UUUU stock is the NYSE ticker for Energy Fuels Inc., a Lakewood, Colorado company that owns the only conventional uranium mill operating in the United States and uses the same plant to separate rare earth oxides.
Per its 2025 Form 10-K, the White Mesa Mill in Utah is licensed to process 2,000 tons of ore a day and produce over 8 million pounds of U3O8 a year.
One Mill, Two Product Lines
The uranium side is conventional: ore trucked from the Pinyon Plain, La Sal and Pandora mines in Arizona and Utah, then leached and packaged as U3O8 at White Mesa. The mill also recycles uranium-bearing Alternate Feed Materials from third parties.
The rare earth side runs through the same leach and solvent extraction circuits. The 10-Q describes an existing 850 to 1,000 tonnes per year capacity for separated neodymium-praseodymium (NdPr), with dysprosium and terbium oxides so far produced only at pilot scale.
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Uranium Pays the Bills Today
Almost all revenue is still uranium. The Q2 2026 Form 10-Q reports $25.11 million of revenue for the quarter, of which $24.95 million was uranium concentrates, against $4.21 million a year earlier.
Two sales channels fed that number. The company sold 150,000 pounds on the spot market at a weighted average $84.92 per pound, and 160,000 pounds under long-term contracts at $76.33 per pound.
Those contracts are six long-term supply agreements with what the 10-K calls major U.S. utilities. The filings do not name the utilities, and remaining deliveries are subject to customer elections.
The mill run that produced the inventory ended in Q2 2026 at a weighted average cost of about $23 per pound recovered. The next run is expected in Q4 2026 or early 2027, once stockpiles justify a restart, a gap to keep in mind when ranking uranium stocks on output.
The Rare Earth Counterparties Named in the Filings
Energy Fuels has bought monazite from The Chemours Company‘s Florida and Georgia mineral sands operations since 2021. Early carbonate from that feed went to Neo Performance Materials in Estonia.
In 2025 the mill sold 1.7 tonnes of its own separated NdPr to POSCO International as a sampling lot, which the 10-K says met POSCO’s specifications. That is the only NdPr sale the annual report records, and it offset just $0.08 million of commissioning costs.
Future feedstock is meant to come from the Donald Project in Australia, a joint venture with Astron Corporation in which Energy Fuels can earn up to 49% and holds the right to offtake all monazite produced. A final investment decision still depends on project debt targeted at AUD$220 million.
Downstream, the 28 August 2026 8-K confirms the completed purchase of Australian Strategic Materials, which runs a rare earth metal and alloy plant in South Korea, for about US$243.4 million, mostly in shares.
A second deal for magnet maker Vacuumschmelze, at roughly $718 million cash plus 65.85 million new shares, is expected to close as early as Q1 2027.
Energy Fuels vs Uranium Energy Corp
Both are U.S. producers with their own processing plants, but they extract uranium in different ways and report on different calendars. The figures below come from each company’s own annual report.
| Item | Energy Fuels (UUUU) | Uranium Energy Corp (UEC) |
|---|---|---|
| Processing method | Conventional mill (White Mesa, Utah) | In-situ recovery, hub and spoke plants in Texas and Wyoming |
| Licensed uranium capacity | Over 8 million lb U3O8 per year; 2,000 tons ore per day | About 12.1 million lb U3O8 per year combined; Hobson and Irigaray each licensed for 4.0 million lb |
| Rare earth separation | Yes, 850 to 1,000 tpa NdPr capacity | Not disclosed in the 10-K |
| Exchange listing | NYSE | NYSE American |
| Fiscal year end | 31 December | 31 July |
Sources: Energy Fuels FY2025 10-K; Uranium Energy Corp FY2025 10-K (fiscal year ended 31 July 2025). Both opened 23 September 2026.
What the Filings Say Can Go Wrong
The company lost money in the quarter. Net loss was $33.60 million, or $0.13 per share, up from $21.84 million a year earlier, on higher operating costs tied to the rare earth build-out.
Ore grade is drifting down. Pinyon Plain averaged 0.71% U3O8 in Q2 against 0.91% for the half, because mining moved from a high-grade zone to a lower-grade one.
The rare earth expansion is funded on paper, not yet in cash. The $725 million Office of Strategic Capital loan commitment received in June 2026 is conditional on due diligence and final agreements. The heavy rare earth circuit is budgeted at about $104 million and is not expected to finish before the end of 2027.
Working capital of $996.01 million at 30 June 2026 includes $878.34 million of marketable securities and 1,640,000 pounds of finished uranium, so the balance sheet is in better shape than the income statement.
The 10-Q also says nothing about data center demand, unlike the operators behind nuclear energy stocks and SMR stocks, which name their hyperscaler customers.
This page is general information drawn from public filings. It is not a recommendation to buy or sell any security.
UUUU Stock FAQ
Does Energy Fuels make money from rare earths yet?
Barely. The FY2025 10-K records one 1.7 tonne NdPr sampling sale to POSCO International, and Q2 2026 revenue was almost entirely uranium concentrates.
How much uranium does Energy Fuels plan to sell in 2026?
Company guidance in the Q2 2026 10-Q is 1.5 to 2.0 million pounds of U3O8 sold, with 2.0 to 2.5 million pounds mined, and spot sales depending on market conditions.
What does the ASM acquisition add?
Per the 28 August 2026 8-K, Australian Strategic Materials brings an operating rare earth metal and alloy plant in South Korea, the step between separated oxides and magnet manufacturing.
