Energy Fuels produces first high-purity terbium oxide, advancing its mine-to-oxide rare earth strategy and scaling plans for commercial output.
Energy Fuels Inc. UUUU has taken a major step toward strengthening Western rare earth supply chains by successfully producing its first kilogram of high-purity terbium (Tb) oxide at its White Mesa Mill in Utah using monazite ore sourced domestically. This highlights the company’s progress in establishing a fully integrated “mine-to-oxide” capability for heavy rare earth elements (HREEs).
At the pilot stage, the company achieved 99.9% purity in its terbium oxide, meeting the strict standards required by global rare earth permanent magnet (REPM) manufacturers. The White Mesa Mill is expected to sustain pilot production at roughly one kilogram per week, with additional pilot campaigns planned for samarium (Sm), europium (Eu) and gadolinium (Gd) oxides.
This achievement builds on Energy Fuels’ earlier production of 99.9% pure dysprosium (Dy) oxide, another critical HREE used in REPMs.
Looking ahead, the company is progressing plans to expand its existing processing circuits to enable commercial-scale recovery of Dy, Tb, Sm, Eu and Gd, while retaining flexibility to separate additional elements such as yttrium (Y) and lutetium (Lu), depending on market demand. The expanded commercial circuit could become operational as early as 2027, with expected annual output of approximately 35 tons of dysprosium and 12 tons of terbium, alongside 850–1,000 tons of neodymium-praseodymium (NdPr).
A separate Phase 2 expansion, targeted for 2029, is projected to lift total rare earth oxide production capacity to more than 6,000 tons per year of NdPr oxide, in addition to around 80 tons of terbium and 288 tons of dysprosium. At this scale, output could support materials for up to 7 million electric and hybrid vehicles annually.
To secure feedstock, the company intends to continue sourcing monazite concentrates from U.S. producers while also importing additional volumes from international projects, including the Donald Project in Australia, the Vara Mada Project in Madagascar, and the Bahia Project in Brazil.
Las Vegas, NV-based MP Materials MP is currently advancing the construction of the HREE Facility, with commissioning expected in 2026. Initially, the HREE Facility is expected to primarily produce terbium and dysprosium products principally for its Magnetics segment. MP Materials also intends to extend its HREE refining capability at its Mountain Pass Rare Earth Mine and Processing Facility to include the production of samarium oxide.
Perth, Australia-based Lynas Rare Earths Limited LYSDY recently achieved first production of samarium oxide at Lynas Malaysia. This takes Lynas’ separated Heavy Rare Earth oxide product range to three products, along with separated dysprosium and terbium. The expansion of Lynas Malaysia’s separated Heavy Rare Earth separation facility was announced on 29 Oct. 2025 and is a key initiative of the Towards 2030 growth strategy.
Energy Fuels shares have gained 348.5% in a year compared with the industry’s 66.4% growth.
Image Source: Zacks Investment Research
UUUU is trading at a forward 12-month price/sales multiple of 23.45X, a significant premium to the industry’s 4.14X.
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The Zacks Consensus Estimate for Energy Fuels’ fiscal 2026 earnings is a loss of six cents per share. The 2027 estimate is earnings of 13 cents per share.
The earnings estimates for UUUU for 2026 have moved up, while the same for 2027 have moved down over the past 60 days. This is shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
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