Insights › Rare-earth magnet supply chain atlas › Energy Fuels / eVAC
United States
Energy Fuels / eVAC
Energy Fuels is a uranium and critical minerals producer whose rare earth business is upstream and midstream: monazite feedstock sourcing, cracking and leaching, and solvent-extraction separation of NdPr and heavy rare earth oxides at the White Mesa Mill in Utah. Since completing the Australian Strategic Materials acquisition it also owns rare earth metal and NdFeB alloy production in South Korea, which is what extends it through the alloying step. It does not itself make magnets. e-VAC Magnetics is a sintered NdFeB and SmCo magnet manufacturer and a subsidiary of Germany's Vacuumschmelze.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- VAC stated in December 2025 that Sumter would reach an annual production capacity of 2,000 t of magnets by the first quarter of 2026; Energy Fuels' June 2026 acquisition release describes Sumter's earnings as expected once its production reaches its current capacity of 2,000 t/yr. No production or shipment tonnage for Sumter has been published.
- Energy Fuels' 8-K of 13 October 2026 says the Sumter plant was constructed in connection with an offtake agreement, that a dispute with the customer over compensation for underutilized production capacity arose in April 2026, that the customer gave notice of termination on 1 July 2026, and that e-VAC began arbitration on 7 July 2026 seeking a declaration that the termination was wrongful. GM's quarterly report for the period ended 30 September 2026 says that in July 2026 a supplier of a component for EV traction motors initiated an arbitration seeking damages after GM terminated a strategic sourcing agreement; neither filing names the other party, and the amount claimed is not disclosed. Reuters reported on 23 October 2026, citing a person with knowledge of the matter, that GM canceled its long-term supply deal with the plant and is the customer in the arbitration, and that VAC's chief executive had said in September 2025 that about 90% of Sumter's output was set to go to GM, with the rest for the US government. VAC recognizes no asset for the claim, and the filing says new customer contracts may require significant capital expenditure.
At a glance
- Founded
- 1987 — Energy Fuels traces to an entity incorporated in Alberta in 1987, continued under the Business Corporations Act of Ontario in 2005 and renamed Energy Fuels in 2006. e-VAC Magnetics is a separate company, the US arm of Germany's Vacuumschmelze; its Sumter, South Carolina plant broke ground in March 2024.
- Headquarters
- Lakewood, Colorado, United States. Incorporated in Ontario; listed as NYSE American: UUUU and TSX: EFR.
- Ownership
- Energy Fuels is publicly traded. e-VAC Magnetics is NOT owned by Energy Fuels: it is a subsidiary of Vacuumschmelze, owned by Ara Partners. On 23 June 2026 Energy Fuels signed a definitive agreement to acquire Vacuumschmelze for approximately USD 1.9 billion; that transaction had not closed as of 15 October 2026. Separately, Energy Fuels completed its acquisition of Australian Strategic Materials on 28 August 2026, which brought in the Korean Metals Plant at Ochang. It holds 12.7% of the Donald project in Victoria, Australia with a right to earn up to 49%; its 8-K of 13 October 2026 targets a final investment decision on Donald in the fourth quarter of 2026.
- Stage
- Ramping. Commercial NdPr from White Mesa since June 2024, and eVAC's Sumter plant shipped its first magnets in December 2025.
- Listing
- NYSE American: UUUU · TSX: EFR · ASX: EF2
Investor relations - Revenue
- USD 65.9 million
Reported, fiscal year ended 31 December 2025.
This is predominantly a uranium number and must not be read as rare earth revenue: uranium concentrates accounted for USD 48.2 million and heavy mineral sands USD 15.8 million. Energy Fuels does not publish a rare earth revenue line. No revenue figure is published for VAC or e-VAC either; the only VAC financial figure Energy Fuels discloses is approximately USD 29 million of adjusted EBITDA for 2025.
