Energy Fuels and Vulcan Elements Form Strategic Partnership to Develop Domestic Rare Earth Magnet Supply Chain

Energy Fuels and Vulcan Elements have entered a Memorandum of Understanding to create a domestic supply chain for rare earth magnets in the US, addressing concerns over reliance on Chinese imports. Energy Fuels will supply high-purity neodymium-praseodymium and dysprosium oxides sourced from US mines to Vulcan for validation in Q4 2025. The processing will take place at Energy Fuels' White Mesa Mill in Utah, aiming to provide a resilient supply chain for high-growth industries.

Energy Fuels Inc. (NYSE American: UUUU) and Vulcan Elements have signed a Memorandum of Understanding (MOU) to establish a domestic supply chain for rare earth magnets in the United States, aiming to reduce reliance on Chinese imports. Under this agreement, Energy Fuels will supply Vulcan with high-purity neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides sourced from U.S. mines for validation in Q4 2025. The processing will take place at Energy Fuels' White Mesa Mill in Utah, with the goal of creating a resilient supply chain for high-growth industries.

The collaboration marks a significant step in addressing the critical need for secure and domestic sources of rare earth materials. Rare earth magnets are essential components in various commercial and defense applications, including satellites, robotics, artificial intelligence data centers, semiconductor fabrication, drones, defense systems, electric vehicles, consumer electronics, industrial motors, and power tools.

Energy Fuels, a leading U.S.-based critical minerals company, will provide the NdPr and Dy oxides from its White Mesa Mill in Utah. This mill is the only operating U.S. facility capable of processing monazite mineral concentrates into separated rare earth oxides. The monazite concentrates used in this process are sourced from heavy mineral sand mines owned by The Chemours Company in Florida and Georgia.

Vulcan Elements, a U.S. manufacturer of rare earth permanent magnets, will validate the oxides received from Energy Fuels for production of rare earth magnets. Upon successful validation, the companies intend to negotiate additional long-term supply agreements for both NdPr and Dy oxides.

John Maslin, CEO of Vulcan Elements, stated, "Together, Vulcan Elements and Energy Fuels are onshoring one of the most important supply chains for America's future economy and security. We believe this collaboration will enable Vulcan to ensure it has access to the rare earth materials it needs in order to deliver high-performance magnets for critical technologies and essential military capabilities."

Mark S. Chalmers, CEO of Energy Fuels, added, "Energy Fuels and Vulcan Elements are innovative companies with similar visions of creating a secure Western rare earth magnet supply chain. We have both proven our capacity to deliver rare earth products that meet commercial specifications at scale from American-based facilities. We believe Vulcan Elements is emerging as a top-tier manufacturer, and we see this MOU as the first step towards building a long-term relationship that serves the interests of both companies and the U.S."

This collaboration underscores the importance of domestic sourcing and manufacturing for strategic materials. By securing a stable supply of rare earth oxides, the U.S. can enhance its technological competitiveness and national security.

References:
[1] https://www.prnewswire.com/news-releases/energy-fuels-and-vulcan-elements-join-forces-to-advance-us-rare-earth-magnet-security-302537954.html