Highlights

• Q3 2026 Revenue of USD 29.2 million; uranium sales of 320,000 pounds at USD 88.90 per pound

• Net loss of USD 52.2 million attributable to the company, driven by USD 35.3 million of non-cash mark-to-market losses

• ASM Acquisition completed in August; Vacuumschmelze closing targeted for early 2027; Donald final Investment decision expected by end of 2026

Energy Fuels Inc. (TSX:EFR) reported its third quarter results in a news release issued last Wednesday, pairing a third consecutive rise in realized uranium prices with a large non-cash loss on marketable securities and fresh progress on its plan to build an integrated Western rare earth Supply chain. The company is also listed in the United States and Australia, and reports in American dollars.

A uranium miner repositioning around critical minerals

Energy Fuels is a Colorado-based producer that operates the White Mesa Mill in Utah, a conventional processing Facility that handles both uranium ore and rare earth feed. Its mines in Arizona, Utah and Colorado, including Pinyon Plain, La Sal and Pandora, supply ore, while a pipeline of additional uranium projects such as Bullfrog, Roca Honda, Nichols Ranch and Whirlwind provides longer-term optionality.

Over recent years the Business has widened well beyond uranium. The mill also separates rare earth elements from monazite sands, produces vanadium when market conditions allow, and is evaluating the recovery of medical isotopes from uranium process streams. Heavy mineral sands projects in Australia, Madagascar and Brazil round out a portfolio aimed at critical minerals that Western governments increasingly treat as strategic.

Results: revenue up, but securities marks drive a loss

Quarterly revenue was about twenty-nine million dollars, up from roughly eighteen million a year earlier. The operating loss was a little over twenty-five million dollars, slightly narrower than the prior-year quarter. The net loss attributable to shareholders widened to roughly fifty-two million dollars, or twenty cents per share, from a loss of about seventeen million dollars a year earlier.

The widening is attributable to non-cash items rather than operations. The company recorded unrealized mark-to-market losses of about thirty-five million dollars on marketable securities, which management explained as the result of higher market interest rates reducing the value of interest-bearing Debt securities. Those losses were partly offset by roughly nine million dollars of cash interest income. The Balance Sheet shows a substantial portfolio of marketable securities, mainly interest-bearing instruments and uranium-related equities, alongside cash of roughly seventy-six million dollars and Working Capital of about nine hundred and thirty-two million dollars.

Uranium pricing and production

Uranium sales were three hundred and twenty thousand pounds at a weighted average realized price of about eighty-nine dollars per pound. Spot sales accounted for a small portion, with the bulk delivered under long-term contracts at almost identical pricing. The realized figure rose ten percent from the second quarter and twenty-seven percent from the first quarter, the third consecutive quarterly increase, and the uranium segment turned a profit for the third quarter in a row.

Mining output reached three hundred and eighty-five thousand pounds of uranium oxide across Pinyon Plain, La Sal and Pandora, bringing production so far this year to about one point one million pounds. Grades at Pinyon Plain improved compared with the first half and are expected to rise further once Mining reaches the Juniper Zone, while a second shift is expected to lift ore output. Scheduled maintenance at the mill was completed, with alternate feed processed in the meantime and the next conventional ore campaign planned for the fourth quarter.

The rare earth build-out

The strategic centre of the release is rare earths. In August the company completed its acquisition of Australian Strategic Materials, which brings the Korean Metals Plant in Ochang, capable of making rare earth metals and alloys at commercial scale, and the Dubbo project in New South Wales, described as fully permitted and ready for construction. The Korean plant has already begun selling finished neodymium-iron-boron alloys.

A second and larger transaction is pending. Energy Fuels has agreed to acquire Vacuumschmelze, described as the largest rare earth magnet producer outside China and Japan, with facilities in South Carolina, Germany and Finland. Closing is targeted for early next year, subject to regulatory approvals including foreign direct investment clearance. Management's stated goal is an integrated supply chain running from mineral production through to finished magnets.

Supporting that plan, construction was approved in July for commercial-scale heavy rare earth circuits at White Mesa to produce dysprosium, terbium and other oxides, with the first of these expected to be commissioned in early two thousand twenty-eight. The circuits would also be able to process mixed rare earth carbonate from other mines.

Sector context for Canadian market participants

Readers following Metal & Mining Stocks will see that the company sits at the intersection of two themes that have drawn attention from policy makers in Canada and elsewhere: nuclear fuel supply and critical mineral security. Canadian federal policy has emphasized domestic processing and allied supply chains, and Toronto-listed issuers with Assets abroad are often assessed against that backdrop. Uranium pricing, which supports the segment profits described in the release, is influenced by Utility contracting, enrichment capacity and geopolitical developments affecting supply.

The heavy mineral sands side adds another dimension. The Donald project in Australia, in which the company has the right to earn an interest and take the monazite offtake, has conditional Debt Financing from Australian government-backed lenders and regulatory approvals to construct and operate. A final investment decision is expected by the end of this year.

Risks and items to watch

Several uncertainties accompany the strategy. The Vacuumschmelze transaction depends on regulatory approvals and could encounter delays. The company provided no numeric production or financial guidance, which leaves quarterly results as the main gauge of progress. Fiscal terms with the Malagasy government for the Vara Mada project remain a forward-looking risk, and rare earth separation and magnet Manufacturing carry execution challenges distinct from uranium mining.

Balance sheet items also deserve attention. Net loss Volatility from the securities portfolio is likely to continue while interest rates and Equity prices fluctuate, even though cash Earnings from interest income provide partial cushioning. Property, plant and equipment more than doubled since the end of last year, reflecting the acquisitions, and that larger asset base brings integration responsibilities.

Market Placement and next milestones

On the Toronto exchange, the stock trades within the broader resource complex tracked by the [S&P/TSX Composite Index], although its earnings drivers differ from those of base metal miners and are tied more closely to nuclear fuel contracting and rare earth policy. Bank of Canada decisions and Commodity currency effects affect Canadian-dollar returns for local participants, even though the company's revenue is in American dollars.

Upcoming milestones include the next conventional ore run at the mill, the Donald final investment decision, regulatory clearances for the magnet maker, and further progress on the heavy rare earth circuits. A conference call for analysts followed the release on Thursday, giving management a further opportunity to discuss the rare earth integration timeline and the uranium contracting outlook.