Energy Fuels Inc. (UUUU): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a company that's rapidly reshaping the domestic supply chain for nuclear fuel and electric vehicle magnets. Honestly, this isn't just about uranium anymore; Energy Fuels Inc. (UUUU) is leveraging its sole operating U.S. mill to pivot into rare earth elements, backed by a strong balance sheet showing nearly $300 million of working capital as of September 30, 2025. We've mapped out exactly how they turn that unique resource base-from strategic feedstock alliances to long-term utility contracts-into value across all nine building blocks of their business model. Dive in below to see the precise partnerships and revenue streams driving this critical minerals powerhouse.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Energy Fuels Inc. has locked in to fuel its dual-commodity strategy, which is a smart way to manage the cyclical nature of uranium and the growth potential of rare earths. These aren't just handshake deals; they are concrete supply agreements and MOUs that anchor their production plans for 2025 and beyond.

The foundation of the rare earth element (REE) side is securing the feedstock. Energy Fuels Inc. relies on The Chemours Company for monazite concentrates, which is the raw material for their separated REE oxides. Chemours mines and separates heavy mineral sands from its operations in Florida and Georgia. This strategic alliance, formalized in March 2025, is key because the White Mesa Mill in Utah is the only operating U.S. facility capable of processing this monazite into separated REE oxides.

To move those separated oxides into high-value products, Energy Fuels Inc. has two critical downstream partners. First, the Memorandum of Understanding (MOU) with POSCO International, signed in March 2025, targets the electric vehicle (EV) supply chain. Energy Fuels Inc. has already sent initial qualification samples of its neodymium-praseodymium (NdPr) oxide, which POSCO International processes into metal, alloy, and finished magnets for EV traction motor cores. If the definitive agreement is finalized, commercial volumes could power over 30,000 EVs by the end of 2025. The plan involves scaling the White Mesa Mill's NdPr oxide capacity from its current 1,000 tons per year up six-fold to 6,000 tons per year.

Second, the August 26, 2025, MOU with Vulcan Elements aims to build a secure U.S.-based rare earth magnet supply chain independent of China. Energy Fuels Inc. agreed to supply initial quantities of high-purity 'light' and 'heavy' separated rare earth oxides, specifically NdPr and dysprosium (Dy) oxides, to Vulcan for validation in the fourth quarter of 2025.

For the uranium business, the partnerships are about securing both feedstock and sales. Energy Fuels Inc. is a major supplier to Nuclear Utilities via long-term contracts. The company's revised 2025 sales guidance, as of Q2 2025, was to sell 350,000 pounds of U3O8. In the third quarter of 2025 alone, they sold 240,000 pounds for $17.4 million in revenue, averaging $72.38 per pound. Looking ahead, the expected sales under existing long-term contracts for 2026 range from 620,000 to 880,000 pounds of U3O8. The company's low-cost production estimate is possibly around $23 - $30 per pound U3O8.

Feedstock for the mill also comes from agreements like the one with Western Uranium & Vanadium. They entered a one-year Ore Purchase Agreement in April 2025 to deliver up to 25,000 short tons of uranium-bearing ore to the White Mesa Mill. Deliveries started around May 2025, with approximately 792 tons delivered in June and July 2025 from the Sunday Mine Complex stockpiles.

Here's a quick look at the quantitative impact of these key external relationships:

Partner	Nature of Agreement/Data Point	Volume/Amount (2025/Forward)
The Chemours Company	Source of Monazite Feedstock for REE Processing	Feedstock from mines in Florida and Georgia
POSCO International	NdPr Oxide Validation for EV Magnets (MOU)	Target scale-up to 6,000 tons per year NdPr oxide capacity
POSCO International	Potential Commercial Volume Impact (If Definitive Agreement Finalized)	Enough to power over 30,000 EVs by year-end 2025
Vulcan Elements	Supply of NdPr and Dy Oxides for Validation (MOU)	Initial quantities to be supplied in Q4 2025
Nuclear Utilities	Expected Uranium Sales under Existing Long-Term Contracts (Q4 2025)	160,000 pounds of U3O8
Nuclear Utilities	Uranium Sales Revenue (Q3 2025)	$17.4 million from 240,000 pounds sold
Nuclear Utilities	Expected Uranium Sales under Existing Long-Term Contracts (2026)	Between 620,000 and 880,000 pounds of U3O8
Western Uranium & Vanadium	Ore Purchase Agreement (Total Contract Volume)	Up to 25,000 short tons of uranium-bearing ore
Western Uranium & Vanadium	Ore Delivered (June/July 2025)	Approximately 792 tons

