Energy Fuels Inc. (UUUU) Investment Analysis – June 2025

Strategic Position & Catalysts

UUUU is transitioning from a uranium/vanadium producer to a diversified critical minerals company, leveraging its White Mesa Mill (Utah) to process rare earth elements (REEs) and align with U.S. policy shifts under Trump. Key advantages:

• REE Production Breakthrough: Successfully produces six of seven REEs targeted by China’s export controls (April 2025), positioning it as a strategic U.S. supplier.

• Partnerships: Collaboration with Neo Performance Materials establishes a U.S.-European REE supply chain, with first shipments to Estonia in 2025.

• Policy Tailwinds: Trump’s focus on domestic critical minerals and fast-tracked permits under the "Big Beautiful Bill" benefits UUUU’s expansion.

Financial Health & Valuation

• Balance Sheet Strength: $162.6M cash, $0 debt, and $585M equity (Simply Wall St) – rare in the capital-intensive mining sector.

• Revenue Growth:

  • 2024 Revenue: $78.1M (+105% YoY), but net loss of -$47.8M.

  • Q1 2025: Revenue fell 33.8% YoY to $16.8M, with EPS of -$0.13 (missed by $0.06).

• 2025/2026 Estimates:

  • 2025E Revenue: $35M (consensus), 2026E: $258M (Seeking Alpha).

  • EPS: -$0.11 (2025E), +$0.21 (2026E).

• Market Cap: ~$1.4B CAD ($5.72/share as of June 2025).

Comparison to MP Materials (MP)

Upside Drivers

1. REE Ramp-Up: Full-scale REE production at White Mesa could generate $250M+ annual revenue by 2027 (InvestorNews).

2. Uranium Resurgence: Trump’s pro-nuclear policies and $75/lb uranium prices boost UUUU’s core business.

3. Federal Contracts: Likely beneficiary of Defense Production Act funding for critical minerals.

Key Risks

1. Execution Delays: Scaling REE refining and securing monazite supply (currently reliant on Chemours).