olivLaw · US equity research
Energy Fuels Inc. UUUU
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
Energy Fuels is a US company that mines uranium, vanadium, rare earth elements and heavy mineral sands and processes them at the only licensed and operating uranium mill in the US, the White Mesa Mill in Utah. The company is now extending its rare earth supply chain from raw material to magnets, at a time when nuclear energy and critical materials have become priorities for US energy security. Quarterly uranium output, however, is affected by ore quality, which fell in the first half of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Energy Fuels Inc. (UUUU) stock was 7.18 USD (−0.83% on the day), with market capitalisation 1.9 bn USD, beta 1.71, 52-week range 7.18–27.72 USD. Latest reported quarter (Q3 2026): revenue of 29.2 m USD (+64.8% YoY), net income of -52.2 m USD, diluted EPS -0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 6.65 – 9.94
- in the lower half of the band · %B 0.16 · band width 39.6%
- SMA 50 / 200
- 10.90 / 16.14
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.97 / -1.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.6% | −1.1% | −32.5 pp | — |
| 3 months | −42.3% | −0.5% | −41.8 pp | — |
| 6 months | −69.5% | +4.4% | −73.9 pp | — |
| Year to date | −50.6% | +12.3% | −62.9 pp | — |
| 1 year | −57.8% | +13.5% | −71.3 pp | −11.5% |
| 3 years | −9.6% | +76.4% | −86.0 pp | +29.6% |
| 5 years | −30.2% | +63.7% | −93.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.9 m | 16.9 m | 4.2 m | 17.7 m | 27.1 m | 35.8 m | 25.1 m | 29.2 m |
| Cost of revenue | 39.3 m | 18.1 m | 3.7 m | 12.8 m | 17.6 m | 21.5 m | 10.7 m | 11.3 m |
| SG&A | 15.3 m | 15.3 m | 14.8 m | 15.7 m | 18.9 m | 16.5 m | 19.2 m | 18.3 m |
| Operating income | -28.6 m | -26.2 m | -26.2 m | -26.7 m | -22.1 m | -16.9 m | -30.6 m | -25.3 m |
| Depreciation & amortisation | 1.1 m | 1.3 m | 1.3 m ≈ | 1.4 m ≈ | 1.4 m | 1.4 m | 1.7 m ≈ | 2.2 m ≈ |
| Interest expense | — | — | 39.0 k | 37.0 k | 2.2 m | 2.3 m | 2.3 m | 2.5 m |
| Pre-tax income | -33.4 m | -27.5 m | -21.8 m | -16.9 m | -20.9 m | -10.9 m | -33.6 m | -52.8 m |
| Income tax | -372.0 k | -1.1 m | 26.0 k | 84.0 k | 57.0 k | 48.0 k | 45.0 k | -462.0 k |
| Net income | -32.9 m | -26.3 m | -21.8 m | -16.7 m | -20.8 m | -10.8 m | -33.4 m | -52.2 m |
| Diluted EPS | -0.17 ≈ | -0.13 | -0.10 | -0.07 | -0.09 ≈ | -0.04 | -0.13 | -0.20 |
| Operating cash flow | -36.0 m | -18.8 m | -25.9 m ≈ | -28.5 m ≈ | -16.2 m | 8.3 m | -26.1 m ≈ | -20.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.7 m | 5.9 m | 1.7 m | 3.2 m | 12.5 m | 37.9 m | 78.1 m | 65.9 m |
| Revenue YoY | +2.2% | −81.5% | −71.7% | +92.0% | +293.1% | +203.1% | +106.0% | −15.6% |
| Net income | -25.4 m | -38.1 m | -27.9 m | 1.4 m | -59.8 m | 99.9 m | -47.8 m | -85.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −4,233.2% | unavailable | −147.8% | unavailable |
| Diluted EPS | unavailable | -0.40 | -0.23 | 0.01 | -0.38 | 0.62 | -0.28 | -0.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −3,900.0% | unavailable | −145.2% | unavailable |
| net % | -80.0% | -649.5% | -1,681.1% | 45.5% | -478.2% | 263.3% | -61.1% | -129.9% |
| Free cash flow | -7.9 m | -44.4 m | -32.8 m | -30.7 m | -51.7 m | -30.8 m | -66.1 m | -108.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.7 m USD
- Financial debt
- 675.7 m USD
- Net debt
- 611.0 m USD
- Equity
- 682.6 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- 0.99x
- Current ratio
- 30.69x
- ROE
- -14.1%
- ROA
- -8.5%
- FCF margin
