Energy Fuels said it exceeded the 2025 guidance – more than mining 1.7 million pounds of uranium and processing ~1.0 million pounds of U3O8, at the end of the year 2.0 million pounds Of all uranium inventories and 650,000 pounds sold at an average price of $74.20 per pound while reducing COGS to about $43/lb.
The company benefits White Mesa Mill (the only operating conventional plant in the US) to scale up rare earth production with Phase 1/1B/1C expansion and a Phase 2 feasibility study showing ~$1.9 billion NPV33% IRR and > $300M/$ EBITDA potential, targeting next year permitting and late 2028-early 2029 launch.
Balance Sheet and Outlook: Energy Fuel ended 2025 with assets of $1.4 billion and working capital of $927 million (approx. $862 million in cash aided by ~$621 million net income from convertible notes), reported a net loss of $86 million for 2025, provided 2026 guidance of 2.0-2.5M lbs mined and 1.5-2.5M lbs processed, and plans a leadership transition in April with Ross Bhappu to become CEO.
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Energy Fuels (TSE:EFR) executives used the company’s annual earnings call to describe what CEO Mark Chalmers described as a “breakout year” in 2025, pointing to higher uranium mining and processing volumes, progress in rare earth production, and a significantly stronger balance sheet after a $700 million convertible note offering.
Chalmers said the company exceeded its 2025 guidance for mined uranium, processed uranium, and uranium sales, noting that Energy Fuels mined more than 1.7 million pounds of uranium and processed about 1.0 million pounds of finished uranium.3and8 at White Mesa Mill. Management emphasized that production and processing do not move in lockstep because of the time difference between mining and factories.
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At the end of 2025, Energy Fuels reported a total uranium inventory of more than 2.0 million pounds, including more than 800,000 pounds of finished uranium and more than 100,000 pounds of work-in-progress, with the remainder largely in raw ores and materials to be processed in the future.
Chalmers clarified the company’s cost path, citing production costs at the Pinyon Plain mine at about $23 to $30 per pound. He also said the company’s cost of goods sold had fallen to about $43 per pound by the end of 2025 from $53 per pound previously, and he expected further declines as pinion plain ores were mined and processed.
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Regarding sales, management said the company plans to sell 650,000 pounds of uranium in 2025 at an average price of $74.20 a pound. The company ended 2025 with six long-term uranium contracts said to represent about 50% of its uranium production capacity, with executives describing the contracting position as providing a base load while maintaining spot market options.
President Ross Bhuppo detailed rare earth achievements at the White Mesa mill, including production of 29 kilograms of dysprosium oxide confirmed by permanent magnet makers and plans to produce the company’s first kilogram of terbium oxide next month. The company is also planning pilot circuits for samarium, europium and gadolinium oxides, Bhpo said. Management said Energy Fuel’s NdPr and dysprosium products have been qualified for use by major automakers, and that some of the materials are already used in electric and hybrid vehicles outside Asia.
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Executives have repeatedly touted the White Mesa mill as a strategic differentiator, the only operating conventional uranium mill in the United States and the only U.S. facility capable of processing monazite. Management said the plant could produce an average of about 250,000 pounds of uranium per month when operating, and that production would reach 350,000 pounds by December 2025.
Bhupo said the company is working on a Phase 1 development aimed at enabling commercial quantities of medium and heavy rare earth oxides (including dysprosium, terbium, samarium, europium and gadolinium), and installing equipment to process mixed rare earth carbonates. Chalmers and Bhuppo also described Phase 1B and Phase 1C additions: Phase 1B to separate heavy rare earths from “Sm-plus” concentrates, and Phase 1C to allow processing of intermediate “AMREC” materials from other sources, which they said improves flexibility and speed to market.
