Energy Fuels Inc.UUUU is making further progress toward establishing a secure, diversified supply chain for critical rare earth elements. The company’s terbium (Tb) oxide has successfully passed all qualification requirements of one of the world’s largest manufacturers of rare earth permanent magnets outside China. This brings Energy Fuels a step closer to commercially producing the full portfolio of "light" and "heavy" rare earth oxides for permanent magnets.
In March 2026, Energy Fuels announced the production of its first kilogram of Tb oxide at its White Mesa Mill in Utah. Using monazite ore sourced from the United States, the company achieved Tb purity of 99.9% at pilot scale. Energy Fuels had previously produced nearly 30 kilograms of 99.9% pure dysprosium (Dy) oxide, another critical heavy rare earth oxide used in permanent magnets. The company is also piloting gadolinium (Gd) oxide production at the mill.
The Japan-based manufacturer confirmed that Energy Fuels’ Tb oxide meets its specifications and can be used in commercial rare earth permanent magnet (REPM) production, with no additional qualification or validation required.
Tb is one of the most strategically important rare earth elements. It is used to enhance the heat resistance and performance of high-strength NdFeB permanent magnets, which are critical to a range of advanced technologies. China currently dominates production, thereby underscoring the importance of developing alternative sources. Given its extreme scarcity and limited production, Tb oxide has a market price of approximately $5.5 million per ton.
Upon closing of the pending acquisitions of Australian Strategic Materials and VAC, Energy Fuels expects to become the leading vertically integrated "mine-to-rare earth permanent magnet" producer in the US and Europe. The neodymium/praseodymium (NdPr), Tb and Dy oxides produced at the White Mesa Mill will be key components of the company's supply chain.
On July 29, 2026, Energy Fuels announced that construction had begun on an expansion of its REE separation capabilities at the White Mesa mill to enable the large-scale production of heavy rare earth oxides. This will complement its existing 850-1,000 tons per annum (tpa) production capacity for NdPr. The expansion is expected to add the capacity to produce up to approximately 20 tpa of Tb, 120 tpa of Dy, 140 tpa of samarium (Sm), 20 tpa of europium (Eu), and 140 tpa of Gd oxides, along with other rare earth elements.
Other rare earth producers are also expanding their heavy rare earth capabilities. Lynas Rare Earths LimitedLYSDY produced its first Dy and Tb oxide in the fourth quarter of fiscal 2025 (ended June 30, 2025). Lynas announced the first production of Sm oxide in March 2026. In the fourth quarter of fiscal 2026 (ended June 30, 2026), Lynas produced 1,857 tonnes of NdPr, while combined Dy and Tb production increased to 19 tons. Lynas expects to add gadolinium, yttrium and eventually lutetium to its heavy rare earth portfolio.
MP MaterialsMP expects to begin refining heavy rare earth elements (HREE) with initial production of Tb and Dy in the second half of 2026. As part of its partnership with the United States Department of War, MP Materials has committed to further extend its HREE refining capabilities to include the separation of samarium oxide and to recommission the chlor-alkali facilities at Mountain Pass.Â
UUUU's Price Performance, Valuation & Estimates
Energy Fuels shares have lost 31.9% over the past six months compared with the industry’s 12.3% decline.
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UUUU is trading at a forward 12-month price/sales multiple of 18.31X, a significant premium to the industry’s 4.74X.Â
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The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues is $136 million, indicating 107% year-over-year growth. The estimate for earnings for the year is currently pegged at a loss of 25 cents per share.Â
The estimate for 2027 revenues is pinned at $224.8 million, implying a 64.8% year-over-year upsurge. The consensus estimate for earnings is pegged at three cents per share.
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Over the past 60 days, the estimates for Energy Fuels for both years have moved down.
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Energy Fuels currently carries a Zacks Rank #4 (Sell).
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