Company profile
Energy Fuels: what it does, projects, funding and status (2026)
Processing / manufacturing (operating) NYSE American: UUUU; TSX: EFR HQ: Lakewood, Colorado
Energy Fuels (NYSE American: UUUU; TSX: EFR), based in Lakewood, Colorado, is a uranium miller that separates rare earths from monazite at White Mesa Mill in Utah, one of two US sites with commercial rare earth separation. It closed the Australian Strategic Materials acquisition on Aug 28, 2026 and has agreed to buy magnet maker Vacuumschmelze for about $1.9B.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does Energy Fuels do?
Energy Fuels mills uranium and separates rare earths from monazite sand at White Mesa Mill near Blanding, Utah. It now also owns a rare earth metal and alloy plant in South Korea and is buying Vacuumschmelze, a magnet maker with a plant in Sumter, South Carolina.
The company began processing monazite at White Mesa in 2021, selling a mixed rare earth carbonate. It installed a separation circuit in 2023 and early 2024 and commissioned it in 2024 by processing 500 t of monazite into 38 t of NdPr product (Energy Fuels reports oxalate; OSTI reports oxide).
Monazite is a by-product of heavy-mineral-sand mining, so the mill does not mine rare earths itself. White Mesa has also produced terbium oxide and dysprosium oxide at about 99.9% purity at pilot scale, the first US primary production of these China-licensed elements in decades.
Which assets and facilities does Energy Fuels operate?
Energy Fuels operates White Mesa Mill in Utah and, since Aug 2026, the Korean Metals Plant in Ochang, South Korea. It holds monazite feedstock projects in Australia, Madagascar and Brazil and plans an American metals plant.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| White Mesa Mill | Blanding, Utah | Monazite separation and uranium milling | Phase 1: up to 10,000 t/yr of monazite and up to 1,000 t/yr of NdPr oxide (company) | Operating; a heavy rare earth expansion began construction on Jul 29, 2026 |
| Heavy rare earth expansion (Phase 1 circuit) | Blanding, Utah | Dysprosium, terbium, samarium, europium and gadolinium oxides | Up to about 120 t/yr Dy, 20 t/yr Tb, 140 t/yr Sm, 20 t/yr Eu and 140 t/yr Gd oxides; about $104M (10-Q) | Under construction since Jul 29, 2026; Tb and Dy circuits due by end of 2027, Sm, Eu and Gd by end of 2028 |
| Phase 2 expansion | Blanding, Utah | Larger NdPr and heavy rare earth circuits | 6,000 t/yr NdPr, 240 t/yr Dy, 66 t/yr Tb for $410M (bankable study, Jan 2026) | Planned; completion expected by mid-2029, subject to licensing, financing, feed and a final investment decision (10-Q) |
| Korean Metals Plant | Ochang, South Korea | NdFeB alloy; NdPr metal; Dy and Tb metal in development | 1,300 t/yr of alloy now; 3,600 t/yr targeted by end of 2026 | Operating; acquired Aug 28, 2026 |
| Donald project | Victoria, Australia | Mineral sands monazite source (12.7% held on Jun 30, 2026; up to 49% earnable) | Part of up to 50,000 t/yr of planned monazite supply | Development |
| Toliara (Vara Mada) | Madagascar | Mineral sands monazite source | Part of the same planned supply | Development |
| Dubbo project | New South Wales, Australia | Rare earth and critical minerals deposit (from ASM) | Not stated | Development |
Chemours has supplied monazite from its Florida and Georgia mineral sand operations under a three-year agreement signed on Dec 14, 2020 for a minimum of 2,500 tons a year, and now sells it about 500 t/yr (company-reported). Donald, Toliara and Brazil's Bahia project are meant to supply up to 50,000 t/yr, ramping from 2026 to 2028.
Who buys from Energy Fuels and how much can it make?
