Energy Fuels (UUUU) has produced the first kilogram of dysprosium (Dy) oxide at its White Mesa Mill in Utah, achieving a purity of 99.9%, exceeding the 99.5% commercial benchmark. The production rate is currently about two kilograms per week, utilizing monazite feedstock from Florida and Georgia. This development positions Energy Fuels as a key player in establishing an independent U.S. rare earth oxide supply chain.
The company plans to continue pilot-scale production until it reaches 15 kilograms of Dy oxide, with intentions to begin high-purity terbium (Tb) oxide production later this year. They project commercial-scale operations to commence in the fourth quarter of 2026. Additionally, Energy Fuels is advancing its Donald Project in Australia, which may start production by the end of 2027, enhancing its rare earth resources.
Energy Fuels shares have increased by 66.3% in 2023, significantly outperforming the industry’s 4.6% growth. The company’s forward 12-month price/sales multiple stands at 20.46X, compared to the industry average of 2.68X.
