Energy Fuels on pace to exceed 2025 uranium guidance

[Ben Graham]

Energy Fuels (NYSE-A: UUUU) (TSX: EFR) is poised to exceed this year’s guidance for uranium mine production and meet its guidance for processed uranium products, the company said while releasing its results for the third quarter of 2025.

During Q3 2025, the Lakewood, Colorado-based miner produced 465,000 lb. of uranium from its Pinyon Plain and La Sal mines. This takes its total output for the first nine months to 1,245,000 lb., tracking toward or beyond the upper end of its 2025 guidance of 875,000-1,435,000 lb.

Additionally, through processing stockpiled ore from the Pinyon Plain, La Sal and Pandora mines, the company expects to produce approximately 1 million lb. of U₃O₈ (uranium oxide) for 2025, right on the top end of its guidance.

Starting in the fourth quarter and into 2026, the company is expecting uranium mining costs to decline as it begins to process ores from Pinyon Plain, which it considers to be “one of the highest-grade uranium mines in US history.”

These low expected costs of mining are expected to result in significant cash margins immediately upon the sale of mined uranium product, and increasing gross margins as the company average down its cost of goods sold over time, Energy Fuels said in the Q3 release.

During Q3 2025, the company managed to incur a smaller net loss of $16.7 million, or $0.07 per common share, compared to the $21.8 million or $0.10 per common share reported in the second quarter.

“We believe the performance of our uranium segment is well-timed, as we see several factors indicating that demand for our domestically produced uranium is increasing,” Mark Chalmers, Energy Fuels’ CEO, stated in a press release.

Shares of Energy Fuels gained 1.5% on Tuesday despite a sell-off in US equities. Trading at $17.50 apiece in New York, the company has a market capitalization of $4 billion.

2026 outlook

For 2026, Energy Fuels has provided a preliminary forecast for the first quarter, with expected U₃O₈ production of between 430,000 and 730,000 lb. Any guidance beyond Q1 2026 is undetermined at this time, it said, as it will be based upon mill schedules, market conditions and demand.

The company specifically noted that the Nichols Ranch project in Wyoming and the Whirlwind mine in Colorado are both being prepared for production, if market conditions permit. Once operational, they are expected to increase the company’s production run-rate to approximately 2.5 million lb. per year as early as 2026, Energy Fuels said.

As for the production of rare earths, which it is piloting at its White Mesa mill in Utah, the company successfully produced its first dysprosium oxide during the third quarter, a milestone that it believes made it the US company to publicly report Dy production volumes and purities.

Based on this success, Energy Fuels said it intends to construct and commission commercial-scale heavy rare earths separation capacity at White Mesa, which could be operational as soon as the fourth quarter of 2026.