Energy Fuels Produces First High-Purity Dysprosium Oxide In US At Utah Mill, Eyes Commercial Scale By 2026

Energy Fuels Inc. (NYSE:UUUU) (TSX:EFR), a leading U.S. producer of uranium, rare earths, and critical minerals, is pleased to announce that it has successfully completed production of its first kilogram of dysprosium (Dy) oxide at pilot scale at the Company's White Mesa Mill in Utah. The Company achieved a purity of 99.9% Dy, which is well in excess of the 99.5% commercial specification. The Mill expects to continue producing dysprosium oxide at a rate of two (2) kilograms per week. Energy Fuels believes it is the first U.S. company to both produce high-purity Dy oxide and publicly disclose actual production volumes and purities. These oxides are being produced from monazite mined in Florida and Georgia, USA and demonstrate the expected viability of Energy Fuels' completely non-Chinese rare earth oxide supply chain. Multiple magnet manufacturers and OEMs have already expressed their strong interest in obtaining these samples to accelerate their validation processes.

Energy Fuels believes the quantity and purity of its Dy oxide production is unmatched in the United States at this time and is a testament to the White Mesa Mill's world-class rare earth element (REE) production capabilities. Pilot-scale production is expected to continue until approximately 15 kilograms of Dy oxide are produced. At that point, Energy Fuels intends to produce high purity terbium (Tb) oxide and is targeting Q4-2025 for the first samples of Tb oxide to be available for end-user validation.

 

Due to the ongoing success of this "heavy" REE pilot project, the Company intends to construct and commission commercial-scale Dy, Tb, and potentially other "heavy" REE separation capacity at its White Mesa Mill, which could be in production as soon as Q4 2026.

"Energy Fuels' high purity Dy oxide production is a major leap toward securing a U.S. supply of 'heavy' rare earth oxides for a variety of commercial and defense uses," said Energy Fuels CEO Mark S. Chalmers. "This is real, high-quality material in-hand, ready for independent testing, demonstrating that our Utah facilities can deliver world-class critical minerals domestically. Data and knowledge from our pilot plants will guide the design and construction of commercial Dy, Tb, and potentially other 'heavy' rare earth separation infrastructure that we plan to install in Utah next year."

Last year, Energy Fuels announced the completion and commissioning of its commercial scale "light" rare earth oxide circuit at the Mill with a successful run of 'on-spec' neodymium-praseodymium (NdPr) oxide used in permanent magnets for electric mobility, robotics, drones, wind energy and defense technologies. That material has been tested and qualified by magnet makers around the world and is expected to be used in EVs and hybrid vehicles available for sale in the U.S., EU and Asia this year.

These production accomplishments demonstrate the Company's growing capabilities to deliver critical minerals to the United States and build upon the Company's structural advantages in the U.S. REE space including existing licenses, facilities, knowledge, and proven commercial capacity at the White Mesa Mill in Utah.