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.

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 September 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%.
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.	2,000 t/yr, described as scalable to 12,000 t/yr	Operating	Jun 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.

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)

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.

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