The reliance on Chemours for feedstock means Energy Fuels Inc.'s REE expansion is directly tied to the output from those specific U.S. mineral sands operations. Also, the uranium sales pipeline is heavily back-loaded, with Q3 2025 sales of 240,000 pounds being the first significant delivery after no scheduled sales in Q1. This leaves the company with a substantial inventory, expecting to hold 925,000 to 1,225,000 pounds of finished U3O8 by the end of 2025, which is enough to satisfy 2025 and 2026 delivery requirements under current contracts.

You can see the strategy in action by looking at the material flow. Monazite from Chemours goes to the White Mesa Mill, where it is processed into NdPr oxide, which is then validated by POSCO International and Vulcan Elements. Meanwhile, uranium ore from partners like Western Uranium & Vanadium, alongside Energy Fuels Inc.'s own mining, feeds the mill for processing into U3O8 for utility contracts.

The company is definitely building out a complex, integrated supply chain through these agreements. Finance: draft 13-week cash view by Friday.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Key Activities

You're looking at the core engine of Energy Fuels Inc. (UUUU) operations as of late 2025. These are the things they absolutely must do well to execute their strategy, focusing on the numbers we see from their latest reports.

Uranium Mining and Milling: Operating the only conventional uranium mill in the U.S., White Mesa Mill.

The White Mesa Mill in Utah is the linchpin, being the only fully-licensed and operating conventional uranium mill in the United States. Its licensed capacity sits at over 8+ million pounds of U3O8 per year. This facility isn't just for uranium; it houses four critical mineral circuits, including the one for REEs.

Key operational metrics related to the mill and mining include:

• Uranium production guidance for 2025 is tracking toward or beyond the upper end of 875,000-1,435,000 lb. of mined uranium ore.
• Total finished uranium production for 2025 is projected at 700,000-1,000,000 pounds of U3O8.
• Pinyon Plain mine grade in Q3-2025 was 1.27% uranium.
• Uranium sales in Q3-2025 totaled 240,000 pounds at a weighted average realized price of $72.38 per pound.

Rare Earth Element (REE) Processing: Scaling up NdPr, Dysprosium (Dy), and Terbium (Tb) oxide separation.

Energy Fuels Inc. is actively scaling up its REE separation capabilities at the White Mesa Mill, moving beyond its initial Phase 1 circuit. The company has developed the technical ability to commercially produce six of the seven REE oxides subject to Chinese export controls.

Here's the pilot-scale progress we've seen through Q3-2025:

REE Product	Pilot Production Status (as of late 2025)	Target Commercial Scale (Future Study)
Neodymium-Praseodymium (NdPr) Oxide	Produced about 38,000 kg in 2024 from Phase 1.	Up to 6,000 tpa of NdPr capacity.
Dysprosium (Dy) Oxide	Produced 29 kilograms through September 30, 2025, at 99.9% purity.	Up to 225 tpa of Dy capacity.
Terbium (Tb) Oxide	Targeting production of first samples in Q4-2025.	Up to 75 tpa of Tb capacity.

The company intends to construct commercial-scale heavy REE separation capacity by Q4-2026.

Inventory Management: Holding 1,985,000 to 2,585,000 pounds of U3O8 inventory expected by year-end 2025.

You're holding significant material, which is a deliberate strategy to wait for better pricing. The guidance confirms the targeted stockpile size you're aiming for by the end of the year. This inventory position is designed to cover near-term contract obligations.

