Energy Fuels Inc (NYSE American: UUUU, TSX: EFR) is a uranium and rare earth element mining and processing company that mines uranium ore and processes it into uranium concentrates (U3O8) for sale to nuclear utilities, while also producing rare earth element carbonate and advancing heavy mineral sands initiatives. The company generates revenue through spot and long-term contract sales of uranium concentrates, with the White Mesa Mill in Utah serving as its central processing facility. Energy Fuels is incorporated in Ontario, Canada, and operates primarily in the western United States, with additional mineral properties and heavy mineral sands projects in other jurisdictions. Its asset portfolio includes the Nichols Ranch Project, Pinyon Plain Project, Roca Honda Project, Sheep Mountain Project, La Sal Project, Bullfrog Project, and the Toliara-area Vara Mada Project, as disclosed in the FY2025 10-K filed February 26, 2026.

Revenue model

Revenue is generated through transactional and contract sales of uranium concentrates (U3O8) to nuclear utility customers, supplemented by rare earth element carbonate sales processed at the White Mesa Mill. The company sells uranium under both spot market transactions and term contracts with utilities.

Products and services

Uranium concentrates (U3O8), rare earth element (REE) carbonate, heavy mineral sands (HMS) processing. The White Mesa Mill in Utah is the primary processing asset for uranium and rare earth materials.

Customers and end markets

Nuclear utility operators are the primary end-market customers for uranium concentrates. Rare earth element carbonate targets advanced materials and defense-adjacent supply chains. Specific customer names and concentration figures are not disclosed in the available filing excerpts.

Value-chain role

Vertically integrated uranium miner and processor: mines uranium ore from company-owned and operated properties, processes ore into finished uranium concentrates at the White Mesa Mill, and sells product directly to utility end-markets. Also acts as a REE carbonate producer and HMS project developer.

Geographic exposure

Operations are concentrated in the western United States, including Utah (White Mesa Mill), Wyoming (Nichols Ranch), Arizona (Pinyon Plain), New Mexico (Roca Honda), and other western U.S. states. International mineral properties include the Vara Mada Project (formerly Toliara) in Madagascar, as referenced in the FY2025 10-K filed February 26, 2026.

Source: SEC 10-K, filed 2026-02-26

Industry: Mining & Quarrying of Nonmetallic Minerals (No Fuels) Peers: Alliance Resource Partners LP ARCH RESOURCES, INC. Centrus Energy Corp Core Natural Resources Inc Enviva, LLC Natural Resource Partners LP NACCO Industries Inc Peabody Energy Corp Uranium Energy Corp