Energy Fuels Reports 1.7 M lbs Mined, Cuts COGS to $43/lb
Energy Fuels reduced COGS to $43 per pound by end-2025 and mined 1.7 million pounds of uranium while ending the year with over 2.0 million pounds in inventory. The company finished 2025 with $1.4 billion in assets, secured $700 million via convertible notes, and set 2026 guidance of 2.0–2.5 M lbs mined and 1.5–2.5 M lbs processed.
1. Cost Reductions and Production Performance
Energy Fuels cut its COGS to $43 per pound by end-2025 from $53 earlier, driven by Pinyon Plain Mine costs of $23–30 per pound. The company mined over 1.7 million pounds of uranium and processed about 1.0 million pounds of U3O8 during 2025, exceeding guidance targets.
2. Financial Position and Guidance
The company ended 2025 with $1.4 billion in total assets and $927 million in working capital, including $862 million in cash following a $700 million convertible note issue. For 2026 management projects mining 2.0–2.5 million pounds and processing 1.5–2.5 million pounds of uranium.
3. Rare Earth Expansion Plans
Management outlined Phase 1 expansions at White Mesa Mill to scale production of heavy and mid rare earth oxides and a Phase 2 feasibility study with a $1.9 billion NPV, 33% IRR and over $300 million annual EBITDA, targeting permits next year and commissioning in late 2028–early 2029.
4. Inventory Composition and Sales
At year-end 2025 Energy Fuels held more than 2.0 million pounds of total uranium inventory, including over 800,000 pounds of finished material and 100,000 pounds of work-in-progress. The company sold 650,000 pounds of uranium at an average price of $74.20 per pound in 2025.