Energy Fuels Inc. reported substantial progress in uranium sales and rare earth element development during the quarter ended September 30, 2025, achieving higher sales and revenues while maintaining low-cost uranium production. The company's strategic positioning for increased gross margins in 2026 comes during a period of growing demand for critical minerals, as emphasized by CEO Mark Chalmers. The financial results demonstrate the company's ability to capitalize on market opportunities while advancing its diversified mineral portfolio across multiple continents.
The rare earth segment showed particularly significant advancement with heavy rare earth element pilot production at the White Mesa Mill facility in Utah. Energy Fuels successfully completed neodymium-praseodymium qualification for major automakers, representing a crucial step in supplying materials for electric vehicle motors and other clean energy technologies. This development positions the company as a key supplier in the rapidly expanding electric vehicle market, where rare earth elements are essential components of high-performance motors and battery systems.
Internationally, the company secured government approvals for the Donald Project joint venture in Australia, where Energy Fuels has the right to earn up to a 49% interest in partnership with Astron Corporation Limited. This international expansion complements the company's domestic operations and provides additional exposure to global critical mineral markets. The strategic partnerships and joint ventures enable Energy Fuels to leverage local expertise while maintaining its core focus on uranium and rare earth element production.
Financial strength emerged as a key highlight of the quarter, with Energy Fuels ending the period with nearly $1 billion in working capital following a $700 million upsized convertible note offering. This substantial capital position provides significant flexibility to advance multiple projects and expand production capabilities across the company's mineral portfolio. The company maintains its position as a leading U.S. producer of natural uranium concentrate, which is sold to nuclear utilities for the production of carbon-free nuclear energy, contributing to the global transition toward cleaner energy sources.
Beyond uranium processing, the White Mesa Mill facility produces advanced rare earth element products and vanadium oxide when market conditions warrant. The company is also evaluating the potential recovery of medical isotopes from existing uranium process streams for emerging Targeted Alpha Therapy cancer treatments, representing potential diversification into the healthcare sector. Additional project development includes heavy mineral sands projects in Madagascar, Brazil, and Australia, further expanding the company's global footprint in critical mineral production. Investors can access detailed financial information through the company's official communications channels, including the comprehensive quarterly report available at https://ibn.fm/1axo4.
