Highlights

• Energy Fuels (UUUU) shares dropped over 12% to $17.89 following improved U.S.-China trade relations.
• The company remains America's only integrated uranium and rare-earth carbonate producer.
• Energy Fuels has a debt-free balance sheet and $198 million in cash reserves.
• Despite negative margins of -143% in Q2 2025, the company is investing heavily in rare-earth separation infrastructure.
• The company announced a $600 million convertible note offering to accelerate construction of advanced processing facilities at White Mesa Mill.
• Technical analysis shows UUUU trading near critical support at the 50-day moving average of $16.60.
• The selloff reflects short-term sentiment rather than fundamental weakness in America's critical mineral supply chain strategy.

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Shares of Energy Fuels Inc (opens in a new tab). (NYSE American: UUUU | TSX: EFR) fell more than 12% on Monday to $17.89, extending a three-week retreat from all-time highs. The drop follows a cooling of U.S.–China trade tensions after President Trump’s late-October trip to Beijing—an event that briefly relieved geopolitical pressure on critical-mineral supply chains. The short-term selloff underscores how tightly rare-earth and uranium equities remain tied to U.S.–China relations.

While momentum traders have sold on the “peace premium,” the underlying fundamentals haven’t changed: over 90% of global rare earths are still refined in China, and the United States lacks commercial-scale processing outside Energy Fuels’ White Mesa Mill in Utah, where domestic processing remains nascent.

A Company Built on Two Critical Fronts

Energy Fuels remains the only integrated U.S. producer of uranium and mixed rare-earth carbonate, with expansion plans focusedon adding separation and magnet-grade oxide production. The company recently upsized its $600 million convertible-note offering (October 2025) to accelerate construction of advanced separation lines.

Financially, results remain uneven but improving: Q2 2025 revenue reached $65 million, but margins were –143% amid heavy reinvestment in rare-earth separation and value-added processing infrastructure. Its $198 million cash balance and zero long-term debt provide staying power as the firm transitions from uranium miner to full-chain REE processor. Source: REEx analysis, Yahoo Finance, company filings.

The Technical View: Support Under Pressure

Technically, UUUU now trades near its 50-day moving average ($16.60)—a level that has held as multi-month support. Options data show rising bearish put activity at the $18 strike, a classic sign of short-term pessimism that often precedes a contrarian rebound. For disciplined investors, this appears to be a healthy technical correction following an overheated summer rally.

The Bigger Picture — America’s Bottleneck Still Looms

The U.S. still imports nearly all refined REEs from China. Energy Fuels’ White Mesa Mill and planned Wyoming separation plant represent the Western world’s most advanced commercial-scale rare-earth initiative outside Asia.

Key unanswered issues remain

• Can Energy Fuels bring separated NdPr oxide to market before 2026?
• Will cost structures compete with Chinese refiners once subsidies fade?
• Can the firm balance uranium and REE expansion without strategic drift?

REEx Assessment

Despite short-term weakness, REEx maintains a constructive long-term outlook and aligns withthe general sentiment expressed by

Money Morning (opens in a new tab) for example.

The selloff reflects sentiment, not solvency. With deep cash reserves, a debt-free balance sheet, and unmatched operational leverage to U.S. industrial policy, Energy Fuels (UUUU) remains a long-term strategic hold—one that will be judged by delivery, not declarations.

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