Energy Fuels Reports Q2 2025 Results, Advances Uranium and Rare Earth Element Projects

Energy Fuels Inc. reported Q2 2025 results, highlighting a record-breaking performance at its Pinyon Plain uranium mine, significant progress in rare earth element and heavy mineral sands projects, and a strengthened financial position with over $250 million in liquidity and no debt. The company produced 180,000 pounds of finished U3O8 and sold 50,000 pounds on the spot market, anticipating increased uranium production and sales in the coming quarters. Energy Fuels is also advancing its rare earth element capabilities, with plans to increase uranium production and expand rare earth element operations.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) reported its financial results for the second quarter of 2025, highlighting significant achievements across its uranium and rare earth elements (REE) operations. The company's record-breaking performance at the Pinyon Plain uranium mine drove lower-cost production, while progress in REE projects and a strengthened financial position were also notable.

Uranium Mine Performance

The Pinyon Plain uranium mine continued to demonstrate exceptional performance, producing ore with an average grade of 2.23% U3O8, one of the highest grades in U.S. history [1]. This high-grade production has allowed Energy Fuels to anticipate sustained production and low unit costs, potentially around $23 - $30 per pound U3O8.

The company produced 180,000 pounds of finished U3O8 during Q2 2025, with 50,000 pounds sold on the spot market at $77.00 per pound, realizing total gross proceeds of $3.85 million [1]. The remaining 130,000 pounds were retained in inventory, anticipating higher uranium prices later in 2025.

REE and Heavy Mineral Sands Projects

Energy Fuels also made significant strides in its REE and heavy mineral sands projects. The company received final major regulatory approval for its Donald Project in Australia, a near-term source of 'mid' and 'heavy' REEs [1]. This approval enables the finalization of critical activities, including debt and equity financing arrangements, before a final investment decision can be made.

The company is also advancing its REE processing capabilities and heavy mineral sands assets. It successfully developed technology to produce 'heavy' REEs at scale, with pilot-scale production of dysprosium oxide expected in August 2025 and terbium oxide expected in November 2025 [1]. Commercial-scale production is anticipated as early as Q4 2026.

Financial Position

Energy Fuels reported a net loss of $21.81 million for Q2 2025, an improvement compared to the $26.32 million loss in Q1 2025 [1]. The company's robust balance sheet includes over $250 million in liquidity and no debt, providing a strong foundation for future growth.

The company's inventory of U3O8 increased to 1,875,000 pounds, including 725,000 pounds of finished U3O8 and 1,100,000 pounds in ore and raw materials [1]. This inventory is expected to continue increasing, offset by upcoming contract uranium sales and potential spot sales.

Looking Ahead

Energy Fuels anticipates increased uranium production and sales in the coming quarters. The company expects to sell 140,000 pounds of uranium in Q3 2025 and 160,000 pounds in Q4 2025 under existing long-term contracts [1]. In 2026, the company expects to sell between 620,000 and 880,000 pounds of U3O8.

References

[1] https://www.prnewswire.com/news-releases/energy-fuels-announces-q2-2025-results-302523909.html