Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has announced that its terbium (Tb) oxide has successfully passed all qualifications for use by one of the world's largest manufacturers of rare earth permanent magnets outside China. The Japan-based manufacturer confirmed that the Tb oxide produced at Energy Fuels' White Mesa Mill in Utah meets its specifications and is approved for commercial rare earth permanent magnet production with no further qualification or validation required. This development is crucial as terbium, which improves the heat resistance and performance of high-strength NdFeB permanent magnets, currently commands a market price of approximately $5.5 million per tonne, according to Benchmark Mineral Intelligence.
The qualification of Tb oxide follows Energy Fuels' previous announcements regarding the qualification of its neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for rare earth permanent magnet manufacturing. Together, these qualifications position Energy Fuels as a key supplier of critical rare earth elements to the permanent magnet industry outside China. Upon closing of its pending acquisitions of Australian Strategic Materials (ASM) and Vacuumschmelze (VAC), Energy Fuels expects to become the leading vertically integrated "mine-to-rare earth permanent magnet" producer in the U.S. and Europe, with NdPr, Tb and Dy oxides produced at the White Mesa Mill serving as key components of its supply chain.
This announcement underscores Energy Fuels' strategic role in the global effort to diversify the rare earth supply chain, which is currently dominated by China. The company's ability to produce high-purity rare earth oxides in the United States is a significant step toward reducing Western dependence on Chinese rare earth exports. The permanent magnet industry relies heavily on these elements for applications in electric vehicles, wind turbines, and advanced electronics, making the secure supply of these materials a matter of economic and national security.
Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR").
The successful qualification of Tb oxide is a testament to Energy Fuels' commitment to providing high-quality critical materials to the global market. As the world transitions to cleaner energy technologies, the demand for rare earth permanent magnets is expected to surge. Energy Fuels is positioning itself to meet this demand by expanding its production capabilities and integrating its supply chain from mining to magnet manufacturing.
For more information about Energy Fuels, visit the company's newsroom at http://ibn.fm/UUUU. To view the full press release, visit https://ibn.fm/QNWwb.
