Highlights

• Energy Fuels successfully produced the first kilogram of 99.9% pure dysprosium oxide at its White Mesa Mill in Utah.
• The achievement positions the company as a potential alternative to Chinese-dominated rare earth supply chains.
• Targeting terbium oxide production by Q4 2025 with plans to install commercial-scale capacity by late 2026.

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Energy Fuels Inc (opens in a new tab). (NYSE: UUUU | TSX: EFR) announced today that its White Mesa Mill in Utah has successfully produced the first kilogram of 99.9% purity dysprosium (Dy) oxide, surpassing commercial specifications of 99.5%. This milestone, achieved at pilot scale, positions EnergyFuels as the first U.S. company to publicly disclose both production volume and purity of heavy rare earth oxides. The company is now targeting terbium (Tb) oxide production by Q4 2025 and plans to install commercial-scale capacity by late 2026.

Why This Matters

Dysprosium and terbium are critical heavy rare earths essential to high-performance permanent magnets used in electric vehicles, robotics, wind turbines, and defense systems. Global supply is overwhelmingly dominated by China, with Western alternatives limited. Energy Fuels’ announcement suggests a real—though still small-scale—step toward diversifying supply chains away from Chinese control.

For context, see the RareEarth Exchanges (REEx) Heavy Rare Earth Element Project/DepositRanking Database.

Magnet manufacturers and OEMs have already expressed interest in Energy Fuels’ Dy oxide samples, signaling potential traction in downstream qualification. If scaled successfully, the White Mesa Mill could become a cornerstone of U.S. heavy REE separation capacity.

Rare Earth Exchanges™ Ranking Lens

As cited above, at REEx, we rank projects based on Upstream (mining access), Midstream (processing & separation), and Downstream (integration into metals, magnets, and components). Energy Fuels has until now been strongest in the Upstream and Early Midstream, leveraging monazite feedstocks mined in Florida and Georgia.

This latest Dy oxide achievement demonstrates credible progress deeper into the Midstream, where separation of heavy REEs has long been a U.S. bottleneck. Still, Energy Fuels has not yet demonstrated commercial-scale throughput, nor downstream integration into alloying or magnet manufacturing. Under our criteria, this keeps them competitive but not yet fully ascendant in Midstream rankings.

Questions Investors Should Ask

• Scaling Risk: Pilot scale output is 2 kg/week. What is the path to tens or hundreds of metric tons annually, which is what defense and EV markets will require?
• Feedstock Security: Current production uses monazite sands from the Southeast U.S. Will supply be sufficient to sustain both light (NdPr) and heavy (Dy, Tb) oxide circuits at commercial scale?
• Offtake Clarity: Which magnet makers or OEMs will sign binding contracts for Dy/Tb oxide once qualification testing is complete?
• Capital and Timeline: Energy Fuels projects commercial Dy/Tb separation by Q4 2026. What is the capex requirement, and how secure is financing?

Bottom Line

Energy Fuels’ production of 99.9% pure dysprosium oxide is a tangible U.S. milestone. It demonstrates that heavy rare earth separation is technically viable at White Mesa. However, commercial viability hinges on scaling, feedstock assurance, and downstream customer commitments. For investors, the development marks an encouraging but still early-stage advance in building an ex-China rare earth value chain.

Source: Energy Fuels Inc., “Energy Fuels Successfully Produces First Kilogram of 99.9% Purity Dysprosium Oxide at its White Mesa Mill in Utah; on Track to Commence Terbium Production in Q4 2025,” August 21, 2025.

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