• Expected total U3O8 inventory (ore + finished) by year-end 2025: 1,985,000 to 2,585,000 pounds.
• Expected finished U3O8 inventory by year-end 2025: 925,000 to 1,225,000 pounds.
• Inventory value as of September 30, 2025: $74.4 million on the balance sheet, with a market value of approximately $45.3 million as of October 31, 2025 (reflecting historical cost of $30.3 million).
• Inventory as of June 30, 2025: 1,875,000 pounds total.

Project Development: Advancing large-scale uranium projects like Roca Honda and Bullfrog.

The pipeline is focused on significantly expanding future production capacity beyond the current ramp-up. You're advancing permitting on these key assets, with Roca Honda on the FAST-41 transparency timeline. The potential here is substantial.

The combined potential from Roca Honda, Bullfrog, and Sheep Mountain is to expand the annual production run-rate to up to five million pounds of U3O8 per year in the coming years. Furthermore, bringing the Nichols Ranch ISR project and Whirlwind mine online could lift the run-rate to roughly two million pounds per year by as early as 2026.

Global Feedstock Sourcing: Managing heavy mineral sands (HMS) assets in Australia, Brazil, and Madagascar.

Securing feedstock outside of the U.S. is a major activity to feed the expanded REE circuits. You have a 49% joint venture in the Donald Project in Australia, with a Final Investment Decision (FID) potentially by the end of 2025. This project could feed 7,000 to 14,000 tpa of monazite into the Mill.

Also, through the acquisition of Base Resources, you manage the Toliara Project in Madagascar, which is expected to supply monazite feedstock.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Key Resources

White Mesa Mill: The sole licensed conventional uranium and vanadium mill operating in the United States.

• Licensed capacity of 8+ million pounds of uranium per year.
• Has four Critical Mineral Circuits in One Facility.
• Completed first commercial run of neodymium-praseodymium oxide (NdPr).
• Piloting heavy rare earth separation, including dysprosium (Dy) and Terbium (Tb).

Financial Liquidity: Robust balance sheet with nearly $300 million of working capital as of September 30, 2025, and zero debt.

Financial Component (as of September 30, 2025)	Amount (USD)
Working Capital	$298.5 million
Cash and Cash Equivalents	$94.0 million
Marketable Securities	$141.3 million
Inventory	$74.4 million
Debt	Zero

High-Grade Uranium Mines: Operational mines like Pinyon Plain, with ore grades up to 1.27% U3O8 in Q3 2025.

• Ore mined at Pinyon Plain in Q3 2025 averaged 1.27% U3O8.
• Approximately 465,000 pounds of uranium mined from Pinyon Plain and La Sal in Q3 2025.
• Total contained U3O8 mined through September 30, 2025, was approximately 1,245,000 pounds.
• Expected 2025 finished U3O8 production is up to approximately 1,000,000 pounds.
• Finished U3O8 inventory weighted average cost as of September 30, 2025, was approximately $53 per pound.

Global Monazite Assets: Access to world-significant heavy mineral sands operations for REE feedstock.

• Securing low-cost monazite feedstock through Toliara (Madagascar), Donald (Australia), and Bahia (Brazil) projects.
• Potential combined feedstock production exceeding 40,000 tonnes annually.
• This feedstock contains approximately 5,381 tonnes of NdPr oxide.

Intellectual Property/Permitting: Extensive portfolio of licensed uranium and vanadium properties and permits.

• The White Mesa Mill is the only fully-licensed and operating conventional uranium mill in the United States.
• Pilot circuit produced 29 kilograms of Dy oxide through September 30, 2025.
• Pilot production of Tb oxide is targeted for December 2025.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Value Propositions

You're looking at Energy Fuels Inc. (UUUU) as a critical domestic supplier, and the value propositions they offer are centered on security of supply and diversification, which is what really matters in this sector right now.

