Energy Fuels Stock Price, News & Analysis

Energy Fuels has appointed Debra Bennethum as Director, Critical Minerals & Strategic Supply Chain to advance its rare earth elements (REEs) business. Bennethum, a former GM executive, brings extensive experience in EV supply chains and will be instrumental in Energy Fuels' REE sales and marketing strategies. Additionally, Energy Fuels has commenced commercial production of separated neodymium-praseodymium (NdPr) at its White Mesa Mill, with plans to produce 25-35 tonnes in Q2 2024. The company also aims to scale its 'heavy' REE concentrate, including dysprosium and terbium, for future commercial separation.

Energy Fuels announced the election of ten directors at its annual and special meeting of shareholders held virtually on June 11, 2024. The elected directors include J. Birks Bovaird, Mark S. Chalmers, Benjamin Eshleman III, Ivy V. Estabrooke, Barbara A. Filas, Bruce D. Hansen, Jacqueline Herrera, Dennis L. Higgs, Robert W. Kirkwood, and Alexander G. Morrison. Votes in favor ranged from 91.23% to 97.65%.

Energy Fuels is a leading U.S.-based company specializing in uranium and critical minerals, including rare earth elements. The company operates key production centers like the White Mesa Mill and Nichols Ranch ISR Project, and has recently expanded into REE production. It also holds significant uranium resource portfolios and is exploring further mineral recovery projects globally.

Energy Fuels has achieved commercial production of separated neodymium-praseodymium (NdPr) at its White Mesa Mill in Utah. This NdPr meets the specifications needed for electric motor magnets in EVs and hybrids. Production capacity ranges from 850 to 1,000 metric tons per year, with commercial shipments expected by June 2024.

The company also produced samarium-plus concentrate and plans to launch uranium production in Q3-2024. Construction of the Phase 1 REE Separation Circuit cost $16 million, significantly under the $25 million budget.

Future projects include expanding NdPr production to 4,000-6,000 tonnes per year and developing additional circuits for dysprosium and terbium. Energy Fuels is also securing HMS projects to strengthen its monazite supply for REE separation.

The company aims to produce up to 500,000 pounds of uranium in 2024, with further increases in 2025.

Energy Fuels and Astron have executed agreements to develop the Donald Rare Earth and Mineral Sands Project in Australia. The project aims to produce 7,000-14,000 tonnes of monazite sand per year, starting in 2026, for processing at Energy Fuels' White Mesa Mill in Utah. Energy Fuels will invest AUD$183 million and issue $17.5 million in shares to earn up to a 49% stake in the project. Initial investments of $3.5 million in shares and $10.6 million in capital will be made in 2024. The Mill's REE oxide separation circuit will process the monazite sand without further capital expenditure. Expansion plans aim to increase processing capacity to 40,000-60,000 tonnes per year by 2027. Energy Fuels expects to ramp up uranium production from its U.S. mines, reaching 1.1-1.4 million pounds of U3O8 per year by the end of 2024 and potentially 2 million pounds by 2025. The project's success depends on securing offtake agreements and non-recourse financing.

Energy Fuels Inc. reported net income of $3.64 million for Q1-2024, with a robust balance sheet of $222.54 million in working capital and no debt. The company sold 300,000 pounds of uranium concentrates for $25.31 million, driving revenue. It completed Phase 1 REE Separation Circuit development and is well-positioned to capture market opportunities with an array of finished inventory. Energy Fuels also announced strategic moves to secure world-scale sources of heavy mineral sands and monazite.