyon Plain Mine in Arizona and La Sal Complex in Utah have mined over 1.6 million pounds of uranium in 2025, exceeding the top end of previously reported guidance by about 11%. The Company is currently mining at the rate of approximately 2.0 million pounds of recoverable uranium contained in ore per year from the "Main Zone" at Pinyon Plain and the La Sal Complex, which is expected to continue at least through 2026 at this mining rate. The Company plans to complete substantial additional exploration drilling in the "Juniper Zone" at Pinyon Plain in 2026 to further delineate the ore body and potentially expand the mineable resource at the mine. Further development work continues at the Company's fully permitted and substantially developed Whirlwind, Energy Queen and Nichols Ranch Mines for future mining.

The Company's White Mesa Mill in Utah (the "Mill") has produced more than one million pounds of finished U₃O₈ during 2025, with over 350,000 pounds of U₃O₈ produced in the month of December alone. This exceeds the top end of previously reported guidance. The Company expects to continue milling at current milling rates, averaging approximately 250,000 pounds of U₃O₈ per month, through the first half of 2026 and, as previously announced, expects to shift to the commercial-scale production of the heavy rare earths dysprosium ("Dy") and terbium ("Tb ") for the remainder of the year, which would mark the first U.S. commercial production of highly sought heavy rare earths in many years. As the Company expects to continue to mine uranium ore at its Pinyon Plain and La Sal mines during all of 2026, uranium ore mined during the second half of 2026 and not processed at the Mill into finished U₃O₈ during the year will be added to the Mill's already significant inventory of uranium ore available for processing in 2027.       

Uranium Sales Update

Energy Fuels is pleased to announce that it expects to sell a total of 360,000 pounds of U₃O₈ in Q4-2025, which represents an increase of 50% over the 240,000 pounds of U₃O₈ sold by the Company in Q3-2025. Total gross uranium sales revenue for Q4 2025 is expected to total approximately $27.0 million with a weighted average sales price of approximately $74.93 per pound.

Furthermore, Energy Fuels is pleased to announce that it has completed two new long-term uranium sales contracts with U.S. nuclear power generating companies, adding to its U₃O₈ deliveries for the years 2027 to 2032. Both contracts retain exposure to uranium market upside by utilizing hybrid pricing, whereby a portion of the final sales price is calculated on a base escalated price with the other portion based on the spot price at the time of delivery, subject to floors and ceilings.

With the addition of these contracts, Energy Fuels expects to complete sales totaling about 780,000 to 880,000 pounds of U₃O₈ into its portfolio of long-term contracts in 2026, along with the potential for additional sales on the spot and term markets, subject to continued strong uranium markets and production. For 2027 to 2032, Energy Fuels' current portfolio of six (6) long-term contracts has delivery quantities that total [2.41 to 4.41] million pounds of U₃O₈, which is expected to leave significant additional uncommitted low-cost uranium for sale above those quantities.

As previously disclosed, the Company expects its cost of goods sold to begin dropping in Q1-2026, as low-cost Pinyon Plain uranium is added into the Company's inventory and sold.

About Energy Fuels

Energy Fuels is a leading U.S.-based critical materials company, focused on uranium rare earth elements (REEs), 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 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 REE 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) heavy mineral sands projects: the 100% owned Toliara Project in Madagascar; the 100% owned 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, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is 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 uranium production has or will exceed guidance; the Company's expectations with respect to uranium production in 2026 or subsequent years; any expectations with respect to future development and/or expansion of the Company's mines and ore bodies; any expectation with respect to future U₃O₈ production at the Mill; any expectation that market conditions will support planned future uranium sales; any expectation with respect to future REE production at the Mill; any expectation as to the timing of commercial scale production of REE or heavy REE oxides at the Mill; 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 that any of the Company's development projects will be brought into commercial 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 REEs, 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.

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SOURCE Energy Fuels Inc.

FAQ

How much uranium did Energy Fuels (UUUU) produce in FY-2025?

White Mesa Mill produced more than 1,000,000 lbs U3O8 in 2025.

What were Energy Fuels' (UUUU) Q4-2025 uranium sales and average price?

Q4-2025 sales are expected at 360,000 lbs with ~$27.0M revenue and a weighted average price of $74.93/lb.

What production growth did Energy Fuels (UUUU) report at Pinyon Plain and La Sal in 2025?

Pinyon Plain and La Sal mined over 1.6 million lbs of uranium in 2025, about 11% above prior guidance.

How many pounds of U3O8 does Energy Fuels (UUUU) expect to commit to long-term sales in 2026?

The company expects to complete about 780,000–880,000 lbs of long-term U3O8 sales into its 2026 portfolio.

What impact will Energy Fuels' (UUUU) shift to heavy REE production have on uranium processing?

The Mill will shift to commercial-scale heavy REE production for the remainder of the year, which reduces uranium processing capacity during that period.

How large is Energy Fuels' (UUUU) long-term delivery portfolio for 2027–2032?

Current long-term contract deliveries for 2027–2032 total between 2.41 and 4.41 million lbs of U3O8.