Core Insights - Energy Fuels Inc. is positioning itself as one of the lowest-cost uranium producers globally by processing high-grade ores from its Pinyon Plain mine starting in Q4 2025 through Q1 2026, expecting to produce 1.1-1.4 million pounds of finished uranium [1][10] Cost Structure - Average mining and transportation costs to the White Mesa Mill are estimated at $10-$14 per pound, with milling costs projected at $13-$16 per pound, leading to a total cost of goods sold (COGS) of $23-$30 per pound [2] - The finished uranium inventories as of September 30, 2025, have a weighted average cost of $53 per pound, but with the integration of lower-cost Pinyon Plain output, COGS is expected to decrease to $50-$55 per pound by late 2025 and further to $30-$40 per pound in Q1 2026 [4][10] Competitive Positioning - The reduction in costs, alongside stable uranium prices, is anticipated to significantly enhance Energy Fuels' gross margins, strengthening its competitive edge in the North American market [5] - In comparison, peer Cameco Corp. reported a gross margin of 28% in Q3 2025, while Centrus Energy reported a negative gross margin of 6%, highlighting Energy Fuels' potential for improved profitability [6][8] Market Performance - Energy Fuels shares have increased by 184.1% year-to-date, outperforming the industry average growth of 38.3% [9] - The company is currently trading at a forward 12-month price/sales multiple of 40.53X, significantly higher than the industry average of 3.97X [11] Earnings Estimates - The Zacks Consensus Estimate for Energy Fuels' loss in 2025 is projected at 35 cents per share, with a revised estimate of a loss of six cents per share for 2026 [12]