UUUU mines ~425K lbs of contained uranium across mines, signaling strong output vs. 115K lbs year ago and rising momentum into 2026.
Energy Fuels UUUU mined ore containing roughly 425,000 pounds of uranium from the Pinyon Plain, La Sal and Pandora mines. This highlights the company’s accelerating operational momentum compared with the year-ago period when it extracted about 12,000 tons of ore containing nearly 115,000 pounds of uranium.
The majority of first-quarter 2026 production came from the Pinyon Plain mine, which alone generated ore containing approximately 375,000 pounds of uranium at an average grade of 1.12%. La Sal and Pandora mines contributed approximately 50,000 pounds. Management noted that ore grades at Pinyon Plain were temporarily lower as mining transitioned between high-grade zones, though grades are expected to improve as operations advance through the year.
Energy Fuels produced around 790,000 pounds of finished uranium during the first quarter and surpassed the 1-million-pound mark in April 2026.
Management expects mining output to reach 2-2.5 million pounds in 2026 compared with the 1.72 million pounds of contained uranium in 2025. UUUU expects to process approximately 1.5-2.5 million pounds of finished uranium in 2026.
Beyond its current operations, Energy Fuels is advancing a robust project pipeline. The Whirlwind mine and Nichols Ranch ISR project are capable of adding up to 500,000 pounds of annual uranium production within a year of a “go” decision. Its other major projects, like the Roca Honda $HMC Project, Bullfrog Project in Utah and Sheep Mountain Project, boast nearly 70,000,000 pounds of combined uranium resources.
Supported by this operational momentum and a pipeline of advanced development projects, UUUU is well-positioned to capture long-term upside as demand for domestically sourced uranium continues to grow.
Peer Cameco Corporation CCJ reported attributable production of 6.2 million pounds during the first quarter of 2026, up 3% year over year. Share of production from McArthur River and Key Lake totaled 3.5 million pounds, while Cigar Lake contributed 2.7 million pounds. Higher output at McArthur River and Key Lake helped offset a decline at Cigar Lake. Cameco expects its attributable share from McArthur River and Key Lake to reach 10-11.5 million pounds in 2026, with Cigar Lake expected to contribute 9.510 million pounds. However, due to severe flooding in northern Saskatchewan, Cameco has suspended activities at the Key Lake mill and reduced mining activity at McArthur River. Even though guidance has been maintained for now, it creates some uncertainty around future production levels.
Ur-Energy URG is currently operating the Lost Creek project in south-central Wyoming, which has an annual capacity of 1.2 million pounds. Ur-Energy captured 110,314 pounds of uranium in the first quarter of 2026, a 48% year-over-year increase, reflecting improved flow rates following plant modifications and repairs. The company dried and packaged 95,599 pounds and shipped 103,956 pounds of uranium in the quarter. Ur-Energy drummed 57,479 pounds in April 2026, its highest monthly total since the 2023 ramp-up decision.
Energy Fuels shares have gained 267.7% in a year compared with the industry’s 57.6% growth.
Image Source: Zacks Investment Research
UUUU is trading at a forward 12-month price/sales multiple of 21.97X, a significant premium to the industry’s 4.41X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2026 earnings is pegged at a loss of 14 cents per share. The bottom-line estimate for 2027 stands at earnings of six cents per share.
Image Source: Zacks Investment Research
Here is how the EPS estimates have been revised over the past 60 days.
Image Source: Zacks Investment Research
Energy Fuels currently carries a Zacks Rank #4 (Sell).
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