Energy Fuels Announces Second Quarter 2025 Results

Energy Fuels Inc. (UUUU, EFR) is making waves in the critical minerals sector this earnings season, reporting a banner Q2 2025 driven by record-breaking performance at its Pinyon Plain uranium mine. The company’s strategic pivot towards rare earth elements (REEs) and heavy mineral sands (HMS) is also bearing fruit, setting the stage for a diversified revenue stream and long-term shareholder value, executives announced.

Pinyon Plain is currently the highest-grade uranium mine in United States history, Energy Fuels CEO Mark Chalmers told investors and analysts in a call after the report was released. He was quoted saying the mine is a “once in a lifetime event.” The company said they expect to sustain production and high grades there for several additional years beyond initial projections. The expected low unit costs associated with the mine, possibly around $23-$30 per pound of U₃O₈, should lead to dramatically higher uranium margins over the next few years.

While uranium sales were limited this quarter, resulting in a segment loss, Energy Fuels anticipates significant cash flow from upcoming contract deliveries and potential spot market sales later in 2025, with full momentum expected in 2026 and beyond.

Beyond uranium, Energy Fuels is positioning itself as a key player in the burgeoning U.S. REE industry. Chalmers noted a significant improvement in REE markets, citing a nearly 20% jump in Chinese neodymium-praseodymium (NdPr) prices over the past month. He also highlighted the widening price gap between European and Chinese dysprosium and terbium oxides, a reflection of the scarcity of these critical elements outside of China and their strategic importance to Western markets.

A major regulatory milestone was achieved with the Government of Victoria, Australia, approving the Work Plan for the Company’s Donald Rare Earth and Mineral Sand Project. Energy Fuels believes is one of the best sources of ‘mid’ and ‘heavy’ REEs. This clears the path for critical activities, including debt and equity financing, ahead of a final investment decision.

Chalmers added that Energy Fuels successfully developed technology for producing heavy REEs, now piloting dysprosium oxide production at its White Mesa Mill in Utah, with first production of terbium oxide in November 2025, and production of samarium oxide in Q1 2026. Commercial-scale production of dysprosium, terbium, and samarium could commence as early as Q4 2026 from existing feed sources, or Q4 2027 from monazite feed produced at the Donald Project, pending investment decisions.

Key Financial Highlights:

• Strong Liquidity: The company boasts over $250 million in liquidity with no debt. As of June 30, 2025 working capital stood at $253.23 million, comprised of $71.49 million in cash, $126.41 million in marketable securities, $7.79 million in trade receivables, and $76.5 million in inventory.
• Inventory Value Surge: The market value of inventory, at August 1, 2025 commodity prices, exceeds balance sheet value by over $13 million.
• Improved Net Loss: Net loss of $21.81 million, or $0.10 per common share improved from the $26.32 million loss in Q1 2025.
• Well-Stocked: The company held significant inventories of uranium, vanadium, and separated REE oxides to capitalize on market opportunities and meet long-term contract obligations.

Uranium Operations in Detail:

• Production: 180,000 pounds of finished U₃O₈ were produced during Q2 2025 at the White Mesa Mill.
• Sales: 50,000 pounds of U₃O₈ were sold in the spot market at $77.00 per pound, generating $3.85 million in gross proceeds and a 31% gross margin.
• Mine Production Surge: Approximately 665,000 pounds of uranium were mined from Pinyon Plain and La Sal mines during Q2 2025, with Pinyon Plain achieving an average grade of 2.23% U₃O₈.
• Production Outlook: The Company expects to mine between 875,000 to 1,435,000 pounds of U₃O₈ during 2025.
• Sales Guidance Updated: Based on recent spot market sales and customer demand the guidance was changed from 220,000 pounds to 350,000 pounds of U₃O₈..

• Production Cost Decrease Expected: Uranium costs are expected to plummet in late 2025 and the following year, fueled by the processing of low-cost Pinyon Plain mine ores, potentially reaching approximately $23 to $30 per pound.
• Gross Margins to rise: Gross margins from uranium production are projected to increase as costs decline and uranium prices stabilize.
• Pinyon Plain Exploration Continued: High grade intercepts within the defined mineral resourse exceed previous estimates. An updated is expected to add to the total numbers there.
• Nichols Ranch and Whirlwind: Both projects are being prepared for production and, when combined with Pinyon Plain, La Sal, Pandora, alternate feed materials, uranium from monazite, and third-party uranium-ore purchases, would increase to roughly two million pounds per year as early as 2026.
• Roca Honda, Bullfrog Sheep Mountain: These projects have the potential to expand uranium production to a run rate of up to five million pounds of U₃O₈ in the coming years,

Rare Earth Element Milestones:

• Rare Earth Elements Markets Improving: Markets for heavy minerals saw large improvement over the last month, including double digit gains by dysprosium (“Dy“) and terbium (“Tb“).
• Heavy Rare Earth Commercialization Approaching: Commercial productions could begin as early as 2026 due to current success producing heavy REEs.
• Pilot In Production: Energy Fuels is the only U.S. company producing separated heavy REE oxides from commercial sources. The separation technqiues are applicable for a wide range of feedstocks.
• REE Product Qualification Ongoing: Samples are being sent out to manufacturers.

Heavy Mineral Sands:

• Toliara Project: Energy Fuels is working with the Government of Madagascar to achieve a formal agreement and investment strategy. If these goals are met, a final investment decision could happen as early as 2026.
• Donald Project: A final investment decision could be made potentially in the fourth quarter of 2025. The current concentrations for elements such as dysprosium, terbium, and samarium are exceptional.

Medical Isotope Highlights:

• Research and development is ongoing to potential recover Radium. In addition, pilot facilities will potentially be set up to mass produce products. Energy Fuels also applied for a license to mass produce Ra-228.

Appointment of New Officers:

• The company recently hired both Oscar German and Mike van Akkooi into executive managerment roles to bolster global expertise.

The company has scheduled an earnings call for August 7, 2025, offering further details on their strategic direction and financial performance.

Selected Summary Financial Information: