en.Wedoany.com Reported - Energy Fuels (NYSE: UUUU, TSX: EFR) expects to reach its annual uranium production guidance by mid-2026, achieved through ore processing at its White Mesa Mill in Utah.
The Colorado-based company forecast in an operational update that its uranium oxide (U3O8) production would reach 1.6 million pounds by the end of June. This figure falls within the company's previously announced annual guidance range of 1.5 million to 2.5 million pounds.
CEO Ross Bhappu stated that through strong operational performance, production, and costs, the uranium business segment has positioned Energy Fuels as a leading U.S. uranium producer. Following this news, the company's stock rose 4.5%, with a New York market capitalization of $3.6 billion. Year-to-date, the stock has fallen about 13%, trading at roughly half its all-time high from January.
Energy Fuels expects the White Mesa Mill to produce over 265,000 pounds of finished uranium per month. The mill is the only fully licensed and operating conventional uranium mill in the U.S., with ore sourced from the Pinyon Plain mine in Arizona and the La Sal Complex in Utah.
The company noted that current ore processing activities are expected to be completed by the end of June to rebuild ore stockpiles. Processing will resume in the fourth quarter, contingent on sustained strong ore production from conventional mines and other conditions. In mining operations, ore grades and contained uranium are expected to improve in the second half of the year, with U3O8 content in ore estimated at 750,000 to 850,000 pounds in the first half.
Ore processing costs at the White Mesa Mill are expected to range between $9 and $12 per pound, near historical lows, with cost of sales expected to continue declining in 2026. In addition to uranium, the mill produces rare earth elements (REE) by processing naturally occurring monazite sand sourced globally. Commercial separation of critical minerals began two years ago, initially with neodymium-praseodymium (NdPr), and has since expanded to include heavy rare earth production such as samarium, europium, gadolinium, terbium, and dysprosium.
Energy Fuels plans to begin further modifications to the existing Phase 1 REE circuit at the White Mesa Mill starting in July. After upgrades, the circuit will be capable of commercially producing heavy rare earths alongside neodymium-praseodymium. The modifications also include processing uranium-bearing mixed rare earth carbonate (MREC) from global mines, including ion-adsorption clay sources. The new circuit is expected to enable the mill to simultaneously process uranium and separated rare earths. These upgrades are expected to be operational between late 2027 and early 2028, with subsequent Phase 2 expansion plans aiming to increase the White Mesa Mill's total rare earth production capacity to nearly 6,300 tons per year, with permitting proceeding as scheduled.
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