Energy Fuels Begins White Mesa Mill Expansion for Heavy Rare Earth Production

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has begun expanding its White Mesa Mill in Utah to enable commercial-scale production of heavy rare earth oxides, advancing its strategy to build a fully integrated Western mine-to-magnet supply chain. The project will add capacity to produce terbium, dysprosium, samarium, europium and gadolinium oxides by the end of 2028, complementing the mill's existing light rare earth oxide production. The company said the expansion is expected to support production of rare earth metals, alloys and magnets for the automotive, robotics, data center, energy and defense sectors while strengthening North American and European supply chains.

The approximately $104 million expansion is expected to be funded through a combination of government support and company capital, with commercial production tied to anticipated monazite feedstock from the Donald Project in Australia and other sources. Energy Fuels said the expanded facility is expected to supply a significant portion of the rare earth oxides needed by its pending acquisitions of Australian Strategic Materials Ltd. (ASX: ASM) and Vacuumschmelze GmbH, supporting an integrated mine-to-magnet platform capable of producing enough permanent magnets annually for millions of electric vehicles, humanoid robots and other advanced technologies. The full press release is available at https://ibn.fm/S04FF.

Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American (“UUUU”) and TSX (“EFR”).

This announcement underscores the growing strategic importance of domestic rare earth processing capabilities as global demand for clean energy technologies and advanced defense systems increases. By expanding its White Mesa Mill, Energy Fuels positions itself to reduce reliance on Chinese supply chains for heavy rare earths, which are critical for high-performance magnets used in electric vehicles, wind turbines, and military equipment. The integration with pending acquisitions further solidifies the company's ambition to control the entire supply chain from mining to magnet manufacturing, potentially reshaping the rare earth market in North America and Europe.