Energy Fuels Inc

Energy Fuels Inc. is a U.S.-focused critical minerals producer centered on uranium, with additional exposure to vanadium, rare earth elements, and heavy mineral sands. It operates the White Mesa Mill in Utah, the only licensed operating uranium mill in the U.S. and the only U.S. mill capable of producing separated rare earths, while also advancing mining, processing, and radioisotope initiatives across North America, South America, Africa, and Australia.

−145,2 %

20,9 %

−129,9 %

−15,6 %

30.69

28.34

— Energy Fuels Inc
%
Uranium55% Uranium concentrates produced from company mines, inventory, and processing activities for nuclear fuel customers.
Heavy Mineral Sands25% Ilmenite, rutile, zircon, and related HMS products sold into pigment and industrial mineral markets.
Rare Earth Elements10% Monazite feed processing, REE carbonate, and separated REEs used in advanced technologies and supply-chain security.
Vanadium and Alternate Feed Materials5% Vanadium products and processing services tied to uranium/vanadium ore and alternate feed materials.
Radioisotopes and Other Initiatives5% Critical radioisotope separation and emerging medical isotope development activities.

Energy Fuels sells primarily to industrial and strategic customers that need uranium, heavy mineral sands, and rare...

  • Uranium utilities and fuel-cycle buyersprimary

    Buy uranium concentrates under long-term contracts for nuclear fuel supply and inventory security.

  • Heavy mineral sands customersprimary

    Buy ilmenite, rutile, and zircon for TiO2 pigment, titanium metal, and industrial uses.

  • Rare earth supply-chain customerssecondary

    Buy monazite feed, REE carbonate, or separated REEs to secure non-China critical mineral supply.

  • Medical isotope and specialty radioisotope counterpartiesemerging

    Buy or partner on separated radioisotopes for targeted cancer treatment applications.

  • Project and joint-venture partnerssecondary

    Provide capital, assets, or operating rights for development-stage projects and earn-in structures.

The company is headquartered in Lakewood, Colorado and operates its core U.S. assets through Energy Fuels Resources...

  • •United States is the operating center for mining, milling, and REE separation
  • •White Mesa Mill in Utah is the key processing hub for uranium and REEs
  • •Colorado houses corporate offices and U.S. management functions
  • •Brazil, Madagascar, Australia, and Africa support feedstock and project growth
  • •Foreign assets add permitting, political, logistics, and tax exposure

Energy Fuels is building a multi-commodity critical minerals platform anchored by U.S...

01
Scale uranium production and contract deliveriesshort-term

Uranium is the core cash-generating business and supports long-term customer relationships.

02
Secure REE feed and expand separation capacitymedium-term

REE processing can create a differentiated U.S.-controlled supply chain and higher-value products.

03
Develop HMS and manage post-Kwale transitionshort-term

HMS adds diversification, but the business must manage lower grades and reclamation after mine closure.

04
Build radioisotope and medical isotope optionalitymedium-term

This could open a new specialty market with strategic and healthcare demand.

Energy Fuels faces commodity price volatility, permitting and operational risk, and dependence on successful execution...

high

Commodity price volatility

Revenue and margins depend on uranium, vanadium, HMS, and REE pricing.

Scope
Uranium and HMS sales are especially sensitive to spot and contract pricing.
Materiality
high
high

REE feedstock dependence

The company does not yet own operating monazite mines and relies on contractual supply.

Scope
White Mesa Mill REE processing and separation plans.
Materiality
high
medium

Foreign jurisdiction risk

Projects in Brazil, Madagascar, Australia, and Africa face political and regulatory uncertainty.

Scope
Permitting, taxation, expropriation, and cross-border logistics.
Materiality
medium
medium

Mining and operational hazards

Extraction businesses face geology, weather, water, equipment, and labor disruptions.

Scope
U.S. mines, mill operations, and reclamation activities.
Materiality
medium
medium

Public perception and permitting risk

Mining and nuclear-related scrutiny can affect regulators, customers, and counterparties.

Scope
Uranium, REE, and radioisotope initiatives.
Materiality
medium
Revenue recognition and delivery timing
Can create significant quarter-to-quarter volatility in reported sales and margins
Inventory and stockpile valuation
Affects cost of sales and gross margin when lower-grade material is processed
Decommissioning and reclamation liabilities
Changes in estimates can move operating expense and liability balances
Purchase accounting for acquisitions
Can affect goodwill, intangible assets, and future impairment exposure
Mineral reserve and resource estimates
Can materially affect future earnings and impairment testing

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: 28/04/2026