White Mesa can make up to 1,000 t/yr of NdPr oxide in Phase 1, and Phase 2 is designed for 6,000 t/yr. Customers for rare earth oxides are not named in the filings reviewed, and Vulcan Elements lists Energy Fuels as a materials source.
The Phase 2 bankable study gives 6,000 t/yr of NdPr oxide, 240 t/yr of dysprosium oxide and 66 t/yr of terbium oxide for $410M of capital. A separate expansion of the Phase 1 circuit began construction on Jul 29, 2026 for about $104M; it is meant to add up to about 120 t/yr of dysprosium oxide and 20 t/yr of terbium oxide, with those circuits due by the end of 2027 (10-Q). Phase 2 is not under construction: the company expects to finish it by mid-2029, subject to licensing, financing, feed and a final investment decision. The 10-Q also gives about 288 t/yr of dysprosium oxide and 80 t/yr of terbium oxide for the Phase 1 and Phase 2 circuits together, which does not match the larger Phase 1 expansion, so this page shows each project's own figure.
If the Vacuumschmelze deal closes, the company would have operations at every step: feedstock, separation, metal and alloy, and magnets. VAC's Sumter plant runs at 2,000 t/yr of NdFeB block capacity, was built for 4,000 t/yr and has a pathway to 12,000 t/yr (trade press).
What acquisitions and leadership changes has Energy Fuels made?
Energy Fuels completed its Australian Strategic Materials acquisition on Aug 28, 2026 and agreed on Jun 23, 2026 to buy Vacuumschmelze for about $1.9B, with closing expected in Q1 2027. Ross Bhappu became chief executive on Apr 15, 2026.
| Event | Detail | Status |
|---|---|---|
| Vacuumschmelze (VAC), from Ara Partners | About $718.0M cash plus 65.85M new shares and, in some cases, preferred shares; equity value about $1.9B; VAC is based in Hanau, Germany and owns eVAC Magnetics in South Carolina | Agreed Jun 23, 2026; closing expected Q1 2027, subject to regulatory and stock exchange approvals |
| Australian Strategic Materials | About US$299M scheme of arrangement; adds the Korean Metals Plant and the Dubbo project | Closed Aug 28, 2026 (agreed Jan 20, 2026) |
| Base Resources | Brings the Toliara project in Madagascar | Completed 2024 |
| Chief executive | Ross Bhappu, previously president, succeeds Mark Chalmers, who stays as a consultant for two years | Apr 15, 2026 |
What is the timeline of Energy Fuels?
Energy Fuels started processing monazite in 2021, commissioned its separation circuit in 2024 and signed three major deals in 2026. The next milestones are the Vacuumschmelze closing in Q1 2027 and heavy rare earth Phase 1 output in mid-2027.
- 2021
White Mesa Mill begins processing monazite and sells a mixed rare earth carbonate; Energy Fuels signs a monazite supply agreement with Chemours.
- 2023 to early 2024
The mill installs its Phase 1 rare earth separation circuit.
- 2024
The circuit is commissioned: 500 t of monazite yields 38 t of NdPr product. Energy Fuels also acquires Base Resources and its Toliara project.
- 2025 to 2026
The mill produces dysprosium oxide and terbium oxide at about 99.9% purity at pilot scale.
- Jan 20, 2026
Energy Fuels agrees to acquire Australian Strategic Materials (amended Mar 12, 2026).
- Apr 15, 2026
Ross Bhappu becomes president and chief executive.
- Jun 23, 2026
Energy Fuels agrees to acquire Vacuumschmelze for about $1.9B, and the Office of Strategic Capital announces a conditional $725M loan commitment.
- Jul 29, 2026
Construction begins on a heavy rare earth expansion of the Phase 1 circuit, a project of about $104M.
- Aug 12, 2026
ASM securityholders approve the scheme of arrangement.
- Aug 28, 2026
The ASM acquisition closes, adding the Korean Metals Plant and the Dubbo project.
