Energy Fuels Inc. (TSX:EFR) - Full-Year Uranium Production Guidance Met in Six Months - Research Portal

Energy Fuels Inc. (TSX:EFR) - Full-Year Uranium Production Guidance Met in Six Months - Research Portal

Energy Fuels (EFR) announced they are on track to hit ~1.6Mlbs of finished U3O8 production by June 30, already falling in its FY26 guidance range of 1.5-2.5Mlbs. Processing will pause at the end of June to rebuild stockpiles and modify the White Mesa Mill, adding heavy REE production capacity and a new circuit to process U-bearing MREC’s. Uranium processing will resume in Q4/26. Mining costs at Pinyon Plain continue to track US$23-30/lb and White Mesa processing costs have hit historic lows of US$9-12/lb U3O8, underpinning continued improvement in costs through 2026. We believe this is positive on multiple fronts. H1/26 finished production of ~1.6Mlbs tracks the upper end of FY guidance and is consistent with our 2.356Mlb forecast. With a Q4/26 processing resumption and grades/tonnage expected to increase in H2, we see no reason to revise our production estimate. White Mesa's processing cost is materially below the US$13-16/lb level we saw at our Oct/25 site visit, and margins should remain wide as lower-cost Pinyon inventory flows through to sales. The Phase 1 REE circuit timing slip to late/27 to early/28 (vs. 2027 in our model) reflects added scope, heavies capacity, and the MREC feed circuit, rather than execution risk. The MREC circuit is significant as it allows White Mesa to process globally sourced, heavy-REE-enriched ionic clay feedstock, reducing reliance on captive monazite and expands the potential feed base for the planned Phase 2 expansion.