Energy Fuels (NYSE-A: UUUU; TSX: EFR) is poised to exceed this year’s guidance for uranium mine production and meet its estimate for processed uranium products, the company said while releasing its third-quarter results.
The Colorado-based miner produced 465,000 lb. of uranium from its Pinyon Plain and La Sal mines, the company said on Tuesday. This takes its total output for the first nine months to 1.245 million lb., tracking towards or beyond the upper end of its 2025 forecast of 875,000-1.435 million pounds. Uranium oxide (U3O8) output is expected to hit 1 million lb., at top end of the forecast.
The company narrowed its net loss to $16.7 million, or 7¢ per common share, compared with $21.8 million or 10¢ per common share reported in the second quarter.
“The performance of our uranium segment is well-timed,” Energy Fuels’ CEO Mark Chalmers said in the release. “We see several factors indicating that demand for our domestically produced uranium is increasing.”
Shares of Energy Fuels gained 1.5% early on Tuesday before falling 5% to $16.88 during a wider U.S. equities sell-off in New York. The company has a market capitalization of $3.89 billion.
2026 outlook
Starting in the fourth quarter and into 2026, the company is expecting uranium mining costs to decline as it begins to process ores from Pinyon Plain, which it considers to be “one of the highest-grade uranium mines in U.S. history.”
These low expected costs of mining are expected to result in significant cash margins immediately upon the sale of mined uranium product, and increasing gross margins as the company averages down its cost of goods sold over time, Energy Fuels said in the release.
Processing stockpiled ore from the Pinyon Plain, La Sal and Pandora mines is helping the company with U3O8 production this year while it’s estimating first-quarter 2026 output between 430,000 and 730,000 pounds.
Projects advance
The company specifically noted that the Nichols Ranch project in Wyoming and the Whirlwind mine in Colorado are both being prepared for production, if market conditions permit. Once operational, they are expected to increase the company’s production run-rate to approximately 2.5 million lb. per year as early as next year, Energy Fuels said.
As for the production of rare earths, which it is piloting at its White Mesa mill in Utah, the company successfully produced its first dysprosium oxide during the third quarter.
Based on this success, Energy Fuels said it intends to construct and commission commercial-scale heavy rare earths separation capacity at White Mesa, which could be operational as soon as the fourth quarter of next year.
Be the first to comment on "Energy Fuels may beat 2025 uranium forecast"