Energy Fuels on Track to Meet Uranium Production Targets by Mid-2026

Event summary

  • Energy Fuels expects to produce 1.6 million pounds of U3O8 by June 30, 2026, within its full-year guidance range of 1.5 to 2.5 million pounds.
  • The White Mesa Mill will complete its current uranium ore processing campaign by the end of June 2026 to rebuild ore stockpiles.
  • Modifications to the Phase 1 REE circuits at the White Mesa Mill are expected to commence in July 2026, enabling commercial production of heavy REEs.
  • Permitting for the Phase 1 modifications and Phase 2 REE expansion is proceeding on schedule, with Phase 1 expected to be operational in late 2027 to early 2028.
  • Mining, processing, and transport costs at the Pinyon Plain mine continue to track between $23 and $30 per pound, with uranium processing costs at historic lows of $9 to $12 per pound.

The big picture

Energy Fuels' strong operational execution in uranium production underscores its position as a leading U.S. producer. The strategic focus on expanding rare earth element capabilities aligns with broader industry trends toward diversifying critical material supply chains outside China. The company's cost-efficiency measures further strengthen its competitive edge in a market increasingly prioritizing sustainable and cost-effective energy solutions.

What we're watching

Production Momentum
Whether Energy Fuels can sustain its current production pace and meet its full-year guidance despite potential variability in ore grades and processing rates.
REE Expansion
The pace at which the Phase 1 REE modifications and Phase 2 expansion will be completed and their impact on the company's market position in the rare earth elements sector.
Cost Management
How the company's continued low uranium costs will affect its profitability and competitive positioning in the uranium market.

Related topics

Mining