- -165.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 m | 3.2 m | 12.5 m | 37.9 m | 78.1 m | 65.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 0 | 1.8 m | 7.8 m | 18.2 m | 55.9 m | 52.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 1.7 m ≈ | 1.4 m ≈ | 4.7 m ≈ | 19.7 m ≈ | 22.2 m ≈ | 13.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| SG&A | 14.4 m | 15.3 m | 25.5 m | 27.9 m | 36.6 m | 64.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -24.6 m | -35.4 m | -44.9 m | -32.4 m | -47.5 m | -101.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 2.7 m | 3.2 m | 3.3 m | 2.8 m | 3.1 m | 5.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -21.9 m ≈ | -32.2 m ≈ | -41.7 m ≈ | -29.6 m ≈ | -44.4 m ≈ | -95.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 952.0 k | 54.0 k | — | — | — | 2.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -27.9 m | 1.4 m | -59.9 m | 100.0 m | -48.2 m | -87.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 276.0 k | -372.0 k | -979.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -27.9 m | 1.4 m | -59.8 m | 99.9 m | -47.8 m | -85.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.23 | 0.01 | -0.38 | 0.62 | -0.28 | -0.38 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 121.2 m | 149.7 m | 157.3 m | 160.2 m | 172.0 m | 224.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 20.2 m | 112.5 m | 62.8 m | 57.4 m | 38.6 m | 64.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 1.2 m | — | — | — | — | — | SEC (XBRL)· 22 Mar 2021verified |
| Inventories | 28.9 m | 32.1 m | 40.6 m | 40.7 m | 66.5 m | 73.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 52.5 m | 149.3 m | 135.6 m | 232.7 m | 230.2 m | 958.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 23.6 m | 22.0 m | 12.7 m | 26.1 m | 55.2 m | 69.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | — | — | — | — | 0 | SEC (XBRL)· 04 Nov 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 0 | 4.8 m | 4.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 183.2 m | 315.4 m | 273.9 m | 401.9 m | 612.0 m | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 1.1 m | 3.0 m | 1.9 m | 1.0 m | 7.5 m | 5.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 0 | — | — | — | — | 0 | SEC (XBRL)· 04 Nov 2026verified |
| Long-term debt | — | — | — | — | — | 675.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 12.3 m | 6.1 m | 18.6 m | 10.4 m | 59.3 m | 31.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 25.7 m | 19.9 m | 29.5 m | 22.7 m | 80.3 m | 729.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 157.5 m | 295.5 m | 244.4 m | 379.2 m | 531.7 m | 682.6 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -32.2 m | -29.3 m | -49.7 m | -15.4 m | -44.0 m | -89.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 627.0 k | 1.4 m | 2.0 m | 15.4 m | 22.2 m | 19.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -32.8 m ≈ | -30.7 m ≈ | -51.7 m ≈ | -30.8 m ≈ | -66.1 m ≈ | -108.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 3.6 m | 3.2 m | -7.1 m | -23.9 m | -13.3 m | -778.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 36.6 m | 117.9 m | 7.9 m | 30.4 m | 15.6 m | 895.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -5.1% | 9 (vs peers) | 24% |
| Net margin · Quality | -100.0% | 18 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 74.0% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.2x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 20.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.9% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENERGY FUELS INC. (UUUU). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 65.9 m USD in 2025; YoY growth -15.6%; net margin -100.0%; ROE -14.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 74.0%
- Current ratio: 20.5x
What contradicts it
- ROIC: -5.1%
- Net margin: -100.0%
- Interest coverage: -10.2x
- FCF yield: -3.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +20% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | −11% / +200% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +1% / +191% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −17% / +4% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −58% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +48% / +124% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −40% / unavailable |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
1- and 3-year price returns: for UUUU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026).
