Energy Fuels' US-Produced "Heavy" Rare Earth Oxide Successfully Qualified for Use in Permanent Magnets

Rhea-AI Summary

Energy Fuels (NYSE: UUUU) announced on Dec 19, 2025 that its high-purity dysprosium (Dy) oxide produced at White Mesa Mill passed initial purity and QA/QC benchmarks of a major South Korean automotive manufacturer for permanent magnet use.

The Company reported 99.9% Dy purity, ~29 kg produced at pilot scale since first kilogram in Aug 2025, and plans kilogram-scale terbium (Tb) samples for qualification in early 2026. Energy Fuels is planning commercial "heavy" REE circuits potentially producing up to 48 tonnes Dy and 14 tonnes Tb annually, subject to feed and timelines.

Positive

• Dy oxide validated by a major South Korean automotive manufacturer
• Achieved 99.9% Dy purity, above 99.5% automotive spec
• Produced approximately 29 kg of high‑purity Dy oxide to date
• Plans kilogram‑scale Tb samples for qualification in early 2026
• Planned commercial capacity up to 48 tonnes Dy and 14 tonnes Tb annually

Negative

• Pilot production total ~29 kg versus planned tonnes-scale output
• Commercial production subject to available feed and timelines
• Plans to install commercial capacity in 2026 are forward‑looking
• China export controls on Dy, Tb, Sm remain in place since Apr 2025

Key Figures

Dy oxide purity 99.9% Pilot-scale dysprosium oxide produced at White Mesa Mill

Automotive spec purity 99.5% Automotive specification threshold for dysprosium oxide purity

Dy oxide produced 29 kg High-purity dysprosium oxide produced to date at pilot scale

Export-controlled REEs 7 rare earths China export controls including Dy, Tb and Sm imposed April 2025

Dy capacity 48 tonnes/year Planned commercial Dy oxide capacity at White Mesa Mill

Tb capacity 14 tonnes/year Planned commercial Tb oxide capacity at White Mesa Mill

Dy first production 1 kg First kilogram of Dy oxide produced in August 2025

REPM applications EVs, hybrids, defense Applications cited for Dy- and Tb-containing permanent magnets

Market Reality Check

$16.68 Last Close

Volume Volume 5,922,706 is below 20-day average of 9,487,595 (relative volume 0.62x). low

Technical Price 13.98 is trading above 200-day MA at 10.09, indicating a pre-news uptrend.

Peers on Argus

UUUU gained 3.79% with uranium peers also positive (e.g., UEC +4.47%, NXE +2.66%, DNN +2.39%), suggesting both company- and sector-related strength.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 03	Q3 2025 results	Neutral	-13.2%	Quarter earnings with higher uranium activity and detailed guidance.
Oct 22	Earnings call setup	Neutral	+10.2%	Announcement of Q3 call logistics and webcast details.
Oct 20	Project financing support	Positive	+7.2%	Conditional letter backing up to A$80M debt for Donald Project.
Oct 03	Convertible notes closing	Negative	-1.8%	Closing of US$700M 0.75% notes and capped call details.
Oct 01	Convertible notes pricing	Negative	+2.4%	Pricing of upsized US$600M 0.75% convertible senior notes.

Pattern Detected

Across the last five news events, price generally aligned with news tone, with one divergence on the upsized convertible notes pricing announcement.

Recent Company History

Over recent months, Energy Fuels combined financing, project development, and quarterly reporting. In October 2025, it priced and then closed a US$700M 0.75% convertible notes offering and saw a mixed price response. A October 20, 2025 update on the Donald Project’s potential A$520M funding and REE production targets coincided with a positive move. The Q3-2025 results on November 3 highlighted uranium sales and heavy REE pilots but were followed by a decline. Today’s heavy REE qualification update fits this ongoing build-out of the rare earth strategy.

Market Pulse Summary

The stock moved +7.8% in the session following this news. A strong positive reaction aligns with Energy Fuels’ strategic push into rare earths, as qualification of 99.9%-pure dysprosium oxide and planned capacity of up to 48 tonnes Dy and 14 tonnes Tb per year strengthened its U.S. supply-chain role. Past news has usually seen price move in the same direction as fundamental developments, though financing events showed mixed responses. Elevated expectations and prior convertible issuance could pose risks if execution or demand disappoint.

