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UUUU Continues to Ramp Up Uranium Output: Can It Meet 2025 Targets?
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Key Takeaways
Energy Fuels produced 1,245,000 pounds of uranium year-to-date across its conventional mines.
The company expects to mine up to 1,435,000 pounds of contained uranium and add third-party ore.
Energy Fuels projects 700,0001,000,000 pounds of finished uranium in 2025 as processing ramps.
Energy Fuels (UUUU - Free Report) is gradually positioning itself as a leading force in U.S. uranium production, supported by strong operational momentum across its portfolio of conventional mines. The company produced approximately 465,000 pounds of uranium from its Pinyon Plain, La Sal and Pandora mines, bringing the year-to-date total to 1,245,000 pounds.
The Pinyon Plain mine in Arizona continues to shine, delivering ore with an average grade of 1.27% uranium in the third quarter. Per the company, it is one of the highest-grade uranium mines in U.S. history.
Backed by the results so far and the addition of ore expected to be mined in the ongoing quarter, UUUU remains on track to meet or exceed the high end of its guidance. The company expects to mine ore containing approximately 1,435,000 pounds of contained uranium. The uranium-bearing ore will be stockpiled at the mine sites or at the White Mesa Mill for processing this year and in 2026, which will be aligned to market dynamics, contract commitments and mill availability.
Energy Fuels also plans to purchase uranium ore from third-party miners, along with additional Alternate Feed Materials and mine cleanup materials. This could add around 160,000-200,000 pounds of additional contained uranium in ore inventories. Processing activity will continue to ramp up in the fourth quarter, with total uranium production projected at 700,000-1,000,000 pounds of finished uranium for 2025.
Energy Fuels, meanwhile, is trying to ensure that its other uranium projects, the Whirlwind mine and Nichols Ranch ISR project, are capable of producing within a year of a “go” decision. This could lift annual production to more than 2 million pounds by 2026. Advancing major projects like the Roca Honda Project and the Bullfrog Project in Utah, which, together with its Sheep Mountain Project, could expand the company’s uranium production to a run-rate of up to 5 million pounds of uranium annually in the coming years.
Year-to-Date Performances of Other Uranium Producers
Cameco CorporationCCJ holds a 69.805% stake in the McArthur River mine and 83.33% in the Key Lake mill. It holds a 54.547% stake in Cigar Lake. In the first nine-month period of 2025, Cameco’s share of combined production from McArthur River/Key Lake and Cigar Lake was 15 million pounds, down 13% year over year. This was mainly due to a 32% decline in the McArthur River mine’s output, reflecting its annual maintenance shutdown in the second quarter of 2025 and development delays. Meanwhile, Cameco’s share from the Cigar Lake mine was up 16% year over year.
Cameco’s share of production is up to 20 million pounds of uranium from McArthur River/Key Lake and Cigar Lake in 2025. Backed by the solid performance of the Cigar Lake mine and the McClean Lake mill so far, the company expects to exceed its target by up to 1 million pounds and help offset some of the production shortfall at McArthur River.
Ur-EnergyURG is currently operating the Lost Creek project in south-central Wyoming, which has an annual capacity of 1.2 million pounds. This company dried and packaged 93,523 pounds and shipped 70,190 pounds to the conversion facility in the third quarter. This brings the year-to-date total to 288,622 pounds. Ur Energy recently received final approval for the expansion of Lost Creek. The company is also progressing with construction at Shirley Basin, which will transform it into a two-mine operation. Shirley Basin has a licensed annual mine capacity of 1 million pounds.
UUUU’s Price Performance, Valuation & Estimates
Energy Fuels shares have gained 180.7% so far this year compared with the industry’s 29.5% growth.
Image Source: Zacks Investment Research
UUUU is trading at a forward 12-month price/sales multiple of 39.66X, a significant premium to the industry’s 3.74X. It has a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2025 earnings is pegged at a loss of 35 cents per share. The earnings estimate for 2026 is also at a loss of six cents per share. The EPS estimates for both years have moved down over the past 60 days.