U.S. Domestic Supply Security: Providing a non-Chinese source for uranium and critical rare earth elements

Energy Fuels Inc. positions the White Mesa Mill in Utah as the sole operating conventional uranium mill in the U.S. and the only facility with commercial capacity to process monazite for rare earth oxide (REO) production, directly addressing the need for non-Chinese sources. The structural deficit in the uranium market is clear: global reactor requirements for 2025 are estimated at approximately 179 million pounds U₃O₈, exceeding primary mine production by 30-40 million pounds annually. Energy Fuels Inc. is ramping up to meet this demand domestically. On the rare earth side, following Chinese export restrictions announced in April 2025, the company's ability to produce critical magnetic rare earths is a key differentiator. The company successfully produced 29 kilograms of Dy oxide through September 30, 2025, in its pilot circuit. The expected FY-2025 Finished Uranium Production is up to 1,000,000 pounds of U₃O₈ product, with a production run-rate approaching 2 million pounds per year by 2026.

Diversified Critical Minerals: Offering uranium, REEs, vanadium, titanium, and zircon from one processing hub

The core value here is the hub-and-spoke model built around the White Mesa Mill, which processes multiple commodities. This diversification mitigates single-commodity risk. The company is executing on this by integrating uranium mining, REE separation, and heavy mineral sands (HMS) development. For instance, in Q1 2025, the company reported HMS sales of 6,836 tonnes of rutile and 12,852 tonnes of ilmenite. The potential upside from the Toliara Project in Madagascar, if a Final Investment Decision is made, is substantial, offering over 800,000 tonnes of ilmenite, 60,000 tonnes of zircon, and over 8,000 tonnes of rare earth oxides annually over a +30 year mine life. This creates a multi-commodity offering from one processing center.

Energy Fuels Inc. (UUUU) Critical Mineral Capacity and Production Data (Late 2025 Estimates)

Mineral/Product	Current/Near-Term Capacity/Target	Latest Reported Metric
Uranium (U₃O₈) Finished Production (FY 2025)	Up to 1,000,000 pounds	Q3 2025 YTD production was 1,245,000 pounds of contained uranium in mined ore.
Neodymium-Praseodymium Oxide (NdPr)	Phase 2 target: 6,000 tonnes per year by 2028.	Phase 1A capacity is up to 1,000 tonnes per annum.
Heavy Rare Earths (e.g., Dy Oxide)	Pilot production scaling to commercial.	29 kilograms of Dy oxide produced through September 30, 2025.
Heavy Mineral Sands (Zircon)	Toliara potential: 60,000 tonnes per year.	Q1 2025 HMS sales included 6,836 tonnes of rutile.

Low-Cost Production Potential: Targeting uranium production costs of $23-$30 per pound from high-grade ore

The Pinyon Plain Mine in Arizona is cited as one of the highest-grade uranium mines in U.S. history, supporting a targeted low-cost position. The projected production cost from Pinyon Plain is approximately $\$23-\$30$ per pound of uranium oxide. This contrasts with the company's overall inventory cost. As of September 30, 2025, the weighted average cost for all finished U₃O₈ inventories was approximately $\$53$ per pound. The company is focused on improving margins, as seen in Q2 2025 where a spot sale realized a gross margin of 31% at $\$77.00$ per pound.

Nuclear Fuel Cycle Integration: Supplying the first step in the zero-emissions nuclear energy fuel cycle

Energy Fuels Inc. provides the foundational raw material, uranium concentrate (U₃O₈), which is the first step for utilities to produce fuel for zero-emissions nuclear energy. The company's strategy involves securing sales through long-term agreements, which provides revenue stability even when spot prices are weak. The company expected to sell 220,000 pounds of uranium in 2025 under existing long-term contracts with utilities, with an additional 160,000 pounds planned for sale in Q4-2025 under those same contracts. This commitment to the fuel cycle is underpinned by the fact that Western utilities are prioritizing supply chain diversification away from Russian sources.