Next milestones
- End of 2026
The Korean Metals Plant targets 3,600 t/yr of alloy capacity.
- Q1 2027
The Vacuumschmelze acquisition is expected to close.
- End of 2027
The terbium and dysprosium circuits of the heavy rare earth expansion are due (commissioning as early as Q4 2027).
- By mid-2029
The Phase 2 circuit is expected to be complete, subject to licensing, financing, feed and a final investment decision.
What government support has Energy Fuels received?
Energy Fuels holds a conditional commitment from the Department of War's Office of Strategic Capital for a $725M, 20-year loan for a domestic separation and metallization facility, announced in Jun 2026. The loan has not closed.
| Agency and instrument | Amount | When | Status |
|---|---|---|---|
| Office of Strategic Capital (Department of War)20-year loan commitment for a domestic separation and metallization facility | $725M | Jun 2026 | Conditional |
The conditions are not itemized in the filings reviewed. See the government support tracker for how this compares with other commitments.
What are the risks and unknowns for Energy Fuels?
The main unknowns are the Vacuumschmelze closing, whether the $725M loan becomes final, the heavy rare earth ramp and monazite supply. Q2 2026 revenue was $25.1M. This directory reports facts and gives no investment view.
- VAC closing: the $1.9B deal needs regulatory and stock exchange approvals and is expected in Q1 2027.
- Loan conditions: the Office of Strategic Capital commitment is conditional and has no closing date in the sources checked.
- Feedstock: current monazite comes from Chemours, and larger supply depends on projects in Australia, Madagascar and Brazil that are still in development.
- Heavy rare earths: dysprosium and terbium are at pilot scale, with the commercial circuits due by the end of 2027.
- Thorium and radioactivity: monazite carries thorium, so the mill operates under radioactive materials licensing.
Questions about Energy Fuels
Is Energy Fuels a public company?
Yes. Energy Fuels trades on the NYSE American under the ticker UUUU and on the Toronto Stock Exchange as EFR. This directory shows tickers as facts and gives no investment advice.
Where is Energy Fuels headquartered?
Energy Fuels is headquartered at 225 Union Blvd., Suite 600, in Lakewood, Colorado. White Mesa Mill, where it separates rare earths, is near Blanding in San Juan County, Utah.
Who is the CEO of Energy Fuels?
Ross Bhappu has been president and chief executive since Apr 15, 2026. He succeeded Mark Chalmers, who retired and remains a consultant for two years.
What US companies can refine rare earths?
Two US sites separate rare earths commercially: MP Materials at Mountain Pass and Energy Fuels at White Mesa Mill. Energy Fuels also owns a rare earth metal plant in South Korea.
Is Energy Fuels buying Vacuumschmelze?
Yes. Energy Fuels agreed on Jun 23, 2026 to buy Vacuumschmelze (VAC) from Ara Partners for about $718M cash plus 65.85M shares, an equity value of about $1.9B. Closing is expected in Q1 2027.
Did Energy Fuels complete the Australian Strategic Materials deal?
Yes. Energy Fuels completed the acquisition on Aug 28, 2026, adding the Korean Metals Plant in Ochang, which can make 1,300 t/yr of NdFeB alloy, and the Dubbo project in New South Wales.
Sources and verification
Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- Energy Fuels 10-Q for Q2 2026 (SEC) Official record
- Energy Fuels 10-K for 2025 (SEC) Official record
- Energy Fuels 10-K for 2024 (SEC) Official record
- Adamas Intelligence: VAC deal and the $725M Pentagon commitment Independent press
- Mining.com on the $725M Pentagon loan Independent press
- Energy Fuels completes the ASM acquisition (Aug 2026) Syndicated copy
- Energy Fuels announces the appointment of its president (Jul 2025) Company document
- Mining Weekly: Energy Fuels building its monazite supply chain (May 2024) Independent press
Tags show what kind of source each link is. How sources are ranked