Energy Fuels Stock Earnings Reports

Q1 2026 was a strong quarter for Energy Fuels driven by operational milestones, project feasibility results, balance sheet strength, and strategic M&A. Operationally the company mined 425k lbs of uranium and processed ~800k lbs at the White Mesa Mill, finishing the quarter with ~2.25M lbs of inventory. Management released a highly positive Varamata feasibility study (NPV $1.8B; >$500M/year expected EBITDA) and a White Mesa Mill Phase 2 bankable feasibility (CapEx ~$410M; standalone EBITDA ~$311M; NPV ~$1.9B; IRR ~33%). The company produced its first terbium (pilot scale ~1 kg/week) and announced the acquisition of Australian Strategic Materials (ASM) to add rare-earth metallization and alloys capability, with FIRB approval and a targeted close in early July. White Mesa is being expanded via Phase 1B (to produce heavy rare earths like terbium and dysprosium) and Phase 1C (to process MREC material and enable simultaneous uranium and RE processing); Phase 2 permitting is underway with permits targeted by end of next year. Heavy mineral sands projects (Australia, Brazil, Madagascar) plus ASM’s Dubbo asset are positioned to supply monazite and other feedstock. Financially the company reported $957M working capital, $1.4B total assets, generated $8M EBITDA in the quarter, and improved net loss to $11M (vs. $26M a year ago); inventory and production costs are trending lower (COGS/inventory cost ~$36/lb and expected toward ~$30/lb as low-cost Pinyon Plain material is sold). Guidance remains unchanged: mill processing 1.5–2.5M lbs for 2026 with planned maintenance downtime in mid-year, and uranium sales balanced between contract and opportunistic spot sales. Management’s near-term priorities: execute Phase 1B/1C construction (target late 2027), advance Phase 2 permitting, finalize Donald FID and financing/offtake, progress Varamata investment agreement, and integrate/close ASM.