Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production

Core Viewpoint - Energy Fuels has achieved commercial production of separated neodymium-praseodymium (NdPr) at its White Mesa Mill, marking a significant milestone in the U.S. rare earth elements (REE) sector and enhancing domestic uranium production capabilities [5][6][11] Group 1: Production and Operations - The company is extracting, refining, and separating NdPr from monazite produced by Chemours at its heavy mineral sand operations in Florida and Georgia [1] - Energy Fuels expects to produce about 25 to 35 tonnes of on-spec, separated NdPr during Q2-2024, utilizing its new separation circuit [10] - The Phase 1 REE Separation Circuit was completed in Q1-2024 at a cost of approximately $16 million, significantly under the original budget of $25 million [1] Group 2: Future Plans and Expansion - Following the NdPr production run, the company plans to focus on processing substantial stockpiled uranium ore and alternate feed material inventories [2] - Energy Fuels aims to design and permit an expansion of REE separation capabilities at the Mill, potentially increasing capacity to 4,000 to 6,000 tonnes of NdPr per year [7] - The company has acquired or is in the process of acquiring several heavy mineral sand projects to secure monazite, including the Bahia Project in Brazil and the Donald Project in Australia [4] Group 3: Market Position and Strategic Importance - The NdPr produced meets specifications required for REE-based alloys used in electric vehicle motors and other clean energy applications, highlighting the strategic importance of this production for national and economic security [5][3] - Energy Fuels is positioned to become one of the largest separated REE producers globally, with expectations to receive material quantities of monazite from new projects starting as early as 2026 [4] - The company is also ramping up pilot testing for heavy rare earth separation, focusing on dysprosium (Dy) and terbium (Tb), which are critical for advanced technologies [10]