Energy Fuels Mark Chalmers Offers a ‘Made in America’ Approach to Critical Minerals

In a recent InvestorNews interview with host Pat Bolland, Mark Chalmers, President, CEO, and Director of Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), highlighted the company’s strategic diversification into critical minerals. A leading American producer of uranium, Energy Fuels saw an opportunity to leverage their existing capabilities to process elements containing uranium and radionuclides that other companies could not monetize. “We have the infrastructure, know-how, and licenses to recover uranium from monazite, making these REEs a bolt-on byproduct of our existing operations,” Chalmers explained. This diversification strategy aims to build a critical minerals hub, focusing on ten elements from the U.S. critical mineral list, which reduces the risk associated with fluctuating commodity prices. Energy Fuels recently achieved a significant milestone by commencing commercial production of separated neodymium-praseodymium (NdPr) at their White Mesa Mill in Utah. This positions Energy Fuels as the first U.S. company to produce on-spec separated REEs from monazite on a commercial scale in several decades. “We are replicating the China story, which dominates 80% of the world’s rare earth production, but with a ‘Made in America’ approach,” Chalmers noted. The company is also advancing its uranium production, expecting to produce between 150,000 to 500,000 pounds of U3O8 in 2024, with further ramp-up in 2025. Strategic acquisitions, such as the Bahia Project in Brazil and the Donald Project in Australia, are ensuring a robust feedstock supply for future operations. Chalmers emphasized the company’s commitment to long-term profitability without reliance on government aid, stating, “We are focused on building a long-term, profitable, sustainable, diversified company with these critical elements.”