Energy Fuels Inc. has released a Bankable Feasibility Study for its planned Phase 2 rare earth element processing circuit expansion at its White Mesa Mill in Utah, confirming strong project economics and competitive costs. The study outlines an estimated $410 million initial capital cost, with an after-tax net present value of $1.9 billion at an 8% discount rate and a 33% internal rate of return for the Phase 2 Circuit on a standalone basis. When paired with the company's Vara Mada project, the combined net present value rises to $3.7 billion, according to the study.
The Phase 2 Circuit is expected to expand neodymium-praseodymium oxide production capacity to more than 6,000 tonnes per year upon commissioning, positioning the White Mesa Mill among the world's largest and lowest-cost producers of both light and heavy rare earth oxides. The company anticipates receiving regulatory approval by mid-2027, with construction and commissioning targeted for completion by the first quarter of 2029. This expansion represents a significant development in domestic rare earth production capacity, potentially supplying a substantial share of U.S. rare earth demand at a time when securing reliable, domestic sources of critical materials has become a national priority.
Energy Fuels operates the White Mesa Mill as the only fully licensed and operating conventional uranium processing facility in the United States. The company has been the leading U.S. producer of natural uranium concentrate for several years, selling to nuclear utilities for carbon-free nuclear energy production. At the Mill, Energy Fuels also produces advanced rare earth products and vanadium oxide when market conditions warrant, while evaluating potential recovery of medical isotopes from existing uranium process streams for emerging Targeted Alpha Therapy cancer treatments.
The full details of the feasibility study can be accessed through the company's official announcement at https://ibn.fm/32xlV. This expansion project represents a strategic move to strengthen domestic supply chains for critical materials essential to various high-tech and clean energy applications, including electric vehicles, wind turbines, and defense systems. The company's latest news and updates are available through its corporate communications platform at http://ibn.fm/UUUU.
