Energy Fuels (UUUU)

Uranium + rare earths (Energy Fuels) — US uranium + monazite/REE processing

AI exposure 15% — derived from reported segment revenue, not asserted.

Where it sits

Energy Supply & Critical Minerals → Uranium & Nuclear Fuel · figures rebased to Q2 2026, reported 2026-08-05

Energy Fuels' revenue is entirely uranium — $25.1M in Q2 2026 from uranium concentrates and alternate-feed processing — so Uranium & Nuclear Fuel is the whole company. Its Rare Earth Elements and Heavy Mineral Sands segments earned nothing in the first half of 2026, so under placement rule 3 they carry no tag until they sell: the heavy rare-earth plant at White Mesa completes end-2027 to 2028, and the Vacuumschmelze and Australian Strategic Materials acquisitions are pending. Reviewed 2026-10.

Reported segments

• Uranium — 100% of revenue

Energy Fuels (~$106M TTM revenue) — US uranium producer funding a rare-earths build. Uranium is 100% of 2026 revenue so far (White Mesa, only conventional US uranium mill = primary B4 Uranium; ~$23/lb production cost vs $80.48/lb Q2 realized; full-year production guidance reached in H1 2026) ; Rare Earths and Heavy Mineral Sands earned nothing in Q2 or H1 2026 — the strategic mine-to-magnet pivot is still pre-revenue (NdPr oxide; commercial heavy-REE plant under construction at White Mesa, completion end-2027 to 2028; Vacuumschmelze ~$1.9B and Australian Strategic Materials acquisitions…

How the 15% is built

• Uranium — 100% of revenue × 15% AI-driven (estimate). Held at 15 on a re-based row: domestic uranium sells into the existing US reactor fleet, with AI/data-center-linked new nuclear demand still an emerging minority of utility contracting

Investment read

Moat. White Mesa — the only operating conventional uranium mill in the US and the only licensed route for monazite and alternate-feed rare-earth processing — is a genuinely hard-to-replicate permitted asset. The magnet position beyond the mill is being bought (Vacuumschmelze ~$1.9B, Australian Strategic Materials) rather than owned, which is the whole reason this is not more than narrow.

Bottleneck / pricing power. Not pricing power — a price-taker on uranium — but cost position: ~$23/lb production cost against an $80.48/lb weighted-average Q2 2026 realization, a ~$57/lb unit margin. Spot sales realized $84.92/lb against contract at $76.33/lb, so the legacy contract book is currently a drag that reprices upward as it rolls.

Role in the AI stack. The US uranium + rare-earth-processing layer.

Connected companies

• Cameco (CCJ) — UUUU competes with: Both uranium producers, though very different scale — Cameco global tier-one vs Energy Fuels small US producer
• Centrus Energy (LEU) — UUUU competes with: Adjacent, not head-to-head — Centrus enrichment vs Energy Fuels uranium mining are complementary fuel-cycle stages
• MP Materials (MP) — UUUU competes with: rare earths — both produce separated NdPr domestically, but MP is a mine-to-magnet REE major vs Energy Fuels (primarily uranium) as an emerging REE processor
• Constellation Energy (CEG) — UUUU supplies: uranium concentrate (U3O8, White Mesa) sold into the nuclear fuel cycle
• Lynas Rare Earths (LYC) — UUUU competes with: Named as a core rival in LYC's value chain: Emerging US rare earth processor targeting same Western supply chain [Energy Fuels Inc. (UUUU)]

Others in Uranium & Nuclear Fuel

• Cameco (CCJ)
• Centrus Energy (LEU)

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