Energy Fuels shares climb on record uranium output

[Ben Graham]

Energy Fuels (NYSE: UUUU; TSX: EFR) shares rose more than 8% on Tuesday after the company reported its highest-ever monthly uranium production.

In May, the company’s Pinyon Plain mine in Arizona produced nearly 260,000 pounds of uranium oxide (U₃O₈), a new monthly record. The strong output pushed Energy Fuels’ share price to C$7.23 ($5.27), up 8.23% on the Toronto Stock Exchange, giving the company a market cap of C$1.06 billion ($0.77).

So far in 2025, Pinyon Plain has yielded 478,384 pounds of U₃O₈ from approximately 12,461 tons of ore, averaging a grade of 1.92% U₃O₈. That translates to a five-month production rate of about 96,000 pounds per month, with output surging to over 200,000 pounds per month in April and May.

However, the company cautioned that such high production levels are unlikely to continue.

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Energy Fuels cited constraints including a shortage of ore haulage trucks, compliance requirements under its agreement with the Navajo Nation, stockpile limits, and the need for further underground development and exploration to access new ore zones.

In addition to its production update, Energy Fuels released a new technical report for its Bullfrog Project in Utah. The report, dated May 2025, shows Indicated Resources of 10.5 million pounds of eU₃O₈ at an average grade of 0.30%, and Inferred Resources of 3.4 million pounds at 0.28%. Compared to the previous report from February 2022, this marks a 15% increase in Indicated Resources and a 70% jump in Inferred Resources.

Bullfrog remains in the permitting stage. Energy Fuels also owns the White Mesa Mill, the only fully licensed and operating conventional uranium mill in the United States.