Rare Earth Elements

Energy Fuels Inc. priced a $600 million private placement of 0.75% Convertible Senior Notes due 2031, upsized from $550 million due to strong investor interest. Net proceeds will fund rare earth separation expansion at the White Mesa Mill, development of the Donald rare earth project in Australia, and general corporate purposes. The notes are convertible into cash, shares, or a combination thereof, with an initial conversion price of $20.34 per share. The company also entered into capped call transactions to mitigate potential dilution.

Apex Critical Metals (APXCF) appointed Alex Knox to its Technical Advisory Board, enhancing expertise in rare earth elements and niobium. The company granted 1,760,000 stock options to directors, officers, and consultants, exercisable at $1.97 until 2030, vesting over 12 months. Apex also issued 1,660,000 restricted share units (RSUs) that vest after four months, but can be deferred to quarterly vesting over 16 months. These incentives aim to align management interests with shareholders.

Energy Fuels Inc. reported a strong Q2 2025, driven by record uranium production at Pinyon Plain. Strategic focus on rare earth elements and heavy mineral sands is progressing, with the Donald Project in Australia receiving key approvals. The company is piloting dysprosium oxide production and anticipates terbium oxide production in November 2025. Energy Fuels boasts over $250 million in liquidity and no debt, with improved net loss compared to Q1 2025. Uranium sales guidance was updated to 350,000 pounds.