Energy Fuels advances Vara Mada rare earths project

Energy Fuels ( (UUUU) ) has provided an announcement.

Energy Fuels has released a new NI 43-101 and S-K 1300-compliant Technical Report and feasibility study, effective June 30, 2025, for the Vara Mada (Toliara) mineral sands and rare earths project in Madagascar, detailing a 38-year open-pit operation based on the Ranobe deposit with 904 Mt of proven and probable reserves grading 6.1% total heavy minerals. The staged development envisages ramping mining from 12.6 Mtpa to 25 Mtpa and producing on average 959 kt of ilmenite, 66 kt of zircon, 8 kt of rutile and 24 kt of monazite per year, supported by substantial new mine, processing, logistics and port infrastructure and an export facility near Toliara. The study outlines robust economics, including a post-tax real NPV (10%) of $1.415 billion, a 22.1% internal rate of return and life-of-mine free cash flow of about $10.0 billion, underpinned by supportive forecast markets for ilmenite, zircon and monazite and flexible product mix capabilities. Monazite is expected to be transferred to Energy Fuels’ White Mesa Mill for rare earth oxide production, while ilmenite and zircon will be targeted at pigment, slag and ceramics markets in Asia, Europe and other regions, reinforcing the company’s integrated rare earth and mineral sands strategy. On the permitting and social front, the government’s November 28, 2024 lifting of the project suspension and the December 5, 2024 memorandum of understanding on fiscal terms paved the way for renewed development activities, though progress still hinges on securing an investment agreement with Madagascar’s government, completing updated environmental and social assessments, adding monazite to the exploitation permit and obtaining long-term land access and leases for key infrastructure. Capital costs are estimated at $769 million for Stage 1 and $142 million for Stage 2 (plus $121 million pre-FID), with average operating costs of $4.95 per tonne mined and $112.5 per tonne of product, suggesting competitive cost positioning in global mineral sands and rare earth supply chains and potentially significant long-term benefits and sensitivities for local communities, government revenues and downstream customers.

The most recent analyst rating on (UUUU) stock is a Buy with a $26.75 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.

Spark’s Take on UUUU Stock

According to Spark, TipRanks’ AI Analyst, UUUU is a Neutral.

The score is driven primarily by mixed fundamentals: a strong, low-leverage balance sheet and solid revenue growth are outweighed by weak profitability and ongoing cash burn. Technicals are supportive with a clear uptrend and positive momentum, while valuation is constrained by losses. Earnings-call guidance improves outlook into 2026, but execution and operational/geopolitical risks remain material.

To see Spark’s full report on UUUU stock, click here.

More about Energy Fuels

Energy Fuels Inc. operates in the mineral sands and rare earths sector, with a focus on producing ilmenite, zircon, rutile and monazite concentrates, the latter feeding its rare earth refining operations at the White Mesa Mill in Utah. Through its October 2, 2024 acquisition of Base Resources, the company gained control of the long‑life Vara Mada (formerly Toliara) heavy mineral sands project in southwest Madagascar, positioning itself as a significant future supplier to titanium feedstock, zircon and magnet rare earth markets.

Average Trading Volume: 17,263,684

Technical Sentiment Signal: Buy

Current Market Cap: $4.31B

Find detailed analytics on UUUU stock on TipRanks’ Stock Analysis page.