Energy Fuels Announces Q2-2025 Results

Record-breaking performance at U.S. uranium mine to drive lower-cost U₃O₈ production; advancement of world class rare earth element and heavy mineral sands projects, including receipt of final major regulatory approval for the Company’s Donald Project and advancement of heavy rare earth oxide separations; significantly improved rare earth element pricing environment; improved financial results and strengthened balance sheet compared to Q1 2025.

DENVER, Aug. 6, 2025 /PRNewswire/ – Energy Fuels Inc. (NYSE:UUUU) (TSX:EFR) (“Energy Fuels” or the “Company”), a leading U.S. producer of uranium, rare earth elements (“REEs“), and other critical minerals, today reported its financial results for the quarter ended June 30, 2025. The Company previously announced details for its upcoming August 7, 2025, earnings call.

“This quarter delivered proof that our long-term commitment to the Pinyon Plain uranium mine has been worth the effort, as the mine continues to be one of the highest, if not the highest, grade uranium mine in U.S. history,” said Mark Chalmers, Energy Fuels’ Chief Executive Officer. “The exceptional production at this mine is a ‘once in a lifetime event’ and has come at the perfect time for Energy Fuels as it places us in the enviable position of increasing production while lowering costs.

“Based on the high mined grades and production so far, we anticipate sustained production and high grades at Pinyon Plain for several additional years beyond our initial estimates, which offers sustained low unit costs – possibly around $23 – $30 per pound U₃O₈ for dramatically higher expected uranium margins. While our uranium segment showed a loss this quarter due to limited uranium sales, revenue from upcoming contract deliveries, along with possible spot market sales during the remainder of 2025, is expected to provide substantial cash flow starting this year and getting into full swing in 2026 and subsequent years, to be offset against our global operating and capital costs.

“Equally important, is our progress as a leader in the U.S. REE industry as we continue to advance our rare earth processing capabilities and heavy mineral sands assets towards production, particularly in light of significant recent improvements in REE markets. Chinese neodymium-praseodymium prices have increased approximately 19.5% from $61.88 to $73.93 per kg over the last month, and recently published European dysprosium and terbium oxide prices of $800 per kg and $3,625 per kg exceed the published Chinese prices of $230 per kg and $988 per kg, respectively, by 348% and 367%, reflecting the scarcity of these REE oxides outside of China and their importance to markets in the United States and Europe.

“We are also very pleased that the Government of Victoria, Australia has approved the Work Plan for the construction and operation of the Company’s Donald Rare Earth and Mineral Sand Project located in the Wimmera region of Victoria, which we believe is one of the best, near-term sources of ‘mid’ and ‘heavy’ REEs needed for numerous commercial and defense applications. This is the final major regulatory approval required to construct and operate the Donald Project and enables the finalization of critical activities, including arrangements for debt and equity financing, before a final investment decision can be made.

“Naturally, we are also very excited about having successfully developed the technology that we believe is required to commercially produce ‘heavy’ REEs at scale through expansion of our existing REE production capability in Utah, particularly in light of these rising dysprosium and terbium prices. In fact, we are now in the process of producing dysprosium oxide at pilot scale at the Company’s White Mesa Mill in Utah, with our first kilogram of dysprosium oxide expected in August 2025, our first production of terbium oxide expected in November 2025, and our first production of samarium oxide expected in Q1 2026. Assuming the pilot scale production continues to be successful, the Company could be in a position to produce dysprosium, terbium and samarium on a commercial scale at its existing Phase 1 rare earth element separation circuit at the Mill, with minor modifications, as early as Q4 2026 from existing feed sources and, if a positive final investment decision is made in 2025, as early as Q4 2027 from monazite feed produced at our permitted Donald Project in Australia. 

“These commodity lines are complementary to our core uranium business with the expected ability to provide consistent cash flow and long-term shareholder growth value.”

Q2-2025 Highlights

Unless noted otherwise, all dollar amounts are in U.S. dollars.

Financial Highlights:

• Robust Balance Sheet with Over $250 million of Liquidity and No Debt: As of June 30, 2025, the Company had $253.23 million of working capital including $71.49 million of cash and cash equivalents, $126.41 million of marketable securities (short-term interest-bearing securities and uranium equities), $7.79 million of trade and other receivables, $76.50 million of inventory, and no debt, which puts the Company in a strong position as it advances its projects.
• Over $13 Million of Additional Liquidity from Market Value of Inventory: At August 1, 2025 commodity prices, the Company’s product inventory has a market value of approximately $56.25 million, while the balance sheet reflects product inventory carried at historical cost of $43.00 million.
• Net Loss of $21 Million Shows Improved Financial Results Compared to Q1 2025: During Q2-2025, the Company incurred a net loss of $21.81 million, or $0.10 per common share, which is an improvement compared to a net loss of $26.32 million, or $0.13 per common share during Q1-2025.
• Well-Stocked to Capture Market Opportunities and to Meet Long-term Contract Obligations: As of June 30, 2025, the Company held a total of 1,875,000 pounds of U₃O₈ in inventory, including 725,000 pounds of finished U₃O₈, 1,100,000 pounds of U₃O₈ in ore and raw materials, and 50,000 pounds of work-in-progress U₃O₈. Inventory increased from last quarter due to Pinyon Plain, La Sal and Pandora mine ore production. The Company expects these uranium inventories to continue increasing, as we continue to mine additional ore and purchase ore from third parties, offset by upcoming contract uranium sales and potential spot sales. The Company continues to elect to retain most of its finished uranium product in inventory in anticipation of higher uranium prices. The Company also held 905,000 pounds of finished vanadium (“V₂O₅“), 37,000 kilograms (“kg“) of finished separated neodymium-praseodymium (“NdPr“) oxide and 9,000 kg of finished high purity, partially separated mixed “heavy” samarium-plus (“Sm⁺“) rare earth carbonate (“RE Carbonate“) in inventory.

Uranium Milestones:

• Finished U₃O₈ Production: The Company produced a total of 180,000 pounds of finished U₃O₈ at its White Mesa Mill (the “Mill“) in Utah during the three months ended June 30, 2025, from newly mined ore and stockpiled alternate feed materials.
• U₃O₈ Sales: The Company sold a total of 50,000 pounds of U₃O₈ during Q2-2025 on the spot market for $77.00 per pound realizing total gross proceeds of $3.85 million and a gross margin of 31%. Spot uranium prices during the quarter were relatively weak, with weekly prices averaging $70.26 during Q2 2025. Therefore, as the Company believes prices will improve later in 2025, the Company elected to make only one small sale of U₃O₈ during the quarter.
• Q2 2025 Uranium Mine Production: During Q2-2025, the Company mined ore containing approximately 665,000 pounds of uranium from its Pinyon Plain and La Sal mines with an average grade of 2.23% U₃O₈ at the Pinyon Plain mine, which the Company believes is one of the highest-grade uranium mines in U.S. history. Production rates at the mine have steadily increased over the past several months, with ore being stockpiled for a large-scale ore processing run at the Mill beginning in Q4 2025.
• Expected 2025 Uranium Mine Production: The Company continues to mine and stockpile ore from its Pinyon Plain, La Sal and Pandora mines, which is expected to total approximately 875,000 to 1,435,000 pounds of U₃O₈ contained in approximately 55,000 to 80,000 tons of ore from these mines during 2025, subject to market conditions, mining rates and other factors. The Company also expects to purchase uranium ore from third-party miners in the region, and there is the potential to receive additional alternate feed materials and mine cleanup materials, expected to add a total of approximately 160,000 to 200,000 pounds of additional contained uranium to ore inventories, all of which will be processed as market conditions, Mill schedules, and contract requirements may warrant.
• Expected FY 2025 Finished Uranium Product Production: The Company currently expects to process up to approximately 670,000 pounds of U₃O₈ in Q4 2025 from stockpiled ore mined from its Pinyon Plain, La Sal and Pandora mines. This ore processing run is expected to continue through Q1 2026. Expected Q4 2025 production, combined with the Company’s 330,000 pounds of production during Q1 and Q2 2025, will result in the production of up to approximately 1,000,000 pounds of finished U₃O₈ for 2025.
• Uranium Sales During the Remainder of 2025: The Company expects to sell 140,000 pounds of uranium during Q3 2025 and 160,000 pounds in Q4 2025, under the Company’s existing long-term contracts with utilities. The Company may sell additional uranium on the spot market during the remainder of 2025, depending on market conditions. In 2026, the Company expects to sell between 620,000 and 880,000 pounds of U₃O₈ under its current portfolio of long-term uranium sales contracts.
• Expected Year End U₃O₈ Inventory: As a result of these sales, plus planned 2025 mine production, at the end of 2025, the Company expects to hold a total of 1,985,000 to 2,585,000 pounds of U₃O₈ in ore inventories, including approximately 925,000 to 1,225,000 pounds of finished U₃O₈ inventory, subject to any additional spot sales that may be made in 2025. This expected finished goods uranium inventory is expected to be sufficient to satisfy the Company’s 2025, 2026 and a large portion of the Company’s current 2027 delivery requirements under existing contracts.
• Changes in Guidance: As a result of the spot sale of 50,000 pounds of U₃O₈ during Q2 2025 and the flex-up by the Company’s utility customers of deliveries under the Company’s long-term contracts from 220,000 pounds of U₃O₈ to 300,000 pounds of U₃O₈ in 2025, the Company is changing its sales guidance for 2025 from 220,000 pounds to 350,000 pounds of U₃O₈, not counting additional spot sales the Company may make depending on market conditions. No other changes have been made to the Company’s previously published guidance. The Company’s revised guidance for 2025 is as follows:

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