DENVER, Feb. 26, 2026 /CNW/ - 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 and operational results for the year ended December 31, 2025. The Company previously announced details for its upcoming February 27, 2026, earnings call.
"2025 was a breakout year for Energy Fuels, as we achieved numerous operational, ramp-up, and growth milestones that we believe set the stage for significant future cashflow generation, market differentiation, and competitive advantages in the critical material space in the next few years," said Mark Chalmers, Energy Fuels' Chief Executive Officer. "As a result, we have raised our profile among investors, customers, and governments to be recognized as, not only the largest and lowest cost U.S. uranium producer, but also as an emerging global critical materials leader.
"In our uranium segment, we ended the year exceeding 2025 guidance on all metrics, including mining, production, and sales, while lowering our unit costs. Our uranium revenue is ramping up, and we signed two new long-term contracts with major utilities that are expected to increase our portfolio pricing in the coming years. In addition, we are investing significantly in our industry-leading U.S. assets, as we expect to remain the country's uranium leader for many years to come.
"Equally impressive has been our progress in rare earth processing and production. Energy Fuels' rare earth products have been confirmed, qualified, and used by manufacturers for EVs and hybrid EVs. In 2025, we made considerable investments in our rare earth segment. We strongly believe now is the time to capture opportunities, as vertical integration and access to low-cost 'molecules' are the key to higher margins, increased market share, and overall competitiveness in the space. In years past, we invested 'upstream' by securing low-cost rare earth feedstock at our Donald joint venture in Australia, Vara Mada project in Madagascar, and Bahia project in Brazil. Now, we are investing 'downstream', including our recently announced proposed acquisition of Australian Strategic Materials ("ASM"), which upon completion, will expand our reach into highly coveted 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.
Ross Bhappu, President of Energy Fuels, added "We recently released feasibility studies for several of our development projects, including the proposed Phase 2 Circuit expansion of our rare earth processing at the White Mesa Mill in Utah and our 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 (based on current shares outstanding), with expected EBITDA of $765 million for the first 15 years when the Phase 2 Circuit is combined with the expected EBITDA from the Vara Mada project over those years.
"With an estimated capital cost of $410 million for the Phase 2 Circuit and an estimated all-in production cost of $29.39/kg NdPr equivalent produced from our Vara Mada project, we believe our REE oxide production ranks among the lowest capital and operating costs globally.
Mr. Bhappu continued, "We believe interest in Energy Fuels is accelerating as customers, governments, and investors favor companies like us that deliver on promises. We think we are turning a corner, as past investments could generate substantial cashflows and profits across several segments by decade's end."
Succession Planning Update:
The Company's succession plans are proceeding as expected and, in accordance with existing employment agreements, it is anticipated that Mr. 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 Mr. Mark Chalmers, the current CEO, will be retiring at the same time which is his planned retirement date. Upon his retirement, Mr. Chalmers will continue as a consultant to the Company exclusively for two years to support, as required, Mr. Bhappu and others in the Company with current and future growth initiatives.
2025 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
Robust Balance Sheet with Over $900 million of Liquidity: As of December 31, 2025, the Company had $927.4 million of working capital, including $64.7 million of cash and cash equivalents, $797.1 million of marketable securities (short-term, interest-bearing securities and uranium equities), $18.0 million of trade and other receivables, and $73.5 million of inventory, which puts the Company in a strong position to continue to advance its projects.
Completed Upsized $700 Million Convertible Senior Notes Offering: On October 3, 2025, the Company closed its upsized offering of 0.75% Convertible Senior Notes due in 2031 for an aggregate principal amount of $700.0 million, including the exercise in full by the initial purchasers of their option to purchase an additional $100.0 million of notes, on a deal led by Goldman Sachs & Co. LLC. The notes have a conversion price of $20.34 per common share of Energy Fuels ("Common Share"), which represented a premium of approximately 32.5% to the last reported sale price of the Common Shares on the NYSE American on September 30, 2025, subject to customary anti-dilution adjustments. The effective conversion price of the notes was increased to $30.70 (representing a premium of 100% over the last reported sale price of the Common Shares on the NYSE American on September 30, 2025) through the purchase of capped call transactions.
