Energy Fuels White Mesa Mill Expansion

development

Energy Fuels operates the White Mesa Mill in Utah, the only conventional uranium mill currently producing in the United States. The company is expanding its capabilities into rare earth element separation and downstream alloy production. Feasibility studies have been completed on Phase 2 REE expansion and the Vara Mada mineral sands project in Madagascar, with a combined net present value approaching US$4 billion and EBITDA targeting approximately US$800 to US$900 million per year. The company raised US$700 million through convertible senior notes in October 2025.