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- **Uranium Production Record**: Q3 2025 mining of 415,000lb at Pinyon Plain, with 2026 target of 2+ million pounds/year at $30-40/lb.
- **Rare Earth Milestone**: 30kg of 99.9% pure Dy oxide produced, with commercial Dy/Tb production expected late 2026.
- **Financial Strength**: $1B+ working capital post-Q4 convertible note issuance, supporting Phase 2 expansion and Donald project.
- **Contract Flexibility**: 620,000-880,000lb 2026 contract sales range reflects strategic balance between long-term and spot/mid-term opportunities.
- **Project Pipeline**: Donald FID Q1 2026, Toliara feasibility study update Q4 2025, and 2 dozen acquisition opportunities under review.

**【CEO Summary Section】**
- Energy Fuels achieved record uranium production in Q3 2025, mining 415,000 pounds at Pinyon Plain Mine (AZ) with a 1.27% grade. Year-to-date production reached 1.15 million pounds at 1.66% grade.
- Q4 2025 uranium production expected to reach 1.1-1.4 million pounds, with costs declining to $23-30/lb as Pinyon Plain ore dominates processing.
- 2026 uranium production target: 2+ million pounds/year, with $30-40/lb cost structure and 50%+ gross margins.
- Rare earths: 30kg of 99.9% pure Dy oxide produced in Q3, with commercial Dy/Tb production expected late 2026. Phase 2 mill expansion to add 6,000tpa NdPr, 275tpa Dy, and 80tpa Tb capacity.
- Donald project (Australia): Conditional EFA support for $80M debt, with FID expected Q1 2026 and monazite deliveries by late 2027.
- Working capital approaching $1B post-Q3 convertible note issuance, providing liquidity for Phase 2 expansion and Donald development.

**【CFO Financial Commentary】**
- Q3 2025: $16.7M net loss (vs. $21.8M Q2), driven by $240M uranium sales at $72.38/lb (26% gross margin). 
- 485,000lb finished uranium inventory at $50-55/lb COGS; Q4 2025 production to add 670,000lb at $30-40/lb, pushing gross margins >50%.
- $700M convertible note issuance (Q4 2025) at 0.75% coupon, 32.5% conversion premium, and 2.1% effective yield. Proceeds allocated to Phase 2 expansion and Donald project.
- 2026 contract sales guidance: 620,000-880,000lb, with flexibility to adjust based on spot/mid-term opportunities.

**【Q&A Key Highlights】**
- **Donald Project Timing**: FID expected Q1 2026, contingent on offtake agreements. EFA support covers $80M of $340M capital cost. 
- **Uranium Sales Strategy**: 50%+ production target for long-term contracts, balancing risk/reward with spot exposure. 2026 contract sales ramp to 880,000lb+.
- **Rare Earth Plant Economics**: Phase 2 expansion to cost $300-500M, with IRR/IRR expected in high teens-low 20s based on current pricing. Feasibility study update due Q4 2025.
- **Acquisition Strategy**: 2 dozen opportunities under review, focusing on monazite/rare earth assets that complement existing infrastructure. No immediate capital raise plans beyond existing $1B+ liquidity.
- **Government Partnerships**: Engaging with U.S. agencies on strategic investments, but prioritizing organic execution of existing projects.


Energy Fuels Inc.(UUUU)-20251104-2025 Q3 Earnings call transcript

- **Uranium Cost Revolution**: Pinyon Plain ore processing costs ($23-$30/lb) set to slash 2026 COGS to $30-$40/lb, vs. current $50-$55/lb.
- **Rare Earths Scale-Up**: 60,000 tonnes/year monazite capacity by Phase 2; Donald project (1.6M lb/year Uranium) on track for 2025 FID.
- **Financial Resilience**: $253M liquidity, no debt, Q2 net loss narrowed to $22M; 31% margin on Q2 spot sales.
- **Strategic Moves**: Open to third-party monazite purchases; leveraging U.S. government support for critical minerals; targeting 2 million lb/year Uranium by end-2025.

**【CEO Summary Section】**
- **Uranium Production Momentum**: Q2 2025 saw over 660,000 pounds of newly mined Uranium, with a 2 million-pound annual run rate target. Pinyon Plain ore costs are projected at $23-$30/lb, significantly below current inventory costs of $50-$55/lb.
- **Rare Earths Expansion**: Phase 2 mill expansion at White Mesa aims for 60,000 tonnes/year monazite processing. Donald project (Australia) is shovel-ready with FID possible by end-2025, targeting 1.6M pounds/year Uranium and high-grade heavies.
- **Financial Strength**: $253M liquidity, no debt, and improving margins. Q2 net loss narrowed to $22M ($0.10/share) vs. Q1's $26M loss.

**【CFO Financial Commentary】**
- **Liquidity**: $253M working capital, including $60M in finished goods inventory. Liquidity could rise by $13M with higher commodity prices.
- **Cost Efficiency**: Pinyon Plain ore processing costs ($13-$16/lb) and transport ($10-$14/lb) drive 2026 cost of sales to $30-$40/lb, down from current $50-$55/lb.
- **Spot Sales Strategy**: 50,000 pounds sold at $77/lb in Q2; management aims to avoid sales below $80/lb while building contract pipeline.

**【Q&A Key Highlights】**
- **Feedstock Procurement**: Open to third-party monazite purchases to supplement Chemours supply, with Donald project FID dependent on offtake agreements.
- **Government Support**: U.S. and Australian governments considering floor prices for critical minerals; Energy Fuels' infrastructure and scale position it as a preferred partner.
- **Project Timelines**: Phase 2 mill feasibility study due Q4 2025; Toliara (Madagascar) FID possible 2026; Pinyon Plain resource update expected by year-end.
- **Uranium Demand**: Restarting legacy reactors (e.g., Japan) driving near-term demand; SMRs (small modular reactors) seen as long-term growth driver post-2030.