Net Loss of $86 Million: 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. The increase was primarily due to higher ongoing costs as expected following the acquisition of Base Resources Limited in Q4 2024, including approximately $15.0 million increased ongoing selling, general and administrative costs associated with an expanded workforce to effectively progress the Company's global operations. Exploration and development costs were approximately $9.0 million higher to progress our projects, including: further exploration and development activities relating to the Juniper Zone at the Pinyon Plain Project, development at the La Sal Project, exploration at the Bahia Project and delineation drilling at Nichols Ranch. The Company also incurred approximately $6.9 million in charges for changes in Madagascar tax law and exploration projects the Company is no longer pursuing as it focuses on its core projects. Additionally, the average month end spot prices for uranium were approximately 13.8% lower in 2025 verses 2024 thereby reducing our revenues per pound.
Uranium Milestones:
$48 Million in Revenue: The Company sold 650,000 pounds of U3O8 at a weighted average realized price of $74.21 per pound for total uranium revenues of $48.2 million. Spot market sales totaled 350,000 pounds for revenue of $26.9 million at a weighted average realized price of $76.90 per pound, while long-term contract sales totaled 300,000 pounds for revenue of $21.3 million at a weighted average realized price of $71.06 per pound.
Mined Over 1.7 Million Pounds of Contained U3O8: The Company continued mining at its Pinyon Plain, La Sal, and Pandora mines with combined mined ore and mineralized material containing approximately 1,720,000 pounds of U3O8. At its Pinyon Plain mine, the Company mined ore containing approximately 1,530,000 pounds of U3O8 with an average grade of approximately 1.62% eU3O8, which the Company believes makes Pinyon Plain one of the highest-grade uranium mines in U.S. history.
Processed and Produced Over 1.0 Million Pounds of Finished U3O8: The Company processed and produced 1,015,000 pounds of finished U3O8 in 2025. The Company commenced its conventional ore processing campaign at the White Mesa Mill in Utah (the "Mill") in Q4 2025 as planned, which is expected to continue through Q2 2026 and is expected to support contracted U3O8 deliveries and potential spot sales in 2026. See below for further details.
Two New Long-Term Utility Contracts: 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. Both contracts retain exposure to uranium market upside by utilizing hybrid pricing, whereby a portion of the final sales price is calculated on a base escalated price with the other portion based on the spot price at the time of delivery, subject to floors and ceilings.
Well-Stocked to Meet Long-term Contract Obligations and Capture Market Opportunities: Due to mined ore production at the Pinyon Plain, La Sal and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long-term uranium contract sales and potential spot sales as market conditions warrant. The Company's inventory balances at the end of 2025 were as follows:
Ore, mineralized material and raw materials (contained pounds of U3O8)
1,240,000
Work-in-process (contained pounds of U3O8)
130,000
Finished pounds of U3O8
810,000
Total pounds of finished and contained U3O8
2,180,000
Exceeded 2025 Guidance: The Company exceeded its production and sales guidance for 2025, which is summarized as follows:
2025 Guidance, as revised Q2 2025
Low
High
2025 Actuals
Mined (contained pounds of U3O8)
875,000
1,435,000
1,720,000
Processed (finished pounds of U3O8)
700,000
1,000,000
1,015,000
Sales (pounds of U3O8)
350,000
350,000
650,000
2026 Guidance: 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's production and sales guidance for 2026 is as follows:
Low
High
Mined (contained pounds of U3O8)
2,000,000
2,500,000
Processed (finished pounds of U3O8)(1)
1,500,000
2,500,000
Sales (pounds of U3O8)(2)
1,500,000
2,000,000
(1) Assumes the current conventional uranium Mill run continues through Q2 2026, but could be longer depending on availability of stockpiled ore and mineralized materials available for processing. The Company is also looking at various additional REE processing capabilities at the Mill later in ...
