Energy Fuels reported 2025 uranium production of 1.6 million pounds across its Pinyon Plain and La Sal complexes, surpassing the high end of its own guidance by 11%. The White Mesa Mill processed over one million pounds of finished yellowcake for the year, with a December output of 350,000 pounds signaling sustained operational momentum and a run rate at its targeted two million pounds per annum.

The production surge translated into robust financial metrics, with fourth-quarter sales expected to reach approximately 360,000 pounds—a 50% increase over Q3—at a weighted average sales price of about $75 per pound, driving projected Q4 revenue of $27 million. Energy Fuels also secured two hybrid long-term agreements with U.S. nuclear utilities extending to 2032, structures that hedge downside risk while preserving upside to rising spot prices.

Looking ahead, the company anticipates a significant reduction in cost of goods sold starting Q1 as high-grade ore from Pinyon Plain enters inventory. In the second half of 2026, the White Mesa Mill will commence commercial-scale production of dysprosium and terbium, marking the first U.S. output of heavy rare earths in years and positioning the company to capitalize on reshoring initiatives for critical minerals.