Energy Fuels (NYSE American: UUUU ) CEO Mark Chalmers reveals how the company’s dual uranium and rare earth strategy is outperforming pure-play peers amid rising geopolitical tensions and bipartisan U.S. support for critical minerals. With uranium production ramping to 2 million pounds annually by 2026 at the lowest costs in America—including Athabasca-grade 3.5% U3O8 from Pinyon Plain—and a $700 million Goldman Sachs convertible note fueling expansion, Chalmers outlines plans to scale to 5 million pounds of uranium and achieve positive rare earth cash flow by 2027 via the Donald and Toliara projects. He discusses non-China rare earth premiums up to 3x, upcoming feasibility studies, M&A priorities, and why Energy Fuels is poised to become a top-tier global rare earth supplier.
Company website: https://www.energyfuels.com/

🗓️ Recording date: October 29, 2025

📖 Chapters
00:58 – Introduction & Dual Strategy Advantage
01:03 – Critics misunderstood our dual focus; uranium & rare earths
02:15 – Outperforming major uranium & rare earth peers over 1–2 years
03:05 – U.S. government support: Section 45X, 48C, DOE loans?
03:28 – We drive our own bus; raised $700M via Goldman Sachs at 0.75%
04:51 – Could U.S. government take equity stake?
05:11 – We’re the largest & lowest-cost U.S. uranium producer
06:26 – Operations update: White Mesa, Pinyon Plain, 2025 guidance
06:42 – Ramping from 1M to 2M lbs U3O8/year on track
08:11 – 2026 uranium production target: ~2M lbs
09:19 – Pinyon Plain Q3 grades still ~3.5% U3O8 (Athabasca-level)
10:24 – At $100+/lb uranium: 5M lbs/year potential in 4–5 years
11:31 – Priority development projects
13:00 – Exploration: Drilling at Nichols Ranch; one rig active
13:20 – Utility term contracting
14:24 – Rare earth cash flow timeline
15:32 – China export ban impact
16:32 – Madagascar (Toliara) update post-coup
18:09 – Non-core projects
19:34 – M&A strategy
21:07 – News flow
22:26 – Closing remarks