Why Energy Fuels (TSX:EFR) Is Up 11.0% After Beating Uranium Guidance And Advancing Rare Earths Plans

• Energy Fuels Inc. reported that in 2025 its Pinyon Plain Mine and La Sal Complex mined over 1.6 million pounds of uranium and its White Mesa Mill produced more than one million pounds of finished U3O8, both exceeding previously issued guidance.
• The company’s plan to shift White Mesa to commercial-scale dysprosium and terbium output in late 2026, while stockpiling additional uranium ore for future processing, highlights its emerging role as a dual-source supplier of nuclear fuel and heavy rare earths to Western supply chains.
• We’ll now examine how exceeding uranium production guidance and advancing heavy rare earth output may influence Energy Fuels’ investment narrative.

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Energy Fuels Investment Narrative Recap

To own Energy Fuels, you need to believe it can turn its unique U.S. uranium mill and growing mine output into sustainable cash generation while scaling a complementary rare earth business. The latest production beat and the planned shift at White Mesa toward dysprosium and terbium reinforce the near term catalyst of margin improvement from higher, lower cost uranium volumes, but they do not fully resolve key risks around funding large future projects and exposure to policy support for non Chinese supply chains.

Among recent announcements, the confirmation that White Mesa will move into commercial scale dysprosium and terbium production in the second half of 2026 ties directly into the company’s push to become a dual uranium and rare earth supplier. This transition is closely linked to the rare earth expansion catalyst, but it also intersects with existing risks around securing enough feedstock to run the facility at economic scale and achieving the offtake depth needed to support further capital spending.

However, investors should be aware that heavy reliance on ongoing government policy support and protection for Western uranium and rare earth supply chains could...

Read the full narrative on Energy Fuels (it's free!)

Energy Fuels' narrative projects $553.4 million revenue and $237.8 million earnings by 2028.

Uncover how Energy Fuels' forecasts yield a CA$33.62 fair value, a 47% upside to its current price.

Exploring Other Perspectives

Twelve members of the Simply Wall St Community currently see fair value for Energy Fuels anywhere between US$2.57 and US$40 per share. Against that broad backdrop, the latest production outperformance and rare earth progress sit alongside unresolved questions about future project financing and policy support, so it can be useful to weigh several of these viewpoints before forming your own view.

Explore 12 other fair value estimates on Energy Fuels - why the stock might be worth less than half the current price!

Build Your Own Energy Fuels Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Energy Fuels research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• Our free Energy Fuels research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Energy Fuels' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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