Environmental Stewardship: Utilizing alternate feed materials and byproducts for mineral recovery

A unique aspect of the White Mesa Mill is its ability to process materials other than newly mined ore, which is both an environmental benefit and a cost advantage. The company is actively recovering uranium from materials that would otherwise be waste. For example, Q2-2025 finished U₃O₈ production of 180,000 pounds came from both newly mined ore and stockpiled alternate feed materials. Furthermore, as part of a landmark agreement with the Navajo Nation, Energy Fuels Inc. agreed to accept (for free) 10,000 tons of uranium-bearing materials from historic abandoned uranium mines. The company sees potential to add an estimated 160,000 to 200,000 pounds of additional contained uranium from these alternate feed materials and mine cleanup sources to its ore inventories.

• Finished U₃O₈ production in Q1 2025 from alternate feeds and new ore was 150,000 pounds.
• The company is also preparing to pilot the recovery of R&D quantities of Ra-226 for medical isotope testing.
• The White Mesa Mill has a licensed annual capacity of 8 million pounds per year for uranium.

Finance: review the Q4-2025 cash flow projection against the near $1 billion working capital position post-notes offering.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Customer Relationships

You're looking at how Energy Fuels Inc. manages its key relationships across its uranium and rare earth segments as of late 2025. It's a mix of securing traditional utility offtake and forging new domestic supply chain alliances.

Long-Term Contract Management: Maintaining stable, multi-year supply agreements with nuclear utilities.

The uranium business relies on these established relationships for stable cash flow. Energy Fuels Inc. has a clear schedule for deliveries under existing agreements.

• Expected sales under long-term contracts for the remainder of 2025 total 300,000 pounds of U₃O₈.
• Specifically, the company expects to sell 160,000 pounds in Q4-2025 under these contracts.
• For 2026, the portfolio of current long-term uranium sales contracts projects sales between 620,000 and 880,000 pounds of U₃O₈.
• The initial 2025 guidance was for 220,000 pounds, which was revised up to 350,000 pounds, not counting potential spot sales.

Strategic B2B Alliances: Collaborative MOUs for product validation and secure supply chain development.

For the rare earth segment, the focus is on validation through strategic Memorandums of Understanding (MOUs) to build a non-China supply chain. This is where the near-term action is.

Partner	Product Focus	Key Milestone/Timeline	Status/Goal
Vulcan Elements	NdPr and Dy oxides for permanent magnets	MOU signed August 26, 2025; Initial supply in Q4 2025	Intend to negotiate long-term supply agreements post-validation.
POSCO International	NdPr oxide for EV traction motor cores	Initial qualification samples already met specifications.	Potential delivery of supply volumes later in 2025, enough to power 30,000+ EVs.

The company produced high-purity NdPr oxide at commercial scale in 2024, which has already been validated by downstream manufacturers.

Product Qualification: Sending NdPr and Dy oxides to major manufacturers for use in permanent magnets.

The qualification process is moving from light rare earths (NdPr) to heavy rare earths (Dy and Tb). This is about proving the material works in the customer's final product.

• Energy Fuels Inc. successfully developed the technical ability to commercially produce several oxides, including Dy and Tb, on April 17, 2025.
• As of September 30, 2025, the White Mesa Mill pilot circuit had produced 29 kilograms of Dy oxide, exceeding the 99.9% purity benchmark over the 99.5% commercial specification.
• Pilot production of Terbium (Tb) oxide is targeted for December 2025.
• Samples of NdPr oxide were actively being qualified by potential customers as of Q1 2025.

Government Relations: Engaging with U.S. government agencies on critical mineral policy and defense needs.

Customer relationships extend to government stakeholders who are focused on de-risking supply chains, especially after China imposed export restrictions on key REEs on April 4, 2025.

• The company's strategy aligns with many of President Trump's Executive Orders regarding domestic critical mineral processing.
• The Roca Honda Project is listed on the U.S. Federal Infrastructure Projects, Permitting Dashboard under FAST-41 Transparency Projects.
• Energy Fuels Inc. received final government approvals for its Donald Project joint venture in Australia (as of Q2 2025).
• This Australian project also secured a conditional Letter of Support from Export Finance Australia for up to A$80 million in senior debt.

