Energy Fuels Inc. UUUU is expanding beyond its traditional uranium business and is steadily advancing its rare earth strategy through investments in additional separation capacity at the White Mesa Mill and strategic acquisitions that extend its capabilities further downstream. The company is also advancing projects to secure monazite feedstock sources to support long-term production of light and heavy rare earth element (REE) oxides.
Key developments this year highlight the company’s progress toward that goal. In March 2026, Energy Fuels successfully produced terbium oxide at pilot scale, becoming the first U.S. company in decades to achieve the milestone. In August, UUUU announced that its terbium oxide had been qualified by one of the world's largest rare-earth permanent magnet manufacturers outside China.
In July, the company began expanding the Phase 1 circuit at White Mesa, which currently has 850-1,000 tons per annum (tpa) of neodymium-praseodymium (NdPr) capacity. The expansion is designed to add commercial production of terbium, dysprosium (Dy), samarium (Sm), europium (Eu) and gadolinium (Gd), along with other separated rare earth products.
Management expects the terbium and dysprosium circuits by the end of 2027 and the Sm, Eu and Gd circuits by the end of 2028, depending on market conditions. The approximately $104 million project also adds mixed rare earth carbonate capability so uranium and separated REEs can be processed simultaneously, subject to approvals.
Phase 2 has an estimated initial capital cost of about $410 million and targets combined capacity of 6,229 tpa of NdPr, 80 tpa of terbium and 288 tpa of dysprosium by mid-2029, subject to licensing, financing, feedstock and a positive investment decision.
Energy Fuels completed the Australian Strategic Materials acquisition on Aug. 28, 2026, adding the Korean Metals Plant’s 1,300 tpa of existing NdFeB alloy capacity and the Dubbo project in Australia. The Korean Metals Plant is being expanded to 3,600 tpa, with commissioning expected as early as the end of 2026.
The proposed VAC acquisition, which is expected to close as early as the first quarter of 2027, would further strengthen Energy Fuels' downstream capabilities by adding magnet manufacturing and potentially extending its rare earth platform from mining and processing through finished commercial magnets.
Energy Fuels is also advancing the Donald Project via its joint venture with Astron Limited. It is expected to provide a long-term and large-scale source of monazite feedstock to the company for processing into light and heavy REE oxides at the mill.
With rare earth materials playing a critical role in electric vehicles, defense systems, renewable energy technologies and advanced electronics, Energy Fuels and other players in the space like Lynas Rare Earths Limited LYSDY, MP Materials MP and USA Rare Earth USAR are positioning themselves to capitalize on growing demand.
UUUU’s Price Performance, Valuation & Estimates
Energy Fuels shares have declined 34.4% in the past year against the industry’s 61.3% growth.
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UUUU is trading at a forward 12-month price/sales multiple of 14.89X, a significant premium to the industry’s 4.93X.
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The Zacks Consensus Estimate for Energy Fuels’ 2026 and 2027 revenues implies 107% and 64.8% growth, respectively. The Zacks Consensus Estimate for Energy Fuels’ fiscal 2026 earnings is a loss of 25 cents per share. The 2027 estimate is earnings of three cents per share.
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The earnings estimates for UUUU for both 2026 and 2027 have moved down over the past 60 days. This is shown in the chart below.
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The company currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Energy Fuels Inc (UUUU): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).