Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has announced the results of a Bankable Feasibility Study for its planned Phase 2 rare earth element processing circuit expansion at the White Mesa Mill in Utah. The study confirms strong economics and competitive costs, with the potential to supply a significant share of U.S. rare earth demand. According to the company, the Phase 2 Circuit is expected to expand neodymium-praseodymium (NdPr) oxide production capacity to more than 6,000 tonnes per year, positioning the mill among the world’s largest and lowest-cost producers of light and heavy rare earth oxides.
The study outlines an estimated $410 million initial capital cost, with an after-tax net present value (NPV) of $1.9 billion at an 8% discount rate and a 33% internal rate of return (IRR) for the Phase 2 Circuit on a standalone basis. When combined with the Vara Mada project, the NPV rises to $3.7 billion. The company anticipates regulatory approval by mid-2027, with construction and commissioning targeted by the first quarter of 2029. The White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the United States, and Energy Fuels also produces advanced rare earth products and vanadium oxide there.
Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. The company owns and operates several uranium projects in the western United States and has been the leading U.S. producer of natural uranium concentrate. In addition to the White Mesa Mill, Energy Fuels is developing three heavy mineral sands projects: the Vara Mada Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia. The company is also evaluating the potential recovery of medical isotopes for cancer treatments.
The full press release is available at https://ibn.fm/32xlV. For more information about Energy Fuels, visit the company’s newsroom at http://ibn.fm/UUUU. This announcement underscores the growing importance of domestic rare earth production for U.S. supply chains and Energy Fuels’ strategic position in the critical materials sector.
