Energy Fuels announced June 11, 2026, that its uranium production at the White Mesa Mill in Utah is expected to reach approximately 1.6 million pounds of finished U3O8 by June 30. This mid-year figure would fulfill the company's entire annual production guidance range of 1.5 to 2.5 million pounds in just six months.
High-volume processing details
The mid-year update from the Denver-based company highlights a period of high-volume processing at its 100%-owned White Mesa Mill. The expected production equates to an average monthly output of more than 265,000 pounds of U3O8, sourced from ores mined at the company's conventional U.S. assets, including the La Sal Complex in Utah and the Pinyon Plain mine in Arizona.
Upcoming operational pauses
As part of its operational cycle, Energy Fuels expects to complete its current uranium ore processing campaign at the Mill by the end of June 2026. This pause is intended to allow the company to rebuild ore stockpiles. The company anticipates resuming ore processing at the facility in the fourth quarter of 2026, though this timeline remains subject to market conditions and the potential for a rare earth element (REE) processing campaign.
Rare earth element expansions
The company is simultaneously preparing for significant technical modifications at the White Mesa Mill. Starting in July 2026, Energy Fuels expects to begin further modifications to its existing Phase 1 REE circuits. While these circuits are currently capable of producing commercial quantities of separated neodymium-praseodymium (NdPr), the new modifications are expected to enable the commercial production of "heavy" rare earth elements, including terbium, dysprosium, samarium, europium, and gadolinium.
New processing capabilities and permitting
These Phase 1 modifications will also include a circuit designed to process uranium-bearing mixed REE carbonates (MRECs) sourced from global mines. This new capability is expected to allow the Mill to process both uranium and separated REEs simultaneously. Permitting for these Phase 1 modifications, along with the planned Phase 2 REE expansion, is currently proceeding on schedule with the State of Utah. The company expects the Phase 1 modifications to be operational between late 20207 and early 2028.
Review of previous fiscal performance
The current production surge follows what Energy Fuels CEO Mark Chalmers described in a February 26, 2026, announcement as a "breakout year" for the company in 2025. During that fiscal year, the company exceeded its guidance across several metrics, including mining, production, and sales, while successfully lowering unit costs.
Uranium segment revenue and sales
In the uranium segment specifically, the company reported $48.2 million in revenue for 2025, having sold 650,000 pounds of U3O8 at a weighted average realized price of $74.21 per pound. This performance included both spot market sales and the signing of two new long-term contracts with major utilities, which are expected to increase portfolio pricing in future years.
Despite operational successes, Energy Fuels reported a net loss of $86.1 million for the year ended December 31, 2025, an increase from a net loss of $47.8 million in 2024. The company attributed this loss to higher ongoing costs following its acquisition of Base Resources Limited in late 2024, which included roughly $15 million in increased administrative costs due to an expanded workforce. Additionally, the company faced higher exploration and development costs, including $9 million in extra spending for projects such as the Pinyon Plain Project's Juniper Zone and the La Sal Project.
Other financial factors contributing to the 2025 loss included approximately $6.9 million in charges related to changes in Madagascar tax law and the abandonment of certain exploration projects. The company also noted that average month-end spot prices for uranium were roughly 13.8% lower in 2025 compared to 2024, which reduced revenues per pound.
The company's strategic expansion includes the proposed acquisition of Australian Strategic Materials (ASM), a move intended to expand its reach into rare earth metals and alloys. This acquisition would also provide access to feedstock from the Dubdub project in New South Wales, Australia.
Energy Fuels President and CEO Ross Bhappu stated that the company is focused on disciplined execution across its uranium, mineral sand, and rare earth businesses. He noted that the company's uranium segment continues to differentiate itself through strong operating performance and costs. As of June 2026, mining and transport costs at the Pinyon Plain mine continue to track between $23 and $30 per pound, while processing costs at the White Mesa Mill are at historic lows, ranging between $9 and $12 per pound of U3O8.
Energy Fuels is also navigating a significant leadership transition. According to the company's February 2026 announcement, President Ross Bhappu is scheduled to be appointed as President and Chief Executive Officer on April 15, 2026. This transition coincides with the planned retirement of Mark Chalmers from the CEO role, though Chalmers will remain with the company as a consultant for two years to support growth initiatives.
Looking ahead to uranium mining, the company expects grades and tonnage to increase in the second half of 2026. Development continues at several properties, including over 136,000 feet of drilling at the Nichols Ranch property in 2026, and dewatering efforts at the fully permitted Whirlwind uranium mine in Utah and Colorado, with the goal of completing rehabilitation for potential production in 2027.
