Energy Fuels Eyes $500 Million Stock Sale While $1.9 Billion Magnet Deal Faces Contract Crisis and Mounting Losses

Highlights

• Energy Fuels authorized up to $500M in new equity via ATM offering, potentially diluting existing shareholders by over 40% when combined with VAC acquisition shares.
• VAC's Sumter, SC magnet facility faces arbitration after a customer disputed termination of a commercial supply agreement, introducing material revenue uncertainty.
• VAC reported €57.4M net losses in H1 2026; positive operating cash flow relied on an €81.5M one-time tax credit sale, masking roughly €51.4M in underlying cash burn.
• ASM's Korean Metals Plant has delivered commercial dysprosium and terbium, but Energy Fuels owns no operating monazite mine and feedstock projects remain unfinanced.
• Chief Legal Officer Nathan Longenecker is departing by December 15, adding leadership uncertainty during a critical transaction and litigation period.