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Energy Fuels' 2025 Production Tops Expectations: More Upside Ahead?
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Key Takeaways
UUUU mined over 1.6M lbs of uranium in 2025, beating its prior production target by about 11%.
UUUU expects Q4 uranium sales of around 360k lbs, up 50% sequentially, with gross revenues around $27M.
Energy Fuels secured new supply contracts and continues to advance other projects.
Energy Fuels (UUUU - Free Report) , the leading uranium producer in the United States, is steadily reinforcing its dominant position through a strong production base that continues to outperform expectations. Supported by this operational momentum and a pipeline of advanced development projects, UUUU is well-positioned to capture long-term upside as demand for domestically sourced uranium continues to grow.
UUUU announced that it has mined more than 1.6 million pounds of uranium from its Pinyon Plain, La Sal and Pandora mines in 2025, topping the higher end of its prior stated target of 0.875-1.435 million pounds by a margin of 11%. The White Mesa Mill in Utah has processed more than 1 million pounds of finished uranium during the year.
Current mining operations are running at an annualized rate of roughly 2 million pounds of recoverable uranium contained in ore from the Main Zone at Pinyon Plain and the La Sal Complex. Management expects this level of activity to be maintained at least through 2026. To further enhance its resource base, Energy Fuels plans to conduct additional exploration drilling in the Juniper Zone at Pinyon Plain in 2026, aimed at better defining the ore body and potentially expanding the mineable resource.
UUUU indicated that uranium sales in the fourth quarter will be around 360,000 pounds, reflecting a 50% sequential rise. With a weighted average sales price of approximately $74.93 per pound, gross uranium sales revenues for the quarter are expected to be $27 million. The company had sold 50,000 pounds of uranium on the spot market at $80.00 per pound in the fourth quarter of 2024.
Energy Fuels has further strengthened its long-term outlook by securing two new uranium supply contracts with U.S. nuclear power generators, covering deliveries from 2027 through 2032. With these additions, the company expects to sell approximately 780,000-880,000 pounds into long-term contracts in 2026. The company also plans to make additional sales on the spot markets, subject to pricing and production.
Beyond its current operations, Energy Fuels is advancing a robust project pipeline. 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.
Energy Fuels shares have gained 184.1% so far this year compared with the industry’s 38.3% growth. Meanwhile, peers Cameco Corp. (CCJ - Free Report) and Ur-Energy Inc. (URG - Free Report) have gained 25% and 31.4% respectively.
Image Source: Zacks Investment Research
UUUU is trading at a forward 12-month price/sales multiple of 40.11X, a significant premium to the industry’s 4.10X. Cameco is trading lower at 16.34X and Ur-Energy at 6.02X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2025 loss is pegged at 35 cents per share. The bottom-line estimate for 2026 also stands at a loss of six cents per share. Here is how the EPS estimates for 2025 and 2026 have been revised over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCJ’s earnings for fiscal 2025 is 96 cents per share, suggesting 96% year-over-year growth. The same for fiscal 2026 at $1.49, indicating a 55% increase.
The Zacks Consensus Estimate for Ur-Energy’s 2025 loss is pegged at 19 cents per share. The bottom-line estimate for 2026 also stands at a loss of three cents per share.
Energy Fuels currently carries a Zacks Rank #4 (Sell).
Image: Bigstock
Energy Fuels' 2025 Production Tops Expectations: More Upside Ahead?
Key Takeaways
Energy Fuels (UUUU - Free Report) , the leading uranium producer in the United States, is steadily reinforcing its dominant position through a strong production base that continues to outperform expectations. Supported by this operational momentum and a pipeline of advanced development projects, UUUU is well-positioned to capture long-term upside as demand for domestically sourced uranium continues to grow.
UUUU announced that it has mined more than 1.6 million pounds of uranium from its Pinyon Plain, La Sal and Pandora mines in 2025, topping the higher end of its prior stated target of 0.875-1.435 million pounds by a margin of 11%. The White Mesa Mill in Utah has processed more than 1 million pounds of finished uranium during the year.
Current mining operations are running at an annualized rate of roughly 2 million pounds of recoverable uranium contained in ore from the Main Zone at Pinyon Plain and the La Sal Complex. Management expects this level of activity to be maintained at least through 2026. To further enhance its resource base, Energy Fuels plans to conduct additional exploration drilling in the Juniper Zone at Pinyon Plain in 2026, aimed at better defining the ore body and potentially expanding the mineable resource.
UUUU indicated that uranium sales in the fourth quarter will be around 360,000 pounds, reflecting a 50% sequential rise. With a weighted average sales price of approximately $74.93 per pound, gross uranium sales revenues for the quarter are expected to be $27 million. The company had sold 50,000 pounds of uranium on the spot market at $80.00 per pound in the fourth quarter of 2024.
Energy Fuels has further strengthened its long-term outlook by securing two new uranium supply contracts with U.S. nuclear power generators, covering deliveries from 2027 through 2032. With these additions, the company expects to sell approximately 780,000-880,000 pounds into long-term contracts in 2026. The company also plans to make additional sales on the spot markets, subject to pricing and production.
Beyond its current operations, Energy Fuels is advancing a robust project pipeline. 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.
UUUU & Peers’ Price Performance, Valuation & Estimates
Energy Fuels shares have gained 184.1% so far this year compared with the industry’s 38.3% growth. Meanwhile, peers Cameco Corp. (CCJ - Free Report) and Ur-Energy Inc. (URG - Free Report) have gained 25% and 31.4% respectively.
UUUU is trading at a forward 12-month price/sales multiple of 40.11X, a significant premium to the industry’s 4.10X. Cameco is trading lower at 16.34X and Ur-Energy at 6.02X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2025 loss is pegged at 35 cents per share. The bottom-line estimate for 2026 also stands at a loss of six cents per share. Here is how the EPS estimates for 2025 and 2026 have been revised over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCJ’s earnings for fiscal 2025 is 96 cents per share, suggesting 96% year-over-year growth. The same for fiscal 2026 at $1.49, indicating a 55% increase.
The Zacks Consensus Estimate for Ur-Energy’s 2025 loss is pegged at 19 cents per share. The bottom-line estimate for 2026 also stands at a loss of three cents per share.
Energy Fuels currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.