Energy Fuels: De-Risked Vara Mada Project and Strong Uranium Performance Underpin Buy Rating

In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on Energy Fuels, with a price target of $26.75.

Heiko Ihle has given his Buy rating due to a combination of factors that underscore Energy Fuels’ growing scale and improving economics. He points first to the updated feasibility study for the Vara Mada project in Madagascar, which confirms a long-life operation with substantial planned output of ilmenite, zircon, and monazite, and reserves that could be further enlarged through additional drilling. The study indicates robust project economics, including a sizable post-tax NPV and an attractive IRR, supported by staged capital spending that is expected to drive strong EBITDA and margins as the mine ramps to full capacity. Importantly, the analysis still excludes potential incremental earnings from downstream rare earth separation at the company’s White Mesa Mill, leaving meaningful upside that could be realized in future technical and economic work.
In addition, Ihle emphasizes the company’s operational momentum in uranium, highlighting that 2025 mined volumes exceeded management guidance and that Energy Fuels is sustaining a production rate around 2 million pounds per year. The company plans to maintain steady uranium milling in early 2026 before pivoting mill capacity toward commercial-scale heavy rare earth production, which further supports its transition into a vertically integrated critical minerals supplier. The combination of a de-risked, high-potential Vara Mada asset, growing strategic importance in the rare earth supply chain, and stronger-than-expected uranium performance provides the foundation for Ihle’s positive outlook. Taken together, these elements lead him to reiterate a Buy recommendation on Energy Fuels’ shares.

Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UUUU in relation to earlier this year.