DENVER – November 04, 2026 -- Energy Fuels reported a third-quarter net loss of $52.4 million ($0.20 per share) on revenue of $29.2 million, as $35.3 million of non-cash mark-to-market losses on its securities portfolio outweighed a profitable uranium segment. The company closed its acquisition of Australian Strategic Materials (ASM) in August and expects to close the Vacuumschmelze (VAC) deal in early 2027.
Uranium prices rise for a third straight quarter
Energy Fuels sold 320,000 pounds of U3O8 at a weighted average realized price of $88.90 per pound, generating $28.4 million in uranium revenue. Long-term contracts accounted for 270,000 pounds at $88.79 per pound ($24.0 million). Spot sales totaled 50,000 pounds at $89.50 per pound ($4.5 million). The realized price rose 10% from Q2 and 27% from Q1, while operating costs per pound and cost of goods sold held steady. The uranium segment was profitable for the third consecutive quarter.
The first sales of finished NdFeB alloys from the Korean Metals Plant (KMP) in September added $0.4 million.
Higher interest rates drive the $35.3 million paper loss
The unrealized loss reflects a lower fair value of interest-bearing debt securities as market rates rose. Cash interest income of $9.4 million from the portfolio partly offset it.
Working capital stood at $932.3 million at September 30. It included $76.4 million in cash, $779.5 million in marketable securities, $26.9 million in receivables and $90.3 million in inventory.
ASM deal adds Korean metals plant and Dubbo project
ASM brings the KMP in Ochang, South Korea, which makes rare earth metals and alloys at commercial scale. It also brings the Dubbo Project in New South Wales, which is fully permitted and construction-ready. CEO Ross Bhappu called the completion a "major strategic milestone."
VAC acquisition awaits regulatory approvals
VAC is the largest producer of rare earth magnets outside China and Japan. It operates plants in Sumter, South Carolina; Hanau, Germany; and Ulvila, Finland. Combined capacity is 3,500 tonnes per annum of magnet block, expandable to 13,500 tonnes. VAC's "soft" magnetics business also generates annual cash flow. Closing is subject to regulatory approvals and other conditions.
White Mesa Mill heavy rare earth expansion targets 2028
In July, Energy Fuels approved construction of commercial-scale heavy rare earth circuits at the White Mesa Mill in Utah. The expansion adds dysprosium and terbium capacity, plus a circuit for mixed rare earth carbonates produced at other mines globally. Dysprosium and terbium are due for commissioning in early 2028, and samarium, europium and gadolinium later that year. Oxide output is slated for the KMP, then to VAC's magnet plants if the acquisition closes. The company names automotive, robotics, data center, energy and defense as end markets.
Donald Project secures up to A$180 million in conditional financing
The joint venture with Astron Limited received conditional backing from Export Finance Australia and the National Reconstruction Fund Corporation for up to A$180 million. That is part of a proposed A$200 million senior debt facility. A final investment decision is expected by the end of 2026. Energy Fuels holds the right to 100% of the project's monazite offtake.
Mines produce 385,000 pounds of U3O8 in the quarter
Output from the Pinyon Plain, La Sal and Pandora mines brought the year-to-date total to 1.1 million pounds. Pinyon Plain grades improved as mining moved through the main zone. Grades are expected to rise further once mining begins in the Juniper Zone, and a second shift will lift ore output. Stockpiled ore awaits a Mill run planned to begin in Q4 2026. The company also advanced the Bullfrog, Roca Honda, Nichols Ranch and Whirlwind projects.
Management will discuss the results on a conference call at 9:00 AM MT on November 5.