Source
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Separated NdPr oxide, White Mesa Mill, Blanding, Utah — design capacity. Commercial production of on-spec separated NdPr was achieved in June 2024; actual annual output has not been published. | 850 to 1,000 t/yr | Operating | Jul 2026 |
| Heavy rare earth pilot circuit, White Mesa — pilot scale only | approximately 30 kg of dysprosium oxide at 99.9% produced, and a first kilogram of terbium oxide at a stated pilot rate of about one kilogram a week | Pilot scale | Mar 2026 |
| Commercial-scale heavy rare earth separation expansion, White Mesa — construction began July 2026 | 120 t/yr dysprosium, up to approximately 20 t/yr terbium, 140 t/yr samarium, 20 t/yr europium, 140 t/yr gadolinium; terbium and dysprosium circuits targeted for end-2027 | Under construction | Jul 2026 |
| NdFeB metal and alloy, Korean Metals Plant, Ochang, South Korea, acquired with Australian Strategic Materials | 1,300 t/yr, with an expansion to 3,600 t/yr expected to be commissioned as early as the end of 2026 | Operating | Aug 2026 |
| Sintered NdFeB magnets, e-VAC Magnetics, Sumter, South Carolina — this is VAC's capacity, not Energy Fuels', and remains so unless and until the acquisition closes. First commercial magnets shipped December 2025. | about 2,000 t/yr of magnet block (equivalent to about 1,600 t/yr of finished magnets); can go to 4,000 t/yr without additional infrastructure, and is scalable to 12,000 t/yr with additional capital and further offtake contracts | Operating | Oct 2026 |
| Proposed "American Metals Plant," United States — a domestic replica of the Korean Metals Plant's NdFeB metal and alloy technology | initial capacity of 2,000 t/yr of NdFeB alloy, going to 4,000 t/yr, as a two-stage plan ASM was considering before the acquisition | Announced | Jun 2025 |
| White Mesa Phase II heavy rare earth oxides (Phase II circuit, alongside more than 6,000 t/yr NdPr oxide) | approximately 288 t/yr dysprosium oxide and 80 t/yr terbium oxide, as early as 2029 | Announced | Mar 2026 |
Narrative
Energy Fuels is a Lakewood, Colorado uranium producer that added rare earths at its White Mesa Mill in Utah, achieving commercial separated NdPr in June 2024 at a circuit rated 850 to 1,000 metric tons a year, and piloting dysprosium and terbium oxides. Feedstock comes from purchased monazite and from equity stakes in the Donald, Bahia and Vara Mada projects. Completing the Australian Strategic Materials acquisition in August 2026 added 1,300 metric tons a year of NdFeB alloy capacity at Ochang, South Korea, extending the company from mining through alloying. Magnet making is not yet its own: in June 2026 it agreed to acquire Vacuumschmelze, parent of e-VAC Magnetics, for about USD 1.9 billion. That deal remained unclosed in September 2026.
Where public sources disagree
- There is no joint venture between Energy Fuels and e-VAC. No public source documents any joint venture, equity stake, offtake or supply agreement between them before 23 June 2026, when Energy Fuels announced a pending acquisition of e-VAC's parent. Until it closes, Energy Fuels has no ownership of or contractual claim on e-VAC's magnet capacity.
- Heavy rare earth capacity was revised upward between releases: approximately 35 t/yr dysprosium and 12 t/yr terbium in March 2026, against 120 t/yr dysprosium and up to 20 t/yr terbium in July 2026. No reconciliation was published.
- Phase 2 NdPr capacity is stated inconsistently, as 4,000 to 6,000 t/yr in June 2024 and up to 6,000 t/yr by mid-2029 in June 2026.
- e-VAC's first commercial magnets, in December 2025, used Mountain Pass feedstock from MP Materials. No feedstock flow from Energy Fuels to e-VAC is documented anywhere.
- Energy Fuels' 28 August 2026 release names a planned "American Metals Plant" only as something it intends to replicate "as market conditions warrant," with no site, capacity or date. Research commissioned by ASM (MST Access, June 2025) describes a two-stage US plan of 2,000 then 4,000 t/yr of NdFeB alloy that ASM was considering before the acquisition, and Crux Investor (3 July 2026) reports an initial capacity of about 2,000 t/yr.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q2 2026 (quarter to 30 Jun 2026) | 2026-08-05 | Energy Fuels Announces Q2-2026 Results |
| Q1 2026 (quarter to 31 Mar 2026) | 2026-05-06 | Energy Fuels Announces Q1-2026 Results |
| FY 2025 (year to 31 Dec 2025) | 2026-02-26 | Energy Fuels Announces 2025 Results and 2026 Guidance |
| Q3 2025 (quarter to 30 Sep 2025) | 2025-11-03 | Energy Fuels Announces Q3-2025 Results |
Across these reports
Energy Fuels' revenue remains uranium-driven, with finished U3O8 production of about 0.8-0.9 million lb per quarter in 2026 and working capital rising from US$298.5M to US$996.0M; quarterly net losses continued. It moved downstream by closing the ASM acquisition (Korean Metals Plant) on 28 Aug 2026 and agreeing to buy VAC, while its heavy rare earth commercial target moved from Q4 2026 to end of 2027 and the Donald FID from early 2026 to as early as Q3 2026.