Energy Fuels Inc. (UUUU) Q2 2025 Earnings Call Transcript

- **Uranium Production Surge**: 22% guidance increase; record 151K lbs mined at 1.64% grade.
- **Rare Earth Ambitions**: Phase 2 plant to supply 50%-100% of U.S. critical minerals; Toliara FID Q2 2026.
- **Financial Strength**: $214M liquidity, zero debt; $12M inventory upside at current prices.
- **Cost Efficiency**: Mining costs $35-40/lb; HMS project 4x cost efficiency vs. peers.
- **Government Partnerships**: DOE/DOD engagement; Navajo Nation ore cleanup collaboration.


**【CEO Opening Remarks】**
- Q1 2025 production guidance increased by 22% (uranium) and 193% (finished goods inventory), driven by record uranium production at Pinyon Plain Mine (151,000 lbs at 1.64% grade vs. expected 0.58%).
- Strong liquidity of $214M, zero debt, and $12M inventory valuation upside at current prices.
- Advanced Phase 2 rare earth plant expansion with capacity for 6,000+ tons of NdPr and heavy rare earths (Dy, Tb).

**【Core Business Updates】**
1. **Uranium**: 
   - Q1 processed 150,000 lbs; 2025 guidance: 700,000-1M lbs processed, 875K-1.4M lbs mined.
   - Pinyon Plain ore grades 3x higher than expected; Juniper Zone drill results show 20%+ grades.
   - $64/lb spot purchases; aiming to sell at $80+/lb.
2. **Rare Earths**: 
   - Pilot testing Dy/Tb separation; Phase 2 plant to support 50%-100% of U.S. critical minerals demand.
   - Toliara project FID expected Q2 2026; standalone HMS project with 4:1 revenue/cost ratio.
3. **Heavy Mineral Sands**: 
   - Sold $15.5M of ilmenite/rutile/zircon; exploring offtake agreements with Chemours and POSCO.

**【Financial Highlights】**
- Q1 net loss $26.3M ($0.13/share) due to R&D and market holdouts; operating costs $35-40/lb.
- Inventory build: 600K lbs uranium, 2-2.5M lbs processable ore.
- No uranium sales in Q1; rare earth production restart possible in 2026.

**【Q&A Key Takeaways】**
- **Funding Strategy**: Diversified sources including debt, government partnerships, and offtake financing.
- **Cost Control**: Mining costs $35-40/lb; HMS project 4x cost efficiency vs. rare earth peers.
- **Government Engagement**: DOE/DOD support for rare earth campaigns; Navajo Nation ore cleanup collaboration.
- **Toliara Timeline**: DFS release Q2 2025; FID Q2 2026; construction start 2027.


Energy Fuels, Inc. (UUUU) Q1 2025 Earnings Call Transcript

- **Uranium Production Growth**: 1.73-1.17M lbs newly mined + 200K lbs alternate feed in 2025
- **Rare Earths Expansion**: 1,000 tonnes/year (NdPr) now; 6,000 tonnes/year by 2028
- **Toliara Project Momentum**: Madagascar government advancing FID for Q2 2026
- **Liquidity Strength**: $178M cash & no debt
- **Spot Market Caution**: No uranium sales at $65/lb; 2025 spot sales contingent on price recovery
- **Critical Minerals Diversification**: Heavy mineral sands projects in 3 continents


**【CEO Opening Remarks】**
- Energy Fuels is building a global critical minerals powerhouse, combining uranium production with rare earth and heavy mineral sands projects. 
- 2024 achievements include: 
  - Resumed commercial uranium production
  - Secured world-class critical mineral assets
  - Commercially recovered separated rare earth elements (38,000 kg of NdPr)
  - Advanced Toliara project in Madagascar
- 2025 uranium production guidance: 1.73-1.17M lbs newly mined + up to 200K lbs alternate feed
- Inventory build target: 1.6-2.3M lbs of uranium by year-end
- Rare earth capacity: 1,000 tonnes/year (NdPr) with Phase 2 expansion underway
- Heavy mineral sands projects in Madagascar, Australia, and Brazil

**【Financial Highlights】**
- 2024 net loss: $48M (driven by acquisition costs)
- Key revenue streams: 
  - Uranium sales: 450K lbs at $84/lb avg, $21M gross profit
  - Heavy mineral sands: $40M in ilmenite, rutile, zircon sales
- Liquidity: $178M (cash, marketable securities, inventory)
- No debt; raised $60M via ATM at $5.34/share

**【Q&A Key Takeaways】**
1. **Uranium Market Dynamics**
- Spot price weakness ($65/lb) due to geopolitical uncertainty
- Term contracts remain strong at $82/lb
- 2025 sales strategy: 200-300K lbs under contract + opportunistic spot sales

2. **Rare Earths & Toliara Project**
- Toliara project FID expected Q2 2026; Madagascar government supportive
- Phase 2 plant to reach 6,000 tonnes/year (NdPr) by 2028
- Donald JV in Australia targeting 7-14K tonnes/year monazite

3. **Financing & Strategy**
- $60M ATM proceeds for project development
- Seeking non-dilutive financing via offtake agreements
- U.S. government engagement on critical minerals strategy

4. **Operational Costs**
- Uranium processing cost: $35-40/lb (low-cost Pinyon Plain ore)
- 2025 ore production split: 70% Pinyon Plain, 30% La Sal/Pandora
- Alternate feed provides flexibility to manage inventory


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