Energy Fuels Inc. reported that its finished uranium production, mined uranium ore, and uranium concentrate sales for fiscal 2025 exceeded the company’s previously disclosed guidance. The Pinyon Plain Mine in Arizona and the La Sal Complex in Utah together mined more than 1.6 million pounds of uranium, an 11 % beat over the top end of guidance and a sign that the company can sustain an annualized mining rate of about 2 million pounds through at least 2026.
The White Mesa Mill in Utah produced over one million pounds of finished U₃O₈ during 2025, with 350,000 pounds produced in December alone. The mill is expected to average roughly 250,000 pounds per month into mid‑2026, underscoring the company’s ability to scale its low‑cost production model.
Energy Fuels confirmed new long‑term sales contracts with U.S. nuclear power utilities that cover deliveries from 2027 to 2032. The contracts are structured with hybrid pricing and are projected to bring 780,000 to 880,000 pounds of U₃O₈ into the company’s long‑term portfolio in 2026, providing a multi‑year revenue stream that extends beyond the current fiscal year.
Financially, the company’s net loss narrowed to $16.7 million in Q3 2025 from $21.8 million in Q2, reflecting improved operating efficiency. Liquidity remains strong, with a current ratio of 11.5 and a quick ratio of 8.88. While the 2025 operating margin was –128.39 % and the net margin –123.55 %, the gross margin of 5.97 % indicates that the company’s low‑cost model is beginning to translate into incremental profitability, and management expects gross margins to rise in 2026.
Energy Fuels is also advancing its rare‑earth strategy. The White Mesa Mill began pilot‑scale production of rare‑earth element oxides in 2025 and has partnered with Vulcan Elements to commercialize dysprosium and terbium. The company’s broader critical‑minerals strategy is designed to diversify revenue sources and support long‑term growth.
CEO Mark S. Chalmers said, “These 2025 uranium metrics reinforce our reputation as the country’s lowest‑cost and largest uranium producer, and they demonstrate our ability to deliver on our promises.” He added that the company’s rare‑earth initiatives are “world‑class” and will “support our broader critical‑minerals strategy.”
Investors responded positively to the announcement, citing the company’s strong execution in uranium production and the added revenue certainty from the new long‑term contracts.
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