Energy Fuels Reports Strong Q3 2025 Results with $1 Billion Working Capital and Rare Earth Progress

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) reported financial results for the quarter ended September 30, 2025, demonstrating robust performance across its uranium and rare earth elements operations. The company, a leading U.S. producer of critical minerals, achieved higher sales and revenues while maintaining low-cost uranium production, setting the stage for increased gross margins in 2026 according to CEO Mark Chalmers.

The company's uranium operations continued to show strength, with Energy Fuels maintaining its position as the leading U.S. producer of natural uranium concentrate. This production supports nuclear utilities in generating carbon-free nuclear energy, contributing to the growing demand for clean energy solutions globally. The company's ability to sustain low-cost production during a period of increasing uranium prices positions it advantageously in the nuclear fuel market.

Significant progress was made in the rare earth elements segment, with heavy rare earth pilot production underway at the White Mesa Mill in Utah. The facility, which represents the only fully licensed and operating conventional uranium processing facility in the United States, has advanced its capabilities to produce neodymium-praseodymium (NdPr) products that have achieved qualification for major automakers. This development is crucial for the electric vehicle industry, which relies heavily on these rare earth elements for permanent magnet motors.

Energy Fuels also secured government approvals for the Donald Project joint venture in Australia, where the company has the right to earn up to a 49% interest in partnership with Astron Corporation Limited. This project represents one of three heavy mineral sands developments the company is advancing, alongside the Toliara Project in Madagascar and the Bahia Project in Brazil. These projects expand Energy Fuels' global footprint in critical minerals production beyond its established U.S. operations.

The company ended the quarter with nearly $1 billion in working capital following a successful $700 million upsized convertible note offering. This substantial financial position provides Energy Fuels with significant flexibility to advance its various projects and capitalize on growing market opportunities in the critical minerals sector. The strong balance sheet supports the company's strategy to expand production capacity across its uranium, rare earth elements, and heavy mineral sands portfolios.

Beyond its core uranium and rare earth operations, Energy Fuels continues to evaluate potential recovery of medical isotopes from existing uranium process streams. These isotopes are needed for emerging Targeted Alpha Therapy cancer treatments, representing another potential growth avenue for the company's diversified critical minerals business. The latest news and updates relating to UUUU are available in the company's newsroom at http://ibn.fm/UUUU.

The company's performance during the quarter reflects the increasing importance of domestic critical minerals production for energy security, technological advancement, and environmental sustainability. As global demand for clean energy and advanced technologies continues to grow, Energy Fuels' diversified portfolio and operational achievements position it as a key player in supplying the essential materials needed for the energy transition and technological innovation.