Energy Fuels Reports 2024 Loss on Acquisition Costs, But Advances in Rare Earths Signal Long-Term Strategy

Energy Fuels

U.S. Miner Eyes NdPr Qualification, Expands Heavy Mineral Sands Sales After Australian Acquisitions

Energy Fuels Posts $48 Million Loss in 2024 Amid Strategic Expansion into Rare Earth and Mineral Sands Markets

Energy Fuels, a U.S.-based critical minerals producer, swung to a $48 million net loss in 2024, compared with a $99.76 million profit in 2023. The loss stemmed primarily from one-time acquisition and integration expenses tied to the purchase of Base Resources and its Donald Project in Australia. These expenses totaled $10.34 million and included increased operating costs from inherited personnel and reclamation liabilities.

Despite the financial dip, the acquisitions have significantly expanded Energy Fuels' footprint in heavy mineral sands and rare earth elements (REE), positioning the company for long-term strategic growth.

Heavy Mineral Sands Sales Strengthen While Rare Earth Separation Advances in Utah

In 2024, the company sold 17,529 tonnes of rutile, 48,302 tonnes of ilmenite, and 2,477 tonnes of zircon, generating $39.87 million in revenue from its mineral sands segment. The assets acquired include Kenya’s Kwale project, Madagascar’s Toliara project, and the Donald Project in Victoria, a joint venture with Astron Resources containing zircon, ilmenite, and untapped REEs.

Meanwhile, at its White Mesa Mill in Utah, Energy Fuels completed Phase 1 commissioning of its rare earth separation circuit, producing 38,000 kg of NdPr and 9,000 kg of high-purity heavy RE carbonates (including samarium and others). The company has sent NdPr samples to magnet manufacturers, seeking qualification for permanent magnet use, a key precursor to securing long-term offtake agreements.

Pathway to 60,000 t/yr Throughput and Expanded REE Output

The company is now updating its pre-feasibility study (PFS) for White Mesa to increase monazite feed capacity to 60,000 tonnes per year. The proposed upgrade targets annual output of 6,000 tonnes of NdPr, 150–225 tonnes of dysprosium, and 50–75 tonnes of terbium. The newly commissioned Phase 1 circuit accounts for about 17% of the full capacity, equivalent to 10,000 t/yr of monazite feed.

With rising geopolitical pressure to localize critical minerals supply chains, Energy Fuels continues to diversify away from uranium and strengthen its vertical integration in rare earths and heavy minerals.