Key Highlights

  • Energy Fuels CDIs were up 8.95% at $10.59 during the 10 November 2026 trading session.
  • Q3 2026 Revenue was $29.2 million, with a net loss of $52.4 million driven by non-cash mark-to-market losses.
  • The pending VAC Acquisition is expected to close in early 2027, subject to regulatory approvals.

Energy Fuels Inc (ASX:EF2) CHESS Depositary Interests were trading higher during the 10 November 2026 session, up 8.95% at $10.59 at midday AEDT. The S&P/ASX 200 was also higher in the same session, up 1.13% at 9,131.90 around 12:30 pm AEDT. Energy Fuels is a US-based critical materials producer focused on rare earth elements, uranium, heavy mineral sands and vanadium, and it operates the White Mesa Mill in Utah. The latest company update was its Q3 2026 results, released on 4 November 2026 for the quarter ended 30 September 2026, which the company described as covering progress across its uranium and rare earth businesses.

About the company

Energy Fuels is a US-based producer of uranium and rare earth elements. It owns the White Mesa Mill in Utah, which the company describes as the only fully licensed and operating conventional uranium processing Facility in the United States. Following its acquisition of ASM, it also owns the operating Korean Metals Plant and the Dubbo Project in New South Wales. The company trades on the NYSE American, the Toronto Stock Exchange and, through CHESS Depositary Interests, on the ASX.

Q3 2026 financial and operating results

Energy Fuels reported total revenue of $29.2 million for the quarter. It sold 320,000 pounds of U3O8 at a weighted average realised price of $88.90 per pound, for uranium revenue of $28.4 million, and recorded $0.4 million from the sale of NdFeB alloys from its Korean Metals Plant. The weighted average realised uranium price rose 10% from the second quarter and 27% from the first.

The company reported a net loss of $52.4 million, or $0.20 per share. The loss was driven primarily by $35.3 million of non-cash, unrealised mark-to-market losses on its marketable securities portfolio, partly offset by $9.4 million of cash interest income. Working Capital stood at $932.3 million at 30 September 2026.

Acquisitions and project pipeline

The acquisition of Australian Strategic Materials, completed in August, added the Korean Metals Plant, which produces rare earth metals and alloys, along with the fully permitted Dubbo Project in New South Wales. The company is also awaiting regulatory approvals for its acquisition of Vacuumschmelze, with closing expected in early 2027.

Construction of commercial-scale heavy rare earth oxide circuits at the White Mesa Mill was approved in July 2026, with commissioning expected in early 2028. The Donald Project, held through a joint venture with Astron Limited, is progressing toward a final Investment decision expected by the end of 2026.

Sector Context

Uranium prices and rare earth Supply chains are both central to Energy Fuels’ business. The company’s update noted that its uranium segment has been profitable for three consecutive quarters, while its rare earth strategy focuses on building a Western-allied supply chain from mineral production through to magnets.

Risks to Consider

  • Mark-to-market losses on marketable securities drove the quarterly net loss, and such movements can continue to affect reported results.
  • The VAC acquisition is subject to regulatory approvals, and the expected timing may change.
  • Heavy rare earth expansion and the Dubbo Project depend on construction, permitting and financing milestones that are not yet complete.

What to Watch Ahead

  • Regulatory progress on the VAC acquisition and the expected closing in early 2027.
  • Commissioning milestones for the heavy rare earth circuits at the White Mesa Mill.
  • Uranium production from the Pinyon Plain, La Sal and Pandora mines, and the next White Mesa Mill run planned for the fourth quarter.

Final Word

Energy Fuels’ Q3 2026 results show higher uranium realised prices and a pipeline of rare earth and acquisition projects. The coming months will indicate how these Assets progress through permitting, financing and commissioning.