Finance: finalize the Q4 2025 contract delivery schedule variance analysis by next Tuesday.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Channels

You're looking at how Energy Fuels Inc. gets its products-uranium, rare earth elements (REEs), and others-into the hands of customers and how it accesses capital. It's a mix of long-term commitments and opportunistic sales, plus the public market access.

The primary channels for Energy Fuels Inc.'s core product, uranium, are structured around fulfilling existing commitments and capitalizing on short-term price movements.

• - Direct Sales to Utilities: Fulfilling long-term uranium sales contracts, such as the 160,000 pounds expected in Q4 2025.
• - Spot Market Sales: Opportunistic sales of uranium inventory based on favorable market prices.
• - B2B Supply Agreements: Delivering REE oxides and HMS products through direct contracts with industrial partners.
• - Stock Exchanges: Publicly traded on NYSE American (UUUU) and TSX (EFR) for capital access.

For the uranium segment, the direct sales channel is key to near-term revenue stability. You can see the expected delivery schedule below:

Sales Channel	Product	Period/Target	Volume/Amount
Direct Sales to Utilities	U3O8	Q4-2025 Contract Delivery	160,000 pounds
Direct Sales to Utilities	U3O8	2026 Contract Portfolio	Between 620,000 and 880,000 pounds
Direct Sales to Utilities	U3O8	Q3-2025 Actual Sales	240,000 pounds at an average price of $72.38 per pound

The spot market serves as a secondary, tactical channel for uranium. During Q3-2025, when spot prices averaged approximately $74.66, Energy Fuels Inc. made only one spot sale for 100,000 pounds of U₃O₈. This shows a measured approach to inventory monetization.

The emerging channel for critical minerals involves B2B supply agreements, particularly for the rare earth products coming from the White Mesa Mill. Energy Fuels Inc. signed a Memorandum of Understanding (MOU) to supply Vulcan Elements. This starts with validation quantities in Q4 of 2025, with the goal of negotiating long-term agreements afterward. The pilot production is already yielding material for this channel.

• Pilot production of Dysprosium (Dy) oxide reached 29 kilograms through September 30, 2025.
• Pilot production of Terbium (Tb) oxide is targeted for December 2025.

Finally, accessing public capital markets is a crucial channel for funding operations and project advancement. Energy Fuels Inc. shares trade on two main exchanges. The company completed an upsized offering of 0.75% Convertible Senior Notes due 2031 for $700.0 Million post-quarter end. As of September 30, 2025, the company had 237,286,768.00 shares outstanding. That public listing gives them liquidity; as of September 30, 2025, working capital stood at $298.5 million, including $94.0 million of cash and cash equivalents and $141.3 million of marketable securities.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Energy Fuels Inc. (UUUU) as of late 2025, and it's a mix of traditional energy and cutting-edge tech supply chains. The company isn't just selling one thing; they're diversifying across three distinct, strategically important markets.

Nuclear Power Utilities

These are your primary, established customers for uranium concentrate, or U3O8 (yellowcake). They need this for reliable, baseload electricity generation. The sales cadence is heavily driven by long-term contracts, which provide revenue stability, though Energy Fuels Inc. has shown flexibility to sell into the spot market when prices are right. For instance, in the third quarter of 2025, the Company sold 240,000 pounds of U3O8 at a weighted average realized price of $72.38 per pound, bringing in gross proceeds of $17.4 million. Looking ahead, they expect to sell between 620,000 and 880,000 pounds under existing contracts in 2026. The operational efficiency from the Pinyon Plain mine is key here, as the expected cost of goods sold for U3O8 sales through the end of 2025 is around $50 to $55 per pound, dropping to $30 to $40 per pound in Q1 2026. That margin expansion is what these utility customers are betting on when they sign long-term deals.

