Core Viewpoint - Energy Fuels is advancing its production of heavy rare earth element oxides, with potential commercial production starting as early as Q4 2026, addressing the U.S. demand for these critical minerals [1][4][6]. Production Update - Energy Fuels has begun pilot-scale production of Dysprosium (Dy) oxide with a minimum purity of 99.5%, expecting to produce its first kilogram within 30 days and approximately 15 kg by the end of September 2025 [3][4]. - The company plans to start producing Terbium (Tb) oxide by the end of November 2025 and anticipates beginning production of Samarium (Sm) oxide in January 2026 [3][4]. Unique Position in the Market - Energy Fuels is the only U.S. company producing separated heavy rare earth oxides from mined ores at a commercial facility, differentiating itself from competitors who focus on recycling [5][9]. - The company has successfully separated Neodymium and Praseodymium (NdPr) on a commercial scale since April 2024, positioning itself to meet the needs of U.S. manufacturers for rare earth metals and alloys [6][9]. Donald Project Insights - The Donald Project in Australia is a significant source of heavy rare earth elements, containing high concentrations of xenotime, which is rich in Dy, Tb, and Sm [7]. - The project is expected to produce approximately 129 tonnes of Sm, 16 tonnes of Tb, and 92 tonnes of Dy annually, significantly exceeding current U.S. requirements [7]. - If production decisions are made in 2025, commercial production from the Donald Project could commence by the end of 2027 [4][7]. Future Projects - Energy Fuels is also developing the Toliara Project in Madagascar, targeted to come online as early as 2028, and the Bahia Project in Brazil, expected in 2029, both containing significant quantities of light and heavy rare earth oxides [8][9].