| Measure | What the reports show |
|---|---|
| Revenue and net loss (US$) | Revenue US$17.7M (Q3 25) → US$65.9M (FY2025) → US$35.8M (Q1 26) → US$25.1M (Q2 26); net loss US$16.7M (Q3 25) → US$86.1M (FY2025) → US$10.8M (Q1 26) → US$33.6M (Q2 26). |
| Uranium (U3O8) finished production | 1,015,000 lb (FY2025) → ~790,000 lb (Q1 26) → 865,000 lb (Q2 26); 2026 guidance 1.5-2.5 million lb processed, unchanged. |
| Uranium (U3O8) sales | 240,000 lb at US$72.38/lb (Q3 25) → 650,000 lb at US$74.21/lb (FY2025) → 510,000 lb at US$70.04/lb (Q1 26) → 310,000 lb at US$80.48/lb (Q2 26); 2026 guidance 1.5-2.0 million lb. |
| Working capital | US$298.5M (30 Sep 25) → US$927.4M (31 Dec 25, after US$700M convertible notes in Oct 2025) → US$956.6M (31 Mar 26) → US$996.0M (30 Jun 26). |
| Rare earth downstream footprint (capacity) | Definitive agreement of 23 Jun 2026 to acquire Vacuumschmelze (VAC) for ~US$1.9B, including the Sumter, SC plant with 2,000 t/yr magnet capacity scalable to 12,000 t/yr (Q2 26); ASM acquisition closed 28 Aug 2026, adding the Korean Metals Plant with 1,300 t/yr NdFeB alloy capacity. No rare earth oxide production volumes disclosed in these reports (Q3 25 report gave 37,000 kg finished NdPr oxide inventory and 29 kg Dy oxide produced through 30 Sep 25). |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Commercial heavy rare earth (Dy, Tb) oxide production at White Mesa Mill | commercial-scale expansion operational Q4 2026 (Q3 2025 report, 2025-11-03) | Tb and Dy circuits 'by the end of 2027'; Sm, Eu and Gd circuits by end of 2028; construction started (Q2 2026 report, 2026-08-05). FY2025 report had said 'operational in 2027' for up to 35 t Dy and 12 t Tb per year | moved later |
| Final investment decision on the Donald Project (Australia) | Q4 2025 or early 2026 (Q3 2025 report, 2025-11-03) | 'as early as Q3 2026' (Q2 2026 report); FY2025 report had said 'as early as Q1 2026' | moved later |
| Close of acquisition of Australian Strategic Materials (ASM), owner of the Korean Metals Plant | 'as early as July 2026' (Q1 2026 report, 2026-05-06) | achieved 28 Aug 2026, within the 'end of August 2026' date given in the Q2 2026 report | met |
| Korean Metals Plant expansion to 3,600 t/yr NdFeB alloy | commissioning 'as early as the end of 2026' (ASM completion release, 2026-08-28) | end of 2026 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Fact checks from the digest
Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.
-
Energy Fuels closes on 1,300 metric tons a year of alloy in Korea, going to 3,600
The release glosses 3,600 t/yr of alloy as “enough NdFeB alloy for more than 1 million EVs per year.” That is my arithmetic to check, and it comes to 3.6 kg of alloy per vehicle. Alloy is not finished magnet: strip cast to pressed, sintered and machined part loses a substantial fraction, and at the yields this industry actually runs 3.6 kg of alloy lands somewhere around 2 to 2.5 kg of magnet in the car.
Published neodymium magnet content for a battery electric vehicle is usually put at one to two kilograms. So the claim is not wrong, but it assumes a vehicle at the top of that range, and it is quietly a statement about motor size rather than about alloy. Work your own numbers with the yield calculator if the assumption matters to you.
Sources
- Definitive agreement to acquire VAC — Energy Fuels Inc. (2026-06-23)
- 2025 results and 2026 guidance — Energy Fuels Inc. (2026-02-26)
- Commercial-scale heavy rare earth plant under construction in Utah — Energy Fuels Inc. (2026-07-29)
- Completion of the Australian Strategic Materials acquisition — Energy Fuels Inc. (2026-08-28)
- First US primary production of heavy rare earth material in decades — Energy Fuels Inc. (2026-03-25)
- Investor presentation, June 2026 — Energy Fuels Inc. (2026-06)
- First magnets shipped from Sumter — e-VAC Magnetics (2025-12-12)
- Delivering an ex-China rare earths supply chain (analyst Chris Drew) — MST Access (MST Financial), research commissioned and paid for by ASM (2025-06-26)
- Energy Fuels: the mine-to-magnet pivot — Crux Investor (2026-07-03)
- Form 8-K: first amendment to the VAC merger agreement, and VAC's business and capacity — Energy Fuels Inc. (SEC) (2026-10-13)
- GM cancels deal with new US rare-earth magnet plant, documents say (Reuters) — Reuters via MINING.COM (2026-10-23)
- Form 10-Q, quarter ended 30 September 2026 — General Motors Co., via SEC (2026-10)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
Get in touch← Back to Energy Fuels / eVAC in the atlas · the full supply chain atlas