Electric Vehicle (EV) Manufacturers

This segment is indirect, meaning Energy Fuels Inc. supplies partners who then supply the EV makers. The focus here is on the rare earth elements (REEs) needed for high-performance permanent magnets. The Company is actively qualifying its Neodymium-Praseodymium (NdPr) oxide with major automobile manufacturers. Furthermore, surplus material is being directed toward the production of electric and hybrid vehicles through their partnership with POSCO. The market for these materials is heating up; Chinese NdPr prices saw a significant jump of approximately 19.5% between June 30, 2025 (at $61.88 per kg) and August 1, 2025 (at $73.93 per kg). Energy Fuels Inc. is also making headway on the heavier, more strategically important elements, having produced nearly 30 kilograms of Dysprosium (Dy) oxide (99.9% pure) through September 2025.

U.S. Defense and Technology

This customer segment values security of supply above almost everything else. The backdrop is geopolitical; following Chinese export restrictions on critical REEs announced in April 2025, the need for a domestic source became acute. Energy Fuels Inc. is positioning itself to be a core supplier to this sector, with a stated goal to supply 50% of the United States' rare earth needs by 2028. This strategic alignment with U.S. reshoring priorities is a major factor for stakeholders evaluating the Company.

Industrial Mineral Processors

These buyers are interested in the Heavy Mineral Sands (HMS) products that are co-produced or separated at the White Mesa Mill. These are often byproducts of the larger REE or uranium streams. For the first quarter of 2025, the sales volume and resulting revenue were concrete:

Mineral Product	Q1 2025 Sales Volume	Primary Use
Rutile	6,836 tonnes	Titanium products
Ilmenite	12,852 tonnes	Titanium products
Zircon	1,429 tonnes	Zirconium production

The total revenue generated from these HMS sales in Q1 2025 was $15.54 million.

To summarize the customer base and their recent activity, here's a quick look at the key data points:

• Nuclear Utilities: Sold 240,000 lbs U3O8 in Q3 2025 at $72.38/lb.
• EV/Tech Partners: Qualified NdPr and produced 29 kg of Dy oxide by end of Q3 2025.
• Defense/Govt: Targeting 50% of U.S. REE needs by 2028.
• Industrial Processors: Generated $15.54 million in HMS revenue in Q1 2025.

If onboarding these diverse customers takes longer than expected, securing the next round of long-term contracts could be delayed.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Cost Structure

Mining and Milling Costs: Significant operating expenses for ore extraction and White Mesa Mill processing.

• Costs applicable to revenues for the three months ended March 31, 2025, were $18.124 million.
• Total expenses for the quarter ending June 30, 2025, reached $29.53 million.
• Ore mined at the Pinyon Plain mine during Q3-2025 had an average grade of 1.27% U3O8.
• The company anticipates low expected costs of mining, with expected costs of goods sold for U3O8 sales through the end of 2025 in the range of $50 to $55 per pound.
• Expected cost of goods sold is projected to drop to the $30 to $40 per pound range in Q1-2026.

Inventory Cost of Goods Sold: Finished U3O8 inventory carried at an average cost of approximately $53 per pound (Q3 2025).

The Company's inventories of finished U3O8 had a weighted average cost of approximately $53 per pound U3O8 as of September 30, 2025.

Rare Earth R&D/Scale-up: Capital expenditure and operating costs for REE separation circuit expansion.

• Pilot production of dysprosium oxide reached 29 kilograms through September 30, 2025.
• The company plans to use new growth capital for expanding the rare earth separation facility at the White Mesa Mill.

Exploration and Pre-development: Costs associated with advancing new uranium projects like Roca Honda.

The company received a conditional Letter of Support from Export Finance Australia for up to A$80 million in respect of senior debt project financing for the Donald Project.

General and Administrative (G&A): Corporate overhead, including increased headcount for expansion.

• Energy Fuels' General and Admin. Expense for the three months ended in September 2025 was reported as $0.00 Mil.
• The net loss for Q3-2025 was $16.7 million.