In brief
Energy Fuels is a US company that mines uranium, vanadium, rare earth elements and heavy mineral sands and processes them at the only licensed and operating uranium mill in the US, the White Mesa Mill in Utah. The company is now extending its rare earth supply chain from raw material to magnets, at a time when nuclear energy and critical materials have become priorities for US energy security 12. Quarterly uranium output, however, is affected by ore quality, which fell in the first half of 2026 2.
SWOT
Strengths
- The company holds the only licensed and operating uranium mill in the US, with REE separation capacity, which gives it a unique position 12.
- Its portfolio of long-term contracts with US utilities and processable ore stockpiles provide flexibility in negotiation and sales 1.
- Geographic diversification of REE and HMS projects across Australia, Madagascar and Brazil reduces dependence on a single raw material source 2.
Weaknesses
- Most properties have no mineral reserves declared under SEC standards, so some projects may only be economic at higher prices 1.
- Ore quality at Pinyon Plain was lower in the first half of 2026, which slowed output 2.
- Many projects depend on government approvals and fiscal agreements, and delays could postpone investment decisions 2.
Opportunities
- If demand for nuclear energy grows, restarting standby mines could add production capacity of hundreds of thousands of pounds per year 12.
- Completing the integrated chain from raw material to magnets could create added value and customers in defense and electric vehicles 2.
- Recovering radium for cancer treatments could open a new revenue line if delivery agreements are reached 1.
Risks
- Dependence on commodity priceshigh
Revenue and cash flow depend on uranium, vanadium and REE prices, which are volatile, and prolonged declines could affect projects 1.
- Limited mineral reserveshigh
Most properties have no reserves declared under SEC standards, and exploration may not lead to profitable mining 1.
- Operational risks at mines and the millmedium
Geological incidents, accidents, power outages and labor issues could interrupt production 1.
- Government agreements and permitsmedium
Projects in Madagascar and Australia depend on fiscal agreements and government approvals, and delays could postpone investment decisions 2.
- Completion of acquisitionsmedium
The planned acquisitions of ASM and VAC are subject to shareholder and other approvals, and failure to complete them could change expansion plans 2.
Investment thesis
What would need to be true (bull case)
- If demand for nuclear energy and defense magnets grows, the company could make use of its unique mill, stockpiles and integrated REE projects 12.
- Long-term contracts and the ability to quickly restart standby mines could provide flexibility to sell at better prices 12.
- If the Australian and Madagascar projects are completed, a more diversified raw material source for the REE chain could emerge 2.
What would break the thesis
- If uranium and REE prices stay low, many projects could remain on standby without significant revenue 1.
- Variable ore quality and delays in approvals could slow production and the execution of expansion plans 2.
- Reliance on acquisitions and external financing could raise risk if market conditions deteriorate 2.
What to watch
- Quarterly uranium output from the mill and ore quality at Pinyon PlainQ3 2026
- Final investment decision for the Donald project in AustraliaQ3 2026
- Completion of the ASM and VAC acquisitions and their integrationQ3 2026
- Restart of production at Whirlwind and Nichols Ranch and new uranium contracts2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026).
The business
Energy Fuels produces uranium, vanadium, rare earth elements (REE) and heavy mineral sands (HMS), with the White Mesa Mill in Utah as its central node, the only uranium mill operating in the US and the only one able to produce separated REE oxides 12. It extracts uranium from the Pinyon Plain, La Sal and Pandora mines in Arizona and Utah and processes or stockpiles it at the mill 12. Over the longer term it aims to build an integrated chain from raw material to permanent magnets, which it describes as a 'mine-to-magnet platform' 2.
