Energy Fuels provides update on heavy rare earth element oxide production

Energy Fuels (UUUU) provided an update on its heavy rare earth element oxide production, which is the only heavy rare earth oxide production occurring from mined ores at a commercial facility in the United States at this time. Energy Fuels is now in the process of producing Dysprosium oxide, at a minimum purity of 99.5% and potentially exceeding 99.9% purity, at pilot scale at its White Mesa Mill in Utah. Energy Fuels expects to complete production of its first kilogram of Dy oxide within the next 30 days. The company expects to continue producing Dy oxide on a pilot scale until the end of September, at which time it expects to have produced approximately 15 kg of Dy., generating enough residuals to feed its Terbium circuit starting the beginning of October. The company expects to have produced one kg of Tb on a pilot scale by the end of November 2025. If progress continues as planned, the company expects to be able to start producing samarium oxide on a pilot scale at the Mill in January of 2026. Assuming the pilot scale production continues to be successful, the company could be in a position to produce Dy, Tb and Sm on a commercial scale at its existing Phase 1 rare earth element separation circuit at the Mill, with minor modifications, as early as Q4, 2026 from existing feed sources and, if a production decision is made in 2025, as early as Q4 2027 from its permitted Donald Project in Australia. Unlike others who are experimenting with HREE production via recycling, Energy Fuels is the only U.S. company producing separated HREE oxides from commercial rare earth ores. The rare earth separation techniques being utilized by Energy Fuels can also be applied to a wide range of feedstocks, including rare earth concentrates and recycled materials.