"Building on the strong foundation established under the leadership of Mark Chalmers, I am honored to step into the role of CEO and lead Energy Fuels through its next phase of growth," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "My immediate focus is disciplined execution—continuing to align our global teams, advancing development projects with a strong emphasis on schedule certainty and capital efficiency, and strengthening the operational foundation required to support sustained, long‑term growth as a vertically integrated critical materials company.
"During the quarter, we made meaningful progress across our portfolio. We successfully produced terbium oxide at pilot scale, announced the planned acquisition of Australian Strategic Materials, and made the decision to install infrastructure at the White Mesa Mill to enable future production of heavy rare earth oxides, including samarium, europium, gadolinium, terbium and dysprosium. In our uranium business, we delivered 510,000 pounds of U3O8 to customers, meeting contract commitments, capitalizing on favorable spot market conditions, and remained on track to achieve our full-year uranium production and sales guidance.
"Across our uranium development portfolio, activity continues to accelerate. At Nichols Ranch and Whirlwind, development efforts are positioning us to quickly respond to favorable market conditions. In parallel, we have accelerated permitting on key development assets, including Roca Honda and Bullfrog, enhancing our ability to scale long-term domestic production in support of growing U.S. nuclear energy demand. Development of our rare earth elements and mineral sand business continues across multiple assets, including ongoing progress at our Donald Project joint venture in Australia, which has the potential to advance to construction in the near-term and provide a long-term source of monazite to our White Mesa Mill in Utah, with exceptional concentrations of both light and heavy rare earth oxides.
"Taken together, our Q1 results reflect solid execution today and reinforce the long-term opportunity in front of Energy Fuels."
Q1 2026 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
Robust Balance Sheet with Over $950 million of Liquidity: As of March 31, 2026, the Company had $956.6 million of working capital, including $108.4 million of cash and cash equivalents, $802.2 million of marketable securities (comprised primarily of short-term, interest-bearing securities and uranium equities), $7.6 million of trade and other receivables, and $69.0 million of inventory. This liquidity supports ongoing operations and project development.
Net Loss of $11 Million; Significant Year-over-Year Improvement: The Company incurred a net loss of $10.8 million ($0.04 per share) during the quarter, a substantial improvement from last year's Q1 net loss of $26.3 million ($0.13 per share). The improvement was driven primarily by higher uranium concentrate revenues and an increase in other income, partially offset by higher operating costs between periods.
Over $8 Million Generated from Operating Cash Flows: The Company generated $8.3 million in cash from operating activities during the three months ended March 31, 2026, compared to $18.8 million used in cash from operating activities during the same period in 2025. The improvement resulted mainly from increased uranium revenues, including the collection of a significant portion of receivables within the quarter and reduced cash outflows for the reclamation activities at the Kwale Project.
$36 Million in Revenue: The Company sold 510,000 pounds of U3O8 at a weighted average realized price of $70.04 per pound for total uranium revenues of $35.7 million. Spot market sales totaled 100,000 pounds for revenue of $9.6 million at a weighted average realized price of $95.88 per pound, while long-term contract sales totaled 410,000 pounds for revenue of $26.1 million at a weighted average realized price of $63.74 per pound.
Uranium Milestones:
Mined 425,000 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 425,000 pounds of U3O8. At its Pinyon Plain mine, the Company mined ore containing approximately 375,000 pounds of U3O8 with an average grade of approximately 1.12% eU3O8. Lower grades were reported in Q1 as the Company moved between high-grade zones. Grades are expected to increase in the coming periods.
Produced Nearly 800,000 Pounds of Finished U3O8: The Company produced 790,000 pounds of finished U3O8 in Q1 2026 and reached 1 million pounds in April. Conventional ore processing at the White Mesa Mill in Utah (the "Mill") began as planned in Q4 2025 and, along with alternate feed material processing, is expected to continue throughout 2026, supporting contracted deliveries, potential spot sales, and reducing production costs. See below for further details.
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 Q1 2026 were as follows:
Ore, mineralized material and raw materials (contained pounds of U3O8)(1)
960,000
Work-in-process (contained pounds of U3O8) (1)
180,000
Finished pounds of U3O8
1,100,000
Total pounds of finished and contained U3O8(1)
2,240,000
(1) Estimated.
Guidance Unchanged: The Company's guidance for 2026 remains unchanged 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 conventional uranium Mill run continues through 2026 including downtime for planned maintenance. The conventional Mill run is expected to be completed once available stockpiled mineralized materials have been processed. A subsequent Mill run will proceed pending receipt of sufficient mineralized material stockpiles to justify the restart, which is currently expected to be later in 2026 or early in 2027.
(2)
Subject to sales into the spot market depending on market conditions.
Uranium Production Costs Reduced in Q1-2026: As of March 31, 2026, the Company's finished inventories of U3O8 had a weighted average cost of approximately $36 per pound, representing a reduction of approximately $7 per pound (16%) versus December 31, 2025. As previously disclosed, the cost to mine, transport and process Pinyon Plain ore is approximately $23 to $30 per pound. The Company plans to continue processing low-cost Pinyon Plain ore during 2026, blending it with relatively smaller quantities of lower grade, higher cost La Sal/Pandora and other mineralized material (at the Company's discretion), along with previously produced and purchased finished inventories from various sources over the years. The Company expects production costs to continue to decrease throughout 2026 as Pinyon Plain material is processed and sold.
Uranium Price Update: The spot price of U3O8 is $86.25 per pound and the long-term price ...
