Energy Fuels Inc. produced 865,000 pounds of finished U3O8 during the second quarter of 2026, keeping the company within its full-year production guidance of 1.5 million to 2.5 million pounds. The production at the White Mesa Mill in Utah followed a conventional ore processing campaign completed during the quarter, which yielded approximately 2.3 million pounds of U3O8 in total.

The company achieved a total weighted average cost of approximately $23 per pound of U3O8 recovered during this campaign, comprising $14 per pound for mining and transport and $9 per pound for milling. Energy Fuels reported that these high-grade ores from the Pinyon Plain mine were blended with smaller quantities of lower-grade material from its La Sal and Pandora mines.

While uranium operations maintained a low-cost profile, Energy Fuels reported a net loss of $33.6 million for the quarter, compared to a $21.8 million loss in the same period of 2025. This result was primarily attributed to transaction-related costs associated with planned acquisitions and increased operating expenses. Despite these outflows, the company finished the quarter with nearly $1 billion in working capital, including $58.4 million in cash and $878.3 million in marketable securities, providing a liquidity buffer for its ongoing development projects.

“Energy Fuels had a transformational second quarter where the Company continued to build one of the strongest strategic platforms in the rare earth sector through the planned acquisitions of VAC and ASM to add rare earth metal, alloy and magnet capacity to our portfolio, a conditional loan commitment of $725 million from the OSC to help fund our expansions, further advancement of our Donald Project joint venture as a near term source of rare earth feedstock, and commencement of construction on our heavy rare earth plant at the White Mesa Mill”

— Ross Bhappu, President and Chief Executive Officer

Energy Fuels is currently executing on its strategy to integrate its rare earth production with downstream magnet manufacturing. On June 23, 2026, the company entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG (VAC) for approximately $1.9 billion. VAC operates magnet production facilities in North America, Europe, and Asia, including a facility in Sumter, South Carolina, capable of producing 2,000 tonnes per annum of permanent magnets.

Concurrently, the company is advancing its acquisition of Australian Strategic Materials Ltd (ASM), which includes the Dubbo Project in New South Wales and a metallization facility in South Korea. Energy Fuels expects to close the ASM transaction by the end of August 2026, subject to customary approvals.

To facilitate its heavy rare earth production, construction has commenced on an expansion at the White Mesa Mill. The project is designed to produce rare earth oxides for use in the automotive, robotics, data centre, energy, and defence sectors. The expansion is being staged, with the terbium and dysprosium circuits targeted for completion by the end of 2027. The company plans to follow this with the addition of samarium, europium, and gadolinium circuits by the end of 2028.

Read the full announcement: Energy Fuels Announces Q2-2026 Results