Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has announced the results of a Bankable Feasibility Study for its planned Phase 2 rare earth element (REE) processing circuit expansion at its 100%-owned White Mesa Mill in Utah. The study confirms strong economics, competitive costs, and the potential to supply a significant share of U.S. rare earth demand, according to a press release disseminated on behalf of the company.
The study outlines an estimated $410 million initial capital cost, with an after-tax net present value (NPV) of $1.9 billion at an 8% discount rate and a 33% internal rate of return (IRR) for the Phase 2 Circuit on a standalone basis. When paired with the Vara Mada project, the combined NPV rises to $3.7 billion. Upon commissioning, the Phase 2 Circuit is expected to expand neodymium-praseodymium (NdPr) oxide production capacity to more than 6,000 tonnes per year, positioning the White Mesa Mill among the world’s largest and lowest-cost producers of light and heavy rare earth oxides.
The company anticipates obtaining regulatory approval by mid-2027, with construction and commissioning targeted by the first quarter of 2029. This expansion is critical for reducing U.S. dependence on foreign rare earth supply chains, as rare earth elements are essential for permanent magnets used in electric vehicles, wind turbines, and defense applications.
Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. The company owns and operates several conventional and in-situ recovery uranium projects in the western United States and has been the leading U.S. producer of natural uranium concentrate for the past several years. The White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the United States. At the mill, Energy Fuels also produces advanced REE products and vanadium oxide, and is evaluating the potential recovery of medical isotopes from existing uranium process streams for Targeted Alpha Therapy cancer treatments.
Energy Fuels is also developing three heavy mineral sands projects: the 100%-owned Vara Mada Project in Madagascar, the 100%-owned Bahia Project in Brazil, and the Donald Project in Australia, where Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The company is based near Denver, Colorado, and trades its common shares on the NYSE American under the symbol “UUUU” and on the Toronto Stock Exchange under “EFR.”
The full press release is available at https://ibn.fm/32xlV. For the latest news and updates relating to UUUU, visit the company’s newsroom at http://ibn.fm/UUUU.