The business depends on commodity prices, which the company describes as cyclical and subject to large fluctuations. Many properties have no mineral reserves declared under SEC standards, and some projects are kept on standby until prices could justify restarting activity 1. The company also maintains rehabilitation work at its Whirlwind mine, prepared for production on a 'go' decision 2.
The company has obtained raw material and processing capacity outside the US through the Donald project in Australia, the Vara Mada project in Madagascar and the Bahia project in Brazil 12. Plans also include a heavy rare earth plant at the mill for terbium and dysprosium, announced in July 2026 2. The planned acquisitions of ASM and VAC remain subject to approvals and are not yet completed 2.
Segments
Rare earths and heavy mineral sands (HMS)
The REE and HMS segment is under development, with separation of REE oxides at White Mesa and raw material projects in Australia, Madagascar and Brazil 12. The company said it could take a final investment decision for the Donald project as early as 2026, while Vara Mada depends on finalizing fiscal agreements with the government of Madagascar 2. Titanium and zirconium products derived from HMS are used in defense and aerospace 1.
Market context
The company argues that supply and demand fundamentals for uranium point to higher sustained prices over the longer term, driven by the resurgence of nuclear power and restrictions on Russian uranium in the US 1. However, prices of uranium, vanadium and REE are influenced by many external factors, including government policy, inventories and production in other countries 1. If prices stayed below extraction costs for a long period, some projects could be halted 1.
The rare earth and titanium market is dominated by geographically concentrated supply chains, and the company is trying to offer a US-based alternative 2. Demand for permanent magnets in electric vehicles, defense and robotics could support new capacity, but outcomes depend on completing the projects 2.
Trends
- Return of nuclear powertailwind
Growing government and utility interest in carbon-free nuclear energy could support uranium demand and prices over the longer term 1.
- Critical materials supply chainstailwind
Policies that reduce dependence on foreign REE and uranium suppliers could favor producers with US operations, such as the White Mesa mill 2.
- Commodity price volatilityheadwind
Cyclical prices and large fluctuations in uranium and REE could affect production plans and the feasibility of projects 1.
- Ore quality and mining pacemixed
Ore quality at Pinyon Plain fell in the first half of 2026, and recovery depends on moving into higher-grade zones 2.
Competitive position
Energy Fuels competes with other uranium and REE producers, and its stated advantage is the only licensed uranium mill in the US and its REE separation capacity 12. The sources provided do not list a complete set of competitors, but competition also comes from producers with projects in Australia, Africa and Brazil 2.
In the uranium market, long-term contracts and the ability to deliver from inventory are key to winning customers, and the company says it holds processable stockpiles on short notice 1. Competition in REE depends on the ability to integrate mining, processing and magnet production 2.
- Other US uranium producers
Compete for uranium deliveries to US utilities, where long-term contracts are important for revenue 1.
- International uranium producers
Compete in the global uranium market, which depends on production in other countries and on secondary inventories 1.
- Non-US rare earth suppliers
Hold rare earth supply chains that dominate the market, a factor the company sees as a barrier to market access 12.
- Heavy mineral sands producers
Compete in titanium and zirconium markets, where demand depends on aerospace and defense industries 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Energy Fuels Aktie : BMO kappt Ziel , bleibt bei OutperformSurge — GDELT DOC · 22 Oct 2026 · RO
- Energy Fuels (UUUU) Added Rare-Earth Alloy Production for About $243M. Can it Execute a Mine-to-Magnet Strategy?Yahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report14 Oct 2026Other events · Financial statements and exhibits
- Current report13 Oct 2026Material agreement · Other events · Financial statements and exhibits
- Current report28 Aug 2026Acquisition or disposition of assets · Item 3.02 · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report28 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report14 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report26 Jun 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Shareholder vote · Other events · Financial statements and exhibits
- Current report23 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Energy Fuels Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Energy Fuels Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Energy Fuels Inc. · 08 Mar 2016
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.