Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has released a new Bankable Feasibility Study for its planned Phase 2 rare earth element (REE) processing circuit expansion at the White Mesa Mill in Utah. The study confirms strong economics, competitive costs, and the potential to supply a significant share of U.S. rare earth demand. According to the study, the Phase 2 Circuit is expected to require an initial capital cost of approximately $410 million, with an after-tax net present value (NPV) of $1.9 billion at an 8% discount rate and an internal rate of return (IRR) of 33% on a standalone basis. When combined with the Vara Mada project, the total NPV rises to $3.7 billion.
The Phase 2 Circuit is designed to expand neodymium-praseodymium (NdPr) oxide production capacity to more than 6,000 tonnes per year upon commissioning. This would position the White Mesa Mill among the world's largest and lowest-cost producers of both light and heavy rare earth oxides. The company expects regulatory approval by mid-2027, with construction and commissioning targeted for the first quarter of 2029. The full press release is available at https://ibn.fm/32xlV.
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 conventional and in-situ recovery uranium projects in the western United States and has been the leading U.S. producer of natural uranium concentrate for several years. The White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the United States. At the mill, Energy Fuels also produces advanced REE products, vanadium oxide when market conditions warrant, and is evaluating the recovery of medical isotopes for targeted alpha therapy cancer treatments.
The company is also developing three heavy mineral sands projects: the 100%-owned Vara Mada Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia, where Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels trades its common shares on the NYSE American under the symbol "UUUU" and on the Toronto Stock Exchange under "EFR." Latest news and updates are available in the company's newsroom at http://ibn.fm/UUUU.