Key Terms

dysprosium oxide technical

"The Company's 99.9% purity dysprosium oxide produced at its White Mesa Mill"

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.

neodymium-iron-boron technical

"Dy oxide is a key additive in neodymium-iron-boron (NdFeB) REPMs"

Neodymium-iron-boron is a hard, lightweight alloy used to make some of the strongest permanent magnets available. Think of it as the compact power source inside many electric motors, wind turbines, and electronic devices; its strength lets manufacturers make smaller, more efficient components. Investors watch it because its supply, price and geopolitical risks can affect costs and production for a wide range of high-growth industries.

rare earth permanent magnet technical

"for downstream rare earth permanent magnet (REPM) production"

A rare earth permanent magnet is a small, powerful magnet made from rare-earth elements (commonly neodymium or samarium) that holds a strong magnetic field without needing power. They act like compact electric motors’ muscle or the clutch in many modern devices—allowing lighter, more efficient motors and precise electronics. Investors track them because their cost, supply concentration, and availability directly affect manufacturing costs, product competitiveness, and geopolitical risk for sectors like clean energy and electronics.

QA/QC technical

"passes initial purity and QA/QC processes of a major South Korean"

QA/QC stands for Quality Assurance and Quality Control, processes used to ensure products or services meet certain standards. Think of it as a way to check that a product is safe and works properly before reaching consumers, similar to how a chef tastes food before serving it. For investors, strong QA/QC practices indicate a company's commitment to delivering reliable, high-quality offerings, reducing risks and building trust.

samarium-cobalt technical

"Sm is a key ingredient in samarium-cobalt (SmCo) magnets used in radar"

Samarium-cobalt is a type of permanent magnet material made from rare-earth metals that produces very strong magnetic fields while remaining stable at high temperatures and under stress. Investors care because these magnets are critical components in electric motors, wind turbines, sensors and defense equipment, so demand, limited supply sources and price swings can affect manufacturing costs, profit margins and the competitiveness of companies that rely on high-performance magnets.

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.

uranium concentrate technical

"leading U.S. producer of natural uranium concentrate for the past several years"

A processed powder that concentrates the uranium extracted from mined ore, typically called "yellowcake," which contains most of the material needed to make nuclear reactor fuel. It matters to investors because it is the basic commodity that links mining output to the nuclear fuel supply chain: changes in production, stockpiles or reactor demand move its price and therefore affect the value of mining companies, utilities and commodity traders—think of it as the crude oil equivalent for nuclear power.

in-situ recovery technical

"owns and operates several conventional and in-situ recovery uranium projects"

In-situ recovery is a mining method that extracts a valuable material by dissolving it underground and pumping the solution to the surface instead of digging or blasting rock. For investors, it matters because this approach often lowers upfront construction costs, shortens development time and reduces visible land disturbance, but it also brings regulatory, environmental and groundwater risks that can affect project timelines, operating costs and valuation.

AI-generated analysis. Not financial advice.

The Company's 99.9% purity dysprosium oxide produced at its White Mesa Mill in Utah passes initial purity and QA/QC processes of major South Korean permanent magnet manufacturer; terbium and potentially samarium oxide production expected in early 2026.

DENVER, Dec. 19, 2025 /PRNewswire/ - Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), a leading U.S. producer of critical materials, including uranium and rare earth elements (REEs), today announced that its high purity dysprosium (Dy) oxide has passed all initial purity and quality assurance and quality control (QA/QC) benchmarks of a major South Korean automotive manufacturer for downstream rare earth permanent magnet (REPM) production.

Dy oxide is a key additive in neodymium-iron-boron (NdFeB) REPMs that improves durability and magnetic performance and is used in REPMs to power electric vehicles (EVs), hybrid EVs, advanced robotics, and other automotive and commercial applications. Dy oxide is also key to the manufacture of REPMs used in several crucial defense systems, including drones, missiles, jet engines, and guidance systems, as well as in control rods for Naval reactors.

