Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has released results from an updated feasibility study for its 100%-owned Vara Mada heavy mineral sands project in Madagascar, confirming exceptional project economics and world-class rare earth, titanium, and zircon mineral reserves. The study outlines a post-tax net present value of approximately $1.8 billion at a 10% discount rate, or $7.30 per share, and projects ramp-up to more than $500 million in annual EBITDA from the project alone. The initially modeled 38-year mine life has potential for further expansion, underscoring the project's strategic importance for critical mineral supply chains.
The feasibility study highlights plans to process monazite produced at Vara Mada through the company’s White Mesa Mill in Utah. This integration positions Energy Fuels to supply a significant portion of projected U.S. demand for both light and heavy rare earth oxides while supporting secure, U.S.-centered critical mineral supply chains. The Vara Mada project is one of three heavy mineral sands projects Energy Fuels is developing, alongside the 100%-owned Bahia Project in Brazil and the Donald Project in Australia, in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited.
Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. The company 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 the past several years. The White Mesa Mill in Utah is the only fully licensed and operating conventional uranium processing facility in the United States, where Energy Fuels also produces advanced rare earth element products and vanadium oxide when market conditions warrant.
The updated feasibility study for Vara Mada represents a significant milestone for Energy Fuels, as it demonstrates the project's ability to generate substantial economic returns and contribute to domestic critical mineral production. The company is also evaluating the potential recovery of certain medical isotopes from existing uranium process streams for emerging Targeted Alpha Therapy cancer treatments. With the Vara Mada project advancing, Energy Fuels is poised to play a pivotal role in meeting U.S. demand for critical minerals essential for clean energy and national security.
For more information, the full press release is available at https://ibn.fm/0lpS1. Additional updates on Energy Fuels can be found in the company’s newsroom at http://ibn.fm/UUUU.