In addition, Bhupu discussed the feasibility study of a separate phase 2 rare earth expansion, which would be able to process an additional 50,000 tons of monazite and provide a capacity of about 5,500 tons per year of NdPr, approximately 50 tons per year of terbium, and 165 tons of dyspium per year. Energy Oil has applied for the licenses and expects to receive them next year, with a goal of commissioning in late 2028 or early 2029, he said. Bhup pointed out feasibility study metrics including:
A net present value of about $1.9 billion
Internal rate of return 33%
Over $300 million in EBITDA per year in the first 15 years
Estimated capex $410 million
Management said it had received all government approvals to develop Donald’s joint venture project in Australia and described Donald as “shovel-ready”, and Bhopo noted a potential final investment decision by the end of March. The CEO said Donald is expected to begin supplying feedstock to White Mesa in late 2027 or early 2028, and that Energy Fuels holds a 49% interest in the project while acquiring 100% of Rare Earth. The project has received conditional support through the Australian Export Tax, and the total funding required is indicated at around $340 million.
For the Wara Mada project in Madagascar (formerly Toliara), Bhopo said a feasibility study released in January showed a potential long-term potential of $1.8 billion NPV, 25% IRR, less than $800 million in costs, EBITDA of about $500 million per year, and a 38-year mine life based on additional resources. At the Q&A, Chalmers said Energy Fuels was moving deliberately to ensure the project had the “social license” needed to operate, while Bhupu noted that the timetable could be slowed by about a quarter after the change of government.
BHPO also reviewed Energy Fuels’ proposed acquisition of Australia’s Strategic Materials (ASM), which management first announced in January. Executives said the companies are executing the scheme document and targeting close to June 2026, subject to approvals including Australia’s Foreign Investment Review Board and shareholder approval. Bhupo said ASM’s Korean metallurgical plant has an annual capacity of 1,300 tons of neodymium iron boron alloy plus NdPr metal and currently has four furnaces and one strip casting machine, with further phased expansion indicated. He added that the development of Phase 2 of ASM has already been budgeted and financed.
CFO Nate Bennett reported that Energy Fuel ended 2025 with total assets of $1.4 billion and working capital of $927 million, including $862 million in cash and marketable securities. Bennett said the liquidity profile was bolstered by $621 million in net proceeds from the company’s convertible note offering completed at the start of the fourth quarter, which he described as more than seven times the buyer.
For 2025, Energy Oil reported a net loss of $86 million, or $0.38 per share, compared to a net loss of $47 million, or $0.28 per share, in fiscal 2024. Bennett attributed the large loss primarily to higher costs following the acquisition of basic resources. The portfolio included approximately $15 million in higher SG&A costs from the expanded workforce, an additional $9 million in exploration and development costs related to advanced projects (including the Juniper Zone in Pinyon Plain, La Salle, Bahia, and delineation drilling at Nichols Ranch), and $7 million in illegal write-downs and write-offs for regulatory changes. Bennett also said that average end-of-month uranium spot prices were about 13.8% lower in 2025 than in 2024, which pressured earnings per pound and gross margin percentages; He reported gross margins of 31% in 2025.
Chalmers presented a 2026 directive that calls for an increase in the amount of mined and processed uranium. The Management 2026 Guide includes:
Chalmers said the range of processed uranium depends primarily on how long the White Mesa mill is. During the Q&A, he also discussed potential additional mine restarts and development at projects such as Whirlwind and Energy Queen, and he provided estimates of about $5 million to $10 million each to bring Whirlwind and Energy Queen online, while estimating about $25 million to develop Nichols Ranch through wellfield development.
Separately, the company discussed leadership success. Chalmers said Bhopo is expected to become CEO in April, with Chalmers retiring and remaining as a consultant. Bhopo said he hopes to use Chalmers’ expertise under a two-year consulting arrangement.
Energy Fuels is a leading US-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 on-site uranium enrichment projects in the western United States, has for the past several years been the leading U.S. producer of natural uranium concentrate, which is sold to nuclear facilities to generate carbon-free energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating uranium processing facility in the United States.
The article “Energy Fuels Q4 Earnings Highlights” was originally published by MarketBeat.
