Energy Fuels' U.S. Rare Earth Processing Expansion Boasts Lower-Than-Expected CAPEX, Significant Annual EBITDA, and Among the Lowest Cost NdPr Production in the World

Core Insights - Energy Fuels Inc. is positioned as a leading U.S. producer of rare earth elements (REEs) and is working to restore the U.S. rare earth supply chain with its planned Phase 2 circuit expansion at the White Mesa Mill in Utah [1][2] Financial Highlights - The estimated capital cost for the Phase 2 Circuit is $410 million, which is lower than previous estimates [2] - The project has an estimated net present value (NPV) of $1.9 billion, translating to $7.96 per share, and an internal rate of return (IRR) of 33% after tax [2] - When combined with the Vara Mada project, the NPV increases to $3.7 billion or $15.26 per share [2] - Average annual EBITDA from the Phase 2 Circuit is projected to be $311 million for the first 15 years, increasing to $765 million when combined with the Vara Mada project [2] Production Capacity - The Phase 2 Circuit is expected to increase production capability to over 6,000 tonnes per annum (tpa) of NdPr, along with approximately 66 tpa of terbium and 240 tpa of dysprosium [2] - Annual expected REE oxide production over the 40-year life of the project includes 5,513 tpa NdPr, 48 tpa Tb, 165 tpa Dy, and other concentrates [2][3] Market Position - Energy Fuels aims to supply 45% of total U.S. rare earth requirements in the near term, including 100% of heavy REEs like terbium and dysprosium by 2030 [5] - The company’s production costs are expected to rank among the lowest globally, including those of Chinese producers [5] Regulatory and Development Timeline - Regulatory approval for the Phase 2 Circuit is anticipated by mid-2027, with planned construction and commissioning by Q1 2029 [2][3]