Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has released the results of a new Bankable Feasibility Study for its planned Phase 2 rare earth element (REE) processing circuit expansion at its wholly owned White Mesa Mill in Utah. The study confirms strong economics, competitive costs, and the potential to supply a significant share of U.S. rare earth demand.
The study outlines an estimated $410 million initial capital cost, an after-tax net present value (NPV) of $1.9 billion at an 8% discount rate, and a 33% internal rate of return (IRR) for the Phase 2 Circuit on a standalone basis. When combined with the Vara Mada project, the combined NPV rises to $3.7 billion. Upon commissioning, the Phase 2 Circuit is expected to expand neodymium-praseodymium (NdPr) oxide production capacity to more than 6,000 tonnes per year, positioning the mill among the world’s largest and lowest-cost producers of light and heavy rare earth oxides.
The company anticipates regulatory approval by mid-2027, with construction and commissioning targeted for the first quarter of 2029. Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. It owns and operates several conventional and in-situ recovery uranium projects in the western United States and has been the leading U.S. producer of natural uranium concentrate for several years.
The White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the United States. There, Energy Fuels also produces advanced REE products, vanadium oxide when market conditions warrant, and is evaluating the recovery of certain medical isotopes for targeted alpha therapy cancer treatments. Additionally, the company is developing three heavy mineral sands projects: the 100%-owned Vara Mada Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia, where it has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited.
The full press release is available at https://ibn.fm/32xlV. For more information about Energy Fuels, visit their newsroom at http://ibn.fm/UUUU.
