Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of rare earth elements, uranium, and other critical materials, announced that its terbium oxide has successfully passed all qualifications for use by one of the world's largest manufacturers of rare earth permanent magnets outside China. The Japan-based manufacturer confirmed that the Tb oxide produced at Energy Fuels' White Mesa Mill in Utah meets its specifications and is approved for commercial rare earth permanent magnet production without further qualification or validation.
Terbium is a critical element that improves the heat resistance and performance of high-strength NdFeB permanent magnets, which are essential for electric vehicles, wind turbines, and various high-tech applications. According to Benchmark Mineral Intelligence, terbium currently commands a market price of approximately $5.5 million per tonne, underscoring its strategic importance. This qualification follows Energy Fuels' previous announcements regarding the qualification of its neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for rare earth permanent magnet manufacturing.
Upon closing of its pending acquisitions of Australian Strategic Materials (ASM) and Vacuumschmelze (VAC), Energy Fuels expects to become the leading vertically integrated "mine-to-rare earth permanent magnet" producer in the U.S. and Europe. The NdPr, Tb, and Dy oxides produced at the White Mesa Mill will serve as key components of its supply chain, positioning the company as a pivotal player in the Western rare earth magnet market.
This development is significant for the industry and for global supply chains. Rare earth permanent magnets are critical components in a wide range of modern technologies, from electric vehicle motors to wind turbine generators. Currently, China dominates the global supply chain for these materials, controlling over 80% of rare earth processing and magnet production. The qualification of Energy Fuels' terbium oxide by a major non-Chinese manufacturer represents a step toward diversifying this supply chain and reducing reliance on Chinese exports.
For business leaders and technology executives, the implications are substantial. The approval of U.S.-produced terbium oxide for commercial use could help stabilize prices and ensure a more reliable supply of these critical materials in the future. It also signals that Western companies are making progress in building a domestic rare earth industry, which could lead to more competitive pricing and reduced geopolitical risk for manufacturers that depend on these inputs.
Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR").
For more information, visit the full press release at https://ibn.fm/QNWwb.