Mark S. Chalmers, CEO of Energy Fuels stated:  "Production of dysprosium oxide that meets stringent magnet specifications is yet another key milestone in the Company's critical materials strategy, demonstrating Energy Fuels' unique and rapidly expanding capabilities in the rare earth sector, and in particular our ability to produce high-purity separated 'heavy' rare earth oxides from monazite at our White Mesa Mill in Utah. This achievement is even more notable by the fact our dysprosium oxide was validated by a well-known third-party end-user. I commend our creative and hardworking team at the Mill for this impressive accomplishment."

Today's announcement follows Energy Fuels' September 9, 2025 news that its NdPr oxide, another key ingredient in REPMs, has also been qualified for use in NdFeB magnet applications. As a result, we believe Energy Fuels is the first U.S. company to have both its "light" and "heavy" REEs qualified for use in permanent magnet applications, marking a major milestone in rebuilding the US rare earth supply chain. Production and qualification of Dy oxide is a significant milestone for the United States and Energy Fuels, and critical for U.S. national defense, as the supply of Dy oxide and other "heavy" REE oxides is extremely limited outside of China. In April 2025, China imposed export controls on seven (7) rare earths, including Dy, Tb, and Sm, which remain in place today.

As previously announced, the Company produced its first kilogram of Dy oxide at the White Mesa Mill in August 2025. To date, the Company has produced approximately 29 kgs of high-purity Dy oxide at pilot scale, achieving purities of 99.9% which exceed the automotive specification of 99.5% purity.

Upcoming Terbium (Tb) and Samarium (Sm) Pilot Production:

The Company is also pleased to announce that it plans to begin piloting terbium (Tb) oxide production at the White Mesa Mill next week and expects to have kilogram-scale samples available for qualification in early 2026. Tb oxide is another essential element that is crucial for high operating temperature REPMs for EVs and many key defense systems. 

Following the Tb oxide pilot, Energy Fuels plans to begin piloting gadolinium (Gd) and then samarium (Sm) oxide production. Sm is a key ingredient in samarium-cobalt (SmCo) magnets used in radar, sonar, missile guidance, and jet engines where magnet stability in extreme temperatures is paramount.

Commercial-Scale "Heavy" Rare Earth Production as Soon as Q4-2026:

As a result of the Company's successful ongoing "heavy" REE pilot, Energy Fuels is proceeding with plans for construction of the infrastructure needed to produce Dy, Tb, and potentially Sm oxides at commercial scale at the White Mesa Mill. These "heavy" REE refining circuits are planned to have the annual capacity to produce up to 48 metric tons (tonnes) of Dy oxide and 14 tonnes of Tb oxide, subject to available feed.

About Energy Fuels

Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, 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 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 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 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. 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 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 that the Company will install and commission commercial Dy, Tb, and potentially other "heavy" REE separation capacity at the White Mesa Mill in 2026, or at all; 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 estimated recoverable REE oxides; 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.

www.energyfuels.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-us-produced-heavy-rare-earth-oxide-successfully-qualified-for-use-in-permanent-magnets-302646620.html

SOURCE Energy Fuels Inc.

FAQ

What did Energy Fuels (UUUU) announce on December 19, 2025 about dysprosium oxide?

Energy Fuels said its White Mesa Mill produced 99.9% purity Dy oxide that passed initial QA/QC for a major South Korean automotive magnet manufacturer.

How much dysprosium oxide has Energy Fuels (UUUU) produced so far and when was the first kilogram made?

The company has produced approximately 29 kg of high‑purity Dy oxide to date and produced its first kilogram in August 2025.

When will Energy Fuels (UUUU) supply terbium samples for qualification?

Energy Fuels expects kilogram‑scale Tb oxide samples to be available for qualification in early 2026.

What commercial heavy rare earth capacity is Energy Fuels (UUUU) planning and by when?

The company plans refining circuits with capacity up to 48 tonnes Dy and 14 tonnes Tb annually, targeting commercial scale as soon as Q4‑2026, subject to feed and approvals.

Does Energy Fuels (UUUU) face supply or geopolitical constraints for heavy REEs?

The release notes China imposed export controls in April 2025 on several heavy REEs, and those controls remain in place.