Energy Fuels (UUUU) is trading higher as the market revisits its rare-earth upside following the company’s March 25, 2026 disclosure that it produced its first kilogram of terbium (Tb) oxide at the White Mesa Mill in Utah—an important “mine-to-oxide” step for U.S. heavy rare earth supply. The announcement also followed recent pilot-scale dysprosium (Dy) oxide production, reinforcing investor expectations that Energy Fuels can become a domestic supplier of magnet-critical materials.

Terbium and dysprosium are high-value heavy rare earths used to improve performance of permanent magnets in EV drivetrains, defense systems, and other high-temperature applications. Energy Fuels’ update highlighted expected capacity increases tied to its planned Phase 2 rare earth circuit at White Mesa, which investors view as a potential pathway from pilot production toward meaningful commercial volumes over time.

The next key catalyst is the company’s upcoming earnings report expected in early May 2026, which could shift sentiment if investors get updated timelines on rare-earth scaling, White Mesa throughput, and uranium production/sales cadence. Traders will also monitor any additional technical qualification progress for heavy rare earth oxides and any updates to separation expansion plans at White Mesa.