Image: Bigstock
UUUU Continues to Ramp Up Uranium Output: Can It Meet 2025 Targets?
Key Takeaways
Energy Fuels (UUUU - Free Report) is gradually positioning itself as a leading force in U.S. uranium production, supported by strong operational momentum across its portfolio of conventional mines. The company produced approximately 465,000 pounds of uranium from its Pinyon Plain, La Sal and Pandora mines, bringing the year-to-date total to 1,245,000 pounds.
The Pinyon Plain mine in Arizona continues to shine, delivering ore with an average grade of 1.27% uranium in the third quarter. Per the company, it is one of the highest-grade uranium mines in U.S. history.
Backed by the results so far and the addition of ore expected to be mined in the ongoing quarter, UUUU remains on track to meet or exceed the high end of its guidance. The company expects to mine ore containing approximately 1,435,000 pounds of contained uranium. The uranium-bearing ore will be stockpiled at the mine sites or at the White Mesa Mill for processing this year and in 2026, which will be aligned to market dynamics, contract commitments and mill availability.
Energy Fuels also plans to purchase uranium ore from third-party miners, along with additional Alternate Feed Materials and mine cleanup materials. This could add around 160,000-200,000 pounds of additional contained uranium in ore inventories. Processing activity will continue to ramp up in the fourth quarter, with total uranium production projected at 700,000-1,000,000 pounds of finished uranium for 2025.
Energy Fuels, meanwhile, is trying to ensure that its other uranium projects, the Whirlwind mine and Nichols Ranch ISR project, are capable of producing within a year of a “go” decision. This could lift annual production to more than 2 million pounds by 2026. Advancing major projects like the Roca Honda Project and the Bullfrog Project in Utah, which, together with its Sheep Mountain Project, could expand the company’s uranium production to a run-rate of up to 5 million pounds of uranium annually in the coming years.
Year-to-Date Performances of Other Uranium Producers
Cameco Corporation CCJ holds a 69.805% stake in the McArthur River mine and 83.33% in the Key Lake mill. It holds a 54.547% stake in Cigar Lake.
In the first nine-month period of 2025, Cameco’s share of combined production from McArthur River/Key Lake and Cigar Lake was 15 million pounds, down 13% year over year. This was mainly due to a 32% decline in the McArthur River mine’s output, reflecting its annual maintenance shutdown in the second quarter of 2025 and development delays. Meanwhile, Cameco’s share from the Cigar Lake mine was up 16% year over year.
Cameco’s share of production is up to 20 million pounds of uranium from McArthur River/Key Lake and Cigar Lake in 2025. Backed by the solid performance of the Cigar Lake mine and the McClean Lake mill so far, the company expects to exceed its target by up to 1 million pounds and help offset some of the production shortfall at McArthur River.
Ur-Energy URG is currently operating the Lost Creek project in south-central Wyoming, which has an annual capacity of 1.2 million pounds. This company dried and packaged 93,523 pounds and shipped 70,190 pounds to the conversion facility in the third quarter. This brings the year-to-date total to 288,622 pounds. Ur Energy recently received final approval for the expansion of Lost Creek. The company is also progressing with construction at Shirley Basin, which will transform it into a two-mine operation. Shirley Basin has a licensed annual mine capacity of 1 million pounds.
UUUU’s Price Performance, Valuation & Estimates
Energy Fuels shares have gained 180.7% so far this year compared with the industry’s 29.5% growth.
Image Source: Zacks Investment Research
UUUU is trading at a forward 12-month price/sales multiple of 39.66X, a significant premium to the industry’s 3.74X. It has a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2025 earnings is pegged at a loss of 35 cents per share. The earnings estimate for 2026 is also at a loss of six cents per share. The EPS estimates for both years have moved down over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.