Here's a quick look at some key operational and financial metrics from Q3 2025:

Metric	Value	Date/Period
Finished U3O8 Inventory Cost (per pound)	$53.00	As of September 30, 2025
Q3-2025 U3O8 Sales (pounds)	240,000	Q3-2025
Q3-2025 Weighted Average Realized Price (per pound)	$72.38	Q3-2025
Q3-2025 Gross Margin on U3O8 Sales	26%	Q3-2025
Total Mined U3O8 (contained pounds)	1,245,000	Through September 30, 2025
Total Inventory (pounds of U3O8)	2,125,000	As of September 30, 2025

Finance: draft 13-week cash view by Friday.

Energy Fuels Inc. (UUUU) - Canvas Business Model: Revenue Streams

You're looking at how Energy Fuels Inc. actually brings in the cash, which is definitely shifting from being purely a uranium play to a diversified critical minerals supplier. The revenue streams are built around their unique asset base, especially the White Mesa Mill.

Uranium Sales: Revenue from long-term utility contracts and spot market sales; Q3 2025 sales totaled $17.4 million.

The bread and butter for Energy Fuels Inc. remains uranium concentrate ($\text{U}_3\text{O}_8$). In the third quarter of 2025, the company sold a total of 240,000 pounds of $\text{U}_3\text{O}_8$. This generated gross proceeds of $17.4 million. The weighted average realized price on those sales was $72.38 per pound, which resulted in a gross margin of 26% for the quarter. Spot uranium prices averaged approximately $74.66 during Q3-2025, leading the company to make only one spot sale for 100,000 pounds that quarter. For the full nine months of 2025, total revenue was reported at $38.8 million. Looking ahead, Energy Fuels Inc. expects to sell another 160,000 pounds of $\text{U}_3\text{O}_8$ in the fourth quarter under existing long-term utility contracts.

Here's a quick look at the uranium sales performance for Q3 2025:

Metric	Value
Q3 2025 Uranium Revenue	$17.4 million
Pounds Sold in Q3 2025	240,000 pounds
Weighted Average Realized Price (Q3 2025)	$72.38 per pound
Q3 2025 Gross Margin on Uranium Sales	26%
Expected Q4 2025 Uranium Sales (Under Contract)	160,000 pounds

Heavy Mineral Sands (HMS) Sales: Revenue from selling rutile, ilmenite, and zircon products.

The diversification strategy brings in revenue from Heavy Mineral Sands, which includes titanium and zirconium minerals. While Q3 2025 revenue breakdown isn't fully detailed in the same way as uranium, we have concrete data from the first quarter of 2025 showing sales activity. Energy Fuels Inc. is selling key components like rutile, ilmenite, and zircon.

The specific sales volumes for Q1 2025 were:

• - Rutile sold: 6,836 tonnes
• - Ilmenite sold: 12,852 tonnes
• - Zircon sold: 1,429 tonnes

These sales contributed to total HMS revenues of $15.54 million during the three months ended March 31, 2025.

Rare Earth Oxide Sales: Emerging revenue from separated oxides like NdPr, Dy, and Tb.

This is the growth engine, leveraging the White Mesa Mill's unique separation circuit. Revenue is emerging from separated oxides, specifically Neodymium-Praseodymium (NdPr), Dysprosium (Dy), and Terbium (Tb). The company reported successful pilot production of 29 kilograms of Dy oxide through September 30, 2025, with Tb oxide production coming next. The updated Pre-Feasibility Study (PFS) for the Mill outlines potential annual output if throughput increases to 50,000 tpa of monazite:

• - NdPr production: Roughly 5,000 tpa
• - Dy production: 150 to 225 tpa
• - Tb production: 50 to 75 tpa

Activity in this segment contributed to the sharp year-over-year revenue increase in Q3 2025.

Vanadium Sales: Potential future revenue from vanadium pentoxide when market conditions are favorable.

Energy Fuels Inc. owns the sole conventional vanadium processing plant in North America. The company has the capability to produce vanadium oxide at the White Mesa Mill, but production is deliberately paused. This stream represents potential future revenue, contingent entirely on market conditions becoming favorable enough to warrant restarting production and sales of vanadium pentoxide.

Finance: draft 13-week cash view by Friday.