DENVER, Colorado — February 27, 2026 — Leads & Copy —
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) reported its financial and operational results for the year ended December 31, 2025, highlighting increased uranium sales, over one million pounds of low-cost U.S. uranium production, ongoing heavy rare earth pilot production, and the completion of an upsized $700 million convertible senior notes offering.
According to an earlier announcement, details for the company’s February 27, 2026, earnings call are forthcoming.
CEO Mark Chalmers stated that 2025 was a breakout year for Energy Fuels, achieving numerous milestones that are expected to set the stage for future cashflow generation and competitive advantages in the critical material space. Chalmers added that the company has raised its profile among investors, customers, and governments, and has been recognized as the largest and lowest-cost U.S. uranium producer, and an emerging global critical materials leader.
The company exceeded 2025 guidance on all uranium metrics, including mining, production, and sales, while lowering unit costs. Uranium revenue is increasing, and the company signed two new long-term contracts with major utilities that are expected to increase portfolio pricing in the coming years.
Energy Fuels made investments in its rare earth segment in 2025. The company believes that vertical integration and access to low-cost molecules are key to higher margins, increased market share, and overall competitiveness in the space.
The company is proposing to acquire Australian Strategic Materials (ASM) to expand its reach into rare earth metals and alloys. The proposed acquisition of ASM will also bring another potential material source of feedstock from the Dubbo project located in NSW, Australia.
According to Ross Bhappu, President of Energy Fuels, feasibility studies have been released for several development projects, including the proposed Phase 2 Circuit expansion of rare earth processing at the White Mesa Mill in Utah and the Vara Mada project in Madagascar, demonstrating impressive net present values and future cashflows. The combined NPV of the Phase 2 Circuit and the Vara Mada project is $3.7 billion, or $15.26 per share, with expected EBITDA of $765 million for the first 15 years.
The estimated capital cost for the Phase 2 Circuit is $410 million, and the estimated all-in production cost is $29.39/kg NdPr equivalent produced from the Vara Mada project.
Bhappu will be appointed to the role of President and Chief Executive Officer of the Company on April 15, 2026, and Mark Chalmers, the current CEO, will be retiring at the same time. Upon his retirement, Chalmers will continue as a consultant to the Company exclusively for two years to support Bhappu and others in the Company with current and future growth initiatives.
Key financial highlights as of December 31, 2025, include a robust balance sheet with $927.4 million of working capital and the completion of an upsized $700 million convertible senior notes offering. The company incurred a net loss of $86.1 million or $0.38 per share, which is an increase from a net loss of $47.8 million or $0.28 per share for 2024.
Uranium milestones include $48.2 million in revenue from the sale of 650,000 pounds of U3O8, mining over 1.7 million pounds of contained U3O8, and processing and producing over 1.0 million pounds of finished U3O8. The company entered into two new long-term uranium contracts in Q4 2025 with U.S. nuclear power generating companies, expanding its portfolio to six long-term uranium contracts with deliveries extended out to 2032.
The company expects to continue mining its Pinyon Plain, La Sal and Pandora mines to process and/or stockpile ore and mineralized material at the Mill to meet its contract deliveries and complete potential spot sales, subject to market conditions.
The company plans to continue test work and design and to commission and begin operating a pilot facility to produce R&D quantities of Ra-226 for testing by end-users of the product. Upon successful production of R&D quantities of Ra-226, Energy Fuels plans to develop capabilities at the Mill for the commercial-scale production of Ra-226 and potentially Ra-228 by as early as 2028, conditional on completion of engineering design, securing sufficient offtake agreements for final radium production and receipt of all required regulatory approvals.
Rare earth element milestones include planned expansion of the Phase 1 Circuit and Phase 2 expansion planned to enable large-scale production of light and heavy REEs.
The spot price of U3O8 is $89.50 per pound and the long-term price of U3O8 is $90.00 per pound, according to price data from TradeTech as of February 20, 2026.
European NdPr, Dy and Tb prices were $130/kg, $1,125/kg and $4,500/kg, respectively, as of February 19, 2026, according to price data from Benchmark Mineral Intelligence.
Advancement of the Vara Mada Project remains subject to a positive FID, regulatory approvals and the resolution of outstanding fiscal and permitting matters with the Government of Madagascar.
The Donald Project is of particular interest as the monazite concentrate has exceptional concentrations of the heavy rare earth elements, including Dy, Tb, and Sm.
The Company continues to advance its medical isotope initiatives to separate critical radioisotopes to support plans for the development and production of medical isotopes used in cancer treatments.
The Company’s Annual Report on Form 10-K has been filed with the U.S. Securities and Exchange Commission.
Ross Bhappu, the President of the Company, will be appointed to the role of President and Chief Executive Officer of the Company on April 15, 2026, and Mark Chalmers, the current CEO, will be retiring at the same time.
Energy Fuels invites all stakeholders to join its upcoming February 27, 2026, earnings call.
Source: Energy Fuels Inc.
