Energy FuelsNYSE:UUUU

Regarding resource size, the company has given varying figures over time: about 7,000 tons a year of monazite in phase one (Oct 2025), a target "towards two million pounds" (Oct 2025), "north of 1 million pounds" processed with feed stockpiling (Jan 2026), and "up to two and a half million pounds" (Mar 2026). On exploration upside, the company notes the DO project in New South Wales is a permitted project with multiple pipeline potential (Feb 2026).

For the ASM US plant, they assume a modular design of up to 4,000 tons per annum of alloy, expandable over time (Feb 2026). For the ASM Korean plant, they assume phase 2 expansion of 3,600 tons per annum of neodymium iron boron alloy and a third-phase capacity of up to 5,600 tons per annum (Feb 2026). On the DO project, management is looking at a heat leach, low-capex approach with potential intermediate concentrate sent to the White Mesa mill (Feb 2026). At the mill itself, the company reports processing 350,000 pounds in one month (Dec 2025) and assumes it can process about 240,000 pounds of recovered uranium per month (Oct 2025); vanadium is not currently being recovered, but tailings solution is available for later recovery (Jan 2026).

The company reported capital costs of around $300 million (October 2025), and noted that ASM integration is expected to improve margins by up to 20% (February 2026). On pricing, Energy Fuels said 6 to 800,000 pounds are under long-term contracts with realized pricing in the mid-70s in 2025 (January 2026).

In October 2025, the company reported it had secured an oversubscribed convertible note—oversubscribed six or seven times—with a 0.75% coupon, and was also looking at outside lenders for project financing, with dilution limited equivalent to $70–$300 a share via a cap call option. By January 2026, management referenced a $700 million convertible note already secured at that same 0.75% coupon, and described a cash position of roughly a billion dollars in the bank, while stating that about $2 billion in total capital is needed and that they are "pushing" toward a billion dollars of deployable capital. In March 2026, management reiterated the roughly $2 billion total capital requirement and put the cash position at maybe $300 million in the bank, with dilution still pegged at three-quarters of a percent.

In October 2025, the company reported that its White Mesa Mill had just started up and that its first pinion plane would extend well into the following year, with a study due by the end of that year. By January 2026, management said it planned to process uranium for the first six months of 2026, to mine around 1.6 million pounds or greater (and north of 2 million pounds) in 2026, and noted that phase 2 separation plant upgrades had been submitted to the mill. In March 2026, the company said construction would begin in 2026 and that a ramp-up would occur in the 2028–2030 timeframe.

The company reports it has about 260-270 employees in the United States and roughly 600-700 globally, with operations in Madagascar, Kenya, Australia, and a Perth office. The team notes it has 50 years in the uranium business and built the Pinion Plane mine 38 years ago.

In January 2026, management noted the stock price at $21 and a market cap of $5 billion, and reiterated the $5 billion market cap in March 2026. Regarding dilution, the company reported in February 2026 that the ASM acquisition represents under 6% of Energy Fuels' share registry. Separately, in October 2025, management stated there is 49% insider ownership of Donald.

They also describe the company as a world significant low-cost uranium and critical mineral company (Mar 2026). On Pinion specifically, management says costs are between $23 and $30 per pound (Jan 2026).