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Will Rare Earth Expansion Drive UUUU's Next Growth Chapter?
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Key Takeaways
Energy Fuels plans White Mesa upgrades for commercial heavy REE production by late 2027-2028.
Energy Fuels aims to lift NdPr capacity to 6,300 tpa and add terbium and dysprosium output.
Energy Fuels is expanding feedstock and downstream capabilities through projects and an ASM deal.
Energy Fuels Inc.s’ (UUUU - Free Report) uranium operations have historically been the primary focus for investors, but its longer-term growth outlook is increasingly being shaped by its rare earth ambitions. The company is strategically positioning itself as one of the few Western producers capable of supplying both light and heavy rare earth oxides, a market dominated by China.
Recent developments highlight the company’s progress toward that goal. In March 2026, Energy Fuels successfully produced terbium oxide at pilot scale, becoming the first U.S. company in decades to achieve the feat. In January, the company announced the planned acquisition of Australian Strategic Materials.
Yesterday, Energy Fuels announced that beginning in July, it expects to commence further modifications to the existing Phase 1 REE (rare earth elements) circuits at the White Mesa Mill, which are currently capable of producing commercial quantities of separated neodymium-praseodymium (NdPr). This will enable commercial production of heavy REEs, such as samarium, europium, gadolinium, terbium and dysprosium.
The upgrades also include a circuit to process certain uranium-bearing mixed REE carbonates ("MREC") sourced from REE mines globally, including MRECs from ionic adsorption clays that are often enriched in "heavy" REEs. As MRECs can be fed directly into solvent extraction separation, the new circuit will enable the mill to process both uranium and separated REEs simultaneously.
The Phase 1 modifications are expected to be operational in late 2027 to early 2028. Energy Fuels is also pursuing a larger Phase 2 expansion to enable large-scale production of light and heavy REEs. Permitting for both is proceeding on schedule.
Once operational, the combined Phase 1 and Phase 2 facilities are expected to increase NdPr production capacity from the current 1,000 tons per year to approximately 6,300 tons and also produce roughly 80 tpa of terbium and 288 tpa of dysprosium, along with samarium, europium and gadolinium.
The company also continues to build feedstock security through projects in Australia, Madagascar and Brazil, while the proposed acquisition of Australian Strategic Materials would further strengthen its downstream capabilities in rare earth metals and alloys.
With rare earth materials playing a critical role in electric vehicles, defense systems, renewable energy technologies and advanced electronics, Energy Fuels and other players in the space like Lynas Rare Earth (LYSDY - Free Report) , MP Materials (MP - Free Report) and USA Rare Earth (USAR - Free Report) are positioning themselves to capitalize on growing demand.
UUUU Price Performance, Valuation & Estimates
Energy Fuels shares have gained 168.3% in a year compared with the industry’s 62.8% growth. Meanwhile, peers Lynas Rare Earth, MP Materials and USA Rare Earth have gained 108.9%, 87.2% and 70.4%, respectively. This is shown in the chart below.
Image Source: Zacks Investment Research
UUUU is trading at a forward 12-month price/sales multiple of 20.94X, a significant premium to the industry’s 4.43X. MP Materials is currently trading at 16.89X, Lynas at 10.47X and USA Rare Earth at 50.28X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2026 earnings is pegged at a loss of 14 cents per share. The bottom-line estimate for 2027 stands at earnings of six cents per share.
Image Source: Zacks Investment Research
Here is how the EPS estimates have been revised over the past 90 days.
Image Source: Zacks Investment Research
Energy Fuels currently carries a Zacks Rank #4 (Sell).
View the Zacks #1 Rank List
Image: Bigstock
Will Rare Earth Expansion Drive UUUU's Next Growth Chapter?
Key Takeaways
Energy Fuels Inc.s’ (UUUU - Free Report) uranium operations have historically been the primary focus for investors, but its longer-term growth outlook is increasingly being shaped by its rare earth ambitions. The company is strategically positioning itself as one of the few Western producers capable of supplying both light and heavy rare earth oxides, a market dominated by China.
Recent developments highlight the company’s progress toward that goal. In March 2026, Energy Fuels successfully produced terbium oxide at pilot scale, becoming the first U.S. company in decades to achieve the feat. In January, the company announced the planned acquisition of Australian Strategic Materials.
Yesterday, Energy Fuels announced that beginning in July, it expects to commence further modifications to the existing Phase 1 REE (rare earth elements) circuits at the White Mesa Mill, which are currently capable of producing commercial quantities of separated neodymium-praseodymium (NdPr). This will enable commercial production of heavy REEs, such as samarium, europium, gadolinium, terbium and dysprosium.
The upgrades also include a circuit to process certain uranium-bearing mixed REE carbonates ("MREC") sourced from REE mines globally, including MRECs from ionic adsorption clays that are often enriched in "heavy" REEs. As MRECs can be fed directly into solvent extraction separation, the new circuit will enable the mill to process both uranium and separated REEs simultaneously.
The Phase 1 modifications are expected to be operational in late 2027 to early 2028. Energy Fuels is also pursuing a larger Phase 2 expansion to enable large-scale production of light and heavy REEs. Permitting for both is proceeding on schedule.
Once operational, the combined Phase 1 and Phase 2 facilities are expected to increase NdPr production capacity from the current 1,000 tons per year to approximately 6,300 tons and also produce roughly 80 tpa of terbium and 288 tpa of dysprosium, along with samarium, europium and gadolinium.
The company also continues to build feedstock security through projects in Australia, Madagascar and Brazil, while the proposed acquisition of Australian Strategic Materials would further strengthen its downstream capabilities in rare earth metals and alloys.
With rare earth materials playing a critical role in electric vehicles, defense systems, renewable energy technologies and advanced electronics, Energy Fuels and other players in the space like Lynas Rare Earth (LYSDY - Free Report) , MP Materials (MP - Free Report) and USA Rare Earth (USAR - Free Report) are positioning themselves to capitalize on growing demand.
UUUU Price Performance, Valuation & Estimates
Energy Fuels shares have gained 168.3% in a year compared with the industry’s 62.8% growth. Meanwhile, peers Lynas Rare Earth, MP Materials and USA Rare Earth have gained 108.9%, 87.2% and 70.4%, respectively. This is shown in the chart below.
UUUU is trading at a forward 12-month price/sales multiple of 20.94X, a significant premium to the industry’s 4.43X. MP Materials is currently trading at 16.89X, Lynas at 10.47X and USA Rare Earth at 50.28X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Energy Fuels’ 2026 earnings is pegged at a loss of 14 cents per share. The bottom-line estimate for 2027 stands at earnings of six cents per share.
Image Source: Zacks Investment Research
Here is how the EPS estimates have been revised over the past 90 days.
Image Source: Zacks Investment Research
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.