Highlights

• Energy Fuels becomes the first U.S. company to produce separated heavy rare earth elements (HREEs) from mined ore.
• Company targets commercial HREE production by Q4 2026, with initial focus on dysprosium, terbium, and samarium.
• Expanding global rare earth portfolio with projects in:
  • UtahAustraliaMadagascarBrazil

In a major development for U.S. rare earth supply independence, Energy Fuels Inc. (opens in a new tab) (NYSE American: UUUU; TSX: EFR) has begun test production of heavy rare earth elements (HREEs) at its White Mesa Mill in Utah and is targeting commercial-scale output by Q4 2026, according to a July 17 report by Ryan Charles of Crux Investor.

Energy Fuels is now the only U.S. company producing separated HREEs from mined ore, marking a significant milestone in domestic REE capability. The company expects to produce its first kilogram of dysprosium (99.5–99.9% purity) within 30 days and will follow with terbium and samarium test production through 2026. The effort builds on its successful NdPr separation circuit launched in 2024.

Longer-term, Energy Fuels is betting big on its Donald Project in Australia—a xenotime-rich deposit with world-class concentrations of dysprosium (2.15%), terbium (0.37%), and samarium (3.02%). The company expects a production decision in 2025, with Australian supply potentially shipping by late 2027. Its expanded portfolio includes REE ventures in Madagascar (Toliara) and Brazil (Bahia), reinforcing its ambition to become a globally diversified HREE supplier.

Critical Questions for Investors and Policymakers

• Will Energy Fuels meet its 2026 commercial production timeline—or hit the technical delays common to rare earth projects?
• Can White Mesa’s output reach scale at competitive cost, or will the company need U.S. government price floors like MP Materials?
• How dependent is the Australian Donald Project on political stability and permitting certainty?
• Will the market absorb Energy Fuels' projected HREE volumes, especially if Chinese prices remain depressed?

As REEx has long warned, scaling HREE production from pilot to commercial scale is technically difficult, capital-intensive, and rarely achieved outside China. Yet Energy Fuels’ near-term milestones and global asset base could position it as a linchpin in a Western REE revival—if it executes.

We’ll be watching closely.

Source: Crux Investor, Ryan Charles, “Energy Fuels Advances Heavy Rare Earth Production Timeline with Commercial Scale Operations Targeted for Q4 2026,” July 17, 2025.