Energy Fuels Inc. is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. Recently, the uranium sector has shown signs of increased strength, primarily influenced by growing recognition of nuclear power’s role in combating climate change, the need for energy security, and rising uranium prices. Apart from their uranium production, Energy Fuels announced in April 2021 their diversification into rare earth element (REE) production, considering the growing demand and the strategic implications of these critical minerals for the United States. By leveraging the existing facilities and infrastructure at their White Mesa Mill in Utah, they aim to create a fully integrated rare earth element production facility. This move is of strategic importance given that the U.S. currently depends on China for about 80% of its rare earths supplies, elements that are critical for the manufacturing of military technologies, renewable energy systems, electric vehicles, and various high-tech applications. Energy Fuels Inc. believes that, with its foray into the rare earths sector along with its established uranium production, it is ideally positioned to support U.S. clean energy initiatives and defense applications.

Energy Fuels, a prominent player in America’s uranium sector, looks forward to gaining more strength with rising interest in nuclear power. With an anticipated increase in uranium value due to its role in combating climate change, the company is well-positioned for future growth.

The company is also ramping up rare earths as a strategic addition to its uranium business. Rare earths are used in various high-tech and green technologies, including electric vehicles, renewables, and many defense applications.

Despite the challenging market conditions in 2020, Energy Fuels made significant progress consolidating its position in the uranium sector. The company maintained its industry-leading uranium production capacity, carried a sizeable U.S. uranium inventory and restored full operational capacity at the White Mesa Mill.

The decision to move forward with establishing rare earth production capabilities provides a new strategic focus for the company. Energy Fuels’ entry into the rare earth sector is a positive step towards ensuring a domestic supply of these critical minerals. The company plans to recover rare earth minerals from the ore they process and will be the sole North American company capable of such diverse mineral extraction.

The development follows the U.S. Government’s calls to end reliance on China for rare earth supplies. Notably, producing both uranium and rare earths gives Energy Fuels a unique position in the market.

Looking forward, Energy Fuels expresses optimism and is aggressively working on the scale-up of its rare earth business. Realization of this strategy could make the company not only a significant uranium producer but also a key player in the rare Earth space – a combination that reflects the company’s mission to provide energy and technology minerals needed in today